Manila Standard - 2020 May 23 - Saturday

Missed your copy of Manila Standard? Call or text our Circulation Hotline at 0917-8848655 or email: circulation@manilastandard.net

New wave of cases feared Galvez: Upsurge could come from OFWs; Palace sees GCQ in August

By Willie Casas

A

SECOND wave of novel coronavirus infections could come from overseas Filipino workers arriving from affected areas of the world, the chief implementer of the national policy against COVID-19 said Friday as Malacañang raised the possibility of a nationwide general community quarantine by August.

At a press briefing, Carlito Galvez Jr. might be seen as Filipino workers resaid a new upsurge in COVID-19 cases turn from countries such as the United

States, Italy, Spain and parts of the Middle East.

“What we are seeing now is that we are getting more than 30,000 OFWs and they come from affected areas,” Galvez said in a mix of Filipino and English.

“That’s what we’re looking at, and that’s where a possible second wave might come from,” he added.

Next page

VOL. XXXIV • NO. 90 • 1 SECTION 4 PAGES • P18 • SATURDAY, MAY 23, 2020 • www.manilastandard.net • mst.daydesk@gmail.com

COVID CARRIERS? Secretary Carlito Galvez Jr., Chief Implementer of the National Task Force Against COVID-19, says the much-dreaded new wave of infections could arise from overseas Filipino workers coming home from virus-hit

countries as the Philippines pursues its repatriatiation efforts worldwide. At least 190 OFWs from Singapore (inset) form the latest batch of repatriates who have arrived in the country and are undergoing quarantine protocols. Over 28,500 OFWs have been repatriated since the virus pandemic broke out.

Palace quizzes PhilHealth on ‘pricey’ test kits; P8-b loss bared

By Willie Casas and Joel E. Zurbano

(PhilHealth) pays to hospitals and testing centers for COVID-19 testing, a Palace spokesman said Friday.

In a radio interview, Presidential PRESIDENT Rodrigo Duterte has expressed alarm over the high price that Spokesman Harry Roque said the Presithe Philippine Health Insurance Corp. dent wants an investigation into why

PhilHealth pays P8,150 for a COVID-19 test that the Philippine Red Cross (PRC) can perform for P4,000.

On Tuesday, Senate Minority Leader Franklin Drilon said the country might lose over P8.3 billion due to the high

price PhilHealth pays for tests.

He said PhilHealth’s payment of P8,150 per COVID-19 test was double the P4,000 per test done by the Philippine Red Cross.

Next page

WORLD ROUNDUP

• 660K displaced • Russian deaths • No growth goal

COVID-19 PH AT A GLANCE

(AS OF 4 PM MAY 22)

13,597

163

857

11

TOTAL NUMBER OF CASES

DEATHS

3,092 RECOVERIES

NEW

NEW

9

2 NEW

LOCAL ROUNDUP

MORE than 660,000 people have been displaced from their homes in conflict zones around the world since March, despite a UN call for a global ceasefire during the coronavirus pandemic, a top international aid group said Friday.

The Norwegian Refugee Council said its figures showed that armed conflict around the world had continued during the pandemic, even as much of globe went into lockdown.

• Duque stays • Postpone classes

Next page

Next page

By Vito Barcelo, Joel Zurbano, Maricel V. Cruz, and Willie Casas MALACANANG on Friday said Health Secretary Francisco Duque III

DRUG DEN. Operatives from the Bacoor City Police raid a storage house of medical supplies and drugs alleged to cure the coronavirus disease. Two Chinese men are held for questioning. Norman Cruz

‘Balik Probinsya’ targets informal settlers

By Rio N. Araja

THE government’s Balik Probinsya, Bagong Pagasa Program is open not only to those from Metro Manila who would want to return to their home provinces but also to those who would wish to go to other provinces for job opportunities.

In a dzBB radio interview, National Housing Authority general manager Marcelino Escalada Jr., the program’s executive director, however, said informal settler families will be prioritized.

“We are prioritizing the informal settlers. Aside from decongesting (the metro), that will also impact the envi-

ronment and the waterways,” he said.

“We are not only trying to decongest Metro Manila, but we will try to give job opportunities (in the countryside),” he said.

Under Executive Order 114, President Rodrigo Duterte institutionalized Next page

Meralco told to stop collecting ‘shockingly high’ bills

By Willie Casas, Maricel V. Cruz (Meralco) to stop collecting payments usual consumption. for electricity pending an investiga“The shockingly high Meralo bills and Joel E. Zurbano

tion into “shockingly high” bills that received by consumers… [are] so highTHE Bayan Muna party-list group on some consumers have received— ly questionable that both Congress and Next page Friday called on Manila Electric Co. some amounting to three times their

CLASS ACT. IT’s supposed to be a male-dominated world but this time, the females have

emerged on top of the heap. Genalyn D. Sugui of Isabela is valedictorian of the Philippine Military Academy Class ‘Masidlawin’ while Lei Anne Banico Palermo of Zamboanga City tops the Philippine National Police Academy ‘Mandayug’ Class. The Baguio City-based PMA and the Cavited-based PNPA held their respective graduation rites yesterday. Sugui becomes the sixth female gradute-valedictorian of the country’s premier military institution.

A2

News

SATURDAY, MAY 23, 2020

mst.daydesk@gmail.com

Iloilo City outages blamed on MORE A

S CONSUMERS in Iloilo City have been troubled by frequent power interruptions since the takeover of the power distribution utility servicing the area in March, an investigation by the House Committee on Energy is being pushed to determine how the dispute on electricity service provision in the city has been aggravating predicaments of the consuming public.

Under House Resolution No. 785, Ako Bisaya party-list Representative Sonny Lagon urged Congress to probe “the status of the distribution of electricity in Iloilo City to ensure that power distribution will not cease and that the people of Iloilo will not be affected.”

In yesterday’s virtual Kapihan of the Samahang Plaridel, Lagon noted the current rotating brownouts that Iloilo City is suffering is a result of More Electric and Power Company’s (MORE) lack of proper facilities.

