BusinessMirror April 12, 2021 by BusinessMirror

AS CREATE TAKES EFFECT,

n Monday, April 12, 2021 Vol. 16 No. 180

P25.00 nationwide | 3 sections 20 pages |

NEW INVEST PLAN PUSHED Jan-Feb NG borrowings rise 30.7% to ₧764.23B By Bernadette D. Nicolas @BNicolasBM

Medical oxygen tanks are arrayed prior to sale on Bambang Street, in Sta. Cruz, Manila. Some outlets have run out of supply due to the high demand from hospitals and homes caring for Covid-19 patients. The Department of Health advised the public not to hoard oxygen tanks, as they might deprive medical facilities that badly need them for severe Covid cases. ROY DOMINGO

By Tyrone Jasper C. Piad @Tyronepiad & Jovee Marie N. dela Cruz @joveemarie

HE Department of Trade and Industry (DTI) expressed the immediate need to come up with a new priority investment list as the country transitions to the recently signed corporate tax reform measure. Monday (April 12), Republic Act 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law is set to take effect. This facilitates the move to adopt

the Strategic Investment Priorities Plan (SIPP), a list of investment sectors that may apply for fiscal incentives under CREATE. Continued on A2

PESO exchange rates n US 48.5760

NCR PLUS IN MECQ TILL APR. 30 By Samuel P. Medenilla

@sam_medenilla

ESPITE the ongoing influx in daily new Covid-19 cases nationwide, the government decided to ease community lockdown in the National Capital Region (NCR) and its surrounding provinces, which are currently the epicenter of infections in the country. In an online press briefing on Sunday, Presidential spokes-

man Harry Roque said President Duterte approved the recommendation of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) to downgrade the enhanced community quarantine (ECQ) in the said areas to a modified ECQ (MECQ), instead. He said the MECQ classification will apply to NCR Plus, which includes Metro Manila, Bulacan, Rizal, Laguna and Cavite. These areas will join Santiago,

Quirino and Abra, which were already under MECQ since April 1, 2021.

Monthlong effectivity

Meanwhile, Roque said areas which will be under general community quarantine (GCQ) are the Cordillera Administrative Region (CAR) as well as the provinces of Cagayan, Isabela, Nueva Vizcaya, Batangas, Lanao Del Sur and Quezon. Continued on A4

HE national government reported gross borrowings of P764.23 billion from January to February this year, jumping by 30.7 percent from P584.57 billion in the same period last year. Based on Bureau of the Treasury data, domestic borrowings comprised the bulk of the amount during the two-month period. Gross domestic borrowings as of end-February this year reached P717.96 billion, soaring by 60.6 percent from last year’s P446.93 billion. Accounting for the lion’s share of the amount from January to February this year was the P540-billion short-term borrowing from Bangko Sentral ng Pilipinas. The rest was sourced from Treasury Bonds (P120 billion) and Treasury Bills (P57.96 billion). Gross external borrowings for the same two-month period, meanwhile, plunged by 66.4 percent to P46.27 billion compared to last year’s P137.64 billion. Data showed program loans this year so far stood at P33.42 billion while P12.85 billion came from a project loan. For February alone, gross borrowings dropped to P53.91 billion this year, significantly lower by 88.75 percent than P479.25 billion in the same month a year ago. Broken down, gross domestic borrowings for the month hit P37.2 billion while P16.72 billion went to gross external borrowings. Continued on A2

n japan 0.4423 n UK 66.7580 n HK 6.2396 n CHINA 7.4235 n singapore 38.5188 n australia 36.9615 n EU 57.6646 n SAUDI arabia 12.9533

Source: BSP (April 8, 2021)

News

BusinessMirror

A2 Monday, April 12, 2021

500-M doses of Sinovac ferried by PAL Sunday

ALF a million doses of Sinovac vaccine from China arrived in Manila on Sunday afternoon, as health authorities scramble to arrest a surge in Covid-19 cases. The Sinovac was ferried by Philippine Airlines (PAL) flight PR 361, commercial flight, touching down at 5:15 p.m. Vaccine czar Secretary Carlito Galvez Jr. and Secretary Vince Dizon, National Task Force (NTF) Deputy implementor, welcomed the arrival of the vaccines. The latest shipment is part of the 25 million doses purchased by the Philippines from Chinese vaccine manufacturer Sinovac. This is the second batch of Sinovac vaccines purchased by the government which arrived in Manila, or a total 1.5 million doses distributed across different hospitals in the country. The airport customs bureau on Sunday cleared in just 15 minutes the half million doses consigned to the Department of Health (DOH), in an effort to meet the cold-chain requirement for vaccine transport and storage. On April 9, 2021, the Sinovac vaccine underwent a simulated, pre-arr iva l clearance process through the Naia One-Stop-Shop and were cleared for release within 15 minutes. The Bureau of Customs (BOC) has so far cleared and released over 3.02 million doses of Covid-19 vaccines imported by the DOH. Upon arrival, the Sinovac shipment was immediately transported to the Metropac facility where the other vaccines are stored to ensure their integrity and safety prior to distribution across the nation. Customs Commissioner Rey Leonardo B. Guerrero vowed the BOC’s continuing commitment to support the Covid-19 vaccination program by ensuring quick processing of legitimately imported vaccines while protecting the country’s border against all fraudulent attempts to import unregistered vaccines and related medical goods. Distr ict Col lector Mimel M. Talusan stressed that amid continuing threats of Covid-19 infection, “active coordination and cooperation with concerned government agencies are continuously undertaken to further streamline and improve clearance processes of the Covid-19 vaccines and related medical goods.” Recto L. Mercene

Borrowings… Continued from A1

Last month, the Treasury reported that government’s gross borrowings for January rose to P710.32 billion, rising more than six-fold from P105.32 billion in the same month last year. For this year, the national government programmed to borrow around P3 trillion this year, almost the same amount it programmed to borrow in 2020. T he gover nment has since ramped up its borrowing plan to finance the expected higher budget deficit and to boost its war chest against the pandemic. Government expects this year’s budget deficit to widen further to P1.78 trillion or 8.9 percent of GDP as expenditures are still expected to outpace revenues. Last year, full-year budget deficit soared to a new record-high at P1.37 trillion, marking the first time since 1986 that it breached a trillion mark. Gross borrowings in 2020 soared to P2.74 trillion, nearly triple the P1.016 trillion posted in 2019.

www.businessmirror.com.ph

PHL among countries listed as top cyber-attackers’ origin

By Tyrone Jasper C. Piad @Tyronepiad

HE Philippines is among the places of origin in the Asia Pacific (APAC) region where cyber-attacks were mostly launched in the second half of last year, according to US-based data and analytics firm LexisNexis Risk Solutions. In its cybercrime report for July to December 2020 titled “The New Cyber Landscape,” LexisNexis noted that top attackers in the said bloc came from the Philippines, India, Japan, Bangladesh and Malaysia. The top cyber-attack destinations, meanwhile, were the US, United Kingdom, Australia, Japan and Malaysia. Hu m a n - i n it i a t e d a t t a c k s

reached 33 million, which LexisNexis said was a 42-percent yearon-year decline. Automated bot attack, meanwhile, slid by 2 percent to 142 million for the period. Majority or 52 of the attacks were launched through desktops in the region. The remaining 48 percent—which shows a 15-percent plunge—came from mobile devices. “The APAC region remains a large contributor to global bot at-

tacks, with Japan, India and Australia all appearing on the list of top attack originators globally,” the report noted. “The volume of automated bot attacks coming from the APAC region is largely consistent [year-on-year].” LexisNexis also highlighted that attack rates in the APAC region are higher compared to global averages. This, despite showing a decline in number of attacks in the region for the period. The overall attack rate in APAC region stands at 2.3 percent, higher than the global average of 1.1 percent. The region also registered a higher desktop attack rate at 2.8 percent, mobile attack rate at 3 percent and mobile app attack rate, compared to global averages of 1.6 percent, 2.3 percent and 0.4 percent, respectively. The accelerated shift to digital has given cybercriminals new opportunities to launch their attacks,

the company noted. “Fraudsters also preyed on consumer anxiety, with pandemic-related scams that offered products and services that were either in demand, or in short supply,” the report said. “Businesses will progressively need to prioritize not just a digitalfirst- but a mobile-first-strategy, to service consumers who either rarely use, or don’t have access to, a desktop device,” it added. In the second half of 2020, the data and analytics company said that digital transactions reached 1.7 billion in the APAC region, showing 24-percent growth. Most or 56 percent of these transactions were accomplished via mobile devices. Sixty percent were via mobile applications while the remaining 40 percent were completed through mobile browsers. The other 44 percent of the total digital transactions for the period were facilitated via desktops.

DHSUD’S ONE-STOP CENTERS TO EASE HOME OWNERSHIP By Cai U. Ordinario @caiordinario

HE Department of Human Settlements and Urban Development (DHSUD) has established Housing One Stop Processing Centers in the regional offices to facilitate home ownership nationwide. DHSUD Secretary Eduardo Del Rosario said in a statement this stemmed from the creation of the Regional Human Settlements and Urban Development Coordinating Committee (RHSUDCC) together with the key shelter agencies (KSA).

It is composed of DHSUD Regional Director as Chairperson and regional heads of the Home Development Mutual Fund or Pag-IBIG Fund, Human Settlements Adjudication Commission, National Housing Authority, National Home Mortgage Finance Corporation, and Social Housing Finance Corporation as members. “This is a clear proof of our unity and open cooperation shared with our KSAs in fulfilling our mandate of providing resilient and sustainable homes and communities to the underprivileged,” Del Rosario said. “Our consolidated efforts will

stimulate the growth of thriving communities, which would strengthen our position in uplifting the lives of our people and invigorate the development of our countryside,” he added. The RHSUDCC will also pursue partnerships with stakeholders, including the private sector in the delivery of regional plans and targets and conduct research studies. The units will also develop and recommend policies, priority programs and projects with corresponding budget proposals to the National Human Settlements and Urban Development Coordinating Committee, among others.

An RHSUDCC is created in every regional office of the DHSUD with the aim of synchronizing the housing and urban development efforts in their areas. This is according to Department Order (DO) 2021-001 which ensures that all housing and urban development projects, programs and activities within a certain region are streamlined and complimentary. Del Rosario believed the swift activation of regional housing committees across the country within the first quarter of 2021 will spur the economy and further enhance synchronization of efforts in the housing industry.

AS CREATE TAKES EFFECT, NEW INVEST PLAN PUSHED Continued from A1

“[We] need to have the list as soon as possible, and this is up for discussion, together with the IRR [implementing rules and regulations], in the first meeting of the FIRB [Fiscal Incentives Review Board],” Trade Secretary Ramon Lopez told the reporters over the weekend. Also at the weekend, the chairman of the House Committee on Ways and Means urged the Board of Investments (BOI) to release the initial list of Covid-19 pandemic responsive industries eligible for incentives under CREATE Act. According to Albay Rep. Joey Sarte Salceda, the BOI can release a preliminary list now that is responsive to the pandemic. “Then cite economic recovery as a supervening event later. I just had a conversation with the Budget Secretary yesterday, and he believes we should expedite incentives for virology-related and Covid-19 biotechnology-related sectors. That’s perfectly doable,” Salceda said. On Sunday, DTI’s Lopez explained that, “With the CREATE Law becoming effective...the intention is to provide at least the most basic incentive (Tier 1) under CREATE—provided they qualify—to sectors under IPP as the 2020 IPP [Investment Priorities Plan] will serve as the Transition SIPP until end-December 2021 or when the new SIPP is approved.” SIPP breaks down the investment plan into three industry tiers. Tier 1 focuses on projects that offer job opportunities and those from emerging industries. Lopez identified earlier the following as critical industries under SIPP: electrical and electronics; chemical and pharmaceuticals; machinery and transport; agriculture and agribusiness; information technology-business process management; research and development; and artificial intelligence, automation, robotics, and digital technologies. Prior to CREATE’s enactment, IPP was already in place after it was signed by President Duterte in December 2020.

IPP identifies economic activities entitled to incentives, including investments that generate job opportunities outside of congested urban areas, commercialization of uncommercialized patents on products and services and export business, among others. Lopez explained that IPP has undergone extensive consultations among private stakeholders, in addition to the Department of Finance (DOF) and National Economic and Development Authority (Neda). The investment plan was crafted in a bid to fast-track the recovery of the Philippine economy amid the ongoing pandemic, he added. “During the extensive consultations for CREATE undertaken by the DOF and DTI-BOI [Board of Investments], we have assured stakeholders—particularly the investors and the legislators—of continuity as the [IPP] will serve as the initial platform in transitioning from EO [Executive Order] 226,” the Trade chief said. EO 226 is the “Omnibus Investments Code of 1987,” a law adopted to attract investments with“cohesive and consolidated incentives” scheme. Last week, Finance Secretary Carlos G. Dominguez III called for an early meeting of the new FIRB as CREATE takes effect this month. (Related story: https:// businessmirror .com.ph/2021/04/08/ dominguez-seeks-early-meeting-offirb/) The DOF wants to tackle as soon as possible the expanded functions of FIRB under the new tax reform measure. The body is chaired by DOF and DTI. Under CREATE, the FIRB covers the tax incentives given to governmentowned or -controlled corporations, companies granted by the investment promotion agencies and other state-run agencies to their respective registered business enterprises. House Ways and Means Chairman Salceda, meanwhile, recently said his panel was working with BOI in finalizing SIPP. (Related story: https://businessmirror.com.ph/2021/04/06/house-eyesnew-industries-in-dti-post-createlist/) The lawmaker said he wants innova-

tions in food and agriculture manufacturing, financial technology, sanitation, healthcare and education to be included in the investment priorities list. Under CREATE, the corporate income tax rate is reduced to 20 percent from 30 percent for domestic corporations with net taxable income of P5 million and below and have total assets of P100 million and below effective July 1, 2020. All other local firms and resident foreign companies are imposed a 25-percent income tax. The BOI and Philippine Economic Zone Authority saw their investment approvals fall by 11.7 percent to P1.11 trillion last year from P1.26 billion in 2019. Half or P557.30 billion of these were accounted for by the construction sector.

‘Generous tax regime’ According to Salceda, he will soon hold briefings with the BOI to check the progress of the SIPP drafting. The SIPP is valid for three years, subject to review and amendment every three years thereafter, unless a supervening event warrants its review. “Actually, I worked on the base list with the BOI, and we want to continue discussing the list with the public, through hearings and briefings by my committee. I want the BOI to have that list released already as a preliminary list,” Salceda said. “We will be having hearings with them in the coming weeks to see how best to work on this quickly. Hopefully, we can issue the list within the month,” Salceda added. Depending on their industry tier, eligible enterprises can receive 4 to 7 years of income tax holiday (ITH) and 5 years of enhanced deductions thereafter for domestic enterprises, and 4 to 7 years of ITH plus 10 years of either enhanced deductions or special corporate income tax rate of 5 percent of gross income after the ITH. “It’s one of the most generous tax incentive regimes in the world, but we need to be able to promote it. If they don’t know it, they won’t like it. And to be able to promote CREATE, we need

that list of who’s eligible,” Salceda said. Under CREATE, the BOI, in coordination with the FIRB, Investment Promotion Agencies, other government agencies administering tax incentives, and the private sector, shall formulate the SIPP for the President’s approval, containing recommendations for types of non-fiscal support needed to create high-skilled jobs to grow a local pool of enterprises—particularly micro, small and medium enterprises (MSMEs)—that can supply to domestic and global value chains. This is to increase the sophistication of products and services that are produced and/or sourced domestically, to expand domestic supply and reduce dependence on imports, and to attract significant foreign capital or investment. “All we really need is to see the sectors in black-and-white in the SIPP,” said Salceda.

Tax exempt Meanwhile, ACT-CIS Party-list Rep. Jocelyn P. Tulfo said the Department of Health and Food and Drug Administration should swiftly issue the list of products covered by the tax exemptions granted to Covid-19 items, so that unregistered, unauthorized, and smuggled products are barred from getting exemptions. Section 12 of CREATE lists tax exemptions covering three sets of Covid-19 product groups. First set is for capital equipment, spare parts, and raw materials necessary to produce personal protective equipment (PPE) and items. The second set covers Covid-19 drugs, vaccines, and medical devices. The third category is for all items and drugs needed to conduct Covid-19 clinical trials. The tax-exempt status is valid and in effect for sales and imports from January 1, 2021 to December 31, 2023. On top of these, tax-exempt status is also granted for drugs to treat diabetes, high cholesterol, and hypertension beginning January 1, 2020, and drugs to address cancer, mental illness, tuberculosis and kidney disease.

Non-essential gatherings are out, DTI tells public

HE Department of Trade and Industry (DTI) reiterated call to avoid non-essential gatherings to prevent reverting to stricter lockdown measures amid the pandemic. DTI Secretary Ramon Lopez told reporters on Sunday that “avoiding non-essential gatherings,” in addition to “strict adherence to health protocol” are needed so the economy will not be placed under too many restrictions again. Last month, Lopez blamed the recent surge in Covid-19 cases to “secret parties,” such as reunions of family and friends, held by people trying to find some respite from “lockdown fatigue.” These meetings, he said, are not being monitored, which means there is a possibility that people are not following strictly the health and social distancing protocols. However, the Trade department did not present a study to support the said claim at the time. To avoid going back to ECQ, Lopez said there is also a need to increase healthcare capacity. “There will [be] more teams to be fielded out for the monitoring in different places,” he said. “The communities, public places and workplaces are required to comply with the health protocol,” the Trade official added.

MECQ for NCR Plus

On Sunday, the government eased the lockdown measures of the National Capital Region (NCR), Bulacan, Rizal, Laguna and Cavite to modified enhanced community quarantine (MECQ) effective until the end of this month. The City of Santiago and Quirino in Region 2 and Abra were placed under the same measure. According to guidelines sent by Lopez, MECQ constitutes strict home quarantine, only allowing mobility for purchase of essential goods and services and work in permitted offices or establishments. All establishments allowed to operate under ECQ are permitted to operate at full on-site capacity under MECQ. Indoor dine-in restaurants are also not permitted under MECQ. Outdoor dine-in, meanwhile, is allowed at 50 percent capacity with diagonal seating or acrylic dividers. All establishments banned from operating during ECQ can operate at 50 percent on-site capacity in MECQ. At the same time, these should also encourage work-from-home and other flexible work schemes if possible. Under MECQ, the establishments that are not given permission to operate include theaters, cinemas, internet cafes, amusement parks, casinos, libraries, museums and beauty salons, among others. Tyrone Jasper C. Piad

DTI chief… Continued from A8

The DTI chief acknowledged that while the “tourism sector has a bigger [fund] allocation [under Bayanihan 2] . . . . not many yet are borrowing.” He stressed the funds are not going to waste, though. “Hindi sayang. Ongoing borrowings are taking place. More in due time.”

DOLE loans

Meanwhile, the Department of Labor and Employment (DOLE) has been continuously relaxing its guidelines to accommodate more tourism workers in its cash assistance program, funded by P3 billion from the Bayanihan 2 Law. As of Februar y 5, close to 159,000 tourism workers from establishments, organizations, and associations nationwide have received P791 million in benefits from DOLE’s cash-for-work program implemented in partnership with the DOT. While still low, this is already equivalent to 26 percent of the total funds allocated for the program. Each beneficiary received P5,000 in cash aid. To encourage more displaced tourism workers to access the cash aid, the DOT and DOLE expanded the fund coverage to include beneficiaries like island-hopping boat pilots, habal-habal drivers, food vendors and fast-food workers, massage therapists, salon workers, golf caddies and others working in tourism-focused destinations.

Agriculture/Commodities BusinessMirror

A4 Monday, April 12, 2021 • Editor: Jennifer A. Ng

www.businessmirror.com.ph

PHL pork imports seen doubling on ASF impact By Jovee Marie N. Dela Cruz @joveemarie

& Butch Fernandez @butchfBM

HE Philippines is expected to double its pork imports this year due to the shortfall in domestic supply caused by a deadly pig disease and changes to its tariff rate quota system, the United States Department of Agriculture (USDA) said. In its latest report, the USDA projected that the country’s pork imports could reach 350,000 metric tons (MT), or more than double the 167,000 MT it purchased last year. “The Philippines is expected to see imports more than double amid a domestic pork supply shortfall and changes to its tariff rate quota system,” it said.

Also, the USDA said the Philippines’s hog production this year could decline by 10 percent as African swine fever (ASF) continues to disrupt domestic output. The USDA revised downwards its production forecast for the Philippines to 1 million MT (MMT), from its previous estimate of 1.075 MMT. In its report, the USDA noted that ASF, which is fatal to pigs but not harmful to humans, continues to spread in key producing regions in the country. The decline in output has prompted the government to lower import duties on pork meat from 40 percent to 15 percent for out-quota pork, and from 30 percent to 5 percent for inquota pork imports. The government is also raising the minimum access volume (MAV) for pork.

‘Full transparency’

SENATE Minority Leader Franklin M. Drilon pressed Duterte administration officials to enforce “full transparency” in the country’s pork importation scheme, prodding the Department of Agriculture (DA) to disclose the list of meat importers under the MAV scheme. “I call for complete transparency,” Drilon said in a radio interview over the weekend, adding: “If we are transparent, we can avoid people’s perception that there is corruption in pork importation.” Citing various allegations of “tongpats” or kickbacks in pork importation,” the Minority Leader said the people should be informed who are the major beneficiaries of the lucrative racket. “Sino ang makikinabang? Saan manggagaling ang

imported pork? Sino ang importer?” The opposition senator raised the issue in advance of Monday’s Senate Committee of the Whole inquiry into the reported food security crisis in the wake of the outbreak of ASF. Drilon recalled that Senators adopted just last month Senate Resolution No. 97 prodding President Duterte to declare a State of National Emergency to address the severe impact of ASF and the opposition to the proposed reduction in tariff and increase in MAV for pork imports. Citing allegations of corruption, Drilon pressed the DA to disclose the recipients of meat import certificates under the MAV scheme, recalling how a similar scheme in the country’s rice importation scheme is “also plagued with corruption allegations.” Drilon added: “Noong panahon

ng rice importation control, marami kang naririnig na commission na galing doon sa mga bansa na binibilhan natin ng bigas. The same situation here. Sino ba ang importer at saan manggagaling?” The Minority Leader recalled that President Duterte issued Executive Order (EO) 128 reducing tariffs on fresh, chilled, or frozen pork meat under quota or the MAV to 5 percent for the first three months of the order’s validity and to 10 percent for the fourth to 12 months of the order’s effectivity. For pork imports outside the MAV, EO 128 reduces the tariff rate to 15 percent on the first three months and 20 percent on the fourth to 12th month of effectivity. He noted that the government also seeks to increase the MAV to 350,000 MT from the current 150,000 MT. “How would the additional MAV be

allocated? What are the guidelines?” The minority leader said the Senate should weigh the effects of the lowered tariff rates on pork and increased MAV on the local hog industry. He cited reports that the move could adversely affect local hog raisers. He also pointed to around P11 billion in revenues that could be foregone as a result of the reduction of tariff rates on imported pork amid the country’s depleting resources due to the continuing Covid-19 pandemic. While Drilon acknowledged that fixing tariff rates, when Congress is not in session, is within the power of the President, he said Duterte “may amend or revoke the EO once it is shown that lowering tariff on pork imports and increasing MAV will be harmful to local hog raisers and result in foregone revenues.”

Rice imports seen declining due to higher production DAR to distribute farm lands, machines to Region 12 tillers

HE Philippines would reduce its purchases of imported rice due to higher output this year, the United States Department of Agriculture (USDA) said in its latest report. In its monthly report, the USDA revised downward its import forecast for the Philippines for marketing year (MY) 2020/2021 to 2 million metric tons (MMT) from the previous estimate of 2.2 MMT. “Global rice production is forecast slightly lower this month primarily on decreased production in Burma, Indonesia, and Taiwan more than offsetting higher production in the Philippines and Thailand,” the USDA said. The Philippines imported about 2.45 MMT of rice last year, according to the USDA. The Philippines became the largest buyer of rice in 2019 after it enacted a law that deregulated its rice industry and eased restrictions on imports. The Philippine Department of Agriculture (DA) said is targeting to increase unhusked rice output to a record high of 20.4 MMT from last year’s 19.44 MMT. If the production target is realized, the country will achieve a 95 percent self-sufficiency level in rice, according to the DA. The DA had earlier filed a petition before the Tariff Commission to reduce the most favored nation (MFN) rates on rice imports to

A STALL at the San Andres public market sells assorted varieties of rice in this Businessmirror file photo.

35 percent from the current 40 percent (in-quota) and 50 percent (out-quota) levels. The tariff reduction measure is supported by the Department of Finance. The DA and the DOF said the reduction in tariff would

NCR Plus in MECQ till Apr. 30 continued from a1

Also placed under GCQ are the cities of Tacloban, Iligan, and Davao City. The rest of the country will be placed under modified general community quarantine (MGCQ). The updated community quarantine classification, Roque said, will be in effect starting on April 12, 2021 and last until the end of the month.

MECQ guidelines

ROQUE said he will announce the details of the quarantine protocols, including on curfews, in MECQ classifications of NCR Plus on Monday. “On curfew, while Mayors and Governors have not yet agreed on modified hours, it remains as is. Consultations already ongoing and a decision may be made soon,” Roque said. Since the effectivity of the ECQ in NCR plus on March 29, 2021, mayors in Metro Manila jointly decided to impose a 6 pm to 5 am curfew. Under the IATF’s Omnibus Guidelines for Community Quarantine as of April 3, 2021, movement of persons will remain limited to accessing essential goods and services, and for work in establishments that are allowed to operate under the quarantine classification. The Department of Trade and Industry is authorized to issue a “negative list” of industries that will remain prohibited in MECQ areas.

