BusinessMirror April 26, 2021 by BusinessMirror

PHL GARMENT SECTOR

n Monday, April 26, 2021 Vol. 16 No. 194

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FACES $600M IN LOSSES THE Lapu-Lapu monument cuts a dramatic figure against the night sky as soldiers bear the flag at the Liberty Shrine in Mactan, Lapu-Lapu City. The fearless Filipino leader, who vanquished Ferdinand Magellan, will be the center of attention as the nation marks April 27 as a special day to mark the 500th anniversary or quincentennial of the Victory at Mactan by virtue of President Duterte’s Proclamation 1128. Simultaneous flag-raising rites are set throughout the country in public plazas, parks, edifices, and schools, according to the National Quincentennial Committee (NQC). Besides LapuLapu City, Manila will host military honors to Lapu-Lapu at the Sentinel of Freedom (Lapu-Lapu Monument) at the Rizal Park. IMAGE COURTESY OF NATIONAL QUINCENTENNIAL COMMITTEE

Senate seeks firm answers on brownout risks to jabs By Butch Fernandez @butchfBM

By Tyrone Jasper C. Piad @Tyronepiad

HE Philippine garment exporters may have to drop as much as $600 million worth of orders if the strict lockdown protocols that force shipment delays continue to slow down business activities.

In an interview with the BusinessMirror, Foreign Buyers Association of the Philippines (Fobap) said that the garment industry may lose 30 percent to 40 percent of $1.5 billion—which is the lower end of 2021 target industry revenues—if more shipment delays persist. This translates to potential losses of $450 million to $600 mil-

lion, or roughly P22 billion to P29 billion, this year. “If you are talking like $1.5 billion worth of orders that we received already in place for 2021...you can say 30 percent to 40 percent [will be lost]...in case this lockdown will continue,” Fobap President Robert M. Young told this newspaper. Continued on A4

PESO EXCHANGE RATES n US 48.4020

U.S. QUESTIONS PHL USE OF SPS-IC IN AGRI IMPORTS By Jasper Emmanuel Y. Arcalas @jearcalas

ASHINGTON has raised concerns over Manila’s use of sanitary and phytosanitary import clearances (SPS-ICs) to restrict the importation of certain agricultural products for reasons “unrelated protection of human, animal, or plant life or health.” The United States raised several questions regarding the Philippines’s non-issuance of SPS-ICs to “restrict” agricultural imports as a means to protect domestic industries in a recent World Trade Organization (WTO) Committee on Import Licensing meeting last week.

Agriculture Secretary William Dar held off comment for now until he sees the US document, while Trade Secretary Ramon Lopez saw nothing wrong with Manila’s use of SPS-IC as long as it is properly implemented. SPS-IC is a document issued by the Philippines for incoming imports certified to be free from pests or diseases that could harm the country’s agriculture sector and even human health. “The United States is concerned that the Philippines uses the SPSICs to restrict imports for reasons that appear unrelated to the protection of human, animal, or plant life or health,” the United States in its communication to the committee

meeting, a copy of which was obtained by the BusinessMirror. The United States noted that the Philippines made numerous notifications of legislation and regulations concerning import licensing last year. Citing the Philippines’s notifications, the US said Manila had explained that it uses SPS-ICs to “ensure that the products being imported meet the standards to protect human, animal life or health, guarantee that the products are safe for consumers and to prevent the spread of pests or diseases of animals” and are “not intended to restrict the quantity or value of imports.” Continued on A2

HE Senate Energy Committee is calling a hearing on Tuesday (April 27) to ascertain government’s preparedness to avert brownouts in late May and June, amid fears this could coincide with the arrival of several batches of Covid-19 vaccines that must be stored at precise temperatures. While the Department of Energy recently gave assurances there will be no “red alerts”—only yellow alerts—on power supply although this could be rendered thin by planned and unplanned outages, Senator Sherwin Gatchalian, committee chairman, said analysis that he read “this morning” (Sunday) indicated a “big possibility that we could have brownouts this coming May and early part of June.” Gatchalian said in a radio interview this could arise from the expected surge in demand in the summer, adding, “and it’s really so hot.” The senator added, partly in Filipino, that “my main worry and concern really is the vaccination program because I saw in the report of [vaccine czar] General [Carlito] Galvez that vaccines are arriving this coming week and the next batches are the ones that are quite sensitive,” or requiring ultra-low temperatures. Latest reports he read indicate the likelihood of outages happening in various parts of Luzon. “I saw two reasons for that: first, many power plants went down, and several were unable to return to full operations right away,” he said in a radio interview on Sunday. See “Senate,” A2

n JAPAN 0.4484 n UK 66.9932 n HK 6.2376 n CHINA 7.4566 n SINGAPORE 36.4226 n AUSTRALIA 37.3228 n EU 58.1695 n SAUDI ARABIA 12.9076

Source: BSP (April 23, 2021)

News

BusinessMirror

A2 Monday, April 26, 2021

NCR mayors list guide for community pantries

ETRO Mani la’s mayors have urged organizers of community pantries in the National Capital Region (NCR) to have prior coordination with their local government units (LGUs) to ensure observance of minimum public hea lth standards. This will ensure, the Metro Manila Council (MMC) said, that the sacrifices and gains from recently reimposed lockdowns do not go to waste with the spread of Covid-19 infections. Metropol itan Mani la Development Author it y (MMDA) Chairman Benjamin “Benhur” Abalos Jr., the concurrent MMC chairman, said advance coordination would allow LGUs to set up measures to ensure physical distancing and other public health protocols in community pantries. The community pantries’ adherence to the prevailing health guidelines is also part of the Filipino bayanihan spirit that it is promoting, Abalos noted. “As the community pantries intend to extend assistance to our kababayan, let us be reminded that aside from giving food at this time, one of the noblest kind of help is making sure that they are not at risk of acquiring the virus which, at worst, can cost their lives,” Abalos stressed. A lt hough t he MMC lauded the Filipino spirit of bayanihan as community pantries have mushroomed across Metro Manila, they underscored the importance of sustaining the dow nward trend in the two-week growth rate (TWGR) of Covid-19. According to the Department of Health, it has gone down to -5 percent (within the period of March 21 to April 17) from 164 percent (for the period February 28 to March 27). “While the organizers of community pantries exemplify collective charity and concern for the plight of the underprivileged and are truly worthy of emulation, support, and praise, the primordial minimum public health standards under the prevailing community quarantine must remain paramount,” the Council, by v irtue of Resolution No. 21-08 Series of 2021, stated. The resolution stressed that the “sacrifices endured and gains accumulated during the ECQ and MECQ must not be put to waste by a disregard of the prohibition on mass gatherings, observance of social distancing, and the wearing of face masks and face shields.” Abalos also reminded individuals aged 17 below and senior citizens aged 65 and older to stay at home, in accordance with the guidelines set by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID). The resolution was unanimously approved by all the local chief executives of Metro Manila on Friday, April 23. The MMC, composed of the 17 Metro Manila mayors, is the governing and policymaking body of the MMDA. Claudeth Mocon-Ciriaco

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BSP: Economic data reflect sluggish recovery in early ‘21

By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) said forwardlooking economic indicators point to sluggish recovery in the beginning of the year. In its recently published minutes of the latest monetary policy meeting, the monetary board members said that economic metrics usually measured and monitored for policy guidelines suggest a slowdown in economic activity in the early months of the year. “Overall, the continued implementation of quarantine restric-

tions, tepid demand recovery of foreign markets, and slower-thanexpected global vaccine distribution are expected to weigh on the domestic economy’s recovery,” the BSP said. “Meanwhile, consumer and business sentiment have been aided by expectations of vaccine rollout. Greater fiscal support could also

help minimize possible economic scarring and sustain the country’s nascent recovery,” it added. The BSP particularly cited the more muted manufacturing activity in the first quarter of the year, including the declines in the country’s purchasing manager’s index (PMI). IHS Markit reported that the country’s PMI in March hit 52.2, slightly declining from the 52.5 PMI in the previous month. The country’s PMI has been steadily declining since the start of the year. The BSP also said mobility data as of end-February have reverted to below-baseline figures in the first two months of 2021. “The Google mobility report showed that mobility indicators have fallen below baseline after peaking during the holiday season.

Meanwhile, grocery and pharmacy have exceeded the baseline threshold in the last week of February but were still lower than the December 2020 record,” the BSP said. The BSP’s muted outlook on the Philippine economy contrasts their view of the global economy. “Global prospects have improved amid vaccine rollout although headwinds remain from renewed waves and new virus variants. Global economic output expanded faster amid improved demand conditions in both manufacturing and service sectors,” the BSP said. In their last monetary policy meeting, the BSP retained its monetary policy meeting unchanged at an all-time low interest rate of 2 percent. The BSP is expected to meet again on May 13 for its next monetary policy meeting.

PANDEMIC, DELAYED FUNDS BUG NATIONAL ID GOALS By Cai U. Ordinario

@caiordinario

HE pandemic and the delay in the release of unprogrammed funds from the Department of Budget and Management (DBM) are among the major challenges faced by the Philippine Statistics Authority (PSA) in meeting the targets for the National ID this year. PSA Assistant Secretary Rosalinda Bautista told BusinessMirror over the weekend that in terms of implementing Step 2 registration, the rising cases have prompted the agency to close registration centers. The unprogrammed funds, meanwhile, would be used in Step 3 of the PhilSys, which involves the printing of cards. Bautista said the PSA and Central Bank are discussing the possibility of

printing more than 160,000 cards per day starting next month. “The main challenge is Covid-19 which affects the operation of our registration centers; some are ordered temporarily closed due to increasing cases, some staff are exposed to a positive or become positive. The other is the release of unprogrammed funds and contingency funds from DBM,” Bautista told this newspaper. In a briefing on Friday, Bautista said the PSA was able to register some 4.6 million Filipinos under Step 2 as of April 20. Step 2 requires Step 1 registrants to go to registration centers to submit their biometric information. Bautista said the process has been slow but gradually increasing due to Covid-19. The PSA recently decided to close a registration center in Legazpi City due to a staff who tested positive for Covid-19.

Recent reports that an enumerator in Bicol tested positive for Covid-19 prompted Albay Representative Joey Salceda to halt Step 1 registration in the province. Step 1 registration is currently being done house to house by PSA enumerators. Step 1 registration will soon be available for the public through an online portal that is currently undergoing a security audit. Reports that an enumerator tested positive in Albay, PSA Bicol Regional Director Cynthia Perdiz said, were false and should not hamper Step 1 registration in the province. “It is not a data collector who tested positive and so far we have not received reports that an enumerator tested positive,” Perdiz said partly in Filipino. Meanwhile, Bautista said releasing additional funds for the National ID is subject to availability. Currently, the additional

funds are not included in the 2021 National Expenditure Program. However, Bautista said Socioeconomic Planning Secretary Karl Kendrick T. Chua, who chairs the PSA Board, has already made the request. The funds, she said, may be partially released by the DBM. Earlier, National Statistician and Civil Registrar General Claire Dennis S. Mapa said conducting the National ID would require a P27.8-billion budget. Mapa said the PSA has received a total of P7.1 billion to prepare the PhilSys, including the bidding and award of the five contracts. This is composed of P2 billion for 2018; P2.1 billion for 2019; and P3 billion for 2020. For 2021, Mapa said the PSA proposes a budget of P4.1 billion. If granted, this will lead to a total of P11.2 billion between 2018 and 2021.

U.S. QUESTIONS PHL USE OF SPS-IC IN AGRI IMPORTS Continued from A1

Domestic supply issue

H O W E V E R , Washington, citing the Philippines’s trade policy review in 2018, pointed out that in “some instances” concerned Philippine government agencies take into consideration current domestic supply when issuing SPS-ICs. Washington also expressed concerns on “repeated public statements” made by the Department of Agriculture (DA) to use SPSIC to “periodically block” imports of certain agricultural products during their respective domestic harvest seasons. “We are specifically concerned by the repeated public statements by the Philippines Department of Agriculture [DA] that it is using the SPS-IC system to periodically block imports of rice, corn, and feed wheat during its domestic harvest seasons,” it said. Washington disclosed that it has received “reports of ongoing SPS-IC rejections without reason since September 2020” for the importation of US whole chickens. Industry sources confirmed to the B usiness M irror that the Bureau of Animal Industry (BAI) has stopped issuing SPS-IC for whole chickens since late last year without any reasons given to concerned parties. “We know that the DA won’t issue SPS-ICs for whole chickens for whatever reasons,” Jesus C. Cham, President of the Meat Importers and Traders Association (MITA), told the B usiness M irror. “We questioned them and they just told us that there is a memorandum not to issue.” BAI data obtained by the BusinessMirror showed that the last time the agency issued SPS-IC for importation of whole chickens was in June of last year. Certain lawmakers and agriculture officials had argued last year over the issuance of SPS-IC for rice imports, as purchases of the staple from abroad

depressed domestic prices in recent years. For example, Senator Cynthia A. Villar has repeatedly asked the DA not to issue SPS-IC during harvest season to manage or even limit the importation of rice and thus avoid having an oversupply. Bureau of Plant Industry (BPI) data obtained by the BusinessMirror showed there were certain months last year—such as in October and November—that it did not issue any SPS-IC for rice imports. The BPI earlier told the BusinessMirror that it did not suspend the issuance of SPS-IC for rice imports and that it was “managing” the schedule of arrival “to prioritize the distribution of local palay/rice.”

Dar, Lopez

SOUGHT for comment about the concerns raised by the United States, Agriculture Secretary William D. Dar told the BusinessMirror he wants to “see the document before commenting.” For the Depar tment of Trade and Industry (DTI), securing sanitary and phytosanitary import clearance (SPS-IC) permits for agriculture imports is “not necessarily” a trade barrier if being properly implemented. DTI Secretary Lopez told the BusinessMirror that requiring SPS-IC permits for agriculture imports is a necessary measure despite the US tagging it as a trade barrier. Lopez said that such permits “are needed non-tariff measures to ensure food safety and protect local industry from entry of plant and animal diseases.” “It [SPS-IC permit] should be applied to the extent that it is necessary to protect human, animal and plant life and should not be used arbitrarily,” he said, noting that standards should be subject to science. “It [SPS-IC permit] is not necessarily a trade barrier unless the measures are used unjustifiably,” he added.

In the 2021 National Trade Estimate Report on Foreign Trade Barriers by the US Trade Representative (USTR), it was noted that the US raised concerns about the SPS-IC permit requirement before the WTO during the Import Licensing Committee meeting and Committee on Agriculture meeting last year. The US, in a WTO document dated April 7, also asked the Philippines to explain the rationale behind the SPS-IC system and to detail the underlying laws, regulations and guidelines supporting said requirement. “This [SPS-IC permit] requirement adds costs, complicates the timing of exports, and prevents the rerouting to the Philippines of products intended for other markets but not sold there for commercial reasons,” the USTR said. “It also prevents an exporter from reselling an imported product if the importer refuses to accept delivery or abandons the shipment.” USTR said the Philippines also did not issue SPS-IC permits for imported rice and horticultural products, such as US table grapes, chipping potatoes, feed wheat, whole birds and corn in 2019 and 2020. Stakeholders, USTR noted, claimed that the often-cited reason for the non-issuance of SPS-IC permits appeared to be protection for “domestic producers from import competition,” instead of ensuring the products were safe for consumption. Asked what has the government done in response, Lopez deferred to the DA. In an earlier interview with the BusinessMirror, the Trade chief supported the removal of non-tariff barriers for imports and replacing them with an appropriate tariff instead. (Related story: https://businessmirror.com. ph/2021/04/22/lift-non-tariff-barriersput-proper-tariff-dti/) Lopez made the statement after the Economic Development Cluster (EDC) ordered

both the DTI and DA to conduct a study should the minimum access volume (MAV) system be abolished while placing a proper tariff. In an EDC meeting last month, Finance Secretary Carlos G. Dominguez III said in a letter on April 20 to Senate President Vicente Sotto III that the price uptick in the key commodities were because of “government tariffs, low MAV quotas and non-tariff barriers to trade.” MAV refers to the certain volume of agricultural imports that are imposed with lower tariffs. In the Philippines, it covers rice, corn, pork, poultry meat, coffee and sugar.

Not first time

THIS was not the first time that the United States raised its concerns about the Philippines’s SPS-IC system at the WTO. During the November meeting of the WTO Committee on Agriculture last year, the United States raised the issue after SPS-IC for feed wheat and whole chicken imports coming from the US were rejected by the Philippines; while the issuance of SPS-IC for US fresh fruits and vegetables was delayed. “Under Article 4.2 of the Agreement on Agriculture, Members shall not maintain, resort to, or revert to any measures of the kind which have been required to be converted into ordinary customs duties, including quantitative import restrictions and discretionary import licensing,” the United States said. The Philippines responded to the questions raised by the US during the November WTO COA meeting. “As an impact of the review of importer registrations considering reports of unfair trade practices and food safety requirements, the issuance of the SPS-IC was disrupted for rice and other commodities,” it said. With Tyrone Jasper C. Piad

DOH logs 8,162 new Covid cases

HE Department of Health on Sunday logged 8,162 additional cases of Covid-19, bringing the total number of infections in the country to 997,523. Through “Oplan Recovery,” the DOH also recorded 20,509 recoveries and 109 deaths. This is a timebased and symptom-based recovery strategy which the DOH activated to monitor the status of confirmed Covid-19 deaths and recoveries. Under Oplan Recovery, a patient is tagged as recovered when certain conditions are met even without repeat RT-PCR testing and is recommended by the Philippine College of Physicians, and the Philippine Society for Microbiology and Infectious Diseases. Of the total number of cases, 7.7 percent (77,075) are active, 90.6 percent (903,665) have recovered, and 1.68 percent (16,783) have died. Moreover, 52 cases that were previously tagged as recoveries were reclassified as deaths after final validation. Two laboratories were not operational on April 23, 2021 while eight laboratories were not able to submit their data to the Covid-19 Document Repository System (CDRS). Claudeth Mocon-Ciriaco

Senate… Continued from A1

The reasons for the many plant shutdowns are among those they want to find out at Tuesday’s hearing, he added. The supply thinned as a result of these unplanned shutdowns. Despite earlier DOE assurances, Gatchalian is apprehensive that the country will still see some red alert instances “and this is not good because we are in a period where vaccination will be scaled up and we’ve seen how sensitive vaccines are, some require refrigerators set below 20 degrees.” And, he added, “if there’s no electricity, there’s no refrigerator. That’s why we have a hearing this Tuesday, and we will see what the Department of Energy is doing to avert such brownouts happening.” His committee invited, besides the DOE officials, those from the National Grid Corp. of the Philippines (NGCP), “because they are the operator. We also invited from the private sector the association of generators as well as the utilities like Meralco.” He explained that utilities have found ways to avoid having brownouts on days of thin supply, and he needs them to assure they are ready for May and June. Gatchalian’s committee hearing coincides with the resumption of the Committee of the Whole hearings on the pork crisis and food security. He explained that their hearing had been set prior and he did not deem it wise to reset it, given the urgency of the power problems as well. “We thought it best to have the hearing so we can hear from DOE the solutions laid down” to avert a crisis. The senator said they are aware of the planned shutdowns of certain plants for maintenance, but it’s ensuring there are no risks giving rise to unplanned shutdowns that is most crucial now. “So my main point this coming Tuesday is to see the contingency measures of the Department of Energy, especially as we’re rolling out the vaccines,” he stressed, noting that people need to see the government is ready for the worst outcomes. Asked if he sees the possibility of electric bills rising, Gatchalian acknowledged that, noting that utilities buy from a “stock market” for power and if supply is thin, the rates will be higher. “But it’s the timing that’s not good, that’s why I’m concerned because it coincides with the vaccinations,” he added.

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Mindanao to ask NG to allow direct shipment of imported vax By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CIT Y—Mindanao would ask the national government to allow them direct shipment of Covid-19 vaccines from source countries to an identified city in Mindanao, which is most likely to be this city, the Mindanao Development Authority (MinDA) said. This was one of the key points reached in an online forum among business, government and private organizations to tackle a recovery plan after the Covid-19 pandemic. The Department of Health (DOH), which joined the second Mindanao Economic Recovery Facilitation forum last April 21, said it would “make representations with the IATF [Interagency Task Force on Covid-19) so that imported vaccines will be shipped directly to Davao City instead of passing through the DOH facilities in Metro Manila.” This would avoid double handling of the shipment and make faster for the roll out of the vaccine doses to the rest of Mindanao, the forum said. “This week, MinDA will start communicating with the LGUs and private companies in Mindanao to determine the initial volume of vaccines, which would be bought with the assistance of DOH and IATF,” said Secretary Emmanuel F. Piñol, chairman of the MinDA, and who facilitated the forum. Piñol said the Covid-19 Mindanao vaccination initiative has been identified as one of the critical components of Mindanao’s economic recovery. The forum centers on a future initiative to buy the vaccines independent of what the national government has already targeted to buy from vaccine manufacturers. Health Undersecretary Abdullah B. Dumama has confirmed the approval by the DOH in allowing the private sector and the local government units to buy vaccines for their employees. “Dumama said the new guidelines now would allow LGU and private sector’ procurement of the vaccine but this initiative was im-

peded by the need to consolidate the volume of the vaccines to be imported,” Piñol said. The Southern Philippines Medical Center in Davao City has the capability of storing the vaccines, which would be imported, he added. The SPMC is the country’s largest government hospital. Among the other points agreed by participants in the Mindanao Covid-19 vaccination initiative were: the Mindanao vaccination program would be supervised by the DOH and the IATF; MinDA will serve as the lead convener for LGUs and private companies that would participate in the program; and, the procurement of the vaccines would be funded fully by the LGUs and the private companies. Also, MinDA would act as the consolidator and facilitator of the importation of the vaccine “to ensure that the volume required by the exporters would be met.” MinDA would, likewise, provide assistance to LGUs, which are not financially capable to procure the vaccines, to avail of loan funds from financing institutions. During the first leg of the Mindanao Economic Recovery Forum, the Philippine Chamber of Commerce and Industry has asked government for guidelines on how to initiate a Covid-19 vaccination program involving the LGUs and the private sector so that economic activities could be restarted. “The massive vaccination campaign has largely been concentrated in Metro Manila where Covid-19 cases have increased over the last few months. With less than one million individuals, including front liners, inoculated in Mindanao, the issue was raised by the private sector during the first leg of the forum,” Piñol said. The forum has formed the Mindanao Economic Recovery Facilitation Council (MERFC) from among government agencies and the private sector to facilitate Mindanao’s economic recovery and to address issues and concerns that impede the region’s return to normalcy. The MERFC would serve as the cog to focus all efforts toward a common objective, Piñol said.

Editor: Vittorio V. Vitug • Monday, April 26, 2021 A3

DOLE: .4-M workers need add’l training to be rehired By Samuel P. Medenilla @sam_medenilla

ROUND 400,000 displaced workers will need additional training to boost their chances of getting hired during the novel coronavirus disease (Covid-19) crisis, according to the Department of Labor and Employment (DOLE). Labor Assistant Secretary Dominique R. Tutay disclosed these are the workers among the 1.4 million unemployed, who lack the necessary in-demand skills to be rehired in the more online-oriented labor market.

“Digital skills is most demanded by the labor market under the new normal,” Tutay told BusinessMirror in a Viber message. “This is reflected in the Jobsfit Updated LMI [Labor Market Information] report we released last year,” she added. Based from the updated report, digital literacy (word processing, spreadsheet and electronic mail management skills) was the second most in demand qualifies employers look for the applicants next to financial literacy. Others in demand are quali-

ties sought by employers during the pandemic are occupational safety and health skills, integrity and stress tolerance. In an online forum last week, Tutay reiterated how the pandemic hastened companies to “digitize” their operations making digital literacy a must among their personnel. To address the skills gaps of workers, Tutay said they included provisions in the pending National Employment Recovery Strategy (NERS), which aims to consolidate all existing government programs to preserve

and create jobs. The Technical Education and Skills Development Authority (Tesda) said it has enough budget this year for the training of 358,000 learners. The Tesda, however, noted its trainings will also cover other skills which are also in-demand during the pandemic such as those related logistics as deliver services, which recently became popular. Tutay said of the P4.5-trillion 2021 General Appropriations Act, P1.4 trillion will be covered by the NERS.

DPWH expands NKTI hemodialysis facility

HE Department of Public Works and Highways (DPWH) is set to deliver a hemodialysis facility to the National Kidney and Transplant Institute (NKTI) in Quezon City. Secretary and Isolation Czar Mark A. Villar said that the modular hospital facility being built at the NKTI Compound will enable patients with kidney illness to receive on-schedule hemodialysis procedure. DPWH Undersecretary and Task Force to Facilitate Augmentation of Local and National Health Facilities Head Emil K. Sadain and Bureau of Construction (BOC) Director Aristarco M. Doroy inspected last April 24 the on-going one unit off-site Hemodialysis Facility with 20-patient treatment room and reported to Villar that civil works for this project is targeted for completion by end of this month. The modular facility was requested by the NKTI management. It was planned as a satellite unit on the hospital compound for support services as required for Covid-19 patient with compromised kidney needing to undergo regular lifesaving hemodialysis treatment, added Undersecretary Sadain. Considered in the construction of the modular hemo-facility by the DPWH

Task Force is the ease of public access for patients who may arrive either walking, using mobility equipment, on an ambulance stretcher or patient trolley. Capable of providing multiple sessions per day to a maximum of three patients per hemo-facility treatment area, about 60 daily patients will be able to continue lived well and even

carry on an active life after undergoing periodic hemodialysis treatment at the facility to eliminate waste and unwanted water from the blood. Compared to regular modular hospitals built by the DPWH Task Force for Covid-19 treatment, the construction of the facility implemented by the DPWH Bureau of Construction

requires detailed planning for all service delivery method. These include the following: from the main entry and reception area; separate waiting area for patient and watcher; treatment areas with standard machine components; staff area; water treatment with related fixtures and fittings; and, storage area.

Checkpoint nets 16 ‘undocumented’ Govt launches maritime exercise at West PHL Sea juvenile bearded dragons from minor By Rene Acosta @reneacostaBM

By Jonathan L. Mayuga @jonlmayuga

UTHORITIES announced last Sunday the confiscation of 16 live juvenile bearded dragons being illegally transported by a minor. Members of the Environmental Protection and Enforcement Task Force (EPETF) of the Department of Environment and Natural Resources (DENR), in coordination with the Pandacan Police Station, confiscated the bearded dragons from a minor who tried to ferry the reptiles last April 22 aboard a motorcycle to Cartimar Market in Pasay City. The minor failed to show any permit from the DENR, according to the EPETF. Bearded dragons are exotic spe-

cies and are imported from other countries. Breeding such exotic animals also require special permits from the DENR. The bearded dragon is worth around P10,000 each in the black market. EPETF Executive Director Nilo B. Tamoria said in a statement the apprehension was the result of the DENR’s efforts to link arms with law enforcement agencies to run after illegal wildlife traders. The EPETF has been ordered to intensify its campaign against illegal wildlife traders, especially during the pandemic. “We are aware that there are those in the illegal wildlife trafficking taking advantage of the pandemic, which is why we are doubly vigilant,” Tamoria said. The seized reptiles were turned

over to the DENR’s Biodiversity Management Bureau (BMB) for safekeeping at the Wildlife Rescue Center facility in Quezon City. Tamoria pointed out that the trade of captive-bred bearded dragon iguanas is regulated. They can also be sold as pets provided these are covered by permits issued by the DENR. He explained that transporting and trading of wildlife without permit and proper documentation is prohibited under Republic Act 9147 or the Wildlife Resources Conservation and Protection Act of 2001. “Let us obey the regulatory processes required in trading wildlife species, especially those involving exotic species like the dragon bearded iguanas to protect the country’s local wildlife species and ecosystems,” Tamoria said.

IGHT ships from the Philippine Coast Guard and the Bureau of Fisheries and Aquatic Resources (BFAR) carried out maritime exercises in the West Philippine Sea last Saturday in pursuit of its supportive role of securing the country’s maritime waters. The training was held at Scarborough Shoal following the holding of a similar exercise at Pagasa Island, according to Coast Guard spokesman Commodore Armand Balilo. He added it followed the two weeks military exercises between the US and the country that wrapped up last Friday. The “comprehensive” maritime exercises at the West Philippine Sea were held amid the presence of a flotilla of Chinese military and

paramilitary ships in the Kalayaan Island Group and WPS, including at the Whitsun Reef. “We are supporting the wholeof-nation approach in securing our maritime jurisdiction, especially the efforts of the National Task Force for the West Philippine Sea (NTFWPS) to undertake maritime security, maritime safety, maritime law enforcement, maritime search and rescue, and marine environmental protection roles in our country’s waters,” Balilo said. He added that similar exercises would also be held in the Batanes Group of Islands and Benham Rise as well as in the southern and eastern portions of the country. During the exercises, the crew of the ships, including the Coast Guardmanned BFAR vessels intensified their trainings on navigation, small boat operations, maintenance and logistical operations.

“On board their respective vessels, other PCG personnel composed of lawyers, medical doctors, nurses, rescue swimmers, weapons, communications, and information systems technicians and other maritime specialists, also undergo lectures and drills on manual plotting, piloting, firefighting and basic life support,” Balilo said. Balilo said the maritime exercises led by the Task Force Pagsasanay are intended to achieve operational and logistical efficiency to optimize the utilization of Coast Guard’s manpower and assets through a “harmonized command and control and supply chain.” It was the Coast Guard that spotted the presence of 220 Chinese maritime militia vessels at the Whitsun Reef on March 7 before most of the ships dispersed and redeployed in other parts of Kalayaan Island Group and WPS.

DOJ chief opts to keep mum on Locsin’s pantry

Military validating reports on alleged bomber’s death

USTICE Secretary Menardo Guevarra has refused to comment on the possible culpabilities of actress Angel Locsin for organizing a community pantry that resulted in the death of a senior citizen and violation of health and safety protocols being implemented by the government to stop the further spread of coronavirus disease (Covid-19). In an interview, Guevarra said he would not give his opinion on the incident as a case might be filed before the justice department with regard

HE military is validating reports that security forces have killed the youngest brother of Abu Sayyaf Group subleader and notorious bomber Mudzrimar Sawadjaan (alias Mundi) during a series of skirmishes with the terrorist group in Sulu over the weekend. Joint Task Force Sulu and 11th Infantry Division commander Major Gen. William N. Gonzales said they were looking into reports that Al-al Sawadjaan was killed during the series of encounters with elements of the 2nd Special Forces in

to the incident. “No comment. I may prejudge the case if a complaint is filed by any interested party,” Guevarra said when asked if Locsin’s apology and promise to help the family of the 67-year-old victim, Rolando dela Cruz, absolves her of possible culpabilities for violation of health protocols. De la Cruz collapsed while he was waiting for his turn at a community pantry organized by Locsin to celebrate her birthday at Barangay Holy Spirit in Quezon City.

Thousands of people flocked to the area after the actress invited her followers through her social media platforms to drop by at her pantry for free food items. People were seen ignoring social distancing while gathered at a commercial building on Don Matias Street when the pantry was set-up. Guevarra, however, hinted that a complaint should be filed first before the National Bureau of Investigation (NBI) could conduct an investigation on the incident. Joel R. San Juan

Patikul, Sulu. “We have received initial reports indicating that Mundi’s youngest brother Al-al Sawadjaan was also neutralized during the encounters but it is yet to be verified,” said Gonzales following the death of Sawadjaan’s another brother, Mujafal Sawadjaan, during the operations. “All our forces are on high alert as we continue to hunt for Mundi Sawadjaan. With the death of most of his followers, it is possible that Mundi is evading our forces all by himself,” Gonzales added.

The military had tagged Mundi in the January 2019 bombing of the Jolo cathedral in Sulu that was perpetrated by an Indonesian couple. He was also tagged behind the twin suicide bombings near the Jolo plaza last year wherein one of the suicide bombers was a Moro woman. Mundi, who is allied with the IS, is a nephew of Hatib Hajan Sawadjaan, the emir of the IS in Mindanao, who was killed by soldiers during a series of operations in July last year in Patikul. Rene Acosta

Agriculture/Commodities

A4 Monday, April 26, 2021 • Editor: Jennifer A. Ng

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‘Tungro’ threatens Albay rice granaries–solon By Jovee Marie N. Dela Cruz @joveemarie

LEADER of the House of Representatives has asked the Department of Agriculture (DA) to control the infestation of rice tungro virus (RTV) in some areas in Albay. In a statement over the weekend, Albay Rep. Joey Sarte Salceda said RTV has already affected at least three towns of Albay’s third district and has already ravaged about 1,000 hectares of rice fields as of Saturday. Salceda, quoting recent reports from municipal agriculturists, said the infestations have so far affected about 375 hectares in his hometown Polangui, 221 in Libon, and 186.5 in Oas, mostly in their delicate reproductive stage. The neighboring towns are considered part of the rice granary of Albay.

PHOTO shows NSIC Rc 222, one of the rice varieties developed by the Philippine Rice Research Institute. PHOTO FROM WWW.PHILRICE.GOV.PH

Food needs of several national agencies this year pegged at ₧41B

EVER AL national government agencies have food requirements amounting to P41 billion this year, which should be sourced from local farmers and fishers, according to Sen. Francis N. Pangilinan. In an online consultation with farmers and provincial municipal agriculturists in Cavite, Laguna and Batangas, Friday, Pangilinan said this is P41 billion worth of untapped opportunities for farmers and fishermen. He noted that the Department of Education (DepEd) has a feeding program while the Department of Social Welfare and Development (DSWD) distributes relief packages. Regional hospitals under the Department of Health and provincial jails under the Department of the Interior and Local Government also require food. “All these agencies buy agricultural products for their feeding programs. For 2021, the budget for these

programs is P41 billion. Farmers and fishermen accredited by the Department of Agriculture [DA] could sell products to these agencies [under the Sagip Saka Act],” Pangilinan said in a mix of English and Filipino. “The transaction does not have to go through the bidding process. The contract is negotiated and farmers and fishers do not have to issue receipts. All that’s needed is a purchase order.” Under Section 22 of the General Appropriations Act of 2021, as amended by Pangilinan, the government as procuring entity of food shall directly purchase available agricultural and fisheries products from local farmers, fishers, or their associations or cooperatives. This provision is pursuant to the Sagip Saka Act (Republic Act 11321) and is consistent with Bayanihan to Recover as One Act (Republic Act 11494). Section 22 directs DA, DSWD, DepEd, DOH, DILG, local government units (LGUs), and other rel-

evant government agencies to implement this provision as a policy in their feeding programs, relief operations, rice subsidy, and other programs. Pangilinan is the principal author and sponsor of the Sagip Saka Act. Joel Batitis, city agriculturist of Santa Rosa in Laguna, said the local government implemented Sagip Saka during the pandemic. This benefited not only food producers and food consumers but also the LGU of Santa Rosa. He said the Office of Mayor Arlene Arcillas bought 4 tons of assorted vegetables from farmers in nearby Nagcarlan. In 19 deliveries, the various produce were distributed as food packs for Santa Rosa residents. The Santa Rosa agriculturist said Nagcarlan farmers were able to deliver almost 79 tons of assorted vegetables amounting to P3.12 million as they also partnered with other farmers’ cooperatives from neighboring provinces. Among

their deliveries were 1 ton of sweet potatoes from Kalayaan, Laguna; 200 trays of salted eggs from Victoria, Laguna; 4 tons of saging na saba from a cooperative in Alfonso, Cavite; and 7 tons of ready-to-cook vegetable packs from All Seasons Nature Farms in Batangas. He said these were used to feed frontliners and hospital workers, as well as re-packers and volunteers for the whole operation. As of November 2020, Pangilinan noted that a total of 443 LGUs have directly purchased agricultural and fishery products from accredited farmers and fishers’ cooperatives benefiting 532 individual farmers and 265 farmers cooperatives and associations. The estimated total value of products is P2.737 billion. These include rice/palay, corn, other high-value crops, livestock and poultry, fishery products, and agricultural inputs such as seeds and fertilizers. Butch Fernandez

According to the lawmaker, farmers have raised concerns the infestation could spread and bring untold damage if it is not immediately stopped. “Most of the plantations were not insured and local prices of palay were down to P13.50 per kilo, as against the cost of farm inputs such as fertilizers, pesticides and herbicides,” he added. Salceda, chairman of the House Ways and Means Committee, said he had immediately notified Agriculture Secretary William D. Dar and asked for “initiatives to control and manage the infestation.” “They are the rice granaries of Albay. I seek immediate assistance for the affected farmers and for measures to preempt its contagion. If funds are required, I will help secure the funding,” said Salceda, in a text message to Dar. The agriculture chief vowed

Group alleges agri chief violated food safety law

N industry group filed a complaint against Agriculture Secretary William D. Dar for the Department of Agriculture’s (DA) purported failure to implement the “quarantine first policy” covering imported food products. TheSamahangIndustriyangAgrikultura filed the complaint before the Office of the Ombudsman last Friday. The group alleged that Dar violated Republic Act (RA) 10611 or the Food Safety Act of 2013 as well as the Revised Administrative Code of the Philippines and AntiGraft and Corruption Practices Act. The group argued that Dar has failed to implement a “quarantine first policy” as stipulated by RA 10611. This, the group claimed, led to the spread of animal diseases, such as African swine fever (ASF), in the country. “Even after eight (8) LONG years since the enactment of the Food Safety

PHL garment sector faces $600M in losses

This year, Fobap was targeting its yearend shipments to reach $1.5 billion to $2 billion, but the consequences arising from the lockdown protocols may block the industry’s goal. Young explained that the garment manufacturers are experiencing delays of one month, even up to 45 days in some instances, in their shipments. The BusinessMirror previously reported the export industry has been reeling from the impact of shipment delays on its supply chain and revenues amid the shortage of vessels due to container imbalance. “Of course, the materials that are incoming from Manila or the port are also delayed due to these lockdown protocols that they stop and inspect and all kinds of permits

they require,” he explained.

Workers, logistics

ADDING fuel to the fire, he said, are the lack of factory workers and logistics amid the lockdown protocols. Meanwhile, securing export permits and other necessary documentation is also a challenge given that the government agencies are operating with a skeletal workforce, he said, adding their systems are down in some events—all of which bring further delays to the process. The Fobap official also expressed worries over the fulfillment of orders the country recently received from Myanmar as the latter struggles with a political turmoil. In March, the industry group announced it has secured garment purchases amounting to $200 mil-

lion from Hudson’s Bay, TJ Maxx, Walmart and Zeeman, even expecting orders to reach as much as $500 million by the end of second quarter. “It’s already late given to us. However, due to these delays, we cannot perform regularly and efficiently,” Young lamented.

Adjustments in pandemic

WHILE no shop has folded up yet, the garment exporters have felt the crunch already. Young said the manufacturers have been scaling down operations to minimize their cost. For instance, the industry group’s biggest member has opted to apply work-from-home setups for its office employees. “We are just scaling down, reeng ineer ing , rest r uct u r ing to maybe about 30 percent less

operation,” he added. In case buyers do not accept the delay, Young said that the manufacturers have to air freight the orders. But he said this is not a viable option in the long term, financially speaking. “We are not willing anymore because we can’t afford the air freight. It is so expensive—that’s times 10 to times 15 the cost of the sea freight,” he said. Young explained that air freight costs $2 per shirt, which is higher than the selling price of the product at $1.50 per piece. Air freight is costlier because it can deliver the goods within 24 hours as opposed to boat shipments which take 20 to 26 days, he added. Fobap members are also offering their finished products at prices lower than the negotiated terms just

for the buyers to still keep and sell them for another season, he said.

Reviving textile industry

THE garment sector’s supply chain would not have been this affected if the textile industry was still up and going, Young said, adding that reviving it can mean job creations and more revenues for the country as well. “We could have solved it [supply chain constraint] actually a long time ago if the government just listened to our suggestion that the textile industry should be revived. We do not have a textile industry. Textile is the backbone of the garment industry,” Young said, noting that the big manufacturers of cotton sheeting and commercial fabrics closed about two decades ago.

NSA shields NTF-Elcac, but gags Parlade, Badoy “It is only now that I heard an officer of the Armed Forces saying senators are stupid,” Senate Minority Leader Frank Drilon said over DWIZ on Saturday, lamenting, “that is very disrespectful and uncalled for.” Drilon confirmed to DWIZ that he would move to censure Parlade over his remarks by introducing the resolution to be taken up in plenary. Several senators last week renewed their call to oust Parlade. Senate President Vicente Sotto III said firing Parlade was the right solution, not defunding the NTFElcac, adding that doing so would negate government’s gains in counterinsurgency. The Senate Minority Leader, meanwhile, recalled to DWIZ that during

the May 22 interview, Parlade was quoted to have said: “I will tell you, sila ang stupid kung ito ay binabawi nila. Pinirmahan nila ‘yung batas na ‘yan para maging serbisyo, ipagpatuloy ang programa ng gobyerno. Ngayon sasabihin nila na ide-defund nila ‘yung NTF-Elcac [They are stupid if they are taking back the funds. They passed that law so government can continue its service. Now they say they will defund it].” Drilon said “such a display of arrogance beneath contempt should be censured.” While “differences on several issues between the Senate and the Executive cannot be avoided,” Drilon said, “one should not go down to the level such as calling the duly-elected representatives of

the people stupid.” Drilon defended the call made by senators, including himself, to realign the P19 billion anti-insurgency to muchneeded social amelioration programs or ayuda as millions of households remain in dire straits with the reimposition of lockdowns as Covid-19 cases started to surge starting March. He recalled that just last March 10, the Senate adopted the recommendation of the Senate Committee on Defense to remove Parlade as spokesman of the NTF-Elcac, as his appointment violates the Constitution. The senator cited Article 16, Section 5 of the 1987 Constitution, that “No

member of the Armed Forces in the active service shall, at any time, be appointed or designated in any capacity to a civilian position in the government, including government-owned or -controlled corporations or any of their subsidiaries.”

Grateful to Congress

ESPERON, meanwhile, said the NTF-Elcac was grateful to Congress’ support for the counterinsurgency when it provided P16.44 billion funds for BDP under the General Appropriations Act of 2021. “Allow me to reassure the public that the package of programs under the BDP are released following the stringent

to immediately act on Salceda’s request. The DA in Bicol had earlier alerted rice farmers in Albay, especially in the third district, against tungro, a disease usually carried by the green leafhopper. The leaves of infected rice plants usually turn to yellow orange in color, which start in clusters spreading around neighboring plants. The DA said it has initially provided the Libon some 20 liters of insecticide to be sprayed in the affected areas, which could initially cover 80 hectares. Data from the DA indicated that Albay was the second largest contributor to the Bicol region’s palay production in the first half of 2020. Its output during the period rose by 14 percent to 97,615 metric tons (MT), from last year’s 85,259 despite the 3.6-percent decline in palay harvest area.

Act up to present, the DA has been examining imported food products after they are transferred from the first port of entry, contrary to the ‘Quarantine First Policy’,” the group’s complaint read. Since his appointment in 2019, the group said it has repeatedly urged Dar to fully implement the first border inspection as mandated by the Food Safety Act. The group argued that funding to implement the said measure is “certainly not the issue” since the DA has allotted a P45-million grant to buy 2,500 freezers to be distributed to wet markets in Metro Manila. The group said they wrote to Dar in October and November last year and asked him to implement the quarantine first policy as the Office of the President has already given the DA funds for the construction of the first border inspection facilities. Jasper Emmanuel Y. Arcalas

continued from a1 The country has to import about $500 million worth of textile every year from countries like China and Korea, he said, which takes about 30 days. Having local suppliers will help in cutting down the waiting time, he added. “If this money is in the Philippines, can you imagine the labor generation, the revenue for the government and the economic growth engine?” he asked. With this, Young called on the government to extend subsidies and other incentives—like Vietnam and India are doing for the sector—to revive the textile industry. The Fobap official estimated the garment sector earned about $800 million to $900 million last year, lower than the nearly $1 billion it registered in 2019.

continued from a12

evaluation of the government agencies concerned,” he added. “As the Vice Chairman of the NTF-Elcac, I take cognizance of the pronouncements not jut of our good Senators and honorable Representatives in Congress but also of the calls of the general public elsewhere on the BDP. I note that these voices come from a place of deep concern over the utilization of its funds under the GAA,” Esperon said. Because the system is pork barrelproof, Esperon pointed out that the officers and members of the NTF-Elcac have nothing to gain from the BDP. He was reacting to claims that the P16.44 billion is the generals’ pork barrel.

Esperon said the P16.44 billion is being utilized to bring sustainable grassroots development and empowerment to communities susceptible to recruitment by communist rebels. The BDP is a flagship progject of the Duterte administration. About 822 barangays that were freed from CPP-NPA control will each be given at least P20 million worth of different projects. In accordance with the DBM Local Budget Circular 135 and 135-A, the breakdown is P12 million for farm-to-market road; P3 million for school classrooms; P2 million for water sanitation; P1.5 million for health station and P1.5 million for livelihood projects.

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PIDS: LGUs to lead meeting access-to-water commitment By Cai U. Ordinario @caiordinario

NCE the Mandanas ruling takes effect next year, the responsibility to meet the Sustainable Development Goal (SDG) commitment on universal access to water may fall squarely on the shoulders of local government units (LGUs), according to the government’s think tank. A research team led by Philippine Institute for Development Studies (PIDS) Consultant Lawrence G. Velasco said that oversight agencies should ensure that LGUs allot budgets for water programs. The researchers said in a Policy Note that these agencies should strengthen the LGUs’ capacity for investment planning, identifying bottlenecks and solving the delay in the utilization of their local development funds (LDF). “The Mandanas ruling of the Supreme Court, which will take effect in 2022, will significantly increase LGU intergovernmental fiscal transfers because of the expanded national internal revenue tax base,” the researchers said. “Thus, in the post-Mandanas scenario and the absence of national government-funded programs, the responsibility of closing the gap to attain universal water by 2030 lies entirely on LGUs and local communities,” they added. However, the researchers said that should the national government decide to maintain their local water supply support programs, these should be well-targeted. They added that the government should endeavor to address political economy issues which affect, among other, the overlapping water service providers (WSPs) that lead to the inefficient use of investments. “The low capacity of LGUs to spend their LDF will create a problem if the national government decides to discontinue financing local infrastructure programs given the impending fiscal impact of the Mandanas ruling,” the researchers said. The study found that LGUs received irregular funding from the national government because of the demand for water services and that the LDF, which is the source of finding for infrastructure investments, have not been fully funded. The authors said the budget allocations under the “Sagana at Ligtas na Tubig Para sa Lahat,” or Salintubig, program paved the way for the decrease in the number of waterless municipalities to 234 in 2015 from 455 in 2010, spending on the

program has seen a decline in succeeding years. The program was implemented in 2012 as a pro-poor initiative designed to provide communitybased water supply systems to 455 waterless municipalities. The beneficiaries were identified based on poverty incidence. Spending for the Salintubig program peaked at P1.5 billion in 2016, at current prices. But it has declined to P1.32 billion in 2017 and P1.03 billion in 2018. Through the years, the Salintubig coverage became part of the Bottomup Budgeting (BuB), Grassroots Participatory Budgeting, and the LGSFAM (Local Government Support Fund Assistance to Municipalities). But when the BuB evolved into the LGSF Assistance to Disadvantaged Municipalities (ADM) and LGSF-AM programs, the authors said expenditures on water systems declined. This downward trend began in 2018. In January 2012, former Gov. Hermilando I. Mandanas filed a petition at the Supreme Court (SC) seeking to compel the national government (NG) to include the internal revenue taxes collected by the Bureau of Customs (e.g., VAT, excise taxes, documentary taxes) in computing the aggregate share of LGUs in national internal revenue taxes as provided under Section 284 of the 1991 LGC. Mandanas also questioned the deduction of tax revenues earmarked for LGUs (or some subsets of LGUs) from the base used to compute the IRA (e.g., share of tobacco producing LGUs in excise tax on cigarettes), and other deductions like the 1 ⁄ 2 of 1 percent of national taxes as auditing fee of the Commission on Audit (COA). In July 2018 the SC ruled that the aggregate IRA should be computed as 40 percent of all taxes and that deductions from the IRA being questioned by Mandanas are valid. The High Tribunal also said the application is prospective on the basis of the post-operative doctrine and the increase in the IRA arising from this ruling will start in 2022. In December 2019, the Development Budget Coordination Committee (DBCC) estimated that the Mandanas ruling will increase the aggregate IRA in 2022 to P1.102.7 trillion or 0.9 percent of GDP. This is an increment of P225.3 billion from P847.4 billion. PIDS Research Fellow Rosario G. Manasan said more recent DBM estimates of increase in aggregate IRA in 2022 of P234.4 billion to P1.083 trillion from P848.4 billion.

Furniture shop owner falls for selling lumber from illegally-sourced trees By Jonathan L. Mayuga @jonlmayuga

FURNITURE shop owner was arrested by authorities for selling lumbers of endangered Narra and Molave trees during an entrapment operation in Lubao, Pampanga. Narra is a critically endangered species while Molave is listed as vulnerable by the International Union for Conservation of Nature (IUCN). The Department of Environment and Natural Resources (DENR) said the owner of King and Prince Sash and furniture Shop, one Josemary Limpin, was arrested during a sting operation conducted by operatives of the DENR-Region 3 Office and the Criminal Investigation and Detection Group (CIDG) based in San Fernando City, Pampanga. The authorities seized cut lumber from Narra (Pterocarpus indicus) and Molave (Vitex parviflora) trees worth more than P480,000. The seized pieces of lumber were believed to be illegally-sourced by the shop owner, according to the DENR. “The suspect, who also owned

a sash and furniture shop, was arrested while the illegally-cut lumber were seized,” the DENR quoted Police Staff Sergeant Reynaldo Camacho, member of CIDG in Pampanga, as saying. Laudemir S. Salac, Provincial Environment and Natural Resources Officer (Penro) in Pampanga, said in a statement that over 4,000 board feet of illegally sourced lumber of Narra and Molave were also confiscated. “We are not lowering our guard even during this pandemic; instead, we further intensified our anti-illegal logging campaign to check the [trade in] illegal forest contrabands,” Salac was quoted as saying. Narra and Molave are premium hardwood species because of their excellent wood quality. These are primarily used for furniture-making, making these species a favorite target of illegal loggers, the DENR said. “We are still verifying the origin of this lumber species but definitely it’s not from the province,” Salac said. The DENR-Penro Pampanga had already filed criminal charges against the suspect for violating the Revised Forestry Code of the Philippines.

Editor: Vittorio V. Vitug • Monday, April 26, 2021 A5

Probe on anti-dumping claims vs Vietnam cement launched By Tyrone Jasper C. Piad @TyronePiad

HE Department of Trade and Industry (DTI) found enough grounds to conduct an anti-dumping investigation on cement imports from Vietnam after three local cement manufacturers raised some red flags. In a notice dated April 20, Trade SecretaryRamonM.LopezsaidthatCemex Philippines Corp., Holcim Philippines Inc. and Republic Cement Builders and Building Materials Inc. sent their documented applications for said probe. “The applications allege that cement products are being imported from Vietnam at dumped prices, which cause material injury to the local industry,” he said.

After reviewing the application, Lopez said that the DTI “has determined the existence of sufficient evidence to justify the initiation of an investigation.” The products to be probed are cement classified under the AHTN (Asean harmonized tariff nomenclature) codes 2523.2990 and 2523.9000. The DTI noted that the period of investigation (POI) for dumping is from July 2019 to June 2020. The POI of injury is from 2017 to June 2020. “Interested parties are invited to submit their comments, evidence and information or reply to the questionnaire to dispute the allegations contained in the application,” the DTI said. The Anti-Dumping Act of 1999, or Republic Act 8752, is in place to

protect the local industry from being materially injured by the dumping of articles imported into the country. “An exporting company is said to be ‘dumping’ when exporters sell their product to an importer in the Philippines at a price lower than its normal value and is causing material injury to a domestic industry producing like product,” DTI said in its web site. The trade department said that the Philippines, being a member of the World Trade Organization (WTO), adheres to the rights and obligations identified in the WTO agreement on anti-dumping practices. The said agreement seeks to make sure that anti-dumping practices will not result in “unjustifiable impediment to international trade,”

the DTI said. In 2019, the DTI imposed a threeyear safeguard measure on cement based on the findings of the Tariff Commission that imports on said products are seen to inflict serious injury to the domestic industry. The amount of the safeguard placed for the first year is P250 per metric ton (MT), or P10 per 40-kilogram bag; for the second year P225 per MT, or P9 per bag; and for the third year P200 per MT, or P8 per bag. Earlier, the DTI said that the market share of imported cement rose to 15 percent in 2017 from just 0.02 percent in 2013, according to preliminary investigation. This prompted the local industry to bring down their prices by nearly 10 percent, translating to 12-percent cut in 2017 sales.

Museum on PHL pre-colonial history to open doors April 26

PHOTO shows the façade of the museum on the Philippines’s pre-colonial history.

Villanueva prods Duterte govt to cut red tape for job seekers By Butch Fernandez

@butchfBM

EN. Joel Villanueva objected over the weekend against the additional imposition on workers to first get clearance from the Philippine National Police (PNP) before they can be attended to transact business with the Department of Labor and Employment (DOLE). Villanueva likened it to “a gate pass,” adding that he found “incredulous” the prior PNP clearance requirement, even as he warned it was tantamount to a defiance of the President’s directive to reduce red tape in government transactions. “It was not only incredulous but ran counter to Duterte’s instruction to government offices to cut red tape,” the Senator noted. He recalled that “what the President has ordered and what the people want is less red tape and not more of it. What the PNP is proposing goes against this.” Villanueva raised the issue following questions aired by Justice Secretary Menardo I. Guevarra over the proposal of PNP Chief Gen. Debold M. Sinas to Labor Secretary Silvestre H. Bello III that “only those with police clearance should be served” by the labor department. In a statement last Sunday, the Senator conveyed concerns that requiring workers to get police clearance for DOLE transactions imposes “another layer of red tape that delays the prompt delivery of service.” Villanueva wondered: “Why should a jobless OFW [overseas Filipino worker] wanting to get financial help from DOLE be required to detour to a police station? To me that is an unnecessary, costly and time-consuming stopover.” He affirmed that “a police permit is not needed to get help from DOLE,” reminding that “the DOLE’s mandate is to be a ‘help center’ for the working man.” “It is not an apprehension place for the police where they can set up a dragnet for people who have unfinished business with authorities,” the Senator stressed, suggesting that “there are other, better ways of apprehending people in trouble with the law. “You go after them and not wait for them to walk into the precinct,” he added. Villanuevaobservedthat“workersindistress”willbedissuaded from seeking DOLE assistance “if a police permit” is first required. “It’s not because they have records, but because of the hassle, fatigue, time and money they will spend.” Moreover, the senator observed that “promdi” employees, or those from the provinces who are in Metro Manila temporarily to follow up their papers with the Overseas Workers Welfare Administration, the Philippine Overseas Employment Administration and the Employees’ Compensation Commission, “may not be familiar with how to secure a police clearance.”

N the eve of the national day for the 500th anniversary of the Victory at Mactan, the National Historical Commission of the Philippines (NHCP) and National Quincentennial Committee (NQC) will open the Philippine Quincentennial Museum on April 26 at 4:30 p.m. in the Museo Sugbo, Cebu City. It features the Philippine part in the first circumnavigation of the world 500 years ago and the Philippine pre-colonial history. It will further debunk the idea that we were discovered by Magellan and that our precolonial ancestors were savages and barbaric. The NHCP will turn over the museum to the Provincial Government of Cebu. NHCP Chairperson and NQC Executive Director Rene R. Escalante and Cebu Provincial Governor Gwendolyn F. Garcia will receive the museum. Previously, the Commission transferred to the Provincial Government the previous museum in the site it developed and curated, the Museum of Philippine Political History in 2008.

Monday, April 26, 2021

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Monday, April 26, 2021 A7

Asean leaders tell Myanmar coup general to end killings

A K ARTA, Indonesia—Southeast Asian leaders demanded an immediate end to killings and the release of political detainees in Myanmar in an emergency summit on Saturday with its top general and coup leader, Indonesia's president said. The leaders of the Association of Southeast Asian Nations also told Senior Gen. Min Aung Hlaing during the twohour talks in Jakarta that a dialogue between contending parties in Myanmar should immediately start, with the help of Asean envoys, President Joko Widodo said. “The situation in Myanmar is unacceptable and should not continue. Violence must be stopped, democracy, stability and peace in Myanmar must be returned immediately,” Widodo said during the meeting. “The interests of the people of Myanmar must always be the priority.” Daily shootings by police and soldiers since the February 1 coup have killed more than 700 mostly peaceful protesters and bystanders, according to several independent tallies. The messages conveyed to Min Aung Hlaing were unusually blunt and could be seen as a breach of the conservative 10-nation bloc's bedrock principle forbidding member states from interfering in each other's domestic affairs. But Malaysian Prime Minister Muhyiddin Yassin said that policy should not lead to inaction if a domestic situation “jeopardizes the peace, security, and stability of Asean and the wider region” and there is international clamor for resolute action. “There is a tremendous expectation on the part of the international community on how Asean is addressing the Myanmar issue. The pressure is increasing,” Muhyiddin said, The current Asean chair, Brunei Prime Minister Hassanal Bolkiah, and the regional bloc's secretary general should be allowed access to Myanmar to meet contending parties, encourage dialogue and come up with “an honest and unbiased observation,” he said. Such a political dialogue “can only take place with the prompt and unconditional release of political detainees,” the Malaysian premier said. A formal statement issued by Asean through Brunei after the summit outlined the demands made by the six heads of state and three foreign ministers in more subtle terms. It asked for the “immediate cessation of violence in Myanmar” and urged all parties to “exercise utmost restraint,” but omitted the demand voiced by Widodo and other leaders for the im-

mediate release of political detainees. It said Asean would provide humanitarian aid to Myanmar. It was not immediately clear if and how Min Aung Hlaing responded to the blunt messages. It was the first time he traveled out of Myanmar since the coup, which was followed by the arrests of Aung San Suu Kyi and many other political leaders. Indonesian Foreign Minister Retno Marsudi expressed hopes on the eve of the summit that “we can reach an agreement on the next steps that can help the people of Myanmar get out of this delicate situation.” Asean's diversity, including the divergent ties of many of its members to either China or the United States, along with a bedrock policy of non-interference in each other's domestic affairs and deciding by consensus, has hobbled the bloc’s ability to rapidly deal with crises. Amid Western pressure, however, the regional group has struggled to take a more forceful position on issues but has kept to its non-confrontational approach. Critics have said Asean's decision to meet the coup leader was unacceptable and amounted to legitimizing the overthrow and the deadly crackdown that followed. Asean states agreed to meet Min Aung Hlaing but did not treat or address him as Myanmar’s head of state in the summit, a Southeast Asian diplomat told The Associated Press on condition of anonymity for lack of authority to discuss the issue publicly. The London-based rights watchdog Amnesty International urged Indonesia and other Asean states ahead of the summit to investigate Min Aung Hlaing over “credible allegations of responsibility for crimes against humanity in Myanmar.” As a state party to a UN convention against torture, Indonesia has a legal obligation to prosecute or extradite a suspected perpetrator on its territory, it said. Indonesian police dispersed dozens of protesters opposing the coup and the junta leader’s visit. More than 4,300 police fanned out across the Indonesian capital to secure the meetings, held under strict safeguards amid the pandemic. The leaders of Thailand and the Philippines skipped the summit to deal with coronavirus outbreaks back home. Laos also canceled at the last minute. The faceto-face summit is the first by Asean leaders in more than a year. Aside from Myanmar, the regional bloc is made up of Brunei, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand and Vietnam.AP

Indonesia navy says lost sub with 53 aboard sank

ANYUWANGI, Indonesia — Indonesia's navy on Saturday declared its missing submarine had sunk and cracked open after finding items from the vessel over the past two days, apparently ending hope of finding any of the 53 crew members alive. Military chief Hadi Tjahjanto said the presence of an oil slick as well as debris near the site where the submarine last dove Wednesday off the island of Bali were clear proof the KRI Nanggala 402 had sunk. Indonesian officials earlier considered the vessel to be only missing, but said the submarine's oxygen supply would have run out early Saturday. Navy Chief of Staff Adm. Yudo Margono said at a press conference in Bali, “If it’s an explosion, it will be in pieces. The cracks happened gradually in some parts when it went down from 300 meters to 400 meters to 500 meters....If there was an explosion, it would be heard by the sonar.” The navy previously said it believes the submarine sank to a depth of 600-700 meters (2,000-2,300 feet), much deeper than its collapse depth of 200 meters (655 feet), at which point water pressure would be greater than the hull could withstand. “With the authentic evidence we found believed to be from the submarine, we have now moved from the ‘sub miss’ phase to ‘sub sunk’,” Margono said at the press conference, in which the found items were displayed. The cause of the disappearance was still uncertain. The navy had previously said an electrical failure could

have left the submarine unable to execute emergency procedures to resurface. Margono said that in the past two days, searchers found parts of a torpedo straightener, a grease bottle believed to be used to oil the periscope, debris from prayer rugs and a broken piece from a coolant pipe that was refitted on the submarine in South Korea in 2012. Margono said rescue teams from Indonesia and other countries will evaluate the findings. He said no bodies have been found so far. An American reconnaissance plane, a P-8 Poseidon, landed early Saturday and had been set to join the search, along with 20 Indonesian ships, a sonarequipped Australian warship and four Indonesian aircraft. Singaporean rescue ships were also expected Saturday, while Malaysian rescue vessels were due to arrive Sunday, bolstering the underwater hunt, officials said earlier Saturday. Family members had held out hopes for survivors but there were no sign of life from the vessel. Indonesian President Joko Widodo had ordered all-out efforts to locate the submarine and asked Indonesians to pray for the crew's safe return. The German-built diesel-powered KRI Nanggala 402 had been in service in Indonesia since 1981 and was carrying 49 crew members and three gunners as well as its commander, the Indonesian Defense Ministry said. AP

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Monday, April 26, 2021

World’s fastest recovery outlook at risk as Covid-19 sweeps India

ust two weeks ago, the International Monetary Fund upgraded India’s economic growth forecast to 12.5 percent—the quickest rate among major economies. Now, as Covid-19 cases surge the most globally, that bullish view is looking increasingly in doubt.

In Delhi, India’s political capital, the streets are mostly empty and the markets nearly deserted with almost all shops closed in response to curbs put in place by the local administration to fight the pandemic. The scene is not so different in Mumbai, the financial hub that accounts for 6% of the national output. Yet for now, Prime Minister Narendra Modi is shunning a nationwide lockdown and encouraging states to keep their economies open. And for that reason, economists are signaling risks to their forecasts, but not tearing them up all together just yet. “This second wave of virus cases may delay the recovery, but it is unlikely in Fitch’s view to derail it,” the ratings company said in an April 22 statement. It stuck to its 12.8% GDP growth forecast for the 12 months through March 2022. The Reserve Bank of India this month also retained its growth estimate of 10.5% for the current fiscal year. But Governor Shaktikanta Das said the surge in infections impart greater uncertainty and could delay economic activity from returning to normalcy. High-frequency data are already pointing to a deepening contraction in retail activity in the week through April 18 relative to its pre-pandemic January 2020 level, said Bloomberg Economics’ Abhishek Gupta. That’s a key risk for an economy where consumption makes up some 60% of gross domestic product.

Activity hit

“Localized containment mea-

Japan shuts stores, bars, theaters to slow surge

OKYO—Japan’s department stores, bars and theaters shuttered Sunday as part of emergency measures to slow a surge in infections. The 17-day restrictions are declared for Tokyo, Kyoto, Hyogo and Osaka, ahead of the “Golden Week” holidays, when Japanese usually travel extensively. There’ s doubt about the effectiveness of the effort, which focuses on eateries and theme parks staying closed or limiting hours. Trains and streets remain as packed as ever, and schools will stay open. Japan has already declared three emergencies over the coronavirus. The vaccine rollout has been slow, with barely 1% of its population inoculated. One setback is that Japan requires additional testing for vaccines approved overseas, and only the Pfizer vaccine is now in use. Experts say the unfolding wave of infections includes more deadly variants. Japan has attributed about 10,000 deaths to Covid-19, among the worst in Asia. A domestically produced vaccine is not expected until next year or 2023. AP

sures will act as a drag on growth,” said Teresa John, an analyst at Nirmal Bang Equities Pvt. in Mumbai, given that 10 Indian states that account for about 80% of the country’s Covid-19 cases contribute nearly 65% of the national output. Still, John left her “conservative” growth estimate unchanged at 7% for the current fiscal year. The reluctance by economists to revisit growth forecasts just yet possibly stems from expectations for the crisis to blow over soon. Fueling that confidence is a vaccination drive that’s covered more than 100 million people of the nation’s over 1.3 billion total, besides the promise of continued support from fiscal and monetary policy makers. “While the rapidity with which cases are rising is high, it is also expected that this wave will be relatively short lived,” said Kotak Mahindra Bank Ltd.’s Upasna Bhardwaj, who is among the few to have downgraded the economy’s growth forecast—by 50 basis points to 10% for the current year. “Nonetheless, uncertainty remains,” she said. That uncertainty doesn’t look to be going away in a hurry, with India adding more than 300,000 cases daily for at least three consecutive days last week, pushing the total infections to more than 16.5 million. While the outbreak has overwhelmed the nation’s hospitals and crematoriums, it’s also hit consumer confidence in an economy that was only beginning to recover from an unprecedented recession last year. “The surge in infections has led to the re-imposition of partial

Stores are closed during a lockdown in New Delhi, India on Friday, April 23, 2021. Bodies piling up at crematoriums and burial grounds across India are sparking concerns that the death toll from a ferocious new Covid-19 wave may be much higher than official records, underplaying the scale of a resurgence that is overwhelming the country’s medical system. Bloomberg photo

lockdowns in the more affected cities and states, and could trigger full lockdowns if the situation worsens,” said Kristy Fong, senior investment director for Asian equities at Aberdeen Standard. “This will have a knock-on impact on the re-opening of the economy and recovery prospects.” Those concerns have contributed to the nation’s benchmark stocks index becoming Asia’s worst performer this month, while the rupee put up by far the region’s poorest show over the past month as traders factored in the impact of the curbs on economic growth. Although policy makers have signaled they are ready to take steps to support growth, a failure to flatten the virus curve could exert pressure on monetary and fiscal policies that have already used up most of the conventional space available to them. The government has limited fiscal headroom, having penciled in a near-record borrowing of 12.1 trillion rupees ($162 billion) this year to spur spending in the economy. For its part, the RBI has stood pat since cutting interest rates to a record low last year. It has instead relied on unorthodox tools, including announcing a Government Securities

Acquisition Programme, or GSAP, to keep borrowing costs in check. Sovereign bonds are also facing the possibility of more supply if the government needs to spend more to deal with the second wave. Demand is tepid at auctions and the market is banking on central bank support to help ease the supply pressure. “Given the heavy borrowing program and the evolving macro situation wherein growth concerns are again coming back due the second wave of the pandemic and on the other side inflation could remain sticky, we think bond yields will struggle to soften despite RBI’s very laudable efforts,” said B. Prasanna, head of global markets, trading, sales and research at ICICI Bank Ltd. With or without lockdowns, some economists see the pandemic weighing on the confidence of consumers—the backbone of the economy. “The rising burden of case counts could prove to be a negative distraction to the growth momentum and economic recovery,” said Shubhada Rao, founder at QuantEco Research in Mumbai, who sees a hit to the services sector, especially the contact-intense kind. “Potentially this could dent growth by a percentage point. This remains a developing story.” Bloomberg News

India Covid patients suffocate amid oxygen shortage in surge

RINAGAR, India—Indian authorities scrambled Saturday to get oxygen tanks to hospitals where Covid-19 patients were suffocating amid the world’s worst coronavirus surge, as the government came under increasing criticism for what doctors said was its negligence in the face of a foreseeable public health disaster. For the third day in a row, India set a global daily record of new infections. The 346,786 confirmed cases over the past day brought India's total to more than 16 million, behind only the United States. The Health Ministry reported another 2,624 deaths in the past 24 hours, pushing India’s Covid-19 fatalities to 189,544. Experts say even those figures are likely an undercount. The government ramped up its efforts to get medical oxygen to hospitals using special Oxygen Express trains, air force planes and trucks to transport tankers, and took measures to exempt critical oxygen supplies from customs taxes. But the crisis in the country of nearly 1.4 billion people was only deepening as overburdened hospitals shut admissions and ran out of beds and oxygen supplies. “Every hospital is running out [of oxygen]. We are running out,” Dr. Sudhanshu Bankata, executive director of Batra Hospital, a leading hospital in the capital, told New Delhi Television channel. In a sign of the desperation unfolding over the shortages, a high court in Delhi warned Saturday it would “hang” anyone who tries to obstruct the delivery of emergency oxygen supplies, amid evidence that some local authorities were diverting tanks to hospitals in their areas. The court, which was hearing submissions by a group of hospitals over the

oxygen shortages, termed the devastating rise in infections a “tsunami.” At least 20 Covid-19 patients at the critical care unit of New Delhi’s Jaipur Golden Hospital died overnight as “oxygen pressure was low,” the Indian Express newspaper reported. “Our supply was delayed by seven-eight hours on Friday night and the stock we received last night is only 40% of the required supply,” the newspaper quoted the hospital's medical superintendent, Dr. D.K. Baluja, as saying. On Thursday, 25 Covid-19 patients died at the capital’s Sir Ganga Ram Hospital amid suggestions that low oxygen supplies were to blame. India’s infection surge, blamed on a highly contagious variant first detected here, came after Prime Minister Narendra Modi declared victory over the coronavirus in January, telling the virtual gathering of the World Economic Forum that India’s success couldn’t be compared with anywhere else. “In a country which is home to 18% of the world population, that country has saved humanity from a big disaster by containing corona effectively,” Modi said. But health experts and critics say a downward trend in infections late last year lulled authorities into complacency, as they failed to plug the holes in the ailing health care system that had become evident during the first wave. They also blame politicians and government authorities for allowing super-spreader events, including religious festivals and election rallies, to take place as recently as this month. “It’s not the virus variants and mutations which are a key cause of the current rise in infections," Dr. Anant Bhan, a bioethics and global health expert, tweeted this week. "It's

the variants of ineptitude and abdication of public health thinking by our decision makers.” Dr. Vineeta Bal, who studies immune systems at the Indian Institute of Science Education and Research in Pune city, said that at the heart of India’s “paralyzing” oxygen shortage was the sense of complacency that took hold as cases declined. When the virus first erupted in India last year, Modi imposed a harsh, nationwide lockdown for months to keep hospitals from being overwhelmed. But the government relaxed restrictions in the face of widespread financial hardship and Modi has refrained from ordering a new lockdown. But a pandemic doesn’t just end, Bal noted. Summing up the authorities’ response, she said: “Failure of governance, failure of anticipation, failure of planning, compounded by this sense that we’ve conquered [the virus].” Modi, Home Minister Amit Shah as well as opposition politicians this month took part in mass election rallies in five populous states with tens of thousands of supporters who were not wearing masks or social distancing. In addition, religious leaders and hundreds of thousands of devout Hindus descended on the banks of the Ganges River in the northern Indian city of Haridwar last month for a major Kumbh festival. Experts have described these as super-spreader events. “Political and religious leaders have been exemplary on television for not following the restriction that they're saying ordinary people should follow,” Bal said. Last week, the Supreme Court told Modi’s government to produce a national plan for the supply of oxygen and essential drugs for the treatment of coronavirus patients. AP

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Vaccine shortage holds emerging markets back from global rally

s the pandemic spins out of control from India to Argentina, the divisions between emerging and developed markets are deepening. Developing-nation stocks have lagged the rest of the world since the midd le of March partly on concern that vaccine shortages and delays will slow economic growth. Investors pulled $1.3 billion out of emerging-market equity funds in the week ending April 21, the most in more than three months. It’s one more data point that shows how this pandemic has rewritten the investing playbook. Historically, emerging markets were viewed as a way to ride a global economic expansion, but this time around, it’s the developed world that’s bouncing back the fastest. US and European stocks are near all-time highs, and JPMorgan Chase & Co warned last week that the US economy will outpace emerging markets at an “unprecedented” rate in the second quarter due to slow vaccine rollouts in the developing world. “Not only do we have a much slower vaccination program across emerging markets, but worries over debt loads, external vulnerabilities, fiscal prudence, inflation and currency stability will hamper a much stronger recovery postpandemic,” said Mohammed Elmi, a portfolio manager at Federated Hermes in London. He recommends rotating into countries and assets that benefit from US growth via trade links or exports, such as Mexico. The MSCI Inc. gauge of developing-world shares has risen just under 5% so far this year, about half as much as the gain in a similar index of developed-market equities. Compare that to 2009, the year the global economy began to recover from the financial crisis, when emerging stocks soared 74%, almost three times more than their developed peers. Among the factors driving the divergence are vaccine shortages and their lopsided distribution that’s paving the way for a re-opening of Western economies even as major emerging-market economies

struggle with new waves of infections. More than a third of Covid-19 inoculations have gone to people in the world’s 27 wealthiest countries, which account for just 11% of the global population, Bloomberg’s Vaccine Tracker shows. The disparity is particularly extreme in India, which is home to 18% of the global population and the epicenter of one of the most deadly outbreaks. Indian equity funds suffered their biggest outflow in more than a year in the week ending April 21, according to EPFR Global data, while the rupee has slumped 3.5% in the past month. “This is likely to weigh on market sentiment in the near term,” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management, who says investing in emerging-markets outside of Asia “will require a bit more patience for the pandemic to come under control.” For now, he recommends inventors concentrate their allocation in the US and China. Some investors are looking past the latest surge in cases, betting that vaccines will proliferate in the developing world. The fact that Europe is also beginning to recover should boost exports and add to inflows from tourism. Current market valuations “ leave a lot more room for upside in EM and for disappointment in the US,” according to Morgan Harting, a New York-based money manager at AllianceBernstein. The slow pace of vaccinations in the developing world is adding to an already challenging backdrop for many emerging markets, which have had to navigate higher US Treasury yields even as the cost of combating the pandemic piles pressure on their own finances. For Jon Harrison, Londonbased managing director for EM macro strategy at TS Lombard, the prospect of the Federal Reserve tapering its asset purchases could also lift the dollar, putting an end to a key tailwind for the asset class this year. “In the absence of a return to a softer dollar the external backdrop for emerging-market economies is set to become more challenging” he said. Bloomberg News

China adds assault ship, two vessels to naval fleet

hina deployed its first advanced amphibious assault ship and two other new vessels in a commissioning ceremony attended by President Xi Jinping, local media reported. The Hainan, the Dalian and the Changzheng-18 were placed in active service on Friday at a naval port in southern China’s Hainan Province, according to the official Xinhua News Agency. The ceremony took place on the same day that the People’s Liberation Army Navy celebrated its 72nd anniversary. The Hainan is China’s first Type 075 amphibious assault ship, while the Changzheng-18 is a nuclearpowered submarine and the Dalian a Type 055 destroyer, the Communist Party-backed Global Times reported, citing military analysts. Beijing’s military build-

up, combined with moves to fortify its hold on disputed territory in the South China Sea, has raised fears that it could look to deny the US military access to waters off China’s coastline. In turn, Washington has increasingly sought to demonstrate the right for US vessels and aircraft to travel through what it considers international waters and airspace. Tensions have simmered between China and its neighbors in the South China Sea, with the Philippines most recently protesting the presence of Chinese vessels near disputed reefs. The US has also aired concerns over what it describes as China’s “maritime militia” in the area, backing the Philippines—a longtime military ally. China has said that its vessels’ presence in the South China Sea is normal and legitimate. Bloomberg News

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Europe reopens as more Covid patients overwhelm ICU teams

ARIS—Cradling the head of the deeply sedated Covid-19 patient like a precious jewel in his hands, Dr. Alexy Tran Dinh steered his intensive-care nurses through the delicate process of rolling the woman off her stomach and onto her back, guiding the team like a dance instructor. They moved only on Tran Dinh’s count, in unison and with extreme care, because the unconscious patient could die within minutes should they inadvertently rip the breathing tube from her mouth. “One, two and three—onto the side,” the doctor instructed. His next order quickly followed: “Onto the back.” “Perfect,” he concluded when the move was done. Pulling in three nurses and a burly care worker from another section of the Paris hospital, the series of coordinated movements was just one of thousands of medical interventions—big and small, human, mechanical and pharmaceutical—that were maintaining the 64-year-old retired waitress on the threshold of life, while she fought to heal her diseased lungs. And she was just one of nearly 6,000 critically ill patients still in French intensive care units this week as the country embarked on the perilous process of gingerly easing out of its latest lockdown—too prematurely for some frontline workers in hospitals. French President Emmanuel Macron's decision to reopen elementary schools on Monday and allow people to move about more freely again in May—even though ICU numbers have remained stubbornly higher than at any point since the pandemic’s catastrophic first surge— marks a shift away from prioritizing hospitals that is taking place in multiple European capitals. In France, Greece and elsewhere, the cursor is moving toward other economic, social and educational imperatives. Governments are using rampedup vaccinations to bolster arguments to ease restrictions, although just one-quarter of adults in Europe have received a first dose. With record-high numbers of Covid-19 patients in critical care, Greece announced the reopening of its tourism industry from mid-May. Spain’s prime minister says the state of emergency that allowed for curfews and travel bans won't be extended when it expires May 9, in part because vaccinations are allowing for a safe deescalation of restrictions. This despite more than 2,200 critically ill Covid-19 patients still occupying one-fifth of Spain’s ICU beds. Beginning Monday, in lowrisk zones, Italy's schools can reopen for full-time, in-person learning, and restaurants and bars can offer sit-down, outdoor service. The Netherlands is ending a night curfew and reopening the outdoor terraces of bars and cafes for the first time since mid-October, even as hospitals scale back non-urgent care to increase ICU beds for Covid-19 patients. In France, Prime Minister Jean Castex said the latest infection surge that pushed the country’s Covid-19-related death toll beyond 100,000 people has begun a slow retreat, allowing for all schools to reopen and day-time travel restrictions to end starting May 3. Castex also raised the prospect that stores and outdoor service at restaurants and cafes closed

since October could reopen in mid-May. “The peak of the third wave appears to be behind us, and the epidemic’s pressure is lifting,” Castex said Thursday. That’s not how it feels to Nadia Boudra, a critical care nurse at Bichat Hospital in Paris. Her 12-hour shift Thursday started with the unpleasant job of sealing the corpse of a 69-year-old man who died overnight with Covid-19 in a body bag, just hours before his daughter flew in from Canada hoping to see him alive. "We have our noses in it. We see what‘s happening, we see that people are dying—a lot," she said. For her, reopened schools and, possibly, outdoor eating and drinking in May are “too soon”— a misleading message that “Things are getting better.” “Clearly,” she said, “that is not the case.” After sending the man‘s body to the hospital morgue, Boudra tended to the critically sick retired waitress, now the solitary occupant of the makeshift ICU set up for Covid-19 patients in what had been an operating room. The tender care, expertise and technology poured into keeping this one woman alive offered a micro-level look at the momentous national efforts—human, medical, financial—that France and other countries are still expending in ICUs as healthy people now plan May getaways and drinks with friends. As the woman lay unconscious, 5,980 other gravely ill patients were also being kept alive with round-the-clock human and mechanical devotion in other critical care units across France. Automated drips supplied sedatives, painkillers and drugs to prevent deadly blood clots and leaks from the woman’s veins. Enriched oxygen, first bubbled through water to warm and humidify it, pumped mechanically into her lungs. The ICU team also took a call from the woman's daughter, who telephones morning and night for news. It was bad on Thursday morning: Tran Dinh told the daughter her mother’s breathing had deteriorated. “If you took away the machines, she would die in a few minutes, perhaps less,” the doctor said. “There is no room for error.” Yet this patient wasn't even the most fragile. An artificial lung, a last resort for patients with lungs ravaged by the disease, was keeping a 53-year-old man alive. Costly and resourceintensive, the state-of-the-art treatment is reserved for patients thought strong enough to have a chance of surviving. About 50% still die, said Dr. Philippe Montravers, who heads the surgical ICU department at Bichat, run by Paris’ hospital authority, AP-HP. His unit has four of the ECMO machines—all of them used for Covid-19 patients. The man has been hooked up to his for over a month but “is not improving at all,” Montravers said. “This machine only buys time,” he said. “It‘s a life buoy, nothing more.” Nurse Lea Jourdan said tending to someone so fragile is physically and mentally wearing. “You have to be careful about everything, all the tubes, not ripping anything out when you turn him over,” she said. “It’s tough to see the positive and say to oneself, ‘He will survive.‘” AP

Monday, April 26, 2021

First billion doses of coronavirus vaccines given around the world

ne billion syringes. A billion alcohol-soaked cotton balls, jabs to the skin and tiny bandages. One billion exhalations of relief. The first Covid-19 vaccine was approved for widespread use in the UK on December 2, and 143 days later the first billion doses have been administered to a pandemic-weary world. On April 25, more than 96% of the world’s people live in countries with active Covid-19 vaccine campaigns. That breadth marks an end to the start-up phase of the biggest public-health effort in history. What comes next won’t be easy. It will take another 19 months to vaccinate 75% of the world’s population at the current pace of 18.5 million shots a day. Key developments:

UK says half of population given first dose

The UK has given half of its population a first dose of a coronavirus vaccine, a key milestone in Prime Minister Boris Johnson’s efforts to revive an economy that was among the worst-hit in the early months of the pandemic. The government has given first doses to 33.5 million people, health authorities said Sunday. That’s more than half the Office for National Statistics’ most recent population estimate of 66.8 million. More than 12 million people have been given second doses. Reaching the 50% point sets the UK apart from most of its peers around the world—it is the only G-20 economy to reach that milestone—while keeping it on course to hit a July target of vaccinating all adults at least once. Only Israel has administered jabs to a greater proportion of its population. While the vaccine campaign has been a success, Britain has suffered the fifth-largest number of Covid-19 deaths in the world with more than 127,000 fatalities, according to Johns Hopkins University data. The pace of the country’s vac-

cine rollout and a plunge in cases and hospitalizations led to an easing of restrictions. Shops this month were permitted to reopen after almost 100 days of lockdown, while restaurants were told they could serve customers—but only outside. Job postings and the number of people returning to the office have since started to recover, giving a lift to an economy that fell into its worst recession in 300 years on pandemic fallout. Though those adults still left to be vaccinated typically represent less than 1% of virus deaths, according to government calculations, they still pose a transmission risk, particularly as younger people are more likely to be asymptomatic. T hat’s ma k ing the coming weeks pivotal for the country, as epidemiological and medical experts look for early signs of resurgence in cases. The government has earmarked May 17 as the start of the second phase in the easing of lockdown, with international travel slated to restart that day.

US to deploy additional support to India in pandemic fight

The US will send additional support to India in its fight against the most recent Covid-19 outbreak, Secretary of State Antony Blinken said in a tweet. “We are working closely with our partners in the Indian government, and we will rapidly deploy additional support to the people of India and India’s health care heroes,” Blinken said.

J&J vaccine resumption recommended for western US states California, Nevada, Oregon

and Washington should resume use of Johnson & Johnson’s Covid-19 vaccine, the Western States Scientific Safety Review Workgroup concluded, according to a statement from California Governor Gavin Newsom. On Friday, the US Food and Drug Administration ended its pause on Johnson & Johnson’s vaccine to review concerns about rare cases of blood clots among several people who received it. The workgroup recommended vaccine information fact sheets be made available in multiple languages for recipients.

Brazil’s weekly cases and deaths slow

Brazil’s infections and deaths fell for a second consecutive week, according to Health Ministry data. Weekly infections have dropped by more than 130,000 since a record five weeks ago. The nation reported 71,137 new cases on Saturday for a total of 14.3 million, the most after the US and India. Weekly fatalities have fallen by more than 3,000 since a record three weeks ago. Another 3,076 deaths were reported on Saturday, for a total of 389,492.

US state cases fall as much as 37%

California and Connecticut are among five US states with the biggest declines in new cases during the week ended Wednesday, the Centers for Disease Control and Prevention reported. Also in the group are Rhode Island, which reported a 37% decline, Vermont and Oklahoma. Cases in California fell by 25% compared with the previous seven-day period and deaths dropped by 27%, the most among the five states. Tennessee, Nebraska, Louisiana, Oregon and Washington had the biggest percentage increases in cases in the continental US, ranging from 21% to 27%, according to CDC data.

France adds over 32,500 cases

France recorded 32,633 new cases in the past 24 hours, with deaths rising by 217 to a total of 102,713 on Saturday. The country is still in its third national lockdown, with schools set to re-

open progressively from Monday. The vaccination campaign continues, with Education Minister Jean-Michel Blanquer saying in a tweet he got his first shot of the AstraZeneca vaccine. France’s Prime Minister Jean Castex said Thursday there will be a “cautious and progressive” reopening of the economy from mid May.

Bangkok shutters businesses

The Thai capital Bangkok has ordered the shutdown of dozens of businesses considered at high risk for Covid infections as the city tries to contain its biggest outbreak since the pandemic began. Establishments such as cinemas, gyms, and convention centers will be closed for two weeks starting Monday, while malls and convenience stores can still open but with shortened hours, according to the announcement Saturday night by the Bangkok Metropolitan Administration.

Nations curb India travel

German Health Minister Jens Spahn told Funke Mediengruppe that the country will declare India a virus variant area, which will allow only Germans to enter from that country, under strict testing and quarantine rules. The regulation will apply after midnight on Sunday German time, Spahn told Funke. Kuwait suspended all commercial flights with India both directly and through other countries as cases there surge, the state-run Kuwait News Agency said Saturday, citing the government’s communication center. Indian nationals residing outside of the South Asian nation will still be allowed to enter Kuwait. Iran will prohibit any flights to and from India and Pakistan as of Sunday to prevent the spread of the Covid-19 mutation that has pushed coronavirus fatalities in India to record levels, the Civil Aviation Organization said in a statement. Earlier Saturday, President Hassan Rouhani said “the worst variant” of the virus in India would put further strain on Iran’s health care system if it spreads to his country. Iran has recorded about 69,000 deaths and more than 2.3 million infections. Bloomberg News

In Mexico, Remembrance Bears help Covid-19 victims’ families

EXICO CITY—The human and psychological toll of the coronavirus pandemic hit home for Mexico City clothing designer Irma de la Parra in January, with the death of a longtime friend from Covid-19. Mexican hospitals usually don't let family members visit their dying relatives, because of tightly packed hospital wards, a shortage of personal protective equipment and fear of spreading the infection. A f ter her e x per ience, she learned of many families who had never been able to say one last word, or give one last hug, to friends and relatives. So she decided to make a way for them to give endless hugs. “We were overwhelmed with sadness because we knew him [her and her husband’s friend] since we were very young, and he was a very good person,” De la Parra said of Martín Elizalde, 53, who died Jan. 10. “I said, how is it possible that none of us, not even his family, could see him again?” That’s when the idea of Remembrance Bears was born. De la Parra had long worked making uniforms for daycare centers, so

A teddy bear made with clothes that were worn by Gonzalo Mata who died from Covid-19, sits in the workshop of seamstress Irma de la Parra, in Mexico City on Saturday, April 24, 2021. De la Parra used to make teachers’ gowns, but school closings during the pandemic left her without a job. She took it upon herself to make teddy bears out of clothing from those who died of Covid-19 to give those who are still alive a chance to grieve and be closer to those they were unable to bid farewell to. AP Photo/Ginnette Riquelme she had the necessary skills and equipment. She decided to make teddy bears out of the clothes of

Covid-19 victims so the families could have something tactile to remember people who never got

a last hug. The bears are “so that relatives could have something to remember these people who have gone.” Relatives send clothing items the victims often wore before they got ill, and De la Parra carefully cuts out the pattern for the teddy bear’s outer ‘skin’, and then stuffs them. She estimates she has now made about 300 Remembrance Bears. It’s hard, because each bear must be hand sewn and filled with stuffing, and takes about three days to complete. Some of the clothing sent in by relatives is so worn that De la Parra has to sew linings into the bears so they don’t burst. She said she doesn’t look to really make a profit on the bears, charging about $10 apiece. “When we deliver the bears, oh, people are so happy,” De la Parra said. “I feel it is a way to heal their pain a little, because they take them with so much affection.” It has changed De la Parra, who lost most of her income early in the pandemic because the daycare workers and other customers who used to buy clothes and uniforms from her stopped coming in. AP

A10 Monday, April 26, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

Covid: The politics

‘A

single death is a tragedy, a million deaths are a statistic.” Amid the Covid-19 pandemic, the anecdotal value of these statements boils down to only one word—catastrophe.

Every country and nearly every person on Earth has endured the physical pain, mental anguish, and continuing fear of the pandemic during these past 15 months. Grassroots protests and discontent with government actions have been numerous across the globe and are certainly justified. At no time in human history have people been treated by their government as is happening now. Businesses and jobs have been destroyed. Families have been separated. A simple goodbye at the death of a loved one has been declared illegal. However, perhaps the most disturbing aspect of the pandemic is the way that it has become politicized. The political oppositions in almost every country have used the pandemic as hammer to beat current administrations over their pandemic response. The “current administrations” have used the pandemic as a shield against, and as an excuse for, any economic or social failures. It is a mess with The People caught in the middle. That is not to say that The People are blameless in the politicalization of the pandemic. A recent global study reported that people in almost every country believe that their situation is worse than in other places. That is simply not true by the metrics of cases, deaths, or medical infrastructure failures. Of course, there are “winners” and “losers” in all the metrics, and it is much better to be living in a “winner” country. Mention on local Social Media that the pandemic is worse in another country, and you are bombarded with comments like “The Philippines is the WORST in Asean.” Mention that the Philippines couldn’t do a better job and you will hear “Mexico has 1,650 deaths per million people; the Philippines only has 151.” Most of the conversations are as silly as the backend of a carabao. As individuals, we all live in a very small circle of provision and protection. The circle expands to close relatives, our neighbors, our city, country, and global region. But a death of a loved one in our own family is a tragedy. A death of someone else’s loved one halfway around the world is a statistic. We would probably not eat our pet chicken or pig except under the most extraordinary circumstances. We would probably eat the neighbor’s pet chicken first. Comparisons between countries are not a completely valid benchmark of a nation’s pandemic response or success and failure. But it is important to understand what is occurring outside our “circle” in the same way that we follow other news. India is in a situation where words like calamity, devastation, and chaos do not come close to describing. Look at the numbers. They have recorded 17 million cases and over 190,000 deaths. The per capita numbers are below the global average, but that does not tell the human story. The headlines: “No respite in India as country sets Covid-19 infection record for third straight day.” “Lancet: India in ‘worst possible phase’ of pandemic.” “Indonesia to restrict foreign travelers from India.” The human toll is shocking. “Patients die gasping for air as India shatters global daily Covid cases.” “Mass cremations begin as India’s capital faces deluge of Covid-19 deaths.” “Oxygen gets armed escort in India as supplies run low in Covid crisis.” “India is in the grip of a rampaging second wave of the pandemic, hitting a rate of one Covid-19 death in just under every four minutes in Delhi as the capital’s underfunded health system buckles.” No comparisons; just facts. But even in the face of this human disaster, “the Indian government asked social-media platform Twitter to take down dozens of tweets, including some by local lawmakers, that were critical of India’s handling of the coronavirus outbreak.” The politics of the pandemic.

A call to restore our Earth Atty. Jose Ferdinand M. Rojas II

RISING SUN

ast Thursday, more than 190 countries around the world celebrated Earth Day. In the Philippines, April 22 was declared as the Philippines’s Earth Day in 2008, by virtue of Presidential Proclamation 1481. The theme for 2021 is “Restore Our Earth.” It is also a strong call for everyone to do his or her share in addressing the climate crisis.

There was an online event organized by the Climate Change Commission on April 22 to inform people about the country’s goals and campaigns to protect the environment. It was also a declaration of the government and various communities’ united efforts to care for the planet and encourage each and every Filipino to do the same. The government is working with Congress and the LGUs to achieve the Philippines’s commitments to the Paris Agreement. Finance Secretary and CCC Chair-

man-designate Carlos G. Dominguez said that “one of the most important actions we have to take is to push for effective policies and realistic solutions to address the growing challenges from single-use plastics pollution, and to set us on the path of sustainable consumption and production.” Studies show that the continued increase in single-use plastic garbage in the ocean will eventually lead to the presence of more plastic than actual fish, which would definitely

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affect the livelihood of many. No doubt about it: all Filipinos must work together to reduce single-use plastic pollution. There is a bill on single-use plastics that is currently pending in the House of Representatives. The CCC has been advocating for the passage of this bill, which is currently under consideration for the second reading. Part of the bill’s aims is to “protect life, both land and water, from hazards posed by plastic pollution and to ensure that noncompostable single-use synthetic plastic products deemed necessary to society do not leak into nature, and to discourage consumption of

The 15-minute city model revisited

Since 2005

✝ Ambassador Antonio L. Cabangon Chua

Studies show that the continued increase in single-use plastic garbage in the ocean will eventually lead to the presence of more plastic than actual fish, which would definitely affect the livelihood of many. No doubt about it: all Filipinos must work together to reduce single-use plastic pollution.

Thomas M. Orbos

STREET TALK

had written earlier about the 15-minute city model and how we, especially in Metro Manila, will need to look at this given the pandemic we are now in. For those who did not get to read my previous article, the 15-minute city simply refers to re-designing quickly our cities into pockets of self-sustaining communities wherein mostly everything you will need—your grocery, school, the open space and parks, and hopefully your employment—is within 15 minutes of either walking or biking from your residence. This ensures not just lesser congestion and pollution, but as I have mentioned in my previous article, will lead to a better level of survivability during lockdowns, which, from the looks of it, we will see again in the future. One good thing about the 15-minute city model is it will only require our local governments to implement it. No need for much national intervention. In fact, as seen in its successes overseas, local executives such as Anne Hidalgo of Paris and Shaun Donovan of New York were at the forefront of effectively transforming their cities using this model. For Metro Manila, the need to pursue this can also be done through our mayors. And given the coming elections next year, this will be a good cornerstone of their local governance. How then can our Metro Manila cities move to redesign and accelerate their move to build pocket, selfsustaining mini-cities in their mega-

cities? It will not take up much since our political geosystem incorporates us already into barangays, which, for all intents and purposes, are the 15-minute cities in other countries. But to further develop our barangays into this, our city mayors can embark on these suggestions: 1. Convert open spaces or underutilized areas to community areas—immediately of course are government-owned properties, both national and local but even private spaces unused by their owners. Maybe as an incentive, pass a resolution to reduce real-estate taxes for such converted privately-owned spaces. 2. Build a census of professions among your constituents,

The 15-minute city model, indeed, needs to be revisited. The logic for people to stay in their communities is more apparent in this pandemic. Even recent events such as the sprouting of community pantries are aligned in this direction. One contributor to this pandemic is people movement.

and then build a data of information available to the local residents—The key to the 15-minute city model would be for your needs to be transacted nearest to your homes. Hence, it would help if communities would have their ready list of your needed plumber, electrician, etc. This will even help strengthen livelihood and employment campaigns during these dire times. 3. Promote local businesses by giving them the incentive to stay and grow—In the same manner, incentives in the form of faster processing and lower fees of business permits can provide reason for small businesses to stay and grow in a locality, which in turn will lessen people movement outside their communities. 4. Redesign your transport routes—Although route approvals of public transport still remain with the national government, LGUs can intervene for better re-communing, through their zoning ordinances that can have an impact when national agencies decide on their routes. In its

SUP products and promote circularity through reduction, reuse, and recycling of plastic trash.” The United Nations declared 2011 to 2030 as the “UN Decade on Ecosystem Restoration,” which means that the Sustainable Development Goals must be achieved by 2030 as this is the year defined by the scientific community as the deadline to limit global warming at 1.5 degrees Celsius—the threshold for survival for climate-vulnerable countries like the Philippines. By far, 489 cities, municipalities, and provinces in the country have already resolved to stop or regulate the use of plastic bags. We need to do more, for sure, and more Filipinos need to engage because our window of opportunity is becoming smaller as time passes. We must reduce our carbon footprint and embrace sustainable practices if we haven’t done so already. Congress must pass the legislation as soon as possible. The efforts must begin with the individual, with every household’s commitment to the goals. Our time is running out.

simplest form,15-minute cities should, as much as possible, not be made to be traverse main corridors linking cities that will disrupt the community. They should, however, have ready access to such main corridors. 5. Strengthen local administrative and other services— Health and other services should be made accessible in communities. Local enforcement and police presence need to be in place. Moreover, private utilities such as telecoms, water and electricity need to be supported for their continuing community presence. Have that local cellular tower approved faster. Help electric and water utilities companies in their collections with local residents. Such utility infrastructure is needed for people to stay in their communities. The 15-minute city model, indeed, needs to be revisited. The logic for people to stay in their communities is more apparent in this pandemic. Even recent events such as the sprouting of community pantries are aligned in this direction. One contributor to this pandemic is people movement. Fifteen-minute cities will definitely lessen this. It will therefore provide wider latitude of protection to our communities while making our city life more sustainable in the long term. Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He is an alumnus of Georgetown University and the MIT Sloan School of Management. He can be reached via e-mail—tmo45@ georgetown.edu /thomas_orbos@sloan.mit.edu

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Opinion

Far distant twins

Contronym

BusinessMirror

Siegfred Bueno Mison, Esq.

Joel L. Tan-Torres

THE PATRIOT

DEBIT CREDIT

am now on my third semester taking up my Doctor in Public Administration (DPA) in the University of the Philippines National College of Public Administration and Governance. I can very well say that indeed NCPAG is living its vision statement of being the “Center of Excellence in Public Administration education, research, and extension in the region and the world, that provides multi-disciplinary knowledge and learning, develops leaders, and change agents, and promotes good governance reforms and practice towards a just, humane and peaceful world.” In my PA 339 or Development Administration in Local Government class under Prof. Alex Brillantes, we had an enlightening session on April 7, 2021 with our invited resource person, Prof. Wootisarn Tanchai, presently the Secretary General of King Prajadhipok Institute. He shared his insights on Thailand’s “Countermeasures against and insights on Covid 19.” As Prof. Alex Brillantes continuously reminded his students, Thailand was a “twin” of the Philippines on several counts several decades back. In the 1970s, the Philippines and Thailand were similar in relevant performance measures. We practically had the same number of people at around 35 million. In fact, our population growth rate was the same at 3.1 percent per year. The gross domestic product per capita was practically the same at US$190 for the countries. But some years thereafter, the fate of the twin countries took differing pathways. Thailand’s situation zoomed to better heights while the Philippines stagnated way behind. As of 2018, the statistics show the marked difference between the two countries. The population of Thailand was a manageable number at 69.4 million, while the Philippines ballooned to 107 million. The per capita income of Thailand was a high of US$19,000, while the Philippines lagged behind at US$8,900. Based on these parameters, the twin countries have drifted far apart. Dr. Wootisarn, an esteemed pracademic, discussed relevant and practical issues on Covid responses of and lessons from his country. He talked with authority and experience, being a member of the Technical Committee created by the Thai government as an advisory body to the Cabinet on Covid-19 related matters. He indicated that he was the person providing advice on economic matters. I am sure that he brings into his job

(he mentioned that it was a voluntary engagement with practically no compensation) his vast experience garnered from his various stints as director in public companies and as professor in leading Thailand universities, I speculate that the other members of this Thai committee are equally eminent experts in various fields coming from the private sector. He confirmed that the members of the committee are very proactive over the past months, having met more than 50 times. Our Interagency Task Force has its own set of consultants providing inputs to the anti-pandemic campaign. But I note that they are not as engaged with the IATF. A pro-active consultative unit, similar to that of Thailand, will be useful to provide an objective and well-rounded recommendations and information to the IATF. Our IATF, which has been faltering in leading the Covid response, may be able to rely on the inputs from private sector experts, and consequently, rebound in the efforts of combatting the pandemic. Tapping this resource may be a more feasible option than the clamor for change in the leadership of the IATF. Indeed, the two distant twin countries can very well share their experiences and best practices in their Covid response. (To be continued) Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles for publication from the business community. Articles not exceeding 600 words can be e-mailed to jltantorres@ up.edu.ph.

Asean to broker Myanmar talks in bid to end bloodshed By Shamim Adam Bloomberg Opinion

outheast Asian leaders will appoint an envoy to mediate talks between “all parties” in Myanmar, one of the most concrete moves yet to end months of violence since a Feb. 1 coup that has seen the military regime kill hundreds of prodemocracy protesters. Coup leader Min Aung Hlaing agreed to the dialogue process at a special summit on Saturday of the 10-member Association of Southeast Asian Nations, which has come under increasing pressure to take action to end the bloodshed. The leaders reached consensus on an “immediate cessation of violence,” according to a statement released after the meeting. “There is an echo of distress among Asean member states to learn, on a daily basis, what is unfolding in Myanmar,” Malaysian Prime Minister Muhyiddin Yassin said at the meeting in Jakarta. “Many around the world want an explanation, and we are finding it increasingly tough to explain. The international community expects Asean to act and address what is happening in our very own backyard.”

The move to appoint a special envoy is unusual for Asean, which traditionally has avoided direct interventions into domestic political disputes. Still, it remains unclear if the military regime will release Aung San Suu Kyi and other detained civilian leaders, or if the junta will alter a plan to hold a fresh election in early 2022 following a yearlong period of emergency rule. Myanmar’s pro-democracy National Unity Government, a parallel administration formed earlier this month by Suu Kyi’s allies, called the Asean statement “encouraging news.” “We look forward to firm action by Asean to follow up its decisions and to restore our democracy and freedom for our people and for the region,” Sasa, the unity government’s spokesperson who goes by one name, said in a statement. Myanmar’s military has struggled to take control of the country since the coup, killing more than 700 people in a bid to end a widespread civil disobedience movement comprising students, civil servants and even diplomats. The unrest has sent the economy into freefall, with persistent work stoppages disrupting business and foreign investors spurning the country.

T is a peculiarity in the English language for one word to have different or opposing meanings. Take the case of the word “CLIP,” which denotes “to hold things together” but also means “to cut something off.” Another example would be “SANCTION,” which means “an action of approval,” but can also be used to mean a “penalty.” Words that are their own opposites are called contronyms.

Like words, a person may also at times exhibit opposing characteristics or personality. We do not, however, make haste in calling him crazy. A more appropriate term for this scenario of inconsistency would be “cognitive dissonance.” In the field of psychology, cognitive dissonance “occurs when a person holds contradictory beliefs, ideas, or values.” Another description would be “doublethink,” a word introduced by Novelist George Orwell in one of his classic work entitled “1984.” It is a process of indoctrination where the subject is expected to simultaneously accept two mutually contradictory beliefs as correct. We need not look far and wide in identifying an archetype of a person (or an institution even) who is beset with such a condition of paradox—be it in words spoken, in testimony delivered, or in actions taken. Most recently, the Duterte administration was embroiled in a situation of inconsistency in light of a maritime issue that refuses to end. As a throng of Chinese “fishing” vessels moored at Julian Felipe reef like uninvited guests, our President was eerily hushed with nary a comment or stance. Prompted by Justice Antonio Carpio, President Duterte, in the midst of a maritime turmoil, claimed that he had reached a verbal accord with China over fishing rights. However, his supposed alter ego, Spokesperson Harry Roque declared that the President had no “verbal fishing agreement” with his counterpart in China—President Xi Jin Ping, and neither were the Chi-

nese vessels encouraged to stay at the West Philippine Sea. Checking our information databank, however, President Duterte himself disclosed in 2019 that he acceded to a fishing deal over the WPS as early as his first year in office or in 2016. He was even quoted as saying that “I’m just giving the fishing rights.” The West Philippine Sea is indeed a rich woven fabric for this woof and warp of contradictions. And yet again, we find that the President has some weaving skills. Back in 2016, during the Pangasinan leg of presidential debates, then aspirant Duterte boldly proclaimed that he will sail to the WPS, thus: “Bababa ako at sasakay ako ng jet ski, dala dala ko ang flag ng Filipino at pupunta ako dun sa airport [ng China] tapos itanim ko. I will say, “This is ours and do what you want with me.” Fast forward to April of 2021, during his televised Cabinet briefing, the sitting President exclaimed, as if in despondency: “Even if I go there, I said, with Secretary Lorenzana, and sail there and ask questions, wala mang mangyari. Sasagutin ka lang, x x x.” Even the increasingly popular and inspiring Community Pantry generated some brouhaha over conflicting pronouncements from our government officials who are representing but one institution. Lt. Gen. Antonio Parlade Jr., spokesperson of the National Task Force to End Local Communist Armed Conflict, was accused of red-tagging the organizers of community pantries. Excusing himself, Parlade said they were merely “checking” the situation, ensuring

Monday, April 26, 2021 A11

History can attest to having one exemplar of a man who is true to his word, and is never culpable of changing, or of contradicting himself. “Jesus Christ is the same yesterday, today and forever,” as Hebrews 13:8 of the Bible tells us. Our Heavenly Creator, as revealed in Jesus, is completely reliable. that these initiators do not have any other agenda. But Ana Patricia Non, the pioneering businesswoman of the Maginhawa Community Pantry in Quezon City asserted that her personal information and other details were being inquired into by certain police officers. The PNP, however, through Police General Debold Sinas, who happens to be a PMA classmate of Gen. Parlade, denied issuing any order for his men to inquire, much less to check. Surprisingly so, while Parlade was depicted as “anti-bayanihan,” his Commander-in-Chief, President Duterte, through his Spokesperson, is “in favor” of this kinship project when the latter stated publicly: “Let a thousand community pantries bloom.” Most certainly, government officials and our esteemed civil institutions are not the only ones guilty of doublethink. Ordinary citizens like you and me could, on many occasions, trip over possessing contradictory beliefs and actions, and be drawn into its spell: Saying one thing at one time and declaring the opposite (not even a mere different thing) at another. It gets worse when we do something at one point, and yet act in a manner with a 180-degree turn at another instance. Many of us use our tongues for blessing others, and we use the same human organ to curse. Under such a circumstance of contradiction, when two ideas are not consistent with each other, we suffer from psychological stress. It gets worse when we are not even aware of said inconsistency, and are surprised when other people call us crazy, if not, utter liars. Notwithstanding its cadre of consistent qualities, history can attest

to having one exemplar of a man who is true to his word, and is never culpable of changing, or of contradicting himself. “Jesus Christ is the same yesterday, today and forever,” as Hebrews 13:8 of the Bible tells us. Our Heavenly Creator, as revealed in Jesus, is completely reliable. When all of life seems to be unsteady and riddled with challenges, we can count on God to remain the same. He is constant in His attitude and affection towards us, and is not prone to mood swings or eruptions of anger. We will always discern what to expect in His disposition towards us. He always means what He says and His word is true. With Christ as our example, our words, testimony and actions should all agree, taking to heart the consistency in the Psalmist’s creed: “My covenant I will not violate, Nor will I alter the utterance of My lips.” (Psalm 89:34) Hopefully, after an anticipated rumination, we won’t find ourselves caught in “Oversight.” A contronym where it can mean we make sure that things go right (as in supervision) and, at the same time, it can mean we also allow things to go wrong (as in omission). Let us get settled instead in the one true thing that never changes! As I was taught, the Word of our Heavenly Creator never contradicts itself in any form. Should we find any contronym, it should tell us that we should read more and study more. Invoke the power of Spirit within us to help us interpret and understand His Word no other way, regardless of our personal circumstances and the challenging world around us! No debate on jet ski or community pantry; no contradictions or any other ridiculous hyperbole!

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

Governments want you to buy green; ignore them at your peril By Nikos Chrysoloras & Michael Msika Bloomberg Opinion

nvestors betting against green trades are going up against the world’s most powerful governments. The leaders of the biggest economies have in the past week pledged massive cuts on greenhouse gas emissions, paving the way for a torrent of regulation that is set to benefit green stocks and bonds. And it’s likely to deal blows to companies not positioned for the transition to a lower-carbon economy. During a climate summit on Thursday, US President Joe Biden announced a goal to halve emissions by 2030 on 2005 levels, a vow that could mean penalizing fossil fuel use or mandating renewable power. Canada and Japan raised target cuts to 40 percent to 46 percent by 2030, while the UK topped that with a vow to slash 78 percent by 2035. “The direction of travel is in one way only,” Mairead McGuinness, the European Union’s chief for financial services, said in an interview about new green investment rules. They form a “re-engineering of the economy and re-engineering of the financial world.” With the world’s biggest polluter China only reiterating plans to attain net-zero status by 2060, these efforts are still not seen as enough to meet goals to limit dangerous temperature increases under the Paris Agreement. That only means more targets and rules are likely in future. The EU is a case in point. It’s now following up goals with detailed legislation to drive money toward a sustainable future. Lawmakers reached a deal last week to make a 55 percent cut in emissions by 2030, compared to 1990 levels, legally binding. Its executive arm then unveiled a labeling system, or taxonomy, to classify green investment. That’s expected to divert financ-

ing to activities on the list, starting with a third of the bloc’s $2 trillion joint budget for the next six years. In favor are producers of rechargeable batteries, energy efficiency equipment, low-emission cars, wind energy and solar plants. “There is still much, much more to come from the global community,” said Eoin Murray, head of investment at the international business of Federated Hermes. “From an investment perspective, policy risks continue to loom large for long-term portfolios.” European renewables are poised to be among the biggest beneficiaries of the green spending spree, after a pullback this year. A gauge of stocks in the sector rallied 7 percent on Thursday, though remