BusinessMirror November 05, 2020 by BusinessMirror

THE fate of the United States presidency hung in the balance Wednesday morning, as President Donald Trump and Democratic challenger Joe Biden battled for three familiar battleground states—Wisconsin, Michigan and Pennsylvania—that could prove crucial in determining who wins the White House. The highstakes election was held against the backdrop of a historic pandemic that has killed more than 230,000 Americans and wiped away millions of jobs. Full story on page A5. AP

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Thursday, November 5, 2020 Vol. 16 No. 28

P25.00 nationwide | 2 sections 16 pages | 7 DAYS A WEEK

ON PHL EXPORTS DATA

‘Remittances to best reflect impact of US election results’

By Cai U. Ordinario

HE increase in September exports is within expectations following the easing of lockdown restrictions, but sustaining this would depend largely on the pace of economic recovery of the country’s major markets like China.

On Wednesday, the Philippine Statistics Authority (PSA) said the country’s export earnings grew 2.2 percent, while the country’s import receipts contracted 16.5 percent in September 2020. With this, total external trade contracted 9.2 percent and balance of trade in goods (BOT-G) contracted 49.9 percent. “This is the correct trend and is expected given the easing of lockdown restrictions,” Ateneo Center for Economic Research and Development (ACERD) Director Alvin P. Ang told BusinessMirror. “We can sustain this as long as our value chain recovers similar to China.” Ang added that in order for the country’s trade performance to continue recovering, exports and imports must post double-digit growth next year. “The growth [of exports and imports] has to increase, otherwise we will be left out in the global value chain,” Ang said. ING Bank Manila Senior Economist Nicholas Antonio T. Mapa said China significantly affected the country’s external trade performance in September.

By Bianca Cuaresma

PHILIPPINE Coast Guard personnel and civilian volunteers from Pasay City work together at a Department of Social Welfare and Development warehouse repacking relief goods for distribution to areas devastated by Supertyphoon Rolly. NONIE REYES

‘FOOD SUPPLY VITAL TO AVERT DEEPER POVERTY FROM TYPHOON’

NSURING the country's food supply is paramount in keeping poverty rates from rising as a consequence of Typhoon Rolly, according to the National Economic and Development Authority (Neda). Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua told BusinessMirror late Tuesday that the Neda is still assessing the situation and its impact on poverty.

Continued on A2

PESO EXCHANGE RATES n US 48.3790

Chua earlier said Covid-19 would increase poverty incidence rates nationwide to anywhere between 15.5 percent and 17.5 percent next year. "Agriculture is least affected by Covid-19 (while) typhoons are recurring events that affect agriculture. (The) key is to ensure food security and open the food supply chain," Chua said. “Low and stable food inflation is one key way to address poverty.”

However, Chua said typhoons usually affect the agriculture sector and this will affect food security in general. It may be noted that food accounts for 55 percent of the food and nonfood needs of the bottom 30 percent of the population. Apart from food security, Neda Undersecretary Rosemarie G. Edillon cited a need to provide quick response to those affected See “Food,” A2

CHUA: “Low and stable food inflation is one key way to address poverty.”

HE United States may be one of the Philippines’s top trading partners, but the results of its 2020 Presidential Elections will not be felt most on the country’s export and import numbers but on the Filipino migrants’ capability to send remittances back home. In a discussion with the BusinessMirror, Moody’s Analytics chief economist for the Asia-Pacific Region Steven Cochrane said the Philippine economy will not feel any economic shocks no matter who wins the elections for the year. The US started to tally the votes for its presidential election on Wednesday where, as of this writing, the race between Republican candidate and current president Donald Trump and Democratic candidate Joe Biden remains neck-to-neck. Cochrane told the BusinessMirror that, initially, there will be little impact for the Philippines from the highly anticipated results of the election. The effect of the US election, the economist said, will likely be felt by the Philippine economy months after the President has been elected. Where the Philippines would greatly benefit from this development, according to the Moody’s Analytics economist, is a Biden administration that will approve a fiscal stimulus on the US economy. “The spending on infrastructure, education, social support and state/local government would boost the pace of economic and job growth over the four years of the next term. This would bolster personal income, which would likely result in stronger remittance flows Continued on A2

n JAPAN 0.4631 n UK 63.1926 n HK 6.2407 n CHINA 7.2456 n SINGAPORE 35.5806 n AUSTRALIA 34.6394 n EU 56.6905 n SAUDI ARABIA 12.8997

Source: BSP (November 4, 2020)

News BusinessMirror

A2 Thursday, November 5, 2020

Food… Continued from A1

BELLO: “I will send an amount to hire at least 5,000 people to clean the streets and the debris of Typhoon Rolly.” AP

by the typhoons, especially those in evacuation centers. “Next is the assistance to help affected families recover—shelter assistance, emergency employment,” Edillon told this newspaper. The Department of Human Settlement and Urban Development (DHSUD) earlier told BusinessMirror that at least P1.175 billion is needed to finance the Emergency Housing Assistance Program (Ehap). Del Rosario also said that under the NHA’s Ehap, beneficiaries can be provided with P5,000 to P30,000 assistance depending on the damage. This is part of the financial assistance that the government is providing to those affected by Typhoon Rolly. Del Rosario said PagIBIG will also open satellite offices to service members who wish to avail themselves of calamity loan assistance in affected provinces. The Department of Labor and Employment (DOLE) also plans to include at least 5,000 workers from Catanduanes in its emergency employment program. Labor and Employment Secretary Silvestre H. Bello III said this was in response to the appeal of Catanduanes Governor Joseph Cua that they be included in the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Worker (Tupad) program of DOLE. “I will send an amount to hire at least 5,000 people to clean the streets and the debris of Typhoon Rolly,” Bello said. The Department of Agriculture (DA) earlier reported that the combined damage and losses brought by recent Typhoon Quinta and Supertyphoon Rolly have reached P4.5 billion. The combined damage and losses from the recent typhoons affected 77,958 farmers and 115,148 hectares of agricultural areas in Regions 1, 2, 3, Calabarzon, Mimaropa, 5, 6, 7 and 9, as of noon of Tuesday, November 3. The volume of production loss is at 262,539 metric tons (MT). The affected commodities include rice, corn, high-value crops, fisheries, livestock, irrigation and agri-fisheries, Abaya added. Of the affected farmers and fisherfolk, he said 47,864 were affected by Quinta and the 30,094, by Rolly. Cai U. Ordinario

www.businessmirror.com.ph

OWWA given 7 days to settle unpaid hotel bills of OFWs

By Samuel P. Medenilla

HE Overseas Workers Welfare Administration (OWWA) will soon settle all of its unpaid bills from hotels which accommodated overseas Filipino workers (OFWs) during the Covid-19 pandemic.

the establishments arose from OWWA’s rigorous verification process of the charges from hotels to make sure there will be no overpayment, Bello explained. “OWWA is just making sure all of its payments are correct since sometimes, there are cases of errors in the billing, so there might be overpayment. It will be OWWA which will be audited for it,” Bello said. But to address the concerns of the HSMA, OWWA Adminis-

trator Hans Cacdac said they were instructed by Bello to rationalize their verification process so this could be expedited. OWWA gave assurances that it has the necessary funds to pay what it owes to the concerned hotels. Cacdac said they already paid P2.3 billion for the hotel accommodations of OFWs, who have been waiting for the results of their swab tests since March.

This after BusinessMirror reported that the Hotels Sales and Marketing Association (HSMA) warned that some hotels may have to stop accepting OFWs until OWWA can pay its P241.15-million debt. In an online press briefing on Wednesday, Labor and Employment Secretary Silvestre H. Bello III ordered OWWA to resolve the issue within seven days. “In less than one week all of the payables of OWWA from these hotels will be settled. So they [hotel owners] should not worry,” Bello said. The delays in the payment of OVERSEAS Filipino workers from Bahrain are seen at an Overseas Workers Welfare Administration help desk at the Ninoy Aquino International Airport in this March 23, 2020, file photo. The OWWA is tasked to provide assistance to repatriated and stranded OFWs due to the pandemic. It includes provision of food, airport assistance, temporary shelter, and transportation assistance. NONIE REYES

‘OCT DIP IN MANUFACTURING A PAUSE TO RECOVERY’ By Elijah Felice Rosales

HE country’s trade chief on Wednesday argued the October decline in manufacturing is but a pause toward recovery, as he expressed confidence the sector will rebound in the months to come as more business establishments are reopened. Trade Secretary Ramon M. Lopez said the contraction in the country’s Purchasing Managers’ Index (PMI) in October only reflects the pause in the economy’s recovery momentum. He added the prior month is but an adjustment period where it is usual for factory performance to fluctuate. “It just shows that we are still in an adjustment period, with marginal ups and downs, but essentially the general slope is upward,” Lopez explained.

The country’s PMI in October dropped to 48.5, from 50.1 in September. A score of 50 is a neutral mark in manufacturing output, and any rating above signifies an improvement in activity. “We have observed less business closures but we recognize that there are still reduced staffing levels. As such, this still affects consumer confidence, but the situation is getting better as we ease up the restrictions,” Lopez added. According to the trade chief, manufacturing output is still playing in the neutral level and below because factories have yet to run at full capacity. Manufacturers are apparently waiting for restrictions on age, movement, mass gathering and tourism to be lifted before they return their production to prepandemic levels.

Likewise, Lopez assured the public that investment officials are working double time to rebuild the economy in recession, as they coordinate with the private sector in making sure firms stay afloat and survive the economic impacts of the health crisis. “Given this, our focus has been really empowering businesses to Covid-proof their operations and ensure strict implementation of health standards in establishments to boost consumer confidence,” he said. Lopez said, meanwhile, the government has liberalized a number of its trade and investments rules to incentivize the implementation of Covid-proofing activities, and has granted fiscal perks to manufacturers who make critical goods and services needed in the fight against the virus.

“Given these health measures, we are more confident in further opening up the economy without undermining our efforts to contain the spread of Covid-19,” he said. The PMI is a survey-based economic indicator designed to provide a timely insight on business conditions. The PMI is widely used to anticipate changing economic trends in official data such as GDP, or sometimes as an alternative gauge of economic performance and business conditions to official data, as the latter sometimes suffer from delays in publication, poor availability or data quality issues. The PMI is produced globally by IHS Markit, although a small number of trade associations also produce local PMIs in certain markets.

Experts flag issues on PHL exports data Continued from A1

Mapa said exports to China was the main driver for the growth in Philippine exports. With the opening up of China’s economy, Manila’s exports to Beijing grew 43.3 percent in September, he added. PSA data showed exports to China amounted to $1.22 billion, representing 19.6 percent of total exports during the month. In terms of imports, shipments from China contracted 9.5 percent. Total imports reached $2.01 billion or 25.3 percent of total imports in September 2020. “The freefall in imports coupled with the surprise gain in exports yielded a narrower trade deficit of $1.7 billion, roughly half of the gap recorded in the same month in 2019,” Mapa said.

Concern over BOT-G

HOWEVER, Mapa expressed con-

cern over the 49.9-percent contraction in the trade deficit or the BOTG. He said this is a concern that while this may be good for the peso, it may not be good for the country’s GDP. He said the contraction in the trade deficit “helped the current account swing back into surplus,” and this is a positive sign for the peso in the near term. However, with imports continuing to fall and causing BOT-G to contract, this could not be good for the real economy. GDP, as a measure of production, will be affected negatively if output suffers. “The sustained downturn in imports of raw materials and capital goods points to a continued deterioration in productive capacity and potential output, which does not bode well for prospects for the economic recovery,” Mapa said. According to Ang, this is a major concern for import-dependent

countries like the Philippines. Almost half of the country’s exports are dependent on imports. He added that many inputs and intermediate goods as well as consumer goods in the country are imported. If imports are falling, this also means consumption is weak. The Philippine economy is consumption-driven. Consumption, composed of household and government spending, accounts for 70 percent of the economy. “If the trade deficit is shrinking, this is a sign that the economy is weak,” Ang told BusinessMirror. PSA data showed that the country’s export earnings reached $6.22 billion. The growth of 2.2 percent was a turnaround from the 12.8-percent contraction posted in August. The cumulative export earnings from January to September 2020 amounted to $45.87 billion, a

13.8-percent contraction from the January-September 2019 period.

Commodity groups

OF the top 10 major commodity groups in terms of the value of exports, seven recorded an annual increase. The highest increases were led by cathodes and sections of cathodes, of refined copper (133.9 percent); other mineral products (73.3 percent); and metal components (32.9 percent). “The export earnings in September 2020 marked a positive growth vis-à-vis the figure from March 2020 to August 2020 in which the value of export had negative growth,” PSA said. Total imported goods in September 2020, which amounted to $7.92 billion, continued to trend downward with a contraction of 16.5 percent. The cumulative import value from January to September 2020

amounted to $61.95 billion, contracting 26 percent compared with the import value of $83.69 billion posted in the same period of 2019. The annual decline in the import receipts in September 2020 was traced to the decrease in eight out of the top 10 major import commodities. The steepest decline was recorded in transport equipment (53 percent); mineral fuels, lubricants and related materials (51.4 percent); and industrial machinery and equipment (23.3 percent). “The value of imports contracted for the 17th straight month in September 2020,” PSA said. Export and import trade statistics are compiled by the PSA from export and import documents submitted to the Bureau of Customs by exporters and importers or their authorized representatives as required by law.

‘Remittances to best reflect impact of US election results’ Continued from A1

COCHRANE: “The spending on infrastructure, education, social support and state/local government would boost the pace of economic and job growth over the four years of the next term. This would bolster personal income, which would likely result in stronger remittance flows from the US to the Philippines.” MOODY’S ANALYTICS

from the US to the Philippines,” Cochrane said. “This would be important as we project remittances in 2020 will be down from 2019,” he added. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances sent home by Filipino migrant workers declined by 4.1 percent to $2.48 billion in August 2020 from$2.59 billion in August 2019. This resulted in cash remittances amounting to $19.29 billion in the first eight months of the year—2.6 percent lower than the $19.81 billion in the same January to August period last year. By country source, the BSP said the decline could have been larger, if not offset by the remittance growth from Filipino migrant workers in the US, along with those in Singapore and Malaysia. Meanwhile, Cochrane also discussed scenarios for the country’s trade position with the US. In particular, the Moody’s Analytics economist said a Trump win could result in a further escalation of the US’s trade war with China, with a possibility of broadening or raising tariffs on Chinese goods. “This could work to slow the growth rate of global trade, which would work through the supply chains that flow across the AsiaPacific Region. Longer term, this could accelerate the movement of foreign investment in the direction from China to other nations in the Asia-Pacific Region,” he said. On the other hand, the impact of a Biden win would take some time to be felt, via two factors, the economist said. “Biden might likely use current tariffs as bargaining chips to gain concessions from China on issues such as protection of intellectual property. Further, Biden would likely take a multilateral approach to managing international trade, which is a slow but less volatile process,” he added.

DBS Bank

IN a separate research note, the DBS Bank said a Biden win would be broadly positive for Asia bonds because he is expected to be less combative on regional trade issues and associated with lower risks of new tariffs. “Ultimately, the best case for Asia bonds is probably a Biden win and Republicans retaining control of the Senate. That way, we get some relief on worries over USChina tensions and at the same time, risks of US curve bear-steepening would be lower relative to a Blue Wave scenario,” the regional banking giant said. However, in this context, the DBS Bank said the Philippines— along with India—will still likely be shielded from the negative effects of a Trump win because of their domestic strength. “In a Trump reelection scenario, we think bonds of countries with lower trade exposures and higher reliance on domestic demand, such as India and the Philippines, are likely to see smaller losses,” the bank said.

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Thursday, November 5, 2020 A3

DOLE allots P200-M job-for-work fund for Bicol typhoon victims By Samuel P. Medenilla

@sam_medenilla Rene Acosta @reneacostaBM

& Cai U. Ordinario @caiordinario

HE Department of Labor and Employment (DOLE) has allocated between P180 million and P200 million to provide emergency employment to typhoon victims in the Bicol region. In an online news briefing on Wednesday, Labor Secretary Silvestre H. Bello III said the amount will be spent for the implementation of Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Worker (TUPAD). Bello said there will be least 5,000 TUPAD beneficiaries for each of the six provinces of Region 5, including Catanduanes, which suffered the heaviest damage from Typhoon Rolly (international code name Goni). The funding for the initiative will come from their P16.1-billion budget allocation from the Bayanihan to Recover as One Act (Bayanihan 2). While the Bayanihan 2 budget is specifically meant for government’s interventions related to the Covid-19 response, Bello said, he sees no problem using the fund for their typhoon relief measures.

“That program [under Bayanihan 2] is for Covid-affected [workers], but any emergency will also justify our giving emergency work to our informal workers. What is important is they have been displaced,” Bello explained.

Smart as confirmed by OCD [Office of Civil Defense] that is in the capitol [Catanduanes],” Mark Timbal, spokesman of the National Disaster Risk Reduction and Management Council (NDRRMC). said. “Around 8 a.m., there are already incoming messages that were allegedly received by the mobile phones of uniformed personnel who are with them in the capitol.” Timbal said they also received information that Globe has also already set up its emergency communications equipment in the province with its signal already working in a portion of Virac. The setting and restoration of communications signal was being undertaken as emergency assistance was being rushed to Catanduanes, with an offshore patrol vessel and trucks of the Philippine Coast Guard ferrying food packs and other immediate needs for residents not only for Catanduanes, but the whole of Bicol region. On Tuesday, Department of Social Welfare and Development Secretary Rolando Bautista flew to Catanduanes, both to personally lead the distribution of assistance to residents and oversee the government’s relief operations in the province. Armed Forces Northern Luzon

Aid begins to pour

COMMUNICATIONS have been partly restored in Catanduanes, as aid began to pour into the typhoon-battered province, officials said, even as police and military authorities mobilized their forces in Northern Luzon for Tropical Storm Siony. Phi l ippine Nationa l Pol ice chief Gen. Camilo Pancratius Cascolan said Wednesday that based on their consolidated report from police offices in the areas affected by Typhoon Rolly, at least 25 people have been killed, most of them from Catanduanes and the province of Albay, both in the Bicol region. Cascolan said that the typhoon, which officials said, destroyed 90 percent of Catanduanes’s infrastructure, also affected at least 1,372 policemen in regions that Rolly hit. “There’s already a portion of Virac that already has a signal from

Command Commander Maj. Gen. Arnulfo Marcelo Burgos Jr. said he has also activated 249 disaster response teams and are already strategically deployed in Ilocos region, Cagayan Valley, Central Luzon and Cordillera Administrative Region.

DSWD delivers aid

THE Department of Social Welfare and Development (DSWD) has already distributed P18.2 million worth of aid to typhoon-hit communities in Bicol. In a news statement, Presidential spokesman Harry Roque said the assistance was delivered to eight regions hit by Typhoon Rolly over the weekend. Social Welfare Secretary Rolando Bautista said the assistance came in the form family food packs and nonfood items. He said the amount was only a small portion of DSWD’s P866 million worth of stockpiles and standby funds for calamity-affected communities. Of this amount, P281.2 million serve as their “standby fund,” which they could distribute to their regional offices, if needed to buy additional food packs. It also includes 271,682 food packs, which was worth over P124.1

million; food items, which are yet to be repacked (P185.7 million); and non-food items such as hygiene kits, plastic mats and tents (P274 million). Aside from these items, Bautista said they also provide “psychological first aid” for typhoon victims as well as cash assistance. Bautista said their field offices are coordinating with local officials in case they will need assistance to help their constituents affected by Typhoon Rolly. He said they will be releasing more assistance in the coming days since there are now 207,518 families (820,030individuals),3,307barangays in Regions 2, 3, 4A, 4B, 5, 8 as well as the Cordillera Administrative Region (CAR) and the National Capital Region, which were affected by Typhoon Rolly. Specifically for Catanduanes, which was among the provinces that suffered massive damage from Typhoon Rolly, Bautista said they had coordinated with the Philippine Air Force to airlift 1,300 family food packs there. This was on top of the 3,000 family foods packs, 1,000 hygiene kits, 2,000 kitchen kits, 450 sleeping kits, 450 mosquito nets, and bottled water, which they already sent out also to Catanduanes on Monday through BRP Gabriela Si-

lang of the Philippine Coast Guard.

Housing budgetary constraints

DESPITE the devastation wrought by Typhoon Rolly in the Bicol region, government budgetary constraints may limit the access of victims to emergency housing assistance. The financial limitations, National Housing Authority (NHA) Assistant General Manager Victor C. Balba told theBusinessMirrorthattheyarestill discussinghowtheEmergencyHousing Assistance Program (EHAP) funds can be accessed by typhoon victims. Earlier, Department of Human Settlements and Urban Development (DHSUD) said P1.175 billion is required to finance the emergency housing needs of those affected by the typhoon. However, he assured that the amount can be covered by NHA and the DSWD. “Because the magnitude of the devastation and limitation of EHAP funds, we are still discussing [the criteria]. We have an ongoing meeting],” Balba said. He said accessing the EHAP funds will start with a list from social workers in local government units certified by local executives. Under the EHAP, beneficiaries can be provided with P5,000 to P30,000 assistance.

Malacañang order sets price cap on coronavirus 2019 test kits equitable, and sensitive to stakeholders,” President Duterte said in his three-page issuance. He tasked both government agencies “to determine, formulate, and implement a price range for Covid-19 testing conducted by hospitals, laboratories, and other health establishments and facilities, including the test kits.” The said standard will be contained in the guidelines to be later issued by DOH in coordination with DTI. The President approve the recommendation of DOH to impose the price cap “to ensure the general public, especially those from low and middle income households, have an equitable access to quality and affordable health-care services such as Covid-19 tests.” All hospitals, laboratories, and

FILE photo of the test kit developed early in the pandemic by UP scientists with support from the DOST.

PRICE ceiling for novel coronavirus disease (Covid-19) test kits will soon take effect as part of government efforts to make it more affordable to more people. This after President Duterte finally signed on Wednesday Executive

Order (EO) 118, authorizing the Department of Health (DOH) and the Department of Trade and Industry (DTI) to cap the price of Covid-19 test kits. “The DOH and the DTI shall ensure that the price range for Covid-19 testing and test kits is just,

DREAMSTIME.COM

PHL’s Batangas hailed world’s most loved city

E-trikes are seen parked in front of the Batangas City Sports Center in this August 9, 2019 file photo. By Jonathan L. Mayuga @jonlmayuga

ATANGAS City, a first-class city in the Province of Batangas, emerged as the global winner in this year’s We Love Cities Campaign of the World Wide Fund for Nature (WWF). In a news statement, WWF said the official announcement of the award was held online via Zoom last October 28, which was attended by representatives from WWF national offices and We Love Cities campaign finalists. “We’re overwhelmed and happy. This challenge brought us together and made us proud as citizens of our city. We want to thank WWF-Philippines for their great support and

guidance throughout this challenge. This means a lot to us, especially since we’ve been hit by the pandemic. The city is doing its best in implementing various initiatives and efforts. We have something new to hold on to, and this is great news to all of us. This win will inspire us to keep on going and to work hand-in-hand for this city,” Oliver Gonzales, Environment and Natural Resources Officer of Batangas City was quoted as saying the news statement released by the WWF. The We Love Cities Campaign, which has empowered the general public globally with the opportunity to celebrate, vote, and upgrade their city through suggestions made and addressed to decision-makers, is interwoven with the One Planet City

Challenge (OPCC) a biennial global challenge organized by WWF to guide cities toward the most effective climate action, while publicly recognizing the most ambitious cities as leaders in the field of sustainable urban development. Batangas City and two other national finalists—Muntinlupa City and Santa Rosa City represented the Philippines in this year’s We Love Cities campaign, WWF said. All the three Philippine cities ranked into the Top 10, out of 54 cities in 26 participating countries across the globe for the 2020 edition. Citizens from these countries expressed their love and support for their cities with the campaign garnering over 1,170,000 votes through all channels, 4,600,000 social-media engagements and a social-media reach of 80,000,000. “Our three Philippine cities that participated in the We Love Cities initiative really stepped up to the plate and did quite well, even as they were addressing the current challenges brought by the pandemic. We are truly honored by their participation. Thus, this We Love Cities award for Batangas City is particularly special. It also highlights the active engagement that Filipinos have with their cities as they promote their solutions, and aim to make their cities more livable, sustainable, and resilient. It is truly aligned with WWF’s call: Together Possible,” Atty. Angela Ibay, WWF-Philippines’s Climate and Energy Programme Head said.

other medical facilities accredited by DOH to conduct Covid-19 testing will be required to comply with said standards under the pain of

losing their accreditation. The compliance of the said establishments will be closely monitored by DOH and DTI.

EO 118 will take effect immediately after publication from the Official Gazette, or a newspaper of general circulation. Samuel P. Medenilla

A4 Thursday, November 5, 2020 • Editor: Vittorio V. Vitug

Subic hotels take in OFWs

UBIC BAY FREEPORT—Several hotels here have given temporary accommodation to almost 400 overseas Filipino workers (OFWs) who just arrived

Economy BusinessMirror

in the country under the government’s emergency repatriation program—the first time that Subic took in returning workers undergoing quarantine.

Subic Bay Metropolitan Authority Chairman and Administrator Wilma T. Eisma said the temporary arrangement was only approved last Sunday when Typhoon Rolly

www.businessmirror.com.ph threatened Metro Manila and parts of Central Luzon with violent winds and heavy rain. “We took them in for humanitarian reasons—and subject to strict

health protocols— because there was a storm coming and our kababayans would be trapped at the Clark airport otherwise,” Eisma explained. Henry Empeño

www.businessmirror.com.ph • Editor: Angel R. Calso

The World BusinessMirror

UK raises terror threat level to severe after Europe attacks

ONDON—Britain raised its terror threat level to severe on Tuesday, its second-highest level, following recent attacks in Austria and France. The threat level of severe means an attack in the United Kingdom is considered highly likely. The level had previously been at substantial, meaning an attack is thought to be likely. The decision announced by Home Secretary Priti Patel came after a man who had previously tried to join the Islamic State group stormed through the center of the Austrian capital of Vienna armed with an automatic rif le Monday night, killing four people before police shot and killed him. “We have already taken significant steps to amend our powers and strengthen the tools for dealing with the developing terrorist threats we face,’’ Patel said in a statement. “That process will continue, and the British public should be in no doubt that we will take the strongest possible action to protect our national security.’’ Patel said the increased security

alert is a “precautionary measure and is not based on any specific threat.” The UK government’s Joint Terrorism Analysis Centre, which was established in June 2003, sets the terror level. The center assesses intelligence relating to international terrorism, at home and overseas, and sets threat levels and issues warnings of threats and other terror-related information. Assistant Commissioner Neil Basu, UK head of Counter Terrorism Policing, said that while there was no intelligence link between the European attacks and the UK, counterterrorism police “will of course provide any assistance where we can.’’ He urged the public to be vigilant and said people can expect to see additional police in some places in the coming days. “Now, more than ever, we need communities to stand together and reject those who seek to sow division and hatred between us,’’ he said. “We need communities and families to bring to our attention anyone they perceive may be vulnerable, a danger or escalating towards terrorism.” AP

China halts Ant Group’s market debut, throwing Jack Ma empire into turmoil

t wa s h e ra l d e d a s Ch i n a’s a n s we r to JPMorgan—a homegrown financial giant on the cusp of the biggest stock-market debut the world has ever seen. Instead, with billions on the line and an initial public offering all but sealed, Chinese authorities have abruptly thrown into doubt the future of Ant Group Co. and its celebrated founder, the billionaire Jack Ma. Only days before the financial-technology juggernaut was to go public in Shanghai and Hong Kong—a coup for China’s financial markets that once would have been unimaginable—the $35 billion IPO was halted on Tuesday after Ma was summoned by regulators. In an extraordinary turn of events, authorities announced that they had belatedly discovered an array of shortcomings that, by some accounts, might require the sprawling Ant to be overhauled. “The way I’d read it, it’s a deliberate public relations move,” said Sean Darby, chief global equity strategist at Jefferies. “This has happened before when companies appear to have become too big versus the state for the authorities’ liking.” Reaction in the financial market was swift. Ma’s Alibaba Group Holding Ltd., which owns a third of Ant, plunged 7.1 percent in Hong Kong, after falling by the most in almost six years in New York. The sell-off reduced Ma’s fortune by almost $3 billion. Hong Kong Exchanges & Clearing Ltd., owner of the city’s bourse, dropped 2.2 percent. The move upends what had been one of China’s biggest business success stories, as well as what was to be a pivotal step in the development of the nation’s fast-growing capital markets. “It’s definitely surprising,” said Mike Bailey, director of research at FBB Capital Partners. “If there is something strange going on on the macro side for China’s financial markets or in the company, that would be worrisome.” In just a decade, Ant, an affiliate of Ma’s Alibaba Group, has exploded into the world’s largest financial technology company, reshaping the lives of many ordinary Chinese. But its ascendance—and Ma’s growing global reputation—has also posed a threat to China’s state-run lenders and their political benefactors. Tuesday’s developments left bankers and global investors groping for answers. The immediate fate of the many billions already tied up in the IPO is for now uncertain.

Changes needed

Chinese authorities didn’t give much detail about the issues behind the suspension, beyond saying that the much-anticipated debut couldn’t go ahead because there had been “significant change” in the regulatory environment. The company will have to make changes that include capital increases at its lucrative micro-lending units, according to people familiar with the matter. It will also have to reapply for licenses for the units to operate nationwide, the people added, asking not to be identified discussing a private matter. The IPO is expected to be delayed by about six months, and funds will be returned to investors in the meantime, news portal QQ.com reported, citing an unidentified person. Major gray market brokers for the deal, including BTIG LLC, told clients all transactions will be canceled,

according to people familiar with the matter. Millions of shares were traded in the over-the-counter market prior to Ant’s planned debut, many at about a 50 percent premium to the listing price of HK$80 ($10.32). BTIG didn’t immediately respond to a request for comment. Ant, which spun out of Alibaba in 2010, has long been seen as a champion of China’s economy and an example of how the Communist Party has allowed entrepreneurs—especially in the technology sector—to flourish within its top-down political system. Tuesday’s setback may cast a pall over the country’s financial markets, even as President Xi Jinping tries to create stock exchanges that can rival the US. “Ant Group sincerely apologizes to you for any inconvenience caused by this development,” the company said in a message to investors. “We will properly handle the follow-up matters in accordance with applicable regulations of the two stock exchanges.” There were warning signs on Monday when Ma was summoned to a rare joint meeting with the People’s Bank of China and three other top financial regulators and told his firm would face increased scrutiny and be subject to the same restrictions on capital and leverage similar to banks. “This further reinforces the regulatory pressures building on tech giants,” said Nader Naeimi, head of dynamic markets at AMP Capital Investors Ltd. in Sydney. “It’s good news for banks, bad news for Jack Ma,” he said, referring to the competitive threat Ant poses for traditional lenders.

Record IPO

The IPO was on pace to break records. It had attracted at least $3 trillion of orders from individual investors for its dual listing in Hong Kong and Shanghai, and in the preliminary price consultation of its Shanghai IPO, institutional investors subscribed for over 76 billion shares, more than 284 times the initial offering tranche. The fintech company’s IPO would have given it a market value of about $315 billion based on filings, bigger than JPMorgan Chase & Co. and four times larger than Goldman Sachs Group Inc. Dealmakers at firms including Citigroup Inc. and Morgan Stanley were set to feast on an estimated fee pool of nearly $400 million for handling the Hong Kong portion of the sale, but were instead left reeling after the listing was pulled. Top executives close to the transaction said they were shocked and trying to figure out what lies ahead. But Ant has faced scrutiny in Chinese state media in recent days after Ma criticized local and global regulators for stifling innovation and not paying sufficient heed to development and opportunities for the young. At a Shanghai conference late last month, he compared the Basel Accords, which set out capital requirements for banks, to a club for the elderly. And over the weekend, at a meeting of the Financial Stability and Development Committee led by Vice Premier Liu He, officials stressed the need for fintech firms to be regulated. Ant dominates China’s payments market via the Alipay app. It also runs the giant Yu’ebao money-market fund and the country’s largest online consumer-lending platform. Other businesses include a credit-scoring unit and an insurance marketplace.

Bloomberg News

Thursday, November 5, 2020

Biden, Trump locked in tight races in battleground states

ASHINGTON—President Donald J. Trump and Democratic challenger Joe Biden were locked in tight races in battleground states across the country on Tuesday night as they concluded an epic campaign that will shape America’s response to the surging pandemic and foundational questions of economic fairness and racial justice.

Trump won the key battleground of Ohio while Biden picked up Minnesota and New Hampshire, a pair of modest prizes that Trump tried to steal from the Democrats. But races were too early to call in the most fiercely contested and critical states on the map, including Florida, North Carolina, Georgia and Pennsylvania. Biden won California, the nation’s biggest electoral haul, and other predictable victories including Colorado and Virginia, two former battlegrounds that have become Democratic strongholds. Trump’s wins included Kansas, North Dakota and other conservative bastions. Americans made their choices as the nation faced a confluence of historic crises with each candidate declaring the other fundamentally unfit to navigate the challenges. Daily life has been upended by the coronavirus, which has killed more than 232,000 Americans and cost millions of jobs. Millions of voters braved their worries about the virus—and some long lines—to turn out in person, joining 102 million fellow Americans who voted days or weeks earlier, a record number that represented 73 percent of the total vote in the 2016 presidential election. Early results in several key battleground states were in flux as election officials processed a historically large number of mail-in votes. Democrats typically outperform Republicans in mail voting, while the GOP looks to make up ground in Election Day turnout. That means the early margins between the candidates could be influenced by which type of votes—early or Election Day—were being reported by the states. Trump and Biden were locked in a tight race in Florida, and it was too early for The Associated Press to call the perennial battleground state. Florida has a history of close elections, including the state’s 2018 governor’s race, which went to a recount. The AP was waiting on more votes to be counted in south Florida, including Miami-Dade County, the largest county in the state. Control of the Senate was at stake, too: Democrats needed to net three seats if Biden captured the White House to gain control of all of Washington for the first time in a decade. Senate Majority Leader Mitch McConnell of Kentucky won reelection in an early victory for the Republicans, and GOP Sen. Lindsey Graham of South Carolina, a close Trump ally, fought off a fierce challenge to hang onto his seat. The parties traded a pair of seats in other early results: Democratic former Colorado Gov. John Hickenlooper defeated incumbent Sen. Cory Gardner, and in Alabama Republican Tommy Tuberville knocked off Sen. Doug Jones. The House was expected to remain under Democratic control. As the results began to come in, the nation braced for what was to come—and an outcome that might not be known for days. Biden was watching from home

with family and close aides. Trump was watching the results come in with a small group of allies in the White House residence as other staff and advisers floated between a party at the White House residence and various offices throughout the executive mansion complex. Outside, a new anti-scaling fence was erected around the White House, and in downtowns from New York to Denver to Minneapolis, workers boarded up businesses lest the vote lead to unrest. With the worst public health crisis in a century still fiercely present, the pandemic—and Trump’s handling of it—was the inescapable focus for 2020. For Trump, the election stood as a judgment on his four years in office, a term in which he bent Washington to his will, challenged faith in its institutions and changed how America was viewed across the globe. Rarely trying to unite a country divided along lines of race and class, he has often acted as an insurgent against the government he led while undermining the nation’s scientists, bureaucracy and media. Biden spent the day last-minute campaigning in Scranton, Pennsylvania, where he was born, and in Philadelphia with a couple of local stops in Wilmington, Delaware, where he was spending Election Night. The president began his day on an upbeat note, predicting that he’d do even better than in 2016. But during a midday visit to his campaign headquarters, he spoke in a gravelly, subdued tone. “Winning is easy,” Trump told reporters. “Losing is never easy, not for me it’s not.” Trump left open the possibility of addressing the nation Tuesday night, even if a w inner hadn’t been determined. Biden was also scheduled to give a nighttime speech from Wilmington. “I’m superstitious about predicting what an outcome’s gonna be until it happens...but I’m hopeful,” said Biden. “It’s just so uncertain...you can’t think of an election in the recent past where so many states were up for grabs.” The momentum from early voting carried into Election Day, as an energized electorate produced long lines at polling sites throughout the country. Turnout was higher than in 2016 in numerous counties, including all of Florida, nearly every county in North Carolina and more than 100 counties in both Georgia and Texas. That tally seemed sure to increase as more counties reported their turnout figures. Voters braved worries of the coronavirus, threats of polling place intimidation and expectations of long lines caused by changes to voting systems, but appeared undeterred as turnout appeared it would easily surpass the 139 million ballots cast four years ago. No major problems arose on Tuesday, outside the typical glitches of a presidential election: Some polling places opened late, robocalls provided false information to voters in Iowa and Michigan, and machines or software malfunctioned in some counties in the

battleground states of Ohio, Pennsylvania, Georgia and Texas. The cybersecurity agency at the Department of Homeland Security said there were no outward signs by midday of any malicious activity. The record-setting early vote—and legal skirmishing over how it would be counted—drew unsupported allegations of fraud from Trump, who had repeatedly refused to guarantee he would honor the election’s result. With the coronavirus now surging anew, voters ranked the pandemic and the economy as top concerns in

the race between Trump and Biden, according to AP VoteCast, a national survey of the electorate. Voters were especially likely to call the public health crisis the nation’s most important issue, with the economy following close behind. Fewer named health care, racism, law enforcement, immigration or climate change. The survey found that Trump’s leadership loomed large in voters’ decision-making. Nearly two-thirds of voters said their vote was about Trump—either for him or against him. AP

A6 Thursday, November 5, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

What if no candidate decides to concede?

he 2020 US presidential election is turning out to be as close as predicted—a photo finish where the winner will be decided by a handful of swing states. Democratic challenger Joe Biden has been leading in both national and state polls, and is widely favored to win. But no poll has predicted that President Donald J. Trump will definitely lose. And polling errors do happen—all forecasters were wrong in 2016.

Speaking at his campaign headquarters in Wilmington, Delaware in the wee hours of November 4, Biden thanked his supporters and urged patience until all votes are counted. “We believe we’re on track to win this election,” he said. Moments later, from the East Room of the White House, Trump attacked the legitimate vote counting efforts. “They are trying to steal the election,” he said. Trump claimed he “did win” the election, despite the millions of votes that have yet to be counted. All the major networks carried the President’s address at the start, but NBC News and MSNBC cut into it to note that he was peddling falsehoods. “We’re listening to the President speaking at the White House, but we’ve got to dip in here because there have been several statements that are just frankly not true,” NBC News anchor Savannah Guthrie said. Other American networks carried Trump’s speech in full, but aired factchecks after it had concluded. “Almost everything President Trump said in his declaration of victory was not true,” CNN anchor Jake Tapper said. “This is an extremely flammable situation and the President just threw a match on it,” Fox News anchor Chris Wallace noted. “He hasn’t won these states.” On Election Day, November 3, more than 100 million Americans have voted days or weeks earlier, a record number far outstripping the 47 plus million that voted early in 2016. This deluge of mail-in ballots will test the nation’s oldfashioned voting system. The early voters are also the reason why the 2020 polls failed to produce a clear winner. It will take weeks for tabulators to finish the count—in 2016, it took until December. Usually, what happens on Election Night is that major TV networks and the Associated Press “call” the election in favor of one of the candidates— a projection based on exit polls, interviews with voters, and trends—a legitimate exercise, and a necessity in the US system. The projections are not usually contested, and the candidate projected to have lost concedes the election. As an observer said, both candidates have essentially promised that the US will fall apart if they are not elected. So what happens if neither Trump nor Biden concedes the election? Hillary Clinton has urged Biden not to concede on election night “under any circumstances because I think this is going to drag out.” Biden has said that he will only accept “the full results.” Trump has taken it a step further, saying that he might not accept the results at all. He repeatedly warned of voter fraud and election rigging, something that is extremely rare in the US. The Brennan Center for Justice said rates for voter fraud in elections it had studied ranged from 0.0003 percent to 0.0025 percent. If Trump or Biden don’t accept the election result, a recount could be demanded. But even a recount result may be unlikely to resolve the issue: Trump has said he believes the election result could end up in the Supreme Court. Pundits said various legal challenges could emerge this year—everything from the identification requirements for postal voting, to the legality of Covidrelated changes to voting. The US Constitution has set Inauguration Day on January 20, or 21 if January 20 falls on a Sunday. So, January 20, 2021, Wednesday, is therefore considered the ultimate hard deadline to resolve issues. If the election result is not confirmed and accepted by then, the US will be plunged into a deeply partisan constitutional crisis.

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Share wisely James Jimenez

spox

ast week, we joined the rest of the world in celebrating the Unesco Global Media and Information Literacy Week—a celebration aimed at promoting the theme “Resisting Disinfodemic: Media and Information Literacy for everyone and, by everyone.” Covid-19 isn’t the only pandemic we’re contending with during these perilous times. We also find ourselves having to deal with a veritable epidemic of disinformation—false or misleading information created and spread deliberately, in order to sway public opinion. Studies have shown that one of the leading ways of spreading disinformation is by, well, spreading it. In 2018, for instance, a study entitled “The Spread of True and False News Online” concluded that “while bots spread a lot of fake news, the majority of fake news re-transmissions is committed by real people.” The lesson is clear: when we share posts on social media containing false or misleading information, we are being part of the problem of disinformation. It’s almost as bad as coughing or sneezing without a mask in a crowded elevator. And the

problem isn’t limited to the active sharing or passing on of shady posts. Because of how social media algorithms work, and indeed because of basic human behavior, simply liking a false and misleading post—clicking on that heart icon or giving it a thumbs-up—actually supercharges its distribution. Liking a post tells the algorithm that the post is popular, which makes it rise to the top of both the search engine results and everyone’s news feeds; more than that, however, studies have shown that humans are hardwired to respond favorably to posts that are popular with others, thereby increasing the possibility of the post being shared or passed on. Either way—via algorithm or human behavior—the net result is the same: you have facilitated the propagation of disinformation. This is what the purveyors of dis-

Stock market yin and yang

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ire and water. Light and dark. Chaos and order. Yin and yang. Along with certain product logos—McDonald’s, Nike, and Mercedes-Benz—other symbols are almost always universally recognized. Think of the Hammer and Sickle, the Heart, and the Yin-Yang. The yin-yang is called “a concept of dualism, describing how seemingly opposite forces may actually be complementary, interconnected, and interdependent in the natural world.” In the same way, a vibrant free-will political system needs an “Administration” and an “Opposition.” The “opposites” need each other to bring balance to the universe, whatever “universe” we might be talking about. However, there is no need for an absolute balance between the forces of “yin” and “yang.” There only needs to be the creation of a balance. There is a great disparity between the actual number of administration sup-

porters and the opposition. Yet, we actually have a relatively silent majority and definitely vocal minority, and that is a good thing. It maintains a balance. In our personal lives we try to maintain a valid yin-yang. We should “drink moderately.” We tell our children not to drive too fast or stay out too late. We try to achieve a middle ground between the bed is too hard or too soft that Goldilocks struggled with. The stock market has its own yinyang and it is not found in the way you might think—buyers and sellers. Consider your own investment and trading habits. While you do

information are eager to capitalize on, especially during election season. And since Covid-19 has made social media the principal means of communicating with voters, you can bet that disinformation posts will proliferate in the coming weeks and months, multiplying and spreading like mushrooms in the shade. So, in celebration—albeit belatedly for this column—of the Unesco Global Media and Information Literacy week, allow me to share with you some practical tips that will help ensure that you don’t just Vote Wisely, you Share Wisely too. First, don’t be gullible. Not everything you read online can be trusted; just because it’s blowing your timeline up or overheating your newsfeed doesn’t necessarily make it true. Use your own judgment before you accept information from the Internet as accurate and reliable, and try as much as possible to emotionally distance yourself from the information. Studies have shown that people are more likely to spread bogus stories that agree with their own opinions, about topics they are passionate about. Second, always verify the sources cited. If you can’t—either because the story carries no citations or links to an unrelated or unavailable site— then run a quick search. If no other news source carries it, then the probability is high that you are looking at fakery. Take the time to look at the

URLs too. Fake news sites often have URLs that, at first glance, mimic legitimate URLs. Clean your own timeline up. Don’t let disinformation live in your timeline or newsfeed. You can ask the person who posted it to remove, for example. Just don’t go about it looking for a fight. Fourth, take advantage of the reporting mechanisms offered by the social media platform you’re on. When I reported a fake page masquerading as me, the social network had me jump through hoops to prove my identity but eventually took down the impostor. It’s important that you don’t give up on the process. And finally, maybe you can seriously consider not sharing the post at all. Don’t give the false and misleading post any oxygen, as they say, and at the very least make sure that its propagation stops with you. The Global Media and Information and Literacy Week may have already ended, but the urgency for developing media and information literacy among the general public only grows with each piece of fake news unleashed on the Internet, with each shared bogus article, and with each forwarded outlandish claim. Sadly, it seems likely that things will get worse before they get better. We can only do our part in curbing this menace. Vote Wisely, of course, but long before election day even dawns, Share Wisely too.

Part of the thought process is the problem of thinking that one side of the yin-yang equation is “good” and the other is “bad.” Dark and light. Negative and positive. That may be true in the philosophical concept. But not all decisions are either right or wrong, and certainly not in the stock market.

wrong, and certainly not in the stock market. Selling may be the opposite of buying, but selling is certainly not considered negative. While you may take a loss by selling, that is also the way you book a profit. I wonder if people hold losing positions to the depths of hell because they think of selling as a negative thing. If you think about it, the perfect balance comes when you buy and then sell for a profit. Maybe the greatest yin-yang thing about the stock market is the balance between greed and fear. We are told not to let our emotions control our investing decisions. Nonsense. “Fear” keeps us alive and out of jail. “Greed” keeps us working harder to get that 75-inch smart television. In the novel Shibumi by Trevanian, he writes: “A man is happiest when there is a balance between his needs and his possessions. Now, me, I am perfectly capable of being happy with what I have. The problem is getting enough of it in the first place.” And there must be a balance.

make a decision to buy or not to buy a particular issue, the conflict of yinyang does not come in at that point. It comes later when you try to make a decision to hold or to sell the stock that you own. That is the most difficult decision that an investor has to make. I try to simplify it by giving investors this question every market opening as they review their portfolio: “If you did not own XYZ shares, would you buy it today?” That helps investors focus on the dilemma of holding or selling. Part of the thought process is the problem of thinking that one side of the yin-yang equation is “good” and the other is “bad.” Dark and light. Negative and positive. That may be true in the philosophical concept. But not all decisions are either right or

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

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Early Covid-19 vaccine The wise bridal maids hopes have a math problem By Max Nisen | Bloomberg Opinion

ovid-19 vaccines may not arrive quite as soon as people hoped. An October surprise didn’t happen, there will be no vaccine by Election Day, and even Thanksgiving might be pushing it. Front-runner Pfizer Inc.’s oftrepeated suggestion that it might have vaccine data by Halloween was wrong, and Anthony Fauci now suggests an immunization might not be available on even a limited basis until January. Efforts to speed results and availability have been historic, but they have limits. Specifically, quick vaccine hopes have a math problem. To clear a high statistical bar and prove effective enough to get emergency use authorization from the Food and Drug Administration, early candidates would have to be both very protective and quite lucky. That won’t be easy. Here’s how it works. In these Covid-19 clinical trials, some participants get a vaccine, some get a placebo, and researchers measure how many get sick in each group. They examine the data at several points in the trial to see if the vaccinated participants have a lower rate of illness. In order to gain FDA authorization for use against the coronavirus, a vaccine needs to show firm evidence that it protects at least half of those inoculated. Barely clearing 50% isn’t good enough to declare success after just a few months, however. This is because at the first checks, when the number of confirmed cases is low, there’s a higher statistical likelihood that what looks like a protective effect results from chance rather than the vaccine’s good work. The most advanced vaccine trials accounted for this mathematical truth by setting a higher bar for the first look—efficacy of around 75 percent. Just one extra case amid thousands of vaccinated participants could swing early analyses because

the numbers are small. That’s where luck comes in. Moderna Therapeutics Inc., another leader in the vaccine race, underscored the issue during its third-quarter earnings call last week. The company’s presentation noted that success will be essentially a coin flip after 53 cases—when it will take its first peek at the data—even if the vaccine is ultimately capable of preventing Covid-19 in three-quarters of those who get it. If that initial look is inconclusive, the board overseeing the 30,000-person trial won’t reassess the shot until cases double. Pfizer faces even more uncertainty because it plans a peek after just 32 confirmed symptomatic infections. This particular issue doesn’t even come into play until there are enough infections. As of Pfizer’s own thirdquarter earnings release last Tuesday, the drug giant hadn’t hit its first-look threshold, and its failure to reach just 32 cases in a trial that is larger than Moderna’s suggests participants may be catching Covid-19 less frequently than expected. One possible explanation is “functional unblinding,” whereby the presence or lack of side effects might let volunteers guess if they got the vaccine and lead them to take different virus risks, potentially slowing and skewing trial data. Two other leading candidates only just restarted trials after pauses to investigate potential safety issues. The recent spike in Covid-19 cases may increase the rate of infection in these trials, removing one roadblock in getting to the threshold for looking at initial trial data. But that look will come when the odds of success are at their lowest. What this all means is that the wait for results and FDA authorization may still prove long, and the wait for broad availability and distribution even longer. Vaccines will get here, but anyone thinking it’ll happen anytime soon should re-set expectations.

Lockdowns make us less creative By Ferdinando Giugliano Bloomberg Opinion

s Europe struggles with the second wave of the virus and faces a new round of lockdowns, governments and businesses must ask themselves whether people will cope with more restrictions as well as they have striven to do so far. For many white-collar workers, the pandemic has already made remote work the new normal. But for all of its advantages, like saving on commuting time, there is also a price to pay — one that increases the longer we are out of the office and not able to meet others in person. Not only does virtual and distanced working risk loneliness, it is also bound to reduce on-the-job learning, creativity and innovation—all of which are often tied to serendipitous encounters. The case for having people work from home, if they can, is relatively straightforward. Governments and businesses have a joint interest in containing outbreaks to keep the pandemic in check. Politicians want to relieve pressure from the health-care system, while employers want to prevent disruptions to their workflow. Local authorities also want to limit the use of public transport to those who really need it. For employees, remote working means a smaller chance of catching the virus and spreading it to their own families. The costs are harder to quantify. Several businesses simply can’t be run remotely. For occupations in which staying at home is an option, the impact on productivity remains an open question. A number of executives, such as Jamie Dimon at JPMorgan Chase & Co., had warned in September that efficiency was bound to suffer unless employees came back to the office. The evidence, however, is less negative: Although productivity for some businesses can suffer, employees seem to compensate for it by toiling longer hours. In some

cases, efficiency actually increases when employees stay at home. Unfortunately, lockdowns bring additional complications. For starters, when governments require most people to stay home, remote working is no longer a choice for one’s preferred work environment but an obligation. This becomes even more problematic when schools are also forced to close, as parents have to juggle work alongside taking care of their children and helping them with distance learning. Another peril comes when compulsory work-from-home is protracted. For example, it may be relatively straightforward to carry on performing the same tasks you did in the office from your living room. But what about starting new tasks or improving processes, which at some point will need to happen? It becomes much harder to organize and innovate when people can only exchange ideas through mostly scheduled phone calls and teleconferences. It’s even harder when dealing with new hires that are not used to a company’s culture and ways of working. As for the idea that boredom can spark genius, this may be true for a few lone writers or mathematicians, but it seems less relevant for larger organizations. Andy Haldane, the chief economist at the Bank of England, gave a thoughtful speech last month, arguing that excessive working from home can have a damaging effect on two important aspects of professional life: creativity and developing social connections. “Whether it is creative sparks being dampened, existing social capital being depleted or new social capital being lost, these are real costs and costs which would be expected to grow, silently but steadily, over time,” Haldane said. He added that these disadvantages reduce the benefits of home-working and raise doubts over whether it can be a permanent solution for employers.

Msgr. Sabino A. Vengco Jr.

Alálaong Bagá

S we approach the closing of the liturgical year, the unpredictable coming of the Lord at the end of time is something we must be ready for in active watchfulness like the wise bridal maids did (Matthew 25:1-13).

The wedding maids The somewhat perplexing wedding parable, when returned to its original simple line, tells us of the coming of the groom which is symbolically the advent of God’s kingdom, while pointing out the failure of some people to get included in its joy even as others prove themselves waiting and ready to share in it. This forthright message of the original parable of Jesus became embellished and allegorized in the retelling from community to community and from its oral to its written form. Lastly, within the evangelist Matthew’s framework of the great discourse in Chapter 25 about the end of the world, Christians are exhorted also by means of this wedding parable to prepare for that event whenever it may take place. In the Palestinian world, a wedding is a grand happening that attracts everyone and to which everyone is invited. In Scripture, a wedding celebration naturally

illustrates the gathering and the rejoicing fulfilled in the kingdom of God; it is a figure for the messianic banquet. The bridal maids, who customarily join the bride in waiting for the groom in order to process together with them to the wedding feast, aptly represent the invited people waiting for the celebration. Those who are prepared participate in the procession and enter the feast. But not everyone is like those ready bridesmaids, for there are foolish individuals who somehow are not ready when the groom comes to fetch his bride.

The wise and the foolish

The parable as we have it includes the unexplained long delay by the groom, while the bride and her maids wait at home. Finally, the groom is sighted coming. And the wisdom of some bridesmaids becomes manifest as they ready their individual lamps; the delay is not disastrous for them because they

Thursday, November 5, 2020 A7

For us, this wedding parable logically metamorphosed to a “second coming” exhortation. The Parousia or the final coming of Christ, the eschatological groom, is unpredictable and open to delays. We are kept waiting, and it is idle to speculate about its day and hour. But such waiting can cause discouragement and anxiety, also carelessness and doubt. That is why the final coming calls for positive thinking and meaningful, purposeful behavior. have enough oil in reserve for their lamps. But there are those bridesmaids who vainly try to ready their lamps for the procession, for they have no more oil. They are foolish in being improvident for the wedding without calculating for possible emergencies. The wise bridal maids are ready for any eventuality and do not take chances. For us, this wedding parable logically metamorphosed to a “second coming” exhortation. The Parousia or the final coming of Christ, the eschatological groom, is unpredictable and open to delays. We are kept waiting, and it is idle to speculate about its day and hour. But such waiting can cause discouragement and anxiety, also carelessness and doubt. That is why the final coming calls for positive thinking and meaningful, purposeful behavior. These existential needs of the early Chris-

Making Asean a People’s Asean Dr. Rene E. Ofreneo

LABOREM EXERCENS

or three long days, November 5 to 7, the broad civil society movement in Southeast Asia is holding the annual Asean People’s Forum. The theme of the APF is “Southeast Asian People Solidarity for an Inclusive, Cohesive and Responsive Community.” This theme takes off from the official Asean 2020 theme—“Cohesive and Responsive Community”—adopted by the Asean Leaders as the guide in the work program of the Association of Southeast Asian Nations (Asean) for this year.

The word “inclusive” matters. For the last half a century of its existence, the Asean has been holding an Annual Summit of Asean Leaders minus the participation of representatives of grassroots organizations: formal sector workers, informal workers, farmers, fisherfolks, landless rural poor, vendors, micro entrepreneurs, small businessmen and indigenous people. And yet, the Annual Summit of Asean Leaders is usually accompanied by a Business and Investment Summit organized by the Asean Business Advisory Council, which enjoys formal official accreditation by the Asean. In fact, ABAC was organized in 2003 to provide “guidance” to the Asean in the promotion of Asean economic integration, now popularly labelled as Asean “economic community” building. Also, the Asean Leaders’ Summit is followed by a bigger Summit involving the so-called “Dialogue Partners” of the Asean, which, in reality, are the governments of Australia, New Zealand, Japan, South Korea and China. In recent years, new “Dialogue Partners” have joined: United States, European Union, India and Russia. These “Dialogue Partners” have been the sources of funds for some Asean projects such as the development of blueprints for economic integration/ liberalization, propagation of highyielding agricultural seeds, systems for the mutual recognition of goods and skills and so on. In the last two decades, Asean talks/engagement with the above “Dialogue Partners” have been transformed into negotiations for the establishment of “Free Trade” arrangements between the Asean (individual and regional) and the “Dialogue Partners.” The trouble is

that the “Dialogue Partners” have differing ideas on how to develop such arrangements because they have their own “national interests” and “priorities” to uphold. This is at the roots of the failure of the Asean to finalize the Regional Comprehensive Economic Partnership Agreement, supposedly the blueprint for the world’s biggest “free trade agreement.” No RCEP signing after a decade of exhausting negotiations! India’s Mahendra Modi was brutally frank when he withdrew from the RCEP talks last year. He said he cannot sacrifice the interests of Indian manufacturers and farmers, who had been worrying how Chinese products would flood India’s market once the RCEP is concluded. And on the sides, Japan has been silently lukewarm to the RCEP idea because China has emerged as the visible leader of the proposed RCEP. Instead, Japan has been pursuing an alternative Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The CPTTP is based on the old Trans-Pacific Partnership (TPP) proposal of Barack Obama, which Donald Trump abandoned. At any rate, the critical issue is what is in store for the ordinary “Asean citizens” in a liberalizing Asean under the framework of an “Asean Economic Community” (AEC), which is being pushed by the “Dialogue Partners” to evolve into a bigger FTA based or linked to their differing visions of global and regional integration? This has not been fleshed out by the Asean in various AEC documents. It is simply assumed that the AEC project will benefit everyone on the assumption that the AEC will generate jobs and welfare for all. This is where the broad civil so-

Despite a series of positive Asean Declarations on workers’ rights, social protection and health and safety, deficits in decent work are mounting because this Race to the Bottom is untamed in a liberalized and globalized economic arrangement where no formal rules are instituted or enforced. ciety movement from the 10 Asean members (plus Timor Leste) play a central role. As representatives of the people at the grassroots, the CSOs are able to surface the issues encountered by the people and their communities under the processes of AEC/FTA-driven economic and trade liberalization. These are the people issues that they bring in in the annual Asean Civil Society Conference, which has been re-christened as the Asean People’s Forum or APF. Thus, the APF 2020 has a long agenda that is markedly different from the agenda of the Asean Leaders’ Summit. In the 36th Asean Leaders’ Summit 2020, the focus was on the following: plan of action for economic integration, digitalization and supply chain connectivity, and human resources development. In contrast, topics covered by AFP 2020 are as follows: people’s solidarity in response to global challenges such as Covid-19 pandemic, ecological sustainability of the region, fate of Mekong River and the people dependent on this mighty river, people-led community building and networking as alternative forms of regional integration, Asean economic integration processes and their impact on the people, racial discrimination and religious extremism, peace and security amid a global health crisis, social protection for the informals and migrant workers, health and safety and dignity of workers, people’s responses to the Covid-19 pandemic, cultural and arts sector responses to Covid-19, climate emergency action, pathways to transformative solidarity economy, human rights and social justice, fight against illegal trade of wildlife and forest products, just and equitable low-carbon energy transition, respect for the basic rights of workers, defending the rights of indigenous people, success stories in advancing transformative social protection, songs and struggles of cultural and arts workers, transformative business partnership based on respect for

tians necessitated the realignment by the evangelist of the wedding parable to emphasize preparedness and watchfulness, attentiveness and convinced hopefulness in the return of Christ. Alálaong bagá, they “have no more oil” or they “have enough oil” is a verdict of eternal consequence. For the oil needed to join in the wedding cortege stands for doing the will of the Father, as Jesus clearly pointed out: “Not everyone who says to me, ‘Lord, lord,’ will enter the kingdom of heaven, but only the one who does the will of my Father in heaven” (Matthew 7:21). The foolish bridesmaids without oil for their lamps have merely their words “Lord, lord,” hollow without Christian deeds and incapable of opening the closed doors to the wedding feast. No wonder the wise bridesmaids could not share their oil with the foolish ones, for it is deep personal relationship with God as one lives in faithfulness to Him. It is not something that can be borrowed by someone else at the last minute. Indeed, preparedness is not just empty “waiting for” something to happen, but actively participating in the process leading to its fulfillment, wisely involved in the “becoming” and work in progress as God’s children doing His will (Matthew 21:28-32). Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

people’s rights and women’s and child advancement, and fulfillment of the 17 Social Development Goals (SDGs) by all the Asean countries. The last topic, SDGs, is important because the news on Asean fulfillment of SDGs is bad. The UN Economic and Social Commission for Asia and the Pacific, which is based in Bangkok, has been coming up with reports that all the Asean members are falling behind the SDG targets. ESCAP’s Secretary General, Armida Alisjahbana, said that the region “is not even moving in the right direction” when it comes to the fulfillment of the SDGs. Progress has been slow or stagnant in the following: no poverty, zero hunger, good health and well-being, gender equality, clean water and sanitation, reduced inequalities, sustainable cities and communities, responsible consumption and production, life below water, life on land, and partnership building to meet all the SDG goals by 2030. There is also “retrogression” in three major SDG goals—decent work and economic growth (goal 8), climate action (goal 13), and peace, justice and institutions (goal 16). On the last goal, how can improvements be made when most of the Asean governments and leaders have become more and more autocratic? On goal 13, ESCAP is able to monitor that there is a “continuous loss of forests” in the region. Decisive measures to stop and phase out GHG-emitting power plants are also lacking. As to decent work deficits, this is the natural outcome of what the Asean trade unions and CSOs have been decrying: the Race to the Bottom among big corporations to invest and locate in production/business sites where workers’ rights are muzzled and where economic planners have been marketing “cheap labor” as come-on to would-be investors. Despite a series of positive Asean Declarations on workers’ rights, social protection and health and safety, deficits in decent work are mounting because this Race to the Bottom is untamed in a liberalized and globalized economic arrangement where no formal rules are instituted or enforced. This is why the annual APF and the various campaign advocacies of the Asean civil society movement in the economic, social, environmental and political spheres play indeed a critical role. They are needed to conscientize and transform Asean as a People’s Asean.

A8 Thursday, November 5, 2020

Rural banks told: Fund agri growth to boost recovery F

By Bernadette D. Nicolas

@BNicolasBM

INANCE Secretary Carlos G. Dominguez III, a former agriculture secretary, prodded the rural banking sector to be proactive in transforming Philippine agriculture into a modern, high-growth sector to help the economy recover from the fallout of the Covid-19 pandemic.

Dominguez on Wednesday said a robust rural banking system is necessary to provide financing support to investments in farm and logistical systems and other initiatives to modernize Philippine agriculture. “We need to invest in our farm and logistical systems as quickly as possible. Demand for food is inelastic. By building a modern agriculture, we can expand market access for food producers while keeping food supply available and prices affordable,” Dominguez said in his prerecorded video message to participants at the virtual symposium organized by the Rural Bankers’ Association of the Philippines (RBAP) to mark its 63rd charter anniversary. “All these will require financing support that our rural bankers are best poised to deliver. I ask our rural bankers to play a proactive role in this area,” he added.

Having overseen the rehabilitation of rural banks in the past, Dominguez said he is certain that the rural banking sector “is capable of remarkable turnarounds.” Dominguez, who served as agriculture secretary during the administration of the late President Corazon Aquino, commended rural banks for doing their part to keep the agriculture sector afloat during the coronavirus-induced crisis. The country’s finance chief said programs have been set in place under the Bayanihan To Recover As One Act (Bayanihan 2) to encourage investments in the agriculture sector and expand the capacity of rural banks to extend credit to more borrowers. These include increasing the capital of government financial institutions (GFIs) to enable them to serve as wholesale banks and rediscounting agents for

small and medium-sized banks and microfinance institutions, which rural banks can tap to increase their lending capacity. On top of this, he said President Duterte has also certified the Financial Institutions Strategic Transfer Act (FIST) as an urgent measure to allow banks to dispose of nonperforming loans and assets through asset management companies so that they can provide more credit to more sectors in need. He noted that when the rest of the economy contracted as a result of the lockdowns imposed by the national and local governments last summer to save lives and protect communities from the pandemic, the agriculture sector even grew in the second quarter. Data from the Philippine Statistics Authority show that among the major economic sectors, only agriculture posted growth in the second quarter at 1.6 percent. Industry and services shrank by 22.9 percent and 15.8 percent, respectively. Dominguez said agriculture’s growth amid the pandemic was not accidental, given that over the past four years, the Duterte administration has introduced game-changing

reforms that boosted productivity and enhanced this sector’s resiliency. Among these, he said, is the passage and implementation of the Rice Tariffication Law (RTL) that enabled the government to establish the Rice Competitiveness Enhancement Fund (RCEF) to improve the efficiency of ricelands and encourage agriculture-related manufacturing to flourish. Under Republic Act No. 11203 or the RTL, the P10 billion earmarked yearly for the RCEF is sourced from the collection of tariffs on rice imports by private traders. The RCEF will finance programs to sharpen the competitiveness of palay growers by providing them access to farm machinery and equipment, high-yield seeds, cheap credit and skills training programs on farm mechanization and modern farming techniques. The annual tariff revenues in excess of P10 billion shall be earmarked by Congress—and included in the national budget of the following year—for financial assistance to palay farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification.

BTR: PHL NOT LAGGING BEHIND IN BOND SALES C

ONTRARY to the view of international think tank Oxford Economics, National Treasurer Rosalia V. de Leon said the Philippines is not lagging behind in its local bond sales this year. “On Oxford report, we are not behind local bond sales. Strong bid to cover ratio in auctions shows rates remain attractive to investors,” De Leon said in a message to reporters on Wednesday. De Leon made the remark after Oxford Economics said in its November 3 research briefing titled, “EM funding outlook improves but vulnerabilities linger,” that it worries about those countries that were “behind track in terms of the required local currency bond sales for the year,” which included the Philippines. Aside from the Philippines, other countries cited by the think tank were South Africa, Malaysia and Turkey. Moreover, Oxford Economics also said the bond yields in the Philippines are also “too low for comfort.” In a related development, the Bureau of the Treasury also fully awarded P30 billion in reissued 3-year Treasury Bonds on Wednesday despite higher rates. The security, which has a remaining life of 2 years and 10 months, fetched an average rate of 2.224 percent, 4.2 basis points up from 2.182 percent in the previous auction. Nonetheless, the auction was still oversubscribed by more than twice the P30-billion offer as the tenor attracted tenders amounting to P64.427 billion. Reacting to auction results, De Leon said: “Strong volume indicated preference for front-end of curve. Rates aligned with

inflation hovering around 2.3 percent to 2.4 percent.” Meanwhile, she said they also hope to raise as much as P6 billion from their Premyo Bonds offering this year. Of this amount, she hopes to raise P3 billion in new money and another P3 billion through the switch tender offer.

Maiden Premyo sale

The government generated P4.961 billion from the maiden sale of Premyo Bonds last year. Since the government started offering Premyo Bonds last year, this would be the first time that there will be a switch tender offer for Premyo Bonds. Here, existing bondholders of the 2019 one-year Premyo Bonds may swap their maturing holdings to the new one-year Premyo Bonds. On top of this, De Leon said those who will avail themselves of the switch tender offer can still qualify for December 18 raffle and quarterly raffle next year for Premyo Bond 2. “Just need to advise bank to switch PB [Premyo Bonds] 1 to 2. You can get coupon/winnings of course,” she said. The offer period for this year’s Premyo Bonds would last for one month from November 11 to December 11. For those interested to avail themselves of Premyo Bonds, De Leon said they may do so via over-the-counter bank transaction, online via Bureau of the Treasury web site, Bonds.PH app and also through another new app, which they have yet to unveil.

Bernadette D. Nicolas

Recto Bank exploration is call of oil players–Cusi

NERGY Secretary Alfonso Cusi said on Wednesday exploration firms are free to decide whether or not to resume their oil exploration activities at Recto Bank following concerns that China might prohibit exploration activities in the area. “That is the decision they have to make, whether they want to do work or not,” Cusi commented when he was asked to comment that exploration firms, such as PXP Energy Corp., may not be allowed to resume exploration activities since the lifting of the moratorium was a unilateral move. “The lifting of the moratorium was a unilateral decision, based on what the country needs. That is the country’s territory. We gave instruction to resume work. They submitted a work plan. We are making them accountable. If they fail, we will take the necessary action,” said Cusi. The lifting of the moratorium effectively allows the Philippine National Oil Company-Exploration Corporation, Forum Energy, and PXP Energy Corp. to resume exploration activities under, respectively: Service Contract 59 in West Balabac, Palawan; Service Contract 72, which covers Recto Bank, also known as Reed Bank; and Service

Contract 75 in Northwest Palawan. The DOE’s notice to resumeto-work included a reminder for the contractors to stay within the 500-meter security zone in their area and follow all navigation rules to ensure safety. Should China, which claims ownership over the area, protest, Cusi had said the Philippine government would “stand up for our rights.” Prior to the lifting of the moratorium, PXP had entered into a memorandum of understanding with China National Offshore Oil Corporation (CNOOC) to jointly develop SC 72. Cusi commented that PXP is free to pursue discussions with CNOOC or explore other partners. “We’re not prohibiting that. That is part of their MOU to explore cooperation. They want to negotiate with CNOOC. I know they have been negotiating and that’s not a precondition on resuming the work. Kung ano ang kaya nila [Whatever it is they are capable of],” he said. Exploration works in Recto Bank had been put on hold following the 2012 presidential order issued by the Aquino administration amid rising tensions with China. Lenie Lectura

The Philippine Red Cross provided assistance of non-food items (sleeping mats, blankets, tarpaulin, mosquito nets, jerry cans, and hygiene kits) to 172 families in Brgy. Bon-Ot, San Andres, Catanduanes, following Rolly (Goni), the strongest typhoon to hit the country this year. PRC Chairman and CEO, Sen. Richard Gordon, visited the areas in Catanduanes, joined by the IFRC Head of Delegation Robert Kaufman, Catanduanes Governor Joseph Cua, San Andres Mayor Peter Cua, and Virac Mayor Sinforoso Sarmiento. PHOTO FROM PHILippine RED CROSS

State infra spending plunges 39.9% in Sept on pandemic’s impact

HE Covid-19 pandemic has taken its toll on state infrastructure spending, which plunged by nearly 40 percent yearon-year in September. Data released by the Department of Budget and Management (DBM) on Wednesday showed government spending on infrastructure for the month dropping by 39.9 percent to P56.9 billion from P94.7 billion in the same month last year. “It is noted that infrastructure spending is expected to be lower with the discontinuance of some capital outlay projects which are unlikely to be completed nor implemented this year due to the pandemic, as well as the delays in construction activities in the earlier part of the year with the impo-

sition of various community quarantine measures and implementation of Covid-19 health and safety protocols,” the DBM’s latest government disbursement performance report said. The latest figure on infrastructure spending compares to the huge infrastructure disbursements in 2019 with the catch-up spending plan of the Department of Public Works and Highways (DPWH), the DBM noted. Apart from lower infrastructure spending, the 88.1-percent drop in subsidy releases also dragged the overall government spending for the month. Total state spending in September this year fell by 15.5 percent year-on-year to P350.9 billion from last year’s P415.1 billion. Subsidy

releases for the month sank to P7.2 billion from P60.3 billion in 2019. For the third quarter, infrastructure spending also dived by 33 percent to P153.5 billion from P229.3 billion in the same period in 2019. This also contributed to the decline in total government spending for the quarter, which settled at only P1.009 trillion, or 2.7 percent below last year’s P1.037 trillion and 19.8 percent short of the P1.259-trillion program.

9-month spending

For January to September, state infrastructure spending is also down by 16.5 percent year-on-year. Gover nment ’s nine -mont h spending on infrastructure and other capital outlays fell to P451.5

billion from P540.7 billion in 2019’s comparable period. DBM said the decline was “mainly a result of the lower program and delays encountered in the implementation of public works due to the Covid-19 pandemic.” Despite the drop in state infrastructure spending, overall government spending for January to September this year managed to pick up by 15.1 percent to P3.023 trillion from P2.627 trillion in the same period in 2019. Year-to-date overall government spending grew on the back of higher maintenance spending, mainly for Covid-19 measures. Accounting for 64.3 percent of the P395.8 billion in total increase

in disbursements, maintenance spending went up by 65 percent year-on-year to P645.9 billion in the nine-month period this year from last year’s P391.5 billion. Nonetheless, the DBM expects an improvement in state infrastructure spending for the rest of the year. “Infrastructure outlays are also expected to be relatively higher in the latter months when compared to the earlier part of the year, with bulk of the submission of progress billings from contractors and suppliers are made. More so that the DPWH continues to accelerate disbursements, especially for those completed and ongoing projects for completion within the year,” it said. Aside from this, the depart-

ment also said it expects overall government spending to be driven by the implementation of recovery measures under the Bayanihan to Recover as One Act. “The President has already delegated to the DBM Secretary the authority to approve budget requests under the Bayanihan II in order to facilitate the immediate release of funds, and consequently program/ project implementation. As of October 29, 2020, the Department of Budget and Management has released a total of P78.0 billion out of the P140.0 billion allocation under the law to various government agencies/ corporations for their respective Covid-19-related recovery programs,” it added. Bernadette D. Nicolas

Companies BusinessMirror

www.businessmirror.com.ph

Thursday, November 5, 2020

Economic freeze cuts MPIC 9-mo income

By VG Cabuag

@villygc

onglomerate Metro Pacific Investments Corp. (MPIC) on Wednesday said its core income in January to September dropped 38 percent to P7.7 billion, from P12.5 billion in the previous year.

Revenues fell 15 percent to P46.18 billion from last year’s P54.71 billion, as the community quarantines reduced toll road traffic, closed and then reduced rail services and decreased commercial and industrial demand for water and power, resulting in a 30-percent decline in contribution from operations. Power accounted for P7.6 billion or 67 percent of net operating income, its highest-ever proportion, water contributed P2.6 billion or 23

percent and tollroads added P1.6 billion or 14 percent. MPIC’s other businesses, mainly hospitals, rail and logistics, incurred an overall loss of P413 million. “We have come through the most difficult nine months we have ever seen and on the far side of it we find ourselves in decent financial shape,” Jose Ma. K. Lim, the company's president and CEO, said. “Judicious management of our cash and liquidity position re-

mains a key priority. However, now that the worst of the uncertainty surrounding the virus and related containment measures is behind us, we have restarted our share buy-back program in a signal of our underlying strength and value, while continuing to fund construction of important infrastructure projects.” For the third quarter alone, the company's core income fell 37 percent to P2.4 billion from last year's P3.8 billion. Manuel V. Pangilinan, MPIC chairman, said the company expects to have a core net income of about an excess of P10 billion by the year-end, down by more than a third from last year's P15.6 billion. “I am encouraged by the partial recovery in our earnings in the third quarter compared with the second quarter, and it was especially pleasing to see Meralco's [Manila Electric Co.] volumes for the month of September this year exceed the figures for Sep-

tember 2019,” Pangilinan said. Core income of power distributor Meralco fell 15 percent to P15.7 billion from last year's P18.5 billion, as it incurred a 7-percent decrease in volume sold and higher provisions for doubtful accounts due to the current strain on the economy. Metro Pacific Tollways Corp.’s (MPTC) core income declined 56 percent to P1.6 billion for the period from P3.7 billion last year as a result of lower traffic on all roads due to the implementation of community quarantines and interest costs on increased borrowings. Overall, MPTC’s system-wide vehicle entries, including both domestic and regional road networks, averaged 654,285 a day for the nine months of the year, down from 914,642 last year. The water segment’s contribution to core net income amounted to P2.6 billion for period, 19 percent lower than last year's P3.2 billion, with reduced contribution from Maynilad.

SMIC revenues gradually improving S to September, lower by 15 percent from last year's P253.9 billion, while its net income plunged 73 percent to P2.2 billion from the previous P7.8 billion. Its food revenues grew 11 percent with Alfamart posting an increase of 27 percent. The Indonesian convenience store brand is slated to open its 1,000th store on November 11. Despite the challenges brought about by the pandemic, Alfamart is on track to open over 250 stores for the year alone, the company said. Revenues of its department store improved to P10.5 billion in the third quarter, double from the previous quarter, while specialty stores also showed improved revenues to P14.2 billion in the third quarter, also almost double from

the previous quarter. SM recently launched its online service, which it said accounted for around 11 percent of its department store’s total sales in the last two quarters. Mall operator SM Prime Holdings Inc.’s consolidated net income also fell by about half to P14.4 billion for the period from P27.6 billion last year. BDO Unibank Inc. also said its income was cut by half to P16.6 billion from last year’s P32.1 billion due to the upfront provisions booked in the second quarter in anticipation of potential delinquencies due to the pandemic. China Banking Corp., meanwhile, posted a net income of P8.2 billion, 23 percent higher than last year’s P6.7 billion. VG Cabuag

M Investments Corp. (SMIC) on Wednesday said its income in January to September dropped by more than half to P15.2 billion from last year's P33.1 billion, but its revenues improved in the third quarter. The holding firm of the Sy family said its consolidated revenues for the 9-month period reached P286.7 billion, lower by 18 percent from last year's P350.7 billion. Its third quarter revenues, however, improved by 36 percent to P101.1 billion from P74.4 billion in the second quarter, but still down 13 percent compared with last year's P117.01 billion. “We are encouraged by marked improvements in our results quarter-on-quarter as we saw renewed consumer activity. We remain

watchful of underlying demand as we continue to face headwinds in the economy in areas such as employment and remittances,” SMIC President Frederic C. DyBuncio said. “In aid of reviving economic activity, SM has undertaken many programs for micro, small, and medium enter prises [MSMEs] across the group such as through marketing campaign support and by waiving fees to help our MSMEs sustain their operations as well as credit support and improved cash access to our many banking clients across the country.” Banking accounted for half of the company’s reported net earnings from core businesses, followed by property at 41 percent and retail at 9 percent. SM Retail reported revenues of P216.3 billion in January

Fintech group backs govt economic plan

Weak power unit pulls down AEV income

he financial technology (fintech) industry plays a role in helping the economy amid the coronavirus pandemic, according to FintechAlliance. ph, which threw its support behind the government’s long-term economic plan. “The fintech industry is a development partner of the government in rebuilding the country from the impact of the pandemic by way of scaling inclusive and sustainable digital economy,” FintechAlliance.ph Chairman Angelito M. Villanueva told the BusinessMirror. The fintech group, in a statement on Wednesday, said it is among the 25 signatories of the Philippine Business Groups' (PBG) Covenant for Shared Prosperity, which supports the government’s AmBisyon Natin 2040. The PBGs, including the FintechAlliance.ph, vowed to end the practices that are causing “gross” inequality in the society. “The PBGs realize that our country, like many other countries around the world, is suffering from gross inequality not only in economic and financial terms but also in the social, environmental and political aspects of our national life,” the covenant read. “We seek to end these practices.” The PBG manifesto covers a 6-point pledge and commitment aimed at achieving the goal of shared prosperity by 2040. These include nurturing the workforce; providing quality products and services; treating the goods, services and funds providers fairly; helping the disadvantaged segments of the communities; protecting and preserving the environment; and delivering reasonable and just returns to controlling and non-controlling shareholders. “We should mobilize our human, technical, economic and financial resources to address this inequality and restore human dignity,” Villanueva said. “No one should be left behind.” Earlier, the Bangko Sentral ng Pilipinas (BSP) said fintech can help the micro, small and medium enterprises (MSMEs) move to the digital economy. Fintech can serve as digital tools for MSMEs shifting to e-commerce and underwriting platforms for government’s direct lending programs, BSP said. Tyrone Jasper C. Piad

boitiz Equity Ventures Inc. (AEV) said its net income in January to September fell 35 percent to P4.4 billion from last year’s P6.8 billion, as the contribution of its power unit declined. Power accounted for 49 percent of total income contributions to the company while financial services accounted for 39 percent, food at 9 percent, infrastructure at 3 percent and real estate at 1 percent. The company did not provide its revenue for the period. “The first nine months of the year brought about unprecedented challenges that truly tested the resilience of the nation and the Aboitiz group as well. We saw some signs of recovery in the third quarter, but we will continue to operate with caution and focus on providing the country with the services it needs to cope and recover,” Sabin M. Aboitiz, the company's president and CEO, said. “Moving forward, we expect our environmental, social and governance initiatives will help us achieve our targets by the end of the decade and in the years to come. Digital innovation played an important role in helping us cope with this year’s challenges, and will continue to enable us in the future.” Aboitiz Power Corp.’s net income contribution to AEV in January to September plunged by half to P5.4 billion from last year's P10.4 billion.

On a standalone basis, Aboitiz Power’s core net income was at P6.47 billion, 53 percent lower than last year’s record. Income contribution from the generation and retail electricity supply businesses, which accounted for 69 percent of total income contribution from Aboitiz Power’s business segments, was cut by half to P6.3 billion from last year’s figure. Union Bank of the Philippines's income rose by a mere 2 percent to P4.3 billion, from last year's P4.2 billion. On a standalone basis, Union Bank recorded a net income of P8.5 billion, 1 percent lower than the P8.6 billion last year. AEV’s non-listed food units’ income contribution reached P969 million, 5 percent lower than the P1 billion last year. These food companies are Pilmico Foods Corp., Pilmico Animal Nutrition Corp. and Pilmico International Pte. Ltd., which includes Gold Coin Management Holdings Pte. Ltd. Its domestic unit reported a net income of P585 million for the period. Its farms business segment reported a net loss of P703 million due to decreased margins due to higher production costs and lower selling prices caused by the industry-wide effect of the African swine fever. This was exacerbated by lower sales volume due to transport restrictions on pork and pigs imposed in several provinces in Luzon. The feeds business segment recorded a net

income of P728 million, double from last year's figure, while the flour business segment recorded P572 million in net income, 27 percent higher than the previous year's record. Contribution from its international food units reached P383 million, a 22-percent increase from last year, due to the full-year effect of the 100-percent ownership in Gold Coin. Aboitiz Land Inc. reported a consolidated net income of P85 million, 90 percent lower than the P829 million a year ago. Its revenues reached P2.1 billion, 2 percent higher than last year due to higher revenue from its industrial business, resulting from an increase in revenue recognized from industrial lots sold. However, the performance of Aboitiz Land’s residential business offset the gains from the industrial business due to a slowdown caused by lockdown restrictions. The residential business unit contributed P715 million, the commercial business unit contributed P159 million, while the industrial business unit and other subsidiaries contributed the remaining P1.3 billion. Republic Cement and Building Materials Inc. reported a net income of P400 million, 37 percent lower than the P631 million last year, due mainly to the contraction in the demand for cement. VG Cabuag

PSALM seeking bids for real-estate assets

he Power Sector Assets and Liabilities Management Corp. (PSALM) said Wednesday it would rebid three real-estate assets for a total of P26.34 million. The state firm is selling its Loboc property in the Province of Bohol for at least P12.139 million. It is composed of 4 lots with a total land area of 13,204 square meters. It is near the scenic Loboc River which is a bustling tourist site. The 1,868-square meter asset in General Santos City, meanwhile, is near the shoreline of Calumpang. It is composed of four lots and in close proximity to an industrial zone. PSALM has

set the minimum bid price (MBP) at P10,974,500. The third asset is the Calamaniugan property in Cagayan. It has a land area of 2,148 square meter. The MBP is P3.222 million. “The PSAM through its Privatization Bids and Awards Committee invites interested parties to participate in and bid for the sale, through public bidding on an “as-is, where-is” and in “cash” basis,” the state firm said. PSALM will hold a pre-bid conference on November 17, with bid submission deadline set on December 2. Interested bidders must post a bid security of at least 10 percent of the bid price. They will also

be asked to pay a participation fee of P12,500 for the Loboc property, P11,000 for the General Santos property and P4,000 for the Camalaniugan property. “In the event public bidding is declared a failure due to the participation of only one bidder, the lone bidder’s bid shall be considered an offer to buy the property through negotiated sale,” it said. The first round of biding was declared a failure because the prospective bidder for the Loboc property did not pursue its bid while there were no interested bidders for the two other assets. Lenie Lectura

Revenues slipped 4 percent to P17.4 billion from last year's P18 billion with increased billed volume offset by lower average tariffs. Higher residential demand at a lower average tariff offset lower demand in commerce and industry with the implementation of community quarantine. Light Rail Manila Corp. reported a core loss of P493 million in January to September following the suspension of operations from March 17 to May 31 due to the strict community quarantine. Operations resumed on June 1, but with ridership limited to 13 percent of capacity to comply with government-imposed guidelines and were again suspended from August 4 to 18 with the reimplementation of the modified enhanced community quarantine. Metro Pacific Hospital Holdings Inc.’s core income declined 77 percent to P262 million for the period due to the sharp drop in the number of

patient admissions and outpatient census and significant increases in personnel costs and medical supplies, such as personal protective equipment. The hospital group experienced a 44-percent decline in inpatient admissions to 83,077 and a 35-percent decline in outpatient visits to 1.91 million during the period. “We are doing our best to support government as they continue to balance health protection with the country’s economic welfare. On health, we have added more Covid-19 beds in the third quarter and are developing comprehensive telemedicine offerings,” Pangilinan said. “We intend to achieve as close as practically possible to 100 percent cashless toll collection on our roads before the end of this year, which should help reduce infection points. We also continue our drive for full digital metering at our utilities to reduce the need for manual meter reading.”

Pandemic fallout hits Globe 9-month profits By Lorenz S. Marasigan @lorenzmarasigan

lobe Telecom Inc. saw its bottomline dropping by a tenth in January to September, as the pandemic forced consumers and enterprise customers to cut their telco expenses, slightly trimming the company’s revenues. Based on a disclosure to the stock exchange, the telco’s net income stood at P15.89 billion during the period, a 10-percent decline from P17.68 billion the year prior. The 3-percent reduction on its operating costs and sales expenses was not enough to offset the 3-percent decline in operating revenues to P119.59 billion from P123.42 billion as well as the 6-percent increase in depreciation charges to P26.58 billion. The decline in revenues was mostly due to the reduction in the consumption of mobile usage, as consumers were forced to stay at home, while corporates also reduced telco spending due to work-from-home arrangements. This was cushioned, however, by the rise in home broadband data usage. Globe also reported a 13-percent fall in its core net income to P15.61 billion from P17.86 billion in the same period in 2019. This performance for the said period was “well within” the “internal expectations” of Globe. “We are pleased with the performance Globe delivered this period, especially considering the extraordinary circumstances our country is facing. Driving this result was the resiliency of

our network, and the unwavering dedication of our employees, which allowed us to sustain the growth of our data-related products and continue to serve our customers during this period of transition and adjustment to the new normal,” Globe President Ernest L. Cu said. He noted that the pandemic has changed the way Globe interacts with its customers, suppliers and employees, but at the same time has created opportunities for the group. “We believe, on the back of our continued network investments, that we are ready to seize these opportunities to help our customers and the nation succeed in this new environment,” he said. Globe has employed a three-pronged strategy to build its network: aggressive cell site builds, upgrading of existing sites to new radio antennae, and the migration of home broadband connections to fiber. “We remain committed to deliver our planned site builds for 2020, despite the varying degrees of community quarantines and our limited workforce out in the field. With the easing of requirements, we were able to secure over 700 permits last August and September, which consists of both building and Certificates of Final Electrical Inspection permits. These permits complement our target network expansion and will help us continue the momentum of our aggressive cell site rollout,” Cu said. So far, the company has spent P33.4 billion of its P50-billion capital expenditures program for 2020.

Manila Water defers rate hike

BusinessMirror file photo

anila Water said it has decided to defer the implementation of the scheduled P2 rate adjustment for 2021. “With this decision, we continue to put our customers first as we heed the government’s call to help mitigate the impact of the disruption of economic activity on most Filipinos," the company said in a statement. "We believe that, by working together as one nation, we will continue to rise above all challenges we are currently confronting and may still be facing in the future.” Manila Water provides water and wastewater services to the eastern part of Metro Manila, particularly the cities of Mandaluyong, San Juan, Pasig, Marikina, Taguig, the municipality of Pateros, and

portions of Makati, Manila and Quezon City, as well as the province of Rizal. The East Zone encompasses 23 cities and municipalities spanning a 1,400-square kilometer area. The company holds the exclusive right to provide water and used water services to the eastern side of Metro Manila under a concession agreement (CA) entered into between the Manila Water and the Metropolitan Waterworks and Sewerage System (MWSS) in August 1997. The original term of the concession was for a period of 25 years to expire in 2022. The company’s concession was extended by another 15 years by MWSS and the Philippine government in 2009, thereby extending the term from May 2022 to May 2037.

Companies BusinessMirror

Thursday, November 5, 2020

PSE STOCK QUOTATIONS

November 4, 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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG FILIPINO FUND IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH VANTAGE

44.4 90.45 75.8 23 9.86 42.4 9.65 27.6 51.5 17.1 99.75 56.5 0.79 27.6 3.45 6.99 1.11 0.3 748 0.58 161 1.02

45.2 90.5 76 23.05 9.87 42.75 9.8 27.7 52.2 17.14 99.8 57.5 0.8 28 3.6 7.5 1.14 0.315 777 0.59 163 1.09

45 91 74.8 22.95 9.74 41.4 9.65 27.2 53.1 17.14 99.5 55.8 0.76 28 3.59 7 1.15 0.31 777 0.58 165 1.09

45 91.15 76 23.2 9.86 42.75 9.85 28.2 53.1 17.16 100.7 57.5 0.8 28.1 3.6 7 1.15 0.31 777 0.59 165 1.09

45 90.2 74.5 22.8 9.65 41.2 9.65 27.1 51.1 17.1 99.05 55.8 0.76 27 3.45 6.99 1.11 0.3 749 0.58 161 1.09

45 90.5 76 23 9.86 42.75 9.65 27.7 51.5 17.14 99.75 57.5 0.8 27.6 3.6 6.99 1.14 0.31 749 0.59 163 1.09

1500 4127770 1799900 175300 679500 3392600 121700 637700 1550 3700 2236620 60140 27000 7700 8000 2200 102000 450000 20 115000 610 1000

67500 374528245.5 135870483.5 4036000 6630096 143255905 1186160 17656210 80787 63384 223196754.5 3381184 20950 214335 28170 15395 113690 138500 15260 67130 99429 1090

-210910320 46529448 271795 -790857 8995820 -4183220 18870 75013595.5 -2188169.5 5520 27229.9999 -

INDUSTRIAL AC ENERGY 3.86 3.87 3.85 3.88 3.82 3.87 11743000 45199780 ALSONS CONS 1.34 1.35 1.33 1.35 1.33 1.35 665000 896050 ABOITIZ POWER 26.7 27 27 27.35 26.7 26.7 1068800 28723520 0.216 0.22 0.228 0.228 0.215 0.218 10520000 2293750 BASIC ENERGY 29.3 29.35 29.4 29.5 29 29.35 1154900 33895760 FIRST GEN 64.1 64.75 64.1 65 63.6 64.1 56060 3608156 FIRST PHIL HLDG MERALCO 300 301 300 302.4 296 301 386990 116110626 MANILA WATER 14.02 14.08 14.24 14.34 13.94 14.02 2126000 29961076 3.07 3.08 3.05 3.08 3.04 3.08 2400000 7343690 PETRON 3.45 3.5 3.5 3.55 3.3 3.5 70000 239210 PETROENERGY PHX PETROLEUM 13.06 13.14 12.9 13.14 12.74 13.14 597800 7773442 PILIPINAS SHELL 16.08 16.1 16.3 16.3 16.04 16.08 385400 6221706 SPC POWER 10.98 11 10.96 11 10.96 11 135400 1488094 AGRINURTURE 7.98 8 8.08 8.08 7.96 8 88200 705598 2.94 2.95 2.89 2.96 2.88 2.95 2016000 5898250 AXELUM 12.2 12.3 12.2 12.2 12.2 12.2 2300 28060 CNTRL AZUCARERA CENTURY FOOD 17 17.06 16.88 17.3 16.86 17 2973500 50709518 DEL MONTE 5 5.01 5 5.05 5 5.01 37100 186044 DNL INDUS 6.29 6.37 6.25 6.36 6.25 6.29 4505600 28441948 9.89 9.99 9.9 9.99 9.83 9.99 1299800 12921645 EMPERADOR 63.35 63.4 63.5 64 62.75 63.4 276180 17509238.5 SMC FOODANDBEV 0.65 0.66 0.66 0.67 0.62 0.65 1001000 634060 ALLIANCE SELECT FRUITAS HLDG 1.37 1.38 1.4 1.4 1.34 1.37 20574000 28143430 GINEBRA 45.5 45.7 44.8 45.7 44.8 45.7 34400 1548090 185 185.1 175.1 185 175.1 185 1654170 300355631 JOLLIBEE 7.7 7.93 7.93 7.93 7.93 7.93 100 793 MACAY HLDG MAXS GROUP 6.08 6.09 5.8 6.13 5.8 6.08 1746200 10529709 MG HLDG 0.141 0.146 0.145 0.145 0.145 0.145 310000 44950 SHAKEYS PIZZA 7.3 7.35 6.95 7.4 6.95 7.35 1209700 8741999 ROXAS AND CO 1.2 1.21 1.2 1.25 1.18 1.2 7106000 8519460 4.71 4.84 4.85 4.85 4.84 4.84 208000 1006750 RFM CORP 1.86 1.89 1.86 1.89 1.86 1.89 70000 130280 ROXAS HLDG SWIFT FOODS 0.11 0.115 0.118 0.118 0.11 0.11 620000 72320 UNIV ROBINA 140.6 140.7 140 141.6 139.7 140.7 764050 107501475 VITARICH 0.8 0.81 0.78 0.82 0.78 0.8 20557000 16456070 51.8 52 52 52 51.7 51.7 990 51342 CONCRETE A CONCRETE B 51.2 54.75 55.85 55.85 51.15 54.75 460 24566 CEMEX HLDG 1.69 1.7 1.62 1.71 1.61 1.7 40472000 66993320 DAVINCI CAPITAL 4.38 4.49 4.33 4.38 4.28 4.38 69000 298020 EAGLE CEMENT 15.18 15.2 15.1 15.26 15.08 15.18 3824100 57817518 7.45 7.5 7.31 7.52 7.3 7.5 517100 3842870 EEI CORP 5.83 5.85 5.89 5.9 5.77 5.83 1672000 9752601 HOLCIM 7.39 7.4 7.4 7.42 7.21 7.4 3589300 26438813 MEGAWIDE PHINMA 8.11 8.29 8.34 8.35 8.34 8.35 2200 18350 TKC METALS 0.75 0.78 0.74 0.78 0.74 0.75 166000 125380 VULCAN INDL 0.77 0.78 0.76 0.77 0.76 0.77 301000 229800 1.98 2 1.98 2.08 1.98 2.05 369000 754230 CROWN ASIA EUROMED 1.89 1.9 1.92 1.92 1.9 1.9 275000 525280 LMG CORP 4.3 4.49 4.3 4.3 4.3 4.3 2000 8600 MABUHAY VINYL 4.3 4.37 4.37 4.37 4.37 4.37 9000 39330 PRYCE CORP 4.2 4.3 4.24 4.3 4.2 4.3 15000 63970 2.4 2.41 2.44 2.45 2.39 2.41 6863000 16551180 GREENERGY 7.15 7.2 6.76 7.32 6.76 7.15 5782900 41216986 INTEGRATED MICR 0.99 1 1.03 1.03 1 1 1372000 1376360 IONICS SFA SEMICON 1.55 1.56 1.53 1.56 1.49 1.55 1607000 2465890 CIRTEK HLDG 5.45 5.46 5.37 5.48 5.35 5.45 1515200 8222973

