BusinessMirror April 23, 2020

Biz chafes at LGUs’ ECQ rules

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By Elijah Felice Rosales

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EARING that a martial rulelike lockdown will further obstruct the flow of goods, the Philippine Economic Zone Authority (Peza) has appealed for the integration of quarantine rules instead to improve the fight against the coronavirus pandemic.

Peza Director General Charito B. Plaza on Tuesday asked the Interagency Task Force for the Management of Emerging Infectious Diseases (IATF) to synchronize its rules and regulations with those of the local governments. She said there’s no need for a martial rulelike implementation of lockdown

guidelines for as long as state agencies are coordinated.

“There is no need for martial law, but the utilization of the right tactics, strategies and a unified enforcement of quarantine measures, emergency rules and policies in order to establish public order,” Plaza argued in a statement.

She scored local governments for allegedly making matters worse for manufacturers and consumers alike by issuing executive orders (EO) that only disrupt the movement of goods and people. At a time like this, she said it is crucial that state officials come together and craft a single approach in addressing the health crisis.

“Everything must be strategized and harmonized together, not kanya-kanya,” Plaza said.

“LGUs should not separately address the pandemic and create invisible walls,” the Peza chief added. “Lockdown policies per island or per region greatly affect or hamper the flow of goods and mobility of workers because of different EOs imposed by the LGUs.” In a survey by the Peza, a copy of which was obtained by the BusinessMirror, economic zone locators reported that they are suffering from logistical issues under the enhanced community quarantine imposed in the whole of Luzon.

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CITIRA TO BE TWEAKED TO ACCOUNT FOR COVID www.businessmirror.com.ph

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Thursday, April 23, 2020 Vol. 15 No. 196

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

WORLD BANK: VIRUS, OIL PRICE DIP HURT REMITTANCE FLOWS

INSTEAD of their families welcoming them at the airport, Filipino workers returning home will be met by Philippine Coast Guard and Airport Police members who will escort them to buses that will take them to their quarantine place. Thousands of OFWs are estimated to have been laid off, placed on forced leave, or suffered pay cuts due to the Covid-19 pandemic. The Department of Foreign Affairs said Filipinos wishing to return will be repatriated. NONIE REYES

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RESIDENTS, under the watchful eye of policemen reminding them to practice physical distancing, await their turn to pass through a disinfectant tent before being allowed to enter a public market in Las Piñas City. NONIE REYES

By Samuel P. Medenilla & Bernadette D. Nicolas

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CONOMIC managers are seriously studying tweaks to the pending Corporate Income Tax and Incentives Reform Act (Citira) to provide relief to companies affected by the novel coronavirus disease (Covid-19).

Acting Socioeconomic Planning Secretary Karl Kendrick Chua on Wednesday said he wants revisions in the bill, which the House of Representatives approved last year, but is still pending in the Senate.

The Department of Finance said on Wednesday it is studying whether to tweak the provisions of the pending Comprehensive Tax Reform Program (CTRP) bills, including the Citira, as a form of Covid-19 relief.

Finance Secretary Carlos G. Dominguez III gave an indication of what provisions of the Citira could be tweaked to satisfy the twin objectives of, on one hand, helping shore up revenue for a government forced

to shell out billions in business stimulus and worker relief, and on the other, easing the pain of the sectors most impacted by the lockdowns forced by the pandemic.

“Still under study, but one idea worth exploring, is the possibility of granting the FIRB (Fiscal Incentives Review Board) the flexibility of tailoring programs to the needs of individual companies,” Dominguez said in a message to reporters.

Pressed whether the DOF is also considering to defer corporate income-tax cuts under the Citira bill or is eyeing to focus on tweaking incentives first, the country’s finance chief said: “Still under study.”

PESO EXCHANGE RATES n US 50.8360

Citira still urgent

IN an online press briefing, Chua, a former DOF undersecretary, said on Wednesday he thinks the Citira should still be passed as soon as possible since it will help provide additional revenue to the government for its Covid-related measures.

However, he said it should contain new provisions to “help those affected by Covid.”

“Once the Covid-19 crisis is over, this will be studied by the Department of Finance and Neda will be providing inputs because we need to know the economic impact of each policy,” Chua said, in a mix of English and Filipino.

He made the statement as the Philippine Chamber of Commerce and Industry (PCCI) appealed to the government to keep its generous incentives for firms to attract companies, which are now relocating out of China.

If passed into law, Citira would amend sections of the National Internal Revenue Code to reduce corporate income tax in the next decade, while gradually removing tax breaks for investors.

Chua also pointed out that the government would be forced to

borrow money if it does not pass the needed tax reforms to finance the needs of the society.

“Ang pangalawa po ay alam niyo po kung di po tayo magpapasa ng mga tax reforms, ang ibig sabihin niyan sa dami ng kailangang tulungan, sa dami ng kailangang serbisyong ibigay ay uutang po tayo. Pero ang utang ay hindi po ito libre na galing sa langit. Ang ibig lang sabihin ng utang hindi natin babayaran ngayon sa pamamagitan ng buwis. Ang ibig sabihin niyan, ’yung mga anak or mga apo ang pinapabayad natin nitong inutangan natin [Second, as you know, if we don’t pass the tax reforms, that means that with so many people who need help and so many services that must be provided, we’d have to borrow.

But loans don’t fall from heaven.

Incurring a debt only means we don’t have to pay for things right now by paying taxes. But it also means, our children and grandchildren will pay for our debts today],” he said.

In early March, the PCCI urged the Senate to immediately pass Citira and end uncertainty in doing business in the country.

By Cai U. Ordinario

EMITTANCES from Filipinos abroad are expected to decline due to the coronavirus 2019 (Covid-19) pandemic, according to the World Bank, which said the projected fall in remittances of migrant workers worldwide would be the steepest in history.

In a Migration and Development Brief titled “Covid-19 Crisis Through a Migration Lens,” the World Bank said remittances by overseas Filipinos still have not slowed to date at 4.8 percent in January and 4.4 percent in February.

However, the World Bank cited the estimate earlier made by former Socioeconomic Planning Secretary Ernesto M. Pernia that remittances would decline by 20 percent to 30 percent due to the pandemic.

"We do expect a decline in remittances, particularly from OFWs [overseas Filipino workers] engaged in tourism-related businesses. This comes up to only about 4 percent to 5 percent of remittances. We still need to factor in the lower oil prices in the simulation, though,” National Economic and Development Authority (Neda) Undersecretary for Policy and Planning Rosemarie G. Edillon told the B usinessM irror .

Factoring oil prices in the estimates would affect remittances since millions of OFWs are working in oil-producing countries in the Middle East.

The continuing plunge in world oil prices further shook the industry on Tuesday, when prices dived so low—at negative values—that some traders paid just to have the oil stocks taken from them.

Based on the 2018 National Migration Survey of the Philippine Statistics Authority (PSA), majority of Filipinos who work abroad went to the Middle East.

Data showed around 20 percent of all Filipinos who migrated abroad in the past five years went to Saudi Arabia. Another 15 percent went to the United Arab Emirates; 7 percent went to Kuwait; and another 7 percent went to Qatar.

In a recent Ateneo de Manila University (ADMU) Policy Brief, Ateneo Center for Economic Research and Development (ACERD) Director Alvin P. Ang and Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano estimated around 300,000 to 400,000 OFWs will be laid off or suffer pay cuts due to the pandemic.

Ang and Opiniano said this will likely cut the remittances from OFWs by 10 to 20 percent or as much as $3 billion to $6 billion, “the steepest decline in remittances in Philippine migration history.” This means remittances could only reach $24 billion to $27 billion this year from $30 billion in 2019.

The high estimates were disputed, though, by recruitment industry veteran Lito Soriano, who said in a separate statement that he projected declines in remittances to only reach less than $3 billion, “a 10-percent decline from the $30-billion remittance in 2019,” adding that the $3 billion-$6 billion estimates by Ang and Opiniano—more or less parallel with House Ways and Means chairman Joey Salceda’s $5-billion projection—were too high.

For its part, the World Bank said: “Year-on-year growth in remittances for January and February 2020 was 4.8 percent and 4.4 percent, respectively, suggesting little slowdown to date. However, the government is anticipating a 20- to 30-percent decline in remittances for 2020 and a corresponding growth rate of 2 percent due to the fallout from Covid-19.”

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n JAPAN 0.4718 n UK 62.5334 n HK 6.5597 n CHINA 7.1676 n SINGAPORE 35.5174 n AUSTRALIA 31.9453 n EU 55.2079 n SAUDI ARABIA 13.5491

Source: BSP (April 22, 2020)

News BusinessMirror

A2 Thursday, April 23, 2020

www.businessmirror.com.ph

PHL data gaps make it at risk from food crisis–global report

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By Jasper Emmanuel Y. Arcalas

HE Philippines must invest to improve its data system as a tool to prevent food crises as it is currently blind on the extent and degree of food insecurity in the country, according to the 2020 Global Report on Food Crises (GRFC).

In its 2020 iteration, the GRFC said 16 countries, including the Philippines, were omitted in the report due to lack of data to provide an estimate of their food insecurity.

The other 15 countries that were not included in the analysis due to lack of data are Bolivia, Comoros, Congo, Democratic People’s Republic of Korea, Djibouti, Syrian refugees in Egypt and Jordan, Eritrea, Islamic Republic of Iran, Kyrgyzstan, Lao People’s Democratic Republic, Nepal, Venezuelan migrants in Peru, Tajikistan and displaced populations in Algeria/ Western Sahara.

Due to this, the GRFC made an “urgent call” for countries to “improve” their “data analytics” to assess the magnitude of food insecurity in their population.

The GRFC pointed out “data has been missing for seven countries,” which are Congo, the Democratic People’s Republic of Korea, Eritrea, Kyrgyzstan, Nepal, the Philippines and Sri Lanka, since

the report was launched in 2017.

“If governments, humanitarian actors and development agencies are to prevent food crises from getting worse in both severity and magnitude, they need reliable, timely and accessible data and analysis to inform early warning and early action,” the report, which was published on April 21, read.

The GRFC recommended that the humanitarian and development community must partner with countries that have “limited data” to address gaps in data-collection systems.

The report added that the Covid-19 pandemic has highlighted the need for countries to invest in “technology-savvy monitoring systems and predictive analysis,” to have a prompt and reliable basis for policy-making.

“The data community must adapt its tools to provide timely, reliable measurement of the impact of Covid-19 on food security and make the data easy to access, interpret and use by policymakers

PHYSICAL distancing proves difficult to maintain as residents line up at Dagonoy Market in Manila during the Luzon-wide enhanced community quarantine. ROY DOMINGO

to enable them to make evidencebased decisions,” it read.

The report revealed that there are about 135 million foodinsecure people in crisis across 55 countries and territories that it assessed and analyzed. The latest figure is the highest in the four years of the GRFC’s existence.

“This increase also reflected the inclusion of additional countries and areas within some countries. When comparing the 50 countries that were in both the 2019 and the 2020 reports, the population in crisis or worse (IPC/

CH Phase 3 or above) rose from 112 to 123 million,” the report read.

In his foreword in the report, United Nations SecretaryGeneral António Guterres said countries must “redouble” their efforts to “defeat hunger and malnutrition” during this time of “immense global challenges, from conflicts to climate shocks to economic instability.”

“This is crucial for achieving the Sustainable Development Goals and building a more stable and resilient world,” Guterres said.

“We have the tools and the know-

About two in every five firms said their operations are injured by the unavailability of labor, as workers are facing difficulty getting to site due to the public transport ban. They also lamented the disrupted flow of supplies attributed to the plenty of checkpoints in place.

The survey also showed that over 22 percent of locators are having problems with getting their shipments cleared from ports, while more than 16 percent are decrying the lack of government services—many of which are suspended—for permits.

The survey was conducted by the Peza between March 26 and April 13. It gathered the insights of 1,749

firms from all over the Philippines.

Plaza argued “the success and survival from this Covid crisis required a well-calculated and a unified balancing act” from the government, one that will address both the health factor of the crisis and its consequential effects to the economy.

“The challenge now is employing the right tactics and strategies to preserve peace and order, protect our people’s lives and properties. We must stand together as one and help each other from top to bottom,” she added.

As of Monday, the Peza reported that 66 percent of its registered firms in Luzon are operating; 40 percent in the Visayas; and 94 percent in Mindanao.

On Thursday (April 23),

Countercyclical

THE World Bank said remittances have a countercyclical flow. When crisis hits host countries, old and new migrants tend to send less remittances, similar to what happened during the Global Economic Crisis.

But when crisis hits their home countries, migrants increase the amounts they send to their families in their countries of origin. This is similar to the increase of remittances observed when the Philippines was affected by the the bird-flu pandemic in November 2003.

“The persistence of the stock of international migrants over an economic cycle or a crisis is an important factor in the persistence or resilience of remittances. Not only do new migrants send money home but also those migrants who arrived a long time ago,” the World Bank added.

how. What we need is political will and sustained commitment by leaders and nations,” Guterres added.

The annual GRFC, which is led by the Global Network Against Food Crises, is the result of a joint assessment of acute food insecurity situations around the world by 16 partners, which include the United Nations’ Food and Agriculture Organization, International Food Policy Research Institute, World Food Programme, European Union, United States Agency for International Development, and United Nations Children’s Fund, among others.

MEANWHILE, the World Bank said remittance fees to the Philippines are among the lowest in East Asia and the Pacific.

Using fourth-quarter 2018 and 2019 data, the World Bank said remittance costs of sending $200 to the Philippines from Singapore was at 2.9 percent in 2018 and 2.2 percent in 2019.

Remittance fees from Kuwait to the Philippines were also low at 3.4 percent in 2018 and 2.8 percent in 2019.

However, these are average costs and more needs to be done to reduce remittance costs not only in the Philippines but also in other parts of the world.

Remittances from South Africa to China were the highest at 25.1 percent in the fourth quarter of 2019. This was higher than the 21 percent posted in the same period of 2018.

Reducing remittance costs is part of the Sustainable Development Goals (SDGs), particularly SDG 10 on reducing inequality within and among countries.

Based on this goal, remittance costs should be reduced to less than 3 percent of migrant remittances. It also aims to eliminate remittance corridors with remittance costs that are higher than 5 percent.

“The five lowest-cost corridors in the region averaged 2.6 percent, while the five highest-cost corridors averaged 15.4 percent as of the fourth quarter of 2019,” the World Bank said.

The World Bank said global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the Covid-19 pandemic and the resulting lockdowns of geographical barriers and industries.

Sharpest fall in history

HEALTH Secretary Francisco Duque, Interior Secretary Eduardo Año, Defense Secretary Delfin Lorenzana, Inter-Agency Task Force on Emerging Infectious Diseases spokesman Karlo Nograles, Metropolitan Manila Development Authority Chairman Danny Lim, Bases Conversion and Development Authority President and CEO Vivencio Dizon and Philippine Red Cross (PRC) Chairman Sen. Richard Gordon inspect one of the latest ambulances especially fitted out for Covid-19 patients at the PRC Molecular Laboratory in Mandaluyong City. BERNARD TESTA

Biz chafes at LGUs’ ECQ rules Citira…

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Lowest fees

RITM SETBACK CAUSES LAG IN TEST RESULTS T

HE scaling down of laboratory operations at the Research Institute for Tropical Medicine (RITM) has caused a lag in the processing of test results of suspected Covid-19 cases, Health Undersecretary Maria Rosario Vergeire admitted on Wednesday, but stressed that the number of confirmed cases is still expected to increase.

“It will give lower number of tests done,” Vergeire said in a text message to the BusinessMirror when ask if low tests results are expected in the coming days.

However, Vergeire said that the number of confirmed cases “will still increase if there are really positive cases in the areas where testing was done.”

The RITM had to scale down its laboratory operations for decontamination of its facilities and thorough testing of its employees after 43 of them tested positive for Covid-19.

The backlog, according to RITM, will be cleared out by the end of the month.

Meanwhile, at Wednesday’s virtual press conference, Vergeire said that 1,062 health-care workers in the country were infected with Covid-19.

Of the number, 422 are doctors; 386, nurses; 30, medical technologists; 21, radiologic technologists; 51, nursing assistants; and 152 are administrative workforce and barangay health workers.

Vergeire said that 26 health-care workers died, of whom 19 are doctors.

As of 4 pm of April 22, only 111 new cases (PH6600-PH6710) of Covid-19 were reported, marking another slowing in the rate of increases. Total number of cases in the country is now at 6,710.

The DOH also announced that there are 39 new recoveries. This brings the total number of recoveries to 693.

There were also 9 deaths reported, bringing the total number of deaths to 446.

Claudeth Mocon-Ciriaco

World Bank…

President Duterte is expected to decide on whether to lift, modify or extend the ECQ in Luzon on Thursday. On Monday he consulted with former health secretaries, his economic team and lawmakers on the next course of action to contain the spread of the respiratory illness that was first detected in Wuhan, China.

According to Presidential Spokesman Harry L. Roque, none of the former health chiefs at the meeting recommended enforcing a total lockdown or keeping the Luzon-wide ECQ, and most suggestions revolved around crafting a well-calibrated, targeted approach to liberate from quarantine those areas with minimal or no infections, while keeping restrictions in place on so-called hot zones.

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The PCCI earlier said the measure will ensure big and small businesses will be able to compete on a level playing field.

Economic impact

IN a related development, Chua said Neda is still in the process of gauging the economic impact of Covid-19, which has already affected at least 1.7 million workers from 63,335 companies nationwide.

Neda conducted a consumer and business survey on the enhanced community quarantine (ECQ) in Luzon, which was implemented last month to control the local spread of Covid-19. It will be holding its third and final survey this month on the said matter.

“By the end of the month we will know the impact and total effect of the virus. Based on that we

will be able to craft the appropriate [Covid] recovery plan,” Chua said.

Chua admitted the ECQ has delayed implementation of government’s big-ticket infrastructure projects under its Build Build Build (BBB) program, which he said is an important job generator in the country.

The country’s chief economist also said they are still completing their recommendation to the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), which will form part of the considerations of President Duterte when he decides whether to lift, extend or “modify” the existing ECQ.

He said their recommendation will not solely be based on business interest, but also on “scientific evidence.”

THE projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.

Remittances to low- and middleincome countries (LMICs) are projected to fall by 19.7 percent to $445 billion, representing a loss of a crucial financing lifeline for many vulnerable households.

“Remittances are a vital source of income for developing countries. The ongoing economic recession caused by Covid-19 is taking a severe toll on the ability to send money home and makes it all the more vital that we shorten the time to recovery for advanced economies,” said World Bank Group President David Malpass.

“Remittances help families afford food, health care and basic needs. As the World Bank Group implements fast, broad action to support countries, we are working to keep remittance channels open and safeguard the poorest communities’ access to these most basic needs.”

Remittance flows are expected to fall across all World Bank Group regions, most notably in Europe and Central Asia at 27.5 percent followed by Sub-Saharan Africa at 23.1 percent.

World Bank remittances in South Asia are expected to decline 22.1 percent; the Middle East and North Africa, 19.6 percent; Latin America and the Caribbean, 19.3 percent; and East Asia and the Pacific, 13 percent.

With this, the World Bank said effective social protection systems should be put in place to also help migrant populations.

“Quick actions that make it easier to send and receive remittances can provide much-needed support to the lives of migrants and their families. These include treating remittance services as essential and making them more accessible to migrants,” said Dilip Ratha, lead author of the Brief and head of KNOMAD.

Studies show that remittances alleviate poverty in lower- and middle-income countries, improve nutritional outcomes, are associated with higher spending on education, and reduce child labor in disadvantaged households.

A fall in remittances affects families’ ability to spend on these areas as more of their finances will be directed to solve food shortages and immediate livelihoods needs.

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Senator to China: Pay cost of PHL reef destruction

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EN. Risa Hontiveros on Wednesday pressed her appeal for China to “shoulder the costs of our country’s Covid-19 response as reparations for the damage it has been doing to our reef ecosystems”intheWestPhilippineSea(WPS).

Interviewed via Zoom, Hontiveros told Senate reporters the damage estimates could add up to P33.1 billion a year.

“The destruction to our reefs in Scarborough and the Spratly Islands is equivalent to at least P33.1 billion annually, on top of other economic and health costs,” the senator said.

“This money is past due and could go towards government’s expenses in fighting the pandemic and relieving the quarantine,” she added.

Hontiveros asserted that China has been “damaging our ecosystems for over six years now which means our losses would actually already amount to more than P200 billion. Kailangan natin ng pera lalong-lalo na ngayon na panahon ng Covid-19 kaya’t kailangang pagbayarin na ang Tsina.”

“We also should not allow China to continue declaring its so-called district

in areas of the West Philippine Sea while the world is occupied with this [Covid-19] crisis that originated from China,” the senator stressed.

Moreover, Hontiveros added, she was also “urgently calling” on the Duterte administration to demand the P50 billion in unpaid taxes from the Philippine Offshore Gaming Operations, or POGO. “Hindi pwedeng nananatiling di sila nagbabayad ng buwis habang ang mga Pilipino ay nagugutom, nagkakasakit sa panahon ng Covid-19 and higit pa diyan,” she said, stressing that it was actually way past time to say goodbye to POGOs in the season of Covid-19.

“Sa kabila ng mga krimen at iba pang risko na dala ng POGOs, hindi wise na manatili ito sa ating bansa. POGOs are simply not worth it, and it’s way past time to say goodbye to POGOs.” The senator recalled reports that China just recently claimed additional areas in the West Philippine Sea, “including 55 that are underwater pero mag-kaclassify na bahagi ng mga teritoryo ng iba’t ibang claimant countries, declared all of these as theirs.” Butch Fernandez

WB extends ₧5.09-B aid to PHL to fight coronavirus spread

By Cai U. Ordinario

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@caiordinario

HE World Bank (WB) is extending $100 million, or P5.09 billion, to the Philippines to finance its efforts to combat the coronavirus 2019 (Covid-19) pandemic.

Documents obtained by the BusinessMirror showed the assistance will be directed to improving the country’s health-care system and will be implemented over a period of four years.

The project will have four components—strengthen emergency Covid-19 health-care responses; emerging infectious diseases (EIDs) prevention, preparedness, and response capacity at the national and local levels; implementation management and monitoring evaluation of projects; and contingency emergency responses.

“This will be fully financed by World Bank. No funding counterpart from the Government of the Philippines is expected. The base year for the cost estimates is 2020. The exchange rate is $1:P50.9 based on the BSP rate as of March 29, 2020,” the document stated.

The bulk of the funds, or P3.14 billion of the amount, will be spent this year. More than half of this amount or P2.286 billion will be spent for Component 1, or the country’s emergency Covid-19 health-care response.

The documents stated that of this cost, around P1.76 billion will be spent for medical and laboratory equipment, as well as reagents followed by P404.8 million for enhanced isolation/quarantine facilities and provision of ambulances.

The amount will also cover the P400 million allocated to procure medical supplies, including personal protective equipment (PPEs) and medicines.

In 2021, the project will spend P1.056 billion, the bulk of which, or P571.62 million, will be spent for the country’s emergency Covid-19 health-care response.

The lion’s share of the spending for emergency response, or P440.1 million in 2021, will be for the procurement of medical and laboratory equipment and reagents.

For 2022 and 2023, the total spending will reach P484.37 million and P408.39 million. The funding in these years will cover mostly for emerging infectious diseases (EIDs) prevention, preparedness, and response capacity at the national and local levels, as well as the implementation management and monitoring evaluation of the project.

Earlier, the Research Institute for Tropical Medicine (RITM), the primary institution in charge of fighting the Covid-19, requested an additional P282.94-million budget to fight the pandemic.

In a report released by the National Economic and Development Authority (Neda), a large chunk of the budget request was for medical and laboratory supplies and equipment, as well as medicines.

The RITM requested for P112.55 million for medical and laboratory supplies; P90.97 million for medical and laboratory equipment; and P45.39 million for drugs and medicines. The Neda report indicated that the most expensive medical equipment needed for the treatment of Covid-19 patients is the extracorporeal membrane oxygenation, or ECMO, which has a unit cost of P8 million.

This was followed by a PCR machine which costs P5 million each; ventilators, P1.5 million each; and biosafety cabinets, P1 million each.

Other medical equipment needed by RITM includes defibrillators worth P500,000 each; cardiac monitors and heavy duty suction machines worth P250,000 each; central monitors, P150,000 each; ECG machines, P100,000 each; infusion pumps, P80,000 each; and pulse oximeters worth P2,000 each.

Editor: Vittorio V. Vitug • Thursday, April 23, 2020 A3

DOJ relaxes rules on possible release of aging, sick inmates

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By Joel R. San Juan

@jrsanjuan1573

HE Department of Justice (DOJ) has given the Board of Pardons and Parole (BPP) the go signal to implement its resolution adopting provisional rules that would expedite the release of persons deprived of liberty (PDL) through parole, or executive clemency, as part of the government’s measures to contain the transmission of the deadly coronavirus disease.

BPP Board Resolution OT-0415-2020 prioritizes PDLs who are already of old age, sickly, or are suffering from terminal or lifethreatening illnesses with serious disability in the processing of parole, or executive clemency review.

A petition has been filed before the Supreme Court seeking the immediate release from prison facilities of elderly and sick PDLs considering that they are vulnerable to infections caused by coronavirus disease 2019 (Covid-19).

Pending the Court’s action on the merit of the petition, it has directed concerned government agencies to implement interim measures to prevent Covid-19 outbreak in prison and jail facilities.

The BPP resolution also simplifies the requirements and proce-

dure for the processing of applications for parole and executive clemency by dispensing with most of the documentary except for the Court Certifications of No Pending Case and No Pending Appeal and a check on the records of the PDL at the National Bureau of Investigation.

T he resolut ion a l so m a ndates the board to double the number of case load for review and deliberation during its meetings to expedite the processing of applications.

“The general requirements for eligibility for parole remains.

But those who are not eligible may apply for clemency if they meet the criteria set under the resolution,” DOJ Undersecretary and spokesman Markk Perete said.

$2.5-M ADB-funded lab equipment, briefs test kits for Covid-19 arrive in Clark CUSTOMS SHIPS BACK HALF OF SOKOR TRASH

By Ashley Manabat | Correspondent

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LARK FREEPORT—A $2.5-million laboratory equipment and 45,000 test kits funded by the Asian Development Bank (ADB) and developed by a genome sequencing company in China arrived at the Clark International Airport here early morning Wednesday.

