BusinessMirror November 02, 2020

SUBSIDIES TO STATE-RUN

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Monday, November 2, 2020 Vol. 16 No. 25

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P25.00 nationwide | 2 sections 16 pages |

FIRMS AT P199.6B IN 9 MOS

Fisherman John Paul Ponyo reinforces his house with bamboo poles as Typhoon Rolly, billed as the strongest storm to hit the Philippines this year, looms on the horizon off Rosario, Cavite. As his family evacuated to safety, Ponyo says he decided to stay in the area to look after their house. At top right, other fishermen moor their boats to safety. Bottom right, a tricycle driver clears a path blocked by fallen banana trees in Alaminos, Laguna. NONIE REYES/ROY DOMINGO

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By Bernadette D. Nicolas

@BNicolasBM

UBSIDIES extended by the national government to state-run firms for January to September reached P199.6 billion, a level that is already close to the record-high amount it gave for the entire year in 2019.

Latest data from the Bureau of the Treasury showed governmentowned and -controlled corporations (GOCCs) received P199.6 billion for the nine-month period —just P1.918 billion short of the 2019 level at P201.524 billion.

The amount of subsidies the government released to GOCCs from January to September is also 27.08 percent higher compared to

P157.069 billion recorded in the same period a year ago.

For the month of September alone, subsidies from the national government plunged by 88.13 percent to P7.153 billion from P60.275 billion in the same month last year.

The national government gives subsidies to GOCCs either to cover operations that are not supported

by corporate revenues or to fund specific programs or projects.

For Januar y to September 2020, the bulk or 52.62 percent of subsidies went to major nonfinancial government corporations (P105.034 billion), 47.15 percent to other government corporations (P94.109 billion), and the remaining 0.23 percent to government financial institutions (P463 million).

Topping the list of firms that received the biggest subsidies is state-run Social Security System (SSS) with P51 billion, due to the Small Business Wage Subsidy Program implemented by the government to help workers of small- and medium-enterprises cope with the impact of lockdown measures on the economy.

Next to SSS was the National Food Authority that received

P37.650 billion, followed by the Philippine Health Insurance Corp. with P30.448 billion, the National Irrigation Administration (NIA) with P24.973 billion, and the National Housing Authority with P17.740 billion.

Of the total subsidies given by the government for September this year, 53.19 percent or P3.805 billion was cornered by major non-financial government corporations, 40.33 percent or P2.885 billion by other government corporations and the remaining 6.47 percent or P463 million by government financial institutions.

For the month, NIA got the biggest share of subsidies with P2.623 billion followed by the Bases Conversion and Development Authority with P1.03 billion, and National Power Corp. with P753 million.

ECCP prods PHL on ownership curbs lifting

By Elijah Felice E. Rosales

E

@alyasjah

UROPEAN investors have pressed legislators to prioritize the passage of measures lifting foreign ownership restrictions to net some of the multinationals relocating to Southeast Asia in the time of Covid-19.

T he European Chamber of Commerce of the Philippines (ECCP) on Friday called on lawmakers to pass legislation opening several sectors of the economy to foreign players. ECCP President Nabil Francis said now is the right time for the government to make such a move to pull investors to the Philippines.

PESO exchange rates n US 48.4010

As firms whose supply chains were distorted by the Covid-19 pandemic scan Southeast Asia for business locations, liberalizing the Philippine economy will improve the country’s chances at securing the investments that are moving to the region, Francis argued.

The Philippines, he explained,

stands to benefit from this capital flight, but policy-makers have to reform the investment regime to the tune of liberalization. He then stated the ECCP’s appeal to pass amendments to the 84-year-old Public Services Act, Foreign Investments Act of 1991 and the Retail Trade Liberalization Act of 2000.

BICOL, S. LUZON BEAR BRUNT OF ‘ROLLY’ AS ‘SIONY’ ENTERS PAR

By Rene Acosta

@reneacostaBM

& Jonathan L. Mayuga @jonlmayuga

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T least four people were initially reported killed as Supertyphoon Rolly pummeled the Bicol region and Southern Tagalog on Sunday morning after making a second landfall in Tiwi, Albay. A combination of water and lahar deposits breached dikes in the province, flooding several areas and burying at least one house.

Officials were still struggling to update assessments of Rolly’s effects during a news briefing at the office of the National Disaster Risk Reduction and Management Council (NDRRMC) as Rolly traversed Southern Luzon. A big part of the Bicol region, including Catanduanes island, have been without power and telecommunications signal.

“There is no report yet. There is no contact in all other affected areas,” NDRRMC Executive Director Ricardo Jalad said.

Albay Governor Al Francis Bichara, who managed to briefly join the virtual news briefing, said mudflows damaged lahar dikes, includ-

ing in Tiwi, and two casualties were tallied in the town of Polangui and Daraga City. He sought help from the national government, saying the airport in Legazpi City is open and can accommodate landings for assistance.

As the news briefing at the NDRRMC office was ongoing, Hazel Joy Panesa of Guinobatan in Albay appealed for help, claiming their home had been buried along with one other house.

Philippine National Police chief General Camilo Pancratius Cascolan assured her that the chief of the Guinobatan police and his men are on their way to assist them.

A report from the Camarines Sur whose governor was supposed to virtually join the news briefing but could not get through on communications signal problems, said one person also died in Naga City.

Office of Civil Defense Region 5 Director Claudio Yucot said they were still verifying all the reports, although he confirmed the death in Daraga City.

Storm signal number 5 was raised in Albay and Camarines Sur as Rolly lashed the two provinces for hours before moving toward the adjoining provinces, earlier placed under storm signal number 4.

Continued on A2

See “ECCP,” A2

n japan 0.4628 n UK 62.5825 n HK 6.2438 n CHINA 7.2067 n singapore 35.4119 n australia 34.0259 n EU 56.5082 n SAUDI arabia 12.9066

Source: BSP (October 30, 2020)

News

BusinessMirror

A2 Monday, November 2, 2020

BICOL, S. LUZON BEAR BRUNT OF ‘ROLLY’ AS ‘SIONY’ ENTERS PAR Continued from A1

“The typhoon is no longer around,” Bichara declared at past 10 a.m. while Quezon Governor Danilo Suarez said Rolly was battering his province. Rolly was downgraded to a typhoon before midnoon as it directly threatened Metro Manila and other regions.

Briefly developing into a Supertyphoon earlier on Sunday morning, Rolly made landfall twice—first in the vicinity of Bato, Catanduanes, at 4:50 a.m. and in Tiwi, Albay, around 7:30 a.m. A third landfall was recorded 12 noon in the vicinity of San Narciso, Quezon, the Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) reported.

At the briefing, Jalad said at least 1.3 million individuals were exposed within the 60-km radius of Rolly’s track while another 2.4 million are exposed within the 120 km radius, although the supertyphoon has affected Regions 1, 2, 3, 4A, 4B, 5, 6, 7, 8 and 9.

At least 346, 993 persons were preemptively evacuated. Jalad said search and rescue personnel were deployed while food packs and other emergency relief assistance are prepositioned in strategic areas across the country.

Power lines

The typhoon damaged some power plants, transmission lines and other power facilities.

The National Grid Corp. of the Philippines (NGCP) reported that 17 of 69-kiloVolt (kV) transmission lines in South Luzon, and 14 of 230-kV lines, mostly in Naga, remain down at press time.

The Department of Energy (DOE) said earlier that Southwest Luzon Power Generation Corp.

(SLPGC) unit 1 (150 MW) was placed on emergency shutdown last October 31.

Bacman Geothermal Power Plant (140 MW) Unit 1 and 3 were also put on emergency shutdown as a precaution, while Unit 2 was put on house load.

The Ilijan (1,200 MW) plant is on total shutdown as a precaution to avoid plant damage

or sudden disconnection to grid.

Meanwhile, the estimated number of affected Manila Electric Co. (Meralco) customers is 160,750. Generally, affected areas are mostly portions of Quezon and Laguna.

“As a 24-hour service company, we are committed to respond to these types of emergency. Our crews are on standby 24/7 to attend to any trouble that may affect our facilities in areas that might be hit by the typhoon,” said Meralco spokesman and Head of Corporate Communications Joe Zaldarriaga.

Meralco has put in place measures to mitigate the impact of Rolly. The company continued to issue advisories on precautions to take before a typhoon. “Meralco, for instance, has consistently requested billboard owners and operators to temporarily roll their billboards up to prevent these structures from being toppled by the strong winds,”Zaldarriaga said. Billboards falling on electrical facilities are among the main reasons for power outages.

The DOE-led Task Force on Energy Resiliency (TFER) is closely coordinating with the National Disaster Risk Reduction and Management Operations Center and all energy industry members for timely updates on the weather situation, as well as the status of energy facilities and systems, including emerging problems that may impact power supply in affected areas.

Enter Siony

Meanwhile, another severe weather disturbance entered the Philippine Area of Responsibility (PAR) on Sunday. Weather forecasters, however, said Siony is not likely to be felt in the next 2 to 3 days.

The 18th severe weather disturbance to hit the Philippines, Rolly brought in “catastrophic violent winds and intense to torrential rainfall.” It is forecast to exit the Luzon mainland landmass and emerge over the West Philippine Sea as it exits the Philippine Area of Responsibility.With Lenie Lectura and

Claudeth Mocon-Ciriaco

www.businessmirror.com.ph

Turkey, in WTO, slams PHL’s extension of wheat flour duty

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By Elijah Felice E. Rosales

@alyasjah

URKEY at the World Trade Organization (WTO) has accused the Philippines of breaching a trade agreement in its decision to extend the additional taxes imposed on Turkish wheat flour.

In a WTO meeting last week, Turkey demanded that the Philippines review its decision to prolong for another three years the antidumping duties applied on Turkish wheat flour. Ankara accused Manila of violating the WTO’s Anti-Dumping Agreement, particularly Article 5.8, when it ruled to stretch the effectivity of the trade remedy.

Under the provision, an application for antidumping shall be rejected and the investigation shall be terminated should authorities find no sufficient proof of either dumping or injury to domestic industry that warrants proceeding the case.

ECCP…

Likewise, an application shall be cancelled when the margin of dumping is de minimis, or when the volume of dumped imports, both actual and potential, is negligible. The margin of dumping is treated as de minimis if it is less than 2 percent of the product’s export price.

A Geneva trade official informed the BusinessMirror the Philippines committed to relay Turkey’s concern to the policymakers in Manila.

“Turkey asked the Philippines to re-examine the matter. The Philippines said that it would revert

Continued from A1

“With this, we welcome and support the administration’s pronouncements to include significant policy measures in its priority

legislations, namely, the amendments to the Public Services Act, the Foreign Investments Act and Retail Trade Liberalization Act,” Francis said at the opening of the 2020 European-Philippine Business Summit.

Revising the Public Services Act will define what public utilities are.

Foreigners are barred from owning these under Article XII, Section 11 of the Constitution. Consequently.

The amended PSA will define what industries fall outside the coverage of public utilities, such as telecommunications, so these can soon be operated by foreign investors.

On the other hand, amending

Turkey’s statement back to capital for review,” the Geneva trade official said.

The Tariff Commission in September favored the petition of local wheat flour makers to extend the antidumping duties slapped on Turkish wheat flour.

In its final determination, the commission argued that removing the trade remedy as scheduled this year may lead to the resurgence of dumping of wheat flour from Turkey. Further, it reported the volume of Turkish wheat flour imports at dumped prices exceeded the de minimis threshold of 3 percent as capped by the Anti-Dumping Agreement.

From May 2018 to April 2019, the period of investigation, Turkish wheat flour at dumped prices accounted for 16 percent of Philippine imports of the product.

In spite of the antidumping duties, Turkey retained its position as the top supplier of wheat flour to the Philippines. Last year, for instance, Ankara exported 23,963 metric tons of the product to Manila, accounting for more than 44 percent of total imports.

The commission also ruled there is a surplus in the production of wheat flour in Turkey, making it enticing for exporters there to dump their excesses in the Philippines.

To protect local wheat flour makers, the commission decided to impose antidumping duties of as much as 29.57 percent against 16 Turkish exporters. Based on the ruling, the trade remedy will be enforced for a period of three years.

Prior to the September decision, the Tariff Commission in 2014 slapped antidumping duties of as much 16.19 percent against 13 Turkish traders after concluding their dumping of wheat flour to the Philippines is injuring the domestic industry.

Dumping is defined by the WTO as a form of price discrimination.

When a product is sold in an importing country at a price below its rate in the exporting country, that is dumping.

Turkey raised its concern against the Philippines at a meeting of the WTO’s Committee on AntiDumping Practices conducted last Wednesday.

the Foreign Investments Act will exclude practice of professions from the negative list and cut the required number of local hires in foreign firms to 15, from 50, to entice workers and multinationals abroad to move here.

Changing the Retail Trade Liberalization Act will bring down the capital requirement for foreign retailers to $200,000. At present, only those with a minimum paidup capital of $2.5 million and above may be owned in full by foreigners.

The House of Representatives passed its version of the amendment bills prior to the pandemic, leaving the fate of the measures at the hands of the Senate.

To dispel uncertainties, Francis asked the government to wrap up deliberations on the proposal to

rationalize fiscal incentives. Policymakers have yet to reach a consensus on whether to carry on with the administration’s plan to trim corporate income tax to 25 percent, from 30 percent, but in exchange strip exporters of their tax perks.

“The Philippines has to pull away from the catch-up game with its neighbors in the region and move swiftly,” the ECCP chief insisted.

Keeping the investment laws as is could be catastrophic for the Philippines. Citing a survey by the ECCP and the European Union Delegation, Francis said 71.5 percent of European investors in the country may postpone or terminate altogether business plans here, as most of them said the pandemic and the lockdowns impaired their operations.

4 LNG players get DOE’s approval to build terminal Continued from A8

DOE Undersecretary Leonido Pulido III said the first always has its advantage over the others.

“The competitive advantage in being the first to market would be the potential of being the source of natural gas as fuel for greenfield plants, considering that no new natural gas plants could be established before due to a lack of source,” he said when sought for comment.

The four LNG players said their facilities would serve the natural gas requirements of existing and future gas-fired power plants.

“The advantage becomes more apparent considering that the DOE will be pushing for more flexible, mid-merit generation,” added Pulido.

The interest in LNG has increased over the past few years in anticipation of the depleting Malampaya gas field, the country’s only commercially-producing gas field. Operating since 2001 under Service Contract 38, the Malampaya gas project supplies fuel to around 40 percent of gas-fired plants in Luzon with over 3,000 MW in capacity.

However, DOE officials previously told a congressional hearing that by 2024, Malampaya’s gas output would fall to just one-third of current capacity. By 2027, supply from the gas field is projected to be fully depleted.

Open-access model As promoted by the DOE, Excelerate’s LNG project follows a Third Party Access (TPA) model, whereby LNG import capacity is marketed to multiple gas users in the region on an open and transparent basis.

“One distinguishing feature of the TPA model is that it allows all gas users in the region unfettered access to the global LNG marketplace by signing up for regas capacity at the terminal,” explained Wangdi.

This is in contrast to the “Own Use” model where separate LNG terminals are being built for each independent power plant. This open-access model, which is successfully adopted in major LNG markets around the world, allows for substantial economies of scale—the cost savings for which are ultimately enjoyed by the electricity consumers of Luzon.

Offshore floating LNG solutions are well known for their substantially lower cost and speed to market, but what is often overlooked is the inherent flexibility these facilities provide to markets around the world that are new to LNG. “Energy markets in the Philippines are dynamic and will change over time. Unlike comparative ‘Own Use’ solutions, ‘ TPA’ open access floating facilities allow gas users to enter into shorter-term contracts for quantities which meet their specific requirements. This method is highly efficient as there is less ‘wasted’ capacity due to underutilization,” Wangdi added.

Fifth LNG player Conglomerate San Miguel Corp.

(SMC ) has jumped on the LNG bandwagon.

“In 24 months, you will see the LNG plant running. The first line is 850 megawatts. There will be three lines. If there is no demand yet, let’s start at 850MW. It is easy and cheap nowadays to put up an LNG plant,” SMC President and Chief Operating

Officer Ramon Ang said.

SMC’s power unit has yet to secure a permit from the DOE but the company is already seeking the DOE’s endorsement for its LNG project that will be located in Batangas where its 1,200MW Ilijan gas plant is located.

The first phase of the planned LNG of SMC Global Power Holdings Corp. would have a capacity of 2,550MW, with a capacity of 850MW per unit.

‘Best option’ While the LNG industry is still in its infancy, DOE Secretary Alfonso Cusi said imports of LNG remain the best option to secure the country’s future energy requirements.

“They say that the Malampaya supply can go as far as 2027, but it does not have enough gas for the further expansion needed to provide future natural gas requirements particularly with the plan to expand application of LNG in the industrial, commercial, residential, and transport sectors,” Cusi said.

Luzon will initially require 3.5 MTPA of LNG to feed existing gasfired power plants. Cusi said it could import more for the other potential downstream merchants such as the industrial and transport sectors.

Importing LNG requires capitalintensive investments in large-scale terminals with regasification facilities. This, Cusi said, may initially push the challenge due to the limited market of LNG in the country at this time.

Cusi’s dream is to transform the country into a regional LNG hub. To do this, the agency issued an LNG investors’ guide meant to entice more investors in the country’s downstream LNG industry.

News BusinessMirror

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Govt to tweak standards to meet housing demand

By Cai U. Ordinario @caiordinario

T

HE national government will be setting a minimum standard for the size of future housing projects to respond to the demands of the new normal, according to the inter-agency National Human Settlements Board (NHSB).

Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo D. del Rosario said this was among the focus areas identified by the NHSB for 2021.

The NHSB recently conducted its inaugural meeting. The board is composed of five government line agencies, the key shelter agencies, and led by the DHSUD. “[The NHSB decided on] the setting of a minimum standard space per person requirement for all future housing projects to effectively achieve physical distancing including the number of rooms per housing unit that would allow for possible areas for quarantine to avoid crowding in response to the ‘new normal’ requirements brought about by the Covid-19 pandemic,” DHSUD explained.

The Commission on Population and Development (Popcom) earlier said nearly a third of Metro Manila’s population live in less than 20-square-meter (sqm) homes.

Undersecretary and Popcom Head Juan A. Perez III said to effectively implement physical distancing to avoid the spread of Covid-19, there must be a standard of 6 sqm allocated per person.

With this, the current size of homes in the megacity, especially the poor, are not conducive to achieve physical distancing.

Perez said based on data from the Philippine Statistics Authority (PSA), there were 3.785 million Filipinos or 27.2 percent of its 13.867 million population, who live in 812,584 housing units that are under 20 sqm each.

He said that with an average number of 4.7 persons in each household, that leaves a living space of only 4.25 sqm per person “mak-

ing it nearly impossible to achieve physical distancing.”

The Popcom chief said the poorest in Metro Manila estimated at 2.066 million or 14.9 percent of the megacity’s population live in less than 20 sqm single-detached homes.

In this type of single-detached housing, the average number of persons in a household increases to 4.9. This means the living space goes down to 4 sqm per person.

Apart from placing a minimum size for housing projects, the NHSB has also decided to focus its efforts in crafting a 20-year roadmap for the housing sector and the introduction of new financing interventions to help millions of Filipinos to own a home.

Del Rosario also said the board will conduct a review of the price ceiling for socialized subdivision and socialized condominium projects.

He added that the NHSB will also focus its efforts on determining a loan ceiling for economic, low and medium-cost housing, ironing the details of the Balai Rental Housing Program, and the possible introduction of housing microfinance.

The NHSB will reconvene on January 28 next year and shall meet every quarter.

“There is so much work to be done: the realization of every Filipino’s dream of living a decent, safe, resilient and well-planned communities rests on our shoulders,” Del Rosario said.

The NHSB was formed in line with DHSUD’s mandate under Republic Act 11201 in ensuring the alignment of policies, programs and projects of its attached agencies.

It acts as the single policy-making body that provides overall policy direction and a program meant to attain the department’s goal of providing more resilient, sustainable and affordable housing communities to Filipinos, especially the underprivileged.

The Departments of Finance, the Interior and Local Government, Budget and Management, Public Works and Highways and the National Economic and Development Authority are the members of the NHSB.

Editor: Vittorio V. Vitug • Monday, November 2, 2020 A3

Salceda warns vs personal-income depletion; urges new SAP releases

By Jovee Marie N. Dela Cruz @joveemarie

A

KEY economist in the House of Representatives has called on the government to study the implementation of another direct cash transfer to boost personal income and prevent impending consumer crunch amid national health crisis.

Albay Rep. Joey Sarte Salceda, the co-chairman of the House Economic Recovery Cluster, said government has to watch out for a depletion in disposable income and household savings in analyzing the country’s own third-quarter figures.

“If the disposable income goes down deeply below expectations, we should be open to a direct, universal cash transfer,” Salceda said. “There should be some fiscal space left since we outperformed revised revenue targets this year.”

According to Salceda, the third tranche of the Social Amelioration Program (SAP) may be included in the 2021 General Appropriations Bill.

“We have space for SAP 3 in the 2021 budget;butif[third-quarter]figuresare

dire, we should be prepared to increase it to a more universal level,” he said.

“If disposable income declines by 20 percent to 30 percent, quarter-onquarter, that’s some danger warnings. We have to be ready to boost personal income with direct cash transfers,” Salceda added.

The lawmaker said there is a need for a third tranche as he is also expecting that the number of unemployment will likely swell this year.

“We will closely watch the Q3 numbers. But we should be prepared to change course from our more prudent fiscal approach if the signs point to a need for renewed direct cash infusions into households,” he added.

US recovery

SALCEDA made the call for the release of a third tranche of SAP as he says that the seeming recovery of the US economy in the third quarter appears to be artificial and is the direct result of aggressive public spending.

“It definitely played a role that they released a large stimulus package. Of course, in terms of fiscal stimulus, they can be more expan-

sive because they are the reserve currency of the world; so that has its own privileges,” Salceda explained.

“The sudden change appears to be attributable to the gradual reopening of the economy, election spending and postponed consumption of government cash transfers [most of which were received in the second quarter, where most closures took place],” he added.

The solon said that the size of the US fiscal stimulus is around 13 percent of gross domestic product (GDP); while, together with liquidity infusion from the Federal Reserve, the actual monetary expansion could be up to 30 percent of GDP. Salceda, however, pointed to warning signs that the recovery could be artificial, and that the Philippines will have to chart a course that is independent of the US economy, “and more closely aligned with its Asian neighbors, which seems to have contained the pandemic much more effectively.”

Warning signs

SALCEDA pointed out “there are some

warning signs of asset sell-offs.”

“The increase in residential fixed investment primarily reflected an increase in brokers’ commissions and other ownership transfer costs. This could simply mean that people are moving in between rental units, or are selling off real property assets,” Salceda said.

“There are also signs of an impending consumption crunch. Disposable personal income decreased $636.7 billion, or 13.2 percent, in the third quarter, in contrast to an increase of $1.60 trillion, or 44.3 percent, in the second quarter. Real disposable personal income decreased 16.3 percent, in contrast to an increase of 46.6 percent,” he added.

Salceda said US household savings are also getting depleted.

“Personal saving was $2.78 trillion in the third quarter, compared with $4.71 trillion in the second quarter.

The personal saving rate—personal saving as a percentage of disposable personal income—was 15.8 percent in the third quarter, compared with 25.7 percent in the second quarter,” the lawmaker added.

SC orders prosecution of DOJ official for graft

By Joel R. San Juan @jrsanjuan1573

T

HE Supreme Court (SC) has directed the Sandiganbayan to prosecute a high ranking official of the Department of Justice (DOJ) for graft and direct bribery for allegedly extorting P80,000 from a doctor who was earlier tagged as part of the communist movement in the country.

In a 21-page decision penned by Associate Justice Amy Lazaro-Javier, the Court’s First Division reversed and set aside the resolutions issued by the Sandiganbayan on April 12, 2017, and May 22, 2017, which allowed the dismissal of the case filed against Assistant City Prosecutor Raul Y. Desembrana of the Quezon City Prosecutor’s Office due to unreasonable delay in the conduct of preliminary investigation by the Ombudsman’s

Office of the Special Prosecutor (OSP).

The Court held that the anti-graft court committed grave abuse of discretion in dismissing the complaints due to supposed violation of Desembrana’s right to speedy trial by the OSP. “Indubitably, neither the OSP nor the Office of the Ombudsman is guilty of inordinate delay in the disposition of the cases against private respondent. The ball was already in the Sandiganbayan’s court, so to speak,” the SC said.

“Instead of proceeding with the arraignment of private respondent and the rest of the rigmarole, the Sandiganbayan procrastinated, and worse, on the basis of a law that has been overtaken by time and legal developments,” the ruling said.

Desembrana was charged before the Ombudsman in November 2014 after he was caught during an entrapment opera-

tion accepting P80,000 bribe from a litigant.