15469060 -15945325 116980 676630 -1892982.5 5726766 -17518828 -2471680 -1276880 43200 208440 1936542 -94638 -2870396 -5725850 -8695970 243570 -1304740 62824867 2266795 -85910 425070 -9680 32131894 791900 -294680 -7718232 26528 -2636751 -18347111 1383990 -445465 -977700 172545

HOLDING & FRIMS ABACORE CAPITAL 0.5 0.51 0.495 0.52 0.49 0.51 30310000 15325450 ASIABEST GROUP 7.88 8.07 8.2 8.2 7.92 8.07 6800 53972 AYALA CORP 761 765 755 769 750 765 220040 167715510 43.95 44 44.5 45 43.85 44 1286800 57113740 ABOITIZ EQUITY 8.18 8.19 7.78 8.24 7.78 8.18 12216000 99338202 ALLIANCE GLOBAL 2.71 2.72 2.7 2.75 2.7 2.72 2476000 6719280 AYALA LAND LOG ANGLO PHIL HLDG 0.63 0.64 0.62 0.64 0.62 0.64 224000 142050 ATN HLDG A 0.93 0.94 0.95 0.95 0.92 0.94 4265000 3980210 0.93 0.95 0.94 0.94 0.93 0.94 1602000 1505080 ATN HLDG B 5.2 5.21 5.13 5.24 5.13 5.2 681500 3541948 COSCO CAPITAL 4.7 4.71 4.46 4.7 4.46 4.7 10755000 49969200 DMCI HLDG FILINVEST DEV 9.2 9.4 9.11 9.4 9.08 9.39 17700 163330 FJ PRINCE B 2.93 3.93 3.4 3.4 3.4 3.4 1000 3400 FORUM PACIFIC 0.206 0.229 0.201 0.232 0.201 0.229 730000 153110 449.8 450 434 452.4 431 450 449150 200723686 GT CAPITAL 3.35 3.44 3.4 3.44 3.34 3.44 82000 278940 HOUSE OF INV JG SUMMIT 64.4 65.7 63.15 65.95 62.25 65.7 1650980 106896933 LODESTAR 0.77 0.78 0.76 0.79 0.75 0.77 350000 268840 LOPEZ HLDG 2.56 2.57 2.57 2.62 2.56 2.56 1106000 2836270 12 12.02 11.9 12.2 11.9 12.02 5670600 68255658 LT GROUP 0.495 0.54 0.54 0.55 0.54 0.54 32000 17290 MABUHAY HLDG 4.04 4.06 4 4.12 4 4.04 23637000 96196800 METRO PAC INV PACIFICA HLDG 3.22 3.48 3.42 3.49 3.42 3.47 28000 97250 PRIME MEDIA 0.79 0.83 0.8 0.84 0.8 0.83 48000 39060 1.01 1.02 1.01 1.01 1 1.01 145000 146400 SOLID GROUP SYNERGY GRID 171 171.5 171 171 171 171 430 73530 SM INVESTMENTS 990 996 974.5 996 951.5 996 338870 336105015 SAN MIGUEL CORP 102.7 103 101 103.2 101 102.7 114750 11781473 SOC RESOURCES 0.73 0.74 0.71 0.77 0.71 0.74 1022000 756950 WELLEX INDUS 0.225 0.231 0.25 0.25 0.224 0.225 8530000 1981300 0.142 0.143 0.143 0.143 0.142 0.142 510000 72870 ZEUS HLDG

-1736450 -62287560 -14207820 -27107637 551640 20530 2543793 -1825560 -13367360 -241800 16369680.5 -1904770 -42531892 5400 -9289850 99039100 730932 1760 -112680 -

PROPERTY ARTHALAND CORP 0.58 0.6 0.6 0.6 0.58 0.6 1416000 835930 ANCHOR LAND 7.73 8.15 7.43 8.15 7.43 8.15 1500 12060 AYALA LAND 33.3 33.35 33 33.5 32.45 33.35 8909600 296151670 1.04 1.1 1.04 1.04 1.04 1.04 193000 200720 ARANETA PROP AREIT RT 25.6 25.65 25.65 25.65 25.55 25.65 1661200 42581845 1.46 1.47 1.44 1.47 1.44 1.47 307000 445850 BELLE CORP A BROWN 0.81 0.82 0.83 0.83 0.81 0.82 981000 799380 CITYLAND DEVT 0.79 0.8 0.78 0.81 0.78 0.8 48000 38260 0.133 0.135 0.134 0.138 0.131 0.133 3280000 440110 CROWN EQUITIES 4.53 4.55 4.59 4.59 4.51 4.55 229000 1037210 CEB LANDMASTERS 0.36 0.365 0.365 0.365 0.36 0.365 2670000 968900 CENTURY PROP CYBER BAY 0.39 0.395 0.375 0.41 0.36 0.395 6190000 2419000 DOUBLEDRAGON 13.94 14 14.08 14.08 13.9 14 521200 7275578 DM WENCESLAO 5.29 5.3 5.3 5.39 5.2 5.3 265900 1394673 0.29 0.295 0.285 0.295 0.285 0.295 2100000 599600 EMPIRE EAST EVER GOTESCO 0.088 0.089 0.088 0.089 0.088 0.089 450000 39930 FILINVEST LAND 0.97 0.98 0.97 0.98 0.96 0.97 10295000 9995190 GLOBAL ESTATE 0.75 0.76 0.75 0.76 0.75 0.76 753000 570570 8990 HLDG 7.64 7.65 8 8 7.3 7.64 64500 488794 1.51 1.52 1.56 1.57 1.52 1.52 3393000 5189610 PHIL INFRADEV 0.68 0.73 0.73 0.73 0.7 0.7 16000 11250 CITY AND LAND MEGAWORLD 3.1 3.11 3.01 3.13 3.01 3.11 17788000 55253260 MRC ALLIED 0.46 0.465 0.42 0.47 0.42 0.465 287820000 129833750 PHIL ESTATES 0.36 0.4 0.4 0.42 0.345 0.345 730000 277900 1.16 1.18 1.17 1.21 1.14 1.18 3097000 3598860 PRIMEX CORP 15.8 15.82 15.8 15.82 15.4 15.8 2353300 37102888 ROBINSONS LAND 0.235 0.239 0.23 0.239 0.23 0.239 980000 230210 PHIL REALTY ROCKWELL 1.5 1.54 1.53 1.53 1.48 1.52 1107000 1677160 STA LUCIA LAND 1.83 1.9 1.9 1.9 1.9 1.9 50000 95000 SM PRIME HLDG 33.6 33.85 33.7 33.85 32.85 33.85 4506700 151055735 4.2 4.35 4.18 4.47 4.18 4.2 313000 1338160 VISTAMALLS SUNTRUST HOME 1.28 1.3 1.31 1.32 1.27 1.28 1691000 2188750 VISTA LAND 3.43 3.47 3.44 3.48 3.4 3.43 1602000 5520120

118000 40929005 -25491850 20960 -250480 -3442200 42000 -4312610 -147130 12614640 5444950 126899.9999 17605944 -29801955 25600 -1641870

SERVICES ABS CBN 11.1 11.12 11.2 11.46 11.04 11.1 189400 2110746 GMA NETWORK 5.07 5.08 5.09 5.11 5.07 5.08 140800 716739 MANILA BULLETIN 0.4 0.41 0.4 0.4 0.39 0.4 770000 303650 11.1 11.3 11 11 11 11 3000 33000 MLA BRDCASTING GLOBE TELECOM 2002 2016 2044 2044 2002 2002 103295 208159200 1326 1328 1330 1333 1322 1326 119715 158748330 PLDT APOLLO GLOBAL 0.052 0.053 0.051 0.053 0.05 0.053 26920000 1398230 CONVERGE 14.72 14.76 14.54 14.82 14.54 14.72 10150000 149207192 3.77 3.82 3.26 4.2 3.26 3.77 1005000 3792040 DFNN INC 6.31 6.32 6.5 6.5 6.2 6.31 122995400 777924078 DITO CME HLDG 1.33 1.39 1.33 1.33 1.33 1.33 31000 41230 IMPERIAL ISLAND INFO 0.093 0.094 0.096 0.096 0.091 0.093 4070000 377660 JACKSTONES 1.65 1.69 1.65 1.7 1.65 1.65 59000 99660 NOW CORP 4.25 4.26 4.41 4.6 4.24 4.25 14611000 63266530 0.26 0.265 0.265 0.28 0.26 0.265 16440000 4414100 TRANSPACIFIC BR 2.97 2.99 3.07 3.18 2.97 2.97 6766000 20838130 PHILWEB 2GO GROUP 8.79 8.8 8.8 8.8 8.74 8.79 45600 399796 ASIAN TERMINALS 15.36 15.64 15.34 15.38 15.34 15.38 1515200 23243384 CHELSEA 5.28 5.29 5.5 5.5 5.21 5.28 14259700 75564397 39 39.1 38.1 39.45 38.1 39 338200 13175500 CEBU AIR 115.5 116 115.1 116 113.5 115.5 1452070 167434913 INTL CONTAINER 14.66 15.72 15.68 15.74 15.66 15.7 18600 291968 LBC EXPRESS LORENZO SHIPPNG 0.97 1 0.99 0.99 0.99 0.99 25000 24750 MACROASIA 5.55 5.56 5.2 5.57 5.18 5.55 15640000 85412274 1.9 1.92 1.91 1.92 1.89 1.9 701000 1333730 METROALLIANCE A PAL HLDG 6.95 7 6.9 6.95 6.8 6.95 58700 406126 HARBOR STAR 1.39 1.4 1.47 1.49 1.37 1.39 11605000 16416270 ACESITE HOTEL 1.47 1.51 1.58 1.6 1.45 1.46 124000 188330 BOULEVARD HLDG 0.027 0.028 0.027 0.028 0.027 0.027 43700000 1180900 WATERFRONT 0.61 0.63 0.68 0.68 0.59 0.63 39652000 24947610 6.5 6.99 6.99 6.99 6.99 6.99 200 1398 CENTRO ESCOLAR FAR EASTERN U 551 569 560 560 560 560 50 28000 STI HLDG 0.345 0.35 0.34 0.355 0.335 0.35 4610000 1599650 BERJAYA 4.05 4.06 4.1 4.2 4 4.08 481000 1952340 BLOOMBERRY 7.9 7.91 7.5 7.92 7.5 7.9 14555400 113322255 1.88 1.9 1.86 1.88 1.81 1.88 31000 57440 PACIFIC ONLINE LEISURE AND RES 1.63 1.64 1.59 1.64 1.55 1.63 2155000 3468700 2.16 2.34 2.33 2.33 2.33 2.33 4000 9320 MANILA JOCKEY PREMIUM LEISURE 0.35 0.355 0.345 0.36 0.34 0.355 78850000 27,748,900( PHIL RACING 6.7 6.89 6.65 6.89 6.65 6.89 12800 85917 7.18 7.22 6.76 7.28 6.75 7.18 2900500 20415055 ALLHOME 1.47 1.48 1.49 1.5 1.46 1.48 2169000 3208840 METRO RETAIL PUREGOLD 41.6 41.65 41.2 41.8 41.15 41.6 2285900 95070695 ROBINSONS RTL 64.6 64.65 64.05 65.8 64.05 64.65 639390 41346316.5 PHIL SEVEN CORP 111 112 112 115 112 112 570 64077 SSI GROUP 1.53 1.54 1.47 1.59 1.47 1.54 24071000 37135320 15 15.02 14.82 15.14 14.82 15.02 6587600 98913278 WILCON DEPOT 0.34 0.345 0.33 0.34 0.33 0.34 8280000 2802700 APC GROUP EASYCALL 6.82 6.9 6.85 6.9 6.82 6.82 50700 346459 GOLDEN BRIA 360 369.8 370 370 369 369.8 310 114642 IPM HLDG 3.28 3.44 3.25 3.44 3.25 3.44 8000 26560 2.1 2.2 2.15 2.15 2.15 2.15 2000 4300 PAXYS SBS PHIL CORP 4.15 4.19 4.16 4.2 4 4.2 117000 487740

-160408280 -47202420 11260810 -297699.9997 2154427 50980 1480000 -2800 -291560 8789.9998 -78438 398898 -7289130 -105335908 1765726 -61790 606110 -35000 36960601 -315460 6,406,249.9997) 1807682 -41731155 1422331.5 -3330 8480 -10784026 3350 68300 -29584 -336000

MINING & OIL ATOK 9.81 10 10.08 10.1 9.8 10 141400 1406268 APEX MINING 1.85 1.86 1.87 1.89 1.82 1.86 5363000 9991400 120270 0.001 0.0011 0.0011 0.0011 0.001 0.0011 3125000000 3430900 -78100 ABRA MINING 4.1 4.12 4.12 4.12 4.06 4.06 54000 220620 ATLAS MINING BENGUET A 3.13 3.18 3.15 3.2 3.02 3.18 873000 2703020 BENGUET B 3.1 3.15 3.05 3.15 2.96 3.1 246000 756190 COAL ASIA HLDG 0.26 0.27 0.265 0.265 0.26 0.265 590000 156100 7.7 7.98 7.95 7.98 7.8 7.98 500 3966 DIZON MINES FERRONICKEL 1.33 1.34 1.31 1.35 1.31 1.34 1591000 2116980 GEOGRACE 0.239 0.244 0.245 0.245 0.239 0.239 90000 21570 LEPANTO A 0.152 0.153 0.153 0.153 0.15 0.152 7410000 1127800 MANILA MINING A 0.0097 0.0099 0.01 0.01 0.01 0.01 3000000 30000 MANILA MINING B 0.01 0.011 0.011 0.011 0.01 0.011 17300000 182100 0.93 0.94 0.92 0.95 0.91 0.94 1375000 1276820 263120 MARCVENTURES 2.52 2.53 2.53 2.57 2.51 2.52 407000 1026580 NIHAO NICKEL ASIA 3.75 3.76 3.8 3.8 3.71 3.75 2712000 10164400 2858600 OMICO CORP 0.335 0.35 0.34 0.35 0.335 0.35 140000 47350 ORNTL PENINSULA 0.65 0.68 0.66 0.68 0.66 0.68 410000 274960 33000 5.38 5.39 5.41 5.51 5.3 5.38 1409600 7601372 436761 PX MINING 10.78 10.8 10.64 10.9 10.64 10.78 1931900 20798792 -2706624 SEMIRARA MINING 0.0051 0.0053 0.0051 0.0052 0.0051 0.0052 7000000 36300 UNITED PARAGON ACE ENEXOR 6.25 6.29 6.25 6.3 6.2 6.25 49600 309862 ORNTL PETROL A 0.0097 0.0098 0.0099 0.0099 0.0097 0.0097 27000000 263700 0.0087 0.0088 0.0087 0.0087 0.0087 0.0087 2000000 17400 PHILODRILL PXP ENERGY 12.46 12.48 12.3 12.76 11.92 12.48 4178300 51914990 148426 PREFFERED HOUSE PREF A 101.3 101.9 101.9 101.9 101.9 101.9 10 1019 AC PREF B1 510 519.5 510 510 510 510 660 336600 AC PREF B2R 503 517 516 516 516 516 100 51600 100.5 101 101.2 101.2 101 101 38720 3912114 CPG PREF A DD PREF 100.9 102 100.7 102 100.7 102 50960 5196798 FGEN PREF G 108 109 109 109 109 109 20 2180 GLO PREF P 512 518 510 510 502.5 502.5 4000 2012310 GTCAP PREF A 1001 1005 1005 1005 1005 1005 100 100500 1030 1039 1030 1030 1030 1030 205 211150 GTCAP PREF B MWIDE PREF 101.1 101.5 101.5 101.5 101.5 101.5 2610 264915 PNX PREF 3A 100.1 100.2 100.1 100.2 100.1 100.2 8700 870970 PNX PREF 3B 100.4 102.3 102.2 102.3 102.2 102.3 240 24537 PNX PREF 4 996 998 995 998 995 998 2580 2573340 -1337320 PCOR PREF 2B 1030 1040 1040 1040 1040 1040 100 104000 1062 1063 1062 1063 1062 1063 5575 5921225 PCOR PREF 3A PCOR PREF 3B 1091 1100 1099 1100 1090 1091 8165 8903255 SMC PREF 2C 78 78.2 78.2 78.2 78 78.2 9640 751924 SMC PREF 2F 78.6 79 78.5 79 77.6 79 24090 1885648 46800 SMC PREF 2G 75.9 76 76 76 76 76 8600 653600 76.5 78.5 78.5 78.5 78 78 9200 719700 SMC PREF 2I SMC PREF 2J 76.75 76.9 76.5 76.95 76.5 76.9 36100 2776332 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.78 10.94 10.78 10.78 10.78 10.78 5500 59290 GMA HLDG PDR 4.96 4.97 4.97 4.97 4.96 4.97 14000 69530 WARRANTS LR WARRANT 0.85 0.86 0.86 0.88 0.86 0.86 210000 182370 SMALL & MEDIUM ENTERPRISES ALTUS PROP 13 13.08 13.06 13.48 12.88 13.08 547700 7165032 246866 ITALPINAS 2.92 2.93 2.89 2.95 2.8 2.93 4300000 12475530 12590 KEPWEALTH 5.55 5.56 5.6 5.72 5.5 5.56 82400 464442 2.24 2.6 2.24 2.24 2.24 2.24 1000 2240 MAKATI FINANCE MERRYMART 3.78 3.79 3.68 3.78 3.61 3.78 26826000 100309130 -1545560 EXHANGE TRADE FUNDS FIRST METRO ETF 97.8 98 96.05 97.8 96.05 97.8 12060 1171964.5 192096

www.businessmirror.com.ph

SMFB on track to recovery after Manila lifts lockdown

By VG Cabuag

@villygc

an Miguel Food and Beverage Inc. (SMFB) said its net income in January to September fell 37 percent to P14.36 billion from last year’s P22.92 billion even as the company saw a “dramatic improvement” in its operations in the third quarter. The combined food, liquor, beer and beverage unit of San Miguel Corp. said its revenues fell 14 percent to P194.56 billion from last year’s P226.36 billion. The company said the easing of lockdown restrictions beginning in June, except for the 2-week reversion to a modified enhanced community quarantine in August, have resulted in improvements in mobility and consumer confidence. The lifting of accompa-

nying liquor bans translated to better sales and volume performance for SMFB’s beer and spirits products. “This is an encouraging development that proves we are on track to recovery. We came out of the quarter confident in the resilience of our businesses and determined to deliver on our commitment to continue helping fight the pandemic and the country heal,” SMFB President and CEO Ramon S. Ang said.

San Miguel Brewery Inc.’s (SMB) volumes improved in the third quarter at 54 million cases versus the second quarter of 26.4 million cases, but were still lower than the 2019 quarterly average, as on-premise channels remain closed. Consolidated revenues amounted to P72.48 billion as of end-September from last year’s P103.88 billion, down by 30 percent. Net income stood at P11.08 billion, down 44 percent to P19.83 billion. SMB’s international operations in the third quarter also benefited from the easing of restrictions in markets where it operates, such as Hong Kong and Vietnam. Liquor unit Ginebra San Miguel Inc. recorded a 33-percent growth in volumes in January to September, pushing its consolidated revenues to P25.34 billion, 18 percent higher than last year’s P21.43 billion. Net income rose 67 percent to P2.21 billion from last year’s P1.32 billion. San Miguel Foods registered consolidated revenues of P96.74 billion

as of the end of the third quarter, down 4 percent from last year’s P101.05 billion. Net income, meanwhile, fell 13 percent to P1.55 billion from last year’s P1.78 billion. Canned meats, such as Purefoods Corned Beef and Spam, as well as processed food such as Tender Juicy hotdogs, led the segment with double-digit growth. Dairy products and breakfast items, such as margarine, cheese, pancake premixes and milk also registered the same levels of growth, the company said. “We believe that we are beginning to reap the rewards of the growth initiatives that we started a few years ago. Through our investments in additional production facilities and distribution channels, we are able to quickly respond to changing consumer demands and preferences,” Ang said. “We are also in a strong position to leverage on these investments as the economy continues to open up and further expand our business in the coming years.”

ICTSI income in Jan-Sept nearly flat By Lorenz S. Marasigan @lorenzmarasigan

nternational Container Terminal Services Inc. (ICTSI) recorded a flattish net income in January to September, as its cost-reduction measures as well as the diversity of its port portfolio cushioned the negative effects of Covid-19 on the global supply chain. Enrique K. Razon, the company’s chairman, said his group booked $182.6 million in net income attributable to equity holders in the first three quarters of the year, almost flat from the $184.9 million it booked the year prior. “I am pleased to report that our performance for the third quarter benefited from the cost preservation measures we took to mitigate the adverse effects of the pandemic. Our actions, together with improvements in global trade, a diversified portfolio, and high levels of customer service have helped to deliver an improved performance compared to the same period in the previous year,” he said. The company’s revenue from port operations stood at $1.1 billion, also flat from the year prior, as it handled 7.59 million twenty-foot equivalent units (TEUs) in cargo volume in the

said period. The volume was about 2 percent less than the volume handled the year prior, as the pandemic forced certain restrictions in trade movement. It also maintained lower cash operating expenses during the period, when it spent $331.6 million for its global port operations, representing a 3-percent decline from the year prior. “The pandemic continues to present uncertainties and we are very mindful of how unpredictable the environment is, as certain parts of the world move to a secondary lockdown, and we remain cautious. However, ICTSI is well positioned to benefit further should global trade continue to show signs of recovery, underpinned by our stringent cost management, ability to swiftly respond to changing situations and our diverse geographical presence,” Razon noted. So far, the company has spent P128.6 million to continue the expansion of its key ports in Manila, Mexico, Ecuador, Iraq, and the Democratic Republic of Congo. For the year, it plans to spend a total of $160 million in capital outlays to complete its ongoing expansion initiatives.