The cargo shipment is expected to boost the capacity of the JBL Memorial Regional Hospital (JBLMRH) in Central Luzon in the detection and testing of the highly infectious Covid-19.

A Philippine Air Force C-130 cargo plane flew in the laboratory equipment and test kits materials developed by the Beijing Genome Institute (BGI) from Shenzhen, China.

The lab equipment which can facilitate and capable of having a capacity of 3,000 tests per day will be commissioned and installed at JBLMRH at the City of San Fernando, Pampanga, making it a Pandemic Subnational Reference Laboratory (PSRL) in the country.

Kim Wong’s donation

IN a related development, a news statement said online gaming executive Kim Wong has donated thousands of Covid-19 rapid test kits and personal protective gear to beef up government supplies for frontline workers.

Wong turned over 20,000 rapid test kits, 200,000 surgical masks, 6,000 3M N95 face masks, 3,000 PPEs and 1,000 goggles during a command conference at the Department of National Defense. These donations were on top of the 75,000 rapid test kits he earlier donated to various local government units, the AFP and Philippine National Police.

According to Wong, the test kits are intended for inbound seafarers, overseas Filipino workers and returning Filipinos from Covid-19 infected countries. Since 45,000 of them are arriving in the next few weeks at a rate of about 2,500 persons per day, Wong said, he will donate another 25,000 test kits to fill the gap. The protective gear, on the other hand, are for frontline workers and those receiving and processing returning Filipinos.

Defense Secretary Delfin N. Lorenzana, National Security Adviser Hermogenes Esperon, Undersecretary and Office of Civil Defense chief Ricardo Jalad, Admiral Joel Garcia of the Philippine Coast Guard and Transport Undersecretary Art Tuason received Wong’s donation on behalf of the Philippine government.

Aside from Covid-19 rapid test kits and PPEs, the online gaming executive continues to donate thousands of relief packs to various LGUs consisting of rice, canned goods, coffee, disinfectants and thermal scanners. With Rene Acosta

PSA sees Q1 palay output down 4% to 4.25MMT

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HE country’s palay output in the first quarter would likely fall by nearly 4 percent to 4.25 million metric tons from 4.42 MMT in the same period of last year, the Philippine Statistics Authority (PSA) projected.

In its latest forecast report as of March 1, the PSA revised upward its February projection by 6.25 percent from an estimate of 4 MMT. However, despite the revision, first quarter palay harvest could fall to its lowest level in four years due to area contraction and yield reduction, PSA historical data showed.

“Harvest area may decrease by 4.8 percent, from 1.153 [million] hectares in 2019. Yield per hectare may rise slightly to 3.87 metric tons, from 3.83 metric tons in the previous year,” the PSA said in its report, titled Updates on JanuaryMarch 2020 Palay and Corn Estimates.

The PSA said about 540,140 hectares, or 49.2 percent, of the updated standing crops for the first quarter were already harvested during the

reference period.

“Of the total area of standing palay, 21.8 percent were at vegetative stage, 36.7 percent at reproductive stage, and 41.5 percent at maturing stage,” PSA added.

Rice industry groups earlier attributed the possible decline in harvest due to scaling down by farmers of their production following two seasons of income losses due to low prevailing market prices.

In the same report, the PSA estimated the corn production in the first quarter may slightly fall to 2.4 MMT from 2.43 MMT in the same period of last year. The PSA attributed the possible decline to lower to shrinkage in area planted to the crop.

“Harvest area may reduce to 698,970 hectares, from 706,260 hectares in 2019. Yield per hectare may slightly increase to 3.44 metric tons from the 3.43 metric tons level in the previous year,” it said. Jasper Emmanuel Y. Arcalas

THE Philippines has so far returned to South Korea some 2,676 metric tons (MT) of wastes, which is almost half of the total garbage that was illegally exported to the Philippines in July 2018.

Customs Commissioner Rey Leonardo B. Guerrero said the 2,676 MT of waste materials were part of the 5,176.91 MT that the South Korean government officials have committed to help ship back in the country.

Guerrero said the garbage was shipped back in 151-forty-footer containers.

The waste materials, which were stored at the Phividec Industrial Authority premises in Misamis Oriental since 2018, consist of plastic synthetic flakes that were unlawfully imported by the Cebu-based Verde Soko Philippines Industrial Corp. Bernadette D. Nicolas

Q.C. RELIEF BENEFICIARIES BREACH 2-M MARK FOOD packs handed out by the Quezon City local government to its residents has breached the 2-million mark with several hundred thousands more to be distributed before completing its third wave.

“As of latest tally, the city government, excluding those given out by our barangays, has distributed more than 2 million food packs as assistance amid the enhanced community quarantine,” Mayor Joy Belmonte said in a news statement issued on Wednesday.

“The local government spent around P1.1 billion to provide food packs for indigent residents and another P700 million for those not included in the barangays’ original list of indigent constituents. This includes the middle class, as well as renters, boarders and people stranded in our city during the lockdown” the mayor said.

Belmonte also thanked city hall employees, volunteers, barangay officials and various sectors for their help in the packing and distribution of food packs.

LANDBANK MAY EXTEND DEADLINE FOR LOAN PAYMENTS THE Land Bank of the Philippines (LandBank) assured on Wednesday that the moratorium period for loan payments would be adjusted should the enhanced community quarantine (ECQ) imposed all over Luzon be extended.

During the #LagingHanda public briefing, LandBank President and Chief Executive Officer Cecilia C. Borromeo said that the bank will continue offering relief to the borrowers amid the lockdown due to the coronavirus disease 2019 (Covid-19) pandemic.

“If the ECQ would be extended, we will also extend the moratorium period for our borrowers,” she said.

Borromeo said that LandBank earlier provided grace period for its credit holders and borrowers in accordance with the “Bayanihan to Heal as One Act.”

Tyrone Jasper C. Piad

CIRCULAR ALLOWS DISPOSAL OF SEIZED MED EQUIPMENT THE Department of Justice (DOJ), together with several other government agencies, have signed a circular that would pave the way for the release and subsequent distribution of confiscated medical equipment to health-care workers and frontliners.

Justice Undersecretary Markk Perete said aside from the DOJ, the other signatories to the circular are Departments of Trade and Industry, Interior and Local Government, Health, Agriculture and the Bureau of Customs.

The circular would allow the processing for either the direct forfeiture or auction of the seized goods. Joel R. San Juan

We are only in the early stages of a global economic crisis–Sen. Marcos

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EN. Imee Marcos, moving to avert impending layoffs, prodded the Duterte administration to “expand payroll aid” beyondits Small BusinessWage Subsidy(SBWS) program to prevent micro, small and medium enterprises (MSMEs) at risk of folding up from resorting to layoffs due to the extended business lockdown caused by the virus contagion.

“We are only in the early stages of a global economic crisis due to Covid-19. The government must find more solutions to craft a long-term plan for economic recovery,” the senator stressed.

Noting that the present P51-billion SBWS budget still leaves some 4.6 million workers in MSMEs facing job losses, Marcos, chairman of the Senate Economic Affairs Committee, aired concerns for the vulnerable sectors hit hardest by the lockdown, including “those in trade, transportation, accommodation and food, manufacturing, and construction.”

“To cover them all, the government will need almost P63 billion in the first month alone,” Marcos said, “if subsidies are computed at 75 percent of the average monthly wage, pegged at P18,108 in the last Occupa-

tional Wages Survey in 2018.”

In a news statement issued on Wednesday, the senator estimated that “up to threefourths of MSME payrolls must be subsidized by government while community quarantine restrictions remain in place.”

She cited Department of Finance figures estimating more than 436,000 small businesses have already closed shop since mid-March when a lockdown was imposed throughout Luzon and in some areas in the Visayas and Mindanao.

Marcos maintained that “the true engines

of the economy are the daily wage earners and rank-and-file employees,” noting that “greater payroll subsidies mean giving MSMEs a greater chance of survival.”

The remedial legislation filed by Marcos under Senate Bill 1431 provides for a 75-percent payroll subsidy. To be known as the Economic Recovery Act of 2020 once enacted into law, the Marcos bill also provides that zero-tariff rates be temporarily applied on imports of essential raw materials to help cut company costs and stabilize the prices of goods. Butch Fernandez

TheBroa

Business

A4 Thursday, April 23, 2020 | www.businessmirror.com.ph

Pandemic propels fin to frontlines, bigger H

By Tyrone Jasper C. Piad

OW does one fight an isolationist virus unseen by the naked eye? Use an equally invisible tool: bandwidth.

With state control on people’s mobility, accessing online platforms to accomplish mundane tasks—like working and shopping—became the better option than risking exposure to a virus health authorities say are passed in people-to-people interaction.

These tasks include banking and managing finances with the help of mobile applications, or apps, and financial technology, or fintech.

In the Philippines, regulators and bank groups, like the Philippine e-Money Association (PeMa), have already urged the public to switch to digital channels, considering the coronavirus disease 2019 (Covid-19) pandemic, as a practice of physical distancing.

Tech use

These entities need not convert people like 24-year-old Manuel Luis Ubaldo, a junior quality checker for a curtain wall design consultancy firm.

Ubaldo has been using fintech platforms of PayMaya Philippines Inc. and G-Xchange Inc. (GCash) for a few years now citing ease of access and convenience.

The young professional recalled these channels had allowed him during his college days to purchase online games without needing to secure a physical debit card.

Currently, Ubaldo mainly uses PayMaya and GCash to buy load for his mobile phone connection.

“I find it less of a hassle because I can do it anywhere as long as I have an internet connection,” he said.

Aside from purchasing load, Ubaldo said he has been maximizing the money savings features of the platforms as well, maintaining an estimated amount of P5,000 all the time. Most of his savings are still deposited into a bank account because he finds it “much safer.”

PayMaya and GCash are electronic retail-payment platforms that allow users to send money, buy load, pay bills and facilitate bank transfer, among others. They do not require the user to have a bank account.

Young industry

R iza l Commercia l Bank ing Corp. (RCBC) Chief Economist Michael L. Ricafort told the BusinessMirror that fintech has been gradually evolving in the Philippines in the past years.

Some ventured as startups while others entered into a partnership with banks, he added.

“Financial strength and size would be important in view of emerging and varying economic cycles locally and worldwide,” he said.

However, FinTechAlliance.ph Chairman Angelito M. Villanueva told the BusinessMirror that although the PayMaya and GCash platforms are backed by the two biggest telecommunication firms in the country, fintech has not been fully embraced by the Filipinos yet.

FinTechAlliance.ph is an organization of companies behind fin-

tech brands that include PayMaya, Smart, Cashalo, Mynt, Multisys, Coins.ph and Grab.

Villanueva observed that Filipinos opt not to veer away from traditional way of banking because of familiarity.

According to latest data from Bangko Sentral ng Pilipinas (BSP), e-commerce and mobile banking penetration stood at 39 percent and 28 percent, respectively, even if majority, or 67 percent, of the Filipinos have Internet and social media access.

“Financial education is key,” Villanueva said. “Financial education campaigns launched by many fintech corporations also bridge the gap in knowledge.”

Amid the enhanced community quarantine due to the pandemic, the FinTechAlliance.ph official urged all fintech players to be more aggressive because customers have been shifting to online and mobile banking.

“It is an opportune time for many fintech providers to display what they have to offer to its clients so that new customers are completely converted to these new platforms and limit their return to conventional practices,” he said.

Reduced tediousness

Fintech has transformed how people acquire loans, making it easier and more accessible to borrowers compared to conventional means.

But this is not limited to digitizing the traditional process of securing loans, according to Georg Steiger, CEO of fintech firm First Digital Financial Corp.

Steiger emphasized that fintech also allows automating credit decisions and loan approvals in just a few seconds through mobile devices.

Fintech offers a less tedious way of processing loans because traditionally borrowers had to visit banks to follow up the application, Steiger explained.

“Today, people can easily borrow through mobile devices that allow them to continue their daily business routine while waiting for the result,” he said.

“Fintech is really more about disruption of the traditional finance business model than just adding a digital storefront. This means doing things in a fundamentally different way, changing metrics by an order of magnitude, rather than incrementally,” he added.

In First Digital’s opinion, however, the challenge lies on the lack of credit data in the Philippines to understand the payment behavior of customers and their capacity to pay back the loans. Steiger said that fintech firms, through proprietary “decisioning” technology, were able to address the matter and manage risks efficiently.

Other trends

Meanwhile, cryptocurrency— a digital financial asset used as a

medium of exchange—has been gaining traction as well.

The Securities and Exchange Commission (SEC) in January said that it has drafted the guidelines for the cryptocurrency framework and was eyeing to finalize it by the first half of the year.

Ricafort said that Filipinos may opt to use cryptocurrencies as alternatives to cash and credit cards, even another option for digital or cashless financial transactions and overseas Filipino workers’ remittances.

T he RC BC a n a ly st noted , though, that security and convenience of international payments or transfers should always be considered when using the digital asset.

Other fintech trends include robo adv isors (online investment management services using mathematical algorithms to give financial advice), banking software, payments and remittances, blockchain, bitcoin, insurance, alternative finance and digital identity verification, according to Business Insider Intelligence Fintech Ecosystem 2020 report.

New approach

Local monetary financial institutions have participated in the growing fintech industry, including the Yuchengco-led RCBC. RCBC is extending its reach beyond current client base through its “Diskartech” financial inclusion accelerator app, which is aimed at tapping the unbanked and underser ved Filipinos in the grassroots communities and provinces.

It is a virtual bank—set up by RCBC in partnership with government and private institutions— that allows residents to accomplish basic banking services.

This, in addition to rebranding of Cash Express mobile point-ofsale device into “ATM Go,” which allows BancNet cardholders to make basic banking transactions like withdrawals, inquiry and fund transfers through any partner rural bank, drug stores, microfinance firms and even sari-sari stores.

The platform disbursed over P1 billion in the first quarter— a 170-percent growth from the same period last year—as it was used as a medium for conditional cash transfer payouts of the government’s beneficiaries during the pandemic.

Easier for customers

Union Bank of the Philippines’ fintech firm UBX also has a remote mobile-enabled ATM solution, “i2i Mobile ATM,” which offers services like withdrawals and balance inquiry. It was developed by UBX with Irish financial services group Fexco.

The “i2i network has now over 110 members with nearly a thousand branches, the bank said.

The Aboitiz-led financial intermediary recently introduced a new online platform Dashboard which allows users to transfer funds, pay bills and manage accounts and credit cards, among others.

Security Bank, meanwhile, has also been beefing up its digital platform, especially now at a time that mobility is limited because of the pandemic-induced lock down.

In an email to the BusinessMirror, Security Bank President Sanjiv Vohra said he has observed

that application to access bank accounts online doubled since the declaration of the enhanced community quarantine.

“Given the increase in online activity, we have processes in place to minimize service interruptions,” Vohra said. “To make it easier for customers, we have also temporarily stopped requiring them to go to a branch when activating their online account.”

Just convenience

While fintech offers a variety of services, the Bankers Association of the Philippines (BAP) underscored that all these highlight convenience as a selling point. The bankers group emphasized that technology has changed customer behavior that favors a set up where everything is within immediate reach; now, not a second later.

“We live in an online generation today wherein almost everything should be accessible instantaneously through the tip of our fingers and on a screen,” BAP told the BusinessMirror. “Banks have seen this trend too, which is why there are now digital banks

apart from the brick-and-mortar bank branches.”

V i l l a nue v a ag reed , say i ng that in-branch bank ing w ith limited working hours for small transactions might just be too inconvenient to many working Filipinos today.

RCBC’s Ricafort, for his part, said that players are flocking to the fintech industry because there are market niches yet to be tapped, primarily addressing the needs of the unbanked sector.

“Fintechs also provide financial solutions and/or propositions for the mass market that may not have the minimum maintaining balances required in bank accounts or those located in unbanked and/ or far-flung areas provided that data and/or mobile phone signal is available,” he added.

An enabling environment

The central bank—playing a key role in regulating fintech firms— is making sure that customers greatly benefit from the innovative financial services while encouraging players to maintain operations by providing an enabling

environment. “ T he BSP a ims to prov ide an enabling reg u lator y env ironment that encourages the development of new and innovative financial services while at the same time, ensures and maintains a safe and sound financial system,” BSP Financial Technology Sub-Sector Managing Director Vicente T. De Villa III told the BusinessMirror.

De Villa said that the central bank ’s mandate on fintech regulation revolves around three principles.

“First, we ensure that regulation is risk-based, proportionate and fair. Second, we maintain active multi-stakeholder collaboration. And finally, we ensure that consumer protection is always upheld,” he explained.

In 2013, the BSP released Circular 808 which covers the framework on information technology risk management for all banks and other BSP-supervised institutions as the fintech industry continued to grow in numbers.

The guidelines under the circular are based on international

aderLook

sMirror

Editor: Dennis D. Estopace | Thursday, April 23, 2020

A5

ntech platforms r presence in future “[It] would benefit low-income and vulnerable sectors since there’s no need to present other valid IDs,” the group added.

In 2018, President Duterte signed the national ID law, which mandates the processing and printing of single official identification cards for all citizens and foreign residents. The government began the pilot test for the Philippine Identification System—involving biometric and demographic capturing processes—last year in Metro Manila.

Meanwhile, Villanueva pointed out that even the smallest things that others might dismiss could be a reason why many Filipinos remain unbanked.

“Perceived dress codes when entering a bank, even when there is none imposed, intimidates ordinary citizens from entering branches. Transportation costs to the bank, however little, can be a deterrent to potential enrollees,” Villanueva shared.

“Conventional banking can be limiting to a big segment of the population due to real and imagined concerns,” he added.

Reaching the unbanked

standards and practices for information technology risk management and cover deposit-taking institutions, non-banks with quasi-banking functions, non-bank electronic money issuers and other non-bank institutions under BSP’s monitoring.

The circular also establishes a rating system for a company’s information technology, which is being evaluated through on-site examination activities.

Services delivery

Three years ago, the BSP, through its Circular 944, also formally recognized virtual currency (VC) systems as means of financial services delivery for payments and remittances.

The circular defines VC as “any type of digital unit that is used as a medium of exchange or a form of digitally stored value created by agreement within the community of VC users.”

The guidelines order the regular submission of notification and reporting requirements by a VC exchange, including annual audited financial statements, quarterly

report on total volume and value and quarterly list of operating offices and websites.

The BSP approved several VC exchanges to operate in the country last year. These exchanges include the following: Bitan Moneytech Co. Ltd.; Fyntegrate Inc.; ZyBi Tech Inc.; Betur Inc.; Rebittance Inc.: BloomSolutions: ETranss: Virtual Currency Philippines Inc.: Bexpress Inc.: Coinville Phils. Inc.; and, ABA Global Phils. Inc. The BSP official added that fintech firms were complementing the banks given their “unparalleled synergies,” allowing collaboration to further promote financial inclusion in the country.

Some of the innovation that fintech helped in creating are online banking, electronic money and digital customer verification, De Villa said.

Paving way

Fintech startups usually find it challenging to comply with regulatory framework on risk management system for the delivery of financial solutions, the Central Bank said.

“With digital innovations, new business models, products and services continue to emerge which often raise questions on whether new types of digital financial services fit within the ambit of existing regulations and how to properly identify, monitor and mitigate the attendant risks,” De Villa explained.

The BSP official said that this is why the regulator engages fintech players via “test and learn” approach to pioneer solutions and technologies in a “live but controlled setting.”

First Digital’s Steiger said that regulators were supporting fintech players through policies t h at st r i ke ba l a nce bet ween fostering financial service innovation and ensuring compliance w ith protocols for data privacy, investor protection and anti-money laundering, among others. “ We ’r e no w mo v i n g f r o m compet it ion to col l aborat ion bet ween f intec h st a r t ups a nd legac y ba n k s a nd t h is paves t he way for even more e x po nent i a l g row t h in invest ment

a nd innovat ion,” Steiger sa id.

The FinTechAlliance.ph chief, for his part, appreciates that regulatory bodies in the country were open and responsive to the technology-driven services offered by the fintech industry.

“I believe that we are aligned in our mission of inclusive and sustainable development through responsible fintech innovation that empowers Filipinos,” Villanueva said.

Enrolment potential

According to BSP’s 2017 Financial Inclusion survey, 52.8 million or 77.4 percent of the total population remain unbanked.

The Central Bank earlier vowed to double its financial inclusion efforts, eyeing 70 percent of the Filipinos to be banked with formal accounts by 2023.

The BAP said that most of the unbanked Filipinos do not have basic documentary requirements like valid identification (ID) card and even birth certificate.

This is where the establishment of the national ID system comes into the picture, BAP said.

With fintech requiring fewer documents, the 45-member bankers group said that more Filipinos— especially those who were unbanked—can open their accounts and transact.

Only one valid ID is usually needed to verify an account registered in a fintech platform, making it accessible to more potential clients.

“The existence of more fintech players in the financial industry makes it easier to convey the importance of financial inclusion,” BAP said.

Ricafort said that fintech firms are addressing financial inclusion woes because several financial transactions are deemed necessary even to the unbanked sector, including borrowings.

The National Privacy Commission (NPC) reported that many mobile lending operators—most of which were running without necessary licenses—have been found guilty of malpractice and privacy violation since last year.

SEC, for its part, has been ordering cease-and-desist orders for the illegal lending apps.

In response to mounting complaints, several regulators—along w ith FinTech A lliance.ph—released conduct guidelines for fintech firms in September last year as well. These regulators include SEC, BSP, NPC and Department of Trade and Industry.

The code of ethics strongly prohibits the practice of intimidation, promotes transparency and protects customers from malpractices like imposing unreasonably high interest and abusive collection scheme.

T here are a lso secur it y concer n s.

Bank attacks

In a statement in December, Kaspersky Lab ZAO said it expects this year to be the period when “ f i n a nc i a l ly-mot ivated cyberthreat actors may start to target investment apps, online financial data processing systems and upcoming cryptocurrencies, along with providing paid access to banks’ infrastructures and

developing new strains of mobile banking malware based on leaked source code.”

According to the Russian cybersecurity firm, fintechs are easy targets since “not all of these apps utilize best security practices, like multi-factor authentication or protection of the app connection, which may give cybercriminals a potential way to target users of such applications.”

Kaspersky Lab said it also sees new mobile banking Trojans– types of malicious software that can take control of a computer– getting active this year.

The company said its research and monitoring of underground on l ine for ums sug gests t hat “the source code of some popular mobile banking Trojans was actually leaked into the public domain.” “Previous similar cases of malware source code leakage (e.g. Zeus, SpyEye) resulted in an increased number of new variations of these Trojans,” Kaspersky said. “In 2020 this pattern may repeat.”

Likewise, Kaspersky said it expects an increase this year in the activity of groups specialized in criminal-to-criminal sale of network access to banks in the African and Asian regions.

“Their prime targets are small banks, as well as financial organizations recently bought by big players who are rebuilding their cybersecurity system in accordance with the standards of their parent companies.”

Kaspersky added these same banks may become victims of targeted ransomware attacks, as banks are among those organizations that are more likely to pay a ransom than accept the loss of data.

Mulling over future

Still, Villanueva said there is no way but up for the local fintech industry.

A big portion of the market is yet to be tapped, he added, noting that more players are also expected to enter the industry.

“As long as we provide the technology that caters to the needs of today, there is no limit to what we have yet to accomplish,” the FinTechAlliance.ph official quipped.

De Villa said it was inevitable for the fintech and digital financial services, which can enhance the quality of consumer experience, to boom in the Philippines given a tech-savvy demographic.

He is seeing the potential of f intech industr y to continue f lourishing in super visor y processes and regulator y requirement technolog y.

“With these compelling value propositions, it will be difficult not to be optimistic for the future,” BSP’s De Villa added.

First Digital’s Steiger is also upbeat for the sector in the country because it is a “great market for fintech companies to launch new products and expand both new and existing business models.” “ The market-driven history of fintech innovation could only mea n t hat despite perceived challenges, the Philippines still prov ides a competitive landscape for companies to adopt emerging technologies and embrace sustainable technological transformation,” he added.

A6 Thursday, April 23, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Keeping the lights on amid the pandemic

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he Covid-19 pandemic is causing far-reaching economic hardship for consumers, businesses and communities all over the world. As governments enforce social distancing and lockdowns to impede the spread of the virus, uninterrupted power supply is crucial to keep people connected at home and to run life-saving equipment in hospitals. Thankfully, no power outage occurred during the monthlong implementation of the Luzonwide enhanced community quarantine (ECQ). Kudos to the utility companies that continuously keep us connected to the outside world, enabling employees to work from home, and helping students to continue learning even though schools are closed.

At the initiative of the Duterte administration, around 3 million poor consumers of electric cooperatives nationwide will have free electricity for two months.

Cabinet Secretary Karlo Nograles said “lifeline consumers,” or those consuming less than 50 kilowatt-per-hour, will not be charged for their electricity use for the March and April billing period under the Pantawid Liwanag program of electric cooperatives.

On the other hand, electricity consumed by customers of the Manila Electric Co. (Meralco) during the ECQ will be paid in four monthly installments. This is in compliance with the Energy Regulatory Commission’s order to stagger electricity bills payment amid the ECQ. According to the ERC, the bills incurred and staggered in four succeeding billing months after the ECQ will be “reflected as a separate item in the electricity bill due on those succeeding months.”

Meralco President and CEO Ray C. Espinosa said they are giving high priority to Department of Health facilities, ensuring that all government hospitals and DOH offices are exempted from power interruptions to efficiently provide treatment to Covid-19 patients. To avoid power interruptions during the ECQ, Meralco has deferred its scheduled maintenance activities. Only critically loaded areas approved by the Department of Energy will experience very brief interruptions.

“During these challenging times, Meralco remains always ready and will continue working with the energy sector to ensure that electric power remains uninterrupted. We are implementing our business continuity plan as well as measures to distribute power around-the-clock, especially to crucial installations such as hospitals,” said Engr. Ronnie Aperocho, Meralco senior vice president and head of networks.

In anticipation of the massive testing that DOH seeks to implement, Meralco partnered with Concepcion Industries to provide cooling systems for the tents set up by the National Kidney and Transplant Institute to accommodate an anticipated rise in Covid-19 patients. It also provided floodlights for the tents at the Lung Center of the Philippines.