“Ang concern ko lang talaga is yung mga consumers ng Iloilo, na sana hindi sila ma-apektuhan, lalo na ngayong pandemic. Ang problema ko talaga kasi is yung mga long brownouts na nangyayari,” Lagon noted.

“Before kasi nung si PECO (Panay

Electric Company) nag-operate diyan, hindi naman talaga na-experience ng mga tao ng Iloilo City ang mga ganitong brownouts. Kung umasa lang sila kay MORE sa ngayon, since wala pang kumpletong facilities si MORE, talagang hindi maiwasan na magkaroon ng mga brownout sa Iloilo City,” he added.

In the history of the country’s power sector, it is the first time that the power distribution facilities of a private company have been forcefully taken by another private entity that is only armed with a public utility franchise issued by Congress.

“Dumaan naman sa due process. Pero sabihin na nating hilaw,” stressed Lagon.

The assets being used for electricity distribution in Iloilo City re-

World...

From A1

New wave...

From A1

“At a time when health experts tell us to stay at home, men with guns are forcing hundreds of thousands out of their homes and into extreme vulnerability,” said the NRC’s SecretaryGeneral Jan Egeland. “This not only hurts those who are forced to flee, it seriously undermines our joint efforts to combat the virus.”

So far, he said, about 600 of the 30,000 returning workers have tested positive for COVID-19.

Galvez said the government only allows inbound flights for OFWs, seafarers, and returning Filipinos in the country and still limits the number of domestic flights.

All returning Filipinos from abroad, he said, are immediately being swabbed upon entry and isolated for a 14-day quarantine period.

“We can only allow travel if these stringent protocols are in place,” he said.

“We will gradually lift our entry quota of at least 1,000 returning Filipinos a day if we were able to de-clog these quarantine facilities. We will do our best to hasten the process,” he added.

Galvez earlier said the Department of Transportation (DOTr), Overseas Workers Welfare Administration

Russia reports highest daily death toll Russia on Friday reported its highest ever daily coronavirus death toll of 150, even though the number of new infections fell below 9,000 for the third day in a row.

Health officials reported a total of 3,249 deaths and 326,448 cases, the second-highest number of infections in the world after the United States.

One of Russia’s most high-profile virus cases, Prime Minister Mikhail Mishustin, returned to work this week after receiving treatment for the illness in hospital.

No annual growth target for China China’s communist rulers avoided setting an annual growth target for the first time in decades, as they struggle to deal with the “immense” economic challenges caused by the coronavirus pandemic.

Analysts say the move points to China missing its key political goal of doubling gross domestic product from 2010 levels, a blow to the ruling party’s pledge to provide prosperity in exchange for unquestioned political power.

Before the pandemic, Beijing was widely expected to announce a growth target of around six percent this year, but the COVID-19 shock caused economic growth to shrink 6.8 percent in the first quarter.

Trump: Quicker reopening of economy President Donald Trump pressed for a broader reopening of the United States as coronavirus-related job losses mounted, while parts of Europe embraced post-lockdown life.

With summer approaching on both sides of the Atlantic, more stores opened their doors and beaches welcomed tourists, despite the global number of virus cases passing five million. AFP

‘Balik...

From A1 the Balik Probinsya, Bagong Pag-asa Program Council to decongest the National Capital Region – where there are nearly 13 million of the country’s population of 108 million people – and promote robust regional development.

According to Escalada, the council had been flooded with at least 33,000 applicants who wish to return to their provinces and those who would want to work in the countryside.

Among those who applied are 4,000 Leyteños “who want to depart from Metro Manila.”

Under the program, Bataan can offer 1,000 new jobs under the program, while Palayan City (Nueva Ecija) can employ 500 people, he said.

Once an applicant is approved, it would only take 10 to 15 days for her or his relocation, he added.

“By end of the year, 60,000 (applicants) will be a challenging figure for 2020,” he said.

Palace...

From A1 Drilon also noted that PhilHealth’s cost estimate is more expensive than the PHP1,500 price tag for each COVID-19 test kit in China.

Roque said Duterte could not also understand why the price of test kits that PhilHealth pays for need to be so costly.

“He, like the public, could not understand why the discrepancy has to be that huge,” he said.

Drilon said the country would lose P8.3 billion if PhilHealth pays P16.3 billion to test 2 million Filipinos.

PhilHealth president Ricardo Morales, in a statement read by Chief Presidential Legal Counsel Salvador Panelo on Friday, said the P8,150 per test was “based on data collected before April 1, 2020, when there was very limited testing capacity.”

“To date, no single COVID-19 test has been paid by PhilHealth, except those being performed by the Philippine Red Cross,” Panelo said, citing Morales’ statement.

Morales said the state-run corporation will soon release a new package rate for COVID-19 patients by next week.

“And as more COVID-19 related medicines and medical supplies become more available, the price of testing is going to decline,” Panelo said, quoting Morales.

The provinces to participate in the program are Leyte, Bohol, Samar, Camarines Sur and six others, of which five are from Mindanao.

“We have redefined the meaning of balik probinsya. It does not necessarily mean the provinces where one came from but speaking of provinces where there are established opportunities,” Escalada said.

Those seeking employment in the provinces may apply and enroll in the program, he stressed.

He assured the program’s uprooted beneficiaries that the council had partnered with different agencies to help respond to the needs of their family members, including transfer of voter’s registration.

In its pilot test, 112 beneficiaries have to be relocated to the provinces with only two of them having no homes to live in, he said.

“Those without any house where they would be taken would be provided with a 24-month rental subsidy. That period would be enough for them and for the NHA to position to build homes for them,” he said.

mains under the rightful ownership of PECO, but its franchise expired in January 2019.

By preference, Congress had instead granted a 25-year franchise to MORE. The subsequent writ of possession and operating license granted to it by authorities warranted the takeover by MORE of the electricity distribution in Iloilo City even without putting up its own facilities.

Lagon acknowledged that the new power distributor appears to lack the technical expertise in operating a power distribution system – a key requirement according to industry sources because power distribution is a business imbued with public interest.