Additional capacity

HE said the IATF opted to relax the quarantine restriction after 104 private and public health facilities in NCR Plus committed to expand the allotted bed capacity for Covid-19 patients. Their commitment includes an additional 164 Covid-19 Intensive Care Unit (ICU) beds and 1,157 regular beds. Likewise, he said the government was also able to open up additional quarantine and isolation facilities with 1,835-bed capacity. “This is a total of 3,156 beds [for Covid-19 patients] in NCR plus,” Roque said. Without the additional beds, Roque said 74.34 percent of the 1,395 Covid-19 ICU beds in NCR, Central Luzon, and Calabarzon are already occupied. Roque said 46.04 percent of the 6,367 Covid-19 wards beds and 59.56 percent of the 9,071 Covid-19 isolation beds in the same areas are now also occupied. NCR Plus was placed under ECQ last March 29, 2021 to prevent healthcare facilities in these area from being overwhelmed with Covid-19 cases, which kept surging. The Department of Health (DOH) said there are currently 864,868 confirmed Covid-19 cases in the country. Of which, 11,681 were registered on Sunday.

expand the source of cheap rice for the Philippines amid the increase in the prices of the staple from Thailand and Vietnam. The DA and the DOF are looking at South Asian countries as alternative suppliers to the country’s staple sup-

ply. The DOF noted that rice export prices in India are now 30 percent cheaper than those sold by Vietnam and Thailand. At least 90 percent of the country’s rice imports come from Vietnam and Thailand. Jovee Marie N. Dela Cruz

TOTAL of 6,519 hectares of agricultural lands are set for distribution to 3,541 agrarian reform beneficiaries in Region 12 or the Soccsksargen Region, the Department of Agrarian Reform (DAR) said. Soccsksargen is composed of South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos City. In a statement, DAR Secretary John R. Castriciones said with the massive distribution of farm land, the agricultural sector in the region is expected to further improve. Aside from land, the DAR is also set to turn over P63.4 million worth of support services, including 2 farm-to-market roads, a bridge, 11 hauling trucks and various equipment to Agrarian Reform Beneficiaries Organizations (ARBOs) during two separate ceremonies on April 13 and 14. Castriciones said DAR’s intervention will help uplift the lives of the farmers. He believes that “giving these thousands of landless farmers a land of their own would inspire them to work harder to make it productive, thus would eventually, result in region-wide agricultural productivity.” “They will not be alone in improving their newly acquired properties because the DAR will provide them with the necessary support services. A holistic approach in alleviating poverty in the countryside and ensuring the country’s food security, the department extends its services to post-land distribution.” The agrarian reform chief said DAR provides them with farm machinery, farm inputs, infrastructure projects, credit facilities, and training, among other things that would enable the farmers to sustain their farming needs. The recipient-ARBs are from the provinc-

es of South Cotabato, with 1,389 recipients; Sultan Kudarat, 1,313; Sarangani, 535; and Cotabato, 304. The DAR would also distribute a total of P24.59-million worth of farm inputs, farm, and office equipment, and 11 hauling trucks to various ARBOs and farmers’ cooperatives in the region. The recipient-ARBOs include Vineyard ARB Cooperative, Tinagacan ARB Cooperative, Domolok Tokawal Irrigators Association, Tolentino Communal Irrigators Association, Sapu Masla Taliawid Producers Cooperative, Tuguis Tambilil Irrigators Association Inc, Badtasana Farmers Irrigators Association, Kalamansig Para sa Kalikasan, Kapayapaan At Kaunlaran, New Calinog Women’s Association, SAMAKAN Multi-Purpose Cooperative and Sitio Lagon Farmers Multi-Purpose Cooperative. Infrastructure projects aimed at making transporting of agricultural goods faster and cheaper would be turned over during the event. The P20-million bridge in General Santos City and 2 farm-to-market roads, with a combined cost of P18.8-million, in the province of Sultan Kudarat will be turned over and implemented through Tulay ng Pangulo Project and the Italian Agrarian Reform Community Development Support Program Project, respectively. Soccsksargen Regional Director Marion Abella said that alongside the land distribution and turn-over of support services, several activities will be undertaken like the showcasing of crops produced by the various ARBOs in the region: the DAR-to-door land title distribution and the site visitation of Buhay sa Gulay Project, an urban farming initiative of the DAR, in the cities of Tacurong, General Santos, and Koronadal. Jonathan L. Mayuga

Beyond Burgers: China plant-based protein market growing up

HINA is driving growth in Asia’s plant-based protein market as health-conscious consumers embrace an array of new products, according to Archer-Daniels-Midland Co., one of the world’s biggest agricultural traders. The uptake of locally-sourced plant-based protein has generally been faster in China than in other parts of the world and the industry there is moving quickly beyond burger analogues, according to ADM Asia Pacific President Leo Liu. Alternatives to shrimp and shellfish, plant-based cheeses and ready-toeat protein snacks are all becoming more popular, he said. “Awareness and interest in plantbased proteins as an alternative to meat is growing,” the Shanghaibased Liu said in an interview. Chinese people are experimenting with plant-based options as they look for protein-rich diets that are sustainable, convenient and meet food safety standards, he said. ADM—one of the big four agricultural traders along with Cargill Inc., Bunge Ltd., and Louis Dreyfus Co.—already has extensive operations throughout China and will be investing more in alternative proteins there, Liu said. The company forecasts China’s plant-based protein market will grow to $14.5 billion in 2025 from under $10 billion in 2018.

The rising interest in plant-based protein dovetails with Beijing’s increasing focus on the environment and food security. Self-sufficiency featured strongly in China’s latest five-year plan that came after the country’s hog herd had been devastated by African swine fever and the trade war with the United States as well as the Covid-19 pandemic highlighted the fragility of global supply chains. Diversifying protein intake to plant-based sources could help China cope with future meat shortages, Bloomberg Intelligence analysts Alvin Tai and Ashley Kim said in a report released in February. Reducing meat consumption is also part of China’s strategy to reduce its carbon intensity by more than 65 percent from 2005 levels by 2030, they said. The growing number of Chinese flexitarians—people who are mostly vegetarian but occasionally eat meat or fish—is helping to spur alternative food startups across the country, Liu said. “Consumers are moving away from an obsession with calorie counts to focusing on food’s intrinsic value.” Many China-based companies will continue to increase production capabilities as the popularity of plant-based meat continues to rise, Fitch Solutions said in a March 31 note.

OmniFoods is distributing a ground pork substitute in Hong Kong, and mainland company Whole Perfect Food sells vegan bacon. Chinese startups Zhenmeat and Starfield Food & Science Technology, meanwhile, have sought funding to develop their own meat substitutes.

Global interest

A BEVY of global food titans are also seeking to get in on the action. Cargill started a plant-based meat products brand called PlantEver that’s sold directly to Chinese consumers last year, while industry pioneer Beyond Meat Inc. opened its first manufac-

turing facility outside the US near Shanghai this week. Livekindly Collective, a group of alternative protein brands steered by a former Unilever Plc executive, also has plans to expand in China. ADM, which says it’s now the largest plant-based protein provider in the world, has for years been diversifying away from trading bulk crops and into higher-margin food manufacturing. The company expects its nutrition unit, which contains its plant-based protein business, to become as large or even larger than its legacy business of buying and shipping crops by 2050. Bloomberg News

BEYOND Meat rolls at a Starbucks coffee shop in Tianjin. PHOTOGRAPHER: ZHANG PENG/LIGHTROCKET/GETTY IMAGES/ BLOOMBERG NEWS

The World BusinessMirror

Editor: Angel R. Calso

Myanmar security forces kill 82 protesters in 1 day

ANGON—At least 82 people were killed in one day in a crackdown by Myanmar security forces on pro-democracy protesters, according to reports on Saturday from independent local media and an organization that keeps track of casualties since the February coup. Friday's death toll in Bago was the biggest one-day total for a single city since March 14, when just over 100 people were killed in Yangon, the country's biggest city. Bago is about 100 kilometers (60 miles) northeast of Yangon. The Associated Press is unable to independently verify the number of deaths. The death toll of 82 was a preliminary one compiled by the Assistance Association for Political Prisoners, which issues daily counts of casualties and arrests from the crackdown in the aftermath of the February 1 coup that ousted the elected government of Aung San Suu Kyi. Their tallies are widely accepted as highly credible because cases are not added until they have been confirmed, with the details published on their web site. In its Saturday report, the group said that it expected the number of dead in Bago to rise as more cases were verified. The online news site Myanmar Now also reported that 82 people had been killed, citing an unnamed

source involved with charity rescue work. Myanmar Now and other local media said the bodies had been collected by the military and dumped on the grounds of a Buddhist pagoda. At least 701 protesters and bystanders have been killed by security forces since the army's takeover, according to the Assistance Association for Political Prisoners. The attack on Bago was the third in the past week involving the massive use of force to try to crush the persistent opposition to the ruling junta. Attacks were launched Wednesday on hardcore opponents of military rule who had set up strongholds in the towns of Kalay and Taze in the country’s north. In both places, at least 11 people— possibly including some bystanders—were reported killed. The security forces were accused of using heavy weapons in their attacks, including rocketpropelled grenades and mortars, though such allegations could not be independently confirmed by The Associated Press. Photos

A police vehicle is parked at a road in South Okkalapa township to block anti-coup protesters gathering in Yangon, Myanmar on Friday, April 9, 2021. An information blackout under Myanmar’s military junta worsened Thursday as fiber broadband service, the last legal way for ordinary people to access the Internet, became intermittently inaccessible on several networks. AP Photo

posted on social media from Bago appeared to show fragments of mortar shells. Most protests in cities and town around the country are carried out by nonviolent demonstrators who consider themselves part of a civil disobedience movement. But as the police and military escalated the use of lethal force, a hardcore faction of protesters armed themselves with homemade weapons such as firebombs in the name of self-defense. In Kalay, activists dubbed themselves a "civil army" and some equipped themselves with rudimentary hunting rifles that are traditional in the remote area. A report by Myanmar Now said residents of Tamu, a town in the same region as Kalay, used hunting rifles Saturday to ambush a military convoy, and claimed to kill three soldiers. The junta has taken other measures as well to discourage resistance. It recently published a wanted list of 140 people active

in the arts and journalism charged with spreading information that undermines the stability of the country and the rule of law. The penalty for the offense is up to three years’ imprisonment. Arrests of those on the list have been highly publicized in state media. State television channel MRTV reported Friday night that a military court had sentenced to death 19 people—17 in absentia—for allegedly killing an army officer in Yangon on March 27. The attack took place in an area of the city that is under martial law, and the court action appeared to be the first time the death sentence has been imposed under the junta's rule. T he U N spec i a l envoy for Myanmar, Christine Schraner Burgener, arrived Friday in the Thai capital Bangkok on a regional mission to resolve the crisis in Myanmar. She intends to sound out several Southeast Asian governments for their ideas but has been denied permission to visit Myanmar. AP

Marchers protest Official: Chinese Covid-19 vaccines’ effectiveness low Romania’s virus restrictions as cases top 1 million

UCHAREST—Marchers took to the streets on Saturday in the Romanian capital of Bucharest to protest restrictive measures to fight the spread of Covid-19 even as new daily infections and deaths rose in the European Union nation. About 1,000 people converged on Victory Square and University Square, expressing frustration with an earlier curfew and shop closures that took effect at the end of March. Many demonstrators waved tri-color Romanian flags and chanted “Freedom!” and “Down with the government!” “We came to fight against this state of alert that buries all our rights and freedoms,” Dumitru Balan, leader of the civic movement Action for the Nation, told The Associated Press. “We do not agree with compulsory vaccination, with wearing a mask on our faces... the quarantine of cities, online schooling, the closure of churches, playgrounds, restaurants and shops,” he said. Romania does not have compulsory vaccinations. The protest was held on the same day that Romania passed the milestone of having 1 million confirmed Covid-19 cases. Hospital intensive care units are struggling to cope with the record demand of just under 1,500 Covid-19 patients and 12,000 others are in other wards. “There are now very severe patients admitted in our clinical ward that normally would require intensive care...we don’t have enough ICU beds available and patients are waiting with suboptimal care,” Dragos Zaharia, a pneumologist at Marius Nasta Institute, told the AP. “We are at risk of being accused of malpractice.” The protesters halted outside Cotroceni Palace, where President Klaus Iohannis resides, and called for an early election. “I think Romania has a perfect storm of conditions that create this climate of anti-restriction protests,” Dani Sandu, a sociologist affiliated with the European University Institute, told the AP. “Romania is a society with low levels of trust in public institutions.” AP

EIJING—In a rare admission of the weakness of Chinese coronavirus vaccines, the country's top disease control official says their effectiveness is low and the government is considering mixing them to give them a boost. Chinese vaccines "don't have very high protection rates," said the director of the China Centers for Disease Control, Gao Fu, at a conference on Saturday in the southwestern city of Chengdu. Beijing has distributed hundreds of millions of doses in other countries while also trying to promote doubt about the effectiveness of Western vaccines. “It’s now under formal consideration whether we should use different vaccines from different technical lines for the immunization process,” Gao said. The effectiveness rate of a coro-

navirus vaccine from Sinovac, a Chinese developer, at preventing symptomatic infections has been found to be as low as 50.4 percent by researchers in Brazil. By comparison, the vaccine made by Pfizer has been found to be 97 percent effective. Beijing has yet to approve any foreign vaccines for use in China, where the coronavirus emerged in late 2019. Gao gave no details of possible changes in strategy but mentioned mRNA, a previously experimental technique used by Western vaccine developers while China’s drug makers used traditional technology. “Everyone should consider the benefits mRNA vaccines can bring for humanity,” Gao said. “We must follow it carefully and not ignore it just because we already have several types of vaccines already.” Gao previously raised questions about the safety of mRNA vaccines.

He was quoted by the official Xinhua News Agency as saying in December he couldn’t rule out negative side effects because they were being used for the first time on healthy people. Chinese state media and popular health and science blogs also have questioned the safety and effectiveness of the Pfizer vaccine, which uses mRNA. As of April 2, some 34 million people have received both of the two doses required by Chinese vaccines and about 65 million received one, according to Gao. Experts say mixing vaccines, or sequential immunization, might boost effectiveness rates. Trials around the world are looking at mixing of vaccines or giving a booster shot after a longer time period. Researchers in Britain are studying a possible combination of Pfizer and AstraZeneca vaccines. AP

8 dead, 1,300 buildings damaged as earthquake shakes Indonesia

ALANG, Indonesia — A strong earthquake on Indonesia’s main island of Java killed eight people, including a woman whose motorcycle was hit by falling rocks, and damaged more than 1,300 buildings, officials said Sunday. It didn't trigger a tsunami. The US Geological Survey said the magnitude 6.0 quake struck off the island’s southern coast at 2 p.m. Saturday. It was centered 45 kilometers (28 miles) south of Sumberpucung town of Malang District in East Java province, at a depth of 82 kilometers (51 miles). Rahmat Triyono, the head of Indonesia’s earthquake and tsunami center, said the undersea temblor did not have the potential to cause

a tsunami. Still, he urged people to stay away from slopes of soil or rocks that have the potential for landslides. This was the second deadly disaster to hit Indonesia this week, after Tropical Cyclone Seroja caused a severe downpour Sunday that killed at least 174 people and left 48 still missing in East Nusa Tenggara province. Some victims were buried in either mudslides or solidified lava from a volcanic eruption in November, while others were swept away by flash floods. Thousands of homes with damaged. Saturday’s quake caused falling rocks to kill a woman on a motorcycle and badly injured her husband in East Java’s Lumajang district, said Raditya Jati, spokes-

person for the National Disaster Mitigation Agency. He said about 1,189 homes and 150 public facilities, including schools, hospitals and government offices, were damaged. Rescuers retrieved four bodies from the rubble in Lumajang’s Kali Uling village. Three people were also confirmed killed by the quake in Malang district. Television reports showed people running in panic from malls and buildings in several cities in East Java province. Indonesia, a vast archipelago of 270 million people, is frequently struck by earthquakes, volcanic eruptions and tsunamis because of its location on the “Ring of Fire,” an arc of volcanoes and fault lines in the Pacific Basin. AP

Monday, April 12, 2021

Charles: Royal family ‘deeply grateful’ for world’s support

ONDON—Britain's Prince Charles offered a heartfelt tribute to his “dear Papa” on Saturday as Buckingham Palace offered the broad outlines of a royal funeral that will be attended by the family and broadcast to the world. As Queen Elizabeth II and other relatives mourned, Charles offered a personal video message saying the royal family was “deeply grateful” for the outpouring of support they’ve received following the death Friday of his 99-year-old father, Prince Philip. The heir to the throne said he was touched by the number of people around the world who have shared his family’s loss and sorrow. “My dear Papa was a very special person who I think, above all else, would have been amazed by the reaction and the touching things that have been said about him,” Charles said, speaking from his southwestern England home of Highgrove. “And from that point of view we are, my family, deeply grateful for all that. It will sustain us in this particular loss and at this particularly sad time.” Philip’s royal ceremonial funeral will take place April 17 at Wind sor Cast le —a sl immeddown service amid the Covid-19 pandemic that will be entirely closed to the public. The palace insisted the royals would strictly adhere to national virus guidelines, measures that in theory would entail mask wearing in an enclosed space and social distancing. The palace declined to comment on specifics. Philip, the queen's husband of 73 years who was also known as the Duke of Edinburgh, took part in planning his own funeral and its focus on family was in accordance with his wishes. The duke also took part in designing the modified Land Rover that will carry his coffin. “Although the ceremonial arrangements are reduced, the occasion will still celebrate and recognize the duke's life and his more than 70 years of service to the Queen, the UK and the Commonwealth,” a palace spokesman said Saturday while speaking on condition of anonymity in line with policy. Prince Harry, Philip’s grandson who stepped away from royal duties last year and now lives in California, will attend the service at Windsor along with other members of the royal family. His wife Meghan, the Duchess of Sussex, is pregnant and has been advised by her doctor not to make the long journey to the UK. Another no-show will be Prime Minister Boris Johnson, whose office said he would not attend because current coronavirus restrictions limit funerals to 30 people, so by staying away that would “allow for as many family members as possible.” The palace appealed to the public not to gather in Windsor or at Buckingham Palace in London to pay their respects to Philip—advice that was roundly disregarded by many. Ea rl ier Sat u rd ay, m i l it a r y teams across the UK and on ships at sea fired 41-gun salutes to mark Philip's death, honoring the former naval officer whom they considered one of their own. Batteries in London, Edinburgh, Cardiff and Belfast—the capitals of the four nations that make up the United Kingdom—as well as other cities around the UK and the Mediterranean outpost of Gibraltar fired the volleys at one-minute intervals beginning at midday. Ships including the HMS Montrose, a frigate patrolling the Persian Gulf, offered their own salutes. “The Duke of Edinburgh served among us dur ing the Second

In this grab taken from video, Britain’s Prince Charles addresses the media, outside Highgrove House in Gloucestershire, England on Saturday, April 10, 2021. Britain’s Prince Charles says the royal family are “deeply grateful’’ for the outpouring of support they’ve received following the death of his father, Prince Philip. In a statement to the nation, the heir to the throne says he's touched by the number of people around the world who have shared the family’s loss and sorrow. UK Pool via AP

World War, and he remained devoted to the Royal Navy and the Armed Forces as a whole,” Gen. Nick Carter, chief of the defense staff, said in a statement. “A life well-lived. His Royal Highness leaves us with a legacy of indomitable spirit, steadfastness and an unshakeable sense of duty.” Members of t he Commonwealth, a group of 54 countries headed by the queen, were also invited to honor Philip. The Australian Defense Force began its salute at 5 p.m. outside Parliament House in Canberra, and New Zealand planned to offer its own tribute on Sunday. Philip joined the Royal Navy as a cadet in 1939 and once had a promising military career. In 1941, he was honored for his service during the battle of Cape Matapan off the coast of Greece, when his control of searchlights aboard the HMS Valiant allowed the battleship to pinpoint enemy vessels in the dark. Philip rose to the rank of commander before he retired from active duty. Two years after the war ended, Philip married Elizabeth at Westminster Abbey when she was 21 and he was 26. Philip’s naval career came to an abrupt end when King George VI died in 1952 and his wife became queen. At the queen’s coronation in 1953, Philip swore to be his wife’s “liege man of life and limb” and settled into a life supporting the monarch. The couple had four children—Charles, the heir to the throne, Anne, Andrew and Edward. Before he retired from official duties in 2017, the prince carried out more than 22,000 solo public engagements and supported over 780 organizations, including the Duke of Edinburgh’s Award for young people. Members of the public continued to honor Philip’s life of service, leaving flowers Saturday outside Buckingham Palace and Windsor Castle. “I think everyone would like to pay their respects,” Maureen Field, 67, said outside Windsor Castle. “Because of the virus, a lot of people have to stay away. He didn’t want a big funeral. He wanted a very private time with his family to say their goodbyes. So, we’ve all got to respect that.” Mike Williams, 50, traveled from his home in Surrey, southwest of London, to Buckingham Palace to honor the prince. “He’s a massive loss to the country and to the world, I think, so we wanted to come and pay respects,” Williams said. “I don’t know what it achieves, but it just felt like the right thing to do.” AP

Monday, April 12, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Will Biden bash Beijing?

nited States foreign policy under the Obama/ Biden administration could be characterized as ranging from impotent to counterproductive to both US and global interests.

In 2017, the Pacific Council on International Policy held a weekendlong discussion—“Was Obama’s Foreign Policy a Success?” Before the debate, 56 percent voted “yes” and 44 percent voted “no.” The two standout foreign policy accomplishments were the killing of Osama bin Laden in 2012 and the fact that Iran did not test a nuclear weapon. No mention was made that probably under US development and leadership, the Stuxnet malicious computer worm crippled Iran’s nuclear program for nearly two years. On the opposite side of the debate, some clear failures were pointed out. Kim Jong-un produced at least 60 nuclear weapons and the ICBMs to threaten the region. Russia invaded Ukraine and annexed Crimea. Most important for the Philippines, “China annexed the South China Sea because the Obama administration did not engage in freedom of navigation patrols.” American humorist Will Rogers said that “Diplomacy is the art of saying “nice doggie” until you can find a big rock” to hit it in the head. Carl von Clausewitz, Prussian general and military theorist, wrote: “War is the continuation of politics by other means.” While not unique among nations, the US in particular has focused its foreign policy on individual leaders. The US Declaration of Independence has 27 points, which could be listed under the subheading of “King George III Bad.” In 1939, President Franklin Roosevelt allegedly said this about Nicaraguan dictator Anastasio Somoza: “Somoza may be a son of a bitch, but he’s our son of a bitch.” Even if Roosevelt did not say this, it expressed the American attitude. Obama/Biden never picked up the “big rock” unless the leader was weak, as in the case of the regional disaster of the US overthrowing and killing Gaddafi in Libya. Russia’s annexation of Crimea and China’s massive expansion in South China Sea was met with US sanctions. But economic sanctions—like rules—are meant to be broken, evaded with loopholes, and ignored by other nations. Since Joe Biden entered the White House, both Russia and China have become more aggressive. Russia has been building its troop strength and conducting drills on the border with Ukraine for nearly a month. Chinese warplanes have repeatedly been penetrating Taiwan’s airspace since January in numbers not seen before. And China’s fleet of “fishing boats” in the Philippines’s Exclusive Economic Zone is probably targeted more at Washington, D.C. than Manila. Announced last week in the US Senate is a legislative measure— “Strategic Competition Act of 2021”—aimed clearly at China. The measure includes both economic and military components. The bill “stresses the need to prioritize the military investments necessary to achieve United States political objectives in the Indo-Pacific.” The bill “recommends a total of $655 million in Foreign Military Financing funding for the region.” The author, Senator Bob Menendez, said: “This is an effort to mobilize all US strategic, economic, and diplomatic tools for an Indo-Pacific strategy that will allow our nation to truly confront the challenges China poses to our national and economic security. The legislation will have a profound effect on every Chinese technology firm.” The bill would also earmark $10 million “to promote democracy in Hong Kong” and would void all restrictions on US officials’ interaction with Taiwanese counterparts. President Biden said China won’t become “the most powerful country” on his watch. Perhaps Biden has already started bashing Beijing.

Preparing for the next pandemic Atty. Jose Ferdinand M. Rojas II

RISING SUN

here are experts and scientists who say that the pandemic we are experiencing will not be the last, and that we need to do what we can right now to prepare for the next outbreak even as we struggle to go through this one. Dr. Aaron Bernstein, the Director of the Center for Climate, Health, and the Global Environment at the Harvard T.H. Chan School of Public Health in Boston USA, shared advice as to what we can do to prevent future outbreaks.

It is important for the government to support science and public health leadership, which translates to providing funding for much needed research, setting up a system and building resources so there can be supplies for testing and the capability to respond early to possible outbreaks. Dr. Bernstein underlines the link between climate change and pan-

✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer Chairman of the Board Ombudsman President Advertising Sales Manager Group Circulation Manager

Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

ease transmissions between animals and humans. On the level of the individual, eating less meat seems like a good decision to make at this point. It does not just benefit the body, it’s also good for the environment and public health. When we take action to clean our air by not burning fossil fuels, for example, we are also protecting the health of the people. Developing low-carbon technologies and decreasing greenhouse-gas emissions are definitely good for our physical health. We can see how environmental health and the health of our

The gentrification of our countryside

Since 2005

BusinessMirror A broader look at today’s business

demics, saying that climate action like preventing deforestation can help slow biodiversity loss and animal migration. The latter could cause the spread of infectious diseases. As far as wildlife is concerned, illegal trade must be controlled at all costs. Agricultural practices also need to be reviewed. Raising thousands or even millions of animals in close quarters is risky as this can cause dis-

Thomas M. Orbos

STREET TALK

here is now a silent but steady move of Filipino urbanites, especially those residing in Metro Manila, to the provinces. We can see this happening now, especially in the outlying areas of Laguna, Cavite, Rizal and Batangas, as well as in the provinces of Pampanga and Tarlac. What used to be weekend retreats or planned retirement homes are now being occupied for the long haul. Many almost empty rural nests of grandparents are now filled with the families of their children on extended visits. We know that this can be attributed to our urbanites fearing the exponential increase of Covid cases that has hit our nation’s capital this past month. But this rural migration or gentrification needs to be carefully studied by our government policy-makers. It offers a unique opportunity to resolve many of our urban-related concerns that has plagued us before and will re-appear again once we cross over to the new normal times. There are pronounced benefits of moving to the countryside, beyond being relieved of the stress in living in the Covid war zone that is now unfortunately Metro Manila. One benefit is a cleaner environment, definitely with less pollution of all sorts—air, water and even noise. On a personal level, rural living also offers a more relaxed way of life with time to view the sunset, commune with nature while rediscovering relationships among family members. On a national level, this gentrification can be the beginning of what can be a permanent lessening of the stress we have put in to Metro Manila, as well as push for economic growth in

other regions. It is a genuine “balikprobinsya” program that is made even better as the cause to such a move is not so much for economic reasons, especially for those in our economic spectrum society that have the capacity to redirect resources originally allocated for Metro Manila. In this context, the government must step in to provide the needed policies and programs to support this countryside migration and make this sustainable enough to be the cause of a steady stream of economic redistribution, even after the pandemic. The key driver would be the availability of adequate basic services. And immediately most

We have seen many pivot points across many sectors because of the pandemic. Countryside gentrification may be one that we hope can survive to new normal times. A more equitable redistribution of wealth and resources beyond Metro Manila is one driver that we have longed to have for a stronger drive to national progress. This opportunity we now have and we hope will remain.

telling would be adequate telecommunications. Though most of these urbanites will be huddled in their new rural surroundings, much of their lives—their work, schooling, financial and social life will still be wired to their urban selves. Other services are equally important. Health services, given the present situation we are in right now, need to be adequate and accessible. Good timing as well, as our country really needs an overhaul of our present health capacities and not just make it adequate but equally present in all regions. Water and other utilities must also be dependable as well as affordable. It is also high time for government to check on all utility concessionaires on their missionary commitments to provide adequate services. This must be met, otherwise penalties, as provided for in their agreements, will have to be imposed. All of these will be needed to at-

bodies are inexorably linked—when we take care of Mother Earth, we are also looking after our own bodies and the health of everyone living on the planet. Finally, Dr. Bernstein argues that adequate preparation for the next outbreak has to do with keeping citizens generally healthy. People need to be more mindful about their diet, exercise, sleep, and stress levels. The problem about air pollution definitely needs to be addressed, and one step forward is to generate electricity from low-carbon energy sources like wind and solar. Harmful air pollutants like nitrogen oxides, sulfur dioxide, and carbon dioxide may be lessened if we do this. If our bodies are strong, there is a bigger chance of averting death or serious illness in case another pandemic happens. Our old solutions will not work anymore as the world changes and faces new problems. The world’s increasing populations and crowded megacities will present problems that must be faced with forward-looking solutions that are based on science.

tract more permanent investments beyond just being a Covid respite of individual families. Tax and other duty reliefs will provide attraction for these countryside migrants and their businesses to stay and grow in their new environment. In this regard, local governments will need to be pro-active to ensure that the money that come into their areas will not only remain but will grow from these temporary residents. Local government transactions need to be both seamless and transparent. Local corruption will need to be tempered. And local government management in areas such as transport and traffic, local sanitation and more importantly, peace and order will have to step up to help ensure a more permanent foothold of potential migrating investments to their locality. We have seen many pivot points across many sectors because of the pandemic. Countryside gentrification may be one that we hope can survive to new normal times. A more equitable redistribution of wealth and resources beyond Metro Manila is one driver that we have longed to have for a stronger drive to national progress. This opportunity we now have and we hope will remain.

Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He is an alumnus of Georgetown University and the MIT Sloan School of Management. He can be reached via e-mail—tmo45@ georgetown.edu /thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

Britain’s biggest Brexit test might be the ability to survive

Princely death

By Rodney Jefferson & Dara Doyle | Bloomberg Opinion

Siegfred Bueno Mison, Esq.

rime Minister Boris Johnson has a fondness for grand projects, but few are as eye-catching as the proposal for a physical link over the Irish Sea between Scotland and Northern Ireland.

Whether a multi-billion-pound pipe dream or a token of ambition befitting the post-Brexit era, a feasibility study is underway as part of the government’s review of how to better bind the United Kingdom and its four constituent nations. A more immediate concern may be whether the link could one day connect two independent states that are no longer part of the UK. As Britain marks 100 days since turning its back on the European Union, tussles have broken out with the continent over issues from customs checks to vaccination shots and financial services. Tensions at home are raising the specter of a more existential conflict, however, one that will determine whether Johnson’s aim to strike out in the world under the banner of a reinvigorated “Global Britain” will need to be downgraded to a more humble “Global England.” Scotland will hold elections on May 6 to its parliament in Edinburgh that are being cast as a vote on whether the nation has the right to—or the need for—another say on its constitutional future. Polls suggest the pro-independence Scottish National Party could sweep to a majority, a high bar given the proportional electoral system, and press its demands for a second referendum on splitting from the UK. In Northern Ireland, grievances are being nursed over its separate treatment from the British mainland in the Brexit deal struck between London and Brussels, and the province’s bitterly divided past is resurfacing as a result. More than 70 police officers were injured in a week of rioting by pro-British loyalists hurling petrol bombs. Polls suggest a remarkable shift in sentiment for a region for so long dominated by its Unionist community, with a majority now saying they want a vote on reunification with the Republic of Ireland within five years. Even in Wales, which unlike Scotland or Northern Ireland voted with England in favor of Brexit, support for independence has risen during the coronavirus pandemic. Wales holds elections to its regional assembly on May 6 also, and there’s a chance the governing Labour Party could have to share power with the nationalist Plaid Cymru party. Plaid has pledged to hold a vote on Welsh independence within five years. The breakup of the three-centuriesold union has been speculated over for decades, certainly long before Brexit became part of the vernacular. On their own, the developments in each of the three nations don’t necessarily spell revolutionary change, but speak to shifting cultural identities and varying degrees of political dissatisfaction with the center of power in London. Taken together, it’s hard to ignore a growing sense that things are inexorably coming to a head, whether to diminish the union or reinforce it, and that Brexit has lent those forces greater agency. “But for Brexit, the union would be relatively safe, but I’m not so sure now,” said Matt Qvortrup, a professor of political science at Coventry University who served as a special adviser on UK constitutional affairs. Change “won’t be the day after tomorrow, but give it 10 years.” The challenge for Johnson, who was the driving force behind the successful campaign to ditch the EU in what was styled as a bid to reclaim British sovereignty, is how to cauterize the political wounds at home. His dilemma is sharpened by the fact that his Conservatives govern at Westminster, but not in Belfast, Edinburgh or Cardiff, where separate parties hold sway, reflecting the differing regional preferences of voters under a process known as devolution. The most powerful of these devolved governments is in Scotland, where it runs most of the policy fields that matter in daily life, from health and education to transportation and justice. The UK controls areas including foreign affairs, defense and macroeconomic policy. Johnson has thus far refused to

grant the SNP-run government the legal permission it needs for another referendum to be watertight, saying the 2014 ballot was a once-in-a-generation event. Scots voted 55 percent to 45 percent to remain in the UK then, though at that point there was no inkling the UK could be about to leave the EU. The focus now, Johnson says, should be to rebuild out of the pandemic together and that constitutional matters are an unwanted distraction. The leader of Johnson’s Conservatives in Scotland, Douglas Ross, says that “it’s recovery or referendum. We can’t do both.” He’s called on other opposition parties to team up in some election districts to stop the nationalists. The election campaign was suspended on Friday after the death of the Queen’s husband, Prince Philip. Another SNP landslide—the party has been in power since 2007—would escalate the standoff with London and, should Edinburgh ramp up demands, investors could take fright and the pound take a hit. There’s division within Johnson’s party over whether his government should simply continue to ignore Scotland’s calls for another shot at independence or seek to buy time and offer enough money or more powers in the hope that the issue will fade away. The risk is that it festers instead. And the longer the dispute drags on, the greater the chance it’s resolved by demographics. Support for independence is highest among young people and the Scottish voting age is 16. Scots in any case have never warmed to the Eton-educated Johnson, whose bumbling upper-class bearing pales beside the down-to-Earth matter-of-factness of the Scottish leader, Nicola Sturgeon. The crux of Sturgeon’s argument for another independence vote is typically direct: Brexit has changed the game. Not one district of Scotland voted to quit the EU in 2016, but it had to leave along with the rest of the U.K. anyway. The years of wrangling leading up to Brexit on January 31, 2020, only hardened divisions, with the devolved administrations all claiming they were sidelined. Some of that anti-Brexit sentiment has been converted into support for the independence cause. According to a strategy document prepared for the Conservatives and seen by Bloomberg in October, the concern is that there aren’t enough pro-Brexit voters who could counteract them. Emily Gray, who runs pollster Ipsos MORI in Scotland, says Brexit was critical to the gradual rise in support witnessed for independence. The result is “significant doubts in Scotland about the future of the union,” she said. “Over half of Scots expect that the UK won’t exist in its current form in five years’ time.” Johnson would seem to have a strong argument for the union in the shape of the UK’s successful vaccine rollout to date. Yet Sturgeon, not Johnson, is the face of the pandemic fight in Scotland, and the first minister says Johnson’s handling of Covid-19, recording the highest death toll in Europe, has highlighted the need for full autonomy. The latest Ipsos MORI poll, taken between March 29 and April 4, projected the SNP would take 70 of the 129 seats in the Scottish Parliament. With the pro-independence Greens seeing a jump in support, the momentum for a referendum looks to be growing. Some other polls have shown the SNP coming up short, but none has predicted a pro-union majority. The situation in Northern Ireland is more complicated given its history of sectarian violence. Nationalist party Sinn Fein is stepping up its campaign for Irish reunification, saying a referendum is achievable and winnable. Polls indicate a lead for the pro-U.K. side against uniting with the south, but a slim one. A group called Friends of Sinn Fein, once the political wing of the Irish Republican Army, placed ads in the New York Times and the Washington Post in March under the banner “A United Ireland—Let the people have their say.”

THE PATRIOT

N unforgettable anecdote about the certainty of death is about a Japanese engineer who survived two atomic blasts that hit Japan in World War II. Working for Mitsubishi Heavy Industries then, Tsutomu Yamaguchi was in Hiroshima on a business trip. He was getting off a streetcar when the first atomic bomb “Little Boy,” a uranium gun-type bomb, killed approximately 80,000 people. Only less than two miles away from the epicenter, Yamaguchi sustained ruptured eardrums and upper torso burns. After spending a night at a bomb shelter in Hiroshima, Yamaguchi returned to his hometown in Nagasaki. Barely two days later, while inside his office speaking to his boss about the Hiroshima blast, Mr. Yamaguchi found himself seeing the same white light he saw in Hiroshima. The second bomb “Fat Man,” was dropped in Nagasaki, killing 70,000 people. Incidentally, Nagasaki was only alternate to the primary target, which was the city of Kokura. Due to poor visibility, “Fat Man” brought its destruction to Nagasaki instead of Kokura where Japan had one of its largest munitions plants. Yet, Yamaguchi survived both blasts only to succumb to death in 2010 at the age of 93. This experience of Mr. Yamaguchi mirrors an essential truth—everyone, in due course, dies. Even royalty are not exempt from death. Prince Philip, Queen Elizabeth II’s husband, died at the ripe age of 99 years. He will likely be remembered for being the longest-serving royal consort in British history, standing by his Queen for more than six decades. Knowing completely the importance of his wife’s role, Prince Philip gave up his career at the Royal Navy. He, however, continued to live an extraordinary life, helping sustain the monarchy, devoting selfless time and effort to his patronages and projects, while spewing humor and quite a few faux pas in between. Former President Barrack Obama took to Instagram in detailing that “the United States and Great Britain have a special relationship—one that has been maintained and strengthened not just by presidents and prime

ministers but by the Royal Family that has outlasted them all.” Still, no matter how long Prince Philip’s life had been, and even that of Mr. Yamaguchi, life ends. Queen Elizabeth II, the longest sitting monarch, will be gone too, someday, regardless. Death, and its paroxysm, seems to be biting swiftly the past few weeks. Last April 6, our country logged an all-time high single day tally of 382 Covid-19 deaths. Such record number was broken a mere three days after, as the statistical count clicked at 401 deaths on April 9. The loss-oflife meter seems to overflow by the second even by other causes. Young ones are not spared. Jan Catherine Sy, the daughter of Henry Sy Jr., was only 29 years of age when an organ dysfunction cut her life short, adding to a list of too many deaths, breaking a record in all of humanity. Naysayers may hasten to include in the list some government officials who, by their perennial incompetence and irredeemable indiscretion in the fight against this pandemic, seem to have instigated their own deaths, at least in the minds of the disgruntled citizenry. Premature death (that is, by one’s imagination) is still death to these misanthropists. Some can be like Prince Philip, whose longevity is a remarkable record in its own right. Others may turn out to be a mere hush in the wind like the 23-day-old infant who passed away due to Covid-19 last year. Cautious not to sound any alarm, death can come in an atomic second. Unless you’re a Yamaguchi and can survive two highly destructive blasts, life can easily be taken away. Those who

Monday, April 12, 2021

perished in Hiroshima and Nagasaki woke up not knowing that such day would be their last. But as to how one should face death is certainly the more definitive issue, especially during this pandemic. Those who are sick and battling Covid-19 as well as all kinds of disease rely on outpouring prayers from their respective support groups. Sometimes I wonder what a dying person exactly thinks and reflects upon, minutes before actual death. By inclination, I think some recollect from the past, wishing they should have done more if given more time to live. By choice, I know believers look toward the future, to the afterlife, happy at the thought of a grand reunion with Our Father in heaven. Unfortunately, those who are taken away instantaneously may not be given a chance to think at all! Whatever the scenario, almost always, repentance comes into the picture. Interestingly, I am reminded of the attitude exhibited by the socalled thief on the cross. While this penitent thief was not named in the Bible, the Latin Gospel of Nicodemus later assigned the name Dismas, which means sunset or death in Greek. How apt! Sensing his imminent death while enduring the torment along with Jesus Christ, this thief responded in faith to the message of salvation. Luke 23:42-43 accounts for this touching conversation in Biblical history, thus: And he was saying, “Jesus, remember me when You come into Your kingdom!” And He said to him, “Truly I say to you, today you will be with Me in Paradise.” Since this thief believed in Jesus’ lordship, although last minute, he died alongside the Prince of Peace, peacefully. Undoubtedly relieved despite the excruciating ordeal on the cross, the thief must have expelled his last breath with a joyful smile on his face. Lest we go overboard, I was taught that it does not take a cross-bearing sacrifice or fanatical obedience for any of us to get the “free gift” from our Heavenly Father through Jesus. If it were so, then we would be competing in terms of good works and obedience. If it were really so, then we will always wish to be at that perfect point, yearning to be there, struggling to be there, and yet, we are never there. The thief on the cross was a criminal, with no

good works to boast. Prior to accepting the gift of salvation, no princely death can be forthcoming. Soon as he received the free gift, by believing in the lordship of Jesus Christ, the thief died “with royalty” as he entered the Kingdom in heaven. By choice, this thief left behind all his sinful ways and accepted a new life of faith. Prior to his physical death, the thief “died” from his old sinful self first, by accepting the free gift, to which he ignored throughout his life, save for the last few minutes of his mortal life. What I have learned from the Law of the Land is that a gift is given out of liberality as provided in Article 725 of the Civil Code, which states that, “Donation is an act of liberality whereby a person disposes gratuitously of a thing or right in favor of another, who accepts it.” What I have learned from the Law of the Lord is that His gift is given by grace as the Bible tells us in Ephesians 2:89, “For it is by grace you have been saved, through faith—and this is not from yourselves, it is the gift of God—not by works, so that no one can boast.” For anything to be a gift, it just has to be accepted; it is never earned. With one too many deaths these days, all of us need not wait for that death-on-the-verge circumstance before we decide to receive that free gift. The perfect time is, and ought to be, now! Today is the day of salvation for tomorrow is never promised. There is nothing guaranteed in our earthly realm, except death, as exemplified by Prince Philip, a true royal in his country, and Mr. Yamaguchi, survivor of two atomic bombs. There is one thing however assured from an eternal perspective—we can all “die” a princely death. Death: we definitely do not choose when, but we surely can choose how.

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

Positive atmosphere, little progress in Iran nuclear talks

By David Rising | Associated Press

ERLIN—Nascent talks aimed at bringing the United States back into the 2015 nuclear deal with Iran broke on Friday without any immediate signs of progress on the thorny issues dividing Washington and Tehran, but with delegates talking of a constructive atmosphere and resolving to continue the discussions. Two working groups that have been meeting in Vienna since April 6 to brainstorm ways to secure the lifting of American sanctions and Iran’s return to compliance with the deal reported their initial progress to a joint commission of diplomats from the world powers that remain in the deal—France, Germany, Britain, China and Russia. Russian delegate Mikhail Ulyanov tweeted that participants had “noted with satisfaction the initial progress made.” “The commission will reconvene next week in order to maintain the positive momentum,” he said. The talks took place without the United States, which unilaterally left the nuclear deal, known as the Joint Comprehensive Plan of Action, in 2018, under then-President Donald Trump. He embarked on a campaign of “maximum pressure” by restoring previous sanctions and adding new ones on Iran. But an American delegation headed by the Biden administration’s special envoy for Iran, Rob Malley, also has been in the Austrian capital this week. Representatives from the other world powers have been shuttling between the US and the Iranians to facilitate indirect talks. A senior State Department official said the overall atmosphere was “businesslike” and encouraging, but cautioned that the US is waiting for Iran to show it is serious about re-

sponding to the sanctions relief the Biden administration might offer. The official was not authorized to discuss the negotiations by name and spoke to reporters on condition of anonymity. The official said that in exchange for Iran’s return to full compliance, the US is prepared to lift all of the Trumpera sanctions that are “inconsistent” with the deal as well as sanctions that are “inconsistent with the benefits” that Iran expected to get from it. The official said that some non-nuclear sanctions, such as those related to terrorism, human rights and ballistic missiles would remain in place. If Iran holds to a position that every single sanction imposed on it since the US withdrew from the deal must be lifted, the official said “we’re heading to an impasse.” However, the official also left open the possibility that some non-nuclear sanctions could be lifted or eased because of the manner in which the Trump administration imposed them, including by using alternate authorities not covered by the deal. The official said the previous administration had pursued the withdrawal from the deal with the “purposeful and self-avowed intent to make it difficult for any future administration” to return to it. After the US withdrawal, Iran has been openly violating the deal’s restrictions, steadily increasing its stockpile of enriched uranium, increasing the

purity it is enriching, and installing and operating new, more efficient centrifuges, among other things. President Joe Biden, who was vice president under Barack Obama when the original deal was negotiated, has said he wants to bring the US back into the deal but that Iran must reverse its violations. Iran argues that Washington’s departure from the deal was the first violation and that the US must make the first move and remove sanctions before Iran returns to compliance. As the talks opened, China’s representative in Vienna, Wang Qun, backed the Iranian stance. “We, in China, have a saying to the effect that the one who ties the knot should be the one to undo it,” he said. Complicating matters further, Tehran argues that the US needs to drop all sanctions, including measures not related to the deal and Iran’s nuclear program. Iran’s ambassador to the International Atomic Energy Agency, Kazem Gharibabadi, showed no sign of backing off that position in comments posted Friday on the website of Iran’s Supreme Leader Ayatollah Ali Khamenei. All sanctions imposed by Trump’s administration, including “sanctions imposed under non-nuclear pretexts... must be lifted completely,” he said. Still, Iranian Deputy Foreign Minister Abbas Araghchi told Iran’s Press TV on Friday that the talks in Vienna had not been fruitless. “In my opinion, these negotiations are moving forward, very constructive and useful, but it is too early to say whether we are moving forward in a positive direction,” he said. “The atmosphere of the meetings are constructive, but we are still far from the point where we can hope for a positive trend, although we are not disappointed.”

Enrique Mora, the European Union official who chaired the talks, said he would continue to shuttle between the US and Iranian delegations, as well as others next week. “The participants emphasized their resolve to further pursue the ongoing joint diplomatic effort,” he said in a statement. The deal’s ultimate goal is to prevent Iran from developing a nuclear bomb, something it insists it does not want to do. Iran now has enough enriched uranium to make a bomb, but nowhere near the amount it had before the nuclear deal was signed. In pulling the US out, Trump said the deal was a bad one and needed to be renegotiated to include other issues, like Iran’s ballistic missile program and regional influence. Those concerns are shared by other members of the agreement but they have maintained these issues should be addressed outside the nuclear deal. They are not part of the current talks. America’s departure from the deal under Trump has also raised Iranian concerns that even if sanctions are dropped and Iran returns to compliance, the US could pivot again under a future president. Gharibabadi said Iran raised that issue in the Vienna talks. Meanwhile, issues looming in the near future may make negotiations even more complicated. In late February, Iran began restricting international inspections of its nuclear facilities, but under a last-minute deal worked out during a trip to Tehran by Rafael Grossi, the head of the Vienna-based U.N. atomic watchdog, some access was preserved. AP Diplomatic Writer Matthew Lee in Washington and Associated Press writer Amir Vahdat in Tehran contributed to this report.

A8 Monday, April 12, 2021

UK-bound OFWs not restricted by ‘red list’

EPLOYMENT of overseas Filipino workers (OFW) in the United Kingdom (UK) will continue even after the British government included the country in its travel “red list,” according to the Department of Labor and Employment (DOLE). Last week, UK barred travelers—except British or Irish nationals—from the listed countries, which have reported large numbers of Covid-19 cases, from entering its territory. The list included Philippines, Pakistan, Kenya and Bangladesh. Citing the report from their Philippine Overseas Labor Office (POLO) in London, Labor spokesman Rolly Francia noted that OFWs are also exempted from the travel ban. “According to our Labor Attache to London Amy Reyes, the OFWs who will be bound for UK will not be barred from entering [UK],” Francia said in a recent online press briefing. But upon their arrival in UK, OFWs would have to comply with health protocols of the British government, which includes undergoing quarantine, Francia said. DOLE made the assurance as recruiters fretted that Manila’s inclusion in the “red list” will disrupt the deployment of OFWs bound for UK, particularly Filipino nurses. British health authorities reported a cumulative 4.4 million confirmed Covid-19 cases in UK during the weekend. Of these, 127,000 have died. Samuel P. Medenilla

As Balikatan opens, PHL-US sides tackle mutual defense

By Rene Acosta

@reneacostaBM

HE Philippines and the United States will open their biggest joint military exercise on Monday (April 12) amid heightened tension in the West Philippine Sea (WPS), one of key discussion points between Defense Secretary Delfin Lorenzana and US Secretary of Defense Lloyd Austin III on Sunday. In a telephone conference, Lorenzana and Austin discussed the situation in the West Philippine Sea, according to Department of National Defense spokesman Arsenio Andolong. Over 200 Chinese ships were seen massing in early March at the Julian Felipe Reef, and while dozens of boats left the reef, they were seen redeployed to other parts of the WPS. The Chinese militia vessels at the reef have become a source of diplomatic and security discord for Manila and Beijing, with Lorenzana engaged in a word war with the Chinese Embassy and its spokesman in the Philippines. The Department of Foreign Affairs (DFA) has fired off two pro-

tests and said it will keep sending these while the boats remain. Lorenzana and Austin also discussed security in the region as a whole and looked forward to the conduct of the US-Philippine military exercise, which begins Monday after it was cancelled last year. “Secretary Austin reiterated the importance of the VFA [Visiting Forces Agreement] and hopes that it would be continued. Secretary Lorenzana committed to discuss the matter with the President as the final approval lies with him,” Andolong said, referring to the military agreement that expires in August 2021 unless renewed. Armed Forces Chief of Staff General Cirilito Sobejana said 1,000 Filipino and 700 American

soldiers will take part in the twoweek exercise, which opens at Camp Aguinaldo and includes virtual and manual trainings, featuring different scenarios.

Mutual Defense Board

The biggest joint military training takes place as both countries are to meet under the Mutual Defense Board-Security Engagement Board where vital defense and security issues and activities are on agenda. Sobejana said at least 28 Chinese ships—including Coast Guard and maritime militia—remained in the WPS as of Saturday evening, although the number does not include those that may still be moored at the Julian Felipe Reef. Over the weekend, Lorenzana said, however, that at least 32 Chinese militia vessels remained berthed at the reef, down from the 38 in recent days. Late last week, two Chinese gunboats chased a civilian boat bearing an ABS-CBN news team enroute to Ayungin Shoal to document Filipino fishermen in the area. Sobejana said the military is maintaining its physical presence in the WPS through two Philippine Navy vessels and those from the Philippine Coast Guard and the Bureau of Fisheries and Aquatic Resources.

DTI CHIEF: NO NEED TO RELAX LOAN RULES ON TOURISM MSME By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE Department of Trade and Industry (DTI) remains confident that more tourism stakeholders will be able to tap the funds made available to them under the Bayanihan 2 Law for their working capital. In a Viber message to the BusinessMirror, Trade Secretary Ramon M. Lopez remains convinced that the loan processing guidelines of the P6-billion CARES for Travel program of the Small Business Guarantee Corp. (SB Corp.) don’t need to be revised. “The capacity to process loans is high. That’s why there’s no backlog.” He added, “The guidelines are clear and application, processing and release are online and easy. No collateral. Done in four days if complete documents and max of around one week. Unless there are negative findings.” Information provided by the Department of Tourism (DOT), however, showed that as of March 31, 2021, SB Corp. has approved P129.12 million in loans for 346 applicants.

Of the approved applications, some P90.12 million was released to 260 tourism enterprises/loan applicants. The approved loan amounts, however, are just 2.1 percent of the P6-billion funds allocated for micro, small, and medium tourism stakeholders under Bayanihan 2. The poor availment has pushed the Tourism Congress of the Philippines to write to the DOT and appeal for more relaxed and lenient guidelines so more tourism stakeholders will be encouraged to tap the SB Corp. funds. SB Corp. is under the DTI. (See, “Struggling tourism firms need higher working capital loans to recover,” in the BusinessMirror, April 8, 2021.) But Lopez explained, “Of course the loan is dependent on the size of business and capacity to pay. Not only applied loan amount.” Under SB Corp. guidelines, loan applicants have to submit the financial statements they submitted to the Bureau of Inter na l Revenue, which stakeholders separately shared, are usually low since these are for tax purposes. See “DTI chief,” A2

www.businessmirror.com.ph

Companies BusinessMirror

Monday, April 12, 2021

‘PHL firms pursuing M&A prospects during pandemic’ By VG Cabuag

@villygc

ompanies in the Philippines have started pursuing mergers and acquisition (M&A) opportunities at the height of the pandemic, according to the findings of a survey conducted by accounting firm Ernst & Young (EY).

“The survey showed that the financial services, oil and gas, power and utilities sectors are among the most acquisitive sectors in the Philippines, but there is also growing interest in the technology and consumer goods sectors,” Noel P.

Rabaja, SGV’s strategy and transactions leader, said. He said, however, the companies may not totally divest their holdings, but will only sell some shares. According to the 23rd edition of EY

Global Capital Confidence Barometer, executives in Southeast Asia are emboldened to drive internal transformation, such as the roll out of digital initiatives and cost reduction and pursuing mergers and acquisition. The survey of more than 2,400 executives in 52 countries, including 185 respondents in Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, found strong optimism among the surveyed business executives, as they expect a recovery in profitability to prepandemic levels by 2022 at 59 percent, or even 2021 at 12 percent. “While respondents may feel that good progress has been made, they need to continue to sharpen their strategic focus, embrace the power of digital transformation, actively engage their customers and stakeholders and positively con-

tribute to the communities in which they operate,” Vikram Chakravarty, EY global strategy leader and EY Asean strategy and transactions leader, said. Respondents said their main strategic considerations currently are to identify and invest in talent, divest underperforming assets or businesses and make strategic acquisitions. Key constraints to effective strategy implementation include a lack of leading technology, cost and capital constraints, and a lack of external advice. A majority of respondents are currently undergoing a significant business and technology transformation program. Driving this are the impact of the pandemic, the current validity of purpose and strategic objectives and changing stakeholder expectations.