Mitsubishi Motors posts loss as demand collapses

itsubishi Motors Corp. reported an operating loss that was wider than estimates as the Japanese automaker struggles to sell cars amid the coronavirus outbreak. The loss for the quarter ended September was 29 billion yen ($276.5 million), compared with analysts’ average projection for a loss of 27 billion yen. Even so, Mitsubishi Motors stuck to its forecast for an operating loss of 140 billion yen on sales of 1.48 trillion yen for the fiscal year through March. Mitsubishi Motors’ struggles are putting a strain on its alliance with Nissan Motor Co. and Renault SA, which has been in turmoil since the November 2018 arrest of former Chairman Carlos Ghosn. Mitsubishi Motors unveiled a restructuring plan earlier this year, pledging to cut fixed costs by 20 percent and focus on Southeast Asia, one of its strongest

markets. It also ended the production of its iconic Pajero SUV for the domestic market. “Southeast Asia, in which Mitsubishi Motors has a presence, has been impacted by the coronavirus,” said Bloomberg Intelligence analyst Tatsuo Yoshida. “If they don’t ride out the crisis now, there won’t be a future for them.” Shares of Mitsubishi Motors rose 2.5 percent before the results. The stock is down about 55 percent this year. Sales for the July-September quarter fell 42 percent to 345 billion yen, compared with analysts’ average estimate for 362 billion yen. The carmaker’s global sales for the first half of the fiscal year fell 41 percent from a year earlier to 350,563 units, due to the virus-induced slump in demand and reduced output. Domestic sales in the same period slipped 48 percent from a year earlier. Bloomberg News

mutual funds

November 4, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 206.31 -19.5% -10.97% -4.22% -18.08% ATRAM Alpha Opportunity Fund, Inc. -a 1.0981 -27.01% -12.05% -3.23% -20.54% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8063 -28.47% -14.98% -6.51% -23.7% Climbs Share Capital Equity Investment Fund Corp. -a 0.711 -24.87% -11.05% n.a. -20.82% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6904 -20.52% n.a. n.a. -18.71% First Metro Save and Learn Equity Fund,Inc. -a 4.4172 -18.67% -9.52% -4.58% -17.1% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6922 -20.82% -10.61% n.a. -18.91% MBG Equity Investment Fund, Inc. -a 87.53 -22.98% n.a. n.a. -15.2% PAMI Equity Index Fund, Inc. -a 41.6902 -20.44% -9.47% -2.98% -18.7% Philam Strategic Growth Fund, Inc. -a 444.07 -18.39% -8.93% -3.32% -16.65% Philequity Alpha One Fund, Inc. -a,d,5 0.9568 n.a. n.a. n.a. -7.12% Philequity Dividend Yield Fund, Inc. -a 1.0517 -20.16% -9.24% -2.92% -18.28% Philequity Fund, Inc. -a 30.9171 -20.34% -8.86% -2.52% -18.42% Philequity MSCI Philippine Index Fund, Inc. -a 0.8162 -21.59% n.a. n.a. -19.83% Philequity PSE Index Fund Inc. -a 4.2597 -20.06% -8.99% -2.28% -18.45% Philippine Stock Index Fund Corp. -a 712.38 -19.93% -8.9% -2.41% -18.3% Soldivo Strategic Growth Fund, Inc. -a 0.6444 -28.8% -12.66% -6.34% -24.31% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2473 -24.73% -10.71% -4% -22.85% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8159 -20.15% -9.18% -2.48% -18.48% United Fund, Inc. -a 2.9682 -20.47% -8.33% -2.05% -18.75% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 95.6947 -19.78% -8.61% -1.64% -18.18% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0673 8.71% -0.42% 3.35% 3.78% Sun Life Prosperity World Voyager Fund, Inc. -a $1.489 13.43% 6.46% n.a. 8% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5504 -2.98% -5.87% -2.86% -0.79% ATRAM Philippine Balanced Fund, Inc. -a 2.0956 -7.95% -5.11% -1.33% -3.92% First Metro Save and Learn Balanced Fund Inc. -a 2.4512 -7.76% -3.91% -2.67% -6.85% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1858 -20.8% n.a. n.a. -18.69% NCM Mutual Fund of the Phils., Inc. -a 1.8751 -4.9% -1.83% 0.52% -4.41% PAMI Horizon Fund, Inc. -a 3.5558 -6.96% -3.23% -0.65% -6.16% Philam Fund, Inc. -a 15.9141 -6.94% -3.32% -0.69% -6.17% -8.64% Solidaritas Fund, Inc. -a 1.9702 -4.31% -0.75% -7.16% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3444 -14.53% -5.67% -1.95% -13.44% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9566 -6.85% n.a. n.a. -5.82% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8644 -14.78% n.a. n.a. -13.25% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.844 -16.54% n.a. n.a. -15.02% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8182 -17.5% -6.83% -2.92% -16.06% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03885 1.81% 2.44% 1.88% 1.7% PAMI Asia Balanced Fund, Inc. -b $1.0522 5.43% 0.62% 3.97% 3.07% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.104 8.26% 4.65% 5.33% 4.94% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1546 4.06% 2.43% n.a. 2.29% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.97 3.77% 3.13% 2.64% 3.08% ATRAM Corporate Bond Fund, Inc. -a 1.8939 -1.51% -0.12% -0.24% -0.43% Cocolife Fixed Income Fund, Inc. -a 3.2061 3.57% 4.66% 4.89% 2.83% Ekklesia Mutual Fund Inc. -a 2.2876 3.31% 2.71% 2.16% 2.89% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4424 4.15% 3.27% 1.92% 3.53% 4.17% Philam Bond Fund, Inc. -a 4.6114 6.4% 2.65% 5.45% Philam Managed Income Fund, Inc. -a,6 1.312 5.28% 4.35% 2.46% 4.4% Philequity Peso Bond Fund, Inc. -a 3.9568 5.54% 4.19% 2.37% 4.45% Soldivo Bond Fund, Inc. -a 1.0347 8.35% 3.71% 2.08% 7.3% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1741 4.1% 4.52% 2.92% 3.2% Sun Life Prosperity GS Fund, Inc. -a 1.7382 3.03% 3.85% 2.32% 2.18% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $479.74 2.92% 2.55% 2.79% 2.43% ALFM Euro Bond Fund, Inc. -a Є217.67 -0.95% 0.68% 1.15% -0.96% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2451 3.56% 3.16% 2.58% 3.14% 1.7% 1.51% 1.94% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.94% PAMI Global Bond Fund, Inc -b $1.0867 -0.74% 0.17% 0.4% -0.63% Philam Dollar Bond Fund, Inc. -a $2.4982 4.22% 3.65% 3.27% 3.94% Philequity Dollar Income Fund Inc. -a $0.0618049 2.53% 2.45% 2.17% 2.5% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1654 -0.05% 1.68% 2.19% -0.31% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.39 3.43% 3.32% 2.54% 2.83% First Metro Save and Learn Money Market Fund, Inc. -a 1.0462 1.87% n.a. n.a. 1.94% Sun Life Prosperity Money Market Fund, Inc. -a 1.2929 2.74% 3.01% 2.62% 2.21% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0508 1.58% n.a. n.a. 1.2% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 0.9936 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.94 n.a. n.a. n.a. -5.05% 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."

TheBroaderLook

www.businessmirror.com.ph • Editor: Dennis D. Estopace

BusinessMirror

Thursday, November 5, 2020

Private, public sectors adjust as pandemic alters the shape of the PHL labor market By Samuel P. Medenilla

@sam_medenilla

HE sky above the labor market has been shaded a light red as pink slips fell after the government attempted to sandbag a rampaging coronavirus disease 2019 (Covid-19) pandemic. Latest data from the Department of Labor and Employment (DOLE) reported that as of October 25, 3.73 million workers were affected as lockdown measures almost tanked the economy.

Of these employees, 285,650 were permanently displaced either through retrenchment or permanent closure of their establishments. Most of these workers were employed in administrative and support service activities; manufacturing; and, other services activities. According to people working with the DOLE, data on displacement as of November 1 are still being processed. The DOLE, nevertheless, reported that only 104,718 workers were permanently displaced in the first half of the year. This is already exceeded by the number of jobless workers from July to September, which already reached 120,925. For the first two weeks of October, the number of displaced workers already reached 66,229.

Safe, secure

NONETHELESS, many believe rainbows paint the sky after rains stop. “This pandemic is truly an unprecedented challenge for all of us that no one could have foreseen,” Daisy Aquino, People Service Delivery Director of Refinitiv Asia Pte. Ltd.-Philippines branch, told the BusinessMirror. Aquino, responsible for Human Resource operations, programs and initiatives for the firm’s Manila Operations Center, said that “despite the limitations and effects brought about by these extremely difficult circumstances, we still worked on keeping our people safe, secure and involved, not only at work but also in their respective communities.” Refinitiv is only one of a thousand private companies trying hard to keep their talents as other firms are being pushed on the brink of closure, at worst, or forced to let go of their employees due to the national economic and health crises. It is also one of the companies tweaking their labor-retention programs.

Adopting mechanisms

ACCORDING to Aquino, “the safety and welfare of our employees are a top priority for us.” She added this as reason why they immediately adopted a workfrom-home mechanism called a “virtual office environment” (VOE) as soon as quarantine measures were imposed in March. “Likewise, we made sure to

provide our employees with the proper work equipment (e.g. laptops, desktop monitors, internet connection, and even ergonomic home-office furniture) and support needed in these challenging times,” Aquino said. “We made sure it’s safe and conducive for our employees to work from home as they continue to support our customers.” Aquino also cited the compa ny ’s Emplo ye e A s s i s t a nce Program (EAP), which provides confidential support services to our employees and their dependents that can help solve a wide range of challenges in their lives especially at this time. She said employees can access the EAP 24 hours a day, seven days a week by phone, web or mobile application. The program connects the employee with local expert support and consultation, according to Aquino.

Management, rewards

AS director of People Service Delivery, Aquino’s role is focused “on delivering the people experience through the different people or human resources programs.” She explained, “Other organizations refer to it as Human Resources but we call it the people function; in that sense, it is similar to HR.” Aquino said she works “handin-hand with the ‘co-site’ [location outside the headquarters] leads to help the organization deliver on its strategy and objectives through the expertise and performance of its people.” The team, she said, “provides HR advisory support for over 1,600 employees, drive people and/or talent strategy, including service delivery, employee relations, performance management, rewards and overall business needs, where HR partnership is required.” Aquino also emphasized that “diversity and inclusion have always played a central role in [the company’s] talent acquisition and development.” That is why, she added, “we take pride not only in creating jobs, but more importantly, in helping individuals from any status or background to build their careers.” Through “robust employee engagement prog rams, employee net work s a nd interest c lubs, we ma ke sure that we empower our employees’ advocacies while

promoting sustainability, diversity and inclusion.”

that can be donated for every 40 volunteer hours rendered.

People-related concerns

Extra day

ACCORDING to Aquino, the local operations follow the Singapore-headquartered financial markets data-provider in terms of employee engagement. “On a global level, we have a specific program to support employees to continue to grow and be at their best in the ‘new normal’,” she said. “Aside from directing employees to relevant articles, we hold regular webinars on topics ranging from building resi l ience, ma nag ing per formance while on VOE, as well as on parenting.” Aquino said the company has a virtual rest and recreation activities both at the site level and at the level of each business unit. “We also make sure to stay connected with all employees through regular town halls and site-wide communications, including those that address frequently asked questions,” she added. “With the prolonged quarantine and work from home measures, we also recently distributed care and wellbeing packages to our employees.” Aquino said that through these initiatives, they “have been able to maintain employee engagement and deliver the same level of quality service to customers. “We even exceed key operational metrics, including productivity and customer satisfaction targets.” According to her, HR managers and advisors ensure that employees “are coping well in this unique situation we are all in.” “We hold regular catch ups with them so that we are able to address people-related concerns in a timely way,” Aquino added.

Moment of thanks

AQUINO said the firm also holds its week-long “Moment of Thanks,” an annual celebration where employees are encouraged to send appreciation messages to their colleagues. “While we encourage this practice throughout the year, this dedicated period is made even more special with prizes at stake,” she said. “We also continue to mark our employees’ milestone anniversaries with our ‘Service Awards’ to recognize those who are celebrating five years, 10 years, 15 years and 20 years with the company.” They also enhanced community support mechanisms such as an initiative that doubles an employee’s donation to a nonprofit organization or community program of their choice. “This has encouraged our employees to pursue personal advocacies and extend their help to those in need amid the Covid-19 crisis,” Aquino said. “By establishing sustainable and inclusive programs such as this, we hope to empower our employees and the causes and beneficiaries they support.” The company also strengthened its employee volunteerism grants and programs as she said they “value employees’ personal advocacies and own communitybuilding efforts.” With this program, employees who engage in volunteer work may apply to award a minimum amount of P25,000 for their chosen accredited beneficiary for every 20 hours of volunteer service. Each employee is entitled to a maximum of P50,000 in grants

THE company also provides for two days of paid volunteer leave and an extra day of paid volunteer leave has been added during this pandemic to allow employees to support local campaigns in their communities. T he employees collectively raised P250,000 to support specific partner-nongovernment organizations. The funds were used to purchase face masks, face shields and alcohol donated to uniformed personnel, as well as fruits and vegetables donated to select shelters around the city, according to Aquino. During the limited communityspecific relief operations, “we ensure that our employee-volunteers observe strict health standards and social distancing guidelines so as not to compromise their own safety,” she said. “With these efforts, we aim to continuously create programs to inspire the industry and support and promote a welcoming workplace where everyone is valued and has equal access to opportunities,” Aquino said.

Driven to government

WORKERS who weren’t able to enjoy the support that Refinitiv provides and received pink slips have found a safe haven in the public sector. During the first online job fair conducted by the Civil Service Commission (CSC) last month, over 161,000 people have reistered and participated in the event. Among the most popular vacancies in the week-long event were administrative assistant, data encoder, staff officer and engineers. The Department of Interior and Local Government also announced it has employed an additional 26,872 contact tracers for the government’s campaign against the pandemic. It is targeting to hire a total of 50,000 contact tracers using the funding under Republic Act 11494. This law provides for “Covid-19 response and recovery interventions and providing mechanisms to accelerate the recovery and bolster the resiliency of the Philippine economy.” Likewise, the Department of Health (DOH) also announced it was able to fill up 9,275 of its 11,894 approved slots for emergency hiring. They were deployed in 345 health facilities nationwide.

Expected impact

THESE mass hiring initiatives of the government continue as numerous workers in the private lose their jobs. Labor coalition Nagkaisa expressed alarm over this development since it believes joblessness will push many workers to poverty, especially due to the government’s low funding for its safety net for them. Sentro ng Nagkakaisa at Progresibong Manggagawa (Sentro) Secretary General Joshua Mata, told the BusinessMirror the t rend w i l l a lso a f fect u n ion membership. “The potential loss of membership due to company closures would have a long-term impact. All unions would have to double time on their recruitment to recoup loss ground,” Mata said. Based on the latest data from

the Bureau of Labor Relations (BLR), the number of private sector trade unions, federations and industry unions dropped to 17,097 in January to June 2020 from 17,775 in the same period last year. However, the number of workers affiliated with the said organizations for the first half of the 2020 rose to 1,588,559 from 1,556,675 year-on-year. This may change by the second semester of the year when permanent displacement is expected to sky-rocket.

Need for workers

PUBLIC Services Labor Independent Confederation (PSLINK) President Annie Giron noted there are, indeed, available vacancies, particularly for health care in the government for the said displaced workers. She expressed concern, though, over the possible cost-cutting measures to be implemented during the pandemic. They expect a reduction, “especially for contractual job orders and contract of service because of the lack of funds for maintenance and other operating expenses,” Giron said. “There is already a DBM [Department of Budget and Management] circular calling for austerity measures, so it is likely that rationalization of workforce is already happening in some agencies, again contingent to the mandates of departments, offices, agencies and bureaus,” she added. In April, the DBM issued National Budget Circular 580, which called for “economy measures” by the government during the pandemic.

Included enough

BUDGET Secretary Wendel E. Avisado allayed concerns of any displacement in the public sector until up to next year due to lack of funding. He noted that under the proposed 2021 national budget, all government offices will have sufficient funds to maintain their current workforce, including job orders and contracts of services. “We include enough miscellaneous services and benefit fund so they can be assured” that there will be no effort to retrench government workers, “despite the situation [during the pandemic],” Avisado said in an earlier online public forum. Civil Service Commission (CSC) commissioner A i leen Lizad a, however, emphasized that erring public servants could still be removed from service even during the pandemic. “We have no policy preventing any termination [during the pandemic]. Always remember that public office is a public trust. If you are doing the right doing your job, then you have nothing to be afraid,” Lizada said. “But if you are doing something wrong, there is nothing to prevent government also to take you out even in times if pandemic.” As of May last year, the CSC said it has 1.72 million career and non-career workers as well as 669,347 job orders and contracts of services.

Lots of unfilled positions

THE CSC has yet to release an updated inventory of the government’s workforce it is still expected to increase existing vacancies in the government are filled.

In its web site, the CSC said there are over a million available vacancies in the public sector. This, Lizada said, does not include the vacancies, which remain unfilled since the concerned government agencies have yet to be published. “They [agencies] cannot hire unless it is published first in the CSC website,” Lizada said. She estimated at least 100,000 positions in the government are unfilled. The concerned agencies were asked to finally start filling up the positions to provide new job opportunities for those displaced by Covtjd-19. “[The] CSC cannot do it,” Lizada said, adding, “it is the government agencies” that must “open up these vacancies and publish it.”

Labor-site challenges

BUT while government workers have better job security than their private sector counterparts, they also face challenges since many of them are still being required to report for work even during the pandemic. At least 10,000 State workers were reported to have been infected with Covid-19 this year. Giron is pushing for better government protocols, which will minimize the exposure of public servants from infection. “Public sectors workers will have to adapt to fast evolving ‘new normal ’new ways to deliver public services,” the labor leader said. She said this could be done by capacitating government employees to use social media and online platforms to consult and ensure engagements with the public, and allowing them to engage inflexible work arrangements. Lizada said the CSC already released several issuances to facilitate PSLINK’s recommendations including the adoption of home-work arrangements, online appointment and registration system and disinfection activities. Most recently, it also issued a resolution to allow the extension of service for retiring public servants to ensure crucial jobs in the government will remain filled during the pandemic.

Affecting services

RENE Ofreneo, former dean of University of the PhilippinesSchool of Labor and Industrial R el at ions ( UP- SOL A IR), emphasized that the government shou ld st r ive to prote c t it s workers from infection since it could affect many government services, particularly those in its healthcare facilities. Ofreneo also said success of the government’s much touted “Build, Build, Build” (BBB) infrastructure program will depend on keeping the construction workers involved in these projects Covid-free. If successfully done, he said this could help boost the country’s recovery from the national economic and health crises. “As I have written in the past, the government should tweak [the] BBB to [focus] on community rebuilding and possible hiring en masse of the [informal workers] under cash for work,” Ofreneo said. “This is good stimulus lowcost but inclusive.” Government economic managers said the government infrastructures will help generate millions of employment for workers who were displaced by the crises.

Health&Fitness BusinessMirror

B4 Thursday, November 5, 2020

Editor: Anne Ruth Dela Cruz

SBMA opens ‘clinic at a click’ for employees

By Henry Empeño

only provides essential health care, but also allows for peace of mind among patients and even medical staff,” she added.

UBIC Bay Freeport Zone— Recognizing the need for heightened health measures to keep the Covid-19 virus at bay, the Subic Bay Metropolitan Authority (SBMA) recently launched an online health clinic that will deliver medical and dental care to employees in the safety of their own homes.

Community quarantine

The SBMA “Click-nika,” which is touted to be the first telemedicine program among government agencies in this part of the country, now dispenses patient care through videoconferencing, said SBMA Chairman Wilma T. Eisma.

“This is clinic at one click, a marriage of modern technology and classic doctor’s advice,” Eisma said during the inauguration of the telemedicine project of the SBMA Public Health and Safety Group. “This is really important because

SBMA Chairman and Administrator Wilma T. Eisma observes as SBMA dentist Dr. Ailyn Onilla confers with a patient via videoconferencing during the launch of the SBMA “Click-nika” online clinic. most of those in the health industry are now focused on the fight against Covid-19, and most people are apprehensive about visiting hospitals and clinics because of the risks of virus

transmission,” Eisma said. “Still, there is a need to take care of the health of our employees, and much more so amidst this pandemic. The SBMA Click-nika project not

Project proponent Ronnie Yambao, who is SBMA deputy administrator for health and safety, said the concept was hatched months ago in the middle of the community quarantine imposed all over the country. He said the program runs on a simple system, as employees only have to make an app ointment through e-mail at sbmaclicknika@ gmail.com, state the preferred date of consultation, and indicate their Facebook account name. The agency’s public health and safety personnel will then respond to the e-mail within 24 hours, sending a consent form to be filled out by the patient and sent back through e-mail. Thereafter, consultation will be done through video call, Yambao

explained. In a demonstration during the project launch, an employee, who was at her residence, consulted with SBVMA physician Dr. Joane Sorvic at the SBMA Dispensary, recorded her own vital signs with the doctor’s guidance, and received medical advice. Another patient, meanwhile, showed SBMA dentist Dr. Ailyn Onilla photos of his teeth and received guidance on dental care. Eisma noted that the SBMA Clicknika project would especially be useful to employees who have had to work from home either because they are seniors or have comorbidities. “These ones are those who require regular medical check-ups,” she pointed out. Yambao also said that the SBMA Click-nika project may yet expand to encompass other stakeholders in the Subic Bay Freeport once additional manpower and other resources have been set up.

Novartis, international agency address eye screening gaps to prevent blindness Don’t wade

n celebration of World Sight Day (WSD), Novartis Healthcare Philippines and the International Agency for the Prevention of Blindness (IAPB) launched the multi-stakeholder “Collaboration to Preserve Sight” to address eye screening gaps in the country. Initiated by the IAPB, WSD is an annual day of awareness that focuses global attention on blindness and vision impairment. It is the most important advocacy and communications day in the eye health calendar. This year’s WSD is themed “Hope In Sight.” According to the IAPB, 253 million people in the world are visually impaired—36 million are blind while 217 million have moderate/severe visual impairment (MSVI). More than a billion people cannot see well simply because they do not have access to glasses. Over 75 percent of visual impairment is avoidable. For the past 10 years, Novartis Global has been running a program called the Excellence in Ophthalmology Vision Award (XOVA). XOVA awards grants to medical specialists who have devised initiatives that are expected to have significant impact on unmet needs in the fields of ophthalmology and optometry. “Novartis is privileged to collaborate with the IAPB and our other partners to provide eye screening and education in eye care and raise awareness on the massive unmet needs in eye health,” said Jugo Tsumura, President & Managing Director, Novartis Healthcare Philippines. “We thank Novartis and their part-

In celebration of World Sight Day (WSD), Novartis Healthcare Philippines and the International Agency for the Prevention of Blindness launched the multi-stakeholder “Collaboration to Preserve Sight” to address eye screening gaps in the country. Photo shows participants during the 2020 WSD virtual media briefing performing the cover test to encourage the general public to have regular eye exams (from top left, clockwise): Mr. Jugo Tsumura, President & Managing Director, Novartis Healthcare Philippines; Dr. Beverly Lorraine Ho, Director, Health Promotion Bureau, Department of Health; Dr. Leo Cubillan, Director, Philippine Eye Research Institute (PERI); Ms. Amanda Davis, Chairman, IAPB Western Pacific; Ms. Mardi Mapa-Suplido, Country Manager, The Fred Hollows Foundation (FHF); Dr. Ma. Margarita Lat-Luna, President of the Philippine Academy of Ophthalmology (PAO); Dr. Marie Joan Loy, President, Vitreo-Retina Society of the Philippines (VRSP); Dr. Noel Chua, Chairman, National Committee for Sight Preservation (NCSP); Dr. Peter Paul Ronque, Medical Adviser , Novartis Medical Affairs–Ophthalmology; and Ms. Christine Fajardo; Asia Cluster Patient Advocacy Head & Country Corporate Affairs Head, Novartis Healthcare Philippines. ners for their commitment to help address blindness and vision impairment in the Philippines. The recent World Health Assembly resolution for eye health, marks the next major milestone for global eye health. With political commitment to take action to make eye care an integral part of Universal Health Coverage and to implement ‘integrated peoplecentered eye care,’ there is Hope In Sight,” said Amanda Davis, Chairman, IAPB Western Pacific.

Multi-stakeholder partnership “We laud this multi-stakeholder

partnership to address eye screening gaps in the country and realize the Philippines’s commitment to the Global Elimination of Avoidable Blindness: Vision 2020—The Right to Sight. We look forward to working closely with our partners to make vision screening an integral part of Healthy Homes, Schools and Workplaces towards Healthy Pilipinas 2040 and ensure the best possible vision for all people and thereby improve quality of life,” said Dr. Beverly Lorraine Ho, Director, Health Promotion Bureau, Department of Health. “Through the Collaboration to

Preserve Sight, we aim to sustain our support for the National Vision Screening Program signed into law by President Duterte in 2019,” said Dr. Leo Cubillan, Director, Philippine Eye Research Institute (PERI). “Our program will implement a home vision screening campaign encouraging families during the quarantine to detect simple eye problems at home, then referred to provincial eye centers for further diagnosis and treatment in Tarlac, Quezon, Oriental Mindoro, Antique, Negros Oriental and Surigao del Norte,” said Mardi Mapa-Suplido, Country Manager,

The Fred Hollows Foundation (FHF). “Diabetic retinopathy is a complication of diabetes and a major cause of blindness among working adults. The Mulat Mata Diabetic Retinopathy Project aims to set-up a comprehensive diabetic retinopathy program consisting of awareness campaigns and education, diabetic retinopathy screening, and data gathering. We will pilot the program at the community level particularly in the province of Bulacan, which we hope to replicate in the other provinces, and eventually at the national level,” said Dr. Marie Joan Loy, President, Vitreo-Retina Society of the Philippines (VRSP). “We are privileged to support the Collaboration to Preserve Sight through the development and rollout of a National Eye Health Communications Strategy Plan, the replication of the home vision screening program in a further 10 provinces, and the pilot of an online vision screening program for kindergarten students,” said Dr. Noel Chua, Chairman, National Committee for Sight Preservation (NCSP), a national coalition of organizations. “Workers should maintain proper distance of at least 20 inches away from the computer monitor. Position the monitor so that the top line of the screen is at or below eye level, and is perpendicular to the window. These are just some of the steps employers and employees can take to promote eye health in the workplace,” said Dr. Ma. Margarita Lat-Luna, President of the Philippine Academy of Ophthalmology.

Uratex uses solar-powered machines to produce quality mattresses By Anne Ruth Dela Cruz

n addition to eating a balanced meal and taking your daily dose of vitamin C to boost your immune system, it is also important that you have enough sleep every night. The Institute of Functional Medicinal says sleep plays a powerful role in supporting the healthy immune system function. In fact, there is a close relationship between sleep and the immune system. The institute noted that a lack of sleep can increase the chances of infection. Consistent sleep, on the other hand, better prepares your body to fight off unexpected illness and getting enough of it supports your overall health and well-being. “Sleep is your body’s first line of defense against infectious disease because during sleep your body produces proteins called cytokines that fight inflammation and infection,” the Institute said. “The benefits of sleep are both preventive and restorative and it is recommended that you get seven to nine hours of sleep every night for optimal health.”

Choose the right mattress

To sleep well during the night, it is important that choose a mattress and pillows that are of the right firmness for you. One brand that is known to provide quality mattresses is Uratex, the biggest foam and mattress manufacturer in the country. Uratex takes pride in making sure that each mattress they manufacture delivers superior comfort and support to improve your quality of sleep. You can even choose the kind of mattress that you want to buy from them. They have soft mattresses that easily conforms to the shape of the body, medium that provides the balance between the soft and firm mattress and firm which offers adequate firmness without compromising comfort. Their products are not only made of foam that is produced without harmful chemicals that pose a threat to your health and the environment; they are also manufactured using solar power. Three years after putting up a solar facility in its plant in Muntinlupa City, the RGC Group of Companies, the mother company of Uratex Philippines, has expanded its solar panel facil-

ity to its plant in Canlubang, Laguna.

Other businesses

Located in the plant are the company businesses that cater to the automotive industry, namely, Uratex Automotive Seating, INOAC Philippines and Robert Automotive and Industry Parts Manufacturing Corporation (APMC). The company partnered with PV² Energie, a German-based renewable energy company, that installed a photovoltaic (PV) system that started powering the RGC Group of Companies last October 22, 2020. The project started three years ago when PV² Energie installed a 500 kWp grid-tied photovoltaic (PV) system placed on the company’s roof of Uratex Philippines in Muntinlupa City. A photovoltaic system is composed of one or more solar panels combined with an inverter and other electrical and mechanical hardware that use energy from the sun to generate electricity. PV systems can vary greatly in size from small rooftop or portable systems to massive utility-scale generation plants. The company had a simple turnover ceremony at the Canlubang plant recently

which was attended by key officials of the companies based there and representatives from PV² Energie. “To fufill the RGC Group of Companies promise to respect humanity, protect the environment, promote wellness and invest for the future generations, we remain committed to creating a more sustainable business that participates in the global movement to use alternative sources of energy and be environmentally responsible especially in these trying times,” said Eddie Gallor, Executive Vice President of the RGC Group of Companies.

Reduce power cost

Gallor added that the PV system installed at Uratex Canlubang Plant will help the three member companies to contribute to the reduction of carbon dioxide emission in the environment and will reduce its power cost by approximately 15 percent. He expounded that this green initiative of the company serves as its contribution to lessen its dependence on fossil fuel generated energy which adds to the course of climate change. The PV² Energie has already installed sev-

eral rooftop projects in the Philippines which include Bengar Industrial Corporation in Quezon City (100 kWp Net Metering), Orietal Tin Can & Metal Sheet Manufacturing also in Quezon City (623 kWp) and Sanitary Care Products Asia (120 kWp) in Mabalacat, Pampanga. These partnership projects aim to ignite the awareness of the Filipinos to fully appreciate solar power technology especially to businesses. After three years of operation, the Uratex Muntinlupa plant yielded a total output of estimated 1.9 million kWh annual and saved around P3 million on its electricity bill. “We have just started a big leap to conserve energy and be part of the solution. We will dour best to explore more sustainable projects in the coming years,” ended Gallor. The RGC Group of Companies is expected to install a solar power facility in its remaining plants in Luzon, Visayas and Mindanao, slowly saturating its 22 bases nationwide in the next few years. Solar power facilities will soon be erected in the other RGC Company plants in Plaridel, Bulacan; Pangasinan, Cebu, Iloilo, Davao and Cagayan de Oro.

in floodwaters and prevent leptospirosis By Claudeth Mocon-Ciriaco

atch out for the symptoms of leptospirosis if you have been wading in floodwaters these past few days as the Supertyphoon “Rolly” flooded the Bicol region, Region 4A and other parts of the country. “We can prevent complications of leptospirosis when its flu-like symptoms are recognized early and treated immediately. My advice to those who had to wade in the flood these past few days is to be alert for any symptom and to seek early consultation,” Health Secretary Francisco Duque III declared. Leptospirosis is a bacterial infection caused by the Leptospira spirochetes bacteria that is spread through the urine of infected animals, especially rats. Its modes of transmission include wading in contaminated floodwaters and ingesting contaminated food or water. The bacterium has an incubation period of seven to ten days before symptoms appear.

Waterborne diseases Duque also advised the public on how to prevent leptospirosis and other waterborne diseases, saying “don’t wade in floodwaters.” Leptospirosis can be acquired by exposure to flood water, mud or food contaminated by urine of infected animals such as rats, pigs, dogs, cattle and goats. Cases usually present with flu-like symptoms, followed by leg pain. Severe cases may lead patients to experience yellowish discoloration of the eyes and skin and tea-colored urine. Untreated cases may lead to kidney failure or death. “It is also advisable to wear protective clothing and footwear near soild or water that may be contaminated with animal urine,” Duque emphasized. The symptoms of leptospirosis include high fever, muscle pain, eye redness, yellowing of skin, tea colored urine, decreased urine output, cough, diarrhea and vomiting. “We advise those who have flulike symptoms now and who had previously waded in floodwaters to seek immediate medical treatment in the nearest health facility,” the health chief urged.

Parentlife BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Thursday, November 5, 2020

Wearing safety: A ‘kidspiration’ in entrepreneurship

E have heard that children are less likely to suffer the severe symptoms of Covid-19, but recent studies have concluded that young children can in fact spread the virus even more efficiently than adults. For this reason, keeping tabs on children’s health, particularly within schools and family units, is more vital than ever in containing the spread of the virus. As sanitation has become an even more important standard for households, I have also been on the lookout for simpler solutions. For example, I get confused with all the sanitation materials I need to buy now. I also have valid concerns because we have to use them more often, about whether they are too harsh for our health. Instead of having alcohol or various disinfectants, are there all-in-one cleansers that are antibacterial and safe for our health if in case we or our pet accidentally ingests it? After months of finding a solution, we now only have two kinds of cleansers in the house: one is antibacterial and food-grade for more sensitive surfaces; the other is an antibacterial detergent for everythign else. I believe it is the same for technology. Today, we have thermometers, oximeters, and Google forms to fill up for contact tracing. Especially when we our kids start going to schools on-site, or when our family goes to public places, is there a more efficient way to monitor and track Covid-19 risks? PouchPASS (www.pouchpass.com) is a leader in behavioral analytics technologies that has pivoted its existing wearable technology to help track the presence of Covid-19. It utilizes sensors to provide high-accuracy body

MEASURE ingredients for gingerbread, yule log and other holiday treats with festive measuring cups from the Red&Green Collection.

temperature data every minute and, coupled with the PouchPASS application, allows the users to monitor body temperature continuously, remotely, and without interpersonal or physical contact. All data are synchronized real-time in the PouchPASS online dashboard and stored on the cloud. These are treated with extremely high privacy standards. They may only be viewed with the consent of the users. The PouchBAND is also comfortable to wear, dust- and water-resistant, and requires no charging. It is accessible for both iOS and Android users. PouchPASS is one of the products of PouchNATION. This company has successfully sold millions of wearables across different industries in events like conferences, concerts, festivals, sports events, and more. It has always been at the forefront of new guest technologies like RFID-enabled cashless payments, geolocation, ticketing, and POS development. In the course of my interview with Ilya Kravtsov, CEO of PouchPASS, I also found great insights on how to raise my kids to be more entrepreneurial. According to him, choosing to be an entrepreneur is a hard choice. He shares that in Europe, you are pushed more to have a corporate career; university years also prepare you more to take a safe choice. He started with a career in Management Consultancy, but had always been passionate about technology. He boldly “rebelled from this natural path” and decided to start from zero, then “self-drive this choice.” No one asked him to do that. I learned from him how adaptability and resilience are important to develop as a child. Ilya was originally from Moscow, then grew up in Italy. He moved from six different schools growing up. He was in different countries, faced different languages. These changes often inserted him into challenging environments, but also positively exposed him to adapting to dynamism. Today, Ilya has been living in Asia for 10 years, with six offices across the region. I also like to teach my kids his idea of a supporting environment in business. Most of us believe that being in business means intense and at times ruthless, competition. Ilya shares his appreciation in being part of the community of tech entrepreneurs in Asia.

CELEBRATE the holidays in Scandinavian style with this set of six porcelain ornaments celebrating Nordic animals (and one friend visiting from Antarctica).

A POUCHBAND for the entire family

It is part of what drives him and he appreciates the support they share with each other. He is always motivated by his close friends that he sees on a regular basis more than the bigger names in the global tech field. When I asked what is the top quality he looks for in a future hire, he says, “Attitude is No. 1, because I think attitude is very hard to teach. Skills can be taught.” He goes on to say that even if he finds a candidate who is amazing in hard skills but the attitude is wrong, he would never hire such candidate. I think this is a valuable lesson to us parents in providing not just the best education for our kids but also the environment to hone their soft skills. ■

COMBINING real pinecones with faux evergreen sprays, two types of eucalyptus and glittered snowberries, this subtly sparkling frosted white berry wreath is so lush all you’ll miss are the dropped needles.

Holidays at home GLOBAL brand Crate & Barrel (www.crateandbarrel.com. ph) gives this holiday season under the new normal a much needed lift, celebrating yuletide at home with warmth, tradition and style. Fill your home with the Christmas spirit and set a festive table with these styles from Crate & Barrel’s holiday collection, which can be found at the brand’s stores in SM Megamall, SM Aura Premier and SM Makati. ■ RED AND GREEN. Welcome a cozy family Christmas full of good cheer and fill your home with holiday spirit with festive pops of red and green. ■ APRES SKI. Come inside and cozy up with bold patterns, nordic motifs and a cool retro-modern vibe. ■ NORDIC NEUTRAL. Fresh, effortless and awash in soft organic texture and tones, this look brings a welcome lightness to the holiday season. All is calm, all is bright. ■ TROVE. Celebrate with festive cocktails, an unexpected palette of saturated jewel tones, and plenty of metallic shine. Warm, welcoming, and glowing, the collection highlights well-loved traditions, festive holiday looks, as well as merry modern styles.

CRATE&BARREL’S hand-turned wooden trees from the Nordic Neutral Collection charm with their sweetly simple shapes and soft, subtle hues.

THE Blush Hoop Wreath adds major glam to winter décor and updates holiday style with a fresh palette and graceful asymmetrical form using real pine cones joining faux leaves, berries and evergreen sprays on a slender hoop, all finished in shades of blush and silver.

HOW TO SHARE THE LOVE IN this time of a pandemic, how does one love thee? Let us count some of the ways: you help in the household chores, you surprise them with their favorite food delivery, you take a break from technology and spend quality time with them, or you do a drive-by just to check how they’re doing. Though there are different ways to show how much you care, AIA Philam Life, the country’s premier life insurance company, encourages everyone to #ShareTheLove through the knowledge of protection. There’s a saying that goes, “If you love something, you have to protect it.” Cliché as it may sound, this is a reality for all of us. We make decisions everyday but sometimes, we tend to forget to make ones that will safeguard our future. And this is where a life insurance policy can step in. What if you had a medical emergency, or your family’s breadwinner passes away and leaves large expenses to settle? A life insurance policy protects you and your family from situations like these and provides the funds to use for it. Insurance also gives you the means to protect your savings as you work toward achieving your dreams for you and your loved ones. You’ve probably heard of it as a forced savings plan, and curbs your tendency to spend for unnecessary things. With money set aside and safely put away in an insurance policy, you can be confident that when you decide to bring your future plans to fruition, you can have some funds ready for your use. Nothing beats having peace of mind knowing you can financially handle whatever life throws at you. Insurance not only protects your savings from life’s untoward events but also your emotional and mental health, which is important, too. There are many ways you can help protect your loved ones, according to the leading insurer which offers not only free financial consultation but also a chance to win exciting prizes, such as iPad Air, PS4, a smartwatch, among others. More information about the #ShareTheLove promo, ongoing until November 30, is available at www.facebook.com/AIAPhilamLife. There’s no better way to secure the future of your family and friends by being protected today.

B6 Thursday, November 5, 2020

Get tested and rested with Resorts World Manila accommodation packages

TOYOTA ASSISTS ADOPTED SCHOOL IN ‘NEW NORMAL’ LEARNING Toyota Motor Philippines Foundation (TMPF), the social and humanitarian arm of Toyota Motor Philippines Corporation (TMP), continue to support its adopted school, Pulong Sta. Cruz Elementary School (PSCES) as it transitioned into the new normal mode of learning. With pandemic guidelines disallowing lower education levels to hold face-to-face classes, PSCES shifted to online and modular learning. To support PSCES, Toyota donated 46 brand-new laptop computers for the individual use of teachers in preparing for and holding online classes. Moreover, a total of 4,000 printed Learning Modules were donated for use of students in the kindergarten, Grades 1 and 2 levels. The modules covered subjects in Mathematics, Music, Arts, Physical Education and Health (MAPEH), Edukasyon sa Pagpapakatao (ESP), and Mother Tongue-Based Multilingual Education (MTB-MLE). The printouts are distributed to parents of students every week and the accomplished sheets are submitted for teachers’ evaluation. To further support PSCES in its fight against COVID-19, other items such as thermal scanners, face shields, alcohol, antibacterial/germicidal soaps, disinfectant sprays, bleach solutions, disposable gloves, foot baths, spray tanks, and mops were also provided. TMP Foundation assistant vice president and operations manager Ronald Gaspar (second from left) turns over the laptops to PSCES principal Benjamin Ongtengco Jr. (center).

OTELS in Resorts World Manila (RWM) offer several special accommodation and testing packages to welcome guests looking for a safe and relaxing stay. Holiday Inn Express Manila, Savoy Hotel Manila, and Belmont Hotel Manila have a wide range of choices that assures top quality accommodation options for every preference, need, and budget. In partnership with the Philippines’ leading carrier, Cebu Pacific (PSE: CEB), the three signature hotels are offering Swab and Stay packages exclusively for CEB passengers. Starting at P11, 900 for single occupancy, the 3D2N package includes full-board meals and a Polymerase chain reaction (PCR) test to be administered by an accredited partner hospital(s) within the RWM complex. Guests can also avail of this exclusive hotel + test package at Sheraton Manila Hotel and Marriott Hotel Manila. A special homecoming package

from Holiday Inn Express Manila is also available for P8,550 nett per person. This special offer is inclusive of an overnight stay with breakfast, lunch, and dinner, plus an RT-PCR test at an accredited hospital and a 3-way transfer from airport to the hotel and the medical facility. Meanwhile, rates for the Stay Safe While You Wait promo of Belmont Hotel Manila and Savoy Hotel Manila start at P11, 700 nett per person. The package includes a 3D2N stay in a standard room with breakfast, RTPCR test at an accredited hospital, and hotel transfer from the airport and the medical facility. Option for an overnight stay with complete packed full-board meals is also offered starting at P3, 800 nett for single occupancy. For the overnight offer, on-site RTPCR testing and airport transfer are also available upon request, and prior reservation is required.

As part of RWM’s response to COVID 19, enhanced and stricter sanitation protocols are in place in all hotels, such as the Stay Safe program of Savoy and Belmont, as well as Extra Safe with HIEx, to ensure guests’ safety. “It has always been our commitment to provide safety and convenience to our guests as we want them to feel secured and comfortable throughout their stay,” said Kathy Mercado, RWM Senior Director for Hotel Sales and Marketing. This special promotion is part of RWM’s efforts to support the #PinasMunaTayo, a campaign that promotes Filipino Bayanihan to help boost the country’s economy. For the Swab and Stay promo, please visit the Cebu Pacific Travel Reminders page: https://bit.ly/CEBFlightReminders. To know more about the exclusive hotel packages offered, visit www.rwmanila. com or call Tourist/Visitor Hotline at (02) 908 8833.

New EdTech brings appropriate materials for online learning

CI Innovations Tech Center, Inc., a start-up education technology (EdTech) company, aims to bridge education gaps in the country through systematic and sustainable learning solutions, addressing the need for affordable and appropriate materials and methods for Filipino learners.

At present, PCI offers Augmented Reality worksheets for Grades 1-3 and 7-8. These interactive and userfriendly learning materials are based on the Department of Education's Most Essential Learning Competencies (MELCs). Augmented Reality uses digital technology to generate three-dimensional

Make learning come to life with interactive PCI augmented worksheets.

images and audio recordings with just one tap for students to fully immerse in learning. PCI sees the need to provide content that is relevant and suited to Filipino students as most worksheets available in the local market are imports and reprints of foreign-based companies that primarily cater Western learners. Also, PCI’s competitive e-learning team promises quality content without the compromise of reinforcing biases in religion, gender, beliefs and traditions. Through these, parents and guardians can rest assured that their kids are using study materials that are responsive to their learning needs and to their holistic development as young members of society. PCI also ensures that their products encourage independence for young learners. Through their easy to use worksheets, students with different learning styles can enjoy learning at their own pace. Furthermore, augmented reality worksheets maximize the potential of digital visual aids, allowing these digital natives to easily grasp concepts in Science, English and Mathematics that may be abstract and difficult to comprehend. From a range of products for primary to tertiary students, as well as learning management systems and virtual reality platforms for schools, businesses and corporations, PCI envisions to be at the forefront of utilizing digital technology to ensure access to globally competent education for Filipinos. PCI believes that learning should never be boring. More importantly, learning should be competitive yet accessible, innovative, yet simple and easy.

Kaspersky to address global cybersecurity issues at the UN Internet Governance Forum 2020

OR the first time, Kaspersky is set to participate in the Internet Governance Forum (IGF), hosted by the United Nations. This year, the 15th annual event run online from November 2 to November 17, with the overarching theme of: Internet for human resilience and solidarity. As part of IGF 2020, the global cybersecurity company is organizing four major activities to increase awareness, transparency and international cooperation in the fight against cyberthreats. 2020 has seen a surge in individuals, businesses and organizations relying on the internet. Coupled with the rapid rise in online criminal activity, this trend has made cybersecurity more important than ever to ensure the internet is both safe and sustainable. As a company that is focused on building a more protected world, Kaspersky aims to spark the global conversation among different stakeholder groups, including policymakers, on broadening international cooperation to negate global digital security challenges. At the Forum, Kaspersky’s CEO, Eugene Kaspersky, will give a keynote speech to high-level leaders on November 13, where he will address, among other topics, the importance of international cooperation for global cybersecurity policies. The company will also hold an event on stalkerware, organized with the Coalition Against Stalkerware. A workshop on assurance and transparency in information and communication technology (ICT) supply chain security will also be organized together with fellow partners. Additionally, Kaspersky's multi-stakeholder best practices will be represented at an online booth. “Cybersecurity is an enabler for successful and sustainable digital transformation, which has become even more important amid the global pandemic. Therefore, international cooperation to ensure stable and secure development of cyberspace is all the more crucial. We have decided to take part in IGF 2020 as, first – it brings various communities, regions and leaders together to discuss pressing current issues cyberspace is facing, and, second – it inspires those with decision-making power in both the public and private sectors to take action. We’re honored to be a part of this international dialogue and to contribute to building a secure and trusted cyberspace to make sure it is safe and open for everyone,” comments Eugene Kaspersky. IGF 2020 will feature over 200 sessions in total,

organized around four main areas of focus: data, environment, inclusion and trust. The theme of ‘digital cooperation’ and the United Nations Secretary-General's roadmap for digital cooperation will also feature prominently. The Forum will also feature a dedicated roundtable for governments to discuss the notion of trust during COVID-19 times. ‘‘Despite the extraordinary challenges the COVID-19 pandemic has brought, it has undoubtedly underlined the importance of everyone having meaningful access to a safe and open internet. The IGF 2020 discussions will engage some of the most prominent leaders and experts in a dialogue on a broad spectrum of peoplecentered perspectives on how digital technologies and related policies help societies become more resilient,’’ says Chengetai Masango, Head of the UN IGF Secretariat. Traditionally, the Forum welcomes over 3,000 onsite participants, on average, and a similar number of online attendees. This year, it is expected that these numbers will grow. High-level leadership from governments, international and regional organizations, civil society, academia, businesses and the technical community from all parts of the world are expected to actively participate. Kaspersky’s keynote speech will take place during a high-level leaders session, dedicated to security implications of the role of internet governance in the age of uncertainty. The speech will cover the following aspects: priority concerns for the online environment, actions taken to combat cybersecurity threats, stakeholder cooperation for global cybersecurity policies, and how best to support vulnerable and marginalized groups. A Kaspersky Online Booth dedicated to increasing trust and accountability in cyberspace and multistakeholder best practices will be available in the virtual IGF Village throughout the Forum. At the booth, online visitors will be able to learn more about Kaspersky’s pioneering international projects, including the Global Transparency Initiative (GTI), the ‘No More Ransom’ project, and the Coalition Against Stalkerware. Live broadcasts of the high-level sessions will be available at UN Web TV webtv.un.org, the other IGF 2020 events will be streamed via the Forum’s official YouTube channel - youtube.com/user/igf/. The full schedule of this year’s IGF events is available at intgovforum.org/multilingual/igf-2020-schedule/ (access requires registration).

3M AND PHILIPPINE BUSINESS FOR SOCIAL PROGRESS DONATED PPE AND HYGIENE KITS TO OSPITAL NG MAYNILA. 3M and Philippine Business for Social Progress (PBSP) recently donated 200 personal protective equipment, including hazmat suits, respirators, and face shields to Ospital ng Maynila. The set also included 200 hygiene kits for patients and frontliners. In partnership with United Way (UW) Worldwide, this donation is part of a USD100,000 corporate grant from 3M to the Philippines to support relief projects for the vulnerable people who have been affected by the COVID-19 pandemic. Ospital ng Maynila is one of the 16 hospitals to receive this grant, while PBSP is the local UW organization. Joining the handover of the donations are (L-R): Reynaldo Antonio Laguda, President and CEO, Philippine Business for Social Progress; Asuncion Balisado, Chief Nurse, Ospital ng Maynila; Atty. Malaya Capulong, MD, Chief Admin Officer, Ospital ng Maynila; Bettina Luz, President and Country Leader, 3M Philippines; and Dr. Ma. Cecilia Cuaresma-Cruz, Chief of Clinics, Ospital ng Maynila.

Envoys&Expats BusinessMirror

B7 Thursday, November 5, 2020

PHL pushes for quickening of pandemic-response initiatives

www.businessmirror.com.ph

China sends humidifiers

HE Asean’s member-states forged ahead in their collective response to mitigate the adverse impacts of the pandemic in the region during a gathering where they took stock of various key initiatives. The third meeting of the Asean Coordinating Council Working Group on Public Health Emergencies (ACCWG-PHE) included the establishment of the Asean Covid-19 (coronavirus disease 2019) Response Fund: a regional reserve of medical supplies for public health emergencies and related standard operating procedures, among others. As the Philippines’s senior officials’ meeting leader, Ambassador Elizabeth P. Buensuceso recommended concrete ways forward to fast-track the implementation of the response fund, then expressed support for initiatives in the East Asia Summit and the Asean BioDiaspora Regional Virtual Center. Buensuceso also highlighted the importance of sharing ac-

curate real-time data across the region, and reiterated the call of Asean Secretary-General Dato Lim Jock Hoi to go beyond “business as usual” by embarking on more robust actions and initiatives within the bloc. The ACCWG-PHE agreed on the future direction of the region’s new and ongoing initiatives that will be submitted in the scheduled 27th Asean Coordinating Council composed of foreign ministers. Representatives from the Asean Senior Economic Officials’ Meeting, Asean Senior Officials for the Sociocultural Community, Committee of Permanent Representatives, Asean Senior Officials for Health Development, and the Asean Secretariat were present during the meeting.

EXECUTIVE Secretary Salvador C. Medialdea (left) and Ambassador Huang Xilian CHINESE EMBASSY MANILA FB PAGE

AMBASSADOR Elizabeth P. Buensuceso DFA

The Asean Business Advisory Council provided a summary of its “Pathway Toward Recovery and Hope for Asean” report, which gathers recommendations aimed at saving lives and livelihoods in the region in support for the Hanoi Plan of Action on strengthening Asean economic cooperation and supply-chain connectivity in

response to the pandemic. Aside from enhanced publicprivate partnership to collectively address the effects of the health crisis, the ACCWG-PHE agreed to further engage Asean’s external partners in the comprehensive recovery of the region and explore collective bargaining to acquire vaccines at affordable prices. DFA

BARMM, UNDP to advance local governance, service delivery through digitalization

AGAYAN DE ORO CITY— Dr. Selva Ramachandran, newly appointed resident representative of the United Nations Development Programme (UNDP) in the Philippines, joined Atty. Naguib Sinarimbo of the Bangsamoro Autonomous Region in Muslim Mindanao’s (BARMM) Ministry of the Interior and Local Government (MILG) in activating the Localizing e-Governance for Accelerated Provision of Services (LeAPS) initiative in the two pilot municipalities of Butig and Piagapo in Lanao del Sur. A collaboration between the MILG and UNDP, LeAPS is designed toward transforming local governance in BARMM by significantly accelerating connectivity in communities and enabling citizens to capitalize on the benefits of digitalization and capacity-building through improved access to services and information, communityenterprise development and skills development. During the launch, Dr. Ramachandran cited the UNDP’s continued commitment in forging a strong partnership with BARMM and emphasized the crucial role of simplified delivery of essential services through digital technology. “Digital gains can help, especially in areas that are left behind.

UNITED Nations Development Programme Resident Representative Dr. Selva Ramachandran (from left), Butig Vice Mayor Sittie Aisa Lucman Pansar and Minister Atty. Naguib Sinarimbo.

BARMM can certainly benefit from digitalization, [as] it cuts across societies and brings the citizens’ input into the whole development arena,” said Dr. Ramachandran. “Digitalization will bring [the region to the next level and make it] at par with the rest of the country.” In turn, Atty. Sinarimbo acknowledged the determination of the new UNDP resident representative to come to BARMM despite the threat of the pandemic, as well as the timeliness of the digitalization of basic services. “LeAPS is an attempt to polevault governance in the region into the next level…by utilizing technology so that we can bring the services of the government closer to our people,” he noted. “At the same time,

we allow the government to simplify services for the people. Thus, the future for the Bangsamoro is really toward digital services.” LeAPS will have the municipalities of Butig and Piagapo in Lanao del Sur as pilot areas. Under the initiative, digital centers will be established in these two areas as one-stop shops where citizens can easily access public information or transact through provision of various frontline services such as passport application, birth certificate registration, labor registration, mobile banking, utility service, bus and airline ticketing, school-admission application and job application, among others. Piagapo Vice Mayor Ali L. Sumandar sees the entry of LeAPS in his municipality as necessary, as “it

will help all of us access modernization. This is inevitable as we all want to have better lives and better governance.” Butig Vice Mayor Sittie Aisa Lucman Pansar opined that LeAPS “will be a great help to the people, because we don’t have to go to Marawi City or anywhere else to get documents and other basic services.” Piagapo has been classified as a fourth-class municipality, while Butig, a sixth of the same kind. LeAPS is powered by experiential learning and insights from the government of Bangladesh’s Access to Information (a2i) program, but is adapted to the specific sociocultural and economic context of the Bangsamoro region. Bangladesh’s a2i had similar starting challenges with BARMM, like poor connectivity and local governance in remote and rural locations. a2i has already achieved a recognized status as a leading global program that has dramatically improved citizens access to services and information, and expanded opportunities for community participation at the local level. Through LeAPS, the UNDP and the MILG will work together for the bigger goal of improving local governance and public service delivery in the Bangsamoro region.

New ‘cinephilias’ set for streaming via Vimeo

HIS November, Instituto Cervantes and Festival de Sevilla, in collaboration with the Embassy of Spain in the Philippines, will treat Filipino film buffs to the “new cinephilias online,” a series of movies considered as “the other Spanish cinema”—a label with which the generation who started working with cinema at the dawn of the 21st century was named. The film cycles will be shown through the Instituto Cervantes channel on the Vimeo platform and is freely accessible for 48 hours from their screening date and time. The lineup is composed of award-winning films such as the documentary Niñato (Kid), directed by Adrián Orr and was awarded Best Film during the 19th Buenos Aires International Independent Film Festival, as well as two drama feature films: Ver a una mujer (To See a Woman) by Mònica Rovira, and A estación violenta

(The Wild Season) by Anxos Fazáns. Another documentary, Idrissa, crònica d´una mort qualsevol (Idrissa, Chronicle of an Ordinary Death) megged by Xavier Artigas, and Xapo Ortega, nominated to the XII Gaudi Awards and the 15th SevilleEuropeanFilmFestival, complete the film cycle. The film cycle will kick-off on November 7, Saturday at 3 a.m. in Manila (November 6, Friday at 8 p.m. in Madrid), with the screening of Niñato, available for 48 hours until Monday, November 9. It focuses on the particular family of David Ransanz, a young and jobless rapper from the suburbs of Madrid who raises a threeyear-old while living in his mother’s house after fleeing from gruesomeness, poignancy and emotional trap. Orr draws a moving and close portrait of this “kid” who tries to resist a monotonous and a not-so encouraging situation

while still holding on to his musical dreams. The cycle will continue on November 14, again at 3 a.m. Manila time, with Ver a una mujer. It is an intimate, poetic and beautiful film about the relationship between the director (Mónica) and her first female love, Sarai. The play of textures, lights and shadows work as the perfect metaphor for ineffable love, dependency and honesty, which constitutes a sublime exercise of introspection and exorcism in which a woman faces the demons of her life as a couple. A estación violenta will be shown on November 21 at the same screening time. This dazzling debut of Fazáns, adapted from the homonymous novel by Manuel Jabois, showcases life in a city where there is no horizon other than that of an unhappy past and that of a lost generation. It is a story of silent loves,

broken complicities, and mutual mistrust. Finally, the well-crafted documentary of Artigas and Ortega, Idrissa... (2019) will conclude the cavalcade on November 28. The film depicts how the Spanish legal system has made it nearly impossible to investigate the death of a 21-yearold Guinean migrant at the Foreigners Internment Center of Barcelona. The directors are not just telling a real-life story, but conveying the effective use of cinema as a tool for action and change. The films, presented by Instituto Cervantes and in collaboration with the Seville European Film Festival of Spain and the Embassy of Spain in the Philippines, will be in Spanish with English subtitles. For further information and updates on the film series, visit http://manila.cervantes.es or the Instituto Cervantes’ Facebook page: www. facebook.com/InstitutoCervantesManila.

MBASSADOR of the People’s Republic of China Huang Xilian turned over to Executive Secretary Salvador C. Medialdea 150 sets of high-flow humidifiers from the Chinese Embassy to the Philippines in Malacañang on October 21. Huang said the 150 sets of highflow humidifiers is a new batch of medical supplies donated by China to help the Philippines in its fight against pandemic. The embassy explained that a highflow humidifier is a breathing aid device in great demand to support severely infected patients suffering from the coronavirus disease 2019 (Covid-19). In the face of the challenges brought about by Covid-19, the ambassador confirmed both countries have worked together and lent assistance to each other, attesting the traditional friendship and added new dimensions to the comprehensive strategic partnership between the two countries. He reiterated China’s solidarity and continuous support to the Philippine people in their fight against the pandemic, “until the final victory.” Medialdea appreciated China’s

continuous support to the Philippines in overcoming the pandemic, and articulated the country stands ready to continue its close cooperation with its Asian neighbor for an early victory over the pandemic and eventual economic recovery. The set is the latest batch of medical equipment donated by the Chinese Embassy to the Philippines. It said that China had reached out to donate ventilators to the Philippines as early as April, “when ventilator supply was very tight in the world market.” As of August, a total of 130 ventilators had been donated. The embassy also added that China has continuously provided well-needed medical supplies to the Philippines through multichannels. As of late, its government has donated to the government more than 250,000 test kits, 1,870,000 surgical masks, personal protective equipment, and many others. A large number of Chinese local governments, enterprises and civil groups has also donated millions of PPEs and other medical supplies to different localities and hospitals across the Philippines. Chinese Embassy Manila Facebook page

Australia enhances PRC’s molecular lab

AMBASSADOR Steven J. Robinson AO EMBASSY OF AUSTRALIA

HE Commonwealth of Australia has provided support to the Philippine Red Cross (PRC) in setting up and operating a laboratory to increase its capacity for coronavirus disease 2019 (Covid-19) testing in Metro Manila. The molecular laboratory is part of an AU$4.1-million (about P143.5 million) pandemic-response package that Australia has provided to the PRC. It has also funded a specialized ambulance for transporting highly infectious Covid-19 patients, 1 million face masks and 20,000 pieces of personal protective equipment for frontline workers. Ambassador Steven J. Robinson AO joined Department of Health Secretary Francisco Duque III, Inter-Agency Task Force on Emerging Infectious Diseases Deputy Chief Implementer Secretary Vivencio B. Dizon, and PRC Chairman and CEO Senator Richard J. Gordon at the launch of the laboratory. “As a good friend and neighbor, Australia stands as one with the Phil-

ippines to meet this unprecedented challenge,” Robinson said. “We are working together to support the response to the pandemic...by supporting health needs, working on economic recovery and promoting stability.” The diplomat confirmed, “This laboratory…has a capacity to test 12,000 samples per day.” He added, “This is truly an exercise in bayanihan [among Australia, the PRC, Metro Manila local government units, together with the] Metrobank Foundation and the Federation of Filipino Chinese Chambers of Commerce and Industry.” Australia is also working with the International Committee of the Red Cross in supporting both community health care and the economic recovery of those affected in Mindanao. It is also partnering with the United Nations Population Fund to respond to the needs of women and girls, including pregnant mothers, by providing health kits and triage facilities in three Metro Manila hospitals. Embassy of Australia

Sports BusinessMirror

B8 Thursday, November 5, 2020

JASON OR MO? TAKE YOUR PICK By Josef Ramos

EFENDING champion San Miguel Beer squares off with dark horse Phoenix Super LPG in the Philippine Basketball Association Philippine Cup on Thursday with both teams going for a berth in the quarterfinal round as they target win No. 6—the magic number to go further inside the Clark bubble. The match caps the day’s triple-header at 6:45 p.m. at the Angeles University Foundation, with Terrafirma facing Magnolia in the first game at 1 p.m. and the Rain or Shine battling Meralco at 4 p.m. Matthew Wright and Calvin Abueva have been Head Coach Topex Robinson’s main men for the Fuel Masters thus far in the bubble as the dynamic duo keyed most of the team’s five wins in eight games. For the Beermen, head coach Leo Austria has more than a squad of reliables to rely upon, reasons for their four straight victories that pegged their record at 5-2 won-lost. But on Thursday, expect the big men

from both teams to be bumping, shoving and humping at each other all game long—Jason Andre Perkins of the Fuel Masters and Moala Delvalle “Mo” Tautuaa Jr. of the Beermen. Perkins, an underrated hardworking power forward out of De La Salle, will have his hands full matching up against fellow Filipinoforeigner Tautuaa, who has been filling up the shoes left by injured six-time Most Valuable Player June Mar Fajardo. The 6-foot-4 Perkins, whose mother hails from Bolinao, Pangasinan, said he enjoys the matchup with someone almost as big as him. “It’s going to be a fun game and we really enjoy playing them as our competitors. They have talented players and that’s the type of basketball we’d like to play,” the 28-year-old left-handed player told BusinessMirror on Wednesday. Perkins has been hustling his way in the conference, chalking up respectable averages of 16.8 points, 9.2 rebounds and 2.5 assists in eight games. “I grew up with blue-collar and hardworking people, so I am not a stats conscious guy. I just work hard,” he said. “I

always love basketball and my competitors. I want to win and I really want to learn. I want to see my teammates win and be successful, happy, and that’s a big motivation.” The Fuel Masters are coming off a 116-94 win over Terrafirma last Tuesday behind Wright’s 33 points, Abueva’s triple-double of 12 points, 10 rebounds and 10 assists, and Perkins’ 14 points. The 6-foot-8 Tautuaa, on the other hand, is playing his best game so far in the bubble averaging 19.4 points and 8.2 rebounds in seven games. But his presence in the paint ably fills up the the vacuum left by Fajardo. But Tautuaa, whose mother is from Taguig City, downplayed his matchup with Perkins. “I played alongside Jason Perkins in 3x3 and I understand him,” said Tautuaa, 31, referring to the 30th Southeast Asian Games where they won the gold medal with CJ Perez of Terrafima and Chris Newsome of Meralco. “But like I said, this is a team game, and it’s not me-versusJason. We just have to make sure we play good and keep our good record.” Playing successive games is a tough

Roglic rules ITT Stage 13, gets leader’s jersey back

UMBRÍA, Spain—Defending champion Primoz Roglic won the individual time trial at the Spanish Vuelta on Tuesday to retake the overall lead from Richard Carapaz. Roglic finished the 33.7-kilometer 13th stage in 46 minutes and 39 seconds, crossing the line one second ahead of American rival William Barta.

“It’s a nice victory because it’s been a long time since I last won a time trial,” Roglic said. “Surprisingly I felt strong. I expected to suffer a lot more. Many people also expected me to lose time from Carapaz up the hill but we all started from scratch with the same chances.” Carapaz finished seventh, 49 seconds off

the pace. He fell 39 seconds behind Roglic in the overall standings. Hugh Carthy, fourth in the time trial, is third overall, 47 seconds behind Roglic. After a rest day on Monday, riders faced a mostly flat seashore route before having to change bikes for a final climb of nearly 1.8 kilometers. “It was up and down the whole day,” Barta said.

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

Newsome, Quinto lift Meralco past Blacwater; NLEX prevails

ERALCO slipped past Blackwater, 89-85, on Wednesday to stay in strong contention for a quarterfinals slot in the Philippine Basketball Association Philippine Cup at the Angeles University Foundation gym in Pampanga. Chris Newsome unleashed a versatile performance and finished with 19 points and eight rebounds, while Kier John Quinto had 14 points on top of six assists to help the Bolts to a 4-3 win-loss record with four more games in

their elimination round schedule. “Our goal today was to put ourselves in a position to make the playoffs,” said Meralco Coach Norman Black, noting the victory wasn’t pretty at all with their 26 turnovers compared to the Elite’s 15. Veteran Reynel Hugnatan, one of the three active oldest players in the league who celebrated his 42nd birthday on Tuesday, tallied 14 points, while hardworking Cliff Hodge added 11 points and Allein Maliksi contributed 10 points for the Bolts. The game registered the first flagrant foul penalty two inside the bubble of Blackwater’s Niño “KG” Canaleta and Meralco’s Reymar Jose swung at each other with their arms in the last five seconds. No punches were thrown but both ejected from the game. Don Trollano and Shej Roi Sumang had 16 and 15 points, respectively, for the Elite, who lost for the fourth consecutive time for a 2-5 win-loss record. Kevin Alas and Jericho Cruz powered NLEX past Rain or Shine, 94-74, as the league played four games for the second consecutive day inside the Clark bubble. Alas had 18 points and Cruz 17 points to help lift the Road Warriors to a 3-5 record. The Elasto Painters fell to 4-2. Paul Lee poured in 27 points and Chris Banchero made 19 points as Magnolia smashed TNT Tropang Giga, 102-92, for back-to-back wins and its third win after seven games. The Tropang Giga stayed on top though with 6-2 win-loss record. Josef Ramos

rivals, EF’s Hugh Carthy and 49 seconds on former leader Richard Carapaz (Ineos Grenadiers). Roglic’s margin enabled him both to regain the overall lead on Carapaz but by a relatively scant 39 seconds, with Carthy remaining in a much boosted third place overall at 47 seconds. “It’s crazy to think that I have won four stages,” Roglic—already victorious on Stages 1, 8 and 10 on two uphill finishes and in a tough mass sprint— said. “But I am enjoying myself.” AP

Maradona recovering from brain surgery

AN interesting matchup between Jason Andre Perkins of the Fuel Masters and Moala Delvalle “Mo” Tautuaa Jr. of the Beermen looms in Thursday’s game.

experience for the 2015 top overall pick. “I have never done that before, it’s a different challenge everyday challenge,” said Tautuaa, adding he is comfortable with Austria’s system and loves to workout with veteran big man, teammate Billy Mamaril. “I tried to overpace the little climbs, recover on the downhills and save a little bit for the end because it’s a really hard climb.” On Wednesday, riders face a 204-kilometer 14th stage through the hilly Galician terrain. The three-week race, being held amid tight health restrictions because of the coronavirus pandemic, finishes on Sunday in Madrid. After a steady start on the first rolling 30 kms of the Vuelta’s only time trial this year, Roglic accelerated on the steep slopes of Ezaro to pip Will Barta (CCC Team) for the stage victory by a single second, putting 25 seconds into the best-placed of his two toughest GC

PRIMOZ ROGLIC is helping mold the Spanish Vuelta toward a down-the-wire finish.

Voting, activism replace practice, games as athletes, Americans troop to polls

ASHINGTON—Just past noon on Election Day, after casting her vote where the National Basketball Association’s (NBA) Wizards and National Hockey League’s (NHL) Capitals play, Mary Pittman exited through one of the arena’s glass doors. Perched on the 77-year-old retiree’s walker: a stars-and-stripes hat touting the basketball team, autographed on the brim in fresh black ink. “No line,” Pittman said about Tuesday’s balloting. “No waiting. No confusion. No fuss.” At a time when athletes are embracing activism like never before, refusing to heed the unfounded admonition framed two years ago by one TV talking head as “shut up and dribble,” there was vivid symbolism in the wide use of team arenas and stadiums as voter registration and polling sites. If the United States’ fields of play once were walled off from politics—Colin Kaepernick, whose 33rd birthday happened to be Tuesday, saw his sideline kneeling to call attention to police brutality and systemic racism contribute to his status as a “former NFL quarterback”—they have become fertile ground for those sorts of statements in 2020. “Athletes, like anyone, are entitled to their opinion,” Pittman said. “But I don’t have to agree with it.” And that’s absolutely fine, said Ish Smith, the Wizards guard who signed Pittman’s cap. “I’ve loved and respected how we have...been able to speak out on certain things that was, in the past, uncomfortable. It says a lot. Says how far we came as athletes. And we’re going to keep growing, keep evolving,” Smith said. “Sports and politics—usually people keep to one side,” he said. “Now they’re intertwining.”

Indeed, that intersection never has been as pronounced as now, whether manifested in the messages on courts and jerseys during the NBA season. Or walkouts staged by that league’s players and followed by others from tennis to hockey. Or the unfurling of a black ribbon held by the Washington Nationals and New York Yankees before they knelt in unison at the first game of the Major League Baseball season. “When I played, players and coaches were never—maybe not never; rarely— asked about politics and voting,” Golden State Warriors coach Steve Kerr said. “But the times are different. Our country is in turmoil, and everybody plays a role.” Tuesday, meanwhile, was that rare day in the US without scoreboards. No competition. No practices. Nothing (other than a rather ho-hum NFL trade deadline). Some of that was courtesy of the

UENOS AIRES, Argentina—Diego Maradona has had successful surgery for possible bleeding on his brain less than a week after his 60th birthday. “It was all successful and it happened as expected,” Maradona’s public relations team said in a statement Tuesday night. Maradona had a subdural hematoma, which is an accumulation of blood between a membrane and his brain, his personal doctor, Leopoldo Luque, said. Luque, a neurologist, said the problem likely was caused by an accident, but Maradona said he doesn’t remember the event. The Argentine soccer great will rest in his room in a private clinic outside Buenos Aires for at least 48 hours. Maradona was accompanied to the clinic by his daughters Dalma, Giannina and Jana and other relatives, according to local media. The surgery closed a journey that the 1986 World Cup champion started in another clinic in the city of La Plata, where he was admitted with anemia and dehydration. Donato Villani, the head of the Argentine national team’s medical staff, told television channel TyC Sports that such a surgery normally goes well, “but it is different with Diego,” citing Maradona’s past treatment for cardiac problems and his use of drugs and alcohol. Maradona was admitted to the Ipensa Clinic with signs of depression on Monday. Luque said Maradona, whose “Hand of God” goal in the 1986 World Cup quarterfinal against England is among the most controversial in the tournament’s history, had felt sad for about a week and refused to eat before arriving at the clinic. Maradona has lived in La Plata since the end of 2019, when he became coach of Gimnasia y Esgrima. Maradona turned 60 last Friday and showed up that night for Gimnasia’s national championship match against Patronato, which his team won 3-0. He left before the end of the first half, which raised questions about his health. AP coronavirus pandemic—the 2020-2021 NBA and NHL seasons normally would be in full swing, but the delayed finishes of their previous seasons pushed back the upcoming ones—and some of it was because of Election Day. The NFL and Major League Soccer ordered everyone to take a day off. Similarly, the NCAA barred every top-division college team from playing or training. AP

PEOPLE vote at the Vivint Smart Home Arena, home of the Utah Jazz, in Salt Lake City on Tuesday. AP