“There is a need for the House of Representatives to look into this to ensure that the supply of electricity in Iloilo City will not be affected and that the people of Iloilo City shall not suffer because of the legal battle between the two distribution utilities,” Lagon said.

The latest incident of power interruptions that tormented Iloilo City consumers was the 13-hour rotating brownouts

on May 17 due to maintenance works at a substation undertaken by MORE, an activity done on the peak of a summer month and while the country is at the height of battling a pandemic and people are required to stay at home.

Philreca party-list Rep. Presley De Jesus, for his part, expressed dismay over the unusually long brownout in Iloilo.

“A 13-hour brownout is not acceptable, especially since we are in a crisis ngayon,” he said.

“Some big private investors seem to want to take over the power industry which may adversely affect the small electric cooperatives in the country.

We the need to protect electric cooperatives from being taken over by private investors branded as ‘electric coop killers’ who are only after profits and not the welfare of cooperative members and the cooperatives’ customers,” he added.

Legal cases are pending in the courts on the expropriation proceedings relating to the power distribution assets of PECO.

(OWWA), and Maritime Industry Authority (Marina), were instructed to release OFWs who have already tested negative for COVID-19.

“Our goal is to decongest our quarantine facilities and prevent them from being overwhelmed by the huge number of returning OFWs,” he said.

Malacañang, for its part, floated the possibility that the entire country might be placed under GCQ by August.

Presidential Spokesman Harry Roque said it is likely possible to impose GCQ nationwide by August, so long as all Filipinos heed quarantine protocols that have been enforced to arrest the spread of COVID-19.

“We’re hoping that by Aug. 24, which is the mandated day for public schools to resume classes, the entire Philippines would already be under GCQ,” Roque said in a mix of Filipino and English.

In a press statement, the Alliance of Concerned Teachers (ACT)-Philippines said there has been apprehension among parents, teachers, and learners

due to the threat of acquiring or passing on the virus.

But Roque said the government would never jeopardize the lives of students.

“We will never put our youth at risk.

If it is necessary to suspend school opening due to high cases or a possible second wave, we will do it,” he said.

The Department of Health (DOH) on Friday reported 163 new cases of COVID-19, bringing the total number of cases to 13,597.

Metro Manila accounted for 91 or 55 percent of the new cases. Region 7 reported 56 new cases.

Eleven new deaths were reported, bringing total fatalities to 857.

The DOH also announced 92 new recoveries, bringing to 3,092 the number of patients who have recovered from the disease.

Researchers from the University of the Philippines (UP) see more than 9,000 new COVID-19 cases in Metro Manila by June 15 if current trends and community quarantine measures continue.

Morales also said that all claims containing COVID-19 testing will be checked as to the source of the test kit and its manner of acquisition, and the hospital would be reimbursed accordingly.

Meanwhile, in response to the government’s aim to conduct expanded targeted mass testing of 1.5 to 2 percent of the country’s 110 million population to detect, isolate and treat those with the COVID-19 disease, PhilHealth has formalized a joint undertaking with the PRC. Under the agreement, PRC will provide COVID-19 testing services using real-time polymerase chain reaction (RT-PCR) tests.

An initial P100 million was released to the PRC which will be replenished once liquidated.

Due to global shortage of testing kits and limitations in local capacity for testing, only the following will be granted free tests: 1. Patients or health care workers with severe or critical symptoms, relevant history of travel or contact; 2. Patients or health care workers with mild symptoms, with relevant history of travel or contact, and considered vulnerable; 3. Patients or health care workers with mild symptoms, relevant history of travel or contact; and 4. Patients or health care with no symptoms but relevant history of travel or contact.

In the Senate, Drilon said PhilHealth should peg the price of COVID-19 testing at P3,500, the amount it pays to the Philippine Red Cross that has conducted 45 percent of COVID-19 tests in the country.

“If COVID-19 tests could be done for as low as P3,500 as proven by Red Cross, which emerged as the lead testing center for COVID-19, then there is no justification for higher rates set

by PhilHealth,” Drilon said in a statement Friday.

“Why would PhilHealth have different prices for the same test? I am glad that PhilHealth listened to us,” he added.

Drilon also doubted claims made by Morales that no actual payments were made to hospitals and testing centers.

Drilon cited a press release that was posted in the agency’s website claiming that the health insurance agency downloaded P30 billion last March to its accredited hospitals “to help them respond to the onslaught of COVID-19 in the country.”

The amount, which used its interim reimbursement mechanism (IRM), is equivalent to three months’ worth of claims based on historical data, which will be charged to their future claims, Drilon said citing PhilHealth’s pronouncements.

Drilon urged PhilHealth to recover overpayments to hospitals, which were given advance payments for COVID-19 tests.

Local...

From A1

all public and private schools until a vaccine against COVID-19 is developed and becomes available in the country.

Deputy Speaker Aurelio Gonzales Jr. filed House Resolution No. 876 seeking to express the collective sense of the House for the Department of Education, Commission on Higher Education, Technical Education and Skills Development Authority, and Inter-Agency Task Force on Emerging Infection Diseases to suspend the resumption of classes “until and unless a vaccine against COVID-19 has been discovered and included in the Philippine national drug formulary.”

Despite the pandemic, the DepEd has set the official opening of the incoming school year on Aug. 24, 2020.

would continue to work in the government’s response against the novel coronavirus disease (COVID-19), despite making a false claim that the country was now experiencing the second wave of virus infections.

Presidential spokesperson Harry Roque said despite the blunder, the government’s information campaign on COVID-19 response remained “organized.”

“The government needs Secretary Duque and he still has to perform his duty as the country’s Health chief to address the COVID-19 outbreak,” Roque said.

He assured the public that Duque Teachers’ worries would answer allegations in the proper The Alliance of Concerned Teachers forum but, for now, the President would allow him to do his job during this glob- Philippines on Friday questioned the scientific validity of the government’s al health emergency. claim that the country was on its 2nd wave of the virus outbreak, as well as ‘Postpone classes’ Two lawmakers on Friday called on the its continued refusal to recognize the government to postpone the reopening of need for mass testing.

OCD deputy ousted, DICT Usec quits MALACAÑANG said Friday Office of Civil Defense Deputy Administrator Assistant Kristoffer James Purisima has been relieved from his post, with the agency saying immediately it respected President Rodrigo Duterte’s decision to fire one of its officials.

Presidential spokesperson Harry Roque said the decision was due to “lack of trust and confidence.” Purisima previously served as the spokesperson of the task force overseeing the rehabilitation of war-torn Marawi.

OCD was recently tasked to receive and coordinate donations of medicines and medical supplies and equipment to the government. Duterte in April required the transmission of all donations to the national government to pass through the office for consolidation.

“All of the President’s appointees serve at his pleasure. OCD respects and submits to the decision of the President,” National Disaster Risk Reduction and Management Council spokesperson Mark Cashean Timbal said.

The OCD is the executive arm of the NDRRMC and the implementer of its programs.

Timbal said he still had to see the former OCD official.

At the same time, Roque said Duterte had accepted the resignation of Undersecretary Eliseo Rio Jr. of the Department of Information and Communications Technology, filed three months ago.

Roque said the Palace was thankful to Rio for his “invaluable services to the nation.”

“We wish him (Rio) well in all his future endeavors,” he said.

Rio on January 31 sent a letter to Duterte, informing the President of his decision to quit his post.

Earlier reports said he resigned due to a supposed conflict with other DICT officials.

Rio also questioned the grant and questionable allocation of multi-millionpeso confidential funds of the agency.

The DICT had P400 million in confidential funds in 2019 and P800 million in 2020.

Meralco...

From A1 th ERC (Energy Regulatory Commission) have launched separate investigations,” said Neri Colmenares, Bayan Muna chairman.

“There is a possibility of overcharging considering that no meter reading took place during the lockdown and there is lack of transparency on how the bills were calculated. Many of our people cannot pay these bills and are in danger of losing their electricity service,” he added.

“We call on government to order Meralco not to cut off the electricity service of those who cannot pay these bills as this would be unjust considering that the veracity of the bills are still under investigation.”

Colmenares said cutting off electricity and forcing people to stay in their dark homes in blistering heat could worsen the COVID crisis.

Bayan Muna Rep. Carlos Isagani Zarate, meanwhile, reiterated his call that Meralco condone the first 200 kilowatt-hours of consumption of all its consumers in consideration of the difficulties brought about by the pandemic and the resulting lockdown.

In a statement, the group said this raised further apprehension among teachers and the entire public on the prospect of school opening as such “questionable claims” indicated “we are far from controlling the spread of the virus.”

Teachers and parents have earlier expressed apprehension on DepEd’s announcement to return to work on June 1 due to the threat of acquiring or passing onto others the virus.

Cyber graduation rites The first “Cyber-Graduation Ceremony” for school year 2019-2020 in Metro Manila happened in Taguig City.

More than 170 students from the Senator Renato Cayetano Memorial Science and Technology High School were the first batch of graduates who went through the “Cyber-Graduation Ceremony.”

This technology-based idea originated in the Taguig City Education Office and the Taguig Robotics Team, a group of students that had won the city gold medals at international robotics tilts.

With Benjamin Chavez

CYAN MAGENTA YELLOW BLACK Manila

News

Standard

TODAY

SATURDAY, MAY 23, 2020 mst.daydesk@gmail.com

A3

Bicycle riders should be fit, strong to ride, says MMDA

By Randy Caluag

SUDDEN DEATH. A biker died after collapsing in EDSA-Magallanes early Friday. Photo courtesy of Bong Nebrija

BICYCLE is becoming the favorite mode of transportation during the COVID-19 quarantine, but bikers need something to check first before hitting the road.

Metro Manila Development Authority (MMDA) traffic chief Bong Nebrija urged bikers to make sure they are healthy and strong enough to tackle the scorching summer heat.

“To all fellow bikers out there, please make sure you’re fit enough to endure the distance and heat while pedaling to work,” said Nebrija on his social medial wall.

He issued the statement following the death of a male biker who “suddenly collapsed while plying the Magallanes southbound” in EDSA. The biker was pronounced dead on arrival at the Makati Medical Center.

Nebrija personally checked on the rider who was suspected to have suffered from heatstroke. The MMDA official also found out later that the deceased was a former MMDA employee.

Nebrija also asked the brother-in-law of the victim how they found out about the incident.

“May kamag-anak po kaming nakabasa ng post niyo sa FB nakita po yung bike kaya tinawagan yung kapatid nya para i-check.

Buhos na rin lang po ng damdamin,” Nebrija quoting the relative as saying.

SMC buys corn from farmers S

AN MIGUEL Corporation made good on an earlier commitment to protect farmers’ income and ensure the country’s stable food supply in the coming months with its purchase of 69 million kilos of corn to date from farmers nationwide, in coordination with the Department of Agriculture.

SMC president and chief operating officer Ramon S. Ang said that the company, through its San Miguel Foods Inc. (SMFI) has ramped up the sourcing and purchasing of corn and other agricultural outputs to help farmers who are unable to move their produce due to the Luzonwide quarantine that has also affected food production and distribution.

To help offset the impact of COVID-19 on farmers, he said payment for purchases are released promptly so that farmers can have a steady source of income in these trying times.

Recently, the company purchased 92,000 kilos of corn from farmer-cooperatives in Central Luzon and Pangasinan as identified by the DA.

IN BRIEF QC gov’t, foodpanda help trike drivers THE Quezon City government has partnered with foodpanda, food delivery app, to help and support hundreds of tricycle drivers as well as their families who have lost their livelihood during the coronavirus disease 2019 (COVID-19) pandemic.

Mayor Joy Belmonte and Daniel Marogy, foodpanda Philippines’ managing director, yesterday signed an agreement to launch pandaTODA-QC. Under the program, foodpanda shall recruit and train the city’s tricycle drivers to become partner riders, and that they would be provided with uniforms and thermo bags free of charge.

In addition, these drivers would be required to be active on the platform for three months, after which, they could opt to continue or forego the engagement with foodpanda. Rio N. Araja

Manila dad tells cops to arrest own kids A COUNCILOR of the City of Manila wrote a letter to the Philippine National Police to arrest his own children for alleged involvement in illegal drugs.

In the letter, Manila 1st District Councilor Jesus “Taga” Fajardo said he received reports of the presence of a drug den near his house.

Fajardo also said his children were involved.

“Ako si Konsehal Jesus ‘TAGA’ Fajardo, nakatanggap at nakarinig ng mga bali-balita na kung saan ang aking gilid na tahanan ay ginagawang ‘drug den’ na kung saan ang mga involved diumano ay ang aking mga anak,” Fajardo wrote in the letter dated May 6, 2020. Willie Casas

GSIS grants loans to 200k members AS OF May 13, the Government Service Insurance System has granted a total of P10.12 billion in loans to more than 200,000 active members and pensioners nationwide for 2020. This was reported today by Rolando Ledesma Macasaet, President and General Manager of the state pension fund.

Of the total amount, P4.78 billion (47%) was released in the form of emergency loan while P5.34 billion (53%) was disbursed through consolidated Loan (conso-loan), policy loan and pension loan.

Conso-loan, policy loan and pension loan are regular loans offered by GSIS that may be availed of anytime by qualified borrowers while emergency loan is for those affected by disasters in regions or provinces declared as calamity areas by the government. The COVID-19 Emergency Loan, launched last April 13, was the first emergency loan window opened by GSIS on a national scale after President Duterte declared a state of public health emergency in the entire country.

Ang said the company is expecting 50,000 kilos of corn from Camarines Sur. Another 100,000 kilos will come from the Maymatan Farmers Multi-Purpose Cooperative in Camarines Sur, during the period of May 26 to June 15.

“We expect to purchase more corn from farmers in the coming weeks as we continue to secure agreements with farmers in many corn-producing regions in the country. We thank the Department of Agriculture for giving us the opportunity to help our farmers get a ready market for their products at pre-agreed and guaranteed prices,” Ang said.

He added that with the long-term agreement, SMC was able to source a significant portion of total corn

purchases,so far, through the DA’s and cooperative heads in Tuguegarao support and network. Apart from for cassava. corn, SMC has also called on farmAs part of its agreement with the ers of rice, cassava, coconut oil, and DA, Petron gas stations in Metro Maother farm products to come forward nila are also being utilized as outlets for through the assistance of the DA. farmers’ produce, through the agency’s “The farmers are at the core of our “Kadiwa ni Ani at Kita” rolling store food production and they are even more program. This initiative has made localessential and vital during this pandemic. ly-grown fruits and vegetables accesWe encourage more to come forward sible to consumers at reasonable prices and help us secure the needed ingre- and gave added distribution channels dients and raw materials for our food and a ready market for local farmers. production,” he said.

Earlier, SMC’s agreement with the DA had allowed it to purchase four million kilos of surplus corn that is enough to NOTICE produce feeds for over 7 milNotice is hereby given that CEBU AIR, INC. doing lion live broilers, that can evenbusiness under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at tually feed 4 million families in Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with one day. the Board of Investments (BOI) as New Operator of Also identified as possible Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs – Air sources of corn is the province Transport (A320NEO #16 with CAB Registration No. of Cagayan, where there are RP-C4149), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, 25,000 hectares of corn farms, Pasay City.

Parañaque LGU requires POGO workers to undergo Covid-19 test

By Joel E. Zurbano THE Parañaque City government ordered some 35,000 Chinese employees of Philippine Offshore Gaming Operation to submit next week the result of their COVID-19 test to ensure they are virus-free when they return to work next month.

Mayor Edwin Olivarez also ordered POGO operators and managers to examine their returning workers for coronavirus symptoms, travel history, and possible exposure to the virus 14 days prior to reporting for work.

Olivarez signed and issued Executive Order 37 directing public and private employees to undergo mandatory testing to reduce the transmission of the virus in the city. On the other hand, employers should have their employees tested to ensure that only COVID-free people are working.

The city government is monitoring the movements of the foreign nationals who are employed in POGO firms amid COVID-19 pandemic scare not only in Metro Manila but the entire country.

As of June, last year, there are 56 PAGCOR-licensed POGOs. It is esti-

mated that at least 30 firms are operating in the Philippines illegally.

Before the outbreak of the pandemic, Parañaque is hosting 19 POGO offices with 18,000 to 22,000 workers. Besides, there about 10,000 to 13,000 Chinese nationals are into restaurant and convenient store business using Filipino dummies while others are reportedly involved in prostitution.

There are 138,000 foreigners employed by POGOs as of May 2019, with 83,760 of them holders of special work permits allowing them to stay in the country for at most six months.

Since the POGO firms are operating in the city, the city government directed to examine them for COVID-19. In a period of seven days they must have a testing for employees, Olivarez explained.

“If these employees failed to comply with this requirement, for sure they cannot continue to work while the POGO operations will not be allowed,” he said.

The city chief executive pointed out that employers must find a government accredited testing facility on their own and “they will also shoulder the cost of each test.” Willie Casas

P245m contraband destroyed

By Vito Barcelo and Joel E. Zurbano THE Bureau of Customs-Port of Zamboanga destroyed at least P 245.8 million worth of smuggled cigarettes at Fast Cargo Logistics Baliwasan, Zamboanga City.

District Collector Segundo Sigmundfreud Z. Barte Jr. who led the destruction of the smuggled cigarettes, said the confiscated cigarettes were placed outside the fast cargo warehouse where 40-ton forklift equipment crushed the said cigarettes after it was drenched in water.

Barte said that the destruction of these contrabands is pursuant to the instruction of Commissioner Rey Leonardo B. Guerrero to destroy smuggled cigarettes once the final decree of forfeiture is rendered.