Meralco also boosted the energy capability of three Covid-19 centers, namely, the Philippine International Convention Center, World Trade Center, and the Ninoy Aquino Stadium at the Rizal Memorial Complex in Manila. It likewise energized Quezon City’s Covid-19 regional evacuation center.

In these difficult times, public health remains our top priority. But we must also start preparing for social safety net measures for lower income citizens. There’s no doubt that small businesses, including their employees, will be the hardest hit from the current Covid-19 pandemic. Government must start preparing a stimulus package to support small and medium enterprises when they go back to a “new normal.”

The nationwide closure of nonessential businesses, factories, schools and government offices, and the shift to working from home for many people, will impact electric utilities’ revenue. These load losses for which the utility would normally be compensated cannot be fully offset by increased residential revenue. The power industry is absorbing the blow of reduced demand. Letting them shoulder the entire economic burden brought about by the pandemic, as proposed by one consumer advocate group, will not help in their own battle for survival.

Power distribution is largely a fixed cost enterprise—the utility cannot scale down its costs to match lower demand because costs are tied up in maintaining the system that delivers electricity, regardless of how much electricity is flowing and to whom. When customers understand this, they will also appreciate the importance of helping maintain the financial health of utility firms like Meralco. We all want uninterrupted power supply during these difficult times.

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spox

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ince the quarantine was declared all over Luzon, nearly everyone has had something to complain about. We are a tactile species after all—we learn more from touching things than from merely looking at them; we are a social species—we crave connection and we wither in isolation; we are a joyful people—we celebrate life, not just survive it. A world that deliberately prevents us from being these things will inevitably cause unhappiness. And yet, regardless of how well (or how poorly) we’ve taken to this quarantine, the great mass of Filipinos—while being almost universally miserable—can still be divided into two sharply differing categories: those who comply with the various restrictions imposed by the government, and those who do not.

By and large, I think the compliant population constitutes the majority of Filipinos. We stay home and venture out only when absolutely necessary. We dutifully turn on the television and radio to get our fix of news and validation for our guesses about when the quarantine will be lifted. And we rediscover old hobbies or take up new ones like balcony gardening. We are the quiet ones who, apart from the occasional rant on social media, can be relied upon to march to the government’s beat.

In contrast, although they may

represent a smaller fraction of society, the noncompliant segment of the population has remained large enough and visible enough to irritate a hot-tempered President. There are, of course, valid arguments that explain much of this seemingly contrarian behavior. The need to provide for one’s family, for instance, will certainly push any person to test the limits of the quarantine. But even accounting for those instances where the reasons for violating quarantine protocols are, at least understandable, there are still far too many

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We are quickly approaching the point when noncompliance with the ECQ will become less about discipline and more a matter of simple survival. Remember that small segment of the population whose noncompliance could be considered “understandable?”

Well, their numbers are growing. people whose behavior simply flies in the face of rationality.

These are the people who, against all warning, continue to congregate in large numbers for no better reason than that they have nothing better to do. The same people who, when they do go out for justifiable reasons—the performance of essential tasks, for example—ignore such commonsense precautionary measures as wearing masks and avoiding unnecessary physical contact with people and things. And among these people are probably the ones who, upon receiving financial aid, turn around and spend the money on cigarettes, booze, and recreational drugs. Considering how the virus is transmitted throughout a population, it doesn’t require a great stretch of the imagination to believe that these people are engines of the pandemic. It’s enough to drive a reasonable man up the wall, let alone a beleaguered Chief Executive.

Understanding the oil price crash

T. Anthony C. Cabangon

BusinessMirror is published daily by the Philippine Business Daily Mirror

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The intransigence of a few

OUTSIDE THE BOX

T

he earliest futures trading exchange is the Dojima Rice Exchange, established in 1710 in Japan. The earliest official modern commodity trading exchange, the Chicago Board of Trade (CBOT), was formed in 1848.

The CBOT created a trading infrastructure that ensures stable production and prices, benefiting producers and consumers equally. A commodity futures contract is a legal agreement to buy or sell a specific amount of a commodity at a specific price for delivery on a specific date in the future.

Before planting, a farmer could calculate how much it would cost to produce and profit from growing a bushel of wheat. A baker could calculate the final cost and profit for making bread. The farmer would offer to sell his wheat on the exchange for delivery nine months in advance.

Likewise, the baker could bid a price to take delivery when full payment would be required.

The exchange provided a trading mechanism for producers (sellers) and consumers (buyers) without the need for individual price negotiation. Historically, 15 percent of all transactions were made by physical buyers and sellers.

During the life of the contract, the farmer might have a bumper crop and sell more and the baker might need more wheat due to demand. Now enter the speculators. These traders buy and sell with no intention of delivering or taking delivery of the physical commodity. They trade on what they hope the price will be in the future, anticipating weather changes or factors affecting demand.

Understand that what is traded

The price went down all day in hopes of finding buyers. When the price of a barrel of oil hit one US cent and there were no buyers, all hell broke loose. At that point, holders were willing to pay—not receive—any price for someone to take that oil off their hands. History was made. are binding contracts in the same way that if you buy a stock, you must pay for and take delivery of the shares.

These contracts must be fulfilled or they can be offset, for example, by selling a “contract to buy.” In that case, you sold to someone else your obligation to pay for and take delivery of the wheat. You cannot simply change your mind and walk away any more than you can walk away after you have executed your stock “buy order.”

This is what happened that caused the crude oil contract to “go negative.”

The oil contract for May delivery had fallen from $60 to $20 since January. Finally, Russia and Saudi Arabia agreed to reduce production.

The average volume jumped about 30 percent, most of it on the “buy” side, anticipating prices would move

Is it any wonder then, that as of this writing, the smart money is on the enhanced community quarantine—or ECQ—being extended beyond April 30? If it actually is, then regardless of whether we are among the compliant ones or not, we will all find ourselves in a world of pain.

For those who have so far dutifully complied with the quarantine protocols, this will be a particularly bitter turn of events—to be made to suffer some more because of the intransigence of a few.

On the other hand, we are quickly approaching the point when noncompliance with the ECQ will become less about discipline and more a matter of simple survival. Remember that small segment of the population whose noncompliance could be considered “understandable?” Well, their numbers are growing.

The quarantine was always a war of attrition—we just didn’t feel it too much in the beginning, even when the first extension started cutting into our resource reserves.

But a second extension of the quarantine will be deeply felt, especially by those of us whose buffers have already been significantly depleted.

Just imagine how it will affect those who, even now, are under tremendous pressure to go out and make a living—to meet financial obligations, to care for the ill and elderly, to feed the hungry.

higher. However, there’s a 36-million-barrel-a-day surplus from dead demand.

As the last trading day for the contract approached, the buyers were forced to either sell their contracts or fulfill their “buy side” and take physical delivery. The problem is that the actual users of oil, like refineries, do not need any more oil. And there are no storage facilities available if someone did take physical delivery.

So, here is a guy that has a legal contract to buy 1,000 barrels (or 1,000,000 barrels) of oil for which he has to pay for, he cannot find anyone to sell it to, and legally (and maybe literally), a truck is going to pull up outside his door to deliver that oil, for which he has no place to store.

The price went down all day in hopes of finding buyers. When the price of a barrel of oil hit one US cent and there were no buyers, all hell broke loose. At that point, holders were willing to pay—not receive— any price for someone to take that oil off their hands. History was made.

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

www.businessmirror.com.ph

Opinion

The pandemic diaries

Present and recognized

BusinessMirror

Msgr. Sabino A. Vengco Jr.

Val A. Villanueva

Businesswise

Alálaong Bagá

he pandemic wreaking health havoc worldwide has likewise rewritten how global business works. It is now unsure how to cope with the novel no-demand-no-supply economy. The crisis has now crept into the oil market, disrupting the global demand for energy. Devoid of a timeline on when the lockdown ends in the developed world, the oil market painfully wilts from protracted oversupply.

uke’s account about the appearance of the risen Jesus to the two disciples on the road to Emmaus (24:13-35) is his powerful statement on the meaning and implications of the resurrection of our Lord. The issues covered are the apostles’ experience of seeing Jesus risen as the basis for the faith of others, the needs and responsibilities of believers, and the necessary encounter with the glorious Lord now being available to all.

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For the first time in history, the price of US oil plunged into the negative territory with producers compensating buyers just to relieve them of the commodity on fears that their oil tanks would no longer be able to carry the weight of unsold stocks. Their storage capacity could run out in May. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, fell to as low as minus $40 a barrel on April 22. The price of a barrel of Brent Crude—the UK benchmark for oil—has also slipped below $20, its lowest level since 2002.

“This is off-the-charts wacky,” Stewart Glickman, an energy equity analyst at CFRA Research was quoted as saying. “The demand shock was so massive that it has overwhelmed anything that people could have expected.”

Since oil is traded on its future price, and May futures contracts are due to expire on Tuesday, traders were understandably keen on offloading their holdings to avoid incurring storage costs on any oil delivery. That technicality has driven in part the global oil market’s severe drop on Monday.

Under normal times, a collapse in oil prices is most welcome in gasguzzling nations. But for countries which produce the black gold, it spells cataclysm and agony for the public.

The energy market is what has fed and kept public service to millions of people in oil producing countries.

All economies that rely heavily on oil are already overburdened.

Ironically, the falling oil price will benefit Communist China, the origin of the pandemic. The country is oil’s biggest patron, buying a fifth of global imports and is allegedly hoarding cheap-crypt crude as it readies to crank up its production lines again.

In normal economic circumstances, cheap oil helps the economy since Central Banks across the globe will have a better grip on inflation and unemployment. With inflation kept in check because of falling prices, Central Banks can freeze interest rates lower without imperiling headline inflation (a measure of the total inflation within an economy, including commodities such as food and energy prices [e.g., oil and gas], which tend to be much more volatile and prone to inflationary spikes).

Falling oil prices (again under normal times) can help governments rein in inflation. When inflation is already under control and assuming it is close to zero, however, cheap oil prices will not help reduce excess inflation, and may in fact cause outright deflation. In the Philippines, for example, the headline inflation decelerated further to 2.5 percent in March 2020, from 2.6 percent in the previous month.

Many consumers should be ecstatic with lower oil prices. But with the lockdown, who needs petrol?

Quarantine extension looms

The resignation of Socioeconomic Planning Secretary Ernesto Pernia has exposed cracks in the agency tasked to oversee the country’s response to the pandemic. Pernia and Presidential Adviser for Entrepreneurship Joey Concepcion were pitching for instituting selective quarantine system and allowing the use of some forms of public transportation.

Apparently, their idea did not jibe with the other members of the InterAgency Task Force (IATF). Pernia was

particularly pushing for the resumption of public works, which have been temporarily shelved because of the pandemic. He believes the completion of several infrastructure projects has to continue, especially at this time when traffic is almost nil.

In an exclusive interview with CNN, Pernia said he quit because of differences with other government officials involved in designing policy approaches to shoring up the economy amid the pandemic. He was among the Cabinet officials pushing for “modified quarantine” or the relaxation of the stringent restrictions under the current enhanced community quarantine (ECQ) after April 30. Under that proposed easing, some industries and public services would be allowed to resume operations and get the economy going. Other government officials were instead arguing for first containing the Covid-19 spread.

According to Pernia, his training in economics leads him to believe that “[In] a market economy like ours, the private sector is the engine for economic growth, while the government provides the kind of policy environment that encourages the private sector to thrive. He said he is not “a lone voice because, for example, there have been proposals to get on with some critical infrastructure projects, like the maintenance of the MRT [Metro Rail Transit System].”

Some people are expectedly worried. Since day one of his reign, President Duterte has been toying with the idea of either imposing Martial Law or declaring a revolutionary government. This has led to fears that the Duterte administration is using the pandemic as a flimsy cover to realize his life-long dream.

The threat to declare Martial Law-type restrictions in some parts of the country has been floated for some time as a response to noncompliance of ECQ guidelines in some isolated cases of mayhem, such as those in a tiny estero in Tondo, and the traffic buildup in Las Piñas and Edsa.

A friend from the North earlier messaged me to narrate about “much bigger areas of Luzon where order and silence will put cemeteries to shame.” This just means, he said, that isolated cases of ECQ violations do not warrant the imposition of some form of Martial Law or direct military control of normal civilian functions.

Balance must be established between health and commerce. The government should allow some form of economic activities lest we fall deeper into an economic pit.

The problem lies in the constitution of the agency tasked to handle the Covid-19 pandemic. Those planning the crisis response are mostly military men who some people have pointed out to be “control freaks.”

It is the disease that must be controlled—not the people.

For me, the best plan is to take a closer and more thorough look at what other countries have done to contain the virus. What did Vietnam do that it has zero Covid-19 deaths? How was New Zealand able to recently lift its lockdown? These countries must be doing something worth emulating.

Military solution to a health crisis is not acceptable and doable. It is, to say the least, suspicious.

For comments and suggestions, e-mail me at mvala.v@gmail.com

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In the Scriptures Like representatives of humankind in need of clarifications, the two disillusioned disciples departing from the scene of debacle in Jerusalem received an exposition about the Messiah, “beginning with Moses and all the prophets,” from the stranger who was walking along the road with them. The two have been sorely disappointed in their expectations about Jesus the Nazarene, who they were hoping would be the one to redeem Israel. Not even the discovery of the empty tomb and the angels’ announcement that Jesus was alive and the women’s testimony were sufficient to haul them out of

their despondency. And their feet say it all: they were returning back to their old lives without Jesus, after that let-down in Jerusalem, the city that had once more killed a prophet.

The stranger (the different one) called the two disciples “foolish” and “slow of heart to believe” what the Scriptures say about the Messiah.

For it is here in the field of Scriptures that Jesus Christ is so-to-say buried like a treasure to be discovered, a field under the stewardship of the Christian believer, as Origen loved to point out already in the third century. The Scriptures allow us to understand the events concerning Jesus, that it was necessary for Him

Thursday, April 23, 2020 A7

to suffer in order to enter into His glory, and so to recognize Him even now in our Liturgy of the Word. It is here that Jesus is present, speaking to us while we travel down the roads of life. Today it is the Church who opens to us the Scriptures so that our “burning hearts” can find rest in our risen Lord.

In the breaking of the bread

Immediately connected with the Word is the Eucharist. When the disciples saw the stranger take bread, say the blessing, break the bread and give it to them, “their eyes were opened and they recognized Him.” These familiar actions of Jesus triggered their transfer to another level of consciousness. In faith, they recalled what he did for the crowd in the wilderness (Luke 9:16), and the Passover meal that he “eagerly desired to eat” with His friends (Luke 22:14).

He shared Himself with them then and He clearly wanted to continue giving Himself that people may have life. This is His way, making Himself present and active in the midst of His friends to whom He gives Himself as the bread of eternal life.

In the Eucharist, Jesus crucified for love is recognized as the glorious and risen one keeping company with His loved ones. He chose to be recognized here and in this manner. He whose flesh we do not see,

nonetheless we eat, said St. Augustine. Jesus, who may seem to be gone from this world, can actually be detained in our midst when we dare to say as the two disciples did in Emmaus: “Remain with us.” He personally wants to remain with us.

It is really up to us, whether we want to sit down at table and enjoy communion with him. Our encounter with and exposure to Jesus in the Scriptures naturally lead us to the thanksgiving and fellowship of the Liturgy of the Eucharist.

Alálaong bagá, in their faith experience with the risen Lord, the two reawakened disciples were confirmed by the apostles’ declaration that “The Lord has truly been raised and has appeared to Simon!” The testimony of the apostles authenticates our faith. Our own recognition of the Lord in the Scriptures and in the Eucharist is solidly founded on the faith of the apostles. And encountering and having communion with Jesus now means however being on mission for the faith and for the benefit of others that they too may have life eternal. Our life testimony can make the difference for many others walking along the path of life.

Join me in meditating on the Word of God every Sunday, from 5 to 6 a.m. on DWIZ 882, or by audio streaming on www.dwiz882.com.

Growing a ‘flattened’ Philippine economy Dr. Rene E. Ofreneo

LABOREM EXERCENS

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he International Monetary Fund issued its verdict on the Covid-19-stricken global economy: worst downturn since the Great Depression of the 1920s. Gita Gopinath, Chief IMF Economist, projected a growth rate of minus 3 for the world economy, a minus 6 for the developed countries, and a minus 1 for emerging and developing countries for the entire year of 2020 (“The Great Lockdown,” IMF Blog, April 14, 2020). The Philippines, one of the countries waiting for the Covid-19 infection curve to fall and flatten, belongs to the last category; it is also one of the worst hit in Asia.

In response to the national health-economic crisis, the Department of Finance (DOF) has come up with a P1.4 trillion plan/strategy to fight Covid-19 and its negative socioeconomic repercussions. It outlined four areas where government is focusing its attention: a) emergency support for vulnerable groups, b) expanded medical resources to contain Covid-19 and provide safety for the frontliners, c) fiscal and monetary measures to finance emergency initiatives and keep the economy afloat, and d) an economic recovery plan to create jobs and sustain growth.

Among the activities lined up under the recovery plan are support for small businesses (e.g, credit guarantee, subsidy for fixed costs such as wages, etc.), longer net operating loss carryover for businesses to reduce tax liabilities (for as long as five years), and, yes, continuation of the trillionpeso “Build, Build, Build” (BBB) social and infrastructure projects.

The BBB program leans heavily on the “hybrid” scheme hatched by the Duterte administration. Hybrid means the government mobilizes ODA money and government funds to finance priority infra projects.

The public-private partnership, developed during the time of the Macapagal-Arroyo administration, is also part of the BBB program.

Resigned Neda Secretary Ernesto Pernia revealed that he favors the PPP modality, which relies fully on the private sector in the funding and implementation of infra projects.

This column shares the concern of government officials on the gravity of the present Covid-triggered socioeconomic crisis, which has resulted in numerous business closures and job displacements. The present crisis is comparable to the recession-depression situation during the last years of the Marcos administration (1980-

1985). The unpayable external debt then triggered a full-blown economic crisis and bankrupted hundreds of manufacturing/commercial firms, resulting in massive unemployment and workers’ protests.

The IMF-WB solution to the debteconomic crisis in the 1980s was a “structural adjustment program” (SAP) that subjected the Philippines to a severe austerity program while requiring the country to service fully the Marcosian debt legacy and accept the triple neo-liberal economic policies: privatization, trade/investment liberalization and deregulation of various economic sectors.

Outcomes? The decade of the 1980s became a decade of economic stagnation, deindustrialization and deagricultural development. It was the decade when Philippine neighbors (Malaysia, Singapore, South Korea, Taiwan and Thailand) left the country behind in the growth race in Asia.

It is important that a Covid-related recovery plan is able to prevent disastrous outcomes similar to what the SAP program of the 1980s gave to the nation. A balanced, inclusive and sustainable recovery program from the Covid health-economic crisis is needed.

Along this line, two major questions need to be answered and clarified by the policy-makers. First, what are the major weaknesses of the economy today? Second, what are the policy options available to the policy-makers in addressing these weaknesses?

On question number one, the following weaknesses of the economy can easily be validated: n One, the nation’s principal economic lifeline—the overseas Filipino workers numbering over 10 million and remitting over $35 billion a year—is tottering. The major OFW-receiving countries (Europe,

In response to the national health-economic crisis, the Department of Finance has come up with a P1.4 trillion plan/strategy to fight Covid-19 and its negative socioeconomic repercussions. It outlined four areas where government is focusing its attention.

Middle East, East/Southeast Asia, etc.) have been ravaged by Covid-19 and have become inhospitable to OFWs and other migrant workers.

The global cruise industry and seabased logistics industry, serviced mainly by Filipino seafarers, are now comatose. We expect return migration will be a big reality except in the case of Filipino health workers. As a result, total remittances are likely to go down. n Two, the call center-BPO sector has been declining since 2017, as per observation by Neda itself. With Covid-19 and advances in ICT-based DIY communications, service offshoring by America’s Fortune 500 is likely to go down faster. The closure of the Nokia facility at UP Technohub is a sign on the dimming prospects for the sector. n Three, the Peza-registered and Clark-Subic-hosted electronics, semiconductors and auto parts asssemblers are also in crisis. Not because of the proposed Citira law, which seeks to withdraw fiscal incentives to these locators, but mainly due to the disruptions caused by the technology revolution (automation, robotization, AI, etc.), trade conflicts (US-China trade war), and weakening global demand as a result of the pandemic. As it is, the so-called Factory Asia based on the global value chains developed by the multinationals from the 1980s to 2010s has been “fracturing” or disintegrating. These GVCs are now being overhauled by the global outsourcing firms. Pity the Philippines, which occupies mainly the low and middle rungs of the GVC ladder! n Four, the Philippines has become a major tourist destination in recent years. With Covid-19, the industry has once again become Lilliputian. n Five, the growth of the country’s biggest economic sector—services (entertainment, distribution, education, real estate, etc.)—is badly affected by the foregoing decline of OFW remittances, call center-BPO sector earnings, and industrial exports and tourism. The so-called consumption-led economy has become a thing of the past.

n Six, the agricultural sector, which accounts for a measly 8 percent of the GDP, remains in the doldrums. However, Covid-19 and the need to have a reliable source of food is pushing many to think “Green” and plant vegetables/edibles in the urban and rural areas. Even government officials, who have embraced the rice trade liberalization law, are now singing a different tune— “plant, plant, plant.” But the sector is hobbled by supply chain bottlenecks, lack of coherent government (national and local) vision on the sector and problems related to the virus containment program. n Seven, the need to address the food and survival needs of the population under the Covid-19 lockdown has made visible the huge informal sector of the economy, truly the country’s biggest employer. The informal sector workers outnumber the formal sector employees by at least two to one, or four to one, if the “endos” and the non-regulars in the formal sector are considered informal. The informal sector workers and families live in congested urban, peri-urban, coastal and rural poor communities where health-care services are extremely limited and where physical distancing is hardly possible, especially if a family of five rents and lives in a single 2.5m x 2.5m dilapidated room. n Eight, the counting of the poor and the so-called middle class is highly contestable. The poverty threshold is set at a very low rate, roughly P70 per person per day. Oxfam International is using $5 a day. If this is used, over 50 percent of the population can be considered poor and majority of those above the poverty level, “near poor.” The importance of having more realistic indicators of poverty and middle class status can be gleaned from the numerous complaints on the exclusion from the social amelioration program by the “unlisted” migrant workers, street dwellers and “middle class” families. n Nine, the pandemic has also revealed the undeveloped public health system and the undeveloped public goods distribution system. It took several weeks before the DOH could organize the public health bureaucracy to combat Covid-19. It is really time to rethink the one-sided program of all-out privatization and downsizing of the public sector, including the public health subsector.

Now given the foregoing realities, what policy measures can be developed by the government and the civil society movement in charting recovery for the post-Covid-19 stage?

More on this in the next issue.

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PHL hotels seen cutting room rates, to rely on locals to revive industry

Sara’s offer: Covid-free?

Chicken Joy is for you

By Ma. Stella F. Arnaldo

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By Manuel T. Cayon

@akosistellaBM Special to the BusinessMirror

HE hotel and resort industry in the Philippines is cautious about their earnings potential this year, as they plan to reduce their room rates to attract guests once the novel coronavirus disease (Covid-19) health crisis passes.

The industry also believes most of their initial guests will be locals as foreigners traveling overseas appear to be uncertain. These are among the insights gathered from a sentiment survey conducted by Horwath HTL Singapore, world’s largest hospitality consulting brand, with the Tajara Hospitality, a hospitality consulting and development company in the Philippines published this month.

In the survey to gauge the impact of the Covid-19 pandemic on hotels and resorts across the Philippines, about 45 percent of respondents expect their revenues for the first half of 2020 would be 50-percent lower than the same period last year, and 38 percent believe the entire 2020 will bring in 50 percent less revenues.

“All except seven respondents

expect some decrease in [average room rate]. There is no clear indication of the extent of decrease as the results are similar across all levels of decline. Between the two accommodation types, resorts seem to be more pessimistic with heavier weightage or replies centered on a decline of 61 percent or more.”

In terms of occupancy, all except two respondents see a decline in occupancy levels for the first half 2020 versus the same period in 2019. “Most expect more than a 50-percent decline in occupancy levels. Hotels in the Others [outside Metro Manila and Cebu] segment appear to be most pessimistic about future performance likely because they belong in secondary locations.

Between the two accommodation types, resorts seem to be more pessimistic with occupancy declining

@awimailbox Mindanao Bureau Chief

AVAO CITY—Mayor Sara Duterte-Carpio has dangled free chicken meal from a fast-food chain for any of the six district clusters which could demonstrate a community effort in keeping low infections of the novel coronavirus disease 2019 (Covid-19).

Duterte-Carpio said there will be 10,000 “Jollibee Chicken Joy” meals by May 31 for the cluster with the least Covid-19 cases.

Davao’s enhanced community quarantine (ECQ) remains in place, to expire on April 26, and the mayor said the government doctors and medical consultants will decide on whether to extend it, or to revert it to a lower-scale community quarantine.

She said she will float to the consultants the idea of a possible easing up of quarantine restrictions on areas with no positive cases and to maintain the ECQ or impose lockdowns on those with consistent or deteriorating trends in infection.

The offer came alongside her new appeal to residents to rein in their itch to move around, warning that the new Covid-19 positive cases were likely transmitted through inanimate mediums. “Maybe, they got it from holding railings or coins of bills that came from a positive patient.”

She said, “There are patients who told us they don’t know where they got the infection.”

The main source of transmission in the city came from those who attended the multimillion-peso cock derby at the Matina Galleria, where eight of the 17 fatalities to Covid-19 traced their infection from this March event. Duterte-Carpio said the transmission from that event has gradually diminished last week but she said they were surprised by a new increase.

Some 35 new positive cases emerged this week, part of the 160 total patients admitted at the Southern Philippines Medical Center and three other confinement centers in the city for probable positive (formerly labeled “persons under investigation”) cases.

“We suspect that those asymptomatic patients still went around to make groceries, or buy medicine or just go around, and left the virus on the railings, in the money and in the transportation,” she said.

“That is why I am appealing now to those who knew or suspected they have the Covid-19 virus to seek confinement and hospital treatment. if you feel you have the symptoms already of high fever, diarrhea, dry cough and sore throat, please seek treatment now.”

The mayor added, “But if you still feel ashamed or afraid to be confined and opted to remain in the house, you may do it but please, ensure that you do not infect the other members of the household. Isolate yourself and make sure you will not have access to the other members of the house, or they do not have access to you until you get well,” she added.

She also asked families who have a member who was already identified and have been sent to government treatment, “not to go out anymore.”

She asked them not to “hide in that data privacy law to still move around as if nothing happened. Remember that you have to go on isolation or home quarantine for 14 days.”

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The Department of Public Works and Highways (DPWH) makes use of the light traffic on Edsa—due to the enhanced community quarantine—and conducts road reblocking. NONOY LACZA

71 percent or more.”

For the full year 2020, most respondents expect at least a 40-percent decline in occupancy, with the highest percentage of respondents expecting a 51 percent to 60 percent decrease.

The establishments also indicated measures they planned to

implement in the immediate term to get back their guests. “Among the available options, three options stood out as measures adopted by respondents from a demand standpoint: 69 percent of respondents have adopted sales promotions in the form of bundled packages that may include complimentary food, drinks and services; 58 percent of respondents have employed additional marketing efforts while 49 percent have reduced room rates to induce demand.”

As of April 7, the Department of Tourism (DOT) has allowed over 200 hotels to operate to accommodate returning overseas Filipino workers and have to be quarantined for 14 days, business- process outsourcing employees, and medical frontliners. Those with long-staying guests already booked before March 17, when the Luzon-wide enhanced community quarantine was implemented, are also allowed to operate and keep those guests.

For their survey, Horwath HTLTajara received 72 responses (49 hotels and 23 resorts), accounting for 11,032 rooms. Midscale hotels (20 establishments) accounted for the largest number of respondents, while upscale accommodations represented the most number of rooms at 3,044. Thirty-six percent of the hotels were in Metro Manila, 32 percent in Cebu, while the rest were in various provinces (Others). Of the total respondents, 82 percent were city hotels while 18 percent were resorts.

On the upside, the respondents expressed more optimism about the domestic corporate demand, with 76 percent feeling the segment “will recover to at least pre-Covid-19 levels

while only 54 percent feel that foreign corporate demand will recover to at least pre-Covid-19 levels.”

Fifty-one percent of respondents also believe the Domestic Leisure Free Independent Travelers (FIT) will recover positively, but were mostly undecided over Foreign Leisure FIT with 53 percent having a negative outlook.

Of the respondents, 65 percent agreed the Domestic Leisure Group demand would recover to pre-Covid-19 levels. “In stark contrast, the same number of respondents think that Foreign Leisure Group demand will never recover fully.”

With regard to the MICE (Meetings, Incentives, Conventions and Exhibits) segment, 63 percent of respondents felt foreign demand would never recover, while 67 percent thought domestic demand would recover positively.

All accommodation establishments surveyed “have implemented contingency plans from both cost and revenue perspectives,” with most implementing a hiring freeze (75 percent), postponing capital expenditures (70 percent), mandatory clearing of paid leave (61 percent), and reducing part-time headcount (59 percent), among others. (See, “PHL travel, tourism industry turns local as Covid-19 wreaks havoc,” in the BusinessMirror, March 12, 2020.)

The respondents thought government assistance would help revive the industry, with 37 percent believing that subsidies for their companies and workers are key; 28 percent said a reduction in taxes would help; and 18 percent pinning their hopes on DOT marketing strategies.

Fuel marking boosts revenue, 6.9B liters marked so far–DOF

By Bernadette D. Nicolas

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@BNicolasBM

HE government has so far marked nearly 6.88 billion liters of tax-compliant fuel from September 2019 to April 15, 2020.

This, after Finance Secretary Carlos G. Dominguez III said last month that the government will continuously implement the fuel-marking scheme despite the lockdown.

“Definitely, the fuel-marking program, as part of our tax reform, is having a positive effect on our revenues and therefore on our ability to withstand the ill effects of the contagion,” said Dominguez in a Viber message to reporters.

Of the nearly 6.88 billion liters of fuel marked, the largest volumes were from Petron at 23.53 percent (1.62 billion liters), followed by Shell at 20.09 percent (1.38 billion liters), Unioil at 11.41 percent (785.19 million liters), Chevron at 10.31 percent (709.23 million liters) and Seaoil at 9.23

percent (634.67 million liters).

Meanwhile, Phoenix Petroleum came in next at 8.52 percent (586.09 million liters), Insular Oil at 5.29 percent (364.16 million liters), Total/Filoil at 3.12 percent (214.42 million liters), JETTI at 2.52 percent (173.42 million liters), and PTT at 1.47 percent (101.27 million liters).

The remaining percentage of volume marked were shared by other oil firms.

Per island group, the volume marked in Luzon accounted for 75 percent, followed

by Mindanao at 20 percent and Visayas at 5 percent.

However, Dominguez said so far they have yet to assess the impact of fuel marking on reducing oil smuggling.

“The disruption in supply and demand caused by the contagion has made it difficult to make the estimate...,” he said.

Government aims to collect at least P20 billion this year, which is half the estimated P40 billion in revenue lost to oil smuggling in the country.

Fuel marking makes use of a unique chemical marker that can be embedded at

a molecular level in petroleum products— gasoline, diesel and kerosene—thereby enabling authorities to test, identify and distinguish petroleum products with paid excise taxes from those without.

Under Republic Act 10963 or the TRAIN Law, petroleum products that are refined, manufactured, or imported to the Philippines such as, but not limited to, unleaded premium gasoline, kerosene, and diesel fuel shall be marked by an official marking agent after payment of taxes and duties.

For the first time in history, oil prices have also spiraled to below zero earlier this week due to the pandemic bringing the global economy to a standstill.

Sought to comment on what the government can do to assist oil firms amid the crisis and if the government is looking into a request for credit lines by some companies like airlines, Dominguez said: “We will ask the BSP [Bangko Sentral ng Pilipinas] to help the banks that help their clients.”

www.businessmirror.com.ph

Companies BusinessMirror

Thursday, April 23, 2020

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Pagcor income drops by nearly half in Q1

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By Bernadette D. Nicolas

@BNicolasBM

he Philippine Amusement and Gaming Corp. (Pagcor) suffered a nearly 50-percent year-on-year decline in its net income in the first quarter due to the coronavirus disease 2019 (Covid-19) pandemic.

Pagcor Chairman Andrea Domingo told the BusinessMirror that the state firm’s net income as of end-March this year amounted to P777.44 million, which was 49.87 percent lower than the P1.55 billion recorded in the same

period in 2019.

Moreover, Pagcor also missed its P18.69-billion target for total income on the first quarter of the year, falling short by 4.20 percent, or P785.18 million.

According to Domingo, Pag-

cor’s total income for the first three months of the year settled at P17.91 billion, 7.12 percent lower or P1.37 billion than last year’s P19.28 billion.

Sought to clarify the factors behind the decline in the net income of Pagcor in the first quarter even though the Luzon-wide lockdown started in mid-March, Domingo said: “It started slow. If you remember the Covid-19 virus’ existence was formally recognized by China.

That is a factor.”

“And 15 days of March in lockdown also took its toll,” she added.

Following the declaration of the Luzon-wide lockdown, Pagcor has suspended the operations of Philippine offshore gaming operations (Pogos) as well as the operations of

casinos and gaming stations.

Pagcor earlier said it expects to lose P5 billion to P6 billion from the suspension of the operations of Pogos, casinos and gaming stations.

As President Duterte has yet to decide on whether to lift, extend or relax enhanced community quarantine (ECQ) in Luzon, Domingo said she is still pushing for the resumption of operations of the three high-earning gaming operations—junkets, e-junkets, and Pogos, which will operate via a work-from-home arrangement.

The Luzon-wide ECQ is supposed to lapse on April 30.

Because of the suspension of gaming operations, Domingo said Pagcor will record zero revenues this month. “We have no revenues

SMC to hike purchases of corn, cassava

By Jasper Emmanuel Y. Arcalas @jearcalas

S

an Miguel Corp. (SMC) said it will purchase 4 million kilograms of surplus corn and use its gas stations as outlets for farm produce to help farmers survive the coronavirus disease 2019 (Covid-19) pandemic.

SMC also said it will buy more as it plans to "mass purchase agricultural produce" from Filipino farmers who are now reeling from the adverse impact of Covid-19 on the value chain.

“The surplus corn is enough to produce feeds for over 7 million live broilers that can eventually feed 4 million families in one day,” the conglomerate said in a statement

on Wednesday.

SMC said it will buy the surplus corn from farmers tilling about 25,000 hectares in Cagayan. The company added that it is also looking into partnering with farmers cooperatives in Tuguegarao for the purchase of cassava.

The firm said it will buy the farmers' produce at pre-agreed prices and volume, as part of a long-term partnership.

“We thank the DA [Department of Agriculture] for helping us identify possible sources of corn and cassava and farmers who are in need of help.

By helping them, we will also ensure that we get the needed raw material supplies for our various food products,” said SMC president and COO

Ramon S. Ang. SMC said it is also in talks with the DA to participate in its Kadiwa ni Ani at Kita rolling store program where the firm plans to use Petron stations as market outlets.

“Through this program with the [DA], we will be able to keep our farmers afloat as we navigate these uncertain times,” Ang said.

“At the same time, we also help people stay safe, healthy and nourished by providing them a convenient way to buy fresh fruits and vegetables from our local farmers,” he added.

SMC said initial Petron stations that will be used for the Kadiwa program include those in Filinvest, Dasmarinas/Edsa and Katipunan/ La Vista. The company added that

more gas stations will be added in the coming days.

“Currently, SMC’s Petron stations also serve as sites for SMC’s Manukang Bayan refrigerated vans, which bring fresh chicken and other refrigerated and canned meats closer to consumers,” it said.

SMC said its food production capacity would be able to last for at least six months beyond the ECQ at 24/7 operations.

“SMC’s food facilities can produce a daily output of 1.96 million kg of fresh meats [poultry, beef, and pork]; 524,000 kg of processed meats [canned meat, nuggets, and hotdogs]; and 2.11 million kg of flour/baked goods [flour, biscuits, pandesal, and nutribuns],” it said.

Solon: PCSO must resume operations JAAF food packs include veggie seeds

two players or sometimes just one per gaming table for VIPs so there is social distancing. Gaming areas are also hygienic.

For his part, Finance Secretary Carlos G. Dominguez III told House lawmakers on Tuesday the final approval on whether to allow the resumption of Pogos should come from the Bureau of Internal Revenue if it is “indeed collecting the right taxes from the Pogos and from the foreign employees of the Pogo.”

ACT-CIS Rep. Eric Go Yap, who chairs the House appropriations committee, earlier requested for the resumption of Pogo operations, saying this will provide the government with additional sources of revenues while the country is battling Covid-19.

PSBank declares Q1 cash dividend

By Tyrone Jasper C. Piad @TyronePiad

P

hilippine Savings Bank (PSBank) said it recently approved the declaration of a 7.5-percent regular cash dividend amounting to P320.14 million for the first quarter.

The subsidiary of Metropolitan Bank & Trust Co. (MetroBank), in a disclosure on Wednesday, said that its board of directors greenlighted the distribution of the P0.75-pershare dividend to common stockholders during a meeting on April 21.

The dividends, which are sourced from PSBank’s surplus, will be paid no later than May 21.

In the previous quarter, the listed bank declared cash dividends worth P287.33 million, or P0.75 per share.

The common stockholders received the payment on February 17.

PSBank saw its net earnings surge by 13.8 percent to P3.03 billion last year, from P2.66 billion in 2018 on the back of robust core net interest margin and operating income, among others.

Its revenue for the period rose by an annualized 2.8 percent to P14.60 billion. Expenses, excluding provision for impairment and credit

losses, dropped by 2.8 percent to P8.91 billion.

“We had big wins during the year as we were able to focus on operational efficiency and sustained cost discipline across the organization,” PSBank President Jose Vicente L. Alde said in an earlier statement.

“We are looking forward to an exciting 2020, empowered with the same passion and commitment.”

Supported by consumer loan business, its total loan portfolio rose by 4.7 percent to P164.11 billion last year.

As of end-2019, PSBank’s total assets, liabilities and stockholders' equity stood at P224.91 billion, P190.45 billion and P34.46 billion, respectively.

The MetroBank subsidiary also raised P6.3 billion via a two-year maiden fixed-rate bond issuance and completed P8-billion stock rights offer in 2019.

Following the announcement of a Luzon-wide lockdown in midMarch, PSBank has activated its business continuity plan to ensure maintained operations.

PSBank shares dropped by P1, or 2.38 percent, to close at P41 apiece on Wednesday.

BOC take from China shipments down 6.8%

T

he J. Amado Araneta Foundation (JAAF) spearheads #TogetherWeHeal donation drive, which aims to help indigent Filipino families in Metro Manila with difficult access to basic food needs due to the Covid-19 pandemic.

Launched last March 31, the campaign supports the efforts of the local government units in the Metro.

To augment the food packs for distribution, JAAF has added vegetable seeds to aid in urban gardening. This came about after a partnership with the Bureau of Plant Industry (BPI) of the Department of Agriculture has been forged to support the advocacy of promoting and intensifying urban gardening in Metro Manila.

BPI has donated eggplant, bush sitao, mustard, pechay, and upland kangkong seed packets for the campaign.

Apart from the seeds, #TogetherWeHeal recipients get 2 kilos of rice, two cans of sardines, two cans of corned beef, three cans of meatloaf, four packs instant noodles, and six sachets instant coffee.

Anyone can pledge a donation via TicketNet online for a minimum amount of P350. Visit bit.ly/ AranetaDonationDrive for details and instructions. #TogetherWeHeal is a partnership project with Araneta City, TicketNet, and Binibining Pilipinas Charities Inc. The donation drive will run until June 15.

for April, zero, zilch.”

Should the three high-earning gaming operations be allowed to continue, Domingo said these will somehow cut their losses.

“Yes, they will at least earn about 25 percent to 30 percent of the $118 milliona month that we are currently losing,” she said.

This year, Pagcor is targeting to earn P85 billion in gross gaming revenues.

Last month, Domingo said resuming these high-earning operations will not contribute to the spread of Covid-19, noting that junkets and e-junkets of big casinos which cater to foreign high rollers are “segregated” and can sometimes be done over the phone.

She said there are usually only

R

Bettors of lotto are seen at one outlet in Pasay City in this 2018 BusinessMirror file photo. NONIE REYES

By Jovee Marie N. Dela Cruz @joveemarie

T

he vice chairman of the House Committee on Games and Amusement has urged the Philippine Charity Sweepstakes Office (PCSO) to resume operations through interactive and mobile lotteries to help the government generate funds.

After the PCSO shut down its operations, Rep. Ronnie Ong of the Ang Probinsyano Party-list said it has also stopped generating the much-needed funds to shore up the government's capacity to respond to the coronavirus disease 2019 (Covid-19) crisis.

According to Ong, although the PCSO really has no choice but to shut down its land-based lottery activities, such as the Sweepstakes, Scratch-it and Small Town Lottery, it can continue to conduct business by launching secure and fraud-free interactive mobile lottery games.

However, the lawmaker said in a statement these interactive and mobile lottery games can go a long

way in raising the much-needed cash for the government to support its relief efforts for those who can hardly provide for their daily needs while they are under enhanced community quarantine (ECQ).

Ong said the government is losing at least P3.75 billion per month, or P125 million per day, since PCSO decided to stop operations due to the ECQ that was declared last March by President Duterte.

It is estimated that the PCSO makes at least P15 billion to P16 billion every quarter from its various lottery operations. Also, he said the absence of regulated and legal operations have allowed illegal and unregulated gambling to multiply and prosper.

“Even if we can only generate half of the P3.75 billion monthly revenue of the PCSO, we will be able to provide adequate relief to a lot of communities especially in areas which are on full lockdown. Let us be realistic about the ECQ. Most of the people take their chances outside their homes because they have nothing to eat,” Ong said.

He added the PCSO can deploy interactive and mobile apps where people can play Sweepstakes, Scratch-it and other forms of lotteries. They can do transactions using various payments schemes, such as credit cards, Paypal and virtual wallets like G-Cash, SmartCash, PayMaya and WeChat. Earlier, House Committee on Appropriations chairman Eric Yap called for the lifting of the suspension of Philippine offshore gaming operations (POGO) and its service providers for tax purposes.

“In view of exhausting government coffers, the suspension of POGO operations should be lifted immediately to give our tax collection a much-needed boost. We need all the help that we can get right now.

Lives are at stake and we need to act fast,” said Yap who is also the vice chairman of the Games Committee.

“The foreign workers are here anyway. Like us, some of them are also going out to get what they need.

They go to groceries, drug stores, restaurants. If they are here, why not allow them to operate [via] work-fromhome arrangements,” he added.

evenue collection on imports from China dropped by 6.8 percent, or P2.35 billion, in the first quarter of the year, as import volume from the country's biggest trading partner fell by 15.5 percent to 4.09 billion kilograms, from 4.84 billion kg in 2019.

Data obtained by the BusinessMirror showed the Bureau of Customs (BOC) collected P32.03 billion in revenues from China’s shipments to the Philippines in the first three months of the year. The figure is lower than last year’s P34.38 billion.

The BOC’s collection from Japan's shipments to the Philippines declined by 12 percent to P7.36 billion, from P8.36 billion recorded a year ago. This despite the 29.3-percent year-on-year increase in the import volume from Japan to 777.37 million kg.

First quarter revenue collection from other country sources of imports also dipped by 2.5 percent, or P749.43 million, as import volume plunged by an annualized 11.9 percent.

Revenue collection for the first quarter this year from other country sources reached P28.82 billion, lower than last year’s P29.57 billion.

Import volume from other country sources was down to 5.99 billion kg from last year’s 6.8 billion kg.

Despite a 5 percent decline in import volume from all country sources, the BOC managed to achieve a higher revenue collection for the first quarter compared to the same

period last year.

It collected a total of P141.04 billion from January to March on imports for the first quarter this year, higher by 2 percent, or P2.79 billion, from P138.26 billion in 2019.

Total import volume for the first quarter was at 26.77 billion kg, lower than last year’s 28.19 billion kg.

For March alone, the BOC’s take was down by 9.2 percent to P44.09 billion, from the P48.54 billion recorded in the same month in 2019.

Total import volume for all country sources in March also dropped by 4.5 percent as it only reached 8.92 billion kg compared to last year's 9.34 billion kg.

The BOC took a hit from the 24.2-percent decline in revenues from China’s shipments. The agency collected only P9.12 billion in March compared to the P12.03 billion recorded last year Import volume from the country's biggest trading partner also plummeted by 23.6 percent, settling at 1.22 billion kg in March, lower than last year’s 1.6 billion kg.

If not for the coronavirus disease 19 pandemic, Customs Assistant Commissioner Vincent Philip Maronilla told the BusinessMirror revenue collection in March would have ended in the positive territory.

As for collections in April, Maronilla said the figure is “not so good but substantial given the circumstances.”Bernadette D. Nicolas

B2

Companies BusinessMirror

Thursday, April 23, 2020

PSE STOCK QUOTATIONS

April 22, 2020

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 PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK COL FINANCIAL MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

48.2 100.5 59.95 19.86 7.8 38.05 23.5 41 98 17 103.2 53 15.4 0.28 600 0.6 163 1520

48.3 101.2 60 19.88 7.85 38.5 23.55 42 115 17.26 103.9 53.9 15.6 0.31 629.5 0.65 168.7 1644

45.25 100 59.8 19.96 7.88 38.5 23.7 42.5 125.9 17.28 103.4 54.85 15.5 0.31 630 0.67 163 1510

48.3 102 60.15 19.96 7.88 39.05 23.7 42.5 125.9 17.28 104.2 54.85 15.86 0.32 630 0.67 168.9 1510

45 99.65 59.2 19.86 7.78 37.6 23 41 98 17 102 53 15.5 0.3 629 0.65 163 1510

48.3 100.5 60 19.88 7.8 38.05 23.5 41 98 17.28 103.2 53.9 15.6 0.3 629 0.65 168.8 1510

12500 2768990 3226130 122600 98700 3677300 193600 5000 540 7000 554670 5500 14600 390000 40 115000 370 30

585720 278088657 193446203 2437408 771411 140919455 4525540 209045 54553 120680 57265044 295417.5 227146 121950 25180 74800 61697 45300

341370 -20750538.5 -37726498 -860874 -19542 -59525230 -1572530 1960 -98496 15070431 -208978.5 -

INDUSTRIAL AC ENERGY 2.4 2.41 2.37 2.42 2.24 2.41 28054000 65735220 0.94 1 0.93 0.93 0.93 0.93 115000 106950 ALSONS CONS ABOITIZ POWER 27 27.35 26.45 27.35 25.7 27.35 1684500 45275055 18.04 18.16 18 18.16 17.8 18.16 888800 15952108 FIRST GEN FIRST PHIL HLDG 55.8 56 56.2 56.2 55.8 56 38540 2155179.5 264.4 270 255 270 252.2 270 252590 66121594 MERALCO 10.8 10.82 10.84 10.86 10.5 10.8 4110500 43955548 MANILA WATER PETRON 3.13 3.15 3.08 3.16 3 3.13 2151000 6636950 2.38 2.56 2.33 2.56 2.33 2.56 40000 94810 PETROENERGY PHX PETROLEUM 10.08 10.3 10.1 10.4 10 10.3 282100 2900158 17.82 18.26 17.9 18.26 17.5 18.26 1635900 29464160 PILIPINAS SHELL 7.98 7.99 8 8 7.98 7.98 8900 71134 SPC POWER VIVANT 13.52 15.08 14.42 14.42 13.5 13.5 13900 188672 7.57 7.6 7.6 7.8 7.45 7.6 358000 2742241 AGRINURTURE AXELUM 2.65 2.66 2.63 2.88 2.61 2.65 7495000 20604340 73.55 89.95 73.4 73.4 73.4 73.4 40 2936 BOGO MEDELLIN 12.8 13.4 12.8 13.3 12.8 13.3 1100 14130 CNTRL AZUCARERA CENTURY FOOD 13.8 14.38 14.5 14.5 13.8 13.8 636600 9065204 3.5 3.78 3.8 3.8 3.5 3.5 6000 22420 DEL MONTE DNL INDUS 5.45 5.46 5.63 5.63 5.38 5.45 1530500 8303603 7.97 7.98 7.97 7.98 7.91 7.97 2963700 23620187 EMPERADOR 59 59.2 59.2 59.2 55 59 167520 9682857 SMC FOODANDBEV ALLIANCE SELECT 0.5 0.52 0.5 0.52 0.5 0.5 269000 136180 1.42 1.44 1.35 1.44 1.31 1.44 13885000 19198230 FRUITAS HLDG GINEBRA 32.4 32.6 32.6 32.6 31.05 32.5 29600 958595 133.9 134 135 135 131 134 5807560 775857960 JOLLIBEE MACAY HLDG 5.1 6.24 6.25 6.25 6.25 6.25 200 1250 5.99 6 6.08 6.08 5.8 6 946100 5573555 MAXS GROUP 1.81 1.83 1.84 1.84 1.81 1.81 1767000 3217360 PEPSI COLA SHAKEYS PIZZA 5.8 5.84 5.8 5.8 5.59 5.8 1172100 6707308 1.46 1.47 1.46 1.46 1.46 1.46 191000 278860 ROXAS AND CO RFM CORP 4.36 4.49 4.5 4.5 4.5 4.5 3000 13500 0.108 0.11 0.108 0.115 0.108 0.115 230000 26380 SWIFT FOODS 117.9 118 118.5 122 115.2 118 1052790 124043685 UNIV ROBINA VITARICH 0.81 0.82 0.83 0.84 0.79 0.81 5594000 4530500 53.05 68.9 53.05 53.05 53.05 53.05 240 12732 CONCRETE A CONCRETE B 48.1 60 47 59.9 47 59.9 20 1069 1.02 1.04 1.05 1.05 1.02 1.02 6048000 6230670 CEMEX HLDG 8 8.3 8 8.01 7.81 8 1523300 12185691 EAGLE CEMENT EEI CORP 5.24 5.27 5.39 5.4 5.1 5.24 2210300 11,653,724( 11.12 11.4 11.48 11.48 11.02 11.4 150300 1705550 HOLCIM MEGAWIDE 6.81 6.82 7 7 6.75 6.81 1731800 11837099 TKC METALS 0.73 0.76 0.73 0.76 0.73 0.76 28000 20470 0.7 0.71 0.72 0.72 0.69 0.71 433000 300580 VULCAN INDL CROWN ASIA 1.82 1.89 1.89 1.89 1.89 1.89 3000 5670 2.64 2.65 2.69 2.71 2.5 2.65 1607000 4253060 EUROMED LMG CHEMICALS 4.6 4.94 4.7 4.7 4.7 4.7 1000 4700 4.09 4.19 4.24 4.24 4.04 4.04 46000 192390 PRYCE CORP 23.05 25 25 25 25 25 5000 125000 CONCEPCION GREENERGY 1.12 1.13 1.05 1.13 1.02 1.13 4965000 5410150 6.02 6.03 5.78 6.3 5.75 6.03 745600 4505575 INTEGRATED MICR IONICS 1.12 1.14 1.18 1.18 1.11 1.14 532000 598370 1.06 1.07 1.04 1.09 1.01 1.06 1232000 1299270 SFA SEMICON 8.9 8.94 8.78 9.3 8.6 8.9 11541700 104214039 CIRTEK HLDG

13027640 -3750475 1938768 1005152 6489238 -327350 -56830 3322630.0001 64055 -3778610 -2414740 -4147943 -19925000 4529238.5 7500 89220 19440 271910075 31158 -874320 2325991 -1150 -52233367 -73200 -3016550 -11932151 1,432,926.0001) -123794 -6895943 -29440 -155280 -75000 -4180 -1322656 -41100 1697286

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A COSCO CAPITAL DMCI HLDG FILINVEST DEV GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP METRO PAC INV PACIFICA HLDG PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.59 7.01 585 43.5 6.35 1.59 5.95 0.53 0.45 4.78 4.18 8.03 450.8 3.61 50.65 0.45 2.73 7.51 2.62 2.8 0.77 0.94 166 815.5 97.5 139.1 0.177 0.144