The operation against Desembrana was planned by the National Bureau of Investigation (NBI). The NBI said it launched the operation after receiving a complaint from the National Union of Peoples’ Lawyers (NUPL) that the DOJ official had demanded the money as “SOP” (standard operating procedure) in exchange of dismissing the unjust vexation, coercion and threat filed against Montes and his son, Dr. Connor Montes, by retired military chaplain Reuben Espartinez.

After posting bail on November 21, 2014, Desembrana filed a motion with the Sandiganbayan to suspend his arraignment pending his motion to conduct preliminary investigation with the OSP. This was granted by the Sandiganbayan and gave the OSP 60 days to conduct a full and complete preliminary investigation.

“While the OSP exceeded the time limit of 60 days, the OSP on two occasions sought additional time to complete the preliminary investigation.

These were neither opposed by private respondent nor rebuffed by the Sandiganbayan. They were therefore deemed granted,” the SC explained.

The SC added that Desembrana can also be faulted for the delay since up until September 3, 2015, he was still filing a rejoinedaffidavit with the OSP. “All in all, from July 8, 2015, to November 10, 2015, in less than 120 days, the OSP was able to complete the preliminary investigation. On its face, and especially with the circumstance driving this preliminary investigation, we cannot say that the timeline of 120 days constituted inordinate delay. It is a very reasonable period to complete a preliminary investigation,” the Court said.

DOLE bars private sector workers from 2nd tranche of govt support

By Samuel P. Medenilla @sam_medenilla

P

RIVATE sectors workers who already availed of the social amelioration benefits from other government agencies will no longer qualify for the next round of measures of the Department of Labor and Employment (DOLE) as the economic crises unravels.

Last week, Labor Secretary Silvestre H. Bello III signed Department Orders 218 and 219 for the next round of implementation of two support programs using budget from Republic Act (RA) 11494.

In both issuances, Bello stated that beneficiaries from the following government programs are immediately excluded from the DOLE support programs: small business wage subsidy; social se-

curity system unemployment benefit; and, the cash assistance for rice farmers.

Also disqualified from the two programs are those who availed of the programs by the Department of Social Welfare and Development.

Specifically for the DOLE’s Covid-19 Adjustment Measures Program (Camp), owners, top management or workers with monthly gross salary of P40,000 and above, as well as foreign nationals except person of concerns (POCs), are also disqualified from the said program.

Previous beneficiaries

HOWEVER, Labor Assistant Secretary Dominique R. Tutay said those who previously covered by the first round of Camp and Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Worker (Tupad)

implementation could still reapply for the said programs.

“Based on [RA 11494], they may still benefit [from the two programs]; but the priority is really for those unserved and have not received any assistance yet,” Tutay told the BusinessMirror.

The DOLE said a total of 658,886 workers benefitted from Camp and 423,511 from Tupad during their initial implementation earlier this year.

With the additional funding from RA 11494, or the second “Bayanihan to Recover as One” Act, the DOLE is targeting to provide cash aid to 993,432 workers through Camp and emergency employment to 863,867 workers through Tupad.

CAMP Categories

THE DOLE said it will be provid-

ing a one-time P5,000 financial aid to qualified Camp beneficiaries to “mitigate the immediate adverse economic impacts of the Covid-19 pandemic” on their livelihood.

They will also be extended w ith employ ment facilitation services and will be required to fill out the National Skills Registration Program.

Bello said he will be issuing separate Joint Memorandum Circulars to contain the guidelines on how the program will be implemented for education and the tourism sector.

He said companies, which suffered temporary or permanent closure due to lockdown measures against the Covid-19 pandemic may apply in the program for their workers.

Workers laid off may also in-

dividually apply for the program subject to submission of documentar y requirements online before undergoing evaluation from the concerned DOLE regional office.

Enhanced Tupad

TO provide more income to workers in the informal sector, self-employed individuals with elementary occupations and unpaid family workers, the DOLE extended the usual duration of Tupad to 14 days to 16 days.

Local government units (LGU) and accredited co-partner (ACP) will be primarily the ones to endorse the Tupad beneficiaries to DOLE, the labor department said.

Affected workers may signify their intent to join in the program through their LGUs. Only one

beneficiary per family will be accommodated under the Tupad, the DOLE said.

Qualified beneficiaries of the program will first have to undergo the necessary orientation, which includes safe and health standards, before they could start with their emergency employment.

The task that will be assigned to them may include repair and maintenance of common public facilities, tree planting, assisting LGUs, transportation services for setting up mobile markets and the disinfection and sanitation of community.

The DOLE said it will be hiring program coordinators for the nationwide implementation of the enhanced Tupad.

Both DO 218 and 219 were signed

by Bello on October 28, 2020.

Agriculture/Commodities BusinessMirror

A4 Monday, November 2, 2020 • Editor: Jennifer A. Ng

www.businessmirror.com.ph

DA: Farmers, fishers lose ₧2.2B due to Quinta

By Jasper Emmanuel Y. Arcalas @jearcalas

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VER 44,000 farmers and fishermen in 9 regions incurred losses amounting to P2.2 billion after Typhoon Quinta struck the Philippines, the latest preliminary data from the Department of Agriculture (DA) showed.

Their agony, however, is far from over as Supertyphoon Rolly (international name Goni)—the strongest typhoon in the world so far for 2020—is threatening to de-

stroy more produce.

Based on latest DA situationer report, Quinta has affected 86,271 hectares of agricultural areas with an estimated total volume output of 124,462 metric tons (MT) in Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Bicol Region, Western Visayas, Eastern Visayas and Zamboanga Peninsula.

The affected commodities include rice, corn, high value crops, fisheries and livestock. The latest damage report was an increase from the previously estimated

P1.81 billion in losses.

“These values are subject to further validation. The increase in values is attributed to the updated reports in rice, corn and livestock from Central Luzon and Bicol Region,” the DA said.

The rice sector suffered the brunt of Quinta’s damage as it caused the loss of nearly 100,000 MT of palay valued at P1.51 billion, according to the DA. This was followed by the high value crops sector with an estimated production loss of 18,718

MT worth P446.7 million. About 5,295 hectares of corn with an estimated production volume of 5,759 MT, which was worth P137.8 million, was also damaged by Quinta.

The DA also recorded nearly P80 million in damage and losses in the fisheries sector which included produce, motorized and non-motorized bancas and fishing gears.

In a separate report released on October 31, the DA said farmers in Regions 1, 2, 3, 4A and 5 have harvested 1.071 million MT of rice valued at P16.96 billion from 242,638 hectares.

“As for corn, a total of 11,132 hectares have been saved from Regions 1, 2, 5, and 8 with an equivalent production of 45,703 metric tons amounting to P579 million,” the DA added.

The DA said damage and losses are expected in farms located in Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Bicol Region, and Visayas Region due to Rolly.

In an 11 a.m. report on October 31, the DA said 928,324 hectares of rice and 58,341 hectares of corn

could be affected by Rolly.

“Agriculture Secretary William D. Dar urges farmers to harvest their mature crops immediately and, in other cases, delay planting until weather and field conditions are favorable for planting,” the DA said.

“On the other hand, fisherfolk are advised to secure fish cages, fishponds, as well as fish stocks prior to Typhoon Rolly. Moreover, fishers are advised to secure their bancas onshore or anchor in sheltered areas, and refrain from fishing if rough sea conditions prevail,” the DA added.

PHL dressed chicken inventory up in October–NMIS report Details of various irrigation projects released by NIA

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HE country’s dressed chicken inventory in cold storage facilities as of October 19 rose to 84,133.54 metric tons (MT), from the previous week’s 83,266.37 MT, latest National Meat Inspection Service (NMIS) data showed.

NMIS data showed that the latest volume was 13.76 percent higher than the 73,960.20 MT recorded in the same period last month. The volume was triple the 24,721.56 MT recorded on October 21, 2019, according to data from the attached agency of the Department of Agriculture.

More than half of the latest dressed chicken inventory or about 45,603.45 MT were imported while the remaining 38,530.09 MT were locally produced.

Reg ion 7 had t he h ighest dressed chicken inventory during the reference period at almost 21,924.26 MT, of which 15,015.65 MT were imported.

Last month, the United Broiler Raisers Association (Ubra) called on raisers to exercise “utmost caution and restraint” in producing chicken for the remaining months of the year until next year as demand remains anemic.

Ubra said imports continue to increase despite Covid-19 restrictions while local producers have been forced to drastically reduce their output by 30 percent to 40 percent due to “severe market demand contraction.”

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BusinessMirror file photo

The group said they do not see any signs of recovery for the demand from the hotel, restaurants, and institutions (HRI) segment which accounts for 30 percent of total broiler demand. Worse, demand from the household market is also declining due to continuous

consumer income losses, it added.

In the same report, NMIS data showed that the country’s frozen pork inventory in accredited cold storage facilities fell slightly to 42,670.92 MT from last week’s 45,766.47 MT. It was also down by 7.86 percent

from last month’s 46,311.11 MT but it was slightly up from last year’s 42,296.47 MT, NMIS data showed.

Bulk or about 35,475.26 MT of the total frozen pork inventory as of October 19 was imported while the remaining volume of 7,195.66 MT was locally produced. Jasper Emmanuel Y. Arcalas

HE National Irrigation Administration (NIA) said it has published details of infrastructure and irrigation projects in a national newspaper in keeping with the President’s directive.

President Duterte had earlier ordered agencies to publish details of their infrastructure and irrigation projects, including their status and winning bidders.

The NIA said it published details of ongoing and completed operations and engineeringmonitored projects which were allocated a budget of more than P10 million each from 2019 to 2020 in Philippine Daily Inquirer.

“All published data and information are based on the August 2020 Status Reports of the Agency,” the NIA said in a statement.

For CY 2019 OperationsMonitored Irrigation Projects, NIA reported 81.74 percent physical accomplishment for 414 contract packages worth P10 million above each with a total cost of P8.946 billion. For CY 2020, the agency reported 34.06 percent physical accomplishment for 327 contracts amounting to P6.568 billion.

For CY 2019 Engineering-

Monitored Irrigation Projects, NIA reported 42.88 percent physical accomplishment for 125 contract packages worth P10 million above each with an aggregate cost of P5.949 billion, while for CY 2020, the agency reported 18.17 percent physical accomplishment for 80 contract packages amounting to P3.427 billion.

“Actions to ensure that any party who fails to meet their commitments without justifiable reasons will be netted with corresponding sanctions. NIA management expressed readiness to provide clarifications to anyone who have queries relative to the report,” the agency said.

NIA Administrator Ricardo R. Visaya assured that the agency will finish irrigation projects on time or even ahead of the target completion because “delays in project implementation mean injustice to the Filipino farmers.”

President Duterte viewed the directive as instrumental in detecting collusion among agencies and contractors, allowing the public to identify possible conspiracy among bidders and officials, and ensuring that public funds won’t go into corruption.

Govt pressed to expand Consumers are buying more butter than ever to cook at home crop insurance for farmers

By Butch Fernandez @butchfBM

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ITING the weather bureau’s advisory on Typhoon Rolly’s fury threatening to inflict widespread damage to thousands of hectares of the country’s rice, corn, coconut and vegetable crops, Senator Imee Marcos pressed the Duterte government to expand crop insurance for farmers.

This, as Marcos aired warnings over the weekend that affected farmers who failed to insure their crops are “not likely to recover” in the next planting season.

The chairperson of the Senate committee on economic affairs cited concerns that among those seen to be adversely affected are “farmers in Ilocandia through Central Luzon and Bicol who are already deep in debt in the wake of recent typhoons that flattened rice lands in the middle of the main October harvest.”

She warned that likely to be affected farmers whose crops were not insured are not seen to recover in the next planting season, adding: “We may be confronted with massive shortages, compelled to import, and the vicious cycle just widens and deepens.”

Marcos noted that even before 2021 national budget bill is passed, “we should increase the government’s crop insurance pay-outs as soon as possible.”

In a statement over the weekend, the senator observed that “farmers covered by sufficient insurance may have a fighting chance to survive this lost harvest season,” even as

she noted that until relevant legislation is passed, “farmers will have little means to cope with natural calamities or pest infestations.”

To address the situation, Marcos had earlier filed Senate Bill 883 in August last year to “insure more farmers and fisherfolk” covered by the Philippine Crop Insurance Corp.

(PCIC), counting only 2.27 million or 33.5 percent of their total number, as of 2018.

The Marcos bill provides that farmers will not need to wait for a state of calamity to be declared or agricultural damage to be assessed before they can collect on their insurance.

“A farmer would be able to automatically avail of payment even at the height of a typhoon, as soon as predetermined rainfall and windspeed thresholds are reached in what we call an index-based system,” the senator said, adding that farmers in far-flung areas will have “an alternative to the traditional system that offers higher pay-outs but requires the tedious filing of claims and assessment of damages.”

Marcos added that in order to give private insurers greater confidence in backing up agricultural investments, Senate Bill 883 also aims to enable the PCIC as a reinsurance agency that will cover agricultural insurance left out by the Philippine National Reinsurance Corp. (NatRe).

She said a better-funded and expanded crop insurance program is long overdue, citing a World Risk Index Report in 2017 that ranked the Philippines the third-most vulnerable nation to natural disasters.

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MERICAN dairy giant Land O’Lakes Inc. is selling record amounts of butter as consumers cook more at home, helping boost profits even as the pandemic upends global commodity markets.

The Minnesota-based cooperative expects butter sales to reach 275 million to 300 million pounds in 2020, an increase of more than 20 percent from a normal year, said Chief Executive Officer Beth Ford. That’s more than offset a decline in food services as lockdowns from New York to Los Angeles slashed demand from restaurants, which usually account for 15 percent to 20 percent of the company’s business.

Dairy farmers across the United States were forced to dump milk as stay-at-home orders curbed demand from food services, which use up about 50 percent of American cheese production. Schools were also shut, slashing consumption of fluid milk at a time when cows had just entered the peak milk production period. Still, Land O’Lakes says butter was flying off the shelves.

“Often times, even for the retail business, what you do is you make a lot of butter because it’s peak milk production time, and you store it for the key season,” during the holidays, Ford said in an interview. “But the buying was so strong that we didn’t do that, because we were selling right off the line.”

The surge in retail sales is an astonishing comeback for butter, a restaurant favorite that had seen demand plunge when lockdowns shut restaurants across America.

But the pandemic has lasted so long

Bloomberg News

that people are starting to dish up richer meals at home while many have taken up baking, benefiting Land O’Lakes, which is more focused on retail.

Meeting rising butter demand means the company, like many other packaged-goods companies, had to adapt its production lines. It’s no longer selling retailers 18-pound cases and focusing production on 36-pound ones to maximize output, said Ford, who took the top job in 2018.

Animal feed

WHILE Land O’Lakes is better known for its dairy products, its Purina unit, which makes animal feed, also saw an increase in sales of ration for companion animals like horses and rabbits (the Purina that makes dog and cat food is

owned by Nestlé SA). An 80-percent increase in backyard flocks helped boost results for that business, she said.

Land O’Lakes profit surged more than fivefold in the third quarter to $66 million and by 22 percent year-to-date, the company said in a statement. All business units performed better in the quarter than a year earlier.

Dairy markets have faced wild swings this year as prices first tumbled due to the pandemic and then surged as the US Department of Agriculture stepped in to buy for its Farmers to Families Food Box program. That demand should last through the fall and winter, Ford said.

A id prog rams have helped maintain farm profitability, pushing US milk production growth

above the historical rate of 1.5 percent a year, Rabobank said in a report earlier this month.

On speculation prices will collapse when government support dries up, Ford said: “There will be disruption, we don’t all understand what the path to reopening will look like, but what I have is confidence in my team.”

Ford said Land O’Lakes is keeping an eye on how holiday sales fare.

Butter demand, typically strongest during the winter, may also face challenges as some consumers may forgo large holiday gatherings in efforts to main social distancing. Some 372 million pounds of butter were in cold storage at the end of August and inventory levels will depend on demand during the “less-than-typical holiday season,” Rabobank said.

Bloomberg News

The World BusinessMirror

Editor: Angel R. Calso

Death toll reaches 39 in quake that hit Turkey, Greek island

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ZMIR, Turkey—Three young children and their mother were rescued alive from the rubble of a collapsed building in western Turkey on Saturday, some 23 hours after a powerful earthquake in the Aegean Sea killed at least 39 people and injured more than 800 others. One of the children died soon after being rescued, while a fourth child was still trapped.

The Friday afternoon quake that struck Turkey’s Aegean coast and north of the Greek island of Samos registered a magnitude that Turkish authorities put at 6.6 while other seismology institutes said it measured 6.9.

It toppled buildings in Izmir, Turkey’s thirdlargest city, and triggered a small tsunami in the Seferihisar district and on the Greek island. Hundreds of aftershocks followed.

At least 37 people were killed in Izmir, Turkish President Recep Tayyip Erdogan said from a crisis coordination center before visiting the wrecked sites. Among them was an elderly woman who drowned in the tsunami.

But rescue teams on Saturday made contact with 38-year old Seher Perincek and her four children—ages 3, 7 and 10-year-old twins—inside a fallen building in Izmir and cleared a corridor to bring them out.

One by one, the mother and three of her children were removed from the rubble as rescuers applauded or hugged. The survivors, including 10-year-old Elzem Perincek, were moved into ambulances on stretchers.

“I’m fine; I was rescued because only one of my feet was pinned. That foot really hurt,” she said.

The health minister as well as rescue worker Ahmet Yavuz told HaberTurk television hours later that one of the children had died after being rescued. They were still trying to reach the other child, Yavuz said.

More than 5,500 rescuers from different agencies and cities worked together to reach survivors, at times hushing the crowds to listen into the rubble with sensitive headphones and crawling through the cracks. A 65-yearold man was saved 26 hours after the quake.

Rescue work continued in nine buildings.

Earlier Saturday, search-and-rescue teams lifted teenager Inci Okan out of the rubble of a devastated eight-floor apartment building. Her dog, Fistik, or Pistachio, was also rescued, Turkish media reported.

A video showed a female rescuer trying to calm down the 16-year-old girl under the rubble as she inserted a catheter. “I’m so scared,” the girl cried. “Can you hold my hand?”

“We are going to get out of here soon,” the rescuer, Edanur Dogan, said. “Your mother is waiting outside for you.”

Two other women, aged 53 and 35, were brought out from the rubble of another toppled two-story building earlier on Saturday.

Some 103 people have been rescued since the earthquake, Erdogan said. It was unclear how many more people were trapped under buildings that were leveled.

Turkey's Disaster and Emergency Management Presidency, or AFAD, said 885 people were injured in Izmir and three other prov-

inces. The health minister said eight people were being treated in intensive care, with three of them in critical condition.

Two teenagers were killed on Samos after being struck by a collapsing wall. At least 19 people were injured on the island, with two, including a 14-year-old, being airlifted to Athens and seven hospitalized on the island, health authorities said.

The small tsunami that hit the Turkish coast also affected Samos, with seawater flooding streets in the main harbor town of Vathi.

The earthquake, which the Istanbulbased Kandilli Institute said had a magnitude of 6.9, was centered in the Aegean northeast of Samos. AFAD said it measured 6.6. and hit at a depth of some 16 kilometers (10 miles).

It was felt across the eastern Greek islands and as far as Athens and in Bulgaria.

In Turkey, it shook the regions of Aegean and Marmara, including Istanbul.

Turkey is crossed by fault lines and is prone to earthquakes. In 1999, two powerful quakes killed some 18,000 people in northwestern Turkey. Earthquakes are frequent in Greece as well.

Authorities warned residents in Izmir not to return to damaged buildings, saying they could collapse in strong aftershocks. Many people spent the night out in the streets, too frightened to return to their homes, even if they sustained no damage.

The country has suffered from lightly regulated and shoddy construction, which can lead to serious damage and deaths from earthquakes. Referring to the structure where the teenager and her dog were rescued, architect Nihat Sen told Turkish broadcaster NTV: “All material used on the eight-story building was faulty. The ground was bad, the material was bad.”

Turkey’s president said the government would aid victims who lost their homes with temporary housing and rent, while starting construction of new buildings.

In a show of solidarity rare in recent months of tense bilateral relations, Greek and Turkish government officials issued mutual messages of solidarity, and the leaders of Greece and Turkey held a telephone conversation.

“I thank President Erdogan for his positive response to my call,” the Greek Prime Minister Kyriakos Mitsotakis said on Saturday before traveling to Samos, where he visited the families of the teenagers who were killed.

Relations between Turkey and Greece have been particularly tense, with warships from both facing off in the eastern Mediterranean in a dispute over maritime boundaries and energy exploration rights. The ongoing tension has led to fears of open conflict between the two neighbors and nominal NATO allies.

The quake occurred as Turkey was already struggling with an economic downturn and the coronavirus pandemic. So far, more than 10,000 people with the virus have died in Turkey. The health minister said authorities were distributing masks and disinfectant to protect against Covid-19. AP

Alibaba’s secret 3-year experiment to reinvent China factories unveiled

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fter helping more than a million brick-and-mortar Chinese retailers modernize their operations, Alibaba Group Holding Ltd. has now set its sights on a new target: the country’s outdated factories.

China’s largest corporation unveiled in September its first smart factory, a secret experiment that Alibaba’s been conducting for three years on the outskirts of its hometown of Hangzhou. The three-story facility known as Xunxi—translated literally as “fast rhino”—is the company’s attempt at leveraging its consumer data and technologies to help the multi-trillion-dollar manufacturing arena improve efficiency and meet rising consumer expectations.

Alibaba’s path to smart manufacturing starts with garments, a market worth 2.2 trillion yuan ($328 billion) in China last year based on Euromonitor International’s estimates. Alibaba has said that one in four clothes purchases in the country was shipped via its e-commerce platforms, granting it access to an ocean of data that it’s now deploying to assist domestic garment makers in design and production planning.

It’s also centralizing the material procurement process to help reduce costs. Artificial intelligence, robotic arms as well as many other in-house technologies have also been put into use at the Xunxi factory prototype.

It usually takes months for apparel com-

panies to bring a new design from the runway to stores, but Alibaba claims it is able to cut order lead times by 75 percent with its solutions. This would address the growing demand for instant gratification among China’s Gen-Z consumers. For instance, with the help of AI, designers can review simulated rendering effects on so-called digital fabrics on their computer screens, rather than going through a time-consuming process to dye the fabric.

Garment workers at the factory have hightech assistants, such as AI-enabled cutting machines and Internet-connected sewing devices that help fine-tune their work.

Once a step has been completed, the item will be transferred to the next work station via a conveyor belt. Since the entire workflow is recorded digitally, factory management no longer have to stay on site. Instead, they can track the progress remotely on computers or through their mobile phones.

The data and technology deployed at the Xunxi factory mean merchants, which typically need at least 90 days to get their goods ready for the storefront, can decide what items to make and the scale of the production over the course of two weeks, reducing the need to accumulate inventory. Its ultimate goal, according to Alibaba, is to become a one-stop production solution provider for garment merchants on its Taobao and Tmall marketplaces. Bloomberg News

Monday, November 2, 2020

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England to enter new lockdown as Covid-19 cases pass 1 million

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ONDON—British Prime Minister Boris Johnson on Saturday announced a new month-long lockdown for England after being warned that without tough action a resurgent coronavirus outbreak will overwhelm hospitals in weeks.

On the day the UK passed 1 million confirmed Covid-19 cases, Johnson made a sudden about-face and confirmed that stringent restrictions on business and daily life would begin on Thursday and last until December 2.

He said at a televised news conference that “no responsible prime minister” could ignore the grim figures.

“Unless we act, we could see deaths in this country running at several thousand a day,” said Johnson, who was hospitalized earlier this year for a serious case of Covid-19.

Under the new restrictions, bars and restaurants can only offer takeout, non-essential shops must close and people will only be able to leave home for a short list of reasons including exercise. Activities ranging from haircuts to foreign holidays must once again be put on hold.

Unlike during the UK’s first three-month lockdown earlier this year, schools, universities, construction sites and manufacturing businesses will stay open.

As in other European countries, virus cases in the UK began to climb after lockdown measures were eased in the summer and people began to

return to workplaces, schools, universities and social life. The Office for National Statistics estimated Friday that 1 in 100 people in England, well over half a million, had the virus in the week to October 23.

Johnson had hoped a set of regional restrictions introduced earlier in October would be enough to push numbers down. But government scientific advisers predict that on the outbreak's current trajectory, demand for hospital beds will exceed capacity by the first week of December, even if temporary hospitals set up during the first peak of the virus are reopened.

The scientists warned Covid-19 hospitalizations and deaths could soon surpass the levels seen at the outbreak’s spring peak, when daily deaths topped 1,000. The government’s chief scientific adviser, Patrick Vallance, said the mortality rate had “potential to be twice as bad, if not more” than it was during the pandemic’s first European wave, if nothing was done.