Pilipinas Shell to stay listed on PSE By Lenie Lectura @llectura

ilipinas Shell Petroleum Corp. will continue to list its shares on the Philippine Stock Exchange (PSE) after it shut down its refinery business. “We intend to continue being listed. Our intention when we transformed our refinery is to improve our financial performance. At the moment, no thoughts on delisting. We maintain status quo,” said Pilipinas Shell President and CEO Cesar Romero. The oil company’s 110,000 barrels per day refinery in Tabangao, Batangas ceased to operate in August last year. The facility is being transformed into a

IPOPHL, Avia to fight piracy in creative sector

he Intellectual Property Office of the Philippines (IPOPHL) is ramping up efforts to curb piracy in the creative sector via its partnership with Asia Video Industry Association (AVIA). In a statement over the weekend, IPOPHL said it recently signed a memorandum of understanding (MOU) with AVIA to eliminate piracy in the country, which can help the creative industry in driving economic recovery. AVIA is a group that aims to create a sustainable business environment in the Asia Pacific region, allowing television and video companies to innovate and grow. “This MOU elevates IPOPHL’s holistic approach in fostering a society that respects IP rights,” IPOPHL Director General Rowel S. Barba said during the virtual ceremonial signing last April 8. The parties are targeting to develop mechanisms and channels for sharing relevant information that can counter piracy in a timely manner. Apart from building the expertise and technical knowledge of local authorities, IPOPHL and AVIA also want to establish piracy monitoring and rolling site blocking processes and strategies. Barba hopes that the partnership will “successfully stamp out the infringers and enable Filipino film and video producers, artists and contributors to wholly enjoy the rewards they deserve and to continue creating fresh original works for the benefit of society, culture and economy.” He noted that the creative economy was among the sectors severely impacted by the lockdown measures amid the Covid-19 pandemic. With more consuming digital content, AVIA CEO Louis Boswell noted that piracy has been growing stronger as well. Site blocking is seen as the solution given that hosts of pirated content or websites are located outside the country. “Site blocking is a responsible means of not allowing access to pirated sites.... We have experience now in multiple markets all around the region that site blocking, where it is done properly, can be incredibly effective at reducing the levels of piracy in a market,” Boswell said. “And we’re very keen to see this happen in the Philippines.” The industry group will be providing information on piracy, hold seminars on piracy, and offer recommendations to develop the mechanisms for online piracy monitoring and rolling site blocking under the agreement. Tyrone Jasper C. Piad

world-class Medium Range (MR) capable import terminal capable of handling at least 300,000 barrels per day. The transformation is part of the company’s 5-year strategy program that includes putting up more import terminals, renewable energy (RE) investments and additional service stations, among others. To accomplish these, the company is allocating P15 to P20 billion to rollout the program starting this year. The oil company will still continue pouring investment in its Tabangao facility, about P1 to P2 billion to transform it into a world-class import facility. The transformation is meant to improve its efficiency and operational standards, reduced capital and operational expense

exposure, lessened vulnerabilities to variability and product pricing and brought about growth. “We believe these transformations allow us to wean away from the unfortunate, very difficult and challenging outlook associated with the refining industry. Bigger, complex, highly integrated export-oriented facilities have been built in the region and therefore, it has significantly depressed margins and worsened by the pandemic. We are able to better position our company to perform more robustly in the future,” Romero said. He also mentioned that Pilipinas Shell is ready to launch its electric vehicle (EV) charging stations. “Our new EV stations are ready. The

challenge here is if there’s demand and the regulatory framework. Can the grid handle it? Electricity is a different regulatory body than that of oil. However, one advantage of being part of the broader Shell company is we have more knowledge on this.” In 2019, the oil company earlier agreed that EV charging stations would be put up in four of its service stations. Three of which were supposed to be deployed in the following Shell gasoline stations—one on C. Raymundo Avenue, Pasig City; one at 5 E Rodriguez Avenue, Bagumbayan Libis, Quezon City; (Shell C5 Eastwood Northbound) and another at the SM Mall of Asia, Seaside Blvd., Pasay City.

CA upholds SEC decision to revoke Kapa’s certificate of incorporation

he Court of Appeals (CA) has upheld the order of the Securities and Exchange Commission (SEC) to revoke the certificate of incorporation of KapaCommunity Ministry International for its fraudulent investment-taking activities. In an 18-page decision dated March 11, the CA Special 16th Division held that the SEC acquired exclusive jurisdiction over the petition for the revocation of Kapa’s incorporation papers, heard the petition with due process and rendered the decision on solid ground and substantial evidence. The SEC issued the order of revocation on April 3, 2019 after finding that Kapa had offered and sold securities in the form of investment contracts and in the guise of donations, without the necessary license from the SEC and in a manner resembling a Ponzi scheme. Under Presidential Decree No. 902-A, the SEC can revoke an entity’s certificate of incorporation on the ground of “serious misrepresentation as to what the corporation can do or is doing to the great prejudice of or damage to the general public.” “The [SEC] has established by substantial evidence that [Kapa] was engaged in an unlawful investment activity,” the CA ruled, affirming the SEC’s finding that the supposed solicitation of donations by Kapa constituted a public offering of securities in the form of investment contracts. As such, Kapa should have registered the investment contracts with the SEC and secured the corresponding permit to offer securities to the public, as required by the Securities Regulation Code. “Pastor Apolinario cannot deny that Kapa is engaged in any solicitation or investment scheme,” the CA said. “In one of the investigations of [the SEC], several platforms were used by [Kapa] in social media with Pastor Apolinario excessively talking about Kapa’s investment

BusinessMirror file photo

scheme and how to earn profits from it.” The appellate court also maintained that the revocation of Kapa’s certificate of incorporation was justified. The CA dismissed Kapa’s claim that the SEC defied the temporary restraining order (TRO) from the Regional Trial Court of General Santos City, Branch 35 when it issued the order of revocation while the TRO was in force. The TRO, issued on March 19, 2019, has asked the SEC from implementing the cease and desist order issued against Kapa on February 14, 2019. The CA held that the issuance of the TRO lacked legal basis, as this interfered with the SEC’s exercise of powers and duties. The CA also junked Kapa’s claim that the SEC violated its right to due process when

it failed to consider the letters it sent prior to the implementation of the revocation order, and when it declared the cease and desist order permanent without hearing Kapa’s side. “It must be stressed that the SEC decision was not rendered merely to terminate the existence of petitioner as a religious institution but because it committed serious acts of misrepresentation to the prejudice of the general public by soliciting investments in the guise of a donation with a promise of a 30-percent return of profits every month,” the court said. Following the revocation of its corporate registration, government forces arrested Kapa founder and president Joel A. Apolinario in Lingig, Surigao del Sur on July 21, 2020. VG Cabuag

‘Include power linemen in vaccine priority list’ By Butch Fernandez @butchfBM

iting their importance in ensuring energy security and continuous water supply, Senator Sherwin T. Gatchalian pressed for the inclusion of power linemen and water meter readers in the vaccine priority list of the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases. Gatchalian pointed out that, “just like the other non-medical frontliners, linemen and meter readers who do house-to-house work also put their lives on the line by getting themselves exposed to those who could be possibly infected by the coronavirus.” In airing the appeal for the Duterte government to consider their prioritization ahead of the mass vaccination, Gatchalian said power linemen and water meter readers doing field work likewise “place themselves in harm’s way” as they need to continue to provide for their respective families as well, adding: “They too can be considered as essential workers as their line of work ensures the unimpeded delivery of services of power facilities.” “Their inclusion in the priority list is essential as they attend to the concerns of every household,” Gatchalian stressed in a statement, noting linemen install lines and do maintenance, repair works and other technical problems “even under circumstances where strict health protocols are being enforced.” Acknowledging their vital task, the Senator noted that meter readers ensure the proper reading of meters for billing statements. He added that Meralco has 756 meter readers and 7,306 line personnel, apart from an estimated 9,680 linemen and 2,420 meter readers from electric cooperatives (ECs) nationwide. The senator recalled that the Energy Regulatory Commission (ERC), following the re-imposition of the enhanced community quarantine (ECQ) in areas declared under the NCR Plus bubble, recently appealed to the local government units (LGUs) to allow the conduct of onsite electric meter reading activities while ensuring compliance to the prescribed health protocols.

Companies BusinessMirror

Monday, April 12, 2021

PSE STOCK QUOTATIONS

April 8, 2021

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

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

41.75 101.4 83.2 23 9.71 44.75 22.05 23.1 55.2 17.4 121.8 70 1.6 3.97 1.44 0.41 0.75 143.2 2,300 0.97

43.35 101.7 83.7 23.05 9.74 44.8 23.4 23.15 56 17.8 122.9 71.1 1.65 3.98 1.5 0.425 0.79 144.3 2,340 1.03

41.75 102.3 84 22.95 9.7 44.8 23 23 56 17 122.5 70.5 1.6 3.99 1.51 0.435 0.79 143.8 2,300 1.03

41.8 102.6 84.2 23.05 9.76 45.15 23.4 24 56 17.3 123 71.1 1.67 3.99 1.51 0.435 0.79 144.4 2,300 1.03

41.65 101.3 82.05 22.95 9.69 44.7 23 22.9 55.5 17 121.6 70.5 1.57 3.97 1.5 0.405 0.75 142 2,300 1.03

41.75 101.4 83.7 23.05 9.71 44.75 23.4 23.15 56 17.3 122.9 71.1 1.65 3.98 1.5 0.425 0.79 144.4 2,300 1.03

3,300 3,401,250 1,875,290 53,800 137,100 3,902,500 400 1,132,300 2,810 6,700 194,540 3,290 759,000 96,000 90,000 440,000 50,000 2,200 5 14,000

137,685 346,001,758 157,231,516 1,239,795 1,332,957 174,862,865 9,240 26,057,465 157,047 115,570 23,839,208 232,134 1,240,720 382,130 135,560 182,100 38,740 316,726 11,500 14,420

-122,783,473 -18,239,696.50 41,555 41,003 -76,740,945 -2,412,040 -4,160,153 206,669 4,300 -18,200 0 11,500 -

INDUSTRIAL AC ENERGY 7.63 7.64 7.65 7.73 7.51 7.64 21,592,900 164,990,946 ALSONS CONS 1.25 1.27 1.26 1.27 1.26 1.26 521,000 656,480 ABOITIZ POWER 23.7 24.1 24.2 24.25 23.7 23.7 1,216,600 29,076,925 BASIC ENERGY 1.01 1.02 1.05 1.06 1.01 1.02 67,544,000 69,221,710 FIRST GEN 30.95 31 31.15 32 30.8 31 619,100 19,426,200 FIRST PHIL HLDG 69 69.25 69.55 70.9 69.25 69.25 26,150 1,818,562.50 MERALCO 280.6 282 283.6 284 280 280.6 188,590 53,105,130 MANILA WATER 15.14 15.2 15.46 15.46 15.02 15.2 3,179,900 48,284,112 PETRON 3.15 3.17 3.17 3.18 3.11 3.15 780,000 2,451,000 PETROENERGY 3.8 3.9 3.85 3.9 3.8 3.9 19,000 73,200 PHX PETROLEUM 11.86 12.28 12 12.3 11.52 12.3 396,800 4,786,502 PILIPINAS SHELL 20.15 20.6 20.5 20.75 20.15 20.15 125,200 2,555,660 SPC POWER 10.74 10.76 10.64 10.9 10.64 10.76 537,500 5,773,406 VIVANT 13.8 14.48 13.8 13.8 13.8 13.8 200 2,760 AGRINURTURE 7.08 7.12 7.1 7.16 7.02 7.12 1,232,200 8,759,238 3.41 3.45 3.51 3.52 3.37 3.45 3,601,000 12,384,980 AXELUM 13.22 13.6 13.22 13.22 13.22 13.22 500 6,610 CNTRL AZUCARERA CENTURY FOOD 18.64 18.78 18.94 18.94 18.48 18.64 238,300 4,428,742 9.54 9.6 9.35 9.8 9.35 9.54 281,800 2,676,239 DEL MONTE 7.19 7.2 7.29 7.29 7.15 7.2 526,000 3,788,276 DNL INDUS 10.24 10.36 10.3 10.36 10.08 10.36 412,400 4,234,034 EMPERADOR 67.1 67.2 67.3 67.3 65 67.1 20,440 1,367,658.50 SMC FOODANDBEV 1.4 1.42 1.4 1.45 1.38 1.42 17,071,000 24,159,550 FRUITAS HLDG 51.8 51.9 51.5 51.95 51.5 51.8 75,190 3,895,637 GINEBRA 179 179.5 184.8 185 179 179 426,470 76,953,549 JOLLIBEE 32.05 32.9 32.9 32.9 32.9 32.9 1,800 59,220 LIBERTY FLOUR MACAY HLDG 7.28 7.84 7.84 7.84 7.28 7.84 500 3,864 MAXS GROUP 5.98 6 5.95 6 5.92 6 103,100 616,004 0.34 0.345 0.35 0.355 0.34 0.345 12,340,000 4,252,050 MG HLDG SHAKEYS PIZZA 7.21 7.25 7.24 7.24 7.2 7.21 113,300 819,127 ROXAS AND CO 1.09 1.1 1.05 1.16 1.03 1.1 12,295,000 13,438,570 RFM CORP 4.68 4.75 4.75 4.75 4.75 4.75 1,000 4,750 ROXAS HLDG 1.46 1.54 1.49 1.5 1.49 1.5 24,000 35,940 SWIFT FOODS 0.14 0.142 0.144 0.144 0.14 0.142 8,100,000 1,144,150 UNIV ROBINA 140 142 140 142 137.1 142 1,390,580 196,288,234 VITARICH 0.83 0.84 0.84 0.85 0.83 0.84 457,000 385,020 VICTORIAS 2.26 2.31 2.25 2.25 2.25 2.25 2,000 4,500 CONCRETE A 56.2 58.5 55 64.95 55 58.5 4,040 238,442.50 CONCRETE B 61.2 66 57 79.5 56.95 62.1 3,530 212,503 CEMEX HLDG 1.21 1.22 1.22 1.23 1.2 1.22 1,881,000 2,279,180 DAVINCI CAPITAL 3.3 3.31 3.36 3.4 3.21 3.3 4,190,000 13,854,460 EAGLE CEMENT 11 11.04 10.9 11.02 10.76 11 155,400 1,698,668 EEI CORP 7.32 7.33 7.4 7.4 7.27 7.32 488,800 3,596,838 5.55 5.6 5.63 5.65 5.5 5.6 74,200 416,662 HOLCIM 6.89 6.9 6.99 7 6.78 6.89 754,300 5,144,267 MEGAWIDE 12.22 12.28 12.28 12.3 12.2 12.28 64,000 784,652 PHINMA 1.17 1.2 1.2 1.2 1.15 1.2 546,000 638,620 TKC METALS VULCAN INDL 2.39 2.4 2.37 2.41 2.28 2.39 8,857,000 20,633,700 1.86 1.87 1.86 1.88 1.86 1.87 1,201,000 2,245,810 CROWN ASIA 2.06 2.1 2.06 2.12 2.05 2.1 62,000 128,160 EUROMED LMG CORP 4.51 4.96 4.5 4.5 4.5 4.5 10,000 45,000 PRYCE CORP 5.27 5.49 5.21 5.24 5.21 5.23 4,900 25,625 21.4 21.45 21.15 21.4 21 21.4 7,500 159,705 CONCEPCION GREENERGY 3.99 4 3.9 3.99 3.85 3.99 20,940,000 82,596,530 11.26 11.34 11.4 11.4 11 11.34 389,200 4,363,328 INTEGRATED MICR 1.12 1.14 1.14 1.15 1.13 1.13 204,000 230,880 IONICS PANASONIC 5.63 5.76 5.6 5.8 5.6 5.76 13,900 78,011 SFA SEMICON 1.39 1.4 1.4 1.42 1.39 1.4 595,000 833,630 CIRTEK HLDG 6.35 6.36 6.47 6.47 6.3 6.35 994,500 6,315,556

-1,923,296 -13,710,185 -2,519,450 1,083,810 -1,554,360.50 -591,218 -29,631,532 233,690 -1,123,142 365,105 -1,646,336 -66,415 -2,513,980 226,544 -94,800 -1,590,143 -570,152.00 686,719 18,180 2,778,322 -29,257,107 -32,096 -24,500 224,330 17,980 4,750 69,021,863 -3,360 -144,320 521,520 -187,252 -656,138 -19,213 -113,328 -429,980 204,010 239,350 5,210 -3,612,520 -515,124 53,200 460,695

HOLDING & FRIMS ABACORE CAPITAL 1.25 1.26 1.28 1.28 1.24 1.26 17,120,000 21,501,120 ASIABEST GROUP 7.02 7.28 7.28 7.28 7 7.28 3,100 21,832 AYALA CORP 760 765 770 784 756 760 172,120 132,161,435 ABOITIZ EQUITY 35.5 35.95 36.25 36.35 35.5 35.5 983,100 35,113,285 ALLIANCE GLOBAL 11.4 11.44 11.34 11.5 11.14 11.4 8,861,000 100,833,184 AYALA LAND LOG 3.03 3.04 3.09 3.12 3.01 3.04 1,244,000 3,813,320 ANGLO PHIL HLDG 0.73 0.74 0.71 0.76 0.71 0.73 3,823,000 2,808,580 ATN HLDG A 0.76 0.78 0.78 0.79 0.75 0.78 1,566,000 1,200,880 COSCO CAPITAL 5.25 5.28 5.28 5.35 5.2 5.28 2,161,600 11,357,851 DMCI HLDG 5.74 5.75 5.76 5.8 5.71 5.75 11,326,100 65,208,526 FILINVEST DEV 8.4 8.5 8.21 8.89 8.21 8.5 12,500 106,735 FJ PRINCE B 2.79 4.34 3.3 3.3 3.3 3.3 1,000 3,300 FORUM PACIFIC 0.275 0.28 0.26 0.3 0.255 0.275 1,120,000 310,850 GT CAPITAL 535 538 551 553.5 535 535 67,970 36,699,385 HOUSE OF INV 3.6 3.67 3.68 3.68 3.68 3.68 1,000 3,680 60 60.6 61.75 61.8 59.6 60 880,470 53,106,570.50 JG SUMMIT 4.71 5.73 5.79 5.79 5.73 5.73 3,000 17,260 JOLLIVILLE HLDG LODESTAR 1.07 1.08 1.09 1.11 1.07 1.08 2,548,000 2,757,500 LT GROUP 13.8 13.94 13.98 13.98 13.6 13.94 776,100 10,713,944 4.05 4.06 4.1 4.12 4.05 4.05 20,378,000 83,232,710 METRO PAC INV 3.8 3.97 3.71 3.99 3.71 3.8 197,000 762,540 PACIFICA HLDG 3.05 3.06 2.95 3.05 2.95 3.05 4,441,000 13,377,940 PRIME MEDIA 1.24 1.25 1.23 1.25 1.23 1.25 70,000 87,150 SOLID GROUP SYNERGY GRID 343 384 350 380 350 380 2,540 939,230 SM INVESTMENTS 965 972 1,003 1,003 965 965 240,380 234,490,305 117.9 118 119 119.2 117.8 118 113,300 13,403,770 SAN MIGUEL CORP 0.73 0.75 0.72 0.75 0.72 0.75 160,000 118,730 SOC RESOURCES TOP FRONTIER 131.3 134.4 132.3 139.9 130 134.4 19,570 2,580,060 0.265 0.275 0.275 0.275 0.265 0.275 1,250,000 335,350 WELLEX INDUS ZEUS HLDG 0.208 0.214 0.209 0.219 0.201 0.214 360,000 75,370

-123,900 -31,586,735 -17,665,570 -9,488,478 -15,460 -4,805,621 -2,672,771 -15,187 -11,340,620 3,680 -8,071,108 -875,822 -6,999,240 -45,930 814,780 -63,960,045 1,372,740 -1,965,490 -

PROPERTY ARTHALAND CORP 0.66 0.67 0.7 0.7 0.65 0.67 1,489,000 1,005,410 ANCHOR LAND 7.65 8 8 8.39 7.61 8 9,200 73,600 AYALA LAND 34.45 34.5 34.6 34.7 34.5 34.5 10,989,900 379,894,055 ARANETA PROP 1.23 1.28 1.22 1.23 1.22 1.23 9,000 11,060 AREIT RT 34.5 34.9 34.9 34.95 34.3 34.5 457,100 15,790,495 BELLE CORP 1.5 1.53 1.53 1.53 1.52 1.52 44,000 66,890 A BROWN 0.87 0.88 0.87 0.88 0.87 0.88 1,454,000 1,275,580 CITYLAND DEVT 1.23 1.24 1.22 1.28 1.18 1.23 5,222,000 6,408,250 CROWN EQUITIES 0.146 0.148 0.136 0.155 0.136 0.147 99,730,000 14,679,220 CEB LANDMASTERS 6.07 6.1 6.19 6.19 6 6.07 1,755,700 10,696,582 CENTURY PROP 0.385 0.39 0.38 0.4 0.38 0.39 17,630,000 6,896,400 CYBER BAY 0.345 0.36 0.355 0.37 0.345 0.36 490,000 173,000 DOUBLEDRAGON 13.3 13.36 13.4 13.4 13.14 13.36 1,224,300 16,268,530 DDMP RT 2.25 2.26 2.26 2.27 2.23 2.26 8,482,000 19,080,740 DM WENCESLAO 6.87 6.9 6.98 6.98 6.55 6.87 164,500 1,104,465 0.285 0.29 0.29 0.3 0.29 0.29 880,000 256,650 EMPIRE EAST EVER GOTESCO 0.147 0.148 0.151 0.16 0.141 0.148 85,260,000 12,801,290 1.14 1.15 1.15 1.15 1.12 1.14 6,594,000 7,502,520 FILINVEST LAND 0.84 0.85 0.82 0.85 0.81 0.84 1,101,000 904,300 GLOBAL ESTATE 8990 HLDG 7.12 7.44 7.42 7.46 7.42 7.46 14,600 108,696 1.43 1.44 1.47 1.47 1.43 1.43 209,000 301,080 PHIL INFRADEV 2.61 2.62 2.73 2.75 2.51 2.61 9,380,000 24,487,610 CITY AND LAND 3.65 3.66 3.69 3.7 3.63 3.65 11,758,000 43,145,970 MEGAWORLD 0.41 0.415 0.415 0.415 0.405 0.41 18,540,000 7,584,350 MRC ALLIED 0.78 0.79 0.75 0.8 0.72 0.79 76,721,000 59,005,510 PHIL ESTATES 2.96 2.98 2.9 3.02 2.78 2.98 10,936,000 31,868,610 PRIMEX CORP 18.26 18.28 18.4 18.4 18.14 18.28 811,600 14,831,106 ROBINSONS LAND 0.28 0.29 0.28 0.29 0.28 0.29 420,000 118,500 PHIL REALTY ROCKWELL 1.58 1.6 1.58 1.6 1.58 1.6 290,000 462,160 SHANG PROP 2.69 2.7 2.7 2.71 2.69 2.7 87,000 235,170 STA LUCIA LAND 2.23 2.3 2.29 2.3 2.29 2.3 362,000 832,400 SM PRIME HLDG 35.6 36 36.3 36.35 35.6 35.6 3,411,200 122,361,560 VISTAMALLS 3.8 3.9 3.71 3.94 3.62 3.9 23,000 86,020 SUNTRUST HOME 1.55 1.56 1.58 1.58 1.5 1.56 337,000 512,940 VISTA LAND 3.8 3.81 3.86 3.88 3.79 3.8 946,000 3,606,590

-9,800 -63,073,960 -2,423,735 -530,360 -595,100 -163,780 -3,381 -109,200 -7,023,788 1,960,210 -72,900 -3,948,680.00 -3,715 -24,310 26,210 -13,737,640 401,800 -163,750 2,559,620 -5,028,676.00 -137,000 -25,756,460 25,620 -1,881,330

SERVICES ABS CBN 11 11.04 11.1 11.1 10.98 11 299,800 3,303,988 GMA NETWORK 8.79 8.8 8.78 8.8 8.7 8.8 2,317,700 20,277,465 MANILA BULLETIN 0.47 0.495 0.46 0.5 0.46 0.47 510,000 248,200 GLOBE TELECOM 1,829 1,830 1,852 1,857 1,830 1,830 53,225 97,620,455 PLDT 1,255 1,257 1,259 1,264 1,242 1,255 115,185 144,350,020 APOLLO GLOBAL 0.21 0.211 0.22 0.221 0.21 0.21 420,860,000 89,828,900 CONVERGE 18.38 18.4 18.46 18.64 18.34 18.4 7,446,100 137,445,816 DFNN INC 3.75 3.8 3.75 3.84 3.72 3.8 113,000 429,690 DITO CME HLDG 10.98 11 11.1 11.14 10.76 10.98 15,204,300 166,330,658 IMPERIAL 1.72 1.73 1.65 1.72 1.63 1.72 12,000 19,960 JACKSTONES 2.2 2.23 2.14 2.25 2.09 2.23 197,000 433,910 NOW CORP 2.85 2.86 2.75 2.92 2.73 2.86 6,220,000 17,709,700 TRANSPACIFIC BR 0.46 0.465 0.465 0.47 0.455 0.465 9,260,000 4,273,700 PHILWEB 2.83 2.9 2.85 2.9 2.82 2.9 470,000 1,344,130 2GO GROUP 8.49 8.5 8.41 8.5 8.4 8.5 22,900 193,575 15.12 15.5 15.5 15.5 15.5 15.5 6,000 93,000 ASIAN TERMINALS 3.3 3.32 3.3 3.33 3.27 3.32 780,000 2,572,390 CHELSEA 47 47.1 46.05 47.2 45.7 47 563,600 26,369,640 CEBU AIR 124 125.5 127.6 128 122.8 125.5 1,138,790 141,929,122 INTL CONTAINER 16.42 16.7 16.78 16.78 16.42 16.7 900 14,870 LBC EXPRESS LORENZO SHIPPNG 1.03 1.07 1.02 1.07 1.01 1.07 53,000 55,440 MACROASIA 5.02 5.04 5.18 5.18 5.02 5.02 886,800 4,478,602 2.39 2.43 2.4 2.43 2.38 2.43 196,000 469,310 METROALLIANCE A METROALLIANCE B 2.45 2.87 2.88 2.89 2.88 2.89 4,000 11,550 PAL HLDG 6.02 6.05 6.1 6.24 6.02 6.02 21,200 129,004 HARBOR STAR 1.28 1.3 1.31 1.31 1.26 1.28 466,000 597,020 1.97 1.99 2.05 2.05 1.86 1.99 525,000 1,014,050 ACESITE HOTEL 0.089 0.09 0.094 0.099 0.09 0.09 750,980,000 70,729,190 BOULEVARD HLDG 3.93 3.95 3.99 4.1 3.9 3.95 268,000 1,064,190 DISCOVERY WORLD WATERFRONT 0.66 0.67 0.66 0.68 0.65 0.66 22,606,000 14,960,260 CENTRO ESCOLAR 6.63 7.31 7.32 7.32 6.61 7.32 900 6,517 IPEOPLE 6.85 7.88 6.81 6.85 6.8 6.85 8,100 55,164 STI HLDG 0.38 0.395 0.39 0.39 0.38 0.39 390,000 151,650 BERJAYA 4.46 4.64 4.6 4.6 4.6 4.6 6,000 27,600 BLOOMBERRY 6.87 6.89 7.01 7.01 6.86 6.89 3,499,200 24,182,600 PACIFIC ONLINE 2.05 2.11 2.03 2.13 2.03 2.11 82,000 169,770 LEISURE AND RES 1.82 1.89 1.81 1.9 1.8 1.82 1,038,000 1,931,470 MANILA JOCKEY 2.06 2.07 2.1 2.1 2.07 2.07 15,000 31,350 PH RESORTS GRP 2.24 2.25 2.3 2.3 2.24 2.25 2,210,000 4,991,260 PREMIUM LEISURE 0.42 0.425 0.4 0.435 0.385 0.42 48,370,000 18,812,400 PHIL RACING 6.25 6.5 6.2 6.5 6.02 6.5 1,800 11,004 ALLHOME 7.88 7.95 8.18 8.18 7.95 7.95 839,500 6,710,684 METRO RETAIL 1.34 1.35 1.32 1.34 1.31 1.34 1,359,000 1,795,010 37.6 37.95 38.1 38.5 37.6 37.6 3,841,300 145,443,200 PUREGOLD 55 55.15 55.1 55.4 54.85 55 531,020 29,217,279 ROBINSONS RTL 96 99 100 100 98 98 350 34,919 PHIL SEVEN CORP SSI GROUP 1.23 1.25 1.24 1.25 1.22 1.25 688,000 852,200 17.5 17.7 17.4 17.6 17.32 17.5 717,000 12,525,582 WILCON DEPOT 0.41 0.415 0.415 0.415 0.4 0.41 1,190,000 484,600 APC GROUP EASYCALL 6.6 6.65 6.8 6.8 6.65 6.65 18,400 122,987 421.2 448 440.2 448 440.2 448 410 183,602 GOLDEN MV IPM HLDG 5.1 5.15 5.1 5.1 5.1 5.1 100 510 PRMIERE HORIZON 2.26 2.27 2.3 2.3 2.22 2.27 13,487,000 30,388,420 4.5 4.68 4.5 4.5 4.5 4.5 1,000 4,500 SBS PHIL CORP