0.6 7.2 593 43.9 6.45 1.6 6.05 0.55 0.455 4.88 4.2 8.5 452.4 3.95 50.9 0.465 2.74 7.59 2.63 3.14 0.79 1 170 818 97.9 146.9 0.198 0.149

0.6 7.36 558 43.5 6.6 1.61 6 0.52 0.45 4.88 4.14 8.62 463 3.94 49.45 0.45 2.77 7.5 2.63 3.14 0.73 0.98 165 817 98 147 0.201 0.14

0.61 7.58 593 44 6.6 1.61 6 0.55 0.455 4.88 4.2 8.62 463 3.94 51.55 0.46 2.77 7.6 2.64 3.14 0.79 0.98 166 825 98 151.9 0.201 0.15

0.58 7.01 550.5 41.3 6.27 1.51 5.93 0.52 0.44 4.78 4.04 8.5 433 3.94 49.05 0.45 2.73 7.44 2.6 3.14 0.71 0.98 165 808 95 139.1 0.185 0.137

0.6 7.1 593 43.9 6.35 1.59 6 0.55 0.45 4.78 4.18 8.5 450.8 3.94 50.9 0.45 2.74 7.52 2.62 3.14 0.77 0.98 166 818 97.9 146.9 0.198 0.149

4175000 24100 429040 803900 13460100 2801000 17100 61000 1220000 732000 5461000 61300 344740 16000 1566430 70000 651000 1559400 26118000 1000 853000 4000 210 233300 240010 980 100000 2490000

2468850 172612 242249580 34951460 85555233 4377360 102499 32150 542000 3509330 22708300 523670 155112780 63040 79521557 31600 1792800 11713219 68376950 3140 641820 3920 34710 190447760 23220602 139550 19240 362950

206570 -38424050 -1572105 -61175721 -1664760 99534 -494480 -12584050 -96675266 -41977366.5 -1073280 -5828065 2629720 28750 4950 -61173805 2291894 -57915 89400

PROPERTY ARTHALAND CORP 0.55 0.56 0.57 0.58 0.54 0.56 723000 400490 30.2 30.25 30.5 30.5 30 30.2 8860200 267933640 AYALA LAND BELLE CORP 1.3 1.31 1.33 1.33 1.3 1.31 321000 421950 0.53 0.54 0.54 0.54 0.52 0.53 2123000 1115070 A BROWN CITYLAND DEVT 0.73 0.75 0.74 0.74 0.74 0.74 12000 8880 0.121 0.13 0.131 0.131 0.129 0.129 110000 14320 CROWN EQUITIES 5.9 6 5.9 5.9 5.9 5.9 7400 43660 CEBU HLDG CEB LANDMASTERS 4 4.01 3.91 4.01 3.9 4.01 870000 3437570 0.355 0.36 0.36 0.36 0.355 0.355 4640000 1655150 CENTURY PROP DOUBLEDRAGON 15.82 16 16 16 15.8 16 46600 741550 6.92 7 7.2 7.2 6.91 6.92 186300 1314728 DM WENCESLAO 0.295 0.3 0.285 0.295 0.285 0.295 150000 43550 EMPIRE EAST FILINVEST LAND 0.91 0.93 0.92 0.93 0.9 0.91 6369000 5811540 0.79 0.8 0.8 0.8 0.79 0.8 2893000 2309400 GLOBAL ESTATE 8990 HLDG 11.52 11.54 11.6 11.6 11.5 11.5 106700 1228220 0.8 0.82 0.79 0.8 0.77 0.8 621000 491230 PHIL INFRADEV 3.11 4.69 3.99 3.99 3.99 3.99 4000 15960 KEPPEL PROP CITY AND LAND 0.66 0.75 0.75 0.75 0.75 0.75 1000 750 2.72 2.73 2.71 2.72 2.65 2.72 13033000 35002660 MEGAWORLD MRC ALLIED 0.168 0.169 0.161 0.174 0.159 0.168 52870000 8875470 0.32 0.33 0.33 0.33 0.32 0.33 2010000 644300 PHIL ESTATES 1.57 1.6 1.6 1.6 1.6 1.6 60000 96000 PRIMEX CORP ROBINSONS LAND 15.32 15.36 15.1 15.46 15.02 15.32 797700 12164940 0.232 0.248 0.236 0.249 0.227 0.232 480000 110440 PHIL REALTY ROCKWELL 1.49 1.5 1.5 1.5 1.45 1.5 111000 166280 2.63 2.67 2.64 2.67 2.63 2.66 41000 108520 SHANG PROP STA LUCIA LAND 1.84 1.87 1.85 1.87 1.84 1.87 162000 299200 29.65 29.7 29.5 29.9 29.1 29.7 8003400 236124120 SM PRIME HLDG 3.8 4.1 3.75 4.2 3.62 4.1 293000 1138010 VISTAMALLS SUNTRUST HOME 1.22 1.23 1.18 1.25 1.16 1.23 790000 949320 4.08 4.13 4.12 4.12 4.02 4.08 1161000 4716910 VISTA LAND

-106722975 -74670 -2077170 -131990 1260737 -2704980 -154318 -4555480 -8880 -3576408 21000 -69608825 -11400 -898480

SERVICES ABS CBN 16.74 16.82 16.8 16.8 16.64 16.8 54700 914750 4.86 4.87 5 5 4.85 4.87 137000 669660 GMA NETWORK MANILA BULLETIN 0.365 0.375 0.365 0.375 0.36 0.36 370000 133550 2168 2180 2096 2192 2096 2168 69205 149864670 GLOBE TELECOM PLDT 1180 1184 1138 1194 1138 1180 380565 447409345 0.037 0.038 0.037 0.039 0.037 0.038 8800000 327600 APOLLO GLOBAL 2.86 3.01 3 3 3 3 27000 81000 DFNN INC DITO CME HLDG 2.28 2.29 2.22 2.32 2.17 2.29 61740000 139007280 0.082 0.086 0.083 0.086 0.083 0.086 30000 2550 ISLAND INFO NOW CORP 1.84 1.85 1.9 1.9 1.78 1.85 2496000 4568550 0.181 0.182 0.179 0.18 0.177 0.18 1680000 299090 TRANSPACIFIC BR 2.58 2.59 2.58 2.78 2.4 2.59 6086000 15652030 PHILWEB 2GO GROUP 6.16 6.18 6.24 6.24 6.15 6.16 39200 242107 3.04 3.06 3.09 3.12 3.01 3.05 818000 2495010 CHELSEA CEBU AIR 47.7 47.75 49.65 49.7 47 47.75 355800 16990080 80 81.05 76.6 81.05 75.3 81.05 973030 76679990.5 INTL CONTAINER 13 13.5 12.9 13 12.8 13 10200 132380 LBC EXPRESS LORENZO SHIPPNG 0.75 0.85 0.79 0.79 0.79 0.79 11000 8690 4.56 4.57 4.74 4.74 4.3 4.56 5393000 24454490 MACROASIA METROALLIANCE A 1.7 1.73 1.72 1.74 1.64 1.7 1464000 2447700 6.8 6.85 7.2 7.2 6.8 6.85 7700 52989 PAL HLDG 0.87 0.88 0.85 0.88 0.83 0.88 501000 428360 HARBOR STAR BOULEVARD HLDG 0.029 0.031 0.031 0.031 0.029 0.031 7700000 230700 1.65 1.84 1.85 1.85 1.63 1.63 18000 31840 DISCOVERY WORLD WATERFRONT 0.43 0.45 0.45 0.45 0.45 0.45 30000 13500 6.02 6.53 6.01 6.02 6.01 6.02 900 5417 CENTRO ESCOLAR STI HLDG 0.34 0.345 0.37 0.375 0.32 0.345 31290000 10814550 BERJAYA 2.15 2.28 2.37 2.37 2.15 2.3 38000 85790 5.66 5.67 5.79 5.8 5.4 5.66 7940700 43884369 BLOOMBERRY PACIFIC ONLINE 1.68 1.7 1.74 1.74 1.74 1.74 3000 5220 1.45 1.49 1.55 1.55 1.44 1.49 279000 406390 LEISURE AND RES MANILA JOCKEY 1.93 2.2 2.2 2.2 2.2 2.2 2000 4400 2.9 3.08 2.91 3.09 2.7 3.08 72000 206010 PH RESORTS GRP 0.31 0.315 0.305 0.315 0.305 0.315 5600000 1727550 PREMIUM LEISURE ALLHOME 5.73 5.89 5.86 5.95 5.61 5.89 2346200 13651618 1.63 1.64 1.68 1.68 1.61 1.63 2822000 4648650 METRO RETAIL PUREGOLD 46.4 46.5 46.35 46.9 45.9 46.5 1634100 75850215 ROBINSONS RTL 60.2 60.9 60.8 60.9 59 60.2 395880 23799019 132 135.5 135.5 135.5 130.1 135.5 35140 4639436 PHIL SEVEN CORP SSI GROUP 1.18 1.22 1.2 1.22 1.15 1.18 1869000 2226730 14.58 14.6 14.56 14.58 13.72 14.58 2073700 29852960 WILCON DEPOT APC GROUP 0.295 0.3 0.295 0.31 0.295 0.3 350000 104650 7.02 7.14 5.15 7.35 5.15 7.02 683100 4659786 EASYCALL 319 330 330 330 330 330 410 135300 GOLDEN BRIA PRMIERE HORIZON 0.24 0.242 0.217 0.242 0.215 0.242 13370000 3086220 5.32 5.6 5.3 5.32 5.3 5.32 2900 15388 SBS PHIL CORP

1971140 130829710 -695420 -84170 110890 -156788 145540 -9835985 -3274681 -3682500 24900 -2051750 5092287 16040 6100 4035225 -448660 16244130 -20346054 -47694 -1079460 3131886 -25640 128510 -

MINING & OIL

ATOK 10.2 10.3 10.7 10.7 10.7 10.7 8000 85600 APEX MINING 0.91 0.92 0.92 0.94 0.9 0.92 934000 854150 0.001 0.0011 0.0011 0.0011 0.001 0.0011 12000000 12800 ABRA MINING ATLAS MINING 1.86 1.95 1.85 1.9 1.85 1.9 21000 39350 1.01 1.13 0.95 0.95 0.95 0.95 1000 950 BENGUET A 0.2 0.205 0.205 0.205 0.2 0.2 100000 20250 COAL ASIA HLDG CENTURY PEAK 2.7 2.75 2.67 2.75 2.65 2.75 570000 1521500 192500 6.52 6.65 6.85 6.85 6.53 6.65 3500 23154 DIZON MINES FERRONICKEL 0.72 0.73 0.74 0.75 0.72 0.72 5348000 3885890 13870 0.079 0.081 0.081 0.081 0.08 0.08 720000 57850 LEPANTO A 0.083 0.085 0.083 0.083 0.083 0.083 200000 16600 LEPANTO B MANILA MINING A 0.0065 0.0066 0.0065 0.0065 0.0065 0.0065 25000000 162500 0.53 0.55 0.56 0.56 0.53 0.53 185000 99970 MARCVENTURES NIHAO 0.9 0.95 0.95 0.98 0.89 0.95 16000 15180 1.63 1.64 1.65 1.66 1.58 1.63 4906000 7946540 -2095400 NICKEL ASIA 0.5 0.52 0.52 0.52 0.49 0.52 175000 89380 7700 ORNTL PENINSULA PX MINING 2.16 2.19 2.2 2.2 2.15 2.19 50000 109730 -23930 11.98 12 12.2 12.22 11.8 12 1653600 19840852 1285582 SEMIRARA MINING UNITED PARAGON 0.004 0.0041 0.0042 0.0042 0.004 0.004 16000000 64400 7.15 7.22 7.19 7.29 6.7 7.24 338200 2381486 11952 ACE ENEXOR 0.0084 0.0087 0.0087 0.0087 0.0087 0.0087 1000000 8700 ORNTL PETROL A PHILODRILL 0.0082 0.0083 0.0083 0.0083 0.0083 0.0083 20000000 166000 4.38 4.39 4.4 4.4 4.21 4.39 1399000 6043270 160300 PXP ENERGY

PREFFERED HOUSE PREF A 96 97.9 98.7 98.7 97.9 97.9 580 56808 AC PREF B2R 495 500 495 495 495 495 920 455400 98 99.5 99.5 99.5 99.5 99.5 2870 285565 CPG PREF A DD PREF 100 101 97.8 102.8 97.8 100 196480 19648236 451 479 460.2 460.2 460 460 2000 920004 FPH PREF C 1000 1005 997 1000 997 1000 20470 20463290 GTCAP PREF B MWIDE PREF 100.1 100.9 100 100.1 100 100.1 83410 8341020 98.7 99.5 99.45 99.5 99.45 99.5 4990 496435 PNX PREF 3A PNX PREF 4 1000 1010 1000 1000 1000 1000 2200 2200000 1002 1014 1000 1005 1000 1005 4030 4042400 PCOR PREF 3A 1010 1020 1019 1019 1019 1019 10 10190 PCOR PREF 3B SFI PREF - 1.7 1.7 1.7 1.7 1.7 1000 1700 76.2 76.4 76.3 76.4 76.2 76.2 11810 900744 SMC PREF 2C SMC PREF 2D 74.1 74.2 74.2 74.2 74.2 74.2 8390 622538 75 75.5 75 75.65 75 75 7600 571350 SMC PREF 2F 75 75.3 75 75 75 75 187260 14044500 SMC PREF 2H

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 15.12 15.9 15.2 15.9 15.1 15.9 15100 228800

WARRANTS LR WARRANT 0.77 0.79 0.79 0.81 0.76 0.77 129000 99920

SMALL & MEDIUM ENTERPRISES ITALPINAS 2.35 2.38 1.9 2.35 1.88 2.35 25303000 54005060 -292850 KEPWEALTH 7.3 7.31 6.75 7.5 6.7 7.3 465500 3348611 -32550 0.63 0.64 0.59 0.63 0.59 0.63 6974000 4299810 -115140 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 84.7 84.75 84.95 84.95 83.1 84.7 19270 1626080 23680

www.businessmirror.com.ph

Bangladesh Bank to appeal US court dismissal of case vs RCBC

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By Tyrone Jasper C. Piad

@TyronePiad

HE Bangladesh Bank is contesting the decision of a US court to dismiss the case it filed against Rizal Commercial Banking Corp. (RCBC) and Bloomberry Resorts Corp. for their alleged conspiracy in the $81-million bank heist in 2016.

“In a Notice filed on April 20, 2020 [New York time], Bangladesh Bank stated that it will appeal the Opinion and Order of the US District Court of New York which earlier dismissed the case that Bangladesh Bank filed against RCBC and various parties,” the Yuchengco-led lender said in a disclosure on Wednesday.

Bloomberry, in a separate disclosure, said that Bangladesh Bank

filed an appeal to the US Court of Appeals for the earlier decision of US District Court for the Southern District of New York to dismiss the said case.

To recall, the said US court granted the defendants’ joint motion to dismiss the case on March 20 due to the absence of a Racketeer Influenced and Corrupt Organizations Act (RICO) claim,

or RICO conspiracy claim.

“The Court further declined to exercise its supplemental jurisdiction over the remaining state law claims,” the disclosure added.

The said civil case was lodged by the Bangladesh Bank in a bid to collect the amount allegedly stolen by North Korean hackers from its systems and was then sent in multiple remittances to their account with the Federal Reserve Bank of New York and other four correspondent banks in New York.

Following this, the amount was then remitted to alleged fictitious accounts with RCBC where they were transacted, converted and lost. “[A] part of which went through Philippine casinos where they were used to purchase gaming chips and were played in the casino and junket rooms,” Bloomberry said earlier.

The parent firm Bloomberry owns Bloomberry Resorts & Hotels Inc., which operates Solaire

Resort & Casino.

Former RCBC branch manager Maia Santos-Deguito in January last year was convicted for eight counts of money laundering for stealing $81 million in 2016 from the Bangladesh Bank. She was slapped with a penalty of $109 million and four to seven years of imprisonment for each count.

Apart from RCBC, Bloomberry and Deguito, the other defendants are Angela Ruth Torres, Lorenzo V. Tan, Raul Victor B. Tan, Ismael S. Reyes, Brigitte R. Capina, Nestor O. Pineda, Romualdo S. Agarrado, Philrem Service Corp., Salud Bautista, Michael Bautista, Centurytex Trading, William So Go, Eastern Hawaii Leisure Company Ltd., Kam Sin Wong, Weikang Xu, Ding Zhize, Gao Shuhua and John Does.

RCBC shares climbed 7.06 percent to finish at P17.28 each while Bloomberry shares slid 2.41 percent to settle at P5.66 apiece on Wednesday.

‘Allow LandBank, DBP to extend stimulus loans’

By Jovee Marie N. Dela Cruz @joveemarie

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he government should mandate its banks, Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP), to carry out stimulus loans and repurpose the National Development Co. (NDC) as its bailout agency, according to an economistlawmaker.

House Committee on Ways and Means Chairman and House Economic Stimulus Cluster Co-Chair Joey Sarte Salceda of Albay said he sees an “immense role” for LandBank and DBP as Congress begins to deliberate on possible calibrations of the country’s national economic stimulus plan.

“LBP and DBP are both relatively well-run government institutions, and both have been engaged, in recent years, in missionary expansion, so the reach and the relationship with small and medium enterprises will be critical in delivering our stimulus loans,” Salceda said.

Salceda said LandBank has already expressed “strong willingness” to offer stimulus loans.

“I got assurances from LandBank that their stimulus loans will be offbalance sheet, so they can be administered without the usual rigorous risk-based assessments that banks do. In terms of bank processes, that’s as good as it gets, so our committee is quite encouraged by the assurance,” he said.He said he believes that the “willingness, experience, and scale of the government banks, especially LandBank, in delivering socially imbued, but ultimately commercially viable programs and projects means we get our bang-for-the-buck, in economic impact and in net fiscal cost.”

Salceda proposed Negative Interest Loans (NIL) as a P300-billion stimulus program to encourage companies with liquidity to invest, with the incentive of what Salceda calls “government’s co-pay for their continued expansion.”

“The NIL essentially provides firms a little bit of free money so that they are encouraged to invest a lot of their own money and retain employment.”

Salceda added LandBank and DBP will be crucial for the implementation of his proposed Credit Refinancing and Mediation Service (CRMS).

Under the draft of the proposed Philippine Economic Recovery Act, Salceda proposes CRMS worth P20 billion to ensure that micro, small and medium enterprises (MSMEs) are able to fulfill obligations under

more favorable terms of credit. Another P28 billion will be set aside for the Philippine Guarantee Corp.

(PGC) to guarantee loans of business entities.

“The CRMS will allow firms to renegotiate or refinance their loans.

It allows them to capitalize their survival, transition, and growth on terms that are easier than the loans they previous contracted. Nobody could have predicted the scale of this pandemic’s impact on business, so we’re allowing them to reengineer their position, essentially,” he said.

He said initial suggestions his committee received from stakeholders suggest that the government banks administer the loans while the Small Business Corporation and the PGC can provide the guarantees.

Repurposing NDC

Salceda also pushed for the repurposing of the NDC to serve as the government’s bailout agency.

“The economic costs of a permanent shrinking of the private sector, via closures and bankruptcies, is essentially forever foregone growth. So we need to preserve companies that would have otherwise been profitable, but which will go bankrupt because of this pandemic,” he said.

“I proposed a superbody similar to what was promoted by Nobel laureate Joseph Stiglitz. It’s a company designed to rescue firms that fail due to an unforeseen economic crisis, through convertible loans, debts-to-equity swaps, or outright government purchase. The objective is really to preserve jobs,” he added.

He said the body will ultimately deal with the bulk of the obligations of these newly acquired or partly acquired firms in one standard procedure, similar to what the PSALM did for power sector debt, and what the Central Bank-Board of Liquidators (CB-BOL) did to Marcos-era debts of the Central Bank.

“Those obligations were frankly existential threats to our economy, but because of these agencies, the average Filipino and the national balance sheet did not take too much of a hit,” he said.

The NDC charter, under Presidential Decree 1648, allows it to “engage or invest in or extend loans and guarantees to, or enter into joint ventures with Filipino and foreign investors, whether in the majority or minority position in commercial, industrial mining, agricultural, and other enterprises, which may be necessary or contributory to the economic development of the country, or important to the public interest.”

‘Help people’

Speaker Alan Peter Cayetano urged government and private banks to provide loans to millions of MSMEs and farmers suffering from the coronavirus disease 2019 pandemic.

The Speaker said the financial

mutual funds

system’s problem is how to get potential small borrowers avail themselves of loans from the banking sector.

Cayetano said small borrowers “are intimidated by the formal banking system.”

April 22, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 184.71 -29.31% -11.15% -8.04% -26.67% ATRAM Alpha Opportunity Fund, Inc. -a 0.9476 -40.7% -13.58% -8.65% -31.43% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.4724 -39.43% -16.04% -10.63% -32.78% Climbs Share Capital Equity Investment Fund Corp. -a 0.6411 -31.4% n.a. n.a. -28.54% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6531 -24.39% n.a. n.a.

-23.1% First Metro Save and Learn Equity Fund,Inc. -a 4.0072 -26.37% -8.67% -7.03% -24.79% First Metro Save and Learn Philippine Index Fund, Inc. -a,6 0.6247 -28.08% -12.54% n.a.

-26.82% MBG Equity Investment Fund, Inc. -a

74.86 -41.38% n.a. n.a. -27.55% PAMI Equity Index Fund, Inc. -a 36.9256 -28.44% -9.73% n.a. -27.99% Philam Strategic Growth Fund, Inc. -a 396.95 -26.42% -9.2% -7.14% -25.49% Philequity Alpha One Fund, Inc. -a,d,8 0.8267 n.a. n.a. n.a. -19.75% Philequity Dividend Yield Fund, Inc. -a 0.9449 -27.57% -9.19% -6.35% -26.58% Philequity Fund, Inc. -a 27.7692 -27.7% -8.5% -6.25% -26.72% Philequity MSCI Philippine Index Fund, Inc. -a,1 0.7291 -29.16% n.a. n.a. -28.39% Philequity PSE Index Fund Inc. -a 3.7604 -28.03% -9.23% -6.25% -28.01% -27.93% -9.18% -6.44% -27.93% Philippine Stock Index Fund Corp. -a 628.47 Soldivo Strategic Growth Fund, Inc. -a 0.5739 -37.86% -13.24% -10.32% -32.59% Sun Life Prosperity Philippine Equity Fund, Inc. -a 2.9461 -31.31% -10.09% -7.42% -30.01% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7215 -28.05% -9.34% n.a.

-27.91% United Fund, Inc. -a 2.6854 -27.43% -7.08% -5.12% -26.49% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 84.2983 -27.75% -8.7% -5.61% -27.92% ATRAM AsiaPlus Equity Fund, Inc. -b

$0.882 -15.79% -1.35% -3.76% -14.24% Sun Life Prosperity World Voyager Fund, Inc. -a $1.2211 -5.55% 3.61% n.a. -11.43% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.4847 -13.19% -5.19% -5.18% -5% ATRAM Philippine Balanced Fund, Inc. -a 1.9405 -15.81% -5.7% -3.7% -11.03% First Metro Save and Learn Balanced Fund Inc. -a 2.3013 -12.22% -3.2% -4.47% -12.55% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,5 0.1818 n.a. n.a. n.a.

-20.44% NCM Mutual Fund of the Phils., Inc. -a 1.7772 -6.9% -1.63% -1.8% -9.47% PAMI Horizon Fund, Inc. -a 3.2744 -10.44% -3.73% -3.45% -13.58% Philam Fund, Inc. -a 14.6379 -11.33% -3.88% -3.53% -13.69% Solidaritas Fund, Inc. -a 1.8252 -14.44% -4.71% -3.08% -14.14% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.1004 -18.99% -5.54% -4.53% -19.76% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d,2 0.8831 -10.77% n.a. n.a. -13.06% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d,2 0.7825 -20.87% n.a. n.a. -21.47% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d,2 0.7602 -22.98% n.a. n.a. -23.46% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7608 -21.75% -6.82% -6.16% -21.95% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03816 6% 2.38% 1.49% -0.18% PAMI Asia Balanced Fund, Inc. -a $0.9194 -8.5% -0.55% -2.21% -11.42% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.5497 -4.55% 2.65% 1.35% -9.23% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,7 $1.054 -2.96% 1.08% n.a.

-6.63% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 361.43 3.95% 2.92% 2.36% 1.01% ATRAM Corporate Bond Fund, Inc. -a 1.9245 2.24% 0.89% -0.31% 1.18% Cocolife Fixed Income Fund, Inc. -a 3.1621 4.87% 5.17% 5.1% 1.47% Ekklesia Mutual Fund Inc. -a 2.2603 4.76% 2.62% 2.05% 1.59% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4009 6.54% 2.78% 1.55% 1.77% Philam Bond Fund, Inc. -a 4.4465 10.59% 3.13% 1.92% 1.68% Philequity Peso Bond Fund, Inc. -a 3.8346 6.63% 3.36% 1.63% 1.22% Soldivo Bond Fund, Inc. -a 1.009 10.01% 2.98% 1.15% 4.64% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.0994 7.71% 4.36% 2.62% 0.76% Sun Life Prosperity GS Fund, Inc. -a

1.714 7.43% 3.89% 2.2% 0.76% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $467.24 2.95% 2.21% 2.34% -0.21% ALFM Euro Bond Fund, Inc. -a Є213.84 -0.93% 0.48% 0.51% -2.68% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1768 0.91% 1.75% 1.67% -2.52% 0% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0258 2.79% 1.19% 1.12% PAMI Global Bond Fund, Inc -a $1.0517 -0.66% -0.64% -0.73% -3.97% Philam Dollar Bond Fund, Inc. -a $2.3822 5.85% 2.52% 2.12% -0.9% Philequity Dollar Income Fund Inc. -a $0.059453 2.37% 1.44% 1.35% -1.43% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1481 6.36% 1.96% 2.05% -0.86% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.22 3.95% 3.07% 2.32% 1.14% First Metro Save and Learn Money Market Fund, Inc. -a,3 1.036 2.78% n.a. n.a.

0.95% Philam Managed Income Fund, Inc. -a 1.2707 6.26% 3.46% 1.86% 1.11% 3.44% 3% 2.51% 0.94% Sun Life Prosperity Money Market Fund, Inc. -a 1.2765 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0408 1.7% n.a. n.a.

0.35% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,4 $0.9 n.a. n.a. n.a.

-9.09% 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 January 3, 2019. 2 - Launch date is January 28, 2019. 3 - Launch date is February 1, 2019. 4 - Launch date is November 15, 2019.

5 - Launch date is September 28, 2019. 6 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.).

7 - Adjusted due to stock dividend issuance last October 9, 2019.

8 - Launch date is December 09, 2019.

"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."

Editor: Eleanor Leyco-Chua

Health&Fitness BusinessMirror

Thursday, April 23, 2020 B3

Pinoys’ traditional ‘saklob’ (facial sauna) saves a doctor from Covid-19

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By Eleanor Leyco-Chua

octor Boy (not his real name) is a well-respected doctor in one of the prestigious hospitals in the Metro.

As a doctor, he’s devoted to his vocation and keeps himself updated with the latest developments in the medical industry, and this is why he is often invited to give talks and lectures for different medical organizations around the globe.

Over the weekend, Dr. Boy called this author and said that he wanted to share his story how the traditional ‘saklob’ (facial sauna) helped him cope with Covid-19. And this facial sauna, which almost cost nothing, according to him, can save a lot of people who are already suffering from the virus and even those who just want to boost their immune system.

Last month, Dr. Boy was invited by the president of the Egyptian Rhinologic Society to give two lectures during their convention. A few days after he arrived in Egypt, Dr. Boy noticed that his sense of smell was failing him, which greatly surprised him because he has no colds nor flu for him to lose his sense of smell.

Since he was feeling great and everything else seemed normal, and there’s no reason for him to worry he continued with his itinerary.

On March 13, Dr. Boy arrived in the Philippines and passed the thermal scanner at the airport. Following a health advisory, which requires everyone with travel history to self-quarantine, Dr. Boy, went straight to his home and even kept himself locked in his room to protect the people around him from contracting the virus if in case he’s positive.

Then, the following day, he asked his house help to prepare ginger tea and lemon water as he started coughing frequently, and his body felt really sore and his temperature was shooting up. Dr. Boy added that he suffered from diarrhea.

“It was a horrible dry cough, and the body pain was like you worked out for several hours. My fever was very high.

I took paracetamol for my fever and to boost my immune system I gave myself

vitamin C with zinc, some health supplements like nitric oxide,” he added.

He stressed that the his symptoms were just like for any kind of flu (fever, cough and cold, body weakness and body pain) but for others, he said, “can immediately involve the lungs producing difficulty of breathing, the gastrointestinal area producing diarrhea and later, may also cause kidney and even cardiac problems. Interestingly, for some loss of smell and taste may be the first and only symptom. There are a variety of scenarios from no symptoms at all to dying fast and really die unexpectedly.

“We do not know really what kind of virus this is. There are lots of unexpected development, 80 percent of patients are told to go home and stay quarantined, then, they were only asked to come back when there is already difficulty of breathing. These patients are generally prescribed with paracetamol, vitamins particularly vitamin C and zinc.”

Being an ENT specialist, Dr. Boy knew exactly what he needed to do to activate the natural killer cells in his body to help his immune system cope with its “attackers.”

Long before we have this advanced medications for flu, our grandmothers had been practicing facial sauna to ease dry cough and flu. Maybe most of us don’t really understand how it works, but because it is effective in treating flu, this facial sauna is still practiced by many.

Dr. Boy, who knows the mechanism of facial sauna, on the day that he first caught dry cough, he did this facial sauna, and these are the steps according to Dr. Boy, while adding, “This really works like magic, very affordable and readily available!”

Facial Sauna (hot and cold)

Phase 1 with hot steam

1. Boil water.

2. Put the boiling water in a small laundry tub or any container with an opening

just enough for your central face, nose and mouth. Add one or two tablespoonful of salt.

3. Place your face near the opening, cover your head with towel or any cloth to contain the steam.

4. Do this for 10 to 15 minutes while deeply inhaling the steam.

Phase 2 with cold steam

1. Fill one glass or any container with ice then add some water.

2. Place your face or nose near the opening, cover your head with towel or any cloth to contain the cold steam.

3. Inhale deeply for 10 to 15 minutes “The first phase will stimulate the monocytes and the macrophages for increased immunity and the second phase is to enhance them, I did this twice a day and even longer than 15 minutes.”

According to Healthline.com, monocytes are a type of white blood cell which help fight bacteria, viruses, and other infections in the body. “Along with other types of white blood cells, monocytes are a key element of your immune response.”

On the other hand, macrophages, as explained by Dr. Ananya Mandal in her article online, “A macrophage is a type of phagocyte, which is a cell responsible for detecting, engulfing and destroying pathogens and apoptotic cells. Macrophages are produced through the differentiation of monocytes, which turn into macrophages when they leave the blood. Macrophages also play a role in alerting the immune system to the presence of invaders.”

According to Dr. Boy, there were several medical studies that showed when our body is exposed alternatively to hot and cold stimuli, the monocytes, macrophages and the natural killer cells in the body are activated and enhanced, thus, allowing our immune system to function at optimum level.

“Since I had the cough, facial sauna has become a daily routine then, after two days I submitted myself to Covid-19 test,” he narrated.

Though during his Covid-19 testing, he was already feeling better except for the loss of smell and taste. But overall, he said, he was a lot better.

Dr. Boy might be feeling better but somehow, he felt a little nervous or anxious especially when he read about a young doctor who was asymptomatic passed on due to Covid-19.

“Upon learning about what happened to that young doctor who succumbed to Covid-19 only after a few days when he first had difficulty of breathing, I became very anxious, I felt like I was choking when I was in a small room specially when taking a bath. It was like claustrophobia.”

To keep himself calm, he decided to undergo several tests like, CT scan, x-ray, among other necessary test to check the status of his vital organs.

“Aside from the anxiety that I was having, I was getting better and better since I didn’t stop my facial sauna and I continue to take my vitamins and health supplements, however, my tests revealed that Covid-19 hit my lungs, thus, telling me that Covid-19 was in my system,” Dr. Boy narrated.

On March 23, six days after his Covid-19 test was done, Dr. Boy got the result and it also confirmed that he’s positive.

“I was confirmed positive, so I had myself tested again,” Dr. Boy quipped.

For Dr. Boy, he’s still one of the luckiest persons who have contracted the virus because despite the presence of Covid-19 in his system, he was able to arrest the severe effects and symptoms of this deadly disease.

“The medical industry still doesn’t understand the virus, and the development of the vaccine may take longer time. Though there are some medicines that showed good effects on Covid-19 patients, still, we are grasping in the dark. I am grateful that I didn’t have to go through a very difficult ordeal like what other patients experienced, I didn’t spend so much money just to recover. I guess what we can really do is to strengthen our immune system and follow the rules and regulations set by our health authorities and the government since we can never tell who is infected or not. Look at me, I went to another country, and while I was there, I already had a slight cough, which I can’t even say if it’s Covid-19 already. Then came back to the Philippines, knowing I was fine, then, just after a day, I was coughing my lungs out, and it was a horrible experience.”

Last April 7, Dr. Boy received the result of his second test, and he’s already tested negative of Covid-19. “I want to share my story, because the actions I made to help myself recover from this virus might help other people. Facial sauna can also be done as a preventive measure, it will help in boosting our immune system.”

Tips to Manage Stress During Pandemic D

By Gary Small, MD

uring the Covid-19 pandemic, many Americans are viewing a constant barrage of disturbing news and experiencing emotional, physical and mental fatigue while sheltering in place and practicing social distancing. According to a recent survey, 88 percent of organizations have encouraged or required staff to work from home, and the resulting social isolation can elevate stress levels.

Now more than ever, our mental health should be a top priority. Recognizing stress in ourselves and knowing how to manage it is particularly important today because chronic stress threatens our well-being and weakens the immune system’s ability to fight off infections. Stress also can have a negative impact on physical and mental health.

You can influence your state of mind

Over time, humans have evolved into social beings surrounding ourselves with family, friends and groups with similar interests to help cope with life’s stressors and manage their mental health. Although we are now in the digital age where technology allows us to stay connected, we still desire human interaction, involving touch and in-person gatherings, to keep us mentally healthy.

These are uncertain times, and many Americans are feeling more stress and worry as unemployment rates skyrocket and health concerns are high. A 2018 Gallup poll revealed that 55 percent of Americans said they experienced stress, nearly 45 percent reported that they worried a lot, and 22 percent said they experienced anger. Today, we are cooped up at home trying to understand and respond to an onslaught of information coming from various medical authorities and

organizations. It’s not surprising that many of us are experiencing anxiety, depression, and other mind health problems. Although it is important to stay connected and up-to-date on current events, staying tuned to new reports throughout the day can create a greater sense of fear and anxiety. However, there are ways to cope with stress that will help you and those around you better manage such feelings and reduce worries.

Everyone reacts to stress differently so it’s important to remember that what works for one person may not work for another. Here are some coping tips that can help you manage your stress levels during the #StayAtHome mandate:

n Identify stress cues. Teeth grinding; weight gain; headaches; mood swings; back and neck pain; and sleepless nights are signals that you are experiencing stress. Identifying these cues will help you know when it’s time to practice some strategies to lower your stress. n Know your triggers. If you’re working from home or watching the news and you find yourself feeling anxious, irritated or experiencing a headache or neck pain, that’s the time to get up and disconnect. Taking a walk, listening to music or finding a quiet place to relax can help you reset your mental state and go back to tackling the day’s tasks. n Disconnect daily. Schedule regular times throughout the day when you take breaks from working or watching, reading, or listening to news stories, including social media. Being connected 24-hours a day can lead to mental strain and anxiety. Take time to unwind by participating in activities that break up the monotony of your day. Connecting with people you trust to talk about your feelings can also help improve your mood.

n Find your creative outlet. Spend time reconnecting with pastimes you enjoy or find a new activity or hobby. Shifting your focus on something novel can help you relax and feel energized. Consider trying a new recipe, walking, spring cleaning or participating in an online workout to reduce your stress and help you feel more refreshed.

n Breathe for relaxation. Natural breathing involves the diaphragm. When we breathe using the diaphragm, our stomach extends as we inhale and flattens when we exhale. After a time, we forget to breathe correctly and tend to use our chest and shoulders, which can lead to short and shallow breaths, and increase stress and anxiety. There’s no time like the present to start working on your breathing. To begin, find a quiet place to lie down. Place one hand on your chest and the other on your stomach. When you’re ready, slowly inhale. You should feel your stomach expanding, and when you exhale, your chest should descend. Practicing relaxation breathing for 20 to 30 minutes daily to reduce your anxiety levels and promote a state of calmness. n Move your body. Keep active. Find

a recreational activity that you enjoy. Exercise increases overall health and sense of well-being and is a great way to combat stress. When you exercise, you produce endorphins, chemicals in the brain that help to reduce the perception of pain and improve mood. Regular exercise also helps to improve quality of sleep, which in turn reduces stress and fatigue. If you own a fitness tracker, aim for 10,000 steps each day. Setting a goal will help keep you motivated and give you a sense of accomplishment.

n Stay connected. Keeping in touch with your family and friends is critical. You may be physically isolated but that does not mean you

need to lose your connection to others. Try to reach out daily to people who are important to you using social media, videoconferencing or phone calls.

n Keep your routine. In the midst of changes that are out of your control, stay consistent with activities that you take charge of. If you, like many Americans, are working from home, set up a daily routine. Act as If you’re going to work.

Get up at the time you normally would and get dressed. You don’t need to wear a business suit but aim for business casual attire. Also, set up an office where there are limited interruptions to help keep you focused. Also, remember to take regular breaks to unwind throughout the day. Many people who work from home tend to stay glued to their desks and are less active. Taking breaks throughout the day as you normally would at work will give you a sense of control and normalcy in your life.

It’s important to remember that stress is common, reduces productivity, and threatens physical and mental well-being. Being informed and developing stress coping techniques will help you manage and come out stronger in the end.

Gary Small, MD has been a member of the Nutrition Advisory Board since 2011. He has authored over 500 scientific works and received numerous awards and honors, including the “Senior Investigator Award” from the American Association for Geriatric Psychiatry, and the “Weinberg Award” for Excellence in Geriatric Psychiatry from the American Psychiatric Association.

Small is professor of psychiatry and biobehavioral sciences, the Parlow-Solomon professor on aging at the David Geffen School of Medicine at UCLA, director of the UCLA Longevity Center and director of the Geriatric Psychiatry Division at the Semel Institute for Neuroscience and Human Behavior.

The University of California as a matter of policy does not endorse specific products or services. Small’s credentials are for identification purposes only.

FITNESS RULES

By Greggy H. Romualdez

Fitness options while on lockdown G yms and health clubs are closed. Running, cycling and other outdoor activities are on hold.

A significant part of the world is on lockdown with billions of individuals confined to their homes.

Our fitness goals have taken a back seat as the primary objective now is survival and putting an end to this global pandemic.

Sure, we miss the outdoors, the vibrant energy of the gym, and working out and doing classes with friends. With more time on our hands, it’s time to explore fitness options while staying home.

Here are things we can do while on lockdown to maintain our physical and mental well-being.

n Online exercise classes— There an abundance of free online exercise classes. Some fitness centers and gyms (such as Segovia Strength and Conditioning) do this by going live on Facebook and guiding anyone with an Internet connection in performing stretching and bodyweight exercises. There are free Yoga, Pilates and other classes to choose from online.

n Basic bodyweight exercises—Push-ups, jumping jacks, squats, crunches, air squats are simple exercises you can do at home.

Adjust the volume and intensity to suit your current fitness level.

n Use household items as weights—Bodyweight exercises

are too easy but you lack weights.

Use everyday household items for resistance. Grab a duffel bag or small suitcase, stuff some items and use it for doing leg squats or deadlifts. Do push-ups with a backpack on. Use a bottle of wine or filled water jug for bicep curls and shoulder presses.

Now is the time to be creative.

n Learn to prepare healthier meal options—Undoubtedly, canned processed foods are the easiest, most convenient meal option. But should we be lucky to have access to whole food sources, it would be a great idea to learn how to prepare simple, healthy dishes to help manage the potential damage of binge eating during lockdown.

n Do a digital detox—Too much exposure to news and information that upsets you and causes needless worrying is not a pleasant experience. Shy away from the newsfeed and forwarded messages on your gadget and instead listen to music that relaxes you and puts you at ease. Pick tunes that bring back good, happy memories. Or meditate, do deep breathing exercises, pray, envision the things you plan to do once this is all over. Anything that takes your mind away from negativity and anxiety.

We’re almost there. Let’s all hang tough and see this crisis through.

PhilHealth prepares benefit package for Covid-19 patients

By Claudeth Mocon-Ciriaco

T

he Philippine Health Insurance Corp. (PhilHealth) has issued guidelines on “case-based payment of benefits” Circular 2020-0009Benefit Packages for Inpatient Care of Probable and Confirmed Covid-19 Developing Severe Illnesses/Outcomes) for Covid-19 patients.

Health OIC-Undersecretary Maria Rosario Vergeire said the new guidelines is part of PhilHealth’s mandate to ensure that “all Filipinos have equitable access to quality, affordable and accessible health care services.”

Dr. Shirley Domingo, PhilHealth Vice President for the Corporate Affairs Group said that patients confined as probable or confirmed cases can avail of the benefit packages as follows: P43,997 package for patients with mild pneumonia confined in Level 1 to 3 hospitals; P143,267 package for those with moderate pneumonia in Level 1 to 3 hospitals; P 333,519 package for patients with severe pneumonia confined in Level 2 to 3 hospitals, including ICUs; and P786,384 package for patients with critical pneumonia confined in Level 2 to 3 hospitals, including ICUs. These packages cover the rates for a private hospital room, management and monitoring of illness, laboratory, diagnostics and imaging, medicines included in the guidelines and protocol of the DOH, and supplies and equipment, including PPEs. “Tuloy-tuloy ang bayad ng PhilHealth sa lahat ng Covid-19 cases,” declared

Dr. Domingo. Philhealth will cover all expenses for patients admitted from February 1 to April 14, 2020, while the newly issued case rates will apply beginning April 15, 2020.

Rates will be adjusted upon review of new evidence and updates on guidelines, protocols and costings are introduced. Additionally, all health workers including those essential to the frontline service exposed to Covid-19 will be fully secured by PhilHealth in the entire duration of the pandemic.

Dr. Domingo further stressed that with the passage of the Universal Health Care Law, all Filipinos are now automatically members of PhilHealth and are immediately eligible to avail of the mentioned benefits.

They only need to accomplish the PhilHealth Member Registration Form (PMRF) and present with two valid IDs. Existing members with missed contributions remain eligible to avail of the Covid-19 benefits.

The PhilHealth Spokesperson also appealed to health facilities not to require deposits or advance payments from patients and assured them and the public that the government will cover their financial expenses through PhilHealth.

“Walang sisinuhin ang Philhealth pagdating sa sakit na ito PhilHealth is ready to cover all Filipinos in these trying times. Sana po ay ‘wag huwag tayong mag alinlangan na pumunta upang magpatingin sa ating mga ospital kung kinakailangan, lalo na po kung ito ay ayun sa rekomendasyon ng ating mga doktor,” Vergeire concluded.

B4

Thursday, April 23, 2020

Show BusinessMirror

www.businessmirror.com.ph

Chronicling the death of celebrity and the rebirth of necessity REELING

TITO GENOVA VALIENTE

titovaliente@yahoo.com

N

O one misses them—the actors and celebrities or anyone at all who used to appear over free TV. They used to dominate our waking hours. We may not be there among the live audience screaming their names out but we were there in our living rooms, watching them go through their antics. Every smile is counted; every smirk is interpreted and reinterpreted.

We were not captive audiences; we were all captured by what they have become and we, forgetting that all the sparkle and hubris were part of our creation.

Everyone on TV and the silver screen became our icons. That term became generic and widespread, not anymore limited to those who, by reasonable and acceptable standards, were that good. Everyone was just good. If we measure the impact of these actors, dancers, singers, hosts and endorsers upon us, they appeared to have affected the gravity of societies.

That elusive term “gravitas� became an everyday expression, in much the same way that everyone was a star, the luminosity and extraterrestrial quality of that label all but forgotten.

Comedians became influencers; it did not matter if they had fun at our expense.

Then we had those hosts who were sources of quotable quotes because our voices had been sucked dry by them. They were the smart ones, and we, jaws always dropping wide, were merely the takers, the listeners to their noise and senselessness.

The newscasters, perhaps the last bastion of reason and logic in an age that was losing its hold on what was true and good, were not exempt from the descent of media into the crass and the gross. The male prototype was dressed always as if the news depended on their pocket squares and false bass-baritones, and the female made up to cover the ineptness of their delivery with anything as false as their eyelashes and newfound nose bridge. From them came our truths and knowledge.

As for the print media, gone are the daily and weekender enumeration of parties and product launches. The same people appeared over and over, from left to right, as if they wanted us to memorize their names. Ah, and those names repeatedly invoked became the old rich not by years but by a series of weekends of parties where banquets were described in details by lifestyle editors (usually) whose claim to fame were a nice command of the language and the ability to append the right modifiers to honorary consuls.

They are all gone. Dead. Banished.

Forgotten also are the beauty queens with outrageous reign over the international, supranational, and the universe. The competition for the crowns that grew bigger and more resplendent each year had convinced us these women had urgent roles in our societies. You know, the beauty with a purpose. With the Olympics canceled and film fests moved to God knows when, beauty pageants have been unmasked for what they truly are—a display of purposeless lives.

The memory about them has faded. They cannot provide us with food and a cure.

They have been rendered useless by a mighty virus strangely wearing a crown.

Coronavirus, I hesitate to say, is poetic justice for a society that has favored always the beautiful, the vulgar flight of fancy, the flippant, fake crown on the heads of queens ruling an empty space.

Those noises are gone. They are unnecessary.

Our mind without them is not any poorer. Their disappearance has very much the same effect as the diminished number of flights searing the skies and the varieties of pollutions presently reduced: the air and sea have become clearer. Our mind accustomed to the cheap entertainment tricks of noontime shows, beauty pageants and the gossip mill of tabloids are now also clearer, it seems.

We are seeing perhaps not a brave new world but one that is scared. And yet in that fear and anxiety, there is actually hope.

This we need to document. The daily travails, the events happening as the world seizes itself to die. The new heroes. Let us not call them celebrities, for that belongs to an age that is gone.

As I write this, a newscast announces how their stars have gathered together to give out relief goods.

Fine. There are mighty examples of them but, as this virus continues to claim lives, we are discovering neighborhoods and individuals no less creative, no less altruistic. A family sets up a table outside their home and invites anyone to partake of the food they have prepared for anyone. In rural areas, sites have been designated where one can find vegetables, canned goods, and kilos of rice free for anyone to bring home to. Or, you could drop by and add to the products to be shared. There is more: a delivery man brings with him loaves of bread that he could give to people that he feels would be needing them, and an old man gives away cookies.

No corporate social responsibility here, just the plain notion of giving. No bandying of any overwrought concept of the family or the heart that cares. Those attempts we have gotten used are still around, for sure they are still welcome, but they are not the only template for goodness and selflessness.

The celebrity’s sense of charity has grown stale.

Ineffectual. A virus has grown stronger and we need to be even stronger and more dynamic.

Even the youth have come up with ways to help.

Lugging around a cart with hot porridge, a group of young men and women came to our neighborhood a few days ago. I could not recognize one because she was wearing one of those plastic face shields but she approached me and reminded me she was in my social science class. I expressed my gratitude to her even as I tried to recall if I did give her a nice grade. With the beaming smile, she must have been one of the better students in my class. Then and there, I realized this is what education is all about—not the student-centered, outcome-based learning hogwash educators have brainwashed themselves to accept because that was what the pedagogy-obsessed/misled administration wanted.

See, even schools have vanished, and with it the ponderous educational system out of touch with reality. We are not missing them and not because they never made sense but because they do not serve any purpose now.

See, all those claims each year that we needed comedies to make our lives fun are patently silly. We do not need them. We do not need celebrities. We do not need comedians getting filthy rich off us.

What we need are the nurses and doctors and attendants. We need the delivery boys and men.

We need the small-time vendors lugging around vegetables because we are not allowed anymore to go the public market.

With the breakdown in social structure, with no clear policies from the national as well as local governments, we do not even need our leaders. We need ourselves, the good old kapitbahay with us as we circulate an interminable chain of bread, vegetables and goodwill.

In the meantime, independent filmmakers continue to give free access to their films, both short and full-length features. These filmmakers are all confident we can weather this lockdown if we start viewing the truths, understanding the edginess of our own existence and not escape from them. In between these, the viewers in quarantine can enjoy the frothy and vapid Korean telenovelas with actors whose clean, clear skin can only assure us of fleeting happiness but never a permanent cure from the virus. For that we need a clear testing kit and a tested vaccine. â–

Today’s Horoscope

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Dev Patel, 30; Jaime King, 41; John Cena, 43; George Lopez, 59.

HAPPY BIRTHDAY: Do your best to make a positive difference this year. Focus on helping others, but not at the expense of doing what’s best for you. Change begins within, and when you achieve the personal growth that brings you contentment, satisfaction and gratitude, you will make better decisions. Work with what you have, and avoid uncertainty and loss. Your lucky numbers are 7, 12, 21, 27, 33, 42, 47.

ARIES (March 21-April 19): Don’t let guilt step in and take over. If something doesn’t feel right, be brave and walk away. Trust your instincts and your ability to reach your goals on your own if necessary. Don’t share or present prematurely. ★★★

TAURUS (April 20-May 20): Slow down, think and proceed with caution. If you aren’t fully prepared, don’t feel pressured to make a change. It’s OK to be different or to refuse to follow the crowd. Stay within your comfort zone, and don’t look back. ★★★

GEMINI (May 21-June 20): Apply experience to overcome temptation someone dangles in front of you. Being able to say no will help you stay on track and accomplish what you set out to do. Decisive physical action will give you the power to control your future. ★★★

CANCER (June 21-July 22): Make the most out of whatever situation you encounter.

You may not like change, but fighting what’s inevitable will only make matters worse. Be innovative, and you’ll find a way to turn a negative into a positive. ★★★★

LEO (July 23-Aug. 22): Think before you leap into something unfamiliar. Don’t get drawn in to someone’s melodrama or let anyone interfere in your affairs. An encounter with someone you have worked with will encourage personal growth and a healthier lifestyle. ★★

VIRGO (Aug. 23-Sept. 22): Raise your awareness, learn something new, check out travel documentaries, educate yourself and try new things. You are ready for a change, and embracing what life has to offer will make the transition easier. ★★★★★

LIBRA (Sept. 23-Oct. 22): Keep moving, get physical and avoid interference. Do something unique or get involved in a social event that will bring you in touch with like-minded people. A personal change that’s trendy and eye-catching will draw positive attention. Romance is favored. ★★★

GLOBE DIGITAL FILM SHARES MESSAGE OF HOPE, CONNECTION AMID ISOLATION

SCORPIO (Oct. 23-Nov. 21): Be open to suggestions, but when it comes time to get things done, follow your instincts, use what you know works best for you and pursue your dreams.

A partnership will face changes. ★★★

WITH the extension of the enhanced community quarantine (ECQ) to April 30, people will still have to stay home as the whole country continues its fight against the Covid-19 pandemic. Life in isolation and physical distancing have changed everything in the way we live and connect.

Amid challenging times, however, there is hope— with increased recovery rate, increased capacity of health units to accommodate patients, and as the country begins its Covid-19 mass testing.

Through these, Globe remains committed to standing with Filipinos in this fight, and shares its message of hope through a video that shows support and faith that we will all overcome this crisis: youtu.be/ AZNnrEKbyJ4.

The story talks about the “pain� that Filipinos are experiencing. Social and physical distancing, while a solution to help flatten the curve, continue to bring families and loved ones apart. The video attests to how Filipinos continue to show support to one another and become part of the communities they belong to.

Ernest Cu, Globe president and CEO, assures customers, “While we go through this crisis together, Globe will do what it can to provide uninterrupted

SAGITTARIUS (Nov. 22-Dec. 21): Look over your choices, and consider the best way to spend your time. Physical pursuits will bring the highest satisfaction, and networking and enjoying time spent with a friend or lover will ease stress. ★★★

CAPRICORN (Dec. 22-Jan. 19): Do what you do best. Distance yourself from anyone negative or critical. An argument will result in a family feud.

Make physical changes to your surroundings, or alter your current living conditions. ★★★★★

connectivity especially during these times.�

Since the start of the ECQ, Globe has been supporting its customers with various solutions from free access to Covid-19 hotlines and government web sites, free Wi-Fi in hospitals, groceries and quarantine facilities, telemedicine services through KonsultaMD, mental health support through HOPELINE, humanitarian aid through Globe Rewards and up to 60-days credit extension for its postpaid mobile and broadband customers.

AQUARIUS (Jan. 20-Feb. 18): Watch out for someone using persuasive tactics to get you involved in something that doesn’t interest you. Don’t overreact or take on too much. Concentrate on what’s important to you. Make a personal lifestyle change or update your appearance. ★★

PISCES (Feb. 19-March 20): Make plans with someone you haven’t seen for some time, or attend a reunion. How you delegate your time will make a difference in the way your future unfolds.

The information and experience you gather will impact the decisions you make. ★★★★ BIRTHDAY BABY: You are materialistic, persistent and trendy.

You are outgoing and changeable.

‘women leaders’ BY OLIVIA MALONE The Universal Crossword/Edited by David Steinberg

ACROSS 1 Text chuckle 4 “Black, lesbian, mother, warrior, poet� Lorde 9 Woman, in Cancun 14 “___ been thinking...�

15 Trip meter button 16 Ecstasy’s opposite 17 File size units 19 Apt name for a prosecutor?

20 Opera house cheer 21 Many a college graduate’s woe 23 Comedian Stewart 24 Item in a student’s wallet 26 Cheesy dip 28 Far from forthcoming 29 Colorful eye part 32 Jane Eyre author 35 Like abandoned ice cream 36 Cabbage salads 37 Shoe that may have no heel 40 Surname of the Alcott characters at the starred answers’ starts, or 2020 month in which women made all the Universal Crosswords 43 Cognac label letters

44 Pulitzer-winning rapper Kendrick 46 Occupied 48 Element in water 50 Author ___ J. Cooper 51 Chop down 54 Try to make clear 56 Nike logo 58 Contribute 60 Make frothy, as cream 62 Hamburger serving 63 Apartment agreement 65 “See if I care!�

68 Disney princess who loves books 69 River in Pakistan 70 Consumed 71 Separated 72 Money or property 73 Check mark alternatives DOWN 1 The brain’s ___ system 2 Take too far 3 What one hopes will endure 4 Rice used in risotto 5 180 6 AZ doesn’t observe it 7 Oboe insert

8 9 10 11 12 13 18 22 25 27 30 31 33 34 35 37 38 39 41 42 45 47 49 51 52 53

And the following: Abbr.

Goings-on Cry of disgust Musical brother of Kevin and Nick Within: Prefix Swimmer Lochte 13th Best Picture nominee DuVernay Fella Instrument in a kit Puzzle out Draft pick with hops Lebanon neighbor Smallest prime Sixth sense, briefly Phase Woman in Progressive ads SoCal airport Brain’s emotion center Erin Burnett’s channel Fifth-century nomads Share with one’s followers Looked beyond Slangy turndown Hair removal gunk Person’s money and property “In fact, I do!�

55 57 58 59 61 64 66 67

Shinbone Vegan milk type Actress Jessica Word before “sea� or “secret�

Inks 35mm camera letters NY Giants’s scores Color attribute

Solution to yesterday’s puzzle:

Travel BusinessMirror

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Thursday, April 23, 2020

THE Costa Deliziosa cruise ship leaves Venice, Italy.

Passengers on a luxury liner’s around-the-world cruise, which began before the globe was gripped by the coronavirus pandemic, are finally approaching their odyssey’s end after 15 weeks at sea. Next week, the Costa Deliziosa is due to reach Spain and Italy, two of the countries most devastated by Covid-19 infections.

Kathy’s Home Garden Suites

OYO Hotels opens to Mindanao Covid-19 frontliners

TO support frontliners engaged in the delivery of medical and other vital services during the Covid-19 pandemic, OYO Hotels and Homes has reopened 24 properties in major cities in Mindanao. Based on a Department of Tourism directive, OYO accepts check-ins from foreign guests, government employees and persons employed in essential services during the enhanced community quarantine.

To ensure the safety of guests and staff, walk-in guests are discouraged, and hotel facilities such as swimming pools, gyms and spas are closed in compliance with the government’s social distancing regulations.

“It is part of our responsibility as a provider of essential services and a key stakeholder in the tourism and travel industry to ensure that those who are in need of clean and comfortable living spaces have access to this necessity, especially during this challenging situation,” says OYO Hotels and Homes Philippines Country Head Ankit Gupta.

The hotel chain is offering 500 rooms dedicated for various frontliners, with discounts of up to 40 percent from the posted rate. It is also coordinating with business-process outsourcing firms and other key businesses to accommodate their employees and stranded foreign tourists.

Gupta said that by offering rooms close to medical facilities, OYO is helping alleviate their burden and ensure access to quality living spaces to rest and refresh in the fulfillment of their duties.

OYO Hotels and Homes is a seven-year-old Indian hotel hospitality conglomerate of leased and franchised hotels, homes and living spaces which recently established presence in the Philippine market. It is the world’s second-largest chain which empowers small and independent asset owners with the operational capabilities and technology to help them compete with bigger brands.

It has more than 260 partner hotels and 4,300 rooms in Metro Manila, Cebu City, Baguio City, Pampanga, Boracay, Batangas, Iloilo, Bataan, Davao City and Metro Tagaytay area.

It is present in more than 800 cities in 80 countries, including the United States, Europe, the United Kingdom, India, China, Malaysia, Middle East, Indonesia, the Philippines and Japan.

More information is available at www.oyorooms.com.

Passengers of a flight from Cagayan de Oro seek assistance from the DOT 24/7 Help Desk, stationed at the Ninoy Aquino International Airport. Through the Help Desk, the DOT is able to address traveler concerns including difficulties in rebooking flights, seeking temporary shelter, and making transportation arrangements.

DOT-NCR assists 24,000 in-transit nationals amid ECQ of Luzon MORE than 30 days into the enhanced community quarantine of Luzon, the Department of Tourism-National Capital Region (DOT-NCR) has served a total of 24,336 nationals directly and indirectly.

Since March 16, the regional office, led by director Woodrow C. Maquiling Jr., has assisted some 13,694 tourists, mostly foreigners, and 9,614 overseas Filipino workers who transited through the Ninoy Aquino International Airport Terminal 1 in Manila, the country’s major international gateway.

As of April 19, the DOT-NCR has assisted a total of 55 sweeper flights from other domestic gateways, 20 repatriation flights mounted by foreign governments, helped rebook flights of over 466 stranded passengers, facilitated temporary shelter of over 2,402 travelers, and transported 1,033 travelers, whose flight and travel arrangements were disrupted by preventive measures to impede the spread of the Covid-19 disease.

Some 22 foreign embassies also tapped the DOT-NCR in close coordination with its fellow regional counterparts and the national government in mounting repatriation flights for their nationals across the country.

Meanwhile, the DOT-NCR started distributing a total of 12,000 health essentials, comprised of face masks, latex gloves and vitamins to airport frontliners at the NAIA. As of April 13, a total of 4,536 hygiene essential kits for OFWs have been distributed to identified accommodation establishments in Metro Manila.

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PHOTOS: AP

‘A stroke of luck’ to be on global cruise during pandemic

By Joseph Wilson, Frances D’Emilio & Angela Charlton The Associated Press

ON April 19, photo provided by passenger Alejandro Mezcua shows a group of fellow Spaniards on board the Costa Deliziosa cruise ship. They are set to arrive on Monday in Barcelona, Spain.

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ARCELONA, Spain—For Spanish traveler Carlos Payá, being on an around-the-globe luxury cruise while the rest of the world scurried into their homes for fear of the Covid-19 pandemic was beyond surreal. It was “a stroke of good luck.”

Now, his trip inside the virus-free bubble that the Costa Deliziosa cruise ship became on its 15-week odyssey is coming to an end. The boat is steaming toward Barcelona, Spain, where it will make its first port-of-call on Monday after 35 days of continuous sailing with no human contact with the outside world.

“It was not surreal. It was incredible,” Payá told The Associated Press by text messages on Saturday evening. “We have family in our home countries. The news that was arriving from home was causing us all a lot of worry and grief. For us, it was a stroke of good luck to be where we were.”

The 58-year-old Payá, a sports writer traveling with his wife, said when news started to reach the boat of the rapid spread of the coronavirus in their native Spain, their first desire was to get home to their two grown children in their hometown of Valencia.

But with ports denying the boat entry, they have had to temper their concern with the amenities on board. Unlike other cruise ships that suffered outbreaks and were often put in quarantine to protect port cities, the Deliziosa has found no cases of the Covid-19 virus, according to its owner, Italian cruise company Costa Crociere. So the boat’s 1,831 passengers were free to use the ship’s facilities and entertainments.

Payá said that the ship, which set sail from Venice in early January, stopped making ports of call after leaving western Australia last month. Overall, he praised the ship’s captain and crew for their care.

He said the passengers’ last chance to touch land was in Perth, where they docked after “70 wonderful days” of crossing the Atlantic and Pacific oceans. That was when the UN World Health Organization alerted the pandemic in March. From that point on, the ship made only technical and refueling stops, before the journey back toward the Mediterranean, which took it through the Suez Canal.

“Of course, for those of us who have children in Spain, we would have preferred to return,” Payá said.

“Other passengers, on the other hand, given their old age wanted to stay on board knowing that the boat was safe and secure.”

A company spokesman said a passenger left the ship earlier in the week in Marsala, Sicily, for health issues and had a Covid-19 test, which was negative.

Costa said the passengers were confined to their cabins only for the period until the ship heard back that the ill guest who got off in Sicily had tested

negative. It didn’t say how long that period lasted.

The Deliziosa, a nearly 300-meter (1,000-foot) vessel, will disembark 168 Spanish passengers on Monday at Barcelona’s port.

Then the Deliziosa will head to its final destination, Genoa, Italy, where it is expected to let off the remaining passengers, Italians and those of other nationalities, on Wednesday. The Deliziosa was originally due to return to Venice on April 26.

French authorities had rebuffed a request by Costa for permission to disembark several hundred passengers from France and nearby countries at Marseilles. “The health situation on board the ships, with 1,814 guests and 898 members of the crew, doesn’t present any problem for public health and no case of Covid-19,” Costa’s statement said.

While people infected with the coronavirus often experience mild or moderate symptoms, possible complications like pneumonia can put their lives at risk. Passenger Jean-Pierre Escarras, from Marseilles, shot a video of their cabin that their daughters shared on social networks, in which he says: “This is our place of confinement. We are lucky to have a window.”

The couple said after a stop in Sydney, the ship’s activities were “reduced or sometimes canceled. We haven’t been able to get out on land since March 14— that’s 34 days.”

Passengers said ports in Oman, along the Suez Canal, as well as in the Seychelles and Indian Ocean ports, refused to let the ship dock.

The company said, because the ship is Italianflagged, it followed Italian precautionary measures in the pandemic, including social distancing between guests, limiting the number of people who could enter food areas at any one time, and transmitting entertainment to cabin TV sets.

A French woman whose in-laws are aboard the Deliziosa garnered about 100 signatures on an online petition to urge the French government to intervene to get them home.

The regional administration for Bouches-duRhone in southern France cited a nationwide ban on allowing foreign cruise ships to dock, as part of France’s virus confinement measures. Italy has also barred foreign cruise ships as it battles the virus outbreak.

The French administration granted exemptions to six other cruise ships in recent weeks to allow French passengers to get off, but refused this time, saying the previous stops overstretched local police and health authorities already mobilized to fight France’s severe virus crisis.

Last month, two other Costa cruise ships pulled into Italian ports, including one that earlier had passengers who tested positive for Covid-19 before being disembarked in France.

It is unclear if or where the passengers who were due to finally step on land after weeks of sailing aboard the Deliziosa would be quarantined.

What is clear is that Payá and the other passengers are returning to a new reality of home confinement, face masks and worry.

“The return home will mean a radical change, a brutal one,” Payá said on Sunday after packing his bags before spending his last night on the Deliziosa.

“Fear is what made many passengers want to stay on board. But it is something that we must face, just as our families, friends, and neighbors already have.” n Angela Charlton reported from Paris. Frances D’Emilio reported from Rome. Colleen Barry contributed from Soave, Italy.

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Pag-IBIG Fund approves cash loans worth P716M to over 37,900 members during community quarantine

DOT-NCR assists 24,000 in-transit nationals amid ECQ of Luzon

Passengers of a flight from Cagayan De Oro seek assistance from the DOT 24/7 Help Desk, DOT-NCR frontliners welcomed and distributed care kits to 275 passengers arriving from stationed at the Ninoy Aquino International Airport. Through the Help Desk, the DOT is able Cebu. to address traveler concerns including difficulties in rebooking flights, seeking temporary shelter, and making transportation arrangements.

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ORE than 30 days into the enhanced community quarantine (ECQ) of Luzon, the Department of Tourism-National Capital Region (DOT-NCR) has served a total of 24,336 nationals directly and indirectly.

Since March 16, the regional office, led by Director Woodrow C. Maquiling, Jr., has assisted some 13,694 tourists, mostly foreigners, and 9,614 overseas Filipino workers (OFWs) who transited through the Ninoy Aquino International Airport (NAIA) International Terminals in Manila, the country’s major

international gateway.

As of April 19, the DOT-NCR has assisted a total of 55 sweeper flights from other domestic gateways, 20 repatriation flights mounted by foreign governments, helped re-book flights of over 466 stranded passengers, facilitated temporary shelter of over 2,402 travelers, and transported 1,033 travelers, whose flight and travel arrangements were disrupted by preventive measures to impede the spread of the COVID-19 disease.

Some 22 foreign embassies also tapped

the DOT-NCR in close coordination with its fellow regional counterparts and the national government in mounting repatriation flights for their nationals across the country.

Meanwhile, the DOT-NCR started distributing a total of 12,000 health essentials, comprised of face masks, latex gloves and vitamins to airport frontliners at the NAIA. As of April 13, a total of 4,536 hygiene essential kits for OFWs have been distributed to identified accommodation establishments (AEs) in Metro Manila.

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AG-IBIG Fund has so far approved cash loan applications of 37,901 members affected by the community quarantine, top officials announced recently.

"In support of the government's efforts and following the directives of President Duterte to take care of the welfare of our fellow Filipinos, especially during this pandemic, we approved cash loans amounting to P716.26 million to help our members with their finances during these challenging times.

We expect the number of members helped and the amount approved to increase in the coming days as processing continues,” said Secretary Eduardo D. del Rosario, who heads both the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees.

The agency's cash loans, also known as short-term loans (STL), are composed of the Calamity Loan and the Multi-Purpose Loan (MPL). The STL programs serve as a readily-accessible and affordable source of funds where qualified members can borrow up to 80 percent of their total savings in Pag-IBIG Fund.

In light of the pandemic, the agency acted quickly to move the application process for

both its Calamity Loan and MPL online.

Members, or employers acting on their behalf, were allowed to submit loan applications through email. The move was made to minimize disruption in service during the Enhanced Community Quarantine (ECQ).

On March, 20, just three days after the ECQ was imposed in the National Capital Region and the rest of Luzon, Pag-IBIG Fund was already accepting applications via email.

According to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, they have received 221,851 cash loan applications via email as of April 15.

"Our members have come to rely on our cash loans for emergencies and this time, it's no different. That's why we moved the application process online and set up multiple email addresses to receive applications by area. Our offices may be closed but our operations continue. We are receiving as many as 10,000 email applications in a day which is a lot to process considering we are operating on a limited capacity but we are always ready to serve our members. We recognize our members’ need for assistance and we will do our best to help them. That is our pledge as Lingkod Pag-IBIG," Moti said.

Ayala Land workers carry out conversion of World Trade Center into COVID-19 facility

VLF 2020 goes on virtual stage in time of Covid

DOMINADOR GONZALES : NATIONAL ARTIST. Online rehearsal by the cast of Dominador Gonzales: National Artist, one of the featured staged readings in the Virgin Labfest 2020 lockdown edition.

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HE Virgin Labfest braves a new front and adjusts to new realities as the playwrights, directors and actors take a further leap of faith to bring the annual festival of untried, untested and unstaged works on a virtual stage. In response to the COVID 19 crisis, the theater festival will have its lockdown edition, slated on June 10 to 28, 2020.

Dubbed “VLF 2020 KAPIT: Lab in the Time of Covid (A Virtual Labfest Lockdown Edition),” the 16th edition will feature nine new works, three revisited works, and six staged readings.

The nine main performances are: “Doggy” by Dustin Celestino, directed by Roobak Valle; “Pilot Episode” by Floyd Scott Tiogangco, directed by Giancarlo Abrahan; “Dapithapon” by Jay Crisostomo IV, directed by Sigmund Roy Pecho; “Papaano Turuan ang Babae Humawak ng Baril” by Daryl Pasion, directed by Erika Estacio; “BlackPink” by Tyron Casumpang, directed

by Jethro Tenorio; “Multiverse” by Juliene Mendoza, directed by Fitz Edward Bitana; “Titser Kit” by Jobert Grey Landeza, directed

by Adrienne Vergara; “Mayang Bubot sa Tagaraw” by Mark Norma Boquiren, directed by Mark Mirando; and, “Gin Bilog” by Luisito Nario, directed by James Harvey Estrada.

In “Doggy,” a man's fiancee’s sexual peculiarity becomes his source of repressed anger. Frustrations surface after a game of "Never Ever Have I Ever," when he learns that his fiancee was more sexually adventurous with her previous lovers.

“Pilot Episode” shows a young gay man who just quit his job through a text message,

and how his parents attempt to de-escalate his extreme manic-depressive episode.

“Dapithapon” follows the story of three boys in their senior high school years who have to confront their greatest fears in a single day: flunking out of school, impossible parental expectations, and an unhealthy infatuation with a teacher. They fervently cling to one another and try fruitlessly to preserve their friendship before they are forever parted by circumstance.

Returning home from an encounter against the NPA, a man reunites with his pregnant wife in “Papaano Turuan ang Babae Humawak ng Baril.” The sweet homecoming turns out to be the complete opposite when the wife is confronted with her husband’s impossible request.

In “BlackPink,” a father discovers that his youngest son who is a staunch fan of Blackpink was prohibited by his school principal to dance “Kill This Love” in their Family Day talent contest, and the only way for him to join the competition is if he finds other male students to dance with him. Will he be able to join the Family Day? and dance the BlackPInk hit song?

“Multiverse” reunites two estranged brothers - a writer and a recovering alcoholic.

The two reconnect through their mutual love of comic books. As they discuss the concept of alternate realities and dimensions prevalent in most comic book stories, they imagine how much better their relationship would have been in another reality. What if a different reality slowly reveals itself to the two estranged siblings?

When a young student gets into trouble

in his new school and becomes what punishment the Principal might sanction him with, he hides inside a dilapidated storage room. He feels safe until “Titser Kit” finds him there.

“Mayang Bubot sa Tag-araw” is a painful tale of two Ayta children whose friendship is tested as they choose different paths. One follows her mother as she seeks the American dream, never thinking of who is hurt along the way.

The other remains with their people, working always against oppression.

In “Gin Bilog,” old issues are rehashed in a drinking session of family and friends.

The Revisited Plays include: “Fangirl”

by Herlyn Alegre, directed by Charles Yee; “Anak Ka Ng” by U Z Eliserio, directed by Maynard Manansala; and “Wanted: Male Boarders” by Rick Patriarca, directed by George De Jesus III. Catch the Staged Readings: “Jenny Li” by Buch Dacanay, directed by Nour Hooshmand; “Dominador Gonzales National Artist” by Dingdong Novenario, directed by Joel Bunny Cadag; “LadyMasters” by Rouchelle Dinglasan, directed by Joy Cerro; “Matira ang Matibay” by Bernice Dacara, directed

by Alon Segara; “Bagahe” by Nicko de Guzman, directed by Joel Saracho; “Mongoloida’s Casa de Pun” by Claro delos Reyes, directed by Guelan Luarca.

There will be a VLF Playwright's Fair, one of the components of the theater festival. A collaboration of the CCP Intertextual Division, the VLF Team and The Writers’ Bloc’s Rody Vera, the fair features Filipino writers. There will be online discussion and digital marketing platform for the expertise, services, publications and other products of writers of theatrical productions.

The VLF Playwrights Fair is free and open to public. It will be held online every 7:00 p.m. during the VLF 2020. Check the FB page of VLF 2020 for the complete line up of speakers and activities.

"The Virgin Labfest is here, and it remains strong and able to adjust to new realities. The festival has a firm fan base which has filled the CCP theaters year in and year out. Let's continue to tell our stories on the virtual stage," said festival director JK Anicoche.

Established in 2005, the Virgin Labfest is co-presented by the Cultural Center of the Philippines, its resident theater company Tanghalang Pilipino and the playwrights' group Writer's Bloc Inc. For more details, visit the CCP website and official social media accounts, and the VLF Facebook account.

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EHIND the speedy turnover of the World Trade Center We Heal as One Center are people who worked day in and day out to make it happen.

The Ayala Group of Companies, in partnership with the ICCP Group and with the support of the National Government and Bases and Conversion Development Authority, was able to transform the premier events place into a 500-bed center for COVID-19 patients within a span of seven days.

“When the national government asked for Ayala Land’s support, we immediately mobilized and pooled our resources to assist in the best way we can. We hope that this facility will help our country get through the COVID-19 pandemic. We are privileged to work with likeminded partners who want to do what’s best for the Filipino people,” Ayala Land President and CEO Bobby O. Dy said.

Makati Development Corporation (MDC), Ayala Land’s construction arm, was in charge of retrofitting the area. The contributions of the workers who signed up for the project were crucial in concretizing the plans.

“We are fortunate to have such dedicated employees and partners who worked over the past seven days to complete this project. They braved through these unusual circumstances to bring the facility to life, and we are grateful for their participation in the country’s fight against the pandemic,” MDC President and CEO Dante Abando said.

Setting the plan. MDC, the construction arm of Ayala Land Inc., was fresh off completing the retrofitting of the Philippine Red Cross’ headquarters in Mandaluyong into a COVID-19 testing center when it was called to participate in the WTC facility.

MDC Project Lead Jowell San Jose recalls how they met with officials from the Department of Health, Department of Public Works and Highways, ICCP Group, Manila Exhibition Center Inc., and heads of other participating companies in order to start the wheels turning for the project.

“It was on April 1 when we got the go signal to start the construction work, so I immediately mobilized my team together with the other contractors,” San Jose said in an online interview.

Building the quarantine facility was a first for MDC. Not only did they need to plan a makeshift healthcare center, the team also had to make sure it would be fit to contain infectious diseases.

With this, Architect Roland Arimado and Engineer Dennis Alejandro of MDC led the design team in ensuring they followed Department of Health design guidelines.

“Given the tight schedule, our team

worked round the clock to provide the required designs,” Arimado said. “The ventilation and airconditioning system needed extra work, both during design and implementation, since the WTC facility had requirements above those of conventional health-care centers,” Alejandro added.

MDC Medical Director Dr. Michael Miranda was also tapped for technical advice to make sure the facility complied with both World Health Organization and ISO standards.

Safety first. Dr. Miranda was also in charge of the workers’ health and welfare during the course of the build.

Every worker was given a complete set of personal protective equipment, complementing their usual safety gear for construction. They were also given quarantine passes for easy mobility during the lockdown, while about four to five vehicles were hired to shuttle workers to and from their homes.

“Every day we mobilized our workers. There were several nurses on site to regularly monitor their health,” San Jose said, adding that they installed a misting tent to sanitize workers and also provided them with free meals all throughout.

Workers followed day and night shifts to ensure that construction stayed on track. To address procurement difficulties because of the lockdown, MDC had to source some of the materials from inventories of existing projects.

Several partners also contributed to the completion of the facility, including additional funding from the Philippine Constructors Association, supply and installation of tables, various plumbing, sanitary, and electrical supplies and equipment, and disinfection tents from Cebu Oversea Hardware, Amici Mercantile/Scientia Inc., Lixil Philippines, Voltage Electrical, and F.R. Sevilla Ind. & Dev. Corp.

The bayanihan spirit. Despite the additional challenges they had to face, the MDC team remained steadfast throughout the project.

“I am glad I was able to make use of my profession for a noble undertaking. For an architect who wants to use his expertise to directly benefit the nation, it doesn’t get any closer than this,” Arimado said.

“The real people who did the work was our construction team. They were there for 24 hours, and yet, you wouldn’t see anyone complaining. As part of the build team, there was enormous pride and sacrifice to really build this facility that is deserving of our countrymen,” Dr. Miranda said.

The facility has now been turned over to the Armed Forces of the Philippines Health Services Command, who will serve as medical operator.

Envoys&Expats BusinessMirror

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Thursday, April 23, 2020

www.businessmirror.com.ph

PHL envoys in Europe provide updates on overseas Pinoys

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HILIPPINE ambassadors posted in Europe recently provided updates on overseas Filipinos in their watch during the series of Laging Handa public briefings.

Their phone interviews were conducted on separate dates from their respective embassies.

Ambassador Carlos D. Sorreta reported that no Filipino has been diagnosed with the coronavirus disease 2019 (Covid-19) in Russia, Armenia, Kazakhstan and Belarus, which are all under the jurisdiction of the Philippine Embassy in Moscow.

Although none has contracted the disease in Russia, Sorreta said some Philippine nationals have been affected by work disruptions. The envoy said that most Filipinos in Russia are in Moscow and are employed as household service workers. Many part-timers there, he noted, have difficulty finding work.

Despite these numbers, Sorreta said the Filipino community is generally in a stable condition: “There are those who are experiencing difficulties, but we are extending all the help we could give, together with the Department of Labor and Employment [DOLE], as well as the Overseas Workers Welfare Administration.” he said in Filipino.

According to the latest data from the World Health Organization (WHO), Russia has at least 27,938 Covid-19 infections; 1,295 in Kazakhstan; 3,728 in Belarus; and 1,135 in Armenia. There are more than 10,000 Filipinos in Russia, about 1,500 in Kazakhstan, less than 50 in Belarus, and 500 in Armenia.

France: Covid downs Pinoys

MEANWHILE, Ambassador to France Ma. Theresa P. Lazaro reported on April 15 that six of the 11 Filipinos afflicted with Covid-19 in France have died, while the rest are slowly recovering.

Lazaro confirmed that the overall situation of Filipinos in France remains stable despite the country having one of the highest Covid-19 cases in Europe. About 25,000 Filipinos reside in France, with the majority working as professionals and household service staff.

For those requesting to be repatriated, Lazaro said the embassy is ready to assist and has coordinated with the Philippine labor attaché in France and Spain.

She shared that at least 955 seafarers from various cruise lines are in France and similarly awaiting repatriation.

Lazaro shared that the repatriation of sea-based Filipinos might be conducted in the next few days. In the meantime, she called on all Filipinos to heed instructions from the

local authorities: “What the French authorities have been advising to asymptomatic persons is to stay home, because hospitals are overwhelmed.

In fact, some sick people are being sent to Germany or Switzerland for treatment.”

France is coping with the health crisis, but as President Emmanuel Macron has admitted, it is not ready for the pandemic: “They also need masks and [personal protective equipment]—a situation similar to ours, [given that] France is a developed country,” the ambassador said.

According to WHO, there are 97,050 confirmed cases of Covid-19 in France, and that some 14,946 have died since the outbreak. Lazaro said the European country’s strict lockdown has been extended until May 11.

Switzerland: Covid-positive Pinoys ‘OK’

AMBASSADOR to Switzerland Denis Y. Lepatan said on April 14 that five of the seven Filipinos tested positive for Covid-19 in Switzerland are doing

Taiwan donates 300,000 medical masks to PHL

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HE Taipei Economic and Cultural Office in the Philippines (Teco) recently donated 300,000 medical masks to the Philippine government to be utilized for protecting frontline medical and health workers combating the coronavirus disease 2019 (Covid-19).

The handover was held at the Ninoy Aquino International Airport upon the arrival of the items on April 15. Representatives from the Manila Economic and Cultural Office and the Department of Health received the masks.

Taiwan has already conducted two waves of medical assistance operations, as it has donated 16 million medical masks and other medical supplies to the United States, Europe, diplomatic allies, countries in Latin America and the Caribbean, partner-countries under Taiwan’s New Southbound Policy, and other friendly nations severely affected

US extends P269M in fresh set of aid

AMBASSADOR Sung Y. Kim US EMBASSY IN MANILA/PNA

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HE United States government has approved an additional P269 million ($5.3 million) in health and humanitarian assistance to support Filipinos in their fight against the coronavirus disease 2019 (Covid-19), bringing its aid to the Philippines to more than P470 million ($9.3 million).

This newest tranche of US assistance will support laboratory and specimen-transport systems, as well as intensify case-finding and disease surveillance.

The funding also will help Filipino and international technical experts in risk communication, infection prevention and control efforts, hand washing and hygiene promotion, including community-level preparedness and response.

The US Agency for International Development (USAID) is collaborating with the Philippine government to implement internationally recognized prevention, control and response strategies to protect against infectious diseases.

Previously, the US had declared some P203 million ($4 million) in health funding to support the Philippines’s efforts to prepare laboratory systems to combat the virus, as well as a donation of 1,300 cots to Philippine medical facilities. Thus far, US assistance has covered: Boosted testing capacity: US-supported efforts to augment the Department of Health (DOH)’s testing capacity by upgrading laboratories, providing laboratory supplies and strengthening specimen transport systems have contributed to an increase in the country’s testing capacity from 200 to approximately 3,000 tests per day.

TAIPEI Economic and Cultural Office in the Philippines Representative Peiyung Hsu (center) and Manila Economic and Cultural Office Vice Chairman Gilberto F. Lauengco (second from left), with officials from the Department of Health and Meco.

by the pandemic.

“As we are close neighbors, Taiwan always stands together with our friends in the Philippines whenever

there is a need,” Teco Representative Peiyung Hsu said. “The donation... demonstrates true friendship between the two countries.”

With regard to Taiwan’s robust experience and contributions, Teco commented: “It is absurd that [we are] barred from sharing experiences and critical information that could be used to better coordinate international efforts to contain the spread of Covid-19.”

“Taiwan once again calls on the [World Health Organization] to cast aside political considerations, abide by [its] charter’s call to work for the highest attainable standard of human health, and bring Taiwan fully into its meetings, mechanisms, and activities, particularly those concerning Covid-19,” Teco said in a press statement.

In the future, Teco said Taiwan will continue working with the Philippines to enhance the welfare of their two people. “During the time of isolation, we choose solidarity,” it declared.

China donates medical supplies to Ilocos Norte frontliners

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AOAG CITY—Boxes of medical supplies to protect health-care frontliners in the province arrived on April 6 at the Ilocos Norte Capitol courtesy of the Chinese government.

In a public statement, Zhou Youbin, head of the consulate of People’s Republic of China in this city, said “China will always remember the support from Governor Matthew Marcos Manotoc and Filipino friends during China’s fight against [the coronavirus disease 2019] Covid-19.”

The official is referring to a video of the Ilocos Norte governor in March encouraging the people of Shandong province in China, which, he said was “very impactful.”

As Ilocos Norte is now dealing with a similar health crisis, its sister province of Shandong made a donation of 25,000 pieces of medical surgical masks, 2,000 pieces of N95 medical masks, 2,000 pieces of goggles and 2,000 sets of medical protective suits, which are all immediately needed by the local health frontliners.

“I wish all patients infected will recover soon.

Let’s overcome the difficulty together in this challenging time,” the Chinese consul exhorted. “We are together, we win together,”

THE Chinese government, represented by Zhou Youbin, head of consulate of the People’s Republic of China in Laoag City (left), turns over medical supplies to Ilocos Norte Governor Matthew Marcos Manotoc. ILOCOS NORTE PROVINCE/PNA

Manotoc said he couldn’t thank the Shandong government enough for delivering the urgently needed materials in the quickest possible time.

Shandong of China has been sharing sisterprovince relations with Ilocos Norte since 2002. In fact, the first foreign trip of Manotoc as governor

was in that province when he, along with Ilocos Norte officials and department heads, attended an internationalfriendshipconferenceinOctober2019.

Aside from personal protective equipment, the Laoag Chinese Consulate also provided relief goods worth P600,000 to the local residents. Leilanie Adriano/PNA

Fil-Canadian judge appointed to Ontario court of appeal

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ORONTO—Justice Steve A. Coroza, a Filipino-Canadian, was recently appointed as Justice of Appeal of the Court of Appeal for Ontario—one of the four appointments announced on April 6 by the Department of Justice of Canada.

Justice Coroza is the first and only Filipino-Canadian judge appointed to the Court of Appeal for Ontario, the Superior Court of Justice and Ontario Court of Justice. He replaced Justice Kathryn N. Feldman, who was elected to become a supernumerary judge effective January 1.

According to the Philippine consulate general in Toronto, this singular achievement brings honor and pride not only to his family, but also to the larger Filipino-Canadian community, which has conveyed its warm congratulations on his appointment.

The justice was appointed to the Court of Justice for Ontario (St. Catharine’s) in 2009 and to the Superior Court of Justice (Brampton) in 2013. He received an LL.B from the University of Windsor and was admitted to the Bar of Ontario in 1997. He also received an LL.M from Osgoode Hall Law School in 2003.

well, while one had been discharged and another on home quarantine.

So far, no other Filipino has reported any problems amid the Covid-19 situation in Switzerland. The envoy however urged members of their community there to remain indoors and refrain from traveling outside or returning to the Philippines for the meantime. He noted that the risk of getting infected is higher, especially with the Swiss airport currently tagged as a Covid-19 hotspot.

Lepatan described the local services are “good,” as hospitals are not overloaded, and that intensive care units are only at 60-percent utilization. He believes that it is better for Filipinos to stay in their respective places rather than risk traveling, as the distance to the Philippines might get them infected.

The envoy said the embassy in Switzerland is temporarily closed, but its staff and officials are working from home to attend to consular needs of his countrymen.

JUSTICE Steve A. Coroza OSGOODE HALL LAW SCHOOL OF

ON April 16, Ambassador Raul S. Hernandez appealed to DOLE to include Turkey-based overseas Filipino workers (OFWs) in its $200 cash assistance, as some Filipino migrant workers, both documented and undocumented, have been affected by work disruptions caused by the pandemic.

Her nandez said that their problem is in availing the financial aid, as Turkey is not included in the list.

The diplomat noted that most Filipinos there, who number about 3,063, need food provision, especially employees under a “no work, no pay” arrangement. He added that embassy and consulate officers have been chipping in just to provide them food packs.

As of April 15, the WHO lists about 65,111 Covid-19 cases in Turkey. Since the outbreak, one Filipino in the transcontinental country has contracted the disease. The patient is undergoing treatment in a state hospital, he said. Joyce Ann L. Rocamora/PNA

Fighting Covid-19: A battle for human rights

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By Eamon Gilmore European Union Special Representative for Human Rights

HE coronavirus disease 2019 (Covid-19) crisis is a human-rights issue—one of the most global and urgent we have ever seen. This is a struggle by all of humanity: for the right to life, and for the right to health of every person.

“The inherent dignity, and the equal and inalienable rights of all members of the human family” are among the opening words of the Universal Declaration of Human Rights, adopted just over 70 years ago. These are now the principles that drive the efforts of governments, international bodies, communities, families and individuals all around the world.

Most of all, they motivate the work of health-care and frontline staff who are putting themselves at risk, every day, to save the rest of us.

Never before has the entire population of the world shared such a need to work together in the common interest of all. Our dependence on each other as a human family has never been so clear. Rarely, if ever, has international cooperation and solidarity been so important. The first one is no longer what governments and official bodies should do; it now belongs to the people. We are all now joined in a common enterprise, beyond borders and across continents, because this deadly virus respects no boundaries or distinctions. Our best chance for survival and recovery is to fight Covid-19 together.

Protecting and preserving life is the primary purpose of this struggle. Without the right to life, it is impossible to exercise other rights. To protect life, we must vindicate the right to health. The right to health, in turn, depends not only on access to health care, but also to safe drinking water and sanitation, on adequate nutrition, and on a safe and healthy environment.

It also requires access to information, so that people are empowered to protect their own health and those of others.

And in this health crisis, which requires a collective response and the cooperation of people everywhere, respect for civil society is more important than ever. All human rights are interdependent and indivisible, and must inform our response to the crisis. Human rights are at the core of the battle against Covid-19.

‘Great global effort’

YORK UNIVERSITY/DFA

Turkey: Cash aid for OFWs

THAT is why the European Union is working closely with the United Nations, with other international organizations and with countries throughout the world, in the great global effort to overcome the virus and its consequences. On April 8, the EU announced a robust and targeted global response of more than €20 billion from existing external action resources to support partner-countries’ efforts in tackling the pandemic. This “Team Europe” package combines resources from

GILMORE the EU, its member-states and financial institutions, in particular the European Investment Bank and the European Bank for Reconstruction and Development.

The current pandemic is a grave and immense threat to the health and life of humanity. The health of the whole world is only as strong as the weakest health system.

We recognize that there are many people for whom this crisis, and sometimes the measures taken to address it, will add even greater risks to their already fragile existence: refugees, the displaced, the homeless, minorities who are already victims of discrimination, children who are being abused or maltreated, women subjected to sexual or domestic violence, marginalized indigenous peoples, persons with disabilities, older people, and the poor who are at greatest risk from the economic consequences. No one should be left behind, and no humanright ignored.

‘Time for solidarity’

THE EU has expressed support for, and taken action on the United Nations High Commissioner Michelle Bachelet’s call for special measures regarding prisoners and others in places of detention and closed facilities. We strongly support UN Secretary-General António Guterres’s call for a cease-fire by all armed actors in the world today and for a coordinated humanitarian response. We will continue to play our part in the global effort.

We recognize that many governments have already taken steps, and introduced emergency measures, in response to the crisis. We believe that these measures should apply for this crisis only, be time-bound and be proportionate to what is absolutely necessary. This crisis should not become an excuse for the power-hungry to increase repressive measures, to weaken democratic checks and balances, or to dilute the rule of law.

Neither should fears over Covid-19 be exploited to spread disinformation or racist and xenophobic reactions.

This is a time for solidarity and for human rights to be at the center of our endeavors. Since this crisis began, we have seen millions of small acts of kindness, and stirring solidarity across the world. The indomitable spirit of humanity is displaying its great generosity. Our global human family will come through these frightful days. The changed world to which we will emerge will be all the better for the care and compassion we show each other now.

Let us not squander that future, give in to fear or our lowest inclinations. Let us not forget that human rights define our very humanity.

Sports BusinessMirror

B8 Thursday, April 23, 2020

SO WHO’S FOOTING THE BILL? T

HE International Olympic Committee (IOC) was forced to backtrack after irritating the Japanese government and Tokyo 2020 organizers by suggesting Prime Minister Shinzō Abe agreed to cover additional costs following the postponement of the Olympic Games.

In a question and answer-style statement on its web site, the IOC said Abe had “agreed that Japan will continue to cover the costs it would have done under the terms of the existing agreement for 2020, and the IOC will continue to be responsible for its share of the costs.”

“For the IOC, it is already clear that this amounts to several hundred millions of dollars of additional costs,” the IOC added, repeating a comment made by President Thomas Bach in an interview with a German newspaper last weekend.

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IKE plenty of people from all walks of life, 26-year-old Mitchell Krueger wants to sign up for unemployment benefits to make up for income lost because of the coronavirus pandemic.

No luck, so far: Over the past two weeks, the Dallas resident has spent hours hitting refresh on his iPad while reaching “Page unavailable” dead ends or hearing busy signals when calling the Texas Workforce Commission.

Unlike most folks hoping for an assist, Krueger is a professional athlete, a tennis player good enough to be ranked 195th in the world. And unlike pros in the National Basketball Association or National Hockey League, two leagues interrupted by the Covid-19 outbreak whose players are getting most or all of their regular-season paychecks, Krueger is an independent contractor. He doesn’t receive a salary.

Instead, he and hundreds of men and women like him—and their coaches—need tournaments to happen so they can earn money, but the tennis tours are suspended at least until mid-July. Roger Federer, Serena Williams and others who’ve accumulated champion’s checks and millions more in endorsement deals are fine, of course.

Krueger, though, is among those feeling the financial hit—and worrying about the longterm effects on tennis.

“You’re going to have a lot of players who feel they can’t survive, not making any money.

After a while, they might get into something else, for what they think will be the meantime.

Then maybe they realize, ‘Hey, this is actually better.’ If this goes on for the next nine months, who’s to say that they’re even going to bother trying to come back and play again?” said Krueger, who earned $39,264 in prize money in 2020 before expenses were subtracted—and before competition came to a halt. “I would be lying if I said this whole situation hasn’t made me give a little bit of consideration to what I would do.”

While Japan is obligated to cover added costs in the Host City Contract for the 2020 Olympics and Paralympics it signed with the IOC in 2013, the statement prompted Chief Cabinet Secretary Yoshihide Suga to deny any agreement had been reached.

“It’s not true there has been an agreement on an additional cost burden,” he said.

The IOC has since deleted the statement—which has sparked an open conflict with organizers, referencing Abe and an agreement regarding the additional costs, reported

by Kyodo News to be around $3 billion.

Tokyo 2020 spokesman Masa Takaya said organizers asked the IOC to remove the comment, telling a teleconference involving Japanese media that it was “not appropriate for the Prime

INTERNATIONAL Olympic Committee President Thomas Bach and Japanese Prime Minister Shinzō Abe clash over the Games’ financial woes.

Minister’s name to be quoted in this manner.”

In an update to the post, the IOC said: “The IOC and the Japanese side, including the Tokyo 2020 Organizing Committee, will continue to assess and discuss jointly the respective impacts caused by the postponement.”

The U-turn from the IOC adds to already considerable uncertainty surrounding numerous areas of the organization of the rescheduled Games and will be viewed by some as the IOC’s latest communications error.

The IOC faced criticism from athletes and others for continuing to insist Tokyo 2020 would take place as planned this year, despite the rapid spread of the Covid-19 virus, which eventually led to

the postponement of the Games until 2021.

Tokyo 2020 Chief Executive Toshirō Mutō previously admitted the decision will result in “massive” extra costs.

The IOC conceded adjustments will be required to reduce additional expenditure, while John Coates, chairman of the IOC Coordination Commission for Tokyo 2020, said last week those involved in the organization of the Games would assess “all opportunities to explore the scope and service levels” at the rearranged event to find savings.

Coates also suggested some of the “nice haves” at the event, such as live celebration sites across Japan, would have to be cut to save additional costs.

GAMES STAFF TESTS POSITIVE

A STAFF member of the Tokyo Olympic

organizing committee has tested positive for Covid-19.

Tokyo organizers issued a statement Wednesday saying it was a male employee in his 30s who worked at the headquarters building in a part of Tokyo known as Harumi.

Organizers said he was in quarantine at home and gave no further details.

The Tokyo Olympics were postponed last month until 2021 because of the coronavirus pandemic. The committee employs about 3,500 people, and organizers say about 90 percent have been working from home for the last several weeks.

Organizers said the area in which he worked would be disinfected, and people who worked nearby have been told to stay home. The Olympics are scheduled to open on July 23, 2021, but questions persist if that will be possible in light of the pandemic. Insidethegames and AP

Rizal Memorial Coliseum plays different role amid pandemic

AS a tennis player, Mitchell Krueger is an independent contractor—he doesn’t receive a salary. AP

By Ramon Rafael Bonilla

Covid 19-caused unemployment in tennis could lead some to quit Tennis is as much of a worldwide enterprise, and as fractured, a sport as any, controlled by a mix of the International Tennis Federation, the Association of Tennis Professionals (ATP) and Women’s Tennis Association (WTA) tours and the four Grand Slam tournaments. David Haggerty, the ITF president, told The Associated Press in an e-mail Tuesday that those seven groups are “collaborating on a tennis solidarity fund that will assist some lower-ranked players.

Details are being worked out, to be announced later this week.”

The men’s and women’s tours also declined to offer specifics, other than to say they would administer the fund, which is expected to top $6 million. Separately, WTA CEO Steve Simon said his tour “delivered over $3 million in benefits since the suspension of play began,” without saying exactly where that money came from or where it went.

Novak Djokovic, the 17-time major champion from Serbia who leads the ATP player council, has talked about using donations from other players to help those ranked outside the top 200 or 250.

That might not go far enough.

The 125th-ranked woman, Katarzyna Kawa of Poland, has earned $22,944 in prize money in 2020; the 175th-ranked man, Carlos Taberner of

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

Spain, $34,114.

When the ATP Tour’s Twitter account asked people to reply with their favorite thing about tennis, one player, Ellen Perez—a 24-year-old from Australia ranked 41st in doubles and 247th in singles—responde,“ When you get paid.”

Her prize money for the year is $42,210, and no one knows when that’ll change.

“We are such a global sport, with people traveling all over from everywhere and to everywhere, so I don’t see how it’s going to be easy for us to resume,” said 111th-ranked Denis Kudla, a 27-year-old based in Arlington, Virginia, with about $45,000 in 2020 earnings. “I could be wrong. I hope I’m wrong.”

Coaches often are paid per week when traveling on tour, getting bonuses based on players’ success.

“There’s a trickle-down effect, right? So agents are feeling it. Coaches are feeling it,” said Sam Duvall, whose Topnotch Management represents Kudla and more than a dozen other tennis pros, including 2018 Wimbledon semifinalist John Isner and former top-10 player Caroline Garcia.

“The biggest challenge is just not knowing what’s on the horizon,” Duvall said. “If we knew

that, ‘Hey, September 1, we’re going to be good’...then I think people could plan, make the sacrifices that are needed and get the help that is needed.”

Kudla’s conversations with other pros are sobering.

“Guys are panicking,” Kudla said. “They’re already worrying about how to pay rent next month.”

One silver lining: Players aren’t accumulating their usual credit-card charges.

“You can run through $10,000 or $20,000 very quickly with the full staff you need.... You’re paying for yourself, significant others, a coach, a physio. Separate hotel rooms. Airfare,” Kudla said.

“The bill runs pretty high.”

Kudla’s Coach, Carlos Benatzky, who also works with No. 183 Thai Kwiatkowski, said he’d love to replace lost wages by giving private lessons.

But that’s not an option, with courts shuttered during the lockdown.

“The vast majority of [coaches] are experiencing struggles, like other people in other professions who are not able to go to work and might have their pay cut—or are not getting paid at all,” Benatzky said. “We’re all facing quite

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HE close to a century old Rizal Memorial Sports Complex in Manila has transformed from the country’s sports mecca to an extraordinary role as a quarantine facility during these Covid-19 pandemic times.

The Rizal Memorial Coliseum where many a basketball heroes earned their spurs and the not-that-old Ninoy Aquino Stadium (NAS) are the Philippine Sports Commission’s contributions to the government’s call for action to the virus crisis.

Embedded deep in the hallowed corners of the Rizal Memorial Coliseum is 64-year-old Romeo Teneza, the historic venues caretaker for almost three decades.

Just like all other frontliners, Teneza harbors no ills that his “home” has assumed a non-sport role.

“This will end, with God’s help,” Teneza told BusinessMirror on a hot and humid Wednesday midmorning. “After that, we will open our doors for sports events. There is hope.”

The Rizal Memorial Coliseum has yet to receive its first patient—the PUMs or persons under monitoring for the virus—unlike the NAS that is now tending to PUIs or persons under investigation.

“It’s sad. But it’s the order of the President [Duterte]. Nonetheless, it’s fine for us here. Rizal Memorial will be a big help for the people,” said Teneza, who is retiring from what he calls as an exciting job in October.

Built in 1934, the Rizal Memorial Coliseum

South Korean baseball opens in empty stadiums

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A TV cameraman films the preseason game between Doosan Bears and LG Twins in an empty stadium in Seoul. AP

EOUL—The South Korean baseball league announced it will start its delayed season on May 5 and wasted no time getting preseason games going.

It was a distinctly quiet start on Tuesday to two weeks of exhibition games and training for the 10 teams of the top-flight Korean Baseball Organization (KBO), with no fans allowed in the stadiums.

In one of the five games on Tuesday, the LG Twins beat defending Korean Series champion Doosan Bears 5-2 in an echoing stadium in Seoul, with more than 20,000 empty seats.

Umpires wore masks and gloves, and some coaches and team staff wore masks in the dugouts. Some of the players and a coach wore messages on their caps that read “Corona 19 Out.” The initial preseason from March 14 to 24 and opening day, originally scheduled for March 28, were pushed back because of the coronavirus pandemic, which has virtually shut down toplevel sports around the world.

The KBO’s decision to restart comes with a catch, though. Fans will only be able to see early regular season games on TV. League organizers are planning to gradually open the games to fans once they’re assured the threats of Covid-19 are largely reduced.

Kim Kwang-hwan, head of marketing for LG Twins, said any playing conditions were better than not playing at all, noting that there would have to be some quick fine-tuning with the season “only 15 days away.”

“I think athletes perform better in practice games against other teams than they do in intra-squad scrimmages,” Kim said. “Although it will start with crowd-less games, they will be able to show good performances to fans and also will be happy to play in front of them once the coronavirus crisis is past us.”

All photographers and live TV cameras were positioned in seats normally used by regular spectators, away from the dugout, for the TwinsDoosan Bears game. Anyone who entered the stadium had their temperature checked.

South Korean news agency Yonhap reported that both managers, Ryu Joong-il for the Twins and Kim Tae-hyoung for the Bears, filled their lineups with regulars, with the Bears’ former MVP-winning slugger Kim Jae-hwan being the only notable absence.

The league plans to maintain a 144-game regular season schedule, but it has scrapped its all-star game and shortened the first round of the playoffs from best-of-five to a best-of-three series.

South Korea on Tuesday reported nine new infections of the coronavirus and one more death, bringing its totals to 10,683 cases and 237 deaths.

With deaths and infections still rising around the world, the push to reopen top-level sports leagues and other major events has set off warnings from health authorities that the crisis that has killed more than 170,000 people globally is far from over and that relaxing social distancing orders too quickly could enable the virus to come surging back. AP

was once the venue of big-ticket games of the University Athletic Association of the Philippines, National Collegiate Athletic Association, Manila Industrial and Commercial Athletic Association and the Philippine Amateur Basketball League.

That is not to mention the countless international competitions staged at the coliseum, where the country’s legends of the game showed who’s boss in hoops in this side of the globe.

It was destroyed in the World War II and was reconstructed for the 1954 Asian Games, the only edition of the quadrennial continental games that Filipino athletes dominated.

The coliseum underwent several renovations until only last year when it was air-conditioned for the first time for the 30th Southeast Asian Games. The facelift cost P250 million, making Rizal Memorial a fitting venue for world champion Carlos Yulo’s exploits in gymnastics.

The hallways were refurbished, along with the seats, all 6,000 of them. The comfort rooms took toilet comfort to a higher lever and the façade was a major art-deco design.

But the past weeks have been challenging with the Covid-19 spreading its wrath, forcing President Duterte to utilize all resources available to combat the pandemic—another facility under the PSC, the PhilSports Arena in Pasig City, is serving the same purpose.

“Rizal [Memorial Coliseum] has 100 beds.

The facility is now functional, except for some minor works with plumbing,” Teneza said.

“The security is very tight. There are soldiers all over. The Ninoy Aquino is limited to health personnel only,” added the caretaker, who bared that even the small number of PSC staff are barred from the quarantine areas.

Teneza thanked the PSC, led by Chairman William Ramirez and Training Director Marc Velasco, who closely monitor the 16 employees who are the sports agency’s frontliners at the venue.

“They feed us well. Food is free. They even gave us PPE [personal protective equipment], alcohol and other things that we need,” he said.

For Teneza, it’s simply a matter of time when the whole world beats the virus.

“For now, all we need to do is to obey protocols...and most importantly, pray to God,” he said.

Teneza