As European countries such as France, Germany and Belgium impose a second lockdown amid surging caseloads, it looked inevitable that Johnson would have to follow.

Official figures announced Sat-

urday recorded 21,915 new cases confirmed in the last 24 hours, bringing Britain's total since the start of the pandemic to 1,011,660.

Britain's death toll from the coronavirus is 46,555, the highest in Europe, with 326 new deaths announced on Saturday.

The United States, India, Brazil, Russia, France, Spain, Argentina and Colombia have also recorded more than 1 million cases, according to a tally by Johns Hopkins University. Scientists say the true number of cases is much higher because not everyone with the virus is tested.

Any new lockdown will need Parliament’s approval, and a vote is scheduled for Wednesday. The new restrictions would apply to England. Other parts of the UK set their own public health measures, with Wales and Northern Ireland already effectively in lockdown and Scotland under a set of tough regional restrictions.

Scottish First Minister Nicola Sturgeon said Saturday that for now people in Scotland should not travel to or from England, “except for essential purposes.”

Throughout the pandemic, many British scientists and public health experts have accused Johnson of being too slow to act. London School of Hygiene epidemiologist John Edmunds, a member of the government's scientific advisory group, said that even with the new lockdown, Britain was facing “deaths in tens of thousands from this wave.”

Keir Starmer, leader of the main opposition Labour Party, said in response to the lockdown announcement, “There’s no denying these measures are necessary and I'm glad that the government has finally

taken the decision that it should have taken weeks ago.”

But Johnson is under pressure from some members of his Conservative Party, who oppose tighter restrictions because of the economic damage they cause.

Owners of businesses that have struggled to get back on their feet since the first lockdown was eased said the impact of new closures would be devastating. “"People have borrowed up to the hilt and spent money in order to get Covid-secure,” said Kate Nicholls of pub and restaurant industry group Hospitality UK “There is no spare capacity in the tank to be able to fund a lockdown, even for three to four weeks.”

A government program that has paid the wages of millions of furloughed employees during the pandemic was due to end Saturday, but will be extended during the new lockdown.

Johnson had planned to announce the lockdown in Parliament on Monday, but was forced into early action after the Times of London reported the news. The government said there would be an investigation into the leak.

Johnson said the government had to make “incredibly difficult” judgments during the pandemic.

He said it was “a constant struggle and a balance that any government has to make between lives and livelihoods—and obviously lives must come first.”

England’s chief medical officer, Chris Whitty, said at the news conference that “there is basically no perfect time [to act], and there are no good solutions.”

“We’re trying to have the least bad set of solutions,” he said. AP

Malaysia’s once-peripheral king emerges as major political force

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fter decades in the background of Malaysia’s national politics, the monarchy has moved to center stage to fill a power vacuum this year.

King Sultan Abdullah Sultan Ahmad, who ascended the throne last year, stepped into the political fray back in February when a two-yearold government abruptly collapsed.

He resolved the impasse by tapping Muhyiddin Yassin to become the next prime minister without a parliamentary vote. Since then Muhyiddin’s majority has regularly been questioned, and the country’s top politicians have sought meetings with the king while vying for power.

For Malaysia, where one coalition ruled for six straight decades until the 2018 election, it’s relatively new for the monarch to play such a prominent role in politics. The nine members of the Conference of Rulers, who rotate power among themselves, have since the country’s independence from British rule mainly performed ceremonial functions like swearing in ministers or pardoning criminal convicts.

But now, with Muhyiddin’s government holding at best a two-vote majority in parliament, the king’s decisions have become crucial in determining whether his administration stays or goes. The monarch has the constitutional power to appoint a prime minister or deny a request to dissolve parliament for an election, which in normal times merely confirms the outcome of a vote or the sitting government’s recommendation.

The lack of a clear mandate for the current prime minister now gives the king more weight, including when he makes statements on policy matters like the budget or the right coronavirus response.

“We have now a royalty becoming more prominent, more assertive in politics,” said Johan Saravanamuttu, an adjunct senior fellow at the S. Rajaratnam School of Inter-

King Sultan Abdullah Sultan Ahmad. Bloomberg photo national Studies who has written about Malaysian politics for more than 30 years. “It’s actually making important decisions with respect to politics.”

The king’s influence will be tested in the next few weeks. He’s expressed “full confidence” in Muhyiddin’s ability to lead the country through the crisis and urged lawmakers to vote for the budget his government presents on Nov. 6. If it doesn’t go through, pressure will increase for the prime minister to resign or call an election—adding more risks for investors already concerned about a surge in coronavirus cases.

The monarch “called on the members of the House of Representatives to respect His Majesty’s advice for them to immediately stop all political disputes and instead prioritize the welfare of the people and the well-being of the country so that the 2021 Budget is approved without any interference,” the palace said in an October 28 statement.

The palace didn’t respond to e-mailed questions on the role of the monarchy in Malaysia prior to publication.

Mahathir’s moves

Malaysia’s rotational monarchy is composed of the rulers of nine Ma-

lay states. The position of the king is passed among the rulers, with each term lasting five years.

After the country’s independence in 1957, the sultans and the ruling coalition led by the United Malays National Organization for the most part enjoyed a mutually beneficial relationship.

That changed with Mahathir Mohamad’s rise to the premiership in the 1980s. He sought to curtail the monarchy’s influence by ending federal veto powers, removing their legal immunity and scrapping laws barring people from criticizing the king. He also attempted to transfer emergency powers to the executive branch of government.

After Mahathir’s 22-year stint in power ended in 2003, the sultans have “found ways to come back into the limelight,” said Greg Lopez, a lecturer at Murdoch University Executive Education Center in Perth.

“They are a power center, so the politicians know that it’s a mistake to give them power because then they hold you in check,” he said. “So weak politicians, weak leaders go to them.”

Muhyiddin’s government is perhaps the most unstable in Malaysia’s history. The king’s increased prominence was evident during a speech at parliament’s first sitting

in May, when he called for unity and urged lawmakers to “display maturity in politics.” It was the first time in the country’s history that a one-day session hosted only the king’s speech, leaving no time for representatives to discuss policies or address the pandemic.

Last month, the king rebuffed opposition leader Anwar Ibrahim’s claims to have “convincing” evidence of a parliamentary majority. He said Anwar didn’t submit lawmakers’ names to back up his claim, and urged the country to unite.

Less than two weeks later, the king also rejected Muhyiddin’s request to declare a state of emergency to tackle the pandemic, which would’ve allowed the prime minister to pass the budget without a vote. That move generated calls for Muhyiddin to resign even from within his own coalition.

Many in Malaysia are welcoming the enhanced role for the king, seeing him as a voice of reason during a time of political instability, economic distress and pandemic-related anxiety. When the king stopped emergency rule, “#daulattuanku”— which roughly means long live the king—was trending on Twitter.

Regardless of their changing political clout through the centuries, Malaysian royalty command fierce loyalty from the ethnic-Malay majority. Similar to Thailand, where protesters are breaking taboos to publicly challenge the royal family, criticizing the Malaysian rulers carries legal risks.

The Edge newspaper reported last month that police arrested a local opposition politician for seditious comments about the monarchy posted on Facebook.

The monarch’s actions this year have been “unprecedented,” said Oh Ei Sun, a senior fellow with the Singapore Institute of International Affairs. “The monarchy assumes a much more constitutionally enhanced position.” Bloomberg News

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Monday, November 2, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

‘An idea whose time has come’

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n October 25, 2020, Tropical Depression “Quinta” intensified into a typhoon and devastated a large part of the country, including Bicol region, Western Visayas, Central Visayas, Eastern Visayas and the Cordillera Administrative Region.

Quinta affected a total of 115,181 families or 501,289 individuals in 2,255 barangays. The Agriculture department reported that total damage caused by Typhoon Quinta has reached P1.81 billion.

Not a week has passed since Typhoon Quinta left the country, here comes the world’s strongest typhoon in 2020,Supertyphoon Rolly, slamming the eastern part of the country, bringing “catastrophic violent winds” in what weather experts say is set to be the hardest landfall on record. The supertyphoon is packing sustained winds of 215 kilowatts per hour near the center and gustiness of up to 265 kph, which can have a “high humanitarian impact,” the Global Disaster Alert and Coordination System said on its web site, adding that nearly 50 million people are at risk. Coconut, rice and corn plantations may suffer severe losses. Supertyphoon Rolly could damage more than 928,000 hectares of land planted with rice and 58,431 hectares of corn, based on Department of Agriculture estimates.

An average of 20 typhoons pass through the Philippines every year. This year—a La Niña year—the country could expect more rains, slightly cooler temperatures, and moderate to strong tropical cyclone activities. Supertyphoon Rolly will likely complicate our fight against Covid-19 as hundreds of thousands of people are evacuated from flood-prone areas.

As Supertyphoon Rolly intensified on Sunday, another tropical cyclone entered the Philippine Area of Responsibility, according to the Philippine Atmospheric, Geophysical, and Astronomical Services Administration.

PAGASA said in a bulletin released past noon on Sunday that the tropical storm with the international name “Atsani” entered PAR at 8 a.m. It was named Typhoon Siony, the 19th storm for 2020.

One of the strongest typhoons that hit the country was Supertyphoon Yolanda, which killed more than 6,300 people in 2013. Total damage caused by Yolanda was estimated at P571.1 billion, which hampered economic growth.

The Philippines is located along the typhoon belt in the Pacific, which is why we are visited by an average of 20 typhoons every year, some of which are destructive. By now, we should have learned our lessons well.

Supertyphoon Yolanda exposed some issues on the part of government in line with its coordination with foreign and local non-government agencies involved in humanitarian activities: Lack coordination at all levels, lack of desired aid transparency and accountability, absence of reliable systems and protocols for donations and assistance, and ineffective recovery planning.

Obviously, things have improved since 2013. Local government units, for example, started preparing relief goods ahead of Supertyphoon Rolly.

In the Bicol region, more than 200,000 people were told to seek shelter in evacuation centers. Reports said local government units in the storm’s path enforced preemptive evacuation, organized rescue teams, conducted clearing operations, and sorted relief packs while observing health protocols. In Quezon province, for example, over 4,900 families were pre-emptively evacuated.

House Deputy Minority Leader and Bayan Muna Rep. Carlos Isagani Zarate wants a better solution to the country’s perennial practice of using schools and basketball courts to temporarily house displaced victims of natural disasters. Zarate called on Congress to prioritize House Bill 5259 or the Evacuation Centers Bill so that victims of calamities would have a secure and safe venue to recover from disasters. “The proposed evacuation centers should be typhoon, earthquake, and disaster resistant and have a stockpile of relief goods and equipment, so that the victims would be safer and would not be confined in tent cities which are exposed to the elements,” he said. There’s wisdom in the proposal for government to build shelters solely for evacuation purposes. As Victor Hugo said, “Nothing else in the world…not all the armies…is so powerful as an idea whose time has come.”

The online celebration of ‘Undas’ Atty. Jose Ferdinand M. Rojas II

RISING SUN

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ilipinos are big on All Souls’ Day celebrations. We take the opportunity to visit our departed loved ones to clean their resting places and to gather with family at the same time. Many people take a few days off from work to be able to travel to their provinces to visit their dead relatives. Of course, that’s on top of offering prayers for their souls as they bring flowers and light candles on their graves.

But this year, it’s very different.

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) has ordered the mandatory closure of all cemeteries and columbaria in the country from October 29 until November 4. This is a measure that aims to avoid the gathering of crowds in these public areas to prevent the spread of Covid-19.

And because the day is important for many Filipinos, some decided to visit early (before October 29) or to pay their respects after November 4. The IATF is making an exception on limiting the movement of people in certain age groups. From September 15 to November 15, anyone can visit the cemeteries and columbaria except, of course, on the days when

The ‘almost’ walking dead

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Look at the sidewalks in all our cities (Fortunate for you if you can find one). And if indeed there is one found, it is too narrow, overtaken by vendors, converted as transport terminal, parking area, or worse, barangay hall or police station. Yes, we do have the wide city sidewalks comparable to Hong Kong and Singapore, even elevated ones; but these are mostly in the business districts or more affluent neighborhoods. It is as if adequate and safe walking spaces are only for those who have much in life, and not for everyone; as if it’s a privilege and not a right.

Thus, people are forced to walk on the road, risking life and limb, while fighting for space against motorists. And it is definitely not a fair game. Though government policies

mented. How about the death of a pedestrian hit by a vehicle in our streets? The family gets a thousand dollars equivalent in monetary compensation, compared to a thousand-fold of that amount in other countries.

But maybe worse is our convoluted general bias against pedestrians. We see this behavior among motorists that blow their horns on people crossing the streets, or worse, speeding drivers even when they see pedestrians at the crossroads.

We need to admit that we still do not have an egalitarian transport environment where all classes of society have equal access to mobility. The ones who can afford have their cars—and the roads. Pedestrians are marginalized, whether we admit it or not.

When the pandemic hit early this year, there was the promise of constructing walkways and green lanes with crowded mass transport being discouraged and avoided.

BusinessMirror A broader look at today’s business

Thomas M. Orbos

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they are closed.

The task force is also strictly limiting the number of visitors to 30% of capacity, and is also ordering all visitors to wear their facemasks and face shields, and to observe physical distancing.

Those who cannot visit the dead usually just light candles outside their homes and make offerings of food and beverage at the altar for the spirits of their departed loved ones.

For this year, I think this is the better option for many.

To keep up with the changing times and adapt to the new normal,

Achieving a pedestrian priority mindset will not come overnight.

And it will take more than a village to achieve this. It should begin with government pushing and sincerely enforcing policies that ensure pedestrian mobility as a primordial concern. This needs to be applied in all future road infrastructures—whether public or privately initiated.

Since 2005

Founder

To keep up with the changing times and adapt to the new normal, the Filipino Catholic community is trying a new thing this year: Undas Online. It’s a web site that the Catholic bishops have revived so that people can pay their respects to their departed loved ones... online.

alking is the most basic form of mobility. It is the first and last mile that we take toward any destination. Walking is free and good for our health as well as for our environment. It then should follow that any mobility plan should prioritize walking. Unfortunately, that is not the case. How our laws are intended, how our cities are set up, and how the general psyche of our populace is conditioned—walking is undoubtedly a dangerous activity. We might as well be walking dead when we go out and exercise this basic right in the street jungles of Metro Manila. are in general for the preservation of human life, hence pedestrians, current realities are stacked in favor of motorists. Take the case of jaywalking that in reality confine pedestrians to a limited number of “safe” lanes at the intersections, often encroached by vehicles. In one study, pedestrian lane accidents (at 26 percent) are almost equal to those in midblock (25 percent). We do have pedestrian overpasses, but in most locations, these are underutilized because of their bad design and location. Available walking spaces are converted to stalls and terminals with permits issued by city authorities. To make it worse, pedestrians get the full effect of a polluted environment as antipollution laws are yet to be imple-

the Filipino Catholic community is trying a new thing this year: Undas Online. It’s a web site that the Catholic bishops have revived so that people can pay their respects to their departed loved ones... online.

People can make prayer requests for the deceased or light a virtual candle while saying a prayer. There will be live online Masses streamed from different places, plus audio and video reflection catechesis on November 1 and 2. Catholics believe that the Holy Eucharist is the best prayer that we can offer.

There are those who would prefer to hold a private remembrance— praying silently in their homes, playing back memories of their loved ones in their minds or talking about them with others, maybe cooking their favorite dishes, reading the Bible, and so on. Cleaning the gravesite can wait. Even if we can’t physically go to the cemeteries this year, the important thing is to keep them alive in our hearts and to say a sincere prayer for their eternal rest.

Months later, the expected increase in pedestrians happened, but still few ample walkable areas. This is understandable as budgets have yet to be approved and infrastructure needs time to construct. But what could have been done at minimal cost would be to close select roads to motorized vehicles and convert them to dedicated walk lanes.

Achieving a pedestrian priority mindset will not come overnight.

And it will take more than a village to achieve this. It should begin with government pushing and sincerely enforcing policies that ensure pedestrian mobility as a primordial concern. This needs to be applied in all future road infrastructures— whether public or privately initiated.

Education will definitely play a crucial part. Children must be taught road safety and the value of human life. And we as elders need to be their reliable models, off as well as on the road. We have no choice. To resolve the problem of mobility, we need to go back to the basics and provide the proper walking environment— in the structures, laws and attitude inculcated in all of us. Otherwise, we will always have around us the almost walking dead, not just during Halloween.

Thomas “Tim” Orbos was formerly with the DOTr and the MMDA. He has completed his graduate studies at the McCourt School of Public Policy of Georgetown University and is an alumnus of the MIT Sloan School of Management. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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Malaysia is divided by failures that go beyond any one man

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Few Malaysians could name a member of the royal families; the position of king is rotated among the hereditary sultans of nine states. But the country is now so skewed along political, cultural and economic divides that the current one has come out of the shadows to referee old feuds. The pandemic has aggravated these wounds. Take Mahathir Mohamed, who ran the government from 1981 to 2003, and had a second spell as prime minister as the leader of his former opponents from 2018 until March.

At 95, he’s still maneuvering for another shot. Mahathir would be remembered, with justification, as a nation builder if he knew when to gracefully bow out. Instead, he manages to do Malaysia an incredible disservice, pressing buttons guaranteed to rile up segments of society and to spark outrage in the West. He was at it again Thursday, weighing in that Muslims had a right to kill millions of French people in response to “massacres of the past.” France urged Twitter to suspend his account. The post was removed. Lack of leadership unfortunately goes beyond one man. The king, Abdullah Ahmad Shah, has signaled that his support for current Prime Minister Muhyiddin Yassin’s cabinet is tenuous, admonishing lawmakers to approve the budget for 2021. Last Sunday, he denied Muhyiddin’s plea to sign off on a state-of-emergency declaration. The prime minister would have obtained funding and other rule-making powers by executive order—not an insane idea, given the deep recession and surge in Covid-19 infections. The more corrosive impact would have been effectively freezing challenges to Muhyiddin by suspending parliament, where he holds a wavering, paper-thin majority.

Unlike neighboring Indonesia and the Philippines, politics in Malaysia seems unable to throw up newcomers or mold-breakers.

Flawed as they are, presidents Joko Widodo and Rodrigo Duterte testify to the abilities of their respective countries to renew leadership.

Should Muhyiddin be toppled in coming weeks, Malaysia would be on its fourth government in three years. That’s a dramatic shift, given that one bloc led from independence in 1957 until 2018. Malaysia seems to be stuck in 1998, and the great political and economic upheaval of the Asian financial crisis. Anwar Ibrahim, who was struck down as Mahathir’s heir-apparent back then, always seems to be on the cusp of becoming prime minister, only to stumble — or be jailed. He’s making another gambit. Najib Razak, the former premier convicted of corruption in the 1MDB scandal, remains a force within the leading political party. They’re all of a younger generation than Mahathir,

but it’s hardly a victory for youth; Muhyiddin is 73.

There’s far more to Malaysia’s woes than Mahathir spouting bigotry, or his infighting with rivals and the monarchy (whose power he curbed in the 1980s, earning undying grudges that helped nudge him out in March). As I wrote in March, Malaysian society is riven in ways redolent of Brexit and Donald Trump. Once among Southeast Asia’s most stable and prospering nations, deep cleavages have opened up around urban and rural populations, the politics of race and faith, and degrees of comfort with globalization.

The current intrigue can be traced to flaws in the country’s design. In the years after World War II, a depleted U.K. was eager to shed colonies as quickly as possible. In Malaysia, power was to be shared between secular nationalist elected leaders and the traditional rulers.

Under this compromise, the royals kept reserve powers and a degree of cultural and religious authority.

Executive government lay with the prime minister. The North Borneo states of Sarawak and Sabah—demographically and religiously more diverse than the peninsula—joined in 1963, along with Singapore, which left two years later.

These jigsaw pieces held together as long as there was rapid economic growth and one dominant political party, the United Malays National Organization, that reflected majority opinion among ethnic Malays. They get stacks of privileges, especially in government and state programs, while citizens of minority Chinese descent have historically controlled much private sector wealth. Those conditions no longer exist; the country has evolved even if politics hasn’t. Najib led UMNO to its first defeat, in large part because of the stench of graft hanging over his tenure. Far from being a leader in Southeast Asia, the country increasingly seems to be in thrall to China and the Gulf states. Sabah and Sarawak are flexing their muscles, wanting a greater say over their own affairs and more revenue from oil drilling in their waters. Islamic fundamentalists are well-entrenched and have made steady inroads into the hold of secular parties.

That means that players like Mahathir are prone to dog whistles.

Malaysia isn’t a failed state, but the process of descent has begun. Covid-19 has stripped away the economic growth that used to paper it over. The flailing structures of state and their inconsistencies are there for all to see. Without a public health emergency and the deepest economic hole in decades, the slumber at the helm would be sad. In the pandemic era, it’s tragic.

Siegfred Bueno Mison, Esq.

THE PATRIOT

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art of that colonial mentality ingrained in my childhood years is that whenever a product is made in the USA, it must be good. Conversely, if a product is made in China, it cannot be as good. A few decades ago, American companies were best known for innovation and quality in their goods and services, whereas their Chinese counterparts were making a name for themselves as good copycats. Shanzhai is referred to as China’s massive copycat industry and the design and manufacturing network that emerged from it.

David Li, the co-founder of China’s XinCheJian, said, “So if someone does one design, more often than not if it is useful it is going to get copied.” Up until today, a few Chinese brand names in the tech environment are considered inferior in the market due to the notion that Chinese companies in this industry are merely copycats. In truth, Shanzhai innovated the mobile phone with the introduction of two SIM slots and extra loud speakers, among other additions. The “Chinese Brand” has now evolved from being a mere imitator into an innovator based on recent product launches.

Branding, as significant as any other component in marketing, is the process of communicating a unique selling proposition or differentiation. For instance, the Apple logo sets its product or service apart from the competition. The BDO tagline, “We Find Ways” sends the message that the company is creative and resourceful to cater to the needs of current and future clients. Creation of this brand image and reputation, which reverberate across all audiences, requires much effort and studies from marketing experts.

In contrast, stereotype marketing campaigns are aimed at creating a particular image or message, which usually involve the segmentation of the market into smaller groups based on stereotypes. For instance, ad campaigns for fast cars will usually cast men over women; while it is the other way around for cleaning products. The impact of this marketing exercise is the propagation of prejudice of one class over the

other. By alienating one or more groups, stereotype marketing may create resentment against the brand rather than loyalty. Renamed as target marketing, stereotype marketing can be positive for the bottom line, initially, but can be negative for the brand overall since stereotype is a generalized belief about a particular group or class.

In schools for instance, Asians are generally branded as intellectuals while African-Americans are usually associated with athletics. In our country, people from a certain region are associated with some character traits—Ilocano as being absurdly thrifty, Ilonggo as being lovingly sweet, Kapampangan as avid culinarians. However, these regional stereotypes, in this day and age, are disputable, to say the least. As such, among cultures, stereotyping has led to some divisive presumptions, which, in turn, has led to some racial slurs and insulting names. Some people re-

Filipinos, whether they are from Luzon, Visayas, or Mindanao, whether they are leaning to the left or to the right, whether in government or in the private sector, remain as Filipinos who are expected to do what is right for the country.

sort to using derogatory names to purposely offend while others are simply ignorant of the impact of these “branding” exercises. The biases created by these names/brands have led to unnecessary friction among people. And that include the most recent issue of red-tagging.

This malicious blacklisting of individuals who are not fully supportive of a sitting administration can lead to more disunity. Being an established democracy, our system should accommodate organizations leaning to the left (or to the right) provided these entities merely represent peaceful resistance and do not promote armed violence.

People will always have different ways of expressing their thoughts and beliefs. General Antonio Parlade, in his passionate quest to end the longest communist insurgency in the world, has resorted to red tagging, hopefully as part of the Army’s psychological warfare campaign. Left or left-leaning leaders, who are now in some government positions, in their fervent hope to minimize abuses of government, will always oppose policies that they think fail to address this perennial concern, regardless of administration. Inasmuch as most if not all of these leaders on the “left” or “right” or even in the center are believers, they ought to be reminded of what the Bible tells us in 1 Corinthians, “... in the name of our Lord Jesus Christ, that all of you agree with one another in what you say and

MAIL

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ir, I like your article today concerning corruption. I am an elected official in my town, and I have seen a lot of corruption in my municipality. One example:

that there be no divisions among you, but that you be perfectly united in mind and thought.” Difficult to achieve but if people in government acknowledge the presence of our Almighty God in all of their work, unity can be achieved without resorting to name calling, stereotyping, and red tagging.

Former US President Barrack Obama has called for an end to the divisions between “red state” and “blue state” mentalities that divide America. As he once said in 2004, “There’s not a black America and white America and Latino America and Asian America; there’s the United States of America.”