-62,416,765 -51,320,640 -1,350,610 -26,637,536 7,620 9,776,488 182,560 -41,400 8,480 1,550 102,450 2,594,820 -60,736,828 -2,696,395 -51,120 2,000 -1,773,210 36,180.00 -20,820 27,880 -8,134,747 -22,560 79,020 -99,800 2,890,218 135,960 -5,210,365.00 -7,723,467.50 -634,880 -657,648 93,600 363,340 -

MINING & OIL ATOK 9.4 9.69 9.4 9.8 9.4 9.69 984,400 9,462,411 -412 APEX MINING 1.46 1.47 1.46 1.49 1.46 1.46 933,000 1,371,340 -710,970 ATLAS MINING 6 6.17 6.2 6.21 5.91 6 1,275,000 7,725,629 -183,851 BENGUET A 2.5 2.85 2.6 2.85 2.6 2.85 10,000 26,250 COAL ASIA HLDG 0.31 0.315 0.29 0.31 0.29 0.31 1,040,000 319,550 CENTURY PEAK 2.75 2.76 2.6 2.76 2.6 2.76 62,000 166,720 153,480 DIZON MINES 9.1 9.19 9.35 9.35 9.1 9.19 5,500 50,477 -39,532 FERRONICKEL 2.58 2.59 2.57 2.61 2.5 2.58 3,413,000 8,737,660 2,028,670 GEOGRACE 0.395 0.4 0.41 0.455 0.4 0.4 22,470,000 9,678,350 -221,200 LEPANTO A 0.136 0.137 0.137 0.138 0.133 0.136 2,030,000 274,650 LEPANTO B 0.13 0.134 0.138 0.138 0.134 0.134 480,000 65,370 24,910 MANILA MINING A 0.0098 0.0099 0.0099 0.01 0.0099 0.0099 39,000,000 386,600 MANILA MINING B 0.0097 0.01 0.0099 0.01 0.0098 0.01 8,000,000 79,700 MARCVENTURES 1.28 1.3 1.34 1.34 1.28 1.28 454,000 589,490 -27,620 1.91 1.93 1.83 2 1.83 1.93 2,112,000 4,028,020 NIHAO NICKEL ASIA 5.18 5.19 5.2 5.22 5.12 5.19 1,306,600 6,770,337 879,595 0.42 0.43 0.44 0.44 0.44 0.44 100,000 44,000 OMICO CORP ORNTL PENINSULA 0.9 0.91 0.91 0.94 0.88 0.91 1,029,000 936,940 -27,300 4.66 4.67 4.78 4.83 4.66 4.67 393,000 1,862,760 -33,490 PX MINING 12.16 12.18 12.4 12.4 12.1 12.16 2,151,700 26,219,396 -8,304,416 SEMIRARA MINING 0.0096 0.0098 0.0097 0.011 0.0096 0.0098 1,216,000,000 12,056,000 9,700 UNITED PARAGON 21.8 21.85 22 22 21.75 21.85 260,900 5,717,930 308,000 ACE ENEXOR 0.012 0.013 0.012 0.013 0.012 0.013 45,700,000 556,900 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.013 0.012 0.013 1,000,000 12,600 PHILODRILL 0.012 0.013 0.012 0.013 0.012 0.013 126,500,000 1,607,700 PXP ENERGY 8.2 8.22 8.23 8.23 8.16 8.2 294,200 2,411,625 262,099 PREFFERED HOUSE PREF B 100.3 100.9 100.9 100.9 100.9 100.9 3,030 305,727 AC PREF B1 517 534 517 517 517 517 6,000 3,102,000 CEB PREF 42.6 42.8 41.25 42.8 41.25 42.6 255,200 10,643,630 3,620,650 CPG PREF A 101.1 103.8 102 104 102 103.7 41,210 4,224,855 DD PREF 101.5 102.4 101.8 101.8 101.8 101.8 720 73,296 FGEN PREF G 106.6 110.5 107 107.1 106.5 106.5 30,000 3,198,320 GTCAP PREF A 981 1,028 1,030 1,030 1,000 1,000 405 405,150 GTCAP PREF B 1,035 1,042 1,042 1,042 1,042 1,042 1,530 1,594,260 MWIDE PREF 100.6 101.8 101.8 101.8 101.8 101.8 550 55,990 MWIDE PREF 2B 100.1 101 100.5 100.5 100.5 100.5 2,520 253,260 PNX PREF 3B 102 103 104 104 103 103 4,420 456,010 PNX PREF 4 992 1,000 996.5 999 992 999 1,780 1,769,480 PCOR PREF 2B 1,002 1,020 1,020 1,020 1,020 1,020 60 61,200 PCOR PREF 3A 1,070 1,100 1,068 1,115 1,068 1,100 65 69,975 PCOR PREF 3B 1,140 1,155 1,140 1,150 1,140 1,150 120 137,000 79 79.4 78.05 79.5 78 79.5 22,090 1,724,160.50 39,000 SMC PREF 2C 79 79.2 79 79.2 79 79.2 4,100 324,070 SMC PREF 2F SMC PREF 2H 76.6 77 77.95 78 76.55 77 34,920 2,703,010 SMC PREF 2K 76.25 76.9 76.9 76.95 76.9 76.95 32,000 2,461,775 -769,000 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.4 10.5 10.5 10.5 10.4 10.44 707,100 7,422,370 -1,868,170 GMA HLDG PDR 8.35 8.38 8.4 8.45 8.32 8.38 587,700 4,911,752 2,617,401 WARRANTS LR WARRANT 2.31 2.34 2.14 2.46 2.07 2.31 35,287,000 81,640,390 -323,780 SMALL & MEDIUM ENTERPRISES ALTUS PROP 19.56 19.88 19.48 20.05 19.48 19.88 152,100 3,013,775 53,317 ITALPINAS 2.64 2.65 2.65 2.7 2.63 2.64 352,000 932,100 KEPWEALTH 5.27 5.4 5.15 5.44 5.15 5.4 60,800 323,036 MAKATI FINANCE 2.65 2.78 2.55 2.65 2.55 2.65 12,000 31,270 MERRYMART 5.48 5.49 5.51 5.53 5.35 5.49 9,410,300 51,173,517 -93,524 EXHANGE TRADE FUNDS FIRST METRO ETF 99 100 101.2 101.2 99 99 44,530 4,447,404 132,182

www.businessmirror.com.ph

Electricity demand in Luzon, Visayas to breach 12,000MW

By Lenie Lectura

@llectura

lectricity peak demand in Luzon and Visayas is expected to hit over 12,000 megawatts (MW) in the months of April, May and June, the Independent Electricity Market Operator of the Philippines (IEMOP) said.

Based on conservative forecast for the second quarter, system peak demand this month could reach 12,190MW. For May and June, demand may reach 12,400MW and 12,611MW, respectively. Of which, Luzon could register 10,160MW in April, 10,335MW in May and 10,511MW in June. Visayas could record a peak demand of 2,043MW in April, 2,079MW in May and 2,114MW in June. The operator of the Wholesale

Electricity Spot Market (WESM) said the numbers are preliminary and could change depending if government decides to relax community quarantine restrictions. In the first quarter of the year, system peak demand stood at 11,015MW in January, 11,485MW in February and 12,582MW in March. Luzon’s peak demand in March was recorded on the 18th of the month at 10,487MW. The figure is still lower than last year’s March peak

STOCK-MARKET OUTLOOK Last week

Share prices gained last week after investors, who shrugged off the extension of the strictest quarantine measures for one more week, snapped up cheap stocks. The benchmark Philippine Stock Exchange index (PSEi) rose 102.08 points to close at 6,545.17 during the four-day trading week. The main index was up for 3 straight days, but gave up points on Thursday after many investors decided to pocket the gains they made during the previous sessions. Average daily trading value for the week was low at P5.18 billion, as foreign investors, which made up just more than a third of the total trades, were net sellers at P2.29 billion. All other subindices ended in the green led by the broader All Shares index that gained 74.35 points to close at 3,998.64 points, the Financials index rose 13.64 to 1,387.47, the Industrial index soared 281.20 to 8,890.89, the Holding Firms index increased 107.55 to 6,632.36, the Property index added 41.75 to 3,253.67, the Services index was up 14.75 to 1,429.34 and the Mining and Oil index climbed 21.38 to 8,498.31. For the week, gainers led losers 178 to 53 and 20 shares were unchanged. Top gainers were Ever-Gotesco Resources and Holdings Inc., Primex Corp., Grand Plaza Hotel Corp., Cityland Development Corp., United Paragon Mining Corp. and Chemical Industries of the Philippines Inc. Top losers were Semirara Mining and Power Corp., Nihao Mineral Resources International Inc., Keppel Philippines Properties Inc., Paxys Inc., Anchor Land Holdings Inc. and Atlas Consolidated Mining and Development Corp.

This week

Share prices may continue to rise this week as the government announced a more lenient modified enhanced community quarantine (MECQ) in Metro Manila and nearby provinces of Bulacan, Cavite Laguna and Rizal for the rest of April starting Monday. Trading, however, may still be volatile as Covid-19 cases continue to go up. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said investors are expected to take cues from the country’s Covid-19 situation as well as the declaration of MECQ in the National Capital Region (NCR) Plus area, as these are currently seen to be the key factors weighing on market sentiment. “If the elevated numbers [of infections] are sustained, then it is seen to tilt the market’s bias to the downside. If we see a significant drop in the figures however, then we may see a positive reaction from the local bourse,” Tantiangco said. He said the PSEi’s 50-day exponential moving average is about to cross below its 200-day counterpart. “If this continues, it will form a Death Cross which is a bearish signal, indicating a possible downtrend moving forward. The local market’s initial support is seen at 6,100; initial resistance is seen at 6,600.” Meanwhile, broker 2TradeAsia said it recalibrated its targets for this year with the declaration of enhanced community quarantine in NCR Plus and MECQ for the rest of April. It expects GDP to grow by 5.1 percent, lower than its previous estimate of 7 percent for the year. “The added economic strain of 2021 restrictions have also impacted 2022 numbers, with expectations [of GDP growth] sitting at 7.2 percent from 8.9 percent. As the pandemic remains a developing story, vaccination progress and fiscal stimulus are also likely to influence projections down the line,” it said.

Stock picks

Broker Regina Capital Development Corp. gave a buy recommendation on the stock of RFM Corp. on the resiliency of its consumer business and recovering institutional business during the second half of last year. “During the first half of 2020, its institutional business was slowed during the implementation of strict quarantine measure to contain the virus spread nationwide. Thankfully, said restriction was eased towards the close of the year. However, for this year, this segment’s recovery would likely be trampled to some extent due to the reimposition of a week-long ECQ within the Metro, aside from the week-long NCR [Plus] bubble,” it said. It said the growth propeller for this year would still be its consumer business as it is well positioned in the shift in consumer behavior amid the pandemic. As the public continues to look for value for money products, RFM’s bundled products will be placed under the limelight, it said. It gave a target price on the stock at P5.50. RFM share price ended Thursday at P4.75 apiece. Meanwhile, it advised to sell on rallies on the stock of DITO CME Holdings Corp. after it broke out past a week-long resistance following three days of trading on a significantly thin range. “Indicators have just picked up on buy signs with increasing histograms and pressure. There is a pretty strong resistance at P11.60, but should DITO break this level, it could fill the gap to P12 quickly. Volatility is quite low still, though, so the rally may be short-lived,” it said. DITO’s shares closed last week at P10.98 apiece. VG Cabuag

demand of 11,065MW. “As portions of Luzon experienced stricter restrictions as a safety precaution to the global pandemic, the Market Operator also observed a decrease in demand following the announcement of the varying levels of community quarantines. Furthermore, a significant drop in demand was recorded during the imposition of the Enhanced Community Quarantine, which incidentally fell on Holy Week during the last week of March and onset of April,” IEMOP said. IEMOP said the movement in electricity demand also contributed to higher electricity spot prices. Spot market price last month hit P4.16 per kilowatt-hour (kWh), nearly double the February level of P2.22 per kWh mainly due to an increase in unplanned generator outages and higher demand. When major power plants encounter unplanned outages, supply plunges and demand rises. Consequently, WESM prices increase. Among the power plants that were

mutual funds

on shutdown include 382-megawatt (MW) Pagbilao Unit 2, the 647MW Sual Unit 1, and the 316-MW GN Power Unit 2. There were also power plants placed on extended outages and were on maintenance shutdown. The average generator outage capacity increased to 2,575 MW in March. As a consequence, the clearing of diesel power plants in the spot market also increased. Notably, 75.44 percent of outage capacity for March is traceable to coal power plants, resulting in a drop of generation from coal from 54.3 percent to 53.9 percent compared to the previous month. Generation from geothermal plants also dropped to 10.5 percent from 11.4 percent while the output of natural gas plants rose to 23.5 percent, from 22.3 percent. Meanwhile, given the onset of the dry season in the country, hydro and wind plants generation decreased to 5.9 percent from 6.6 percent, and to 1.6 percent from 2.2 percent, correspondingly.

April 8, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 213.24 14.52% -7.91% -3.37% -6.15% ATRAM Alpha Opportunity Fund, Inc. -a 1.2987 44.03% -7.27% 1.65% -1.09% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9209 16.94% -12.27% -5.62% -6.77% Climbs Share Capital Equity Investment Fund Corp. -a 0.7501 20.11% -7.54% n.a. -6.69% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6828 8.92% n.a. n.a. -7.93% First Metro Save and Learn Equity Fund,Inc. -a 4.6517 15.04% -6.07% -2.44% -5.86% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6756 6.93% -9.66% -7.27% -11.08% MBG Equity Investment Fund, Inc. -a 97.43 39.8% -6.3% n.a. -4.42% PAMI Equity Index Fund, Inc. -a 43.8065 17.37% -5.98% -2.04% -6.49% Philam Strategic Growth Fund, Inc. -a 458.67 15.33% -5.95% -2.61% -6.2% Philequity Alpha One Fund, Inc. -a,d,5 1.0336 24.19% n.a. n.a. -5.81% Philequity Dividend Yield Fund, Inc. -a 1.1111 16.43% -5.51% -1.54% -4.89% Philequity Fund, Inc. -a 32.7091 16.9% -5.65% -1.15% -5.93% Philequity MSCI Philippine Index Fund, Inc. -a 0.8506 15.51% n.a. n.a. -6.83% Philequity PSE Index Fund Inc. -a 4.4843 18.03% -5.57% -1.34% -6.41% Philippine Stock Index Fund Corp. -a 750.33 18.17% -5.45% -1.48% -6.4% Soldivo Strategic Growth Fund, Inc. -a 0.6753 17.5% -9.72% -5.03% -6.06% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3921 14.75% -7.71% -2.88% -6.39% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8576 17.48% -5.79% -1.6% -6.55% United Fund, Inc. -a 3.1427 17.46% -5.07% -0.38% -5.31% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 100.6862 18.24% -5.25% -0.8% -6.39% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.275 48.51% 4.88% 8.95% 5.99% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7244 53.77% 11.26% n.a. 3.08% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6353 13.21% -2.45% -1.3% -2% ATRAM Philippine Balanced Fund, Inc. -a 2.1732 13.53% -2.7% -0.5% -4.91% First Metro Save and Learn Balanced Fund Inc. -a 2.5197 9.89% -1.89% -1.21% -4.08% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1895 5.98% n.a. n.a. -4.58% NCM Mutual Fund of the Phils., Inc. -a 1.8871 6.79% -0.35% 0.45% -3.92% PAMI Horizon Fund, Inc. -a 3.5906 11.16% -1.24% -0.51% -5.21% Philam Fund, Inc. -a 16.0988 11.07% -1.14% -0.49% -4.95% Solidaritas Fund, Inc. -a 2.0184 10.62% -2.06% -0.18% -3.61% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4209 9.89% -3.67% -1.47% -4.26% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9623 10.18% n.a. n.a. -5.9% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8817 13.33% n.a. n.a. -7.11% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8673 14.09% n.a. n.a. -7.05% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8483 12.72% -4.46% -2% -4.44% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03785 0.72% 2.28% 1.25% -3.25% PAMI Asia Balanced Fund, Inc. -b $1.1365 28.78% 2.79% 5.18% -1.19% 8.26% 8.41% 2.06% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.606 38.75% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1946 21.16% 4.05% n.a. -0.62% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 370.16 2.62% 3.08% 2.55% -0.25% ATRAM Corporate Bond Fund, Inc. -a 1.9095 -0.53% 0.74% 0.19% 0.48% Cocolife Fixed Income Fund, Inc. -a 3.2186 2.11% 4.06% 4.5% 0.12% Ekklesia Mutual Fund Inc. -a 2.2479 0.44% 2.2% 1.49% -2.09% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4273 2.49% 3.09% 1.74% -1.06% 1.57% -4.04% Philam Bond Fund, Inc. -a 4.4473 1.78% 3.93% Philam Managed Income Fund, Inc. -a,6 1.316 4.68% 4.2% 2.63% -0.39% Philequity Peso Bond Fund, Inc. -a 3.9613 4.16% 4.32% 2.48% -0.99% Soldivo Bond Fund, Inc. -a 1.0271 5.85% 4.27% 1.77% -1.43% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1708 3.2% 4.63% 2.66% -1.1% Sun Life Prosperity GS Fund, Inc. -a 1.7314 1.67% 3.92% 1.99% -1.34% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $482.14 3.33% 2.88% 2.29% -0.36% ALFM Euro Bond Fund, Inc. -a Є219.63 2.73% 1.06% 1.17% 0.21% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.176 1.18% 1.7% 1.09% -8.15% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 0.78% 1.33% 0.96% -3.01% PAMI Global Bond Fund, Inc -b $1.0474 0.36% 0.03% -0.7% -4.15% Philam Dollar Bond Fund, Inc. -a $2.4641 4.84% 3.95% 1.98% -2.82% Philequity Dollar Income Fund Inc. -a $0.0625609 5.7% 3.23% 2.19% 0.39% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1215 0.4% 2.01% 0.82% -3.17% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.89 2.38% 3.2% 2.52% 0.06% First Metro Save and Learn Money Market Fund, Inc. -a 1.05 1.48% n.a. n.a. 0.18% Sun Life Prosperity Money Market Fund, Inc. -a 1.3012 2.07% 2.9% 2.58% 0.35% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0554 1.48% 1.75% n.a. 0.29% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2237 n.a. n.a. n.a. 8.33% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 12.5% n.a. n.a. 1.02% 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."

www.businessmirror.com.ph

Banking&Finance

Extend tax-return filing to 30 days, solon urges By Jovee Marie N. dela Cruz @joveemarie

leader of the House of Representatives has asked the Department of Finance (DOF) and the Bureau of Internal Revenue (BIR) to extend the deadline for the filing of the 2020 income tax returns by at least 30 days. Deputy Speaker Rufus B. Rodriguez of Cagayan de Oro said it is not always possible for taxpayers or their representatives like accountants and bookkeepers to submit the returns online, “since some supporting documents are kept in office premises that are closed due to the lockdown.” The deadline for the filing of tax returns is on Thursday, April 15. “Because of the pandemic, the current lockdown and the policy that discourages people from going out of their homes and limits face-to-face interaction, the DOF and the BIR should give millions of taxpayers or their representatives longer time to file their tax returns and make payments,” Rodriguez said. “NCR plus and other places have been under ECQ for 2 weeks now and the filing will be only [few] days. And there is talk on MECQ in the coming weeks,” he added. For those who want to personally file their returns, the lack of

public transportation makes it hard for them to do so, according to the lawmaker. “In some instances, which I hope is not the case, some tax return filers may be sick and have to isolate themselves to prevent virus transmission, making it difficult if not impossible for them to comply with the filing requirement,” Rodriguez said. Also, the lawmaker said some BIR offices may be closed for disinfection while many banks authorized to receive tax returns are shuttered because of the ongoing enhanced community quarantine or lockdown in Metro Manila and other parts of the country. In the case of corporations, he said the BIR has yet to make changes in its tax returns to reflect the lower income tax rates these businesses will now enjoy under the recentlyenacted Republic Act 11534 (Corporate Recovery and Tax Incentives for Enterprises law). “Clearly, there is an urgent need for the DOF and the BIR to extend the filing deadline to give taxpayers or their representatives more time to comply with the filing requirement,” he said. “The extension would also enable the BIR to introduce the adjustments required by the new law,” he added.

AUB sees competition in e-wallets this year

BusinessMirror

with competition.” The bank added that as of endDecember 2020, registration in its digital wallet has already skyrocketed by 2,000 percent and the value of transactions has breached P7 billion. The bank said it has also been steadily upping the ante in its ewallet offerings. Mobile app users can maximize the benefits of their digital wallet account as AUB is extending its free fund transfers to other banks until December 31, 2021. In addition to the free fund transfer, users of AUB’s digital wallet can also get hold of cash when they avail of an ATM card that enables them to withdraw from over 20,000 automated teller machine (ATMs) nationwide and pay over the counter in over 200,000 BancNet point-ofsale (POS) terminals nationwide. The ATM card is linked to their ewallet account and acts as a debit card, the bank said. To remain competitive in the e-wallet race, AUB said it will continue to make its digital wallet robust “with new and exciting features so user experience will be more convenient and seamless.” “We want to make sure that when more users open a HelloMoney [account], we are ready and able to welcome them into our world of contactless, cashless, and seamless transactions,” Gomez said. “They can then say ‘goodbye’ to holding physical money and reduce their risk from the spread of the virus. This will be the new reality.”

PhilHealth vows to pay claims of HCFs meeting requirements

By Bernadette D. Nicolas

@BNicolasBM

HE Philippine Health Insurance Corp. (PhilHealth) announced plans to initially pay 60 percent of the total applicable inprocess claims of each eligible health care facility (HCF) located within the National Capital Region (NCR) Plus bubble, Pampanga and Batangas.

Following President Duterte’s order to fast track payment to hospitals, PhilHealth released circular 2021-0004 detailing the guidelines on its adoption of a debit-credit payment method (DCPM) to settle accounts payable to these select health centers. The move comes only after the Private Hospital Association of the Philippines Inc. (Phapi) issued a statement lamenting that payment delays from PhilHealth have culled the capacity of its member-private hospitals to accommodate more pa-

tients suffering from the coronavirus disease of 2019. PhilHealth President and CEO Dante A. Gierran said in a circular dated April 8, the DCPM shall be applicable only to in-process claims received from March 8, 2020 to April 7, 2021. These claims exclude “Return-to-Hospital” and claims that were denied and referred for further investigation. The payment also excludes claims approved for payment as of April 7, 2021. However, PhilHealth said it can adjust the cut-off dates for claims in-

cluded in the DCPM, subject to the approval of its Board. In-process claims refer to those claims received for processing without final decision on whether it is denied, “return-to-hospital” or paid. To be eligible for the DCPM, PhilHealth said HCFs should be within NCR, Batangas, Bulacan, Cavite, Laguna, Pampanga and Rizal. Apart from these, HCFs must have claims for PhilHealth Covid-19 packages, have no “interim reimbursement mechanism fund” balance on record and their accreditation must not be suspended during the applicable period. Under the DCPM, PhilHealth said it will pay the remaining 40 percent of the total amount of “good claims” after HCF’s full compliance to existing claims processing requirements and procedures and full reconciliation of the 60 percent of the total amount of applicable receivables initially paid to the HCF. “Good claims” are those filed with complete documentary requirements that have been determined to be valid and worthy of payment, the state-run medical insurer said. Should there be a need to recover un-reconciled amounts under the DCPM, PhilHealth said it may send

demand letters and/or “exhaust all legal avenues, including the filing of criminal charges.” It said it may also suspend payments under the DCPM “for recurrent non-compliance to standards of care, presence of indication of fraud or for any other reason deemed relevant by PhilHealth.” The insurer said HCFs interested to participate in the DCPM must submit an accomplished “undertaking” that can be downloaded from the PhilHealth website. It must be duly signed by the HCF owner and/or medical or hospital director “subject to the concurrence of PhilHealth.” Last month, PhilHealth said it received a total of three million claims from PHAPi member-hospitals from January to December 2020. The insurer said 87 percent of these claims had been paid amounting to P25 billion while five percent (amounting to over P1 billion) are in different stages of processing. However, about eight percent of total claims received, estimated to cost around P2.4 billion, were either denied payment or returned to hospitals due to “deficiencies and/ or violations of existing policies and guidelines.”

SSS: Mobile app hits 60 million transactions in ’20

he Social Security System (SSS) recorded nearly 60 million transactions in its mobile application (app) from January to December 2020, four times more than the almost 12 million transactions recorded in the same period in 2019, the SSS said in a statement issued over the weekend. SSS President and CEO Aurora C. Ignacio was quoted in the statement as saying that “apart from the continuous development of the mobile app, one of the key drivers of its usage increase is the need for non-contact service channels in light of the coronavirus disease 2019 pandemic.”

“We recognize the importance of digitally transforming our services for the convenience of our stakeholders,” Ignacio said. “When the pandemic struck, we were already equipped with online service channels such as the mobile app that helped our members, pensioners, covered employers, and the public to reach us in the safety of their homes or offices.” The SSS Mobile App, launched in April 2018, is a free app for smartphone users. Last December, the mobile app became available to employers upon the deployment of the employer portal. SSS Mobile App downloads from

January to December 2020 reached about 7.38 million, a 221-percent increase from the nearly 2.30 million downloads recorded in the same period in 2019, the SSS said. As of the end of February, the said app has been downloaded almost 13.22 million times, the SSS said. Through the said app, members can update contact information details such as their address, email address, and mobile number; view their SSS information including the status of contributions, loans, and benefit claims; apply for salary loan; submit maternity notification (for self-employed,

voluntary, and Overseas Filipino Worker members); generate their Payment Reference Numbers for contributions; pay contributions using PayMaya and Bank of the Philippine Islands; view documentary requirements for SSS benefit programs; view the list and addresses of SSS branches; and submit feedback. It also includes the sending of applications for the issuance of SS numbers. “Employers, on the other hand, can update their contact information (R8) and view the status of their contribution and loan payments and benefit reimbursements,” the SSS said.

Perspectives

People, technology and lifestyle concept. Close up shot of female hand holding smart phone, browsing Internet and messaging friends online via social networks sitting in blurred interior of cafe.

SIA United Bank (AUB) said it sees competition in the electronic wallet (ewallet) space to intensify further this year. “The Covid-19 pandemic has led to restrictions on mobility with the enforcement of Enhanced Community Quarantine (ECQ) measures,” the bank said in a statement issued last week. “This has driven more Filipinos to embrace digital tools such as e-wallets.” AUB President Manuel A. Gomez was quoted in the statement as saying that even without the ECQ, e-wallets and mobile transactions “will continue to proliferate as many consumers who made the digital pivot are already discovering and growing accustomed to cashless and contactless modes.” “This, in fact, has led to shifts in consumer attitudes, behaviors, and consumption patterns,” Gomez added. In November 2019, two months before the Covid-19 outbreak, AUB unveiled its own digital wallet it calls “HelloMoney,” which enables account holders to perform various financial transactions such as fund transfer to any bank account, bills payment, prepaid mobile load and remittance to any of its accredited cash-out partner. After the country implemented an ECQ on March 15, 2020, AUB said it saw transactions in its digital wallet “steadily surging even without spending on heavy advertising and promotions compared

Monday, April 12, 2021

Accelerating digital finance

HE pandemic has been a technological catalyst. It has caused change on a greater scale and at a faster pace than any firm’s planned information technology (IT) strategy or any regulatory initiative. Initial lockdown measures to manage the pandemic caused years of change to take place in months, as firms moved to, and continue to operate, large-scale remote working. Some firms were better placed to handle this rapid increase in use of technology and digitalization of services and delivery, others less so. Disruption by new technologies became more palatable during the pandemic, resulting in faster adoption and progress, but introducing risks that will outlast the pandemic and its after-effects. The pandemic also saw greater cooperation between industry and regulators to help consumers. And it has provided added impetus to governments’ and regulators’ plans to encourage moves towards digital finance, including digital currencies, and to adjust laws and regulations to reflect these new forms of finance and the widening use of technology. This paper touches on a number of key themes in the growing stream of outputs from policymakers and regulators. Developments in digital fi-

nance could transform how consumers and businesses make payments and raise finance and could assist economic recovery. Regulators recognize the benefits of new technologies and the digital society but are concerned about new and heightened risks. They are seeking to encourage market entry by new types of firms and technological tools— BigTech and FinTech—but are conscious of the need to redefine the regulatory perimeter and to avoid an unlevel regulatory playing field. They are concerned about the size and scale of infrastructure providers and the potential implications for competition and resilience. Traditional financial services firms are making increased use of technology, via third-party suppliers, joint ventures or inhouse development. The use of distributed ledger technology (DLT) is taking off, as are artificial intelligence (AI) and machine learning (ML), with a new generation of advanced analytics and AI—“AAAI”—tools being developed. New technologies are evolving fast and the “Internet of things”—including mobiles and watches—is enabling greater access. The next wave of innovation promises not only to make things even faster, smaller and better but also to add the sense of a “human” touch to digital functionality, to meet customers’

psychological need to feel they are interacting with people and not cold machines. The trend in digitalization— doing more things in a digital way rather than on paper or faceto-face—has accelerated rapidly. Use of cashless payments has increased, new forms of cashless payments, digital currencies and crypto-assets are emerging, and there has been an increase in online investment tools. Communications are becoming more immediate. Online descriptions of services and products can be dynamic and customized, and therefore more engaging and educative. Increased digitalization and new technologies can result in better experiences and outcomes for consumers, but the regulators wish to mitigate risks such as aggressive selling practices and the biased (intentionally or otherwise) presentation of product information that could prevent consumers making informed decisions. More generally, existing conduct rules need to be re-thought to recognize the fundamental shifts in the construction of financial services and products, and how they are delivered and communicated. There are specific concerns about vulnerable and financially excluded customers, who may fall even further behind in an increasingly digital world, and

that digitally excluded consumers should not become cash excluded. Firms need to consider whether changes to business practices are to the benefit of all customers (or, at least, not to their detriment), in addition to benefits to the firm itself. Firms need to balance their own commercial interests with those of their end customers. The fundamental building blocks underpinning all technologies and digitalization are infrastructure and data. Firms need to ensure the integrity of exponentially expanding databases and that they have the expertise to store and analyze them, whether in-house or via outsourcing to third parties. They need both to protect customers’ and market confidential data and to share them in order to deliver services more efficiently and across borders. They need to use data ethically and to have robust governance and controls in place regarding their use of data. The excerpt was taken from “KPMG Thought Leadership, A balancing act: Privacy, security and ethics.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Ltd., a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

HarvardManagementUpdate BusinessMirror BusinessMirror

www.businessmirror.com.ph Monday, April 12, 2021 b4

Monday, July 13, 2020 B www.businessmirror.com.ph

Where mindfulness falls short By Christopher Lyddy, Darren J. Good, Mark C. Bolino, Phillip S. Thompson & John Paul Stephens

Mindfulness practices such as meditation and breathing exercises can be applied to anything from reducing stress to quitting smoking, and they’ve become so popular that more than half of large corporations offer some form of mindfulness training to their employees. For the most part, this popularity is justified. Unlike many managerial fads, mindfulness is supported by a large body of scientific evidence. Research has clearly shown that mindfulness training programs can improve how we focus, think, feel and act in the moment, as well as our longer-term health, relationships and performance at work. Despite these benefits, our research found that in certain situations mindfulness can come at a cost. Specifically, we were interested in taking a closer look at how mindfulness influences performance in a real-world customer-service work environment. Many service roles are known to be particularly stressful, and a lot could be gained by finding ways to improve mental health for employees in these positions. To that end, we surveyed almost 1,700 employees in a variety of roles and industries (including banking, health care, sales and consulting), assessing individuals' mindfulness and self-control

with questions focused on whether people tended to be more attentive or more rushed while performing work activities, and the extent to which they were able to resist distractions. We also asked them to describe how often they faked emotions on the job, hypothesizing that the action could limit the benefits of being mindful. We found that for employees whose jobs frequently required them to display inauthentic emotions, greater levels of mindfulness consistently led to lower self-control and poorer performance. Why is that? By guiding us toward a more intentional state of being, mindfulness can make us more aware of unpleasant feelings that we have been ignoring. For example, mindfulness can help smokers cut back by helping them to notice that cigarettes taste bad. That’s a net positive, since mindfulness can help individuals achieve their larger goal of quitting—but it does mean that in the moment, cigarettes are likely to taste worse, since mindfulness increases awareness of negative sensations. Similarly, mindfulness while complet i ng u nplea sa nt work tasks increases our awareness of our negative emotions. While we can do our best to craft a job that brings us a sense of purpose, there will always be components of work

WWW.FREEPIK.COM

ver the last several decades, mindfulness has gone mainstream. To be mindful means to be fully present in the moment, and it is a quality that can be enhanced through activities that help us focus more intently on our physical and emotional states in the here and now.

that don’t feel great. And in those situations, being mindful can raise our awareness of the parts of our jobs we don’t like without really helping us fix them. Specifically, the employees we surveyed were in roles that required a form of emotional labor known as surface acting—that is, hiding their true feelings to do what the job requires. This skill is critical for many customerfacing roles: In many situations, faking a smile is the right choice. But displaying inauthentic emotions takes work, and it often feels bad. Because of this, many people adopt a more mindless approach while completing these tasks as a natural coping mechanism. If they become more mindful, the unpleasant feelings that they have been suppressing come to the fore. Of course, our findings should not be misconstrued to suggest that organizations should avoid mindfulness training. Despite the challenges illustrated in our study, prior research shows that being mindful still offers a num-

ber of important benefits. To get the most value of mindfulness, however, leaders should consider the following factors:

1. Targeting: Our research suggests that mindfulness is likely to be most helpful for employees who face relatively low demands for surface acting, but it may be less beneficial for those who must employ the technique routinely (such as servers or salespeople). These employees may still be able to benefit from mindfulness training in some situations, but a onesize-fits-all approach is unlikely to be successful. Instead, organizations should carefully consider the best way to target different types of employees. 2. Timing: Many organizations have begun offering mindfulness breaks throughout the day. While often effective, these interventions may be unhelpful to employees whose roles demand them to engage in surface acting throughout the day. In those

cases, a mindfulness break at the end of the day may be more effective, essentially offering a recovery exercise, instead of a real-time reminder of work stresses.

3. Distraction: Since mindfulness can undermine performance in situations that require high levels of surface acting, being less mindful may sometimes be helpful. One way to decrease mindfulness is through distraction techniques, which intentionally direct the mind away from unpleasant emotions. Such techniques are often suggested by clinicians to help people cope with anxiety and panic attacks. When integrating mindfulness into the workplace, it might be helpful to offer distractions such as fidget toys, doodle pads or simple puzzles in order to support employees whose roles at times require potentially unpleasant surface acting. 4. Deep acting: Surface acting tends to be unpleasant because it takes a lot of work to display emo-

tions that are inconsistent with your actual feelings. In contrast, studies have shown that deep acting—that is, the practice of actually changing how you feel to match the needs of your organization—can be an effective strategy for displaying the required emotions without negatively impacting job satisfaction and well-being. For example, nurses tasked with unpleasant and tiring work might focus on their patients’ experience and imagine the pain and fear their patients may be feeling, inspiring compassion instead of frustration. Rather than faking a smile, this approach can help employees to feel genuinely more positive emotions. For workers whose roles frequently require this sort of emotional labor, mindfulness programs may be more effective if coupled with training programs focused on encouraging deep acting. Mindfulness is an important tool in the managerial toolbox— but it’s no panacea. While some level of awareness is essential to ensure you’re making good decisions, excessive awareness of your strongest negative emotions can be crippling. Organizations cannot afford to be mindless about their approach to mindfulness. Rather, they must proactively consider both pros and cons and tailor any interventions to the specific needs and job requirements of their employees. Christopher Lyddy is an assistant professor of management at the Providence College School of Business. Darren J. Good is an associate professor of applied behavioral science at Pepperdine Graziadio Business School. Mark C. Bolino is a professor at the University of Oklahoma’s Price College of Business. Phillip S. Thompson is an assistant professor of management and organizational behavior at Virginia Tech’s Pamplin College of Business. John Paul Stephens is an associate professor of organizational behavior at the Weatherhead School of Management at Case Western Reserve University.

How to get better at killing bad projects F

By Ronald Klingebiel

ail fast, the adage goes, and move on to the next big idea. Most innovation managers know that few of their initiatives will succeed, so they keep multiple projects running at the same time and create processes for quickly separating winners from losers. One popular way to make decisions about what stays and what goes is the use of stage gates. This is when project leaders present their progress to date and executives decide whether to unlock funds for further development. For example, a project might have to pass reviews at one-, threeand six-month milestones to determine whether it continues to promise return on the innovation investment. Stage-gate processes improve on more laissez-faire steering methods in several ways: They aim to improve innovation effectiveness by separating project leadership from resource decision-making to avoid conflicts of interest, formalize points at which discontinuation decisions can be made and nudge executives to compare projects critically with others. Yet, even with stage gates, firms struggle to kill bad projects. Anyone who has ever had to pull the

plug on a colleague’s work knows how difficult it can be. Even supposedly ruthless venture capitalists often struggle to end projects at the right time. Our research shows that the conventional use of stage gates can be part of the problem, impeding project discontinuation in counterintuitive ways. To reach this conclusion, we undertook a review of decision-making processes at the former handset maker Sony Ericsson, from its inception in 2001 to its dissolution into the Japanese parent in 2009. This unique historical analysis of the entirety of a firm’s innovation portfolio (for a total of 200 handset projects) reveals the opportunity costs of not failing fast enough even when stage-gate processes are adopted. Only onesixth of projects were discontinued before launch. Sony Ericsson had some notable successes, but many phones brought in lackluster returns. With the development of flops drowning out more promising projects, the firm could not muster enough innovation firepower to respond to the smartphone trend that eventually sealed its fate. The company struggled to correct the priority order of its projects when making stagegate decisions, continuing to fund

projects whose business cases no longer looked good and preventing investments elsewhere. How can the organization of your innovation function act quickly on environmental changes and information gains? We recommend three modifications to your stage-gate approach to ensure that you’re stopping projects efficiently:

Forego proof of failure: When you’re dealing with the uncertainty of a new product or market, there is no reliable proof that a project is going to fail and no stage gate will offer you that proof. What may ultimately be more useful for making continued go or no-go decisions is a qualitative assessment of changes to the main assumptions underlying the business case that led you to invest in the project in the first place. Sony Ericsson typically used seven stage gates, beginning with “concept” and concluding with “ship.” Few projects offered sufficient visibility to track reliable financial key performance indicators in the early stages. Concrete figures were often either not provided or not reliable. A lack of solid figures does not mean a lack of reasons to discontinue a project, however. For example, Sony Eric-

sson could have quickly noticed changes in customer preferences for specific features of the handset, even if exact revenue figures were hard to come by. Qualitative insights available about customerpreference changes could have permitted a reallocation of development resources even if quantifying the likelihood of success of a product was not possible yet. In a hunt for conclusive proof that something would fail, resources were locked up in failing projects, starving others of much needed support.

Sleuth the business case: It’s easier to refine project-return estimates as a project nears launch. The unfortunate reality at many firms, including Sony Ericsson, is that near launch, attention shifts to delivery and few like to disrupt execution. As a result, project managers often do not feel the need to bother with updating business cases with the latest insights. Sony Ericsson all but ceased project discontinuations about halfway through its development process. Even if it’s late in the game, however, discontinuation remains hugely important, considering that most projects consume the majority of their development

resources in those later stages, as things move toward mass production. A single late-stage project can prevent dozens of alternative early-stage ideas from being funded. Failing to update business cases near launch, and thus missing signals of failure, can be disproportionately expensive. To counteract the shift in priorities in the later part of stage-gate processes, it may be advisable to create the roles of business case sleuths. Free from the pressures of project execution, such detectives could go after changes to business case assumptions when others have lost interest in evaluation and are focusing only on getting across the finish line. Independent sleuths allow decision-makers to build on new information about technological advancements, customer preferences, competitors’ moves or other factors with bearing on business cases when these have the greatest implications.

Don’t sweat the kill: Once a project showed a clearly deteriorating business case, Sony Ericsson spent a disproportionate amount of time discussing it, often postponing and revisiting decisions. Instead of discontinuing its worst performers, the company downgraded expectations

and thus made it look as if targets were met. Such attentional inertia can be reduced by minimizing the scope for interpretation and discussion. Setting clear discontinuation criteria beforehand ensures more automatic responses, preserving stage-gate decisionmakers’ emotional energy for worthier pursuits. Overall, our analysis offers a cautionary tale. Using stagegate processes has on occasion been criticized for the tendency toward bias against more daring innovation; less known has been the potential to escalate commitment, the very bias stage-gates are intended to avoid. As a resource allocator, you should understand the impossibility of reducing commercial uncertainty in early stages as well as your staff ’s natural reluctance to reduce uncertainty in later stages. Finally, don’t let decision paralysis set in when performance lags. Selective project progression is key in markets where investment occurs before knowing, and where learning during development determines the chances of success. Ronald Klingebiel is a professor of strategy at the Frankfurt School of Finance and Management in Germany.

Style

BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Monday, April 12, 2021

Bea Bianca Mackey: Bringing glamor to TV

@RURUMADRID8 ON INSTAGRAM

Ruru Madrid talks about self-care and clean living Men’s attitudes toward grooming are shifting. Thanks to the changing times, men are now proud to say they make the effort to look good. While very few of them will have the patience for a routine that exceeds three to four steps, men’s skincare products now sell well. But there’s still a portion of the market that doesn’t care at all. A study published by Tiege.com showed that 33 percent of men (their sample size consisted of 1,000 men aged 18 and above) didn’t wash their face on a daily basis. The survey also showed that 11 percent of those men have never used a face wash, 33 percent use a bar soap for the face, and 20 percent use a body wash on their faces. Just 59 percent of men aged 18 to 24 agreed that men need to look after their skin. It’s refreshing to know that actor Ruru Madrid is someone who takes care of himself. He works out regularly and is, thankfully, a man with a skin-care routine. Ruru, 23, is also known to be a lover of fashion. He likes clothes, sneakers and boots. “I would describe my fashion style as edgy. I believe in having no limitations when it comes to fashion. You can wear whatever you want as long as you are confident that you can pull it off.” Ruru takes care of his skin from the inside and out. He drinks a lot of water because it helps to hydrate his skin. Amazingly, Ruru not only washes his face twice a day but also washes it after working out. Experts say you should wash your face within 15 minutes of completing your workout to remove sweat and bacteria. This is to prevent your pores from being clogged. “It’s also important to check your skin regularly and make sure to use the perfect skin-care products to help your skin stay in good condition,” said Ruru, who is the new brand ambassador of Beautéderm Corp. He tries to work-out every day and eats healthy food. He doesn’t drink alcohol nor smokes, and he gets eight to 10 hours of sleep. “It is also important to take care of your mental health, so I do read self-help books and try to learn new things everyday.” Ruru’s Beautéderm favorites are the grooming essentials from the brand’s Spruce & Dash collection, namely: Beau Charcoal Soap, Lad Hair Pomade, Hugh Shaving Cream, Charcoal Charmer Face Mask and Brawn Anti-Perspirant White Spray. Aside from these, he also loves the Beauté Set “because it has everything.” “Working with Ruru is a breeze and a complete joy. He is a very welcome addition to the Beautéderm family. What amazes me about him more is his professionalism and kindness,” said Beautéderm president and CEO Rhea Anicoche-Tan. “It’s such a privilege and an honor to finally be a part of the Beautéderm family. I am grateful to Ms. Rei Tan for trusting me to be one of her brand ambassadors, and I cannot wait for all the exciting things that we will do together,” said Ruru. Ruru has been in show business for nearly 10 years, starred in a string of top-rating series on GMA, the most recent being I Can See You: On My Way to You. He is preparing for his role in the upcoming GMA prime-time series Lolong, an action-fantasy.

S early as her high school days in Cagayan de Oro (CDO), Bea Bianca Mackey designed clothes for school pageants and extracurricular activities—an auspicious start, followed by a series of dramatic events that shaped who she is today as a person and as a fashion designer. Under her former name, she learned the ropes of the business in CDO for 10 years. She then honed her craft in the Middle East for another 10 years before finally practicing in Manila with her new brand, HOBB, or House of Bea Bianca. “For the past six years, I have been dressing up celebrities and socialites for public and private events. But my big break was in Mars, the GMA talk show where I was tasked to dress up Camille Prats and Suzi Abrera,” Bea Bianca recalls. Since then, she has dressed up the so-called ASAP Birit Queens, such as Angeline Quinto, Jona, Klarisse and Morissette. (“They don’t only belt out big voices but they also make my creations as beautiful as their melodies.”) Her other favorite creations were worn by Kim Chiu and Yam Concepcion for Love Thy Woman; Aiko Melendez and Zsa Zsa Padilla for Wild Flower; The Clash Seasons 1 to 3 champions Golden, Jhong, Thea, Jessica and Jenny; and Rhian Ramos for The One That Got Away. Vina Morales is a personal client, as well. “Most of the time, I tailor-fit the apparel for the specific personas of the celebrities, although there are some last-minute pullouts that I also cater to from time to time. Either way, I am very happy to see my creations come to life on TV and print, and that serves as my way, too, of documenting my creations,” Bea Bianca explains. The fee she charges for designing depends on the complexity of work to be done on the dress, starting at a humble P5,000 for pullouts and P10,000 for made-to-order. But, she emphasizes, everything is negotiable under the blue sky. She’s just grateful that stylists such as Lianne Locsin, Kevin Cusi, Gian Laxamana, Ivor Sta Maria, Fria Solis, Rodel Briñas and Kimmer Ferrer have trusted her since Day 1. What are the differences/challenges in making clothes for TV, gowns for pageants, and outfits for real people? “The challenge comes in varying degrees as well as the difference in the effort of putting the pieces together, but the passion is definitely the same. I always see to it that I put my best foot forward in making my label worth remembering, regardless of who wears it. I am just so fortunate to have a team who shares the same vision.” Bea Bianca’s latest undertaking is the GMA rom-com First Yaya, with rising star Sanya Lopez as

Melody Reyes, the nanny to the children of President Glenn Acosta (Gabby Concepcion). Miss Universe 2016 Top 6 Maxine Medina plays Lorraine Prado, Yaya Melody’s rival. Also in the cast are beauty queens Thia Thomalia, Miss Eco International 2018, one of the president’s guards, and Pilar Pilapil, Miss Universe Philippines 1967, as Blesilda “Blessie” Acosta, the president’s domineering mother. As a simple woman and nanny in the show, Sanya is usually clad in plain clothes and yaya uniforms. But during scenes depicting formal affairs, she gets to be dolled up in Bea Bianca’s flowing finery. Yaya Melody gets her magical moments wearing a white serpentina see-through top gown Korean crepe stretch bottom, with one-sided sleeves and applique leaves, with Japanese chalk beads, ceramic crystals and half pearls; and a midnight blue corseted top with a big bow, and flowy bottom with high slit in a Gucci fabric glittered gown. As a rookie kontrabida, Maxine as Lorraine goes high glam in a black modern serpentine Filipiniana gown made of callado embroidery beaded lace see-through top with ceramic crystals and metallic stretch bottom; and a golden modern Filipiniana gown, made of see-through callado sequined top, with

New beginnings, brighter days Global apparel retailer UNIQLO has announced its latest collaboration with JW Anderson, which will be available in stores on April 23. The new lineup is the fruit of UNIQLO’s ongoing collaboration with the London-based brand revolutionizing contemporary fashion. Artisanal craft is alive this season in the 2021 Spring/Summer collection. Created with a hope for new beginnings and brighter days, the collection continues to evolve UNIQLO LifeWear with signature JW Anderson craftsmanship and heirloom charm (www.uniqlo.com/jwanderson). Designer Jonathan Anderson says, “I was really thinking of spring when I was working on this collection. We were all staying inside and I was looking forward to when we could venture out again. I also wanted to incorporate a feeling of craft, as its very important to me.” A playful sense of ease threads through the range. T-shirts, blouses, hats, tote bags and other items feature wildflower embroidery accents with appearances that vary according to hue and fabric. Other noteworthy touches are blanket stitching on men’s T-shirts and work shirts, and on women’s denim items, as well as bohemian smocking on dresses and skirts. Cool linen and seersucker lighten the impact of such key collection colors as khaki, brown and ivory. Men’s and women’s offerings include shorts and feature the homespun feels of linen blends and slub cotton. Signature JW Anderson craftsmanship shines through in the stitchwork and simple silhouettes of this relaxing collection.

lace 3D appliques and Japanese beads with crystals, and flowy metallic bottom. “As much as I would have loved to meet Maxine and Sanya, the circumstances are still not entirely safe. I rely on professional stylists who are very dedicated to their craft. They send me measurements and pegs so I could create my deliverables according to what they need. In fact, oftentimes I send them more than the number of what they need, so they would have plenty of options,” says Bea Bianca, who also dresses up Miss Asia Pacific International 2018 Sharifa Akeel and Miss Supranational 2013 Mutya Datul, as well as pageant doyennes Hemilyn Escudero Tamayo and Peachy Veneracion in real life. Like most of her peers, the pandemic lockdown has given her more time for introspection. “I have more time thinking and rethinking my design options for my pending projects and the ongoing concepts I am working on,” Bea Bianca reflects. “I am more prayerful now because faith is one of the most powerful aspects I can hold on to, being an independent artist here in Manila. My clients are coming back and events are taking form. But because things are still uncertain, I can only pray that we can get through this the soonest.” n

Sanya Lopez and Maxine Medina wearing clothes by Bea Bianca Mackey for GMA’s First Yaya.

B6 Monday, April 12, 2021

‘Bring Home the Joy’ of a new Toyota this April Coca-Cola continues to work on women economic empowerment in the Philippines the ASA Philippines Foundation, and Alay sa Kaunlaran (ASKI), women now have access to legitimate sources of capital and do not have to resort to loan sharks to replenish their stocks, especially while recovering from the pandemic.

Reaching out across the country COCA-COLA Philippines stays true to its commitment to economically empower women by partnering with organizations, communities and private sectors in helping micro-retailers recover and restart from the pandemic.

N full recognition of the critical role that women play in society—in economic, social and community development— Coca-Cola set over a decade ago a global commitment to economically empower five million women entrepreneurs by 2020, called the 5by20 initiative. Coca-Cola, together with the Technical Education and Skills Development Authority (TESDA), created the Sari-sari Store Training and Access to Resources (STAR) Program. The partnership provides business skills and gender sensitivity training, as well as access to key resources and mentoring from peers. TESDA also trained and hired the trainers who teach the course to sari-sari store and carinderia owners.

A strong public-private partnership

COCA-COLA believes that real change cannot happen alone. Thus, the STAR program is anchored in a multi-sectoral approach amongst the government, private sector and civil society. This is crucial to make real, impactful, and lasting solutions. Coca-Cola has also forged partnerships with key government entities. Through community-based organization partners like the Tagum City Council of Women Foundation and the Negros Women for Tomorrow Foundation, they helped scale the reach of the 5by20 STAR program to the Davao and Negros regions, spreading the program nationwide. A partnership with the Department of Labor and Employment, through the Overseas Workers Welfare Authority

(OWWA) and the National Reintegration Center for OFWs (NRCO), took this a step further by merging the 5by20 STAR program modules and the Balik Pinay, Balik Hanapbuhay program to help repatriated women overseas Filipino workers. The program called the Women Entrepreneurs Reintegrated and Economically Active at Home (WOMEN REACH) program, has already trained 277 women OFWS with micro-enterprises. In addition, Coca-Cola, through OWWA and Philippine Trade Training Center (PTTC) and TESDA, recently partnered with the Department of Labor and Employment (DOLE) to empower 10,000 displaced OFWs through the OFW RISE or Re-Integration through Skills and Entrepreneurship Program. This timely partnership program provided OFWs with access to web-based training on basic entrepreneurship and business idea development, supported by practical business coaching as well as establishing linkages to livelihood assistance and other microfinancing programs. In tandem with the Department of Trade and Industry (DTI), Coca-Cola launched the ReSTART or Rebuilding Sari-Sari Stores Through Access to Resources and Trade, which is designed to stimulate the recovery of the micro-retail sector by helping 20,000 sari-sari stores through such responsive programs like the safe stores movement, safe stores education, and a Php 184M bridge loan fund that extends a Php 10,000 soft loan to each sari-sari store owner. Through micro-finance institutions like the First Community Cooperative (FICCO),

THE partnership between Coca-Cola and local government units all over the country also helped spread the implementation of the 5by20 STAR program in their municipalities. These include the local government units of Negros Occidental, Cebu, Iloilo, Quezon City, Davao del Norte, Davao del Sur, Misamis Oriental, Bulacan, Palawan, Lanao del Norte, Muntinlupa, Tacloban, Marawi, Taguig, and Koronadal. Since the initial commitment locally made in 2010 to empower 100,000 women retailers, Coca-Cola Philippines, through the support of its partners, has more than doubled its positive impact in the communities. By end of 2020, CocaCola Philippines has empowered 250,000 women entrepreneurs in all 81 provinces in the Philippines—which represents 21 percent of small sari-sari store owners in the country. “Coca-Cola Philippines is proud to be working with these organizations in helping make real and lasting change to the lives of Filipino women. Our ability to make dreams happen, to economically empower these women has been made possible with their help,” said Jonah De Lumen-Pernia, Coca-Cola Philippines Public Affairs and Sustainability Director. “We celebrate the partnerships that helped us accelerate women economic empowerment the past decade.” said Tony Del Rosario, Coca-Cola Philippines President. Coca-Cola is determined to extend the impact of this work. Last March, Coca-Cola kicked off a campaign re-telling and re-casting the “Kababae Mong Tao” narratives. The company vow toncontinue to empower women our entrepreneurs. Visit https://www.coca-colacompany. com/shared-future/women-empowerment.

Subway launches 2 for P220 on Daily Favorites promo

ubway™ announces its 2 for 220 on Daily Favorites where sub lovers can enjoy 2 Subway sandwiches for a price of P220. Try the highly- recommended daily favorite pairings that highlight a different sub each day of the week starting April 7 until Jun 15, 2021. Here are the daily favorites: Italian B.M.T. (paired with Sliced Chicken). The Italian B.M.T. is an old-world favorite. It contains sliced genoa salami, pepperoni, ham, and your choice of vegetables and condiments served on freshly baked bread. Some say that the B.M.T. stands for biggest, meatiest, tastiest, and Subway couldn't agree more. Tuna (paired with Veggie Delite). The sub is made of tuna, and some creamy mayonnaise, lovingly blended to create one of the world's favorite comfort foods. The SUBWAY® Tuna sub is available with your choice of vegetables and condiments and served on freshly baked bread. Spicy Italian (paired with Sliced Chicken). The Spicy Italian will definitely spice up your life. It features spicy pepperoni and salami, paired with some peppers, oil, vinegar, or anything else your taste buds desire—served on freshly baked bread that's toasted to perfection. Pulled Pork (paired with Sliced Chicken). The Pulled Pork is a tender, succulent slow-cooked premium pulled pork with a smoky, sweet, and

AFETY and mobility is within your reach with Toyota’s amazing deals and value-added benefits. Beginning April 5 to April 30, 2021, get discounts as much as P60,000, flexible allin or low monthly deals, as well as other freebies for Toyota’s best-selling models! Customers looking to buy a practical vehicle can get Toyota’s best-selling entry-level hatchback for as low as P5,276 monthly. All Wigo variants also come with free comprehensive insurance for one year, making it a sensible option for budget-conscious buyers looking to address their daily mobility needs. Even more value-added benefits are available for the country’s best-selling sedan! Aside from as much as P35,000 savings, New Vios customers also get free Periodic Maintenance up to 20K KM and/or one year comprehensive insurance, and 5-year warranty for a brand new Toyota Vios G, E, or XLE. XE variants are also eligible for free one year comprehensive insurance. An additional P35,000 rebate is up for grabs when you trade in your old vehicle for a New Vios! Other well-loved models such as the Innova, Fortuner, Corolla Altis, Avanza, Hilux, Rush, and Hiace also get outright cash discounts on participating variants. Even greater deals are available for the Supra, Alphard, prev. gen Yaris, and Coaster. All-in low down payment, low monthly plans, and 0% interest schemes are also available on

selected models and variants. Selected models and variants get freebies such as Periodic Maintenance up to 20K KM and/or one year comprehensive insurance. On top of these offers, customers looking to trade-in their old vehicle for a Toyota can get up to P40,000 rebate which can be used to purchase accessories or availed with other existing offers. Balloon Payment Plus, Toyota Financial Services PH’s new finance product which offers light monthly payments, Periodic Maintenance inclusion, and guaranteed resale value, is also offered for the Vios (except GR-S variant), Corolla Cross Hybrid, New Fortuner, and New Hilux. For more details on the April Bring Home the Joy promo, check out https:// toyota.com.ph/promos/bringhomethejoy and https://toyota.com.ph/balloon-paymentplus for Balloon Payment Plus packages. Toyota vehicles can be viewed at https:// toyota.com.ph/showroom.

Sun Life Foundation’s Sun Pera-Aralan bags two wins in a row

UN Life Financial-Philippines Foundation, Inc. (Sun Life Foundation), the philanthropic arm of Sun Life Philippines, was recognized in the Philippine Quill Awards with an Excellence Award for Sun Pera-Aralan, its financial management program for public school teachers. Ongoing since 2019 and mounted in collaboration with AHA! Behavioral Design, Sun Pera-Aralan aims to help teachers overcome debt, grow their savings, and make the most out of their salary. It takes a different approach as a financial literacy and management program by employing behavioral design to promote and develop positive and practical daily money habits that do not disrupt the teacher’s routine and workload. The program uses the Peso Sobre tool, a budgeting system which aids them in properly allocating their monthly salary for their fixed and variable expenses. Sun Pera-Aralan also has an online support group via Facebook where participating

teachers can interact and encourage one another to be faithful in practicing their Peso Sobre allocations. This helps establish the habit of proper budget allocation so that they are able to ensure that their salaries go further than they used to. This is the second recognition that Sun Pera-Aralan was bestowed this year. In January, it was honored by the Department of Education Schools Division Office of Quezon City with the First Gawad Kaagapay Award for Financial Literacy. “Education is one of the four pillars of Sun Life Foundation and our teachers are at the forefront of shaping our nation’s future. They tirelessly take care of our children, and it’s time that we also take care of them,” says Alex Narciso, President of Sun Life of Canada (Philippines), Inc. and of Sun Life Foundation. “With Sun Life Foundation’s Sun Pera-Aralan, we earnestly hope that this becomes a stepping stone for our teachers toward a financially brighter tomorrow.”

GBP assists pandemic response of Cebu and Panay LGUs

"adobo" flavor all on freshly baked bread. Subway Club (paired with Sliced Chicken). Subway Club is a tastetempting combination of the brand's famous lean and tender, sliced chicken, sliced roast beef, and savory, sliced ham with your choice of vegetables and condiments and served on freshly baked bread. Roast Beef (paired with Veggie Delite). The Roast Beef has always been a classic favorite as it consists of lean and tender sliced roast beef with your choice of vegetables and condiments served on freshly baked bread. Meatball Marinara (paired with Sliced Chicken). The Meatball Marinara allows you to enjoy Italian-style meatballs drenched in irresistible marinara sauce, served on freshly baked bread.

Order your subs online through FB'd Messenger

AMID the current lockdown restrictions in NCR, Subway has continued to provide safe and seamless transactions online with their helpful chatbot Messenger A.I., "BOTTY"! Customers can enjoy the Daily

Favorites at the comfort of their home safe by ordering online for delivery via Facebook Messenger. Or, spend less time waiting in line by having their order picked up. Once decided on what to have, BOTTY via messenger will summarize their orders and the total amount to pay. BOTTY via messenger will provide customers an order number and keep them updated on their transaction status. Customers will then receive an alert notice once their order is ready for pickup. Pay online using Visa or MasterCard credit/debit cards, PayMaya Card and GCash. After settling the payment, you just have to wait for your order. The promo is also available via GRAB delivery until 15 June 2021. (Per DTI Fair Trade Permit No. FTEB-116099 Series of 2021) Subway also encourages franchising. Owning a Subway Franchise will surely maximize your entrepreneur goals and leadership skills and shall create more opportunities. For more information, visit https://subway-franchise.com/phen/why-subway to know more!

LOBAL Business Power Corporation (GBP), through subsidiaries Cebu Energy Development Corporation (CEDC), Toledo Power Co. (TPC), Panay Energy Development Corporation (PEDC) and Panay Power Corporation (PPC), distributed food packs to the local government units (LGU) of Toledo City in Cebu, Iloilo City in Iloilo Province, and the Municipalities of Nabas and New Washington in Aklan, as well as hospital fixtures in Toledo to support their efforts in combating the adverse effects of COVID-19. CEDC and TPC donated a total of 1,250 gift packs through the City’s Social Welfare and Development Office for the benefit of indigent households across Toledo City, as

well as queuing machines and steel waiting benches to the Toledo Health Department and Toledo City Hospital. On the other hand, PEDC and PPC gave almost 4,000 packs of goods to the local governments of Iloilo and Aklan (Nabas and New Washington) to extend relief to its immediate communities. The leading independent power producer in the Visayas, with presence in Mindanao and Mindoro islands, re-aligned its budget to be able to help its neighbouring communities in boosting their pandemic response. GBP, with a total gross capacity of 1,091 MW, is committed to nation-building through empowering individuals, communities, and industries along the way.

THE SIMPLE CEREMONIAL TURNOVER WAS HELD AT THE MAYOR’S OFFICE, IN ATTENDANCE WERE, FROM LEFT: Toledo City Hospital nurse supervisor Glicel Trocio; Mayor’s Office executive assistant II Faida Christine Tacandong; Toledo City Mayor Marjorie “Joie” Perales; GBP first vice president-Cebu Operations Engr. Leah G. Diaz; Toledo City social welfare & development office head Mae Delia Tacandong, and GBP admin, community relations, and external affairs Head Engr. Suzette Gunda.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, April 12, 2021 B7

Is an infodemic making our fears worse?

PR Matters

By Joy Lumawig-Buensalido

Digital: Marikina goes cashless with PayMaya for resident, citizen payments

MANILA, PHILIPPINES—The City Government of Marikina has tapped digital financial services leader PayMaya to roll out contactless payments for real property and other business taxes within the city. Using PayMaya’s payment plat-

WWW.FREEPIK.COM

LITTLE more than a year ago, a massive health crisis hit our planet, launching us into a long-drawn-out time of grief and upheaval. There seems to be no end in sight as Covid-19 transmissions continue unabated, hitting the global populace where it hurts most: their families and communities, their careers, jobs, and businesses, their relationships...and their emotional well-being. While feelings of sadness and anxiety are expected at times like this, fear is also starting to slither in, affecting even the normally buoyant and optimistic among us. We cannot help it. As the news media do their daily report on Covid counts, the congested hospitals, and our perilously overburdened health system, we feel a mounting sense of dread about what lies ahead. It’s not the distant future that concerns us; we stressover the immediate, unfolding scenario as days, weeks, and months go by. The dismal state-of-affairs is now compelling us to take note of a phenomenon that is adding confusion to an already volatile situation. It is called “infodemic” and it is a spawn of the digital age. According to the Merriam-Webster web site, “infodemic is a blend of ‘information’ and ‘epidemic’ that typically refers to a rapid and farreaching spread of both accurate and inaccurate information about something such as a disease.” As facts, rumors, and fear mix and disperse, it becomes difficult to learn essential information about an issue. The word “infodemic” was first coined in a 2003 Washington Post column by political scientist David Rothkopf and has seen vigorous usage during this time of Covid-19. At that time, Rothkopf described it as “a few facts that are mixed with fear, speculation, and rumor, amplified and swiftly relayed worldwide by modern information technologies.” The World Health Organization (WHO) explains that infodemics refer to “an excessive amount of information about a problem, which makes it difficult to identify a solution. These allow misinformation, disinformation, and rumors to spread during a health emergency. As a result, infodemics can hamper an effective public health response and create confusion and distrust among people.” This was stated by the United Nations Department of Global Communication in March 2020. I have personally experienced the insidious effects of infodemics and I am sure many people can relate to this. All throughout this pandemic, an endless cycle of information circulated in Facebook, Messenger, and through the widely popular Viber app. Practically everyone we know has sent and forwarded scores of messages about a plethora of subjects, but mostly on varied data and issues about Covid-19. Along with the good intentions, we did appreciate those that were helpful and enlightening. Funny memes and texts, shared prayers, inspiring thoughts, and cheery birthday greetings served to ease tension and stress. But when messages—reshared and recycled—came in mind-

numbing regularity, we realized that it had become an obsession for a number of people. The daily habit of “over sharing” became disquieting. Instead of bringing hope and positivity, such Viber messages became clutter that often messed with our minds and toyed with our feelings. We became less confident about the resolutions that we hoped would end the pandemic. I do not wish to offend anyone with my point of view, but I do find “an excessive amount of information that make it difficult to identify a solution”—the exact same words used by the WHO referring to the word “infodemic.” To cite an example, recent weeks saw a proliferation of news, shared info, and even intense debates over the rollout of vaccines and a controversial drug called Ivermectin. To this day, the vaccines remain a contentious subject and Ivermectin, a drug that is being touted as a low-cost cure for Covid-19, is helping muddle the issues. There are groups that are obviously promoting Ivermectin and those who question its claims, so there’s an active exchange of opinions in traditional and digital media, especially in the Viber groups. How can one wisely discern the “fake news” from what’s real and authentic? It’s not easy. There are fact-checking organizations such as Snopes.com, which can instantly tell you if the news is fraudulent or not. Snopes.com, which has been checking out viral claims and online rumors since the mid-1990s, maintains a list of known fake news web sites, several of which have emerged in the past two years. But does everyone really have the time to have these web sites validate every single message? I’m betting most of us don’t—even those who are glued to their laptops or phones. I can only offer a few practical ways of dealing with messages, and these usually require only our good old common sense:

First, check your source or where each text message came from before you press forward or respond.

If your Viber text starts off with:

form, residents and businesses can now pay for their city government fees online from the safety of their own homes. All they have to do is log-in to Marikina’s online portal powered by PayMaya Checkout and pay using any credit, debit, or prepaid card as well as their PayMaya wallet. This initiative is in collaboration with the Development Bank of the Philippines (DBP). “Through this cashless initiative with PayMaya and DBP, we are empowering our constituents with a safer way to pay for taxes and other fees online so that they don’t have to physically go to the city hall, especially at this time. This will contribute

towards safer and more efficient government transactions during this pandemic. At the same time, this will allow us to continue delivering critical services to the public,” said Marikina City Mayor Marcelino Teodoro. “We thank Marikina City for being our partner in enabling the public sector with safer cashless payment solutions. Digital payments is a key component of the transformation of our local governments and we are excited to bring this forward with other digital financial services ecosystem initiatives,” added PayMaya Founder and CEO Orlando Vea. Marikina City is the latest in over

“From another Viber group,” “A must read: also worth sharing,” “Reposting from my cousin’s niece who is a medical frontliner” or “Let this go viral,” please think twice before you forward it—you could be sharing an item from the infodemic wasteland. Also, a text that spurs you to keep on sharing it could mean there’s something questionable about the sender’s motives. Messages go viral on their own when their contents are useful and interesting. If your sender is a good friend or someone you personally know or is a respected expert in the field of medicine, then go ahead and read it because they probably took time to write it and to benefit many. I can name a few real authorities such as Dr. Tony Leachon and Dr. Jaime Galvez Tan, who have offered consistent health advice to the public during this pandemic. We are also cautioned to watch out for potential scams. I have come across an advisory released by the Philippine General Hospital, for example, announcing that they were not behind “a call for monetary donations for PGH Covid-19 patients, supposedly coming from the PGH Medical foundation.” Their warning: be wary of false information circulated by unscrupulous individuals.

Develop a critical mindset and learn to question the information you receive.

According to Mindtools.com, “Much of the fake news we see is written to create ‘shock value,’ which is intended to call on our strong, instinctive reactions such as fear or rage.” This means we must not be swayed by our emotions when we read stories that are shocking or appeal to our fears. It may be tough to do so but let us try to be rational and critical of everything we read or hear. Let’s ask ourselves: why is this story being circulated? To persuade me to do something? Are they selling a product? Are they trying to get me to circulate this in my circle of friends? Will it make my friends fearful, distrustful,or disturbed? Am I adding to everyone’s nervous tension by shocking them? If the answer to these questions is yes, then 60 national agencies and local units that have already embraced cashless solutions powered by PayMaya, which includes cashless payments acceptance as well as disbursement solutions. Other national government agencies and local government units that have embraced cashless technologies powered by PayMaya’s platforms include the Bureau of Internal Revenue (BIR), Social Security System (SSS), Home Development Mutual Fund or Pag-IBIG, Department of Trade and Industry (DTI), Securities and Exchange Commission (SEC), Land Transportation Office (LTO), Bureau of Customs (BOC), and

think rationally and don’t believe everything you hear or read.

Examine the evidence.

Again, Mindtools.com says: “A credible news story will include plenty of facts—quotes from experts, survey data, and official statistics...or detailed, consistent, and corroborated eyewitness accounts from people on the scene. If these are missing from the messages you get, then question it.” Look for hard evidence in what is being fed to you. There are two kinds of fake news: stories that are totally made up and designed to manipulate people into believing them. To the second kind belong stories that contain some truths but are not 100 percent accurate. Remember: personal opinions, testimonials, Viber or Whats app chain messages, Facebook posts and comments do not comprise medical evidence so we must look for solid data culled from proper research— and the certification and approval of trusted institutions—before we believe certain claims. A doctor told me that the best way to check if a drug is indeed a “wonder drug” as others might claim it, is to check what the reputable institutions have to say about it. So trust organizations like the WHO (World Health Organization), CDC (Center for Disease Control), the DOH (Dept of Health), the FDA (the Food and Drug Administration), and medical associations like the PSMID (Philippine Society for Microbiology and Infectious Diseases) and the PCP (Philippine College of Physicians).

Don’t take everything you see or read at face value.

This includes videos from certain foreign or local individuals who may introduce themselves as doctors, medical frontliners or sometimes even ordinary individuals who recommend their own homebased cures or share personal episodes involving certain medicines or even practices that, they swear, have worked for them. Modern editing software has made it easy for people to create fake images that look real. Unfortunately, the Department of Foreign Affairs (DFA), as well as the cities of Manila, Mandaluyong, Quezon City, Pasig, Caloocan, and Valenzuela, among many others. PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cut across consumers, merchants, communities, and government. Through its enterprise business, it is the largest digital payments processor for key industries in the country including “everyday” merchants such as the largest retail, food, gas, and eCommerce merchants as well as government agencies and units.

this is the downside of social-media platforms today: anyone can publish their thoughts or share stories with the world using only their mobile phones and their audacity in misleading people. They count on the fact that most people don’t check the source of what they view online before they share it and inadvertently help the spread of “fake news.” As recipients of all this information, we must not allow ourselves to be easily swayed to believe everything we see, and worse, to go ahead and share it with others. Research has shown that very few people can tell when images are fake. Lastly, let us not contribute to the contagion called “infodemics” and help banish all sources of ideas and discussions that put our health—or lives—in peril. Share only what you genuinely know is factual and what you personally believe in. I would like to conclude by borrowing some thoughts from a wellworded reflection by a dear friend Roby Alampay, news anchor of TV 5. This was going around Viber groups as I wrote this article. It’s about the arguments over Ivermectin and I quote one of his key points: “Wherever you stand or whomever you listen to on the debates over Ivermectin, be wary of the dangers of peddling or just relaying conclusions that experts and authorities themselves are saying are not there yet...it weakens our institutions and regulators. This is for me the key backstop to any discussion we take part in, even if it’s just in your own Viber or Messenger group. “None of us are scientists or doctors. The attacks on the FDA have become ad hominem and reckless, suggesting that anybody against Ivermectin must be anti-poor or corrupt. This is the same FDA we trusted and begged to hold the fort against a clear government bias for unproven Chinese vaccines. We told them to hold EVERYBODY to the process. Now we would accuse them of doing their jobs? “Let’s not weaken our institutions further...we all have powerful platforms and vulnerable circles and audiences—titos and titas, I’m sure you’ve noticed, who respect everything we share. Let’s be careful not to be used for anybody's agenda. And let's not exacerbate the targeting and weakening of institutions, the impact of which will be felt over a much longer term than that even of Covid.” Now that’s a point of view I would readily share not only because I agree with Roby Alampay but because he is my trusted source. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Joy Lumawig-Buensalido is the president and CEO of Buensalido & Associates Public Relations. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

Through its app and wallet, PayMaya provides over 28 million Filipinos with access to financial services. Customers can conveniently pay, add money, cash out or remit through its over 200,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 37,000 partner agent touchpoints nationwide serves as last-mile digital financial hubs in communities, providing the unbanked and underserved with access to digital services. To know more about PayMaya’s products and services, visit www.PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram.

Sports BusinessMirror

| Monday, April 12, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

Blackmore breaks A down major gender barrier in sports

ANCAJAS KEEPS WORLD TITLE By Josef Ramos

ESPITE going a year and four months without a fight, Jerwin Ancajas still showed he’s the big boss of his weight class. Ancajas put his vast experience to work to overcome Jonathan Javier Rodriguez’s big fighting heart for a unanimous decision victory in his ninth defense of the International Boxing Federation (IBF) super flyweight belt at the Mohegan Casino in Uncasville, Connecticut, on Sunday. Judges Tony Paolilio, Tom Schreck and Don Trella favored Ancajas’s superb tactical fighting style to come up with one-sided scores of 115-112, 116-111, 117-110 in the 12-round world title fight organized by Al Haymon’s Premier Boxing Champions. Ancajas dominated the bout and almost knocked out the Mexican in the eighth round. But Rodriguez came charging in the last three rounds hoping to land a lucky punch and reverse the outcome of the match that was his first shot at a world title. Ancajas pressured Rodriguez in the corner with massive combinations to the head, knocking down the Mexican with 20 seconds to go in the eighth round. He again sent Rodriguez reeling in the ropes with a strong left hand and brutal body shots in the ninth. “I thought he was done in the eighth round after I knocked him down, but he didn’t surrender and showed the

heart of a true Mexican warrior,” Ancajas told BusinessMirror after the fight that was staged without fans. “We adjusted and executed our game plan perfectly.” Rodriguez, who dropped to a 22-2 winloss record (16 knockouts), traded head shots with Ancajas, with the Mexican’s last ditch combinations hitting their mark in the last round. Rodriguez, even landed a solid right that rocked the Filipino. “Rodriguez gave me a good fight. He didn’t give up and he even hurt me,” Ancajas said. Rodriguez, 25, assaulted the Panabo City pride in the fight but couldn’t land a big punch and took much of

Rachael Blackmore douses Minella Times with water after the victory. AP

Ancajas’s pinpoint counterpunches in the first seven rounds. Ancajas, called “Pretty Boy” in the boxing world, improved to 33-1-2 win-loss-draw record with 22 knockouts. Mark “Mark “Magnifico” Magsayo made it a double celebration for Filipinos as he stretched his undefeated streak with a fourthround technical knockout victory over American Pablo Cruz (21-4 with six knockouts) in their non-title featherweight bout. Magsayo improve to 22-0 with 15 knockouts.

JERWIN ANCAJAS lands a right on Jonathan Javier Rodriguez’s rib cage.

MATSUYAMA WRESTS 4-SHOT MASTERS LEAD A

UGUSTA, Georgia—The storms that stopped play for a little more than hour Saturday at the Masters were expected. The masterpiece delivered by Hideki Matsuyama after the break was not. Matsuyama played the final eight holes in six-under par, turning a two-shot deficit into a four-shot lead. With four flawless swings and three putts late on the back nine at Augusta National, he went from part of a logjam on the leaderboard to the cusp of becoming the first Japanese player to win a major. The final touch was a superb par save from 25 yards behind the 18th green for a seven-under 65, the only bogey-free round this week at the Masters. “I wouldn’t have believed it,” Matsuyama said through his interpreter. “But I did play well today. And my game plan was carried out, and hopefully, tomorrow I can continue good form.” It all started in his car, where the 29-year-old waited out the storm delay. Part of the time was playing on his phone. He also thought about his last shot, a drive into trees right of the 11th fairway. “During the rain delay, I just figured I can’t hit anything worse than that,” Matsuyama said. “And so maybe it relieved some pressure. I don’t know. But I did hit it well coming in.” Matsuyama was at 11-under 205, four shots clear of Xander Schauffele (68), Justin Rose (72), Marc Leishman (70) and Masters rookie Will Zalatoris (71). It was 10 years ago when Matsuyama first played in the Masters as the Asia-Pacific Amateur winner. He learned then he could handle Augusta National as the only amateur to make the cut in 2011, finishing on the same score (1-under 287) as defending champion Phil Mickelson. Now comes the real test.

“If Hideki plays well, he can control his own destiny, I guess,” Leishman said. “But a lot can happen around here. I’ve seen what can happen. I’ve had bad rounds here myself and I’ve had good rounds. You can make up four shots fairly quickly, but you have to do a lot of things right to do that.” Matsuyama did just about everything right, starting with his first shot after the delay—a 7-iron he punched under the trees and onto an 11th green slightly slowed by the moisture to 20 feet for birdie. After his birdie from 10 feet on the 12th, Augusta National came to life. Imagine the roars if there had been a full capacity of spectators. In a sequence that took no more than two

minutes, Schauffele ran in a 60-foot eagle putt across the 15th green to momentarily tie for the lead at 7 under; back on the 12th, Rose made a 25-foot putt for his first birdie since the second hole, giving him the lead at 8 under. That lasted as long as it took Matsuyama to cash in on his 5-iron to the 15th by making a five-foot eagle putt to reach 9 under, his first time in the lead. And no one could keep up. AP

Is there anything to learn from sports bubbles? RICK OLIVARES | bleachersbrew@gmail.com

BLEACHERS’ BREW THE enhanced community quarantine (ECQ) has pushed back a lot of things from business to work to even sports. With good reason. The increase in Covid-19 infections certainly warrants so. I can understand the reopening of business because our survival depends on it. I can understand the calls for the return to face-to-face learning. And maybe, just maybe, something can be done. However, every day, you hear of new infections and deaths as well as recoveries. While the lack of vaccines and people not mindful of the safety protocols contribute to the higher figures, I wish there was more specific data about the infections, deaths, and well, this contagion. How we can deal with it. I happen to think the local contact tracing is a bust because of poor implementation

and a general lack of how to do it. Really. Go into a grocery and you see the names of Harry Potter and LeBron James on some info sheets. Are identification cards even checked? Social distancing is simply not practiced. You tell people to mind their distance and they get upset. It is extremely annoying. What is the data surrounding the infections telling us? Is no one studying the data? And the numbers are small in the provinces but how accurate is that? Is it because of the lack of testing or are there just fewer numbers? Furthermore, what can be learned from the self-contained communities? I know the sports bubbles are micro communities and easily more containable, but I am sure there are lessons to be learned from them that can be applied elsewhere. There have been several successful ones

HOLLYWOOD fantasy turned into reality on Saturday when Rachael Blackmore became the first female jockey to win Britain’s grueling Grand National horse race, breaking down one of the biggest gender barriers in sports. Blackmore, a 31-year-old Irishwoman, rode Minella Times to a landmark victory at odds of 11-1 in the 173rd edition of the famous steeplechase at Aintree in Liverpool, northwest England “I don’t feel male or female right now. I don’t even feel human,” Blackmore said. “This is just unbelievable.” Blackmore is the 20th female jockey to compete in a race that has been a mudsplattered British sporting institution since 1839. Women have only been allowed to enter the National as jockeys since 1975, making it a male-dominated event—until now. “I never even imagined I’d get a ride in this race, never mind get my hands on the trophy,” Blackmore said. After all, the 1944 Hollywood movie “National Velvet” was the story of a 12-yearold girl, Velvet Brown—played by a young Elizabeth Taylor—who won the Grand National on The Pie, a gelding she won in a raffle and one she decided to train for the world’s biggest horse race. In the story, Brown was later disqualified on a technicality, having dismounted before reaching the enclosure. Even though Aintree was without racegoers because of the pandemic, cheers rang out as Blackmore made her way off the course— still aboard Minella Times—and into the winner’s enclosure. She looked as if she couldn’t believe what she had done. “For all the girls who watched National Velvet!” tweeted Hayley Turner, a former female jockey. “Thank you Rachael Blackmore, we’re so lucky to have you.” Blackmore, the daughter of a dairy farmer and school teacher, grew up on a farm and rode ponies. She didn’t have a classic racing upbringing, though, making her ascent in the sport all the more inspirational. A professional jockey since 2015, she rode the second most winners in Irish jump racing in 2018-19, the same season she won her first races at the prestigious Cheltenham Festival. She was already the face of British and Irish horse racing before arriving at Aintree, having become the first woman to finish as the leading jockey at Cheltenham three weeks ago. Now she’s won the biggest race of them all, one that even non-horse racing enthusiasts turn on to watch and one that first captured Blackmore’s imagination. Indeed, her first memory of horse racing is going over to a friend’s house and taking part in a sweepstake for the National. A beaming Blackmore had special words for her parents, who “took me around the country riding ponies when I was younger.” “I can’t believe I am Rachael Blackmore. I still feel like that little kid—I just can’t believe I am me,” she said. “I hope it does help anyone who wants to be a jockey. I never thought this would be possible for me. I didn’t dream of making a career as a jockey because I never thought it could happen.” The previous best performance by a female jockey in the National was Katie Walsh’s third-place finish on Seabass in 2012. Minella Times was always near the front of the field and Blackmore timed the horse’s run for glory to perfection, easing past long-time leader Jett with around three fences to jump. The famous, draining run to the line— about 500 meters from the last fence— was a procession as Minella Times won by six-and-a-half lengths. One of the other two female jockeys in the race, Bryony Frost, was taken to the hospital after being unseated from her horse, Yala Enki. AP

Hideki Matsuyama is on the cusp of becoming the first Japanese player to win a major. AP

and what can be learned from them? What are the best practices around the world or locally when it comes to containing or suppressing the virus? Why is it when numbers are up, local officials do not say which communities are specifically infected? Which households so one can avoid them? What is all this secrecy? Who is actually protecting who? There is one building in my area that has supposedly been quarantined and yet I saw with my own eyes cars coming in and out of the lower level parking. What gives? Am just so angry at the way this pandemic is being managed. There is so much incompetence going around. I regularly go through checkpoints and man, they aren’t worth anyone’s time. The people manning it hardly look up from their cellphones. I know the world continues to struggle from this pandemic. Even the current vaccines aren’t long-term solutions. They are meant to provide anti-bodies and as of the latest report, have an effectiveness up to six months before you need another dose. The threat of new strains threatens to even render them moot. If you noticed, I have a lot of questions in the above paragraphs. I am just furiously upset at this. You’d think that more than a year into lockdown, we’d get better at managing this. But no. It’s like we didn’t learn anything at all.