This is also part of the agency’s drive to combat smuggling and will serve as a warning to smugglers to stop their illegal activities, Barte added.

NOTICE

Barte thanked all law enforcement agencies in the city for their continuous support in the antismuggling drive of the Bureau of Customs.

He also extolled the City Government Mayor Beng Climaco thru Councilor Josephine Pareja who provided the equipment, dump trucks and the access to the sanitary landfill. Councilors Pareja and John Dalipe were also witnessed the said destruction.d The crushed cigarettes were then disposed at the City Sanitary Landfill, Brgy.Salaan, Zamboanga City.

Over at the Ninoy Aquino International Airport, customs officials destroyed two tons of seized smuggled medicines and meat products at Trece Martires in Cavite.

Included in the comdemned items were 350 kilos of unregistered medicines seized for lack of necessary clearance from the Food and Drug Administration (FDA), said to be unsafe for human consumption.

Notice is hereby given that CEBU AIR, INC. doing business under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with the Board of Investments (BOI) as New Operator of Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs – Air Transport (A320NEO #11 with CAB Registration No. RP-C4136), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, Pasay City.

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication.

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service (MS-MAY 23, 2020)

NOTICE Notice is hereby given that CEBU AIR, INC. doing business under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with the Board of Investments (BOI) as New Operator of Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs – Air Transport (A320NEO #12 with CAB Registration No. RP-C4138), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, Pasay City.

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication.

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication.

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service (MS-MAY 23, 2020)

(MS-MAY 23, 2020)

NOTICE

NOTICE

Notice is hereby given that CEBU AIR, INC. doing business under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with the Board of Investments (BOI) as New Operator of Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs – Air Transport (A320NEO #17 with CAB Registration No. RP-C3916), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, Pasay City.

Notice is hereby given that CEBU AIR, INC. doing business under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with the Board of Investments (BOI) as New Operator of Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs – Air Transport (A320NEO #13 with CAB Registration No. RP-C4144), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, Pasay City.

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication.

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service (MS-MAY 23, 2020)

(MS-MAY 23, 2020)

NOTICE

NOTICE

Notice is hereby given that CEBU AIR, INC. doing business under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with the Board of Investments (BOI) as New Operator of Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs – Air Transport (A320NEO #18 with CAB Registration No. RP-C3917), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, Pasay City.

Notice is hereby given that CEBU AIR, INC. doing business under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with the Board of Investments (BOI) as New Operator of Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs - Air Transport (A320NEO #14 with CAB Registration No. RP-C4145), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, Pasay City.

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication.

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication.

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service (MS-MAY 23, 2020)

(MS-MAY 23, 2020)

NOTICE

NOTICE

Notice is hereby given that CEBU AIR, INC. doing business under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with the Board of Investments (BOI) as New Operator of Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs – Air Transport (A320NEO #19 with CAB Registration No. RP-C3918), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, Pasay City.

Notice is hereby given that CEBU AIR, INC. doing business under the names and styles of Cebu Pacific and Cebu Pacific Air with office address at Cebu Pacific Building, Domestic Road, Barangay 191, Zone 20, Pasay City is applying for registration with the Board of Investments (BOI) as New Operator of Air Transport Services under the Preferred Activity – Infrastructure and Logistics including LGU-PPPs – Air Transport (A320NEO #15 with CAB Registration No. RP-C4147), on a Non-Pioneer status, with project site located at Airline Operations Center, Domestic Road, Pasay City.

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, unde

Any person with valid objection/s on the abovementioned project may file his/her objection in writing, under oath, with the BOI within three (3) days from the date of this publication.

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service (MS-MAY 23, 2020)

(SGD.) ANGELITA F. ARCELLANA Director Infrastructure and Services Industries Service (MS-MAY 23, 2020)

CYAN MAGENTA YELLOW BLACK

Ray S. Eñano, Editor Roderick T. dela Cruz, Assistant Editor business@manilastandard.net extrastory2000@gmail.com

A4

SATURDAY, MAY 23, 2020

Business

ERC orders 6-month bill payments IN BRIEF T

By Alena Mae S. Flores

Extended payments to ruin power firms

THE country’s power generators warned Friday that extended payment flexibilities will take a toll on their operations, force them to stop new investments or close shop in a worstcase scenario.

Philippine Independent Power Producers Inc. president and executive director Anne Estorco Montelibano said during the Joint Congressional Energy Commission Hearing that power generators had adapted to the needs of the industry since the start of the enhanced community quarantine on March 15 She said the power industry had been complying with the extension of payment and the four-month installment ordered by the Energy Regulatory Commission and the Department of Energy.

“While we extend that liberality to our counterparties, we have experienced difficulty in our own suppliers and creditors where some, naturally affected by the pandemic, are unwilling to extend payment flexibilities,” Montelibano said. Alena Mae S. Flores

HE Energy Regulatory Commission ordered distribution utilities to stagger the payments of electricity consumers to up to six equal monthly installments, depending on the level of usage, during the enhanced community quarantine and modified ECQ periods.

The move is expected to help ease the burden of consumers who have been severely affected by the coronavirus pandemic.

The ERC issued the advisory after consumers complained of high power rates from Manila Electric Co. during the May billing period at a time when people have no work amid the COVID-19 health scare.

The ERC, in a May 22 advisory, directed DUs to allow their electricity customers with monthly consumption of

200 kilowatt-hours and below in February to pay in up to six equal monthly installments for electricity bills falling due within the ECQ and MECQ periods.

The ECQ period started on March 15 in the National Capital Region and ended May 15. NCR on May 16 transitioned to MECQ, which is expected to end on May 31.

The regulator said the first monthly amortization of the staggered payment should not be made earlier than June 15, without penalties, interests and other fees.

For electricity customers with monthly consumption of above 200 kWh in February, the utilities should allow a staggered payment of up to four equal monthly installments on bills falling due within the ECQ and MECQ periods.

The regulator said the first monthly amortization of the staggered payment should not be made earlier than June 15, without penalties, interests and other fees.

The ERC said subsequent installments for the bills will be due every 15th of the month starting July until fully settled.

It said electricity bills falling due in June should be paid not earlier than June 30, without penalties, interest and other fees.

It also directed the utilities to conduct actual meter readings and issue later a new billing reflecting the real consumption and the corresponding amount due not later than June 8, except when the actual reading is not possible due to the implementation of the community quarantine.

MerryMart pegs IPO price at P1 per share MERRYMART Consumer Corp. priced its initial public offering at the maximum of P1 per share, allowing it to raise as much as P1.6 billion in proceeds.

MerryMart president Ferdinand Sia said in a letter to the Philippine Stock Exchange Friday said it would offer of up to 1.594 billion in common shares to the public.

The grocery chain, owned by businessman Edgar Sia II, is pursuing the IPO amid current slump in the equities market brought about by the new coronavirus (COVID-19) pandemic.

The Philippine Stock Exchange has dropped nearly 30 percent dince the start of the year due to the severe impact of the COVID-19 pandemic across the globe.

The company will sell at least 70 percent of the shares totaling 1.116 billion shares to qualified institutional investors and 30 percent or 478,482 million common shares to small local investors. Jenniffer B. Austria

Companies must adapt —P&G Grant Thornton

BUSINESS owners and leaders should have their own template to help them adapt to a new world where competition is stiff while coping with the COVID pandemic, P&G Grant Thornton said Friday.

“Even if the impact of the COVID-19 pandemic varies across industry sectors and regions, it is no exaggeration to recognize that the struggle is real,” said P&A Grant Thornton chairperson and chief executive Marivic Españo.

The firm noted that with the emerging semblance of economic stability, organizations must be ready with the right strategy to outperform their industry peers.

Companies that adopt more quickly to the initial transition—and, eventually,to the new environment—would emerge stronger, it said.

Othel V. Campos

ANTIPOLO TEST KITS. Antipolo Mayor Andrea Ynares, Cedrick Capiral, city legal officer and Dr. Concepcion Lat, city health officer, receive the donation of COVID-19 test kits from SM Foundation, turned over by SM Supermalls’ Johanna Rupisan and Dennis Martel. The 200 test kits worth close to P5 million is good for 2,400 tests and in support of wider access to testing. This forms part of SM Foundation’s donation efforts of over P270 million for hospitals and local governments to support the country’s fight against COVID-19

Jollibee spending P7b to shake up business structure

By Jenniffer B. Austria JOLLIBEE Foods Corp., the biggest fast-food chain, will spend P7 billion to re-organize its global business structure in response to the changing consumer behavior caused by the new coronavirus (COVID-19) pandemic.

Jollibee said in a disclosure to the stock exchange Friday the changes would include the rationalization of non-performing stores, store network, supply chain facilities and management and support group structure.

It will also include the creation of revenue growth drivers for the future, especially food delivery-to-home and offices, and take out and drive-thru, even as it opens new stores in prime locations.

The expense provision on transformation will be set up in the second quarter of 2020 and incurred mostly within 2020.

“2020 is an extremely challenging

AIA Philam set to hire 10,000 workers to face demand for insurance products

By Julito G. Rada AIA Philam Life, one of the biggest insurance firms in the country, plans to hire 10,000 new employees in the next 12 months in a bid to strengthen its workforce with the expected rise in interest for protection products in the aftermath of the COVID-19 pandemic, a high-ranking official said Friday.

Chief executive Kelvin Ang said in an online briefing AIA Philam Life was seeking to provide a solution that would also contribute to driving the economic recovery of the country by creating career and earning opportunities in its recruitment efforts. The country’s workforce has been displaced due to the implementation of lockdowns to contain the spread of the disease, “... We aim to further strengthen our agency force with a target of recruiting 10,000 new financial advisors and bancassurance sales executives in our fold within the next 12 months,” Ang said.

“With the expected upsurge in interest for protection products, we will need more people to serve this demand,” he said.

Ang said with the growth of its agency force, “we will be able to reach and pro-

Friday, May 22, 2020

65.30 points 5,539.19

TOTAL VOLUME TOTAL TRADES TOTAL VALUE ADVANCES DECLINES UNCHANGED

501,944,558 81,834 4,029,420,503.96 49 125 44

F oreign e xchange r ate Bangko Sentral ng Pilipinas • FRIDAY, MAY 22, 2020

Currency

Unit

US Dollar

Peso

United States

Dollar

1.000000

50.5820

Japan

Yen

0.009289

0.4699

UK

Pound

1.222500

61.8365

Hong Kong

Dollar

0.128962

6.5232

Switzerland

Franc

1.030291

52.1142

Canada

Dollar

0.716640

36.2491

Singapore

Dollar

0.705866

35.7041

Australia

Dollar

0.655800

33.1717

Bahrain

Dinar

2.651113

134.098

Saudi Arabia

Rial

0.266361

13.4731

Brunei

Dollar

0.703383

35.5785

Indonesia

Rupiah

0.000068

0.0034

Thailand

Baht

0.031417

1.5891

UAE

Dirham

0.272272

13.7721

Euro

Euro

1.094900

55.3822

Korea

Won

0.000811

0.0410

China

Yuan

0.140517

7.1076

India

Rupee

0.013226

0.6690

Malaysia

Ringgit

0.230203

11.6441

New Zealand

Dollar

0.611700

30.9410

Taiwan

Dollar

0.033398

1.6893 Source: BSP

Trade says 2 ‘COVID’ 19’ projects likely to get perks

By Othel V. Campos THE Department of Trade and Industry plans to include two major economic activities in the proposed 2020 Investment Priorities Plan and grant them fiscal incentives.

Businesses or activities that will help mitigate the pandemic will likely receive incentives as well as those covered by the “Balik Probinsya” program.

“These two broad categories are proposed to be incentivized under the transitional IPP. They are likely to benefit from the current incentives under EO 226 or the Omnibus Investment Law,” said Trade Undersecretary Ceferino Rodolfo.

The 2020 IPP will serve as the transitional IPP to the proposed Corporate Recovery and Tax Incentives for Enterprises Act, or CREATE, which is the repackaged Corporate Income Tax and Incentives Rationalization Act, or CITIRA. The two inclusions are considered vital to boost the country’s economy, which is composed mainly by micro, small and medium enterprises.

Businesses that will be considered COVID-19 activities are the production of face masks, ventilators and other health-related items like personal protective equipment.

“With the Balik Probinsya, we are pushing for (the) power to declare incentives for activities under this program, especially for least developed areas ( LDAs). We know how difficult it is to declare an area as LDA, even during the time of Typhoon Yolanda, where large areas where stricken down by the typhoon due to the very stringent guidelines on this,” said Rodolfo.

He added the Board of Investments planned to grant incentives to Balik Probinsya projects so these could avail of a longer income tax holiday.

Along with Finance Department and the National Economic and Development Authority, the Trade Department is optimistic the 2020 IPP would be approved soon.

“What we have agreed on earlier was that the 2020 IPP will be the transitional IPP in anticipation of CREATE and the Special Investment Priorities Plan (SIPP). The things were outran by the COVID outbreak that delayed the approval. We withdrew it and resubmitted two weeks ago with the two major categories inserted,” Rodolfo said.

2 1600

DOTR, GCash tie up on cashless payments THE Department of Transportation has teamed up with GCash and other digital payment providers to boost the use of cashless or contactless transactions to further curb the spread of the coronavirus disease 2019 (COVID-19).

The agency tied up with GCash to enable taxi drivers to accept digital payments through the revolutionary Scan to Pay app via the QR technology of GCash.

Using the app, GCash users only need to scan the unique QR code of the taxi unit they are riding in paying for their metered fares.

“Cashless and contactless payment scheme will now be part of the ‘new normal’ in the public transportation system. This should not be treated by taxi operators as another transaction cost,” DOTr Secretary Arthur Tugade said.

Darwin G. Amojelar

PSE INDEX CLOSING

tect more customers, at the same time bigger earning potential for new recruits who can work from the comfort and safety of their own homes, digitally enabled with our various platforms, as they keep the wheels of the economy turning,” he said.

As the country slowly prepares for the return to normal operations after the enhanced community quarantine, AIA Philam Life is getting ready to face the implications and challenges of the pandemic: heightened awareness for protection, the prevalence of digital and displacement of workforce due to social distancing restrictions.

The company this year created a new metric to measure efforts in the achievement of its mission, by tracking the number of saved lives, with the target of P1 million coverage for 110,000 people, which translates into P110 billion in sum assured.

AIA Philam Life to date achieved 30 percent of its targets for both lives saved and basic sum assured.

“Despite the challenges in the first quarter brought about by a natural disaster and a global pandemic, we at AIA Philam Life have remained steadfast in fulfilling our mission to protect more Filipinos,” said Ang.

year for JFC as for most other businesses, but out of this transformation, we aim to emerge in 2021 as an even stronger business and organization,” Jollibee chairman Tony Tan Caktiong said.

Despite the current challenges, Tan Caktiong said the company remained committed to its aim to become one of the top five restaurant companies in the world Tan Caktiong said the changes were based on the assumption that consumers around the world would not quickly revert to pre-COVID 19 behavior even once lockdowns and other forms of restrictions were lifted in different countries.

The planned changes will include the rationalization of the number of restaurants within certain geography or area and the resources deployed in the restaurants, the implementation of safety and social distancing protocol in the dining area, investment in digital commerce and technology and the increase

in the capacity for delivery-to-home and office, take out and drive thru.

Jollibee plans to install mobile applications to facilitate food ordering and payment, establish “cloud kitchen” or unmarked delivery outlets with no dinein facility located in discreet and low rent sites, and the rationalization of production and distribution facilities.

Jollibee this year plans to spend P5.2 billion, down 63 percent reduction from its original target of P14.2 billion.

The company attributed the lower capital spending to the operational constraints in the construction of facilities and the uncertain volume of demand due to the limited mobility of consumers.

The company plans to open 171 new stores worldwide and renovate 96 outlets in 2020. It also aims to secure excellent locations that will become available due to the weak economic environment.

MOLECULAR LABORATORY.

Metrobank and GT Capital Holdings donate P18 million to Philippine Red Cross for the construction of a fully operational molecular laboratory capable of testing 2,000 COVID-19 samples a day at the former PRC headquarters in Port Area Manila. Metrobank and GT Capital Holdings Inc., through Metrobank Foundation Inc. and GT Foundation Inc., gave P18 million to the Philippine Red Cross for the set-up of an additional molecular laboratory capable of detecting COVID-19 and other contagious diseases.

The facility is capable of testing 2,000 samples a day.

BSP not inclined to reduce reserve requirement of banks again THE Bangko Sentral ng Pilipinas will not likely trim the reserve requirement ratios of banks at the moment, given the sufficient level of money supply circulating in the financial system amid the spread of coronavirus disease 2019 pandemic.

In an online event of Makati Business Club titled “Knowledge Series on Recovery and Resilience: Rethinking Growth Post COVID-19” held Friday, BSP Governor Benjamin Diokno cited the monetary policy actions done by the regulator to counter the impact of the pandemic to

the economy.

The BSP cut the policy interest rates by 50 basis points to 3.25 percent on March 19 in a bid to provide monetary stimulus to the economy.

The 50-bps cut in interest rates was the first time of such size of reduction in a single board meeting in more than 11 years since the BSP reduced the policy rates by 50-bps to 5 percent on Jan. 29, 2009. The interest rates on the overnight lending and deposit facilities were reduced to 3.75 percent and 2.75 percent, respectively.

The BSP on March 24 also cut the reserve requirement ratios of universal and commercial banks by 200 basis points to 12 percent to boost domestic liquidity amid the onslaught of coronavirus disease or COVID-19 that threatens economic growth. “… We did all these actions last March and April. So we have time to observe, we took a pause… Right now, there’s ample liquidity in the system. [There is] no pressure to cut reserve requirement,” Diokno said. Julito G. Rada