Filipinos, whether they are from Luzon, Visayas, or Mindanao, whether they are leaning to the left or to the right, whether in government or in the private sector, remain as Filipinos who are expected to do what is right for the country.

Leaders should take heed of the spiritual advice in Romans 14:19, “So then, make it your top priority to live a life of peace with harmony in your relationships, eagerly seeking to strengthen and encourage one another.” Leaders should learn how to respect one another’s beliefs, convictions, and inclinations without unnecessarily judging the other. In the fight against the evil practices of corruption, terrorism, and criminality, government should not be the source of evil itself. Let’s all speak with reasonable tolerance and compassionate acceptance of each other.

A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Support Taiwan’s inclusion in the post-pandemic global public health network

By Dr. Chen Shih-chung

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ince the Covid-19 pandemic began, there have more than 45 million cases and more than 1 million deaths around the world.

The virus has had an enormous impact on global politics, employment, economics, trade and financial systems, and significantly impacted the global efforts to achieve the United Nations Sustainable Development Goals (SDGs).

Thanks to the united efforts of its entire people, Taiwan has responded to the threats posed by this pandemic through four principles: prudent action, rapid response, advance deployment, and openness and transparency. Adopting such strategies as the operation of specialized command systems, the implementation of meticulous border control measures, the production and distribution of adequate supplies of medical resources, the employment of home quarantine and isolation measures and related care services, the application of IT systems, the publishing of transparent and open information, and the execution of precise screening and testing, we have been fortunate enough to contain the virus. As of October 31, Taiwan had just 555 confirmed cases and seven deaths; meanwhile, life and work

have continued much as normal for the majority of people.

The global outbreak of Covid-19 has reminded the world that infectious diseases know no borders and do not discriminate along political, ethnic, religious, or cultural lines.

Nations should work together to address the threat of emerging diseases. For this reason, once Taiwan had stabilized its containment of the virus and ensured that people had sufficient access to medical resources, we began to share our experience and exchange information on containing Covid-19 with global public health professionals and scholars through Covid-19-related forums, APEC’s High-Level Meeting on Health and the Economy, the Global Cooperation Training Framework, and other virtual bilateral meetings. As of June 2020,

Taiwan has held nearly 80 online conferences, sharing the Taiwan Model with experts from governments, hospitals, universities, and think tanks in 32 countries.

Taiwan’s donations of medical equipment and antipandemic supplies to countries in need also continue. By June, we had donated 51 million surgical masks, 1.16 million N95 masks, 600,000 isolation gowns, and 35,000 forehead thermometers to more than 80 countries.

To ensure access to vaccines, Taiwan has joined the Covid-19 Vaccines Global Access Facility co-led

by GAVI, the Vaccine Alliance; the Coalition for Epidemic Preparedness Innovations; and the World Health Organization. And our government is actively assisting domestic manufacturers in hopes of accelerating the development and production of successful vaccines, bringing them to market as quickly as possible and putting an end to this pandemic.

To prepare for a possible next wave of the pandemic as well as the approaching flu season, Taiwan is maintaining its strategies of encouraging citizens to wear facemasks and maintain social distancing,

BusinessMirror’s Integrity Initiative column gets feedback (This letter was sent to BusinessMirror columnist Henry Schumacher, as a reaction to his October 26, 2020 column Integrity Initiative with the title: “Corruption—will we ever see a change?”)

A7

Respect for others is the foundation of peace and harmony

By Daniel Moss | Bloomberg Opinion

ou know a parliamentary democracy is in deep trouble when a king has to tell lawmakers to pass a budget. That Malaysia’s monarch, usually a background ceremonial figure, has become so involved in basic government shows the breakdown in the political economy. But it goes wider than that. This is a country losing all sense of leadership. Like waxwork figures, the dominant players in Kuala Lumpur are the same folks at or near the top of their game when I lived there in the 1990s.

Monday, November 2, 2020

the mayor corners all the project and purchases (even for supplies like paper clips) by acting as contractor. He uses or borrows the business license of friends to avoid detection. In reality, he does all the work through his employees, most of whom are under employ of the municipality.

The worst thing is, being the mayor with awesome power, he can use all the resources i.e. heavy equipment, materials, labor, of the municipality

to execute his project. It is like frying the municipality with its own body oil (niluluto sa sariling mantika).

So a project can be completed with no cost at all to the mayor/contractor. All income goes straight to his pocket. The municipality suffers and bleeds because the mayor, in order to maximize revenues, will now look for projects that he can work again as contractor regardless of the usefulness or priority of such project. The

result as expected… underdeveloped local economy, poverty, despondent constituents and peace and order problem. This is happening in most municipalities in the country (3,000 plus now). Like you, I despise corruption and I hope you can help me bring this issue to the higher up for their action.”

I have the name of the elected official and I have been informed about the concerned municipality, but I will

and strengthening border quarantine measures, community-based prevention, and medical preparedness. Furthermore, we are actively collaborating with domestic and international partners to obtain vaccines and develop optimal treatments and accurate diagnostic tools, jointly safeguarding global public health security.

The Covid-19 pandemic has proven that Taiwan is an integral part of the global public health network and that Taiwan Model can help other countries combat the pandemic. To recover better, WHO needs Taiwan.

We urge WHO and related parties to acknowledge Taiwan’s longstanding contributions to global public health, disease prevention, and the human right to health, and to firmly support Taiwan’s inclusion in WHO. Taiwan’s comprehensive participation in WHO meetings, mechanisms, and activities would allow us to work with the rest of the world in realizing the fundamental human right to health as stipulated in the WHO Constitution and the vision of leaving no one behind enshrined in the UN SDGs. Dr. Chen Shih-chung is the Minister of Health and Welfare of Taiwan.

not publish those in order to protect the life of the elected official. I will bring this to the attention of the Justice Secretary, the DILG Secretary and Senator Bong Go, trusting that it will lead to an investigation and a subsequent removal from office and jail term. I sincerely hope that impunity can be avoided. If the government takes anti-corruption seriously, impunity has to be addressed at the same time.

A8 Monday, November 2, 2020

Pinoys’ bank deposit levels unscathed amid pandemic

By Bianca Cuaresma

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@BcuaresmaBM

ILIPINOS who chose to save money in banks showed financial resilience in the middle of a pandemic, as latest data from the Bangko Sentral ng Pilipinas (BSP) showed that the country’s overall deposit levels continued to post a double-digit growth in August compared to its level a year ago.

In the BSP’s third quarter inflation report, the country’s central monetary authority said banks’ total deposits as of end-August this year grew 11.6 percent to hit P11.2 trillion. As such, savings deposits continued to be the primary source of funds for the Philippine banking system.

Dollar deposits owned by Filipinos also grew during the period.

Data showed that foreign currency deposits grew 2.9 percent in endAugust to reach P2.1 trillion this year.

These pushed the total resources of the banking system to grow by 8.2 percent to P19.2 trillion as of end-August this year. As a percentage of the country’s gross domestic product (GDP), banks’ total resources still stood at 101.7 percent of GDP amid the pandemic.

“The Philippine banking system showed resilience and stability in the third quarter of 2020 as the

country’s economic activities and financial transactions continued to recover from the disruption caused by the pandemic and quarantine measures,” the BSP said in the report.

Banks, however, were stricter in lending out loans to financial consumers. BSP’s data from the Q3 2020 Senior Bank Loan Officers’ Survey (SLOS) showed that the diffusion index (DI) approach indicated a net tightening of overall credit standards for both loans to enterprises and households in the third quarter of 2020.

Banks said the tighter credit standards for companies and enterprises were manifested in terms of reduced credit line sizes; stricter collateral requirements and loan covenants; and increased use of interest rate floors. Meanwhile, some form of easing was observed in terms of narrower loan margins and longer loan maturities.

For lending to households, meanwhile, the tighter standards extended across all types of loans including housing, credit card, auto, and personal and salary loans.

It should be noted that the period covered in the latest survey coincided with the government’s implementation of general community quarantine (GCQ) measures. The gathering of banks’ responses for the SLOS was conducted between September 2 and October 13, 2020.

4 LNG players get DOE’s approval to build terminal

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By Lenie Lectura

@llectura

HE race is on for the country’s first LNG (liquefied natural gas) terminal.

Four LNG players were given the green light by the Department of Energy (DOE) to pursue their capital-intensive projects, with total investments reaching P64.632 billion.

These are Texas-based Excelerate Energy L.P, Batangas Clean Energy Inc. of the Lucio Tan group, Australian firm Energy World Corporation (EWC), and Lopez-led First Gen LNG Corporation and partner Tokyo Gas. They all received a Notice To Proceed (NTP) from the DOE. Based on DOE’s status of proposed LNG projects in the Philippines as of October 1 this year, Tan’s group would spend the biggest for its LNG Storage and Regassification Terminal in Pinamucan Ibaba, Batangas City, at P37.553 billion ($735 million), but could be the last to go online in the first

quarter of 2025.

Batangas Energy’s partner in the LNG project is American firm Gen X Energy, which is affiliated with private equity firm The Blackstone Group.

Excelerate and local partner Topline Energy and Power Development Corp. could be the first to finish its LNG project ahead of the others.

Based on DOE data, commercial operation is targeted in the third quarter of 2021. But the company said last week that its LNG import terminal off Batangas Bay would come online in the second quarter of 2022, ahead by one quarter from First Gen’s target commercial operation date (COD).

“We will submit our a Permit to Construct, Expand, Rehabilitate and Modify [PCERM] to the DOE soon, which is the next

step in bringing this nationally important facility online as early as the 2nd quarter of 2022,” Luzon LNG Terminal President Ramon Wangdi said.

Luzon LNG Terminal Inc. is the local subsidiary of Excelerate.

Topline Energy Executive Vice President Michael Acebedo Lopez said construction of its proposed open-access LNG import terminal off Batangas Bay may cost $230 million. The DOE data, on the other hand, indicated that Excelerate’s total construction cost is P6.387 billion ($125 million).

Meanwhile, First Gen’s interim Floating Storage Regassification Unit (FSRU) LNG terminal would be able to deliver imported natural gas as early as third quarter of 2022, but DOE data stated it would be able to deliver it in the second quarter of the same year.

Wit h a tot a l project cost of P13.284 billion ($260 million), the LNG project consists of modifying its existing jetty and building into an interim offshore LNG terminal located in the First Gen Clean Energy Complex in Batangas City.

EWC’s LNG project, which will consist of a 650-megawatt (MW)

HOUSE LEADERS EYE EARLY OKAY OF BILL VS. SINGLE-USE PLASTICS

By Jovee Marie N. dela Cruz

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@joveemarie

HE leadership of the House of Representatives has vowed to prioritize the passage of legislation institutionalizing a nationwide ban on single-use plastic products when session resumes this month.

Bagong Henerasyon Rep. Bernadette Herrera said she filed House Bill 3338 banning the use of single-use plastic products to help curb plastic pollution.

The bill, along with several similar measures, has been pending with the House Committee on Ecology since August 2019.

“I’m glad Speaker Lord Allan Velasco and I are on the same page on the issue of plastic pollution,” Herrera said. “Having the support of no less than the Speaker, I don’t see any reason why the House should not pass the bill.”

President Duterte also expressed support for a nationwide ban on single-use plastics during a Cabinet meeting held last year.

Citing the 2015 report on plastic pollution by the Ocean Conservancy and the McKinsey Center for Business and Environment, the lawmaker said the Philippines was the third highest source of ocean plastic pollution with an estimated 2.7 million metric tons of plastic waste.

The United Nations, she added, has also estimated that land-based sources, including plastic waste blown into rivers and creeks by wind, are responsible for 80 percent of the world’s marine debris.

The lawmaker said single-use plastics, also referred to as disposable plastics, are commonly used for plastic packaging and include items intended to be used only once before they are

thrown away or recycled. These include, among other items, grocery bags, food packaging, bottles, straws, containers, cups and cutlery.

Under the bill, Herrera wants the government to regulate the use of plastics by industries to save the environment.

This, as she underscored the need for an “all-encompassing nationwide policy against the use of various single-use plastic products that harm the environment.”

“By implementing a national policy against the use of singleuse plastics, the state shall ensure the protection of the environment, prioritize the safety of its citizens, and prove sustainable development across all sectors,” she said.

Excise tax

The House Committee on Ways and Means has already endorsed for plenary approval the measure imposing an excise tax on single-use plastic, which could provide the government an additional P4.8 billion revenues.

However, the Philippine Plastics Industry Association Inc. (PPIA) President Willy Go told lawmakers that the proposal will hurt and eventually kill the industry.

Go said members of the industry are currently facing the negative impact of local ordinances banning the use of plastic bag in their areas.

Several local government units have already issued ordinances against the single-use plastic bags. For his part, Philippine Amalgamated Supermakets Association President Steven Cua said the proposal might hit the economy.

But Cua said big supermarkets can comply with the proposal but it will be difficult for small stores, which use thin single-use plastic bags.

power station, was originally targeted to be completed in 2017. The DOE data said it would be ready by first quarter of 2021 although the latest company announcement indicated that COD is 2024.

Construction cost for the LNG project in Pagbilao, Quezon, is estimated to reach P7.408 billion ($145 million).

The LNG terminals of EWC and Batangas Energy can hold an initial volume of 3 million tons per annum (MTPA), 1.5MTPA for Excelerate and 5.26 MTPA for First Gen, the data showed.

A statement from Execelerate, however, showed that its import terminal will have a capacity of about 5 million tons of LNG per annum.

Among the four, the LNG projects of First Gen and EWC were declared by the Energy Investment Coordinating Council through the DOE as an “Energy Project of National Significance” under Executive Order No. 30.

Advantage

If it is on track with its target COD, Excelerate would be the country’s first LNG import facility.

Continued on A2

Kin of missing sailors in Japan facing legal complications

By Recto Mercene @rectomercene

T

HE families of 36 seamen aboard a cattle ship that was lost at sea in Japan two months ago are facing a very bleak future as their employer, Gulf Navigation, has stopped paying their salaries.

This, as legal issues are preventing the Overseas Workers Welfare Administration (Owwa) from implementing its mandate to provide assistance.

Death compensation benefits are due to families of the victims after four years from presumption of death. That is also the time that family members can file for death claims, according to maritime insurance law cited by recruitment consultant, Manny Geslani.

He added, “even the mandatory insurance benefits paid for by the manning agency, amounting to $50,000 and $7,000 for each orphaned child below the age 18 for each family of the missing seafarers will take a few years to be released.”

Mary Joy Fortun, wife of one of the missing seamen, reported the Gulf Navigation’s withholding of her missing husband’s salary before the House Committee on Overseas Affairs recently. She appealed to the body and the government to continue the search for any missing survivors.

Geslanie said Korphil Manning International is the local manning agency for the Filipino seafarers, “but so far no financial assistance has been given to the families of the missing crew.”

Pope Francis has sent a donation to the crew of the cargo ship, according to the Vatican News.

The Pope’s aid with a small personal gift will be delivered personally to the families of the missing and the two survivors to “show his closeness and solidarity,” the Vatican Dicastery for Promoting Integral Human Development said in a statement.

Companies BusinessMirror

www.businessmirror.com.ph

‘Petron to post losses in H2 as fuel demand still weak’

By Lenie Lectura

T

@llectura

he country’s remaining oil refiner expects to continue incurring losses in the second half of the year after a grim firsthalf performance.

Petron Corp. Chairman Ramon S. Ang said, however, that second-half losses would be “much less” than the whopping P14.2-billion net loss recorded from January to June.

“The fuel consumption has gone down by 30 to 40 percent compared to normal times. Kung mababa ang volume, hirap talaga makabawi. Our losses would be much less but we can no longer recover our losses in the first half,” said Ang. The collapse in global oil prices and decline in fuel consumption brought about by the pandemic dragged the company’s financial performance in the first half of the year. Revenues during the period also went down to P152.4 billion from P254.8 billion in the same period a year ago.

The combined slump in demand, poor refining margins, and collapse in prices resulted in Petron’s consolidated net loss of P14.2 billion for the first six months of 2020 versus its P2.6 billion net income in 2019. During the said period, the company suffered inventory losses of nearly P15 billion, Petron earlier reported.

In 2019, net income fell to P2.3 billion

from P7.1 billion in the previous year. Petron’s Philippines operations alone reported a net loss of P1.4 billion in 2019 after a profit of P2.8 billion in 2018.

Ang warned last week that Petron’s Bataan refinery could shut down “very soon” because of uneven playing field between oil refiners and importers. If and when the closure of the Bataan refinery happens, Ang said the property would be converted to “a small parcel of drop for Central Luzon.”

Petron immediately pays government value-added tax and excise taxes upon the crude oil’s arrival while importers of refined fuels pay taxes only during sale of their petroleum products.

All oil firms in the country also pay real property tax, income tax and a 1-percent creditable withholding tax.

Aside from tax imbalance, Ang said it takes an average of 65-75 days for oil refiners to complete the entire process–-from crude to refined fuel delivered to Petron stations—compared to about a week for importers to have their finished products

delivered, transported to their respective terminals and have these sold.

“In the Philippines, the problem here is when you buy crude oil it takes a long time before it arrives in the country. The refining process is also long. Grabe ang inventory losses namin. Imagine, we will buy crude oil at $50, pay taxes, suffer inventory losses and sell fuel at a very low price. We will not last long if the situation will not improve. We should also pay taxes during sale in the domestic market similar to importers who only pay when they make a sale,” Ang lamented.

The only solution to Petron’s problems, Ang said, is for Congress to amend the law.

“To change a law, you have to go to Congress, and that’s a long process. You have to amend the law or have Malacañang craft an Executive Order which many disdain. If I lobby and get this approval now, the next administration can revoke this and call me a crony."

The Department of Energy (DOE), meanwhile, is looking into the taxation concerns raised by Petron. At the same time, the agency said it is also evaluating how a closure scenario would impact pricing, as well as the country's energy security.

“We will closely monitor the developments as we affirm to be always with our stakeholders in finding solutions to whatever hurdles the industry is facing. But whatever business measures Petron will arrive at in the course of its discussion with the concerned parties, we at the DOE will respect the management's decision,” said Energy Secretary G. Alfonso Cusi.

AREIT 9-month income hits ₧844M

By VG Cabuag @villygc

A

REIT Inc., the Ayala Land-led real estate investment trust (REIT), said its income in January to September reached P844 million on the back of its stable leasing portfolio.

The company said its revenues reached P1.4 billion, some 3 percent higher than its REIT plan, while earnings-beforeinterest, tax, depreciation and amortization (EBITDA) was at P1.1 billion, 4 percent higher than its plan.

The acquisition of McKinley Exchange in February and a higher occupancy rate at

Ayala North Exchange boosted the company’s rental income to P1.1 billion, a 9-percent growth from the same period last year.

“AREIT’s fundamentals remain strong and resilient, keeping its financial performance on track. We are also expanding our portfolio of leasing assets to seed the company’s future growth,” company president Carol T. Mills said.

The company acquired Cebu Teleperformance building in September, shortly after its initial public offering in August.

The company's board recently approved the acquisition of The 30th, a 76,000 square meter commercial development located along Meralco Avenue in Pasig.

The development was completed in 2017 and the office is fully occupied predominantly by business process outsourcing firms. The 30th also has a retail podium operated by Ayala Land, which it will lease from AREIT. The acquisition is expected to be finalized by the first quarter of 2021 and will increase AREIT's gross leasable area to 246,000 square meters.

Its board also approved the raising of up to P6.4 billion in debt or in retail bonds and the establishment of shortterm credit facilities with banks amounting to P12 billion which can be deployed for future acquisitions.

PLDT broadband service expands in Jan-Sept

P

LDT announced that the roll out of its Home broadband services has reached 46 percent of the total cities and municipalities nationwide as of end-September.

PLDT’s capacity likewise continued to expand, with the total number of fiber ports available for the use of new customers increasing to 3.81 million by end-September.

The company said it has plans to raise the number of fiber ports by 336,000 more, such that its fiber and copper ports will total 4.15 million by the end of 2020.

In areas where its fiber service is not yet available, PLDT continues to deploy its wireless Home WiFi service powered by its mobile subsidiary Smart’s 4G/LTE network.

PLDT Chairman, President and CEO Manuel V. Pangilinan said, “We believe that in about a year or two, the ability of delivering fixed wireless services to the homes will increase significantly. PLDT is focusing on fiber-to-the-home (FTTH) which is considered future proof. We think FTTH will still remain the best platform to deliver services like entertainment, video, sports, and the like.”

The FTTH roll out serves the data connectivity needs of Filipinos in the country, especially during these pandemic times when more people are working and studying from home.

“With this broadband network, PLDT is not only increasing the number of new FTTH connections, we have also launched a program to convert all our customers still using copper-based ADSL services, to fiberpowered services over the next 18 months,” said PLDT Chief Revenue Officer and Smart President Alfredo S. Panlilio.

“PLDT is ramping up its capabilities to

BUSINESSMIRROR FILE PHOTO

be able to serve more Filipinos nationwide by rolling out more fiber and more ports in different parts of the Philippines than it has ever done before because we want to connect as many Filipino families as we possibly can to our fiber network which is the most extensive fiber infrastructure in the country.”

Faced with the challenge of meeting the surging demands for PLDT’s fiber-powered broadband service especially during the enhanced community quarantine months, the company said its network service teams have worked out how to operate under pandemic conditions.

“We continue to improve in finding ways to make things easier and simpler for our customers. Our direction is to go digital thus the drive to enable our customers to do more online: get their bills, pay their bills, get help. This is also a needed shift given the global situation today where customers

must stay safe in their homes," said PLDTSmart First Vice President and Commercial Operations Head Marco Borlongan.

He added that with the current general community quarantine, PLDT and Smart have been able to reinstate the manpower needed to operate frontline teams. "Most of our stores have re-opened. Our network field teams are tirelessly working to fulfill installation and repair requests. Our call center is now back to serving customers 24 hours a day for repair-related concerns."

Responding to the increased demand for digital connectivity, PLDT has invested heavily on its network. Over the past five years, its capital expenditures (capex)— most of which was poured into its network buildout—reached P260 billion.

PLDT’s capex is expected to reach at least P70 billion in 2020. The company said its network spending will remain sizable next year as it further expands its fiber network.

Monday, November 2, 2020

B1

ERC told to issue ultimatum on NGCP’s IPO requirement

By Butch Fernandez @butchfBM

T

he chairman of the Senate Energy Committee prodded the Energy Regulatory Commission (ERC) to "issue an ultimatum" on the National Grid Corporation of the Philippines (NGCP) to list its shares of stock in compliance with its franchise as the country’s transmission system operator.

Senator Sherwin T. Gatchalian issued the reminder after the NGCP filed another motion for reconsideration to extend the deadline on its compliance in the initial public offering (IPO) requirement after the ERC denied the company’s earlier petition and issued a decision in April 17 that NGCP should commence immediately the process of public listing and submit a compliance report.

The Senator reminded the ERC that such requirement on two intervenors will lapse on October 31, even as the ERC has yet to receive comments from the National Transmission Commission Corp. (Transco) and the Power Sector Assets and Liabilities Management Corp. (PSALM) on NGCP’s motion for reconsideration.

Gatchalian conveyed his misgivings over NGCP’s inaction on the matter as there is no showing that the grid operator will comply with the requirement to list its shares of stock.

“The resolution is absolute. Within six months NGCP should be conducting an IPO but I’m very sure that’s not going to happen. So if that will not happen what is the recourse?” Gatchalian asked.

The lawmaker recalled that based on the franchise law, ERC Chairperson Agnes Devanadera said the NGCP has two options to satisfy the IPO requirement of the franchise,

one is the public listing and the other is the listing of a holding company.

Given that the franchise imposes obligations on NGCP as the operator of the transmission grid, Gatchalian pointed out that there will be corresponding penalties and fines that could be slapped against the company for failing to comply with the ERC order.

Gatchalian noted that “it is clear in their franchise that they should be offering its shares to the public,” adding that that the NGCP's delay in issuing the IPO has already been two years.

In a statement, the Senator stressed the significance of undertaking an IPO, especially in the case of NGCP which manages the government’s transmission assets, saying: “I would like to again stress that the system operator should comply and this is part of the governance mechanism to get the public involved. When the public is involved, then there’s more transparency. Shareholders demand accountability.”

In a statement released during a public hearing presided by Gatchalian in April 2019, NGCP cited the grounds for delaying its planned IPO, citing, among others, public made against its concession by Transco (see "NGCP delays planned IPO,” BusinessMirror , April 4, 2019).

“The entire business of NGCP is founded on the concession agreement, which has been publicly threatened

by Transco’s president, Melvin Matibag. NGCP obviously took this public declaration seriously because it came from Attorney Matibag, the president of Transco himself, and that to this very date, to NGCP’s knowledge, neither PSALM [Power Sector Assets and Liabilities Management Corp.] nor Transco has disowned or contradicted this public declaration.

B2

Companies BusinessMirror

Monday, November 2, 2020

PSE STOCK QUOTATIONS

October 30, 2020

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALs

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

44.05 88.85 72.8 21.8 9.4 40.75 9.51 16.82 27.2 53.25 17.1 96.3 55.4 0.75 27.2 0.47 1.13 0.295 765 0.57 163 1888 1.03

44.9 88.9 73.55 21.85 9.55 40.8 9.7 17.1 27.35 53.3 17.16 96.4 55.75 0.79 28 0.59 1.17 0.3 777 0.59 166.8 1935 1.05

45 89 72 21.7 9.42 41.55 9.51 16.82 27.2 53.15 17.1 96.6 55.3 0.8 28 0.55 1.19 0.295 775 0.59 166 1890 1.03

45 89.9 73.55 21.85 9.55 41.55 9.6 16.82 27.7 53.3 17.5 97.3 55.4 0.8 28 0.59 1.21 0.295 775 0.59 167 1890 1.03

44.05 88.35 71.35 21.7 9.2 40.1 9.51 16.82 27 53.15 16.9 95.4 55 0.75 27 0.55 1.07 0.295 770 0.57 166 1890 1.03

44.5 88.9 73.55 21.85 9.55 40.75 9.6 16.82 27.2 53.3 17.1 96.4 55.4 0.79 28 0.59 1.17 0.295 770 0.57 166.9 1890 1.03

8300 6572650 1186660 184500 565000 6291100 36000 1000 147500 3050 64000 797070 14860 67000 22700 49000 216000 460000 60 39000 1020 20 51000

368085 218050 584322109 -246907657 86139703.5 7195486 4021705 360185 5325235 26007 256,344,025( 55,444,865.0002) 343760 16820 4018830 -1781275 162308.5 1089718 35830 76968565.5 -20852880 821539 5505 50960 4620 635300 28870 253710 135700 46450 -7700 22250 9670 170319 37800 52530 52530

INDUSTRIAL AC ENERGY 3.73 3.74 3.68 3.77 3.61 3.73 14524000 53610430 ALSONS CONS 1.33 1.34 1.34 1.36 1.32 1.34 1270000 1687420 ABOITIZ POWER 27 27.05 26.3 27.25 26.3 27.05 1810700 48684440 0.229 0.23 0.229 0.23 0.22 0.229 2860000 642120 BASIC ENERGY FIRST GEN 28.5 28.55 28.5 28.8 28 28.5 914600 26087675 62.8 63.35 63.6 63.65 62 62.8 53350 3341683.5 FIRST PHIL HLDG MERALCO 300 300.6 295 300 291 300 316330 94316208 MANILA WATER 14 14.02 14.18 14.18 13.84 14 2264900 31784772 3.06 3.07 3.11 3.12 3.07 3.07 2368000 7304230 PETRON 3.31 3.44 3.4 3.44 3.31 3.31 10000 34020 PETROENERGY PHX PETROLEUM 12.88 13 12.66 13.02 12.66 13 562100 7274070 PILIPINAS SHELL 16.48 16.5 16.5 16.5 16.4 16.48 150400 2475984 SPC POWER 10.8 10.88 10.8 10.94 10.78 10.88 207700 2246266 AGRINURTURE 8.03 8.05 8.03 8.09 7.91 8.05 420600 3369575 2.83 2.85 2.85 2.85 2.8 2.85 958000 2715550 AXELUM 71 77.6 72 72 71 71 130 9270 BOGO MEDELLIN CNTRL AZUCARERA 11.22 11.8 11.2 11.6 11.2 11.6 5000 57922 CENTURY FOOD 15.52 15.6 16.5 16.96 15.5 15.52 3410800 53776952 DEL MONTE 4.97 5 5.08 5.08 4.91 5 39600 198250 6.23 6.24 6.13 6.25 6.07 6.23 1929800 11907151 DNL INDUS 10 10.02 10 10.02 9.82 10.02 422900 4221875 EMPERADOR 63.6 63.75 64.55 65 63.5 63.75 232230 14852721 SMC FOODANDBEV ALLIANCE SELECT 0.64 0.65 0.64 0.65 0.63 0.65 883000 566200 FRUITAS HLDG 1.24 1.25 1.23 1.25 1.21 1.25 9629000 11915080 45 45.7 46.2 46.2 44.8 45.7 48300 2188215 GINEBRA 170 170.4 171.6 171.6 168 170 1005570 170408428 JOLLIBEE 7.62 7.94 7.94 7.94 7.94 7.94 1400 11116 MACAY HLDG MAXS GROUP 5.89 5.9 5.75 5.95 5.6 5.9 446200 2568767 SHAKEYS PIZZA 6.8 6.86 6.65 6.88 6.65 6.86 353700 2380202 ROXAS AND CO 1.22 1.23 1.25 1.25 1.22 1.23 2665000 3261650 4.7 4.95 4.71 4.72 4.71 4.71 16000 75400 RFM CORP SWIFT FOODS 0.107 0.111 0.111 0.111 0.105 0.107 630000 69650 UNIV ROBINA 137.7 138 135.6 138.8 135.5 137.7 1319380 180739180 VITARICH 0.78 0.79 0.8 0.8 0.77 0.79 2937000 2289820 CONCRETE A 52.1 53.9 54.5 54.5 52 52 2030 108671 52.6 55.8 55.5 56 55.5 56 160 8950 CONCRETE B CEMEX HLDG 1.57 1.58 1.6 1.6 1.56 1.58 8311000 13083190 4.4 4.45 4.5 4.6 4.45 4.45 93000 419530 DAVINCI CAPITAL EAGLE CEMENT 14.58 14.9 14.5 14.9 14.5 14.9 69400 1032768 EEI CORP 7.15 7.18 7.19 7.26 7.12 7.18 426200 3069352 5.7 5.72 5.7 5.77 5.64 5.72 1863100 10645726 HOLCIM 7.49 7.5 7.49 7.6 7.41 7.5 1948300 14628698 MEGAWIDE 8.12 8.31 8.11 8.33 8.11 8.33 6700 54411 PHINMA TKC METALS 0.76 0.78 0.79 0.79 0.78 0.78 8000 6250 VULCAN INDL 0.77 0.79 0.79 0.79 0.76 0.78 44000 34050 CROWN ASIA 2.01 2.02 2 2.03 2 2.03 5000 10090 1.9 1.92 1.9 1.92 1.88 1.92 322000 613000 EUROMED 4.3 4.39 4.37 4.39 4.37 4.39 6000 26260 MABUHAY VINYL PRYCE CORP 4.11 4.21 4.11 4.11 4.11 4.11 3000 12330 CONCEPCION 21 21.5 21 21.75 21 21.5 4400 93195 GREENERGY 2.37 2.38 2.31 2.39 2.3 2.38 4841000 11430850 6.44 6.48 6.77 6.77 6.31 6.44 861500 5573305 INTEGRATED MICR 1.01 1.02 1.05 1.07 1 1.02 2677000 2755620 IONICS PANASONIC 5.1 5.55 5.2 5.82 5.2 5.55 25400 133015 SFA SEMICON 1.49 1.51 1.54 1.6 1.47 1.51 4684000 7180970 CIRTEK HLDG 5.44 5.45 5.26 5.51 5.22 5.44 2175500 11714508

2489840 -19891425 -8757800 -1820063.5 42937968 -15238320 -3440800 -626380 -79134 10800 -126481 -95660 12813720 -32521.9999 -990513 -830619 -12924155 6810 -1778210 -84524287 93800 977826 15590 -34370 -14024868 -545880 -95360 28866 -2344148 -6599848 -19100 -0 -53710 -479526 3080 -182587

HOLDING & FRIMS ABACORE CAPITAL 0.475 0.48 0.48 0.485 0.47 0.475 5330000 2539600 ASIABEST GROUP 8 8.28 8.3 8.3 8 8.29 11500 92501 AYALA CORP 754 763 743 768 736 763 216900 164404180 44.4 44.55 42.95 44.55 42.55 44.55 1512600 66436205 ABOITIZ EQUITY 7.93 7.94 7.89 8.09 7.82 7.94 6431200 51215429 ALLIANCE GLOBAL 2.73 2.74 2.7 2.77 2.68 2.74 1056000 2893640 AYALA LAND LOG ANSCOR 6.56 6.75 6.56 6.56 6.56 6.56 6600 43296 ATN HLDG A 0.89 0.9 0.92 0.92 0.89 0.89 1786000 1596090 0.89 0.92 0.9 0.9 0.9 0.9 146000 131400 ATN HLDG B COSCO CAPITAL 5.11 5.13 5.11 5.15 5.08 5.11 6548200 33494575 4.39 4.43 4.39 4.49 4.35 4.39 4869000 21507010 DMCI HLDG FILINVEST DEV 9.09 9.68 9.89 9.89 9.05 9.7 1600 15381 FORUM PACIFIC 0.2 0.215 0.215 0.215 0.215 0.215 10000 2150 GT CAPITAL 429.8 430 422.8 431.8 420 430 182930 78407602 63.8 64.25 61.95 64.25 61.95 64.25 1628940 104135431.5 JG SUMMIT 4.28 4.59 4.09 4.8 3.13 4.5 1123000 4457520 JOLLIVILLE HLDG LODESTAR 0.78 0.79 0.73 0.86 0.73 0.78 14861000 11831270 LOPEZ HLDG 2.56 2.6 2.56 2.6 2.54 2.57 1616000 4153860 LT GROUP 11.52 11.54 11.6 11.9 11.54 11.54 3277400 38138292 0.485 0.5 0.495 0.51 0.485 0.51 1449000 716530 MABUHAY HLDG MJC INVESTMENTS 1.78 1.99 1.77 1.99 1.77 1.99 54000 96720 4.01 4.02 4 4.02 3.97 4.01 50634000 202396090 METRO PAC INV PACIFICA HLDG 3.12 3.49 3.11 3.11 3.11 3.11 8000 24880 PRIME MEDIA 0.8 0.82 0.84 0.84 0.79 0.82 116000 93070 1 1.01 1.01 1.01 1 1 91000 91680 SOLID GROUP SYNERGY GRID 171 171.5 168 171 168 171 750 128160 SM INVESTMENTS 950 950.5 940.5 959 931 950 361180 342410815 SAN MIGUEL CORP 102 102.7 101.8 102 100 102 217350 21964811 SOC RESOURCES 0.69 0.7 0.64 0.7 0.64 0.7 1112000 765810 SEAFRONT RES 1.97 2.4 1.9 2 1.9 2 95000 187160 123 126 127 127 126 126 70 8840 TOP FRONTIER WELLEX INDUS 0.218 0.222 0.204 0.218 0.204 0.218 2340000 504240 ZEUS HLDG 0.139 0.143 0.14 0.14 0.139 0.139 420000 58410

-232350 40100 5966275 -1916955 -16117298 -177660 -1476348 -4347990 -1975406 23297095.5 -12210 -2604530 -30491056 -78460 -146683710 -66508715 -2678249 -

PROPERTY

ARTHALAND CORP ANCHOR LAND AYALA LAND ARANETA PROP AREIT RT BELLE CORP A BROWN CITYLAND DEVT CROWN EQUITIES CEBU HLDG CEB LANDMASTERS CENTURY PROP CYBER BAY DOUBLEDRAGON DM WENCESLAO EMPIRE EAST EVER GOTESCO FILINVEST LAND GLOBAL ESTATE 8990 HLDG PHIL INFRADEV MEGAWORLD MRC ALLIED PHIL ESTATES PRIMEX CORP ROBINSONS LAND PHIL REALTY ROCKWELL SHANG PROP STA LUCIA LAND SM PRIME HLDG VISTAMALLS SUNTRUST HOME VISTA LAND

0.58 7.51 32.9 1.04 25.55 1.41 0.82 0.78 0.134 5.8 4.56 0.36 0.37 14 5.35 0.29 0.088 0.96 0.75 7.41 1.51 3.03 0.415 0.345 1.2 15 0.23 1.51 2.67 1.88 33.65 4.13 1.26 3.36

0.6 8.14 33 1.1 25.65 1.43 0.83 0.79 0.136 5.98 4.57 0.365 0.375 14.06 5.39 0.295 0.09 0.97 0.76 7.68 1.52 3.04 0.42 0.355 1.23 15.04 0.234 1.52 2.69 1.9 33.7 4.15 1.27 3.37

0.59 8.14 32.15 1.06 25.65 1.42 0.8 0.82 0.136 5.98 4.54 0.365 0.37 14.1 5.3 0.295 0.087 0.98 0.75 7.55 1.51 3.03 0.41 0.32 1.2 15.22 0.234 1.53 2.69 1.83 32.7 4.09 1.22 3.41

0.6 8.14 33.15 1.06 25.7 1.43 0.82 0.82 0.137 5.98 4.6 0.365 0.37 14.12 5.39 0.3 0.088 0.98 0.76 7.75 1.52 3.07 0.42 0.355 1.23 15.22 0.234 1.57 2.69 1.9 33.8 4.15 1.27 3.41

0.59 8.14 31.85 1.03 25.55 1.4 0.8 0.79 0.133 5.98 4.54 0.36 0.355 13.98 5.25 0.285 0.086 0.96 0.75 7.5 1.48 2.98 0.405 0.32 1.2 14.98 0.234 1.52 2.69 1.83 32.5 4.05 1.22 3.37

0.6 8.14 33 1.04 25.55 1.4 0.82 0.79 0.133 5.98 4.57 0.36 0.37 14.06 5.39 0.29 0.088 0.97 0.75 7.68 1.51 3.03 0.42 0.345 1.23 15 0.234 1.52 2.69 1.9 33.7 4.13 1.26 3.37

2046000 100 10161800 73000 631700 488000 2800000 92000 2000000 200 498000 1110000 6170000 361300 75300 2160000 1000000 11926000 1498000 30700 2311000 25528000 61640000 460000 217000 3952000 10000 579000 2000 103000 6005600 199000 1151000 3521000

1225670 814 330554980 76070 16161600 688290 2280590 74750 268300 1196 2275440 401000 2238250 5067938 401979 623950 87370 11566010 1124370 235134 3460340 77093000 25324850 153400 261190 59427484 2340 892160 5380 191490 200388645 816760 1435690 11915840

-25041975 -827550 136420 66500 -2097300 10800 540000 -392264 -597650 -6172100 -150000 -0 -36390980 76850 -22067652 2690 45766770 164480 -8184160

SERVICES ABS CBN 11.2 11.22 11.32 11.32 11.1 11.2 197600 2214032 GMA NETWORK 5.05 5.07 5.1 5.11 5.05 5.05 461200 2334381 MANILA BULLETIN 0.4 0.41 0.41 0.41 0.4 0.4 80000 32600 10.9 11 10.7 11 10.7 11 800 8590 MLA BRDCASTING GLOBE TELECOM 2030 2068 2060 2096 2030 2030 58950 121381760 -22200860 1328 1330 1330 1348 1328 1328 123790 164929000 -29760585 PLDT APOLLO GLOBAL 0.051 0.052 0.052 0.053 0.05 0.052 80050000 4053130 10000 CONVERGE 14.78 14.8 15.2 15.4 14.42 14.78 47400700 707341938 -54704000 3.06 3.24 2.97 3.3 2.97 3.28 91000 287000 -31100 DFNN INC 6.81 6.82 7 7.05 6.8 6.82 80912000 559869812 -374420 DITO CME HLDG 1.34 1.42 1.34 1.34 1.34 1.34 4000 5360 IMPERIAL ISLAND INFO 0.085 0.088 0.085 0.088 0.084 0.088 810000 68720 JACKSTONES 1.62 1.7 1.69 1.72 1.69 1.7 151000 257130 NOW CORP 4.69 4.7 4.74 4.74 4.59 4.69 6511000 30356300 2170930 0.265 0.27 0.248 0.275 0.248 0.27 71510000 18839760 -17550 TRANSPACIFIC BR 2.82 2.84 2.85 2.92 2.8 2.84 1452000 4166290 -11850 PHILWEB 2GO GROUP 8.79 8.8 8.75 8.9 8.75 8.8 30000 264198 ASIAN TERMINALS 15.4 15.6 15.66 15.66 15.4 15.6 4100 64060 1540 CHELSEA 5.88 5.89 6 6.08 5.88 5.88 8775800 52258253 -935460 38.8 39.8 39.5 39.8 38.65 38.8 381500 14923255 -4528575 CEBU AIR 114.3 115 113.3 115 113.3 115 3708140 422470502 -82706405 INTL CONTAINER 14.32 15.78 14.28 14.28 14.28 14.28 800 11424 -11424 LBC EXPRESS LORENZO SHIPPNG 0.97 1 1 1 0.97 1 7000 6970 4000 MACROASIA 5.09 5.1 5.01 5.16 5.01 5.1 3031200 15457836 178817.9999 1.91 1.94 1.94 1.94 1.89 1.94 443000 850340 METROALLIANCE A METROALLIANCE B 1.98 2 2 2 1.98 2 9000 17940 PAL HLDG 6.95 7 6.96 7 6.95 7 36200 252335 -5485 HARBOR STAR 1.35 1.36 1.32 1.36 1.3 1.35 5562000 7447660 ACESITE HOTEL 1.31 1.37 1.22 1.39 1.22 1.39 77000 97760 BOULEVARD HLDG 0.028 0.029 0.027 0.029 0.027 0.029 78900000 2210800 10.22 11.98 11.68 11.98 11.68 11.98 5400 64312 GRAND PLAZA WATERFRONT 0.495 0.5 0.42 0.53 0.415 0.495 26680000 12622400 -156100 FAR EASTERN U 550 559.5 550 550 550 550 460 253000 STI HLDG 0.335 0.34 0.335 0.34 0.325 0.34 3090000 1026350 13400 BERJAYA 4.12 4.14 4 4.2 3.91 4.14 1016000 4125980 7.08 7.1 7.06 7.18 7.06 7.08 1589700 11313912 -2721114 BLOOMBERRY 1.84 1.86 1.9 1.9 1.85 1.85 119000 221870 92500 PACIFIC ONLINE 1.56 1.57 1.54 1.57 1.53 1.56 842000 1304800 -182590 LEISURE AND RES MANILA JOCKEY 2.15 2.34 2.15 2.15 2.15 2.15 5000 10750 PREMIUM LEISURE 0.32 0.325 0.325 0.325 0.32 0.32 12630000 4062800 454600 6.66 7 7 7 6.6 7 105200 712245 PHIL RACING ALLHOME 6.71 6.73 6.53 6.74 6.46 6.71 3847600 25722215 5676756 1.43 1.45 1.44 1.45 1.42 1.45 1702000 2447360 -14400 METRO RETAIL PUREGOLD 41.25 41.4 41.55 41.55 41.25 41.25 5827800 241,358,835( 105,295,604.9998) ROBINSONS RTL 64 64.2 64 64.15 63.95 64 439610 28149923.5 -14473156 PHIL SEVEN CORP 110.6 112.5 112.5 114 110 111 32820 3683443 82813 1.3 1.31 1.27 1.32 1.23 1.31 9785000 12435490 120340 SSI GROUP 14.28 14.3 14.5 14.5 14.3 14.3 5403500 77766662 -15772228 WILCON DEPOT APC GROUP 0.33 0.335 0.33 0.335 0.32 0.33 2370000 775850 -6600 EASYCALL 6.88 6.9 6.99 6.99 6.88 6.9 24200 167452 GOLDEN BRIA 352 365 350 355 350 354 450 158842 -98932

MINING & OIL ATOK 9.8 10.08 9.8 10.22 9.6 10.08 197100 1959029 APEX MINING 1.86 1.88 1.84 1.92 1.82 1.86 12235000 22978860 5120 0.001 0.0011 0.001 0.0011 0.001 0.0011 1375000000 1480400 -23200 ABRA MINING 4.06 4.12 4.12 4.12 4.06 4.06 136000 554910 ATLAS MINING BENGUET A 2.9 2.98 2.88 3.09 2.82 3.05 687000 1986240 BENGUET B 2.88 2.98 2.8 3 2.73 2.98 391000 1117990 COAL ASIA HLDG 0.26 0.265 0.265 0.275 0.255 0.265 1310000 345800 2.46 2.54 2.46 2.56 2.46 2.56 48000 118180 CENTURY PEAK DIZON MINES 7.81 7.95 7.83 8.06 7.64 7.95 31500 249216 FERRONICKEL 1.31 1.32 1.31 1.33 1.3 1.32 3551000 4679720 135960 GEOGRACE 0.239 0.246 0.248 0.248 0.239 0.239 830000 199820 LEPANTO A 0.152 0.153 0.151 0.154 0.149 0.152 10090000 1528680 LEPANTO B 0.15 0.154 0.15 0.154 0.15 0.154 700000 106440 9240 0.0099 0.01 0.01 0.01 0.01 0.01 4000000 40000 MANILA MINING A MANILA MINING B 0.01 0.011 0.011 0.011 0.011 0.011 1000000 11000 11000 MARCVENTURES 0.92 0.93 0.95 0.95 0.92 0.92 2005000 1867130 288880 NIHAO 2.53 2.58 2.62 2.62 2.51 2.53 952000 2418940 -554700 NICKEL ASIA 3.76 3.77 3.67 3.77 3.67 3.76 7575000 28241810 4933600 0.33 0.345 0.33 0.335 0.33 0.335 10290000 3397150 OMICO CORP ORNTL PENINSULA 0.66 0.67 0.66 0.68 0.65 0.66 1209000 798320 PX MINING 5.38 5.39 5.6 5.6 5.38 5.39 1219700 6619660 342570 SEMIRARA MINING 10.6 10.7 10.32 10.8 10.32 10.6 3232700 34339088 -3858250 UNITED PARAGON 0.0051 0.0054 0.0051 0.0051 0.0051 0.0051 4000000 20400 6.25 6.29 6.16 6.25 6.15 6.25 427000 2663020 ACE ENEXOR ORNTL PETROL A 0.0097 0.0099 0.0097 0.0099 0.0097 0.0099 26000000 257200 ORNTL PETROL B 0.0098 0.011 0.0098 0.0098 0.0098 0.0098 2000000 19600 PHILODRILL 0.0086 0.0087 0.0088 0.0089 0.0086 0.0087 12000000 105100 PXP ENERGY 12.1 12.24 11.08 12.4 11.08 12.1 12374000 148726746 67590

PREFFERED HOUSE PREF A 100.2 101 100.1 100.1 100.1 100.1 50 5005 AC PREF B1 510.5 519.5 515 515 510 510 2000 1025000 DD PREF 100.6 101.9 100.6 100.6 100.6 100.6 25100 2525060 1024 1030 1024 1029 1024 1029 210 216040 GTCAP PREF B MWIDE PREF 101.6 103.1 101.6 101.6 101.6 101.6 128240 13029184 PNX PREF 3B 101.1 101.9 101.1 101.1 101.1 101.1 100 10110 PNX PREF 4 989 995 990 990 987 990 2300 2274000 PCOR PREF 2B 1012 1035 1010 1010 1010 1010 15 15150 1046 1062 1062 1062 1045 1062 1825 1936450 PCOR PREF 3A PCOR PREF 3B 1075 1080 1080 1080 1080 1080 1030 1112400 SFI PREF 1.6 1.8 1.32 1.8 1.32 1.8 35000 60590 SMC PREF 2C 78 78.15 78 78.2 77.95 78.2 6590 514299 SMC PREF 2F 78.6 78.8 78.5 78.6 78.5 78.6 62910 4944725 SMC PREF 2G 76.3 76.45 76.3 76.3 76.3 76.3 7000 534100 76.5 77.5 76.5 76.5 76.5 76.5 25600 1958400 SMC PREF 2H SMC PREF 2I 78.5 79 78.95 78.95 78.5 78.5 10000 786240 SMC PREF 2J 76.95 77.05 77 77.05 76.9 77.05 117690 9056299.5

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.8 11.14 10.82 11.14 10.8 11.14 619800 6886328 2164 GMA HLDG PDR 4.9 5 4.9 5 4.9 5 10000 49440 -29500

WARRANTS LR WARRANT 0.83 0.85 0.81 0.85 0.81 0.85 120000 98710

SMALL & MEDIUM ENTERPRISES ALTUS PROP 12.84 12.88 12.48 12.9 12.38 12.84 518000 6553936 ITALPINAS 2.78 2.79 2.72 2.79 2.67 2.78 2531000 6929460 -154060 KEPWEALTH 5.45 5.48 5.42 5.5 5.35 5.45 70300 380710 3.45 3.46 3.4 3.48 3.4 3.45 17057000 58663560 -219360 MERRYMART

EXHANGE TRADE FUNDS

FIRST METRO ETF 95 95.5 94.95 95.5 94 95.5 14520 1373866.5 341995.5

www.businessmirror.com.ph

Wilcon 9-month income dips but sales slowly recovering

W

By VG Cabuag

@villygc

ilcon Depot Inc. said its income in January to September fell 42 percent to P885.57 million from last year’s P1.54 billion, but its sales are rebounding as its stores remained open.

Revenues for the period fell 12 percent to P15.98 billion from last year’s P18.24 billion.

For the July-to-September period, its first fully operational quarter for the year, its income was down by only 3 percent to P533.23 million from last year’s P549.27 million.

Sales for the period, meanwhile, grew 8 percent to P6.75 billion from last year’s P6.25 billion.

“We are very encouraged by the ramp up of our sales in the third

quarter and we are hopeful that the growth trajectory will continue in the fourth. We in fact opened another branch in Laguna this September bringing to 61 our total number of stores. It is particularly challenging though that we have such a high base as we did extremely well in the fourth quarter of 2019,” Lorraine Belo-Cincochan, the company’s CEO, said.

“We are continuously studying ways by which we can improve efficiencies given our results amid

STOCK-MARKET OUTLOOK Last week

Share prices fell last week as the Philippines tracked markets overseas which were affected by election fears in the United States, while domestic investors were disappointed with the extension of general community quarantine in Metro Manila.

The benchmark Philippine Stock Exchange index (PSEi) fell 160.06 points to close at 6,324 points.

It was a volatile trading week for the local market with the main index losing more than 240 points during the four days of trade, recovering only on Friday.

Investors sold shares almost all week long, and not even the listing of Converge Information and Communications Technology Solutions Inc. perked up the market. Converge shares also fell as investors dumped their holdings.

Average daily trading was at P7.38 billion, mostly contributed by the listing of Converge, while foreign investors were net buyers at P1.96 billion.

All other subindices ended in the red, led by the broader All Shares index that fell 80.38 to close at 3,779.57, the Financials index shed 50.44 to 1,224.30, the Industrial index declined 167.58 to 8,460.86, the Holding Firms index dropped 140.69 to 6,581.36, the Property index decreased 83.93 to 3,053.82, the Services index was down 21.27 to 1,439.44 and the Mining and Oil index retreated 176.26 to 7,529.47.

For the week, losers outnumbered gainers 127 to 111 and 18 shares were unchanged.

Top gainers for the week were Acesite (Phils.) Hotel Corp., Berjaya Philippines Inc., Waterfront Philippines Inc., MRC Allied Inc., Lodestar Investment Holdings Corp. and Grand Plaza Hotel Corp.

Top losers were Keppel Philippines Properties Inc., Century Pacific Food Inc., LT Group Inc., Filipino Fund Inc., Semirara Mining and Power Corp. and Manila Mining Corp. A.

This week

Share prices may still go down this week as markets will be rattled by the US election happening on Thursday, while many will assess the damage of Supertyphoon Rolly (international name Goni), the strongest storm to hit the Philippines this year.

It will be a four-day trading week as November 2 is a special non-working day in observance of All Soul’s Day. Broker 2TradeAsia said large cap firms are faring well so far with seven names, or more than a third of PSEi’s basket of firms, have reported decent-topositive results.

By the end of the week, about 80 percent of the main index firms would have reported their earnings.

“We maintain that while possible secondary and tertiary spikes in Covid-19 cases remain a threat to forward earnings, the tone for most reports have been bent towards a mid-2021 recovery, at least of conditions are steady-state from hereon,” the broker said.

“Confirmation in the [succeeding] weeks that earnings may have bottomed out in the second quarter will improve investor confidence heading to 2021.”

Immediate support for the main index is seen at 6,200 points and resistance of up to 6,700 points.

Stock picks

Broker Regina Capital Development Corp. has retained its buy recommendation on the stock of chemical manufacturer D and L Industries Inc. (DNL) as it managed to still post an income despite the pandemic and the series of lockdowns.

“With the government pushing to further re-open the economy before the year ends, we expect DNL to post a good second half on the back of a still soft demand, and see 2021 performance to be a lot better than this year’s,” it said.

It added that it arrived at a target price of P7.10 for the stock factoring in company developments and expectations on the company.

DNL shares closed Friday at P6.23.

Meanwhile, it also gave a buy rating on the stock of PLDT Inc. but only when its support price of P1,300 per share holds.

“The selling pressure doesn’t look all that strong yet. Although indicators are still mixed, it’s a safe bet that TEL will shed a few points. Closely monitor whether or not it breaks down past the nearest support at P1,300.

PLDT shares closed last week at P1,328 apiece. VG Cabuag

this pandemic, but we are also trying to balance this vis-à-vis our long-term goals and our obligations and commitments to all our stakeholders—including our customers, suppliers, employees and communities.”

Cincochan said she believes that the market will continue to improve and the expansion plan which is focused on expanding Wilcon’s reach outside of its base, Metro Manila, is still going in the right direction and is still on track.

“Private construction is gradu-

mutual funds

ally picking up in Metro Manila and more so in the provinces. In the third quarter, only Metro Manila stores registered negative growth while the rest of the branches already turned in positive same store sales growth,” she said.

For the quarter, same store sales of the depot format grew by 1.5 percent, while the home essentials declined by 11 percent and project sales by 54 percent. The depot format accounted for 97.3 percent of net sales, home essentials cornered 2.1 percent and projects at 0.6 percent.

October 30, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 203.68 -20.58% -10.66% -4.44% -19.12% ATRAM Alpha Opportunity Fund, Inc. -a 1.0917 -26.82% -11.71% -3.24% -21.01% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7685 -28.92% -14.67% -6.68% -24.73% Climbs Share Capital Equity Investment Fund Corp. -a 0.7041 -25.84% -11.27% n.a. -21.59% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6873 -20.93% n.a. n.a. -19.07% First Metro Save and Learn Equity Fund,Inc. -a 4.3582 -19.91% -9.12% -4.73% -18.21% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6841 -21.89% -10.96% n.a.

-19.86% MBG Equity Investment Fund, Inc. -a 86.22 -24.17% n.a. n.a. -16.47% PAMI Equity Index Fund, Inc. -a 41.1129 -21.68% -9.11% -3.22% -19.83% Philam Strategic Growth Fund, Inc. -a 438.53 -19.58% -8.63% -3.53% -17.69% Philequity Alpha One Fund, Inc. -a,d,5 0.9481 n.a. n.a. n.a.

-7.96% Philequity Dividend Yield Fund, Inc. -a 1.0402 -21.19% -8.82% -3.04% -19.17% Philequity Fund, Inc. -a 30.549 -21.37% -8.51% -2.69% -19.39% Philequity MSCI Philippine Index Fund, Inc. -a 0.8068 -22.6% n.a. n.a. -20.75% Philequity PSE Index Fund Inc. -a 4.2008 -21.31% -8.62% -2.5% -19.58% Philippine Stock Index Fund Corp. -a 702.44 -21.19% -8.54% -2.63% -19.44% Soldivo Strategic Growth Fund, Inc. -a 0.6361 -29.2% -12.38% -6.53% -25.29% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2054 -25.84% -10.39% -4.2% -23.85% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8046 -21.4% -8.83% -2.7% -19.6% United Fund, Inc. -a 2.9347 -21.24% -7.87% -2.25% -19.67% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 94.3446 -21.05% -8.25% -1.86% -19.33% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0685 8.83% -0.19% 3.09% 3.9% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4937 14.09% 7.05% n.a.

8.34% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5421 -3.48% -5.53% -2.99% -1.32% ATRAM Philippine Balanced Fund, Inc. -a 2.0778 -8.26% -4.91% -1.48% -4.74% First Metro Save and Learn Balanced Fund Inc. -a 2.4323 -8.58% -3.61% -2.75% -7.57% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1844 -22.13% n.a. n.a.

-19.3% NCM Mutual Fund of the Phils., Inc. -a 1.8656 -5.41% -1.54% 0.42% -4.89% PAMI Horizon Fund, Inc. -a 3.5304 -7.68% -3.01% -0.81% -6.83% Philam Fund, Inc. -a 15.8025 -7.68% -3.11% -0.84% -6.83% Solidaritas Fund, Inc. -a 1.956 -9.29% -4.11% -0.91% -7.83% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3129 -15.45% -5.49% -2.17% -14.25% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9516 -7.46% n.a. n.a.

-6.31% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8549 -15.89% n.a. n.a.

-14.2% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.834 -17.7% n.a. n.a. -16.03% Sun Life Prosperity Dynamic Fund, Inc. -a 0.812 -18.32% -6.61% -3.06% -16.7% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03902 2.39% 2.69% 1.97% 2.15% PAMI Asia Balanced Fund, Inc. -b $1.0653 6.62% 1.26% 3.02% 5.27% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1228 8.99% 5.14% 5.45% 5.42% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1595 4.65% 2.78% n.a.

2.73% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.82 3.74% 3.09% 2.63% 3.04% ATRAM Corporate Bond Fund, Inc. -a 1.9536 1.61% 1.13% 0.27% 2.71% Cocolife Fixed Income Fund, Inc. -a 3.2059 3.62% 4.69% 4.91% 2.82% Ekklesia Mutual Fund Inc. -a 2.2875 3.28% 2.58% 2.14% 2.88% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4431 4.18% 3.28% 1.92% 3.56% Philam Bond Fund, Inc. -a 4.6142 6.53% 4.1% 2.58% 5.52% Philam Managed Income Fund, Inc. -a,6 1.3124 5.33% 4.37% 2.47% 4.43% Philequity Peso Bond Fund, Inc. -a 3.9543 5.48% 4.17% 2.3% 4.38% Soldivo Bond Fund, Inc. -a 1.0359 8.46% 3.63% 1.97% 7.43% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1711 3.98% 4.5% 2.75% 3.11% Sun Life Prosperity GS Fund, Inc. -a

1.7402 3.16% 3.89% 2.22% 2.3% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $480.21 3.05% 2.63% 2.78% 2.53% ALFM Euro Bond Fund, Inc. -a Є217.73 -0.94% 0.76% 1.15% -0.94% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2497 3.96% 2.61% 3.52% 3.29% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 2.33% 1.83% 1.59% 2.33% PAMI Global Bond Fund, Inc -b $1.0895 -0.4% 0.34% 0.31% -0.37% Philam Dollar Bond Fund, Inc. -a $2.5092 4.73% 3.94% 3.28% 4.4% Philequity Dollar Income Fund Inc. -a $0.0618419 2.63% 2.47% 2.17% 2.56% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1811 0.58% 1.96% 2.23% 0.19% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.36 3.41% 3.32% 2.54% 2.81% First Metro Save and Learn Money Market Fund, Inc. -a 1.0461 1.89% n.a. n.a.

1.93% Sun Life Prosperity Money Market Fund, Inc. -a 1.2926 2.73% 3.01% 2.61% 2.18% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0507 1.58% n.a. n.a.

1.19% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 0.9913 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.93 n.a. n.a. n.a. -6.06%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

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Banking&Finance

Credit registry vows support for MSMEs

By Tyrone Jasper C. Piad @Tyronepiad

T

he country’s central credit registry is open to working with government agencies in implementing stimulus programs for micro-scale, small and medium-scale enterprises (MSMEs).

Credit Information Corp. (CIC), in a statement over the weekend, said it has statistical data that can help the government in doing so.

“The CIC is willing to work with government agencies who would like to explore the possibility of using statistical data from the CIC in the implementation of various stimulus strategies being proposed for startups, as well as MSMEs,” CIC OIC President and CEO Aileen L. AmorBautista explained.

Amor-Bautista said that two of CIC’s accredited credit bureaus— CIBI Information Inc. and CRIF D&B Philippines Inc.—are offering MSME credit scoring for their clients via the CIC database. The database contains credit records of approximately 89,000 companies and sole proprietors.

The credit-scoring service is deemed timely as a recent uptick in credit report inquiries could mean that individuals are securing loans to launch their start-ups.

Amor-Bautista said that starting

a small business was only expected after some employees were laid off or saw their working hours cut amid the pandemic.

“The same might even apply to mothers who need to stay home to home-school their kids,” she added.

Borrowers are relying on credit scoring to get a loan approval for their start-up business, the CIC explained.

“Many start-ups classify their initial ventures into business either under credit card applications, vehicle loans or general purpose loans,” Amor-Bautista said.

Meanwhile, the credit registry attributed the surge in credit report inquiries to its growing database as well.

CIC said that its records cover nearly 36 percent of the country’s adult population from 534 financial institutions.

Amor-Bautista said that the CIC has already 76 entities accessing the database.

“It has only been a year since we opened the registration for paid access and yet we already have major universal and commercial banks, savings and loan associations, rural banks, cooperatives, thrift banks and even government lending institutions accessing our database and actually using our credit data,” she added.

BusinessMirror

‘Banks’ involvement key to climate change reform’

T

By Bianca Cuaresma

M

according to Metrobank. It said its 9-month net income fell by nearly half to P11 billion from P21.6 billion year-on-year.

Meanwhile, total revenues rose 20 percent to P96.3 billion while pre-provision income surged by 41 percent to P52.4 billion for the period, according to Metrobank.

The bank said its non-interest income grew by 28 percent on the back of trading foreign exchange gains of P17.8 billion. Service fees and commissions, however, dropped by 10 percent because of lower transaction volumes and waiver of some fees, Metrobank said.

“Deposits as of end-September climbed by 10 percent to P1.7 trillion on the back of 22-percent growth in low-cost deposits.”

Net loans and receivables, meanwhile, skidded by 13 percent to P1.2 trillion, according to the bank, which it attributed to the slump in economic activities leading to a

Speaking in a recent webinar on climate risk, Diokno said banks and regulators can no longer afford to ignore climate change or sustainability issues as a governance priority.

The BSP chief also lauded local banks’ recent efforts to issue so-called green bonds to include environmental agenda into their portfolio.

“Green bonds” are financial instruments issued by companies to investors, whose proceeds are used to finance projects that bring environmental benefits.

“The banks’ participation in the

double-digit contraction in gross domestic product.

“Commercial lending sustained a slowdown as clients deferred expansion plans and used excess liquidity to pay down debt obligations,” Metrobank said. “Consumer loans similarly declined amid economic uncertainty, which limited consumption to essential goods and deterred big-ticket spending.”

As of end-September, capital adequacy ratio and common equity Tier 1 stood at 19.9 percent and 19 percent, respectively, which is above regulatory requirements, the bank said.

Total assets, meanwhile, were at P2.4 trillion for the period, it added.

“The bank believes that its robust capital position and balance sheet strength will provide ample support as it navigates through these uncertain times,” Metrobank said.

Tyrone Jasper C. Piad

SSS releases Nov pensions via PESONet, new channels

T

he Social Security System (SSS) announced it has credited the first batch of pensions for the month of November through its new disbursement methods: via the Philippine Electronic Fund Transfer System and Operations Network (PESONet) and other checkless channels.

The SSS said in a statement that the first batch of pension releases covered more than 1.46 million pensioners with combined pensions amounting to over P6.22 billion.

Those covered by the first batch of crediting are pensioners whose date of contingency is from the first to the 15th day of the month and are receiving their monthly pensions through PESONet participating banks, electronic wallets or the remittance transfer companies/ cash payout outlets (RTC/CPO) accredited by the Development Bank of the Philippines (DBP), according to SSS President and CEO Aurora C. Ignacio.

Ignacio said they have completed the funding of the first batch of pension releases for November on October 29.

The new pension-crediting schedule for PESONet participating banks and other checkless disbursement channels is aligned with

SSS Circular 2020-024, which was implemented last October.

The circular stated that there will be two pension-crediting batches for the new disbursement method every month. The first batch will be on the first day of the pension month, covering pensioners with dates of contingency from the first day to the 15th day of the month.

The second batch will be on the 16th day of the pension month, which covers pensioners whose date of contingency is from the 16th to the last day of the month, according to the state-run fund manager.

Should the credit date fall on a Saturday, Sunday or holiday, the pension will be credited to the pensioners’ accounts on the last working day before the Saturday, Sunday or holiday, the SSS said.

The retiree-pensioners’ date of contingency is the date they have paid at least 120 contributions and have reached the age of at least 60 years (for optional retirement, except for mineworkers and racehorse jockeys) if already separated from employment or ceased self-employment; or the age of 65 years (for technical retirement, except for mineworkers and racehorse jockeys).

@BcuaresmaBM

he financial sector holds a “unique” position to advance reforms in climate preparedness and sustainability, especially in the post-pandemic recovery, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said.

Metrobank hikes credit loss buffer to ₧35.4B etropolitan Bank & Trust Co. (Metrobank) announced it has hiked its provisions for nonperforming loans (NPLs) in the first nine months to P35.4 billion.

The Ty-led bank said the amount was nearly 5-times more than the P7.8-billion loan loss reserves it earmarked last year for the same period.

With this, NPL coverage ratio improved to 174 percent from 96 percent, supporting the bank’s conservative provisioning strategy.

Metrobank saw its NPL ratio climb to 2.25 percent as of end-September from 1.52 last year, which the bank described as “relatively manageable so far.” The surge in bad loans was only expected amid the major economic downturn in the country, the bank explained.

The heightened provisions took a toll on the bottom-line figures in the January-to-September period,

Monday, November 2, 2020 B3

For disability pensioners, the date of contingency is the date of their operation, sickness, or disability, as evaluated by the SSS. In contrast, for survivor (death) pensioners, this is the date of death of the deceased member.

On the other hand, the schedule of crediting of accrued pensions for the resumption of suspended pension due to non-compliance with the Annual Confirmation of Pensioners program is on the 16th day of the following month after compliance with the ACOP has been received and encoded, the SSS said. The pension-run for the resumption is done every 20th day of the month, it added.

Meanwhile, pensioners who are still receiving their pensions through non-PESONet participating banks or checks will continue to receive their pensions through their accounts until further notice, the SSS said. Their pensions’ crediting schedule will follow the previous disbursement schedule, based on their date of contingency.

“This gives them ample time to enroll in a PESONet bank, e-wallet or RTC/CPO disbursement account with the SSS and their banks to pursue PESONet participation.”

Bernadette D. Nicolas

green or sustainable finance market can send a powerful message of sustainability to the business community thereby generating greater momentum in this space,” Diokno said.

“By deciding to finance sustainable projects, you can create more value to the company’s stakeholders while preserving the environment and humanity,” he added.

Considerably ahead

Diokno said that while large banks are considerably ahead in being involved in sustainability investment vehicles, he is confident other finan-

cial institutions will follow soon, especially with the heightened social awareness brought by the global pandemic.

“The current Covid-19 pandemic offers a window of opportunity for reshaping the industry’s future. Let us not put this once in a lifetime crisis to waste. Let us learn from it and build a climate resilient, green and sustainable economy,” he said.

Two green bonds were executed last year by the Philippine branch of the The HongKong and Shanghai Banking Corp. Ltd. The bank served as sole global coordinator in the $410-million Green Bond by AC Energy Philippines Inc. It was also the joint lead manager in the P15 billion green bonds issued by the Rizal Commercial Banking Corp. In 2018, BDO Unibank Inc. issued its own $150-million Green Bond.

Also, in October last year, the BSP announced its decision to invest in green bonds launched by the Bank for International Settlements.

Proactively engage

The BSP will continue to proactively engage banks to ensure that sustainability principles are incorporated

into their strategy resenting exercise in view of the ongoing pandemic,” Diokno said.

Just last month, Moody’s Investors Service published its assessment of how environmental, social and governance risks inform their credit analysis of the Philippines.

The credit watcher said environmental considerations are material to the Philippines’s credit profile, given the high incidence of climaterelated disasters, as well as the relatively large, albeit declining, share of the labor force employed by the agricultural sector.

“Drought conditions associated with El Niño have led to supply-side disruptions to agricultural output in recent years, contributing to inflation volatility and dampening household purchasing power,” Moody’s said.

“Overall, the severity and frequency of extreme weather events can increase the Philippines’s GDP [gross domestic product] growth volatility, as well as public expenditure due to costs associated with reconstruction or rehabilitation,” it added.

B4

Style

BusinessMirror

Monday, November 2, 2020 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Batch 1990 In 1990, cinema lost the greats such as Greta Garbo, Sammy Davis Jr., Paulette Goddard, Barbara Stanwyck, Ava Gardner, Capucine and Irene Dunne.

But future stars were also born: Jennifer Lawrence, Emma Watson, Kristen Stewart, Margot Robbie, Rhian Ramos, Kim Chiu, Megan Young, Liam Hemsworth, Dev Patel, Bill Skarsgård, Aljur Abrenica.

On May 17, 1990, the World Health Organization removes homosexuality from its list of diseases.

In 2020, Pope Francis’s declaration in support of homosexual “civil unions” or “civil coexistence” are sending religious bigots into a coma.

‘BRITISH VOGUE,’ JANUARY 1990 THE new decade ushered in a new idea of beauty, after the excess of the 1980s. To see five different women on the cover of a magazine, undone and casual in Giorgio di Sant’Angelo bodysuits and Levi’s, was a refreshing jolt.

In 2013, German photographer Peter Lindbergh related to British designer John Galliano in Interview magazine how he shot the most iconic fashion cover of all time: “[Editor in chief] Liz Tilberis had called and said, ‘I want you to do the January 1990 cover and to do something that expresses what you think the ’90s are going to be about.’ So I took the five girls—Linda [Evangelista], Christy [Turlington], Tatjana [Patitz], Naomi Campbell, and Cindy Crawford—and that became the birth certificate of the supermodels. That was the rubber stamp for the era—that cover of British Vogue.”

MADONNA in Vogue; Richard Gere and Julia Roberts in Pretty Woman, and Demi Moore and Patrick Swayze in Ghost; Megan Young; Greta Garbo; Kristen Stewart; “Freedom ’90”; British Vogue January 1990

‘M

UCH has happened.Nothing has changed.” I can’t recall if I heard that from a TV show or read that in a book, my pastimes during this pandemic. Another preoccupation is waxing nostalgic. I belong to Xavier University High School Batch 1990, and we would have celebrated our 30th anniversary hadn’t Covid intervened. Those lines ring true as I recall the events of three decades ago which continue to have an impact today.

In 1990, East Germany and West Germany reunified while Namibia separated from South Africa. Nelson Mandela was released from prison while Margaret Thatcher resigned from Parliament.

Soviet President Mikhail Gorbachev wins the Nobel Peace Prize, and Akihito was enthroned as the 125th emperor of Japan.

On July 16,1990, an earthquake measuring Mw7.7 kills more than 1,600 in Luzon. In 2020, we are still reeling from another disaster, although manmade. In 1990, Iraq invaded Kuwait, eventually leading to the Gulf War. We are being “invaded” by our administration’s “best friends,” though not by military force.

Mariah Carey became a superstar with “Love Takes Time” and “Vision of Love.” Today she makes the Yuletide gay with her chestnut, “All I Want for Christmas is You.” The biggest movies were Pretty Woman, Dances with Wolves, Total Recall, Home Alone and Ghost. Also released was The Witches, based on the book

by Roald Dahl (who died in 1990), starring Anjelica Huston. Anne Hathaway stars in the 2020 remake.

music industries blended together.”

Linda talked about authenticity, a thing missing in our present Instagram-filtered world: “The video is just so beautiful, it’s difficult to have a favorite scene, but I love when the jacket is set aflame. The symbolizing of destroying the artifice to make space for the realness is beautiful.”

At the Gianni Versace Fall/Winter 1991 show a few months later, the supers sans Tatjana sang along to the song during the finale. “You could feel there was something kind of orgasmic coming,” fashion journalist Tim Blanks recalled. “That was a fashion moment of biblical proportions.”

The director of the “moody, romantic neo-noir” video was an upstart named David Fincher, before Fight Club and his Oscar nominations for The Curious Case of Benjamin Button (2008) and The Social Network (2010). In November 2020, Fincher is set to release another Oscar contender, Mank, a biographical drama about screenwriter Herman J. Mankiewicz (Gary Oldman) and his battles with director Orson Welles (Tom Burke) over screenplay credit for Citizen Kane (1941).

“FREEDOM ’90,” GEORGE MICHAEL, OCTOBER 30, 1990 AFTER going solo and selling millions of albums, George Michael was fed up with the pressures of fame. When Listen Without Prejudice Vol. 1 came out, he refused to do the requisite video to promote the third single, “Freedom ’90”. Instead, having seen the British Vogue cover with the five reigning queens of fashion, he asked them to lip sync the uptempo song in his place.

“But that was just marketing, wasn’t it? Because I didn’t want to be in the videos anymore and it was a genius idea, you’ve gotta admit. It meant that video [‘Freedom ’90’] was on forever and I didn’t have to be in it. They were the hottest thing at the time and at the end of the day, I love looking at women,” George told Attitude magazine in May 2004.

Besides the five supers, the video featured male models John Pearson, Mario Sorrenti, Peter Formby, Todo Segalla and Scott Benoit. Pearson reunited with the women as they reminisced about the video’s 30th anniversary for his blog called Mr Feelgood (bit. ly/37YZg8R).

“I think this video struck a chord for so many reasons. First and foremost was the song itself and the message and declaration of ‘freedom’ for George himself,” Cindy told Pearson. Tatjana added: “It represents an era in pop culture, and it was at the height of the early 1990s when the fashion, film and

‘VOGUE,’ MADONNA, MARCH 27, 1990 “I’VE been very inspired [by New York],” Madonna once told iHeartRadio. “The song ‘Vogue’ was inspired by walking into a nightclub and seeing the Xtravaganza crew voguing. And I was like ‘Woah, what the hell is that?’. It was just the most amazing thing.”

The anthemic/house/dance music became the lead single off Madonna’s 1990 album, I’m Breathless, which was inspired by soundtrack for Dick Tracy where the singer-actress played Breathless Mahoney. The song was about the poses of the models that appear in the fashion bible, danced in drag ballrooms using exaggerated gestures by black and Latinx queers thus bringing an underground subculture into the mainstream.

Of the 16 old Hollywood greats that Madonna name-checks, I think only Grace Kelly and Lauren Bacall were actual Vogue cover girls. I still wonder why she didn’t pick the ultimate fashion icon of them all, Audrey Hepburn. Or the godmother of gays, Judy Garland.

David Fincher directed the video. In black and white, it paid homage to photographs of Horst P. Horst (without his permission), including “Mainbocher Corset,” “Lisa with Turban” (1940), and “Carmen Face Massage” (1946). The video also showed the first glimpse of Madonna wearing the iconic cone bra designed by Jean-Paul Gaultier.

As the US braces for a highly contentious presidential election this year, it’s a good time to recall Madonna’s cover version of Vogue for “Rock the Vote” campaign for the congressional polls in 1990: “Dr. King, Malcolm X, freedom of speech is as good as sex. Abe Lincoln, Jefferson Tom, they didn’t need the atomic bomb...don’t just sit there let’s get to it, speak your mind there’s nothing to it, vote!” ■

customized acne-fighting skin-care regimen. The Acne Drying System At-home Kit retails for P9,550.

■ PITS PERFECT PEEL KIT. Did you know that 60 percent of Filipinos have dark underarms? So it’s nothing to be ashamed of but if it really bothers you, this kit is for you. Each kit contains Coquille Peel, Citrine Peel and Pits Perfect Peel.

The Pits Perfect Peel At-Home Kit retails for P3,650.

■ LUXURY FACIAL KIT. The Luxury Facial Kit helps to deeply cleanse and revitalize the complexion, infuse the skin with nourishing vitamins and deliver intense hydration. The special masque included in the kit contains marine algae extracts and hydrating vitamins and minerals.

Aside from the Luminisce Una, the kit includes Lipid-Free Cleanser, Ultrarevitale Cream, Skin Boast Powder 1 Masque, Ionto Serum, Skin Boast Activator Masque and Organic Spatula (for the masque). The Luxury Facial At-home Kit retails for P9,550.

The other kits are Radiance Lift At-Home Kit, Sweat-off RX, Full Radiance Lift, Total Glow Body Scrub and Peel, Coquille Peel Kit, Citrine Peel Kit, The Lit Kit and Crystalit Roll On. The kits are available at Luminisce’s clinics in Bonifacio Global City (the flagship), The Podium and Alabang (Molito).

Contact them at 0915-9794661 for more information.

“What differentiates

these home derma kits from the other kits is that they are expertly curated and contain medical-grade concentration skin care that we are using in Luminisce. We also included a complimentary one-on-one consult with a doctor or nurse.

We are bringing the Luminisce experience and expertise to your home,” said Kaycee.

Kaycee, who trained in Clinical Dermatology at St. John’s Instute of Dermatology in London and Preventive and Regenerative Medicine at Dresden International University in Germany, founded Luminisce in 2012. She has practiced in several areas both locally and internationally and takes pride in giving her patients a global outlook as an means of treating diversified cases of basic to complex skin problems.

Dr. Kaycee believes in an individualized approach to managing skin and weight problems.

We asked Kaycee about a skin problem faced by many people during this pandemic—maskne. She said it’s most probably caused by a combination of stress, pressure from the to certain parts of the face and whatever products we are using, such as moisturizer.

So we asked her what specifically would be a good moisturizer to help prevent maskne.

“Something light and water-based and without too much oil.”

How you can have facial treatments at home ❶ THE

Luminisce Luxury Facial Kit

❷

THE Luminisce Acne Drying System Kit

ONE of the things I really miss after being quarantined for more than six months is having facial treatments. While I’m not the type to go to a dermatologist or aesthetic center weekly or even monthly, I try to go at least once every quarter for a facial and maybe Revlite. The last time I went was probably early March or late February. I don’t even remember.

Dr. Kaycee Reyes of Luminisce Holistic Skin Innovations recently launched their Premium At-Home Kits, which come with products for facial treatments and includes an online consult with a doctor or nurse.

There are 11 kits, all with medical-grade cleansers, exfoliators, creams, serums and masks to address different skin concerns from acne to melasma.

Like many businesses, Luminisce Holistic Skin Innovations had to close its three clinics during ECQ. “It started with online consultations with some patients whose concerns needed immediate attention and for the most part, we were successful in addressing their concerns,” said Kaycee.

Pretty soon, Luminisce was sending peels for acne and melasma (the most urgent concerns) to their patients’ homes.

The response was overwhelming. Luminisce began receiving requests for online

❶

consultation from new patients. And this is how the Premium At-Home Kits were born.

“We wanted to give our patients the Luminisce touch without them having to leave their homes,” said Kaycee.

There are different kits for different concerns and needs.

Here are some of the best sellers: ■ CNE DRYING SYSTEM. This kit uses a medical-grade double peel—a combination of Luminisce’s Coquille Peel and Azelaic Acid (AZA) Peel—to address acne, clarify skin, and prevent further blemishes. The kit also comes with a facial steamed the Luminisce Pure Mist, a pimple extractor and a

❷

ExecutiveViews BusinessMirror

B5 Monday, November 2, 2020 | www.businessmirror.com.ph

IN MORE WAYS THAN ONE

SAHAR EXPANDS CAPABILITIES TO FIGHT COVID-19

By Stephanie Joy Ching

W

ITH the COVID-19 pandemic still growing in many parts of the world, time is of the essence. As cases rise, the time between testing and receiving results is crucial so as to track, trace, and isolate to prevent further infections and to administer the proper treatments and eventually the vaccines. However, with the Philippines’ limited capacity for mass testing, not only can testing be expensive, but it is also inaccessible in many parts of the country.

This is where SAHAR comes in. As a company involved in pharmaceuticals and vaccines for over 25 years, they have always been at the forefront of providing Filipinos with products that are not only effective, but accessible and affordable as well.

“Serving as the Chief Executive Officer, I have been at the helm of SAHAR’s robust operations leading the company to exponential growth and expansion by introducing innovative and future-ready products and services to its growing portfolio. These include new and upcoming ventures complementary to our existing line of businesses as well as in completely new sectors such as petrochemicals and energy” said CEO Adeel Dhedhi Bhyria, “In my role, I navigate not only the operations of SAHAR and its subsidiaries, but also lead the company’s overall vision, strategies, and direction to build the company into a dynamic world-class enterprise with a professional and progressive corporate culture and discipline.”

SAHAR sees the current pandemic as a way to expand and better serve the community. “COVID-19 allowed us to take on new challenges for the kind of products and services we provide in the Philippine market. Most importantly, we are still constantly learning and adapting as the situation and technology evolve.” he shared.

Fuelling its growth with a focused management and streamlined operations driven by technology and data, SAHAR is always ready to move rapidly in response to customers’ changing needs and demands. This year, to expand its distribution network and grow the customer base for its products, SAHAR has forged partnerships with leading local and regional distribution giants Metro Drug and Zuellig Pharma.

As the number of COVID-19 cases swelled last March, SAHAR decided to expand its presence in the diagnostics industry to help detect infections reliably and lessen the time between testing and results. Now, not only does SAHAR provide affordable testing products for COVID-19, they have also partnered with major hospitals, numerous Local Government Units (LGUs) and initiatives such as Project ARK and Go Negosyo to increase the reach of the products. SAHAR has become a leading supplier to businesses of all sizes, from small businesses to large conglomerates for their testing needs to enable the economy to open up and remain open.

“SAHAR’s product was one of the first RT-PCR kits to be approved by the Food and Drug Administration of the Philippines (FDA). That was one of our initial achievements, where we managed to register our RT-PCR kit for COVID-19 and introduce it to the Philippine market early on, following which we launched additional COVID-19 related products. Continuously delivering innovations, SAHAR has recently launched Philippine’s first saliva-based antigen rapid test kit and is actively looking at future technologies for further enhancing the testing capabilities nationwide,” said Bhyria.

Although many testing kits have been developed and approved over the course of the lockdown, SAHAR’s kits are a cut above the rest due to their unique features and high reliability. The kits have been used and validated by various highly reputable molecular labs and medical professionals in the country.

“Most PCR tests only target one to two genes, but our test is able to target three genes to deliver the highest level of accuracy and is designed to avoid false-positives/ negatives. Moreover, the kit is composed of two tubes, which makes for unparalleled advantages in pooledtesting. The idea is that for the price of 1 test, you can test 5 to 10 people, depending on the prevalence of the virus, which can significantly lower the price per test,” he shared.

SAHAR’s newly launched saliva-based antigen test is aimed to facilitate rapid detection with high levels of accuracy and become the preferred method for massscreening as it is minimally invasive and cost-effective.

Outside of diagnostics, SAHAR is also actively involved in the treatment and vaccination efforts

against COVID-19.

“We are also working on treatments, in the form of anti-viral drugs, that have been clinically proven to be effective for the treatment of COVID-19 and we are making them available to hospitals for compassionate use. In the near future, there is a very promising vaccine candidate that we plan to seek approval for in the Philippines,” he shared.

To prepare for the future vaccination initiatives, SAHAR is supporting the industry by sharing its knowledge in capacity-building for cold storage and transport of vaccines requiring sub-zero temperatures.

For the discussion of which he was honored to be invited to share his insights and suggestions on the effective distribution of the potential COVID-19 vaccines at a press briefing held by the Presidential Spokesperson.

Challenges in COVID-19 responses

FOR Bhyria, some of the biggest challenges the Philippines faced in terms of the pandemic is the lack of guidelines on how things were to be done and the lack of infrastructure for molecular testing at the onset of the pandemic. The lack of proper guidelines and experience about which test is for what purpose had caused people to panic and try to test themselves, leading to inaccurate results.

“There had been confusion whereby people started using products for the wrong purpose. If you look at rapid antibody testing, people started using rapid antibody tests to try and diagnose an active infection, but it’s not supposed to be used for that. It’s supposed to only tell you if you have developed antibodies from an infection. Therefore, antibody tests are useful in determining whether a person was recently infected and it is best used 14 days or later after the onset of illness when RT-PCR tests may turn out to be negative.”

RT-PCR (molecular testing) is the gold-standard and confirmatory test. In addition to a lack of guidelines, there was also a severe lack of infrastructure for molecular testing and insight on active cases in the community. According to Bhyria, one of the main reasons the pandemic swelled in numbers was due to a lack of “visibility into the spread of the infection” and “not enough reliable testing capacity.”

“When the pandemic started in March, the whole of the Philippines could only do less than 3,000 tests a day and there were less than 10 accredited molecular labs.

With DOH’s active involvement in tandem with the private sector, the Philippines now has over a hundred labs that are able to do COVID-19 RT-PCR testing,” he added.

In addition to increasing the number of laboratories, Bhyria states that “the country also needs to grow its pool of expertise in molecular testing by promoting the training of laboratory technicians and molecular testing professionals. This would ensure that tests are conducted in the most productive, efficient, and accurate way using advanced technologies and equipment. We are actively playing our role in this to bring the industry forward.”

“I believe these have been the biggest challenges that took the Philippines some time to be able to build the capacity to test people effectively at scale. Right now, the capacity is over 35,000 tests a day and the number is going up. We are on a good track now,” said Adeel Dhedhi Bhyria.

B6 Monday, November 2, 2020

Metrobank income before provisions grew 41% Manila Water Foundation turns over new hybrid handwashing facilities at Marikina Sports Center

AT THE TURN OVER CEREMONIES, FROM LEFT: Dr. Angelito Llabres of the Marikina Sports Center, Dr. Beverly Ho of the Department of Health, Mayor Marcy Teodoro of Marikina City, Dr. Alberto Herrera of the City Health Office, Marie Joy Flores of Manila Water - Marikina Business Area, and Jill Iris Ramos of Manila Water Foundations of the residents.

M

ARIKINA Sports Center, known for hosting various local and international sports competitions, will soon serve as an emergency quarantine facility for the residents in the City.

In partnership with P&G, Safeguard Philippines and Department of Health, two handwashing facilities were turned over to the Marikina City Government on October 29, to help ensure the safety of the frontliners, staff and patients who will use the quarantine facilities in the sports center.

To encourage the habit of handwashing, Dr. Beverly Ho of the Department of Health emphasized that access to water and hygiene is highlyessential. “We know that one of the biggest contributors to sicknesses that we might be able to get would be lack of access to water and poor hygiene,” she said. “Part of the ‘BIDA Solusyon’ behavior that we're pushing for is ‘I’ or ‘I-sanitize ang mga kamay, iwas hawak sa mga bagay.’ To make that happen, we need to have available or accessible handwashing facilities,” she added.

Addressing the newly installed handwashing facilities at Marikina Sports Center, Dr. Ho shared, “We're very excited because we are going to have really good quality handwashing

facilities installed in this area.”

Mayor Marcy Teodoro of Marikina City mentioned that its design shows how well it was planned and conceptualized. "It is very functional, hygienic to use, and [avoids contact].

Even the design—the nudges that we have here, it has an effect [on] users to wash hands for a longer period of time. Salamat sa pinag-isipan at pinagplanuhang handwashing facilities dito (Thank you for the well-thoughtof and well-planned handwashing facilities here)," he said.

The project is under Manila Water Foundation’s WASH in Pandemic program, which aims to deliver immediate water access, sanitation, and hygiene (WASH) interventions in the “new normal”. This partnership is an integrated appr oach, to combine efforts with Safeguard’s Safe Philippines campaign, which aims to encourage Filipinos to adopt proper hand hygiene habits wherever they go.

Like the other hand hygiene facilities built under the WASH in Pandemic program, the handwashing facilities feature a “hybrid” design. This allows users to turn on the faucets of the facilities in two ways: either via a lever that can be used by a hand or an elbow, or by using a foot pedal. There

is also a one-meter distance between faucets to observe physical distancing.

Children and persons with disabilities (PWDs) may be able to access the facility through a ramp and a lowered sink. Each facility is built with three faucets with soap containers and are installed with signages about COVID-19 precautionary measures, proper handwashing, and the responsible use of water.

Dr. Angelito Llabres, Head of Marikina Sports Center also mentioned that the handwashing facilities can be used even beyond the pandemic.

“Napakaraming makikinabang nito dahil ang [sports center] ng Marikina ay binibisita ng napakaraming tao. Ang average client namin dito is around five to six thousand a day. Kailangan talaga nila ang [handwashing] facility (A lot will be benefitting from this because the Marikina Sports Center is visited by several people. Our average [number of visitors] is around five to six thousand a day. They really need a handwashing facility),” he added.

At the onset of the pandemic, Marikina City was one of the hardest hit areas of the respiratory disease. At the time, MWF also turned over 400 hygiene packages and information-educational materials on proper handwashing, to help support the immediate need.

EU delegation to the Philippines gathers journalists in a webinar on Green Recovery and Sustainable Reporting

E

NVIRONMENTAL, science and business journalists, government communications officers and journalism students from across the country participated recently in “State of Play: Green Recovery and Sustainable Reporting”, a webinar mounted by the European Delegation to the Philippines to discuss issues and actions in dealing with climate change and environmental degradation.

The European Union is implementing a new growth strategy called the European Green Deal to build back better green policies, programs, investments, and commitment to green, digital and resilient recovery. The European Green Deal outlines an action plan to boost the efficient use of resources by moving to a clean, circular economy, restore biodiversity, and cut pollution to become a carbon-neutral economy by 2050.

Part of the EU’s agenda is helping other countries such as the Philippines, in sustainability efforts—from financing efforts to addressing climate change, to technology and research collaboration.

Department of Finance Secretary Carlos Dominguez, in his videotaped address, thanked the EU for being a dependable partner in taking action against the climate crisis as the country shifts its investments to clean energy resources and green technologies.

“There is no Planet B. We either save the earth or perish with it,” Secretary Dominguez said. “There is no quick solution to the climate crisis. We need to

act together now and EU has helped us expand our sustainable energy generation capacity to meet our economy’s growing needs. We hope to learn more from the European Union’s technological innovations in water management and conservation, sustainable energy, and modern agriculture.”

He also said the world can address the climate emergency “with a better and more informed approach”.

“We have a wealth of information and innovative solutions on how to best deal with the climate crisis. We should be more prepared to save lives and prevent the worst possible outcomes,” he added.

Mr Thomas Wiersing, Chargé d'Affaires a.i. of the EU Delegation to the Philippines, said that the EU is ready to continue its engagement with the Philippines in approaches to ensure environmentally sustainable economic activities. “The EU also supports the Philippines in making energy efficiency and conservation a national way of life,” he said.

The EU Delegation to the Philippines hosted the webinar to foster greater awareness among journalists about the effects of climate change and how the EU and the Philippines cope with these challenges.

“The EU recognizes that journalists play a critical role in creating awareness to help the public know how to act against climate change and governments to make informed decisions,” said Mr Wiersing.

The Philippine Network of Environmental Journalists (PNEJ)

president Imelda Abano discussed the important role journalists play in solving the world’s environment crisis in her talk “Reporting Beyond Disasters and Climate Change.”

“As journalists, we need to build increasingly compelling stories so we can act decisively, with urgency. It can save lives, formulate plans, change policy and empower people to make informed choices. We can push our governments to do more by writing solution-oriented stories,” shared Abano.

For his talk “Climate Change Disinformation,” Pulitzer-Prize winning journalist Manny Mogato advocated for fact-checking and accuracy in news reports to counter rampant disinformation in environment reportage.

“In the Philippines, false information easily spreads because Filipinos rely on social media platforms to get information. As journalists, we cannot allow disinformation to win. We have to fight back by becoming more accurate, fair, impartial, and transparent, and we can achieve this with available tools we have at our disposal,” he said.

Other speakers included Finance Assistant Secretary Paola Alvarez, GA Circular ‘s Head of Operations, Mr Tam Nguyen; Director Republic Cement’s Ecoloop Atty Angela Edralin-Valencia; EU Delegation to the Philippines’ Programme Manager Mr Giovanni Serritella and International Relations Officer for Southeast Asia, DG Environment, European Commission Ms Katarina Grgas Brus.

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ROM January to September of 2020, Metrobank posted a 41% growth in income before provisions of P52.4 billion, as the bank increased loan reserves for potential risks to P35.4 billion.

As a result, its non-performing loans (NPL) cover went up to 174% from 96% previously, supportive of management’s conservative provisioning strategy to safeguard against the continuing effects of the pandemic. In the same nine month period, Metrobank announced a net income of P11 billion.

“Our results are relatively strong across the board. Total revenues grew 20% to P96.3 billion, income before provisions increased by 41% to P52.4 billion, and net interest margin improved further to 4.1%, while deposits and capital levels remain very healthy. Amidst the effects of the pandemic looming over the economy, the bank’s overall performance is better than expected.” said Metrobank President Fabian S. Dee. “Even though nonperforming assets are currently within manageable levels, our strategy is to be conservative by building reserves in case the crisis drags on,” Dee added.

As of end-September, the NPL ratio rose to 2.25% from 1.52% in the same period last year. The increase in NPLs remains within expectations amidst a slowdown in the economy.

Meanwhile, deposits held up relatively well, increasing by 10% to P1.7 trillion, propelled by the 22% growth in low-cost deposits. CASA ratio further improved to 71% from 64% a year ago. Healthy deposit growth accompanied by the 175 basis point reduction in policy rates helped ease funding cost in the first nine months of the year, driving net interest margin

improvement by 20 basis points to 4.1%.

As the global health crisis continues to constrain economic activities, net loans and receivables contracted by 13% year-on-year to P1.2 trillion. Commercial lending sustained a slowdown as clients deferred expansion plans and used excess liquidity to pay down debt obligations.

Consumer loans similarly declined amid economic uncertainty, which limited consumption to essential goods and deterred big-ticket spending.

Non-interest income rose 28%, lifted by robust trading and FX gains of P17.8 billion.

Meanwhile service fees and commissions remained weak, declining by 10% primarily due to lower transaction volumes and waiver of some fees.

Despite the challenging environment, the Bank’s cost-to-income ratio improved to 46% from 54% previously. This was achieved as operating expenses growth slowed down to 2% year-on-year to P43.9 billion, underscored by continued efforts to enhance productivity and efficiency, and cost management of items deemed non-essential under the present business conditions.

Metrobank is one of the strongest and well-capitalized banks in the country.

The Bank believes that its robust capital position and balance sheet strength will provide ample support as it navigates through these uncertain times. Capital ratios are among the highest in the industry, with total CAR at 19.9% and Common Equity Tier 1 (CET1) ratio at 19.0%, while consolidated assets stood at P2.4 trillion at the end of September 2020.

Sun Life Grepa makes it easy for clients to get insurance coverage

Richard S. Lim, President of Sun Life Grepa

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ONTHS after the pandemic, it is only now that the world is moving towards recovery. People are slowly rebuilding their lives and livelihood, and while there is still a long way to go, one big lesson learned is the importance of financial preparedness in times of crisis.

Sun Life Grepa Financial, Inc. (Sun Life Grepa) is giving clients an opportunity to ensure they are better prepared for such circumstances in the future through its newest

campaign. Under this program, Sun Life Grepa is allowing new and existing clients to avail of specific, regularlyunderwritten life insurance plans through a faster and more convenient process of a simplified issue offer (sio), making it easier for them to achieve peace of mind with financial protection.

“We are always looking for ways to help people pursue financial security and healthier lives,” said richard s. Lim, president of Sun Life Grepa. “Through this offer, we hope to help more people to not only be ready for life’s emergencies but also be able to help them thrive and grow in their financial journey. In this way, we continue to enforce our commitment to guide people towards a brighter future.”

This sio is well-suited for current clients seeking to boost their insurance portfolio or new clients who want to avail of coverage easier and more conveniently. The campaign applies to select traditional life and investmentlinked life insurance products only, starting october 12 up to december 28, 2020, subject to the campaign guidelines.

For inquiries, contact your sun life grepa financial advisor, call 88499633, email wecare@sunlifegrepa.com or visit www.Sunlifegrepa.com for details.

Trend Micro Philippines aims to elevate cyberdefenders’ skills amid a transforming world with Decode 2020

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HE need for any business to transform has become urgently necessary, more especially with the abrupt and unexpected emergence of the ‘new normal.’ As numerous businesses are forced to streamline or even halt their operations, it is not surprising that cybercriminals continuously thrive, even more creatively and strategically than ever.

“The pandemic did not just change the way businesses—and subsequently, their employees— operate; the nature of certain criminal activities have also changed in this time of isolation,” said cybersecurity experts in the Trend Micro 2020 Mid-Year Security Report.

“Trend Micro’s mission is to make the internet a safer place, and we will continue to proactively disrupt cybercriminal activities. We’ve never felt more motivated to work toward this mission as people need protection during such times as these. Mutual help and support are extremely important for our goal to succeed.”

Elevate beyond the ordinary

AS new threats arise, all organizations must accept the need for transformation. Logically, this is the time when information technology (IT) professionals should be armed not only with the right tools but also with the right knowledge and skills. As cyber-defenders, they must elevate to facilitate their businesses’ transformation in the most rapid, seamless, and secure way possible.

This timely concern and more come into focus in the fourth edition of Decode PH. With the theme ‘Elevate: Transform Rapidly, Seamlessly, Securely,’ the annual conference itself is transforming as it goes fully virtual.

From being a one-day event, it will also expand into a 3-day summit from November 10 to 12, 2020.

Decode 2020 is aiming to gather over 3,000 Filipino IT experts from various organizations across

the country, and even abroad. The 3-day conference will discuss up-to-date information about the threat landscape, industry trends, and new technologies for the participants’ further empowerment amid the interesting times.

Decode 2020 sessions

AS the summit goes virtual, it is more than doubling the number of sessions—from 15 in the previous edition to 40 this year. Each of the 30-minute session will be streamed one by one, instead of simultaneously, which was how it was done physically in the previous three years.

Among the highlights are keynote sessions of Hathaway Global, LLC President Melissa Hathaway, who will discuss the way digital infrastructures are responding to ‘new normal’ demands; SyCip Gorres Velayo & Co Cybersecurity, Privacy, and Trusted Technology Principal Philip Casanova, who will share timeless principles he learned in his over two-decade journey as a Philippinebased cybersecurity professional; and Trend Micro Director and Data Scientist for Threat Research Jon Oliver, who will share his assessment of the ongoing evolution of the malware and security landscapes.

To register for free, visit the official website at https://decodeph.com/

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, November 2, 2020 B7

The coronavirus chronicles: Rethinking your office space...and your budget

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By Millie F. Dizon

n Focus on talent. Being office free, says Matthews, means that you can shift fundamentally to investing in people. With that, you can shift fundamentally on how you recruit.

For example, “geographical limits no longer apply. In addition, you can empower employees to work more independently and prioritize productivity over time cards.”

Without question, attracting and retaining talent is a great use of newly found resources of saving on office space. It’s not surprising you often hear executives saying, “We don’t spend money on rent, we spend it on people.” n Rethink face time. While working remotely has its benefits,

Brand & Business: Filipino nurse shares tales from the frontlines with Grab

MANILA, PHILIPPINES—A frontliner’s daily grind is different from most of ours. While the general populace is working from home, those protecting and supporting the public from Covid-19 are still bravely serving from their respective “forts;” in groceries, pharmacies, banks, and hospitals.

Medical professionals are even exposed to health risks to a greater degree. As they deal with the virus head-on, the thought of bringing the sickness to their loved ones at home and the occasional discrimination they experience in the dayto-day put even more weight in the responsibility that they carry. These thoughts frequently dwell in nurse Caye Yambao’s mind.

From an oncology ward charge nurse at a premier hospital in BGC, she was thrust into a most challenging role as a Covid-19 nurse in response to the growing number of cases in March.

“Shocking and challenging siya, hindi namin in-expect na sobrang dami pala ng may Covid, lalo na noong first wave na first hundred, first thousand cases pa lang sa Phil-

ippines. Nag-close yung unit namin, which is the cancer unit, and then nadisperse kami to add support sa Covid ward,” Caye recalls.

(It was shocking and challenging, we did not expect that there would be such a high number of Covid cases, especially during the first wave of the first hundred, first thousand cases in the Philippines.

Our cancer unit was closed, and we had to be assigned to the Covid ward.)

As a charge nurse with a set schedule pre-Covid-19, Caye was used to having a proper routine and therefore more control over her work and life. But when Covid-19 hit, having a schedule sometimes meant knowing about it on the day itself. The halting of all modes of transportation for the public’s safety further added to Caye’s worries.

Three. That is the number of times that she had experienced walking from her home in Mandaluyong to work in BGC. The hospital later provided its staff with shuttles but Caye also had to hold on to precious sleep.

“Noong wala pang Grab, nagshushuttle ako pero it’s too early. Pasok ko is 6 a.m. Tapos yung shuttle pick-up is 4 a.m. Ako yung unang pini-pick up. Tapos, siyempre pagod ka sa duty, binabawi mo sa tulog. Kaya lang I need to wake up at 3 or 3:30 a.m. kasi kailangan nasa pick-up point na ako ng 4 a.m. Ako yung first na pini-pick up. Tapos iiku-

spend time with colleagues.

n Get your toolbox in order. For virtual and semi-virtual offices to really thrive, Matthews says that you will need to put new systems and supports in place. That means investing in technology that will make the work flow more efficient and effective for everyone.

For example, consider Microsoft Teams, which Matthews describes as a “an integrated platform that is reliable and secure.”

Likewise, “spend time and resources testing what’s right for your culture. In fact, finding the right tools and processes for collaboration will be essential to preserving and strengthening your culture.” n Review your back office. All in all, “your business operations need to match your new model.

We cannot say enough about the peace of mind that comes with having an assistant, HR consultants, attorneys, and accountants who understand the nuances of virtual workers.”

That’s because “they know how to flex unique circumstances from the work-from-home world such as managing different time zones, telecommuting ready employment agreements, and multiple jurisdictions.”

Matthews has one final thought on what to avoid: “do not discount rates from the brick and mortar days. This might unintentionally signal that your work is less valuable since you’ve given up your office space. And in this tough economy, that’s money in the bank.”

www.freepik.com

PR Matters

ITH many of my colleagues in various industries still working remotely or having more flexible work arrangements, the office as we know it has been transformed.

With social distancing a main concern, many offices have been re-designed—placing desks further apart and enforcing one-way traffic schemes on corridors. Thermal scanners, disinfectants, and health declaration codes have become part of our everyday routine.

In fact, many employers are rethinking the role of their offices, and for some, this means going virtual. And with that, my colleagues in the PR and advertising industry can consider adjusting their budgets, and investing in a new model.

In an article, “Your Office is Now Virtual: It’s Time to Adjust Your Budget,” in PR News, Melissa Matthews, founding partner of The Matthews Group, says that “zeroing out on rent, utilities, parking, and even the community coffee pot are some of the most attractive reasons businesses are embracing a distributed work force. It may seem like a windfall.”

She feels, though that “not all these savings should go to the bottom line.” Instead, “closing the door on your office sends the opportunity to invest in a new model.”

Matthews gives us a few items to consider:

Matthews believes that “there’s still tremendous value in seeing people in person once health guidelines allow” so she urges management to budget for it.

tin namin yung buong Mandaluyong before makarating sa hospital at around 5:30 a.m. Imagine mo yung one hour and a half na itinulog ko pa sana.”

(Before Grab became available, I rode the hospital shuttle but it came too early. My shift starts at 6AM and the shuttle pick up is at 4 a.m. Since I’m the first to be picked up, I have to wake up at 3:00 or 3:30 a.m. to make it to the call time. We have to fetch everyone in Mandaluyong, so we arrive at the hospital at 5:30 a.m. That means I have an hour and a half of sleep to still enjoy if I opted not to join the shuttle.

Duty during Covid is exhausting so sleep became even more essential.)

Describing sleep as “priceless” given the usual 12-hour shifts and the mental and emotional toll from her job, Caye chose to use Grab as soon as it resumed its services.

More time for rest, on-demand rides that value safety GrabCar, in particular, allowed Caye to get additional hours of sleep since she could wake up later than when she had to ride the hospital shuttle.

Also, as a health professional, Caye values the sanitation and safety protocols she personally experienced when using GrabCar. She lauds the consistent and strict adherence of drivers to the face shield and face mask requirement, as well as the provision of alcohol and sanitizers and installation of acetate barriers between the driver and passenger’s section for ad-

For example, you can use “team building off-sites, working dinners, or the occasional shared workspace to solidify relationships and cultivate a shared vision.”

ditional safety.

“Some Grab drivers, they even offer to open the door and then sila din yung nag-sespray ng alcohol.

Sobrang na-feel ko yung safety doon. Sobrang galing ng part na yun. Tapos nakikita ko na after ko sumakay, nag-sespray sila ulit doon sa car kaya feeling ko kahit maraming sumasakay na iba, safe pa rin. Yung act na yun, sobrang nakakapanatag,” Caye shares.

(Some Grab drivers even offer to open the door and spray the alcohol on my hands. I really felt their commitment to safety. I also noticed that after I leave, they spray the car another time to make it safe and hygienic for the succeeding passengers. Knowing and seeing those practices really provide assurance.)

The measures Caye witnessed are in line with GrabProtect, a set of initiatives and features by Grab that include an online health and hygiene checklist, a mask selfie verification tool, safety and hygiene certification, hygiene kits, and mandatory deep disinfection of vehicles all aimed at enforcing stricter and higher standards for safety and hygiene in local public transportation.

The initiative also introduced cashless payments to minimize hand-to-hand contact and the limiting of passengers per ride to two, in observance of national social distancing protocols. Saving lives, restoring smiles Caye admits that being a medical frontliner is

And when you’re together, “It’s also a great time to get practical things done, such as head shots.

Maximize travel resources by adding a couple of days to trips to

difficult especially after hearing stories of discrimination from her peers. The instances were more frequent during the early days of the pandemic, but Caye recalls them with sadness and sympathy.

She recounts that nurses using the available public transportation were sprayed with alcohol and liquid disinfectant by other passengers due to public fear that they might be contagious with Covid. The public’s reaction led to nurses refraining from wearing their uniform outside the hospital in order to avoid such unfortunate episodes. However, Caye still affirms her passion for her chosen path by appreciating the knowledge she gained about the virus from her time spent at the Covid ward.

“The more na nakakaduty ako, mas extensive yung mga naging knowledge ko regarding the virus.

Mas marami akong alam, mas alam ko yung mga treatment na dapat na gawin, para if ever may family ako na may symptom, alam ko ang gagawin ko.”

(As I spend more time around Covid, I also gain more knowledge about the virus. It gives me a better idea of what to do, what treatment could be effective, in case I have a family member who shows symptoms.)

She adds that handwashing is still our most formidable defense against the virus, aside from social distancing and the wearing of face

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world.

Millie Dizon, the senior vice president for marketing and Communications of SM, is the former local chairman.

We are devoting a special column each month to answer the reader’s questions about public relations.

Please send your comments and questions to askipraphil@gmail.com.

masks and shields which have become mandatory. The support of Grab through its transport service and of her hospital staff and management through their psychosocial support, are sources of strength for Caye as she and the rest of the country continues to battle the virus and grapple with a new reality.

But what Caye treasures the most even during the most difficult days is the unique opportunity to save lives. “What keeps us going is a simple ‘thank you’ and seeing patients smile again after fighting Covid, especially yung mga critical cases. Nakaka-overwhelm. Yun ang nag-iinspire sa akin na magpatuloy sa work. I am proud to be a frontliner because I am able to save lives,” Caye proudly declares.

(What keeps us going is a simple “thank you” and seeing patients smile again after fighting Covid, especially those who were critical cases. It makes me feel overwhelmed. Those are what inspire me to continue with my work. I am proud to be a frontliner because I am able to save lives.)

Working in the frontlines during a pandemic is a feat that frontliners accomplish with strength, resolve, and heroism every day. In acknowledgment and admiration of their selfless service, Grab commits to celebrate and support their work through car rides that are continually available, on-demand, timeefficient, comfortable, and safe.

Sports BusinessMirror

B8 Monday, November 2, 2020

By Josef Ramos

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LL players hurdled another round of Covid-19 tests and are fit to return to action in the Philippine Basketball Association (PBA) Philippine Cup. But they’re in for a week-and-a-half of rigid tests on the playing court.

PBA Commissioner Willie Marcial announced on a stormy Sunday morning a 30-game schedule that will be squeezed in only nine days after five playing days and at least three games were canceled as health officials adjusted protocols inside the Clark bubble.

“I know this is the first time in the 45-year history of the PBA, but we really need to put everything inside just nine days,” Marcial told BusinessMirror via a phone interview from the Quest Hotel. “We need to include all 30 games in a nine-day schedule.”

The heavy schedule is expected to impact the players’ bodies and Marcial hoped everyone is in top shape as the league is working on a constricted schedule inside the bubble after a referee and a Blackwater player needed to undergo 10-day quarantine following confusing test results that eventually turned out negative for both.

“I keep telling everyone, ever since, the safest place is inside the PBA bubble, and we’re already one month here—and hopefully we stay safe,” Marcial said. “We’re not that relaxed because the season is not done yet, but the third cycle of tests yielding negative results is a big thing for us.”

There are five quadruple headers, two triple headers on November 5 and 9 and two regular double headers on November 7 and 10. The last day of the elimination is on November 11.

PBA ROLLS OUT HEAVY PHL CUP SKED IN CLARK The first quadruple header on Tuesday pits Blackwater against San Miguel Beer at 10 a.m., Phoenix Super LPG against Terrafirma at 1 p.m., Northport against TNT Tropang Giga at 4 p.m. and Alaska against Barangay Ginebra San Miguel at 6:45 p.m.

On Wednesday, it’s Rain or Shine versus San Miguel Beer at 10 a.m., Blackwater against Meralco at 1 p.m., Magnolia against TNT at 4 p.m. and Northport against Ginebra at 6:45 p.m.

Officiating does not pose a crisis, according to Marcial, with the PBA maintaining an active 15-member referees pool with one returning to the group soon after completing isolation procedures.

The referee who was evicted from the bubble because of a bad call was also replaced, he said.

Marcial said all games will be shown live on One Sports and PBA Rush. TNT Tropang Giga team consultant Mark Dickel supported the new schedule “No problem with the draw [schedule]. We are super excited to play again. We have had way too

COMMISSIONER Willie Marcial announces a revised eliminations schedule on the same day Michael Christopher “Topex” Robinson is promoted to head coach of Phoenix Super LPG.

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technical knockout victory over Duke Micah in Connecticut.

“He can’t get it on by February or March, and that’s Inoue’s next fight. And if certainly, we’ll consider him for that fight if he is ready to do it,” said Arum, noting that a Inoue-Casimero unification bout would be staged before a limited paying audience.

Arum was also elated to the performance of the undefeated International Boxing Federation and World Boxing Association bantamweight champion Inoue (20-0 with 19 knockouts), calling him the “younger version” of Filipino pride Manny Pacquiao.

“I thought Inoue looks sensationalized, you know, he reminded me of the young Manny Pacquiao the way he fought and he is just a tremendous fighter with a great footwork, very fast, and he punches like I’ve never seen a bantamweight punch like it,” the 88-year-old international promoter said.

Arum praised Moloney for the tough fight despite being knocked out.

“He fought a really good fight,” he said. “But Inoue is something special.” Josef Ramos

ALL GOES WELL AT GUIAO BUBBLE

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HE National Basketball League (NBL) concluded its bubble with all players, coaches and league staff yielding negative results in the final Covid-19 test on Saturday.

The tests were done inside the Bren Z. Guiao Sports Complex before all the delegates from Season 3 champion Pampanga Delta, La Union PAOwer and NBL staff left the bubble.

It was the fourth test done by the league during the bubble where the finals were played.

Three antigen tests and one RT-PCR test were conducted during the entire series with all yielding negative results.

The testing was done in coordination with a medical team led by Dr. Johan Uichico and the Games and Amusements Board.

The Delta captured the Season 3 President’s Cup championship after beating the La Union PAOwer in Game Four, 76-68, last October 28. Levi Hernandez was named as the finals Most Valuable Player.

Maxey: IP Games on standby

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HE Philippine Sports Commission’s (PSC) Indigenous Peoples Games (IP Games) would have to wait some more before they are revived at least later this year.

“I plan to resume the IP Games, but we have to follow health protocols. So as of now, it’s negative,” PSC Commissioner Charles Maxey told the BusinessMirror.

The PSC staged IP Games last year in Lake Sebu, Benguet, Ifugao and Davao City with local tribes participating in kadang-kadang or bamboo poles race, setanggung or lechon

race and the tag of war, among others. The tribemen’s hunting skills were also featured in bow and arrow and spear competitions.

The PSC is conducting the IP Games in accordance with House Bill 8626 that provides for the preservation of indigenous games.

Maxey said the PSC intended to hold the games in Zambales, La Union, Bukidnon and Mati City but these were all ran over by the pandemic.

“The best thing to do now is actually wait for the situation to normalize. We cannot risk the health of everyone,” Maxey said. Annie Abad

FRANCE’S David Gaudu tops the grueling 170-kilometer ride up four category-one climbs in Spain’s northern mountains in just under five hours.

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LTO DE LA FARRAPONA, Spain—David Gaudu of France won the grueling 11th stage of the Spanish Vuelta on Saturday, while title rivals Primoz Roglic and Richard Carapaz remained locked atop the overall classification.

Gaudu sped away from Marc Soler and screamed with joy as he crossed the finish line at the top of Alto de la Farrapona. The Groupama-FDJ rider won the 170-kilometer ride up four category-one climbs in Spain’s northern mountains in just under five hours.

Gaudu and Soler were the last remnants of a breakaway that successfully stayed ahead of the group of overall contenders on the final climb.

Defending champion Roglic maintained the red leader’s jersey that he reclaimed from Carapaz on Friday. Roglic and Carapaz crossed together to remain on the same overall time.

Dan Martin is third overall at 25 seconds behind.

“It was a hard day in the mountains,” Roglic said. “For now, everything under control. I have a really strong team. So far we are managing this really good.”

A group of riders held a short protest at the start of the stage to voice complaints about the race officials’ decision the previous day that a gap had opened between Roglic, the winner of Stage 10, and Carapaz. The decision awarded Roglic a three-second advantage over Carapaz in the stage, allowing him to take the lead.

The disgruntled riders were angry that officials had not considered the race finale as a bunch sprint as originally planned, which would have eliminated any time difference as part of a safety measure to prevent accidents.

Officials said that since it was a ramp finish, and there was no bunch sprint, the safety rule was not relevant.

Sunday’s stage stays in the mountains with a 109.4-kilometer ride over four summits before a beyond-category finish atop the Alto de l’Angliru.

Roglic enjoyed an armchair ride to the finish, taking 10th on the stage after the most impressive display of collective climbing teamwork yet by any squad in the Vuelta.

After some early collaboration from Ineos

SHAWN KEMP (center) cuts the grand-opening ribbon for Shawn Kemp’s Cannabis, a marijuana dispensary he owns with several business partners in downtown Seattle. AP

COACH TOPEX GETS REWARD

THE Phoenix Super LPG management rewarded Michael Christopher “Topex” Robinson with a full-time head coach’s contract after he guided the Fuel Masters to four wins and three losses so far in the bubble.

Phoenix team manager Paolo Bugia relayed the good news to BusinessMirror on Sunday by sending the team’s statement on Robinson’s promotion.

“The Phoenix Super LPG Fuel Masters is happy to announce that Coach Topex Robinson will be permanently retained as the head coach of the team effective November 1, 2020,” the statement said.

“We look forward to achieving more with him as he continues to further develop the team’s potential, while establishing a franchise with a winning culture,” the statement added.

The 45-year-old Robinson, who replaced Louie Alas last September 11, was instrumental in the reinstatement of Calvin Abueva from an indefinite suspension that lasted 17 months.

Grenadiers to keep the break in check, JumboVimsa’s Lennard Hofstede kept matters under control almost singlehandedly on the second last climb of the San Lorenzo.

Then, barring some brief and somewhat unexpected collaboration from UAE Team Emirates, his yellow-and-black clad teammate Jonas Vingegaard led a steady, if unspectacular, pace for almost 20 kms up the length of the Farrapona.

Almost within sight of the finishing gantries, a brief dig by Mikel Nieve (MitcheltonScott) finally saw the Dane swing off the front, but Sepp Kuss and George Bennett were waiting in the wings to take over.

As a result, even without a rider of the caliber of Tom Dumoulin following the Dutchman’s abandon, on a stage with more than 4,600 vertical meters of climbing, Jumbo-Visma looked more than up to the task of defending Roglic’s narrowest of leads.

AP and Cyclingnews

Halep tests positive for virus

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UCHAREST, Romania—Wimbledon champion Simona Halep has tested positive for Covid-19 and said Saturday that she is “recovering well from mild symptoms.”

The 29-year-old Halep, currently ranked No. 2 in the world, had skipped the US Open due to fears of catching the coronavirus. She said in August that she preferred to stay and train in Europe.

The Romanian player announced her test result Saturday.

“I wanted to let you know that I tested positive for Covid-19. I am self-isolating at home and am recovering well from mild symptoms. I feel good...we will get through this together,” Halep said on Twitter.

Halep, a former top-ranked player,

won Wimbledon in 2019 and the French Open in 2018. Wimbledon was canceled this year because of the pandemic.

Many European countries are experiencing surging numbers of Covid-19 infections. A new wave of lockdowns swept across France, Germany and other places in Europe this week.

Countries such as Switzerland, Italy, Bulgaria Greece have closed or otherwise clamped down again on nightspots and imposed other restrictions such as curfews and mandatory mask-wearing.

In August, Halep expressed concern about traveling to New York for the US Open. AP

SHAWN KEMP: WANNA BUY HEMP?

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long off,” Dickel said. “The games are far easier than practice for us. The PBA has done everything they can.”

Gaudu dominates climb in Vuelta’s 11th stage; Roglic remains GC leader

Inoue-Casimero unification bout eyed in 1st quarter of 2021–Arum OP Rank Head Bob Arum said the anticipated bout between World Boxing Organization bantamweight John Riel Casimero and unified world bantamweight titleholder Naoya Inoue of Japan could be held in February or March next year.

“My Japanese partner [Akihiro Honda] said they would like to get Inoue back in action by February or March, the first quarter of next year, and that’s we are going to do,” Arum told BusinessMirror via overseas phone call on Sunday from Las Vegas. “And Casimero is a very good possibility [as Inoue’s next foe].”

Inoue booked a seventh-round technical knockout win over Australian challenger Jason Moloney at the MGM Grand in Las Vegas on Sunday and Arum said that talks about a unification fight between Casimero and Inoue immediately cropped up.

Casimero and Inoue were supposed to climb the ring in April but the anticipated showdown was shuttered by the Covid-19 pandemic .

Arum, however, doubts if Casimero (30-4 win-loss record with 21 knockouts) could be ready for a fight with Inoue in the first quarter of next year because he only fought last September 26, scoring a third-round

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

EATTLE—The line stretched down the block, around the corner and snaked into the alley on the back side of the street. Most people were wearing green and gold. All of them were there for a glimpse, maybe an autograph and maybe some product to take home.

Even 23 years after he last played for the Seattle SuperSonics, Shawn Kemp can still manage to draw a crowd, even at lunchtime on a Friday in the midst of a pandemic.

This time it was for his latest business venture, partnering with and lending his name to the first of

what he hopes is a franchised line of cannabis dispensaries. Along with his name on the front of the building and a large mural on the side, the dispensary called Shawn Kemp’s Cannabis comes with the additional novelty of being just a couple blocks away from the building where Kemp became an All-Star with the SuperSonics in the 1990s and where he hopes to see the National Basketball Association (NBA) return one day.

Kemp said he never imagined when he was leading

RICK OLIVARES bleachersbrew@gmail.com

BLEACHERS’ BREW

Football stays on, for now GREAT Britain is headed towards another lockdown after a new surge of Covid-19 infections. While I understand trying to get back to some sense of normalcy and people needing to go out after being cooped up too long at home, it is still foolhardy and risky to be going back with no available vaccine.

However, British Prime Minister Boris Johnson indicated that football will go on.

At least in the English Premier League and in Wales. As for non-elite football, there is still no indication. That may well change soon as there are already fixtures drawn up.

The new announcement though affects other sports and sports ventures from swimming to golf courses and driving ranges to leisure centers and gyms.

So far, England’s own bubble is working (although there have been some infections here and there across Europe’s football landscape.

The hopes that spectators would soon return to sporting venues has once more been dashed.

And quite right, If I must add.

Not until there is a vaccine.

But isn’t football continuing to be playing foolhardy? It doesn’t exempt the players from contracting the virus.

I guess, it depends from where you look at it.

On one hand though, it is a coping mechanism. You can say that the coaches, football players, support staff, and the league officials and referees are frontliners in their own way.

They will provide entertainment and distractions. Some talking points outside Covid and the economy.

I think English football officials recognize that. Having said that, they must redouble their efforts to ensure more and better testing and keeping everyone safe. It will take some serious conditions for football to be shut down, as well.

I think these football players must understand not only the risks but the responsibilities put forward to them. They too have been given a chance most others aren’t. To be able to go out and train—while fearsome too—is good. It gets their mind off cabin fever among others.

On the other hand, the latest restrictions could also affect other jobs.

I think it is incumbent upon every company to look for solutions. People as well, shouldn’t be complacent and must also look into alternative sources of income.

Furthermore, the lockdown is only for a month. At least, that is wishful thinking.

As much as I am fine with football staying. I think it should be domestic football only. European competition or even international competition, should be set aside for now. The more travel there is, the more competitions there are, they run the risk of greater contamination.

One cannot completely be sure how stringent the measures are outside one’s own bubble.

Yes, English football will stay. But it will be under tremendous scrutiny. As if it already isn’t (given the VAR controversies and all the sub-plot talking points).

SIMONA HALEP says she is “recovering well from mild symptoms.” AP

the Sonics, one of the best teams in the NBA in the mid-1990s, that a player would ever have his name across the front of a marijuana shop.

“If you had asked me to do this when I was playing, probably not. But I think things change as we go and business as we know will also change. And that’s what I did throughout the years,” Kemp said. “I don’t know if there’s a cool way to promote and to do cannabis, but I think here we’re going to be able to do that in a positive and professional manner.”

Kemp is a partner in the project with Main Street Cannabis, which operates three other dispensaries in Washington state. The company initially claimed it would be the first Blackowned dispensary in Seattle, but later backed off those claims.

Still, Kemp hopes it can be a business example for the Black community. The first store had 35 employees on the first day, with plans to reach 40. AP