#PHUSThrivingAt75 Project Manager: Karinna “Bim” Mauricio

A BusinessMirror Special Feature

Monday, April 12, 2021

FRIENDS, PARTNERS, ALLIES

The Philippine-US Bilateral Relationship The two countries formalized diplomatic ties 75 years ago, and bilateral trade and investments have only grown through time.

By Maan D’Asis Pamaran

HE Philippines and the United States established formal diplomatic relations on July 4, 1946, on the same day the former gained its status as an independent and sovereign republic. Since then, the two countries have expanded and deepened bilateral cooperation in many areas—most notably in defense and security, trade and commerce, as well as culture and education.

The Philippines is also the US’s oldest treaty ally in Asia as this is also the 70th year of the Mutual Defense Treaty that formalized their treaty alliance, enabling close security cooperation which enhancing mutual peace and security. “Some say 75 years is indeed a long time to stay as friends, partners, and allies,” says Philippine Ambassador to the US Jose Manuel G. Romualdez. “But I believe this is an undeniable testament to the depth and quality of the bilateral relationship. Our ties have withstood the test of time, and have served both our countries and peoples well.”

Commercial activity and cooperation

ACCORDING to U.S. Embassy to the Philippines Chargé d’Affaires John Law, the United States is one of the largest foreign investors in the Philippines, and long-time U.S. investors have continued to expand their Philippine portfolios due to the country’s vibrant domestic market, positive economic prospects, and stable macroeconomic fundamentals. It is among the Philippines’ top three trading partners, having exchanged more than US$30 billion goods and services in 2019. The United States is also among the Philippines’ top foreign investors, with more than US$161 million in Foreign Direct Investments (FDI) inflows for 2020. American firms are the largest electronics, integrated circuits, and semi-conductor exporters in the country. Nearly 40 U.S. companies operate in the Philippine semiconductor industry, which generates more than half of all Philippine exports. The Information-Technology Business Process Management (ITBPM) industry employs more than a million Filipinos, and it’s estimated that nearly 70 percent of Philippine IT-BPM business comes from the United States. Law adds, “Over the past few years, we have seen an increase in private equity placements; U.S. firms are funding important growth in areas like health care, communications, fintech, and natural gas. We have also seen new partnerships and investments in the Philippine market, including in innovative areas such as turning solid waste into fuel and in energy storage.” Romualdez says, “We are ranked first in voice-based and second in non-voice-based services globally. We have been a cost-competitive destination for major multinationals for the last two decades and our pool of young, talented, English-speaking professionals continue to grow to take on higher value services in finance, education, healthcare, and ICT creatives.” The partnership between the two countries is a driver for other industries to flourish. “The Philippines was recently ranked by the United Nations Conference on Trade and Development (UNCTAD) as second

overperformer in ICT deployment, skills, research and development, industry activity and access to finance, relative to per capita GDP. According to UNCTAD, the Philippines exceeded expectations because of its high ranking in the industry, which showed high levels of foreign direct investment in high-technology manufacturing, especially in electronics. Multinational enterprises are also encouraged in our strong supply chains and solid base of parts manufacturing. We were also recognized for our pro-business policies, skilled and well-educated workforce, and our network of economic zones,” Romualdez explains. Some of the most recognizable U.S. firms have opened operations in the Philippines over the past few years. Law cites Amazon, which launched its first customer service office in 2018 in Cebu, followed by a second facility in Manila. “These offices have created a total of 3,200 customer service jobs for Filipinos. Several large U.S.-based investment funds have made large investments in the Philippines in recent years. AmCham has increased its membership over the years as U.S. firms continue to expand and relocate operations to the Philippines. One example is FedEx, which announced it will expand operations in Clark. The company plans to increase flights into and out of the Clark Airport, and more efficiently serve many of the semiconductor companies in North Luzon. With the plethora of energy and digital opportunities in the country, there is growing interest from U.S. companies looking to invest in these growing markets.” Breaking down the figures, USec. Ceferino Rodolfo, Undersecretary for the Industry Development and Trade Policy Group of the Department of Trade and Industry and Vice Chairman and Managing Head of the Board of Investments, says that in 2020, the U.S, was the country’s 3rd major trading partner, 2nd biggest export market and 4th largest import source. The Philippines enjoys preferential duty-free market access of certain exports to the United States under the Generalized System of Preferences (GSP), with the Philippines ranking as top 5th beneficiary of the Program last year. The inclusion of travel goods into GSP in 2017 also boosted Philippine exports of those products to the United States. Total bilateral trade in 2020 was valued at US$ 16.36 billion representing US$ 9.72 billion exports and US$ 6.64 billion imports. The Philippines’ five major export products to the U.S. included semiconductors, integrated circuits, storage units, and static converters amounting to US$ 3.95 billion. The top five imports from the U.S. include integrated circuits, wheat and meslin, oil-cake, accessories on consignment, and milk and cream valued at US$ 3.14 billion. The Philippines enjoys a slight trade surplus with the United States.

PHILIPPINE Ambassador to the United States Jose Manuel G. Romualdez (center) is joined by U.S. Acting Assistant Secretary of State for East Asian and Pacific Affairs Ambassador Sung Kim (right) and U.S. Principal Deputy Assistant Secretary for East Asian and Pacific Affairs Ambassador Atul Keshap at the launch of the yearlong celebration of the 75th Anniversary of the Establishment of Diplomatic Relations between the Philippines and the United States on 26 March 2021 at the Philippine Embassy in the United States, Washington, D.C.

“In terms of investments, the U.S. topped the rankings of the Philippines’ source of approved investments in 2020 valued at US$ 712.81 million. Industries where there were significant U.S. investments in 2020 were in transportation and storage, administrative and support service activities, manufacturing, real estate activities, information and communication technology, wholesale and retail of motor vehicles and motorcycles, and financial and insurance activities,” according to USec Rodolfo. As the US seeks to expand commercial activity in the Philippines, it is also actively encouraging Philippine investment in the United States. Law shares that from June 7-11, 2021, the U.S. Commercial Service and the U.S. Department of Commerce will welcome Philippine companies of all sizes to expand business in the United States through the SelectUSA program. “SelectUSA provides information and data to help companies move investments forward. It’s a great opportunity for Philippine companies to expand operations or discover opportunities in the United States,” he explains.

Post-pandemic progress

IN recent years, ASEAN has attracted huge inflows of Foreign Direct Investment (FDI), totaling more than $100 billion, exceeding the volume received by China, Law reveals. “We will continue to see more investment and focus on the ASEAN region. The U.S. Government’s IndoPacific Business Forum, launched in 2019, is now an annual event that strengthens economic linkages between the United States and the region. Greater trade and investment interest in Southeast Asia also has benefited the Philippines.” He adds that in 2017, the Philippines reached a record level of US$10 billion net FDI. “This level declined to US$6.5 billion in 2020 in line with depressed FDI flows worldwide, but analysts predict FDI will pick up as the Philippines recovers from the pandemic.” As part of the pandemic recovery process, President Rodrigo Duterte has signed the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE as the second phase of the tax reform program. Romualdez describes it as “our biggest stimulus program ever for businesses, and a game-changer that will support our pandemic recovery efforts. By cutting corporate income tax from 30% to 20% for micro, small and medium enterprises and 25% for all other companies, and providing an enhanced incentives package, we are leaving more money with the private sector to support their recovery, as well as their expansion plans. We trust that

they will re-invest their tax savings to spur further economic activity.” “The passage of CREATE, as well as of the Financial Institutions Strategic Transfer Act, which allows banks to efficiently offload their bad loans and non-performing assets to mobilize savings and investments and extend more loans to enterprises in need of assistance, presents an opportunity to deepen our trade and investment partnership with the U.S.,” Romualdez adds. Law also makes mention of Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), saying that it will provide additional certainty for firms considering investing in the Philippines. “The recent report that the Philippines is considering joining the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) is important as it will ensure that existing and future export manufacturers will have access to more free trade markets. The CREATE Act, which reduces the corporate income tax to 25 percent and improves fiscal incentives, is a milestone for existing and new investors. Companies are watching the progress of Build, Build, Build as well as labor market reforms.“ With the mission to “build back better,’”, postpandemic focus is also given to addressing the climate challenge and gaps in the global and regional trade environment that were amplified by the current crisis. Romualdez notes energy programs as one such area of cooperation through power plant projects and clean energy technologies. This includes promoting the use of electric vehicles, starting with the conversion of engines of public transport vehicles using locally available materials such as the nickel that is used in batteries. Another critical area is digital connectivity and telecommunications. “The pandemic magnified the importance of connectivity as schools, businesses and even government services had to migrate online. We therefore continue to invest and welcome investments in our telecommunications infrastructure. Last month, the President also issued an Executive Order allowing inclusive access to satellite services to open opportunities for telecommunication companies to provide better internet services and access nationwide. We hope

this will pave the way for the entry into the Philippine market of service providers such as SpaceX’s Starlink,” Romualdez says. “The Philippines has long been a trade and investment destination for U.S. firms in view of close historic bilateral ties and the Philippines’ recent impressive economic growth story. However, in a post pandemic global economy the country needs to continue to differentiate itself to compete more effectively with its peers in ASEAN and improve its position in Asia’s evolving regional trade landscape. A commitment to dialogue with the private sector to promote economic recovery and further trade liberalization by ratifying RCEP or joining the CPTPP, would signal openness to more economic participation by foreign firms,” states Marc Mealy, Vice-President for Policy of the US-ASEAN Business Council.

Strengthening ties

DURING the ongoing COVID-19 pandemic, foreign investors have been unable to travel to the Philippines, evaluate potential work sites, or meet with government agencies and potential partners, Law notes.

“As the pandemic situation improves, we will continue to help U.S. firms explore opportunities with Philippine partners, which would support post-pandemic economic recovery in both of our countries. We are eager to see FDI return to prepandemic levels and to identify ways to expand bilateral trade and investment even further.” When asked about how the new administration under President Joseph Biden, Jr. will continue to strengthen the flourishing 75-year relationship, Law responds: “The Indo-Pacific is a vital region for U.S. national security, economic growth opportunities, and maintaining a rules-based international system that respects national sovereignty and individual freedoms. U.S. engagement in the Indo-Pacific will continue to expand, especially with allies like the Philippines and institutions such as ASEAN. The new U.S. national security team’s earliest calls to foreign interlocutors were to their Philippine counterparts; in fact, U.S. Secretary of State Antony John Blinken called Secretary of Foreign Affairs Teodoro Locsin Jr. on his second day on the job. This close, high-level engagement demonstrates how important our relationship with the Philippines is for the new administration. The Filipino people are some of our closest friends, partners, and allies.” He also says that the full range of U.S. departments and agencies— such as USAID, U.S. International Development Finance Corporation (DFC), United States Trade and Development Agency (USTDA), Department of Commerce, Department of Agriculture, and EXIM Bank—are committed to advancing our close economic relationship with the Philippines. “Both sides are committed to elevating our trade and investment ties, and the U.S. Embassy in Manila will play a leading role. The U.S. is supporting expanded economic ties in key sectors as part of our Indo-Pacific vision: energy, digital connectivity, and infrastructure. These will be priority interest areas in the coming years.”

#PHUST

A BusinessMirr

Monday, April 12, 2021| www.businessmirror.com.ph

A BASE FOR BUSINESS Rising from the ashes, New Clark City is attracting US investors as a hub for strategic investments By Maan D’Asis Pamaran

N 1898, a tract of land located 100 kilometers north of Manila was used as a U.S. military camp for the 5th Cavalry after the Spanish-American War. It was later named Clark Field in 1918 after pre-World War 1 pilot Major Harold M. Clark who led the construction of its runways. The base held strategic significance during World War II as an airfield used by both the US and Japanese forces as a base for East Asia operations, with its valuable location further recognized post-war as it became the largest U.S. military air base outside the United States. During the Vietnam War which lasted from 1955 to 1975, Clark Air Base was used as a strategic supply base and fighter-squadron installation by the US. The Mt. Pinatubo eruption in June 1991 covered the entire area with volcanic ash, and the US government withdrew its forces and equipment. From under the rubble, the Philippine government built a Freeport and Special Economic Zone on the site. This has since grown under the BCDA (Bases Conversion and Development Authority) into New Clark City, a thriving hub with an eye towards sustainability. The strategic location that was valued as a military resource has become an attraction for foreign investors who are building their presence not only in the Philippines but also in the rest of Southeast Asia.

Modernized facilities

BCDA President Vince Dizon cites that the exports out of Clark was at $6.8 billion, the highest ever in one year. In 2020, despite the pandemic, it had exports of $6.7 billion. He projects even bigger growth with the completion of the Clark Airport, which is expected to triple its capacity from four million passengers to 12 million once travel opens again. The airport, which is set to open in July, will feature contactless solutions for its passengers that include self-service kiosks and self-service bag drops. Global logistics company FedEx is set to open a $30 Million, 17,000 sqm gateway facility at

BCDA

Clark also by July. The state-of-theart cargo facility is part of their ongoing Asia Pacific expansion, and will provide employment to about 800 workers in order to process about 9,000 documents and parcels per hour, aided by a 24/7 customs clearance operation. At the core of the development is well-planned infrastructure and transport services. Dizon says Clark is shaping up to become a model of effective urban planning, with open spaces, multi-use facilities, efficient public transport for employees, and even a designated bike lane all taken into account into the sprawling complex. It will avoid the congestion found in Metro Manila’s urban areas, which, along with state-of-the-art testing and isolation facilities, has helped its communities and outlying areas mitigate the impact of Covid-19.

Attracting investors

ONE of the factors why US businesses have been attracted to Clark is the historical ties and the name recall for many of the American decision makers. Dennis Wright, Founding Director of the US-Philippines Society and Founder, Past President, and Chief Executive of Peregrine International explains, “The History of Clark, and its sister freeport in Subic, are deeply rooted in the American psyche, recognizing that for nine decades they were the two largest military bases outside of the U.S. So, first and foremost, Clark has ‘brand name’ recognition to most American entities.” Today, he adds, Clark has be-

come a haven for many American businesses which were quick to take advantage of the Clark Freeport special economic incentives. “The first American company to see the wisdom of establishing a presence on Clark was PhilExcel in 1993 at the behest of President Ramos. Later, in 1996, its sister, BerthaPhil, established additional business parks within Clark. Clearly, the giant among American giants today is Texas Instruments with its foray into Clark in 2009, now exporting over a billion dollars a year of electronic components. Sutherland, one of the largest BPO operators in the U.S. also has a large presence as do the logistic giants, FedEx and UPS. Hailing from Lombard, Illinois, is Viskase, a unique manufacturer and one of the preeminent suppliers of processed meat casings. Today, over 1,000 locators, mostly international investors, call Clark home.” Wright’s keen interest and enthusiasm in the area is also on a personal basis, as his company was involved in Clark’s development. “In 2008, I conceived the development of the largest foreign real estate project in the Philippines, Global Gateway Logistics City. For seven years, my company led the development of this 177-hectare business park where I coined the term, ‘Clark Is It’.” He acknowledges that American businesses are attracted to Clark in part because of the economic incentives offered, he says. However, there is much more to it. “Clark offers tremendous access to an integrated, multi-modal

transportation system which includes easy access to arguably the best international airport in the country at Clark. It also has convenient access to two deep-water container ports in Subic, just 45 minutes away, as well as Manila, now just 90 minutes with the opening of the new SCTEX-NLEX connector expressway. Clark also is close enough to Metro-Manila for easy access, yet far enough away to avoid the congestion and higher cost of living. It has an abundant, motivated and well-educated labor pool with a high quality of life including easy access to the beaches of Zambales, the mountain retreats in Baguio with plenty of gold, leisure and residential communities to choose from.”

Current business climate

PHILEXCEL is one of Clark’s major locators. It is a professionally managed industrial park operating with international standards, specializing in assisting small to medium size enterprises to establish their operations inside Clark Freeport. “We are the gateway to Clark Freeport with 51 hectares of business park located along the main highway of Clark. We offer ready-tooccupy buildings and custom built structures for lease at significant value for money. Availability of buildings is diverse from office space to industrial buildings,” says General Manager Ian Packham. He notes that inside Clark it is relatively straight-forward to set up, as 100% foreign ownership is allowed. He also has high regard for the workforce for being friendly and family oriented. “They are more loyal to their employer and less likely to hop from company to company to further their career.” His next goal is to rebuild a team to move onto the next level of development, having had to cut back during the pandemic. Much is expected from Clark, as a model of being a resilient modernized city that can be replicated in other areas of the country. Dizon says that with the attention that is given to infrastructure and sustainability, it is envisioned to offer Filipinos a higher quality of life, where they can live, work, and play with their families.

Philippine-American Relations – More and Beyond 75 years

HE Philippine Ambassador to the US recently contacted me, as the Executive Director of the American Chamber of Commerce Philippines, to seek support for a celebration of 75 years of diplomatic relations between our countries. My first reaction was that of surprise. The US and the Philippines have had political relations and certainly business relations - for over a century, so it took a bit of a history lesson to understand the impact of his request. It is worth noting that AmCham Philippines has been active here since 1902, with the primary objective being to promote business between the two countries. We have survived continuously for 119 years, with the exception of the three year period (1942-45) during the World War II Japanese occupation. Actually the initial US contact between our countries began 225 years ago, in 1796, when the small trading ship “Astrea” – the first ship to fly the American flag in Manila Bay - dropped anchor, enroute to the US from Lisbon, Portugal. She loaded 750,000 lbs. of sugar, 63,695 lbs of pepper and 29,637 lbs of indigo for the US market - and relations have continued to the present. However, true diplomatic relations began on July 4, 1946 with the lowering of the American flag and the raising of the Philippine flag over a fully independent Philippines. It is with great pride that we at the Chamber have been at the forefront in support of Philippine-US diplomatic relations over the past 75 years from this official beginning. There have been strains and disagreements between Washington and Manila over these 75 years but never a question that the bond between the Filipino people with America and American’s bond with the Filipino people remains unbroken,

and grows stronger. AmCham receives many inquiries about the Philippine business climate and whether it is a good place in which for American companies to invest. The short answer is always patterned around the indisputable fact that the Filipinos are the most pro-American consumers in the world. Just visit a supermarket and observe the buying habits of the customers and take a look at the goods lining the shelves. The above is a result of at least 75 years of mutual respect. Companies expecting to make a quick buck should avoid coming to the Philippines. It takes time and patience to succeed, but certainly those that exert effort to establish themselves will never regret the decision. There have been several attempts to establish a US-Philippine Free Trade agreement but those efforts haven’t been successful to date. However, AmCham is advocating for the US to reenter the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP; formerly known as the TPP). The Chamber also believes the Philippines should join simultaneously. It will take a few years but it will certainly increase trade between the two countries. Recovery from the current Covid 19 pandemic will be slow but steady. And let there be no doubt that the US will be the number one partner of the Philippines in aiding economic recovery. With the recent passing of pro-business legislation, the private sector will also do its part in the recovery by investing more into the country. AmCham believes that the best years are still ahead for Philippine- US business and diplomatic relations and they will continue to flourish beyond another 75 years. EBB HINCHLIFFE Executive Director at American Chamber of Commerce of the Philippines

THE flag of the United States of America is lowered while the flag of the Philippines is raised during the Independence Day ceremonies on July 4, 1946.

PHILIPPINE PRESIDENTIAL MUSEUM AND LIBRARY

ThrivingAt75

ror Special Feature

www.businessmirror.com.ph | Monday, April 12, 2021

EXPANDING OPERATIONS IN PHL AND THE US

How US-PHL economic ties allowed three firms to flourish

By Edwin P. Sallan

INCE the Philippines and the United States of America first formalized diplomatic ties 75 years ago, the relationship between the two countries has been further strengthened by the arrival of numerous US-based corporations that chose the Philippines as the base of their AsiaPacific operations. In addition, many Philippine companies have also found success in expanding their global footprint enhanced by or anchored on significant American presence. At least three companies spotlighted here have benefitted from the strong economic ties between the US and the Philippines. Two of these companies are US-based Fluor Daniel and the Planate Management Group. The third, the Philippine Long Distance Telephone Company or PLDT, Inc. has also gained a strong foothold in the US and the European markets with its PLDT US operations.

Establishing their foothold

Fluor Daniel, Inc., an American multinational engineering and construction firm headquartered in Irving, Texas, has been operating in the Philippines since the 1980s. Tony Rutland, the company’s general manager for its Philippine operations, considers the country “a great place to establish an engineering office, and to conduct business.” “Fluor first worked in the Philippines when we built the Shell Batangas refinery over 30 years ago. Our experience with our Filipino

employees on that job was a driver of our decision to establish a permanent engineering office in the Philippines. The strong engineering talent available in the Philippines has allowed us to grow our presence substantially and today our Philippine office works on projects for Fluor’s global clients—whether in Canada or Kuwait,” Rutland further shared. He attributes Fluor’s success in the Philippines to its Filipino employees who the company considers “world class in their talent, skills and dedication.” “But the Philippines has an additional benefit that makes it unique – the people. It has been said that the Filipinos are the happiest people on earth and we see that in working with them every day. They bring a joy to the office, but they also bring a technical capability that allows us to work with clients around the globe,” he pointed out. Similarly, the Planate Management Group, the Virginia-based management consulting firm, has also had a similar experience with its Philippine operations but company president Chris Decker also cites challenges in

TONY RUTLAND Fluor Daniel, Inc. - Philippines General Manager

terms of business compliance. “Business formation and compliance in Singapore is much easier than in the Philippines, but the costs are generally higher while taxes are lower. Business formation and compliance in our Kenya office compare equally with the challenges of business in the Philippines. Labor law compliance is challenging at times. The Philippine Economic Zone Authority (PEZA) and Free Trade Zones have been helpful, but the loss of these will be problematic,” Decker noted. The American executive, however, is quick to commend the company’s Filipino employees for their “eagerness, attitude, and work ethics.” “I have been working with Filipinos since this company started. These attributes are the foundations this company stands on,” Decker said. On the other side of the coin, Philippine companies that expand their presence on American soil are flourishing well, as in the case of PLDT US, which has been serving American and Filipino-American businesses since the start of the new millennium. “PLDT (US) LTD commenced its operations in June 2001 offering wholesale voice traffic to

MR. IAN PACKHAM General Manager PhilExcel Business Park

CHRIS DECKER President, Planate Management Group

various carriers/telco operators, and voice/data services to Philippine call centers/BPOs (Business Process Outsourcing). Two years after, it offered retail products focused primarily for Filipinos calling the Philippines. This retail product then evolved from physical phone cards to MVNO (Mobile Virtual Network Operator) to mobile app. Today PLDT US offers wholesale voice traffic, data services, and various retail products,” revealed PLDT US general manager Chito Ocampo. “PLDT, Inc. is the only Philippine company listed in the New York Stock Exchange (NYSE) through its American Depository Shares (ADR). PLDT US, through its international arm, PLDT Global, was established to serve the needs of our clients globally, directly and indirectly. In the US, our objective is how we can stay relevant to our US clients, both American and FilipinoAmerican. We focus our attention on technology trends and look at how we as a company can take and use technology as a major innovator in this industry. PLDT US stays relevant to existing and new clients by leading them to areas where they are able to continue to enable business and create more revenue,” added Rich Ortega, man-

RICH ORTEGA Managing Director and Senior Advisor of PLDT US

aging director and senior advisor of PLDT US.

Thriving amidst the pandemic

Despite the tremendous growth these companies enjoyed after setting up shop outside of their respective home bases, their operations have nonetheless encountered new challenges as a result of the Covid-19 pandemic that began over a year ago. Rutland acknowledged that the global economic slowdown has affected Fluor. Thankfully, the particular industry their company belongs to is not among the hardest hit. “Engineering and construction are considered an essential industry in many countries and Fluor Philippines has continued to work on important projects worldwide. We [also] have other execution centers in China and India which are partners of our office here in the Philippines. We work on many jobs together and share resources when projects require. All of our offices in Asia Pacific are key parts of our strategy and perform at the highest level,” he revealed. For his part, Decker admits that “things are flattening out in the government space” since Co-

CHITO OCAMPO GM of PLDT US

vid-19 broke out a year ago but was also surprised that the pandemic “increased sales for Planate as a result of contingency engineering support.” Even with the compliance and other challenges, Decker remains optimistic about Planate’s Philippine outlook. “Our firm continues to move more backoffice operations to the Philippines for our worldwide footprint. New business formations in the USA will scale our established footprint in the Philippines,” he underscored. As for PLDT US, Ortega said being a Global Service Provider (GSP) which serves the Americas and Europe, the company has had its share of pandemic-related challenges. “However, with the availability to enable remote work and with one-on-one collaborations slowly returning with the advent of mass inoculation in 2021, there is that light at the end of the tunnel. What separates a company from other companies is how well they serve their clients.” PLDT US takes that to task all the time. We make sure we have a world-class operation that supports our ability to handle clients and give them proper account management,” Ortega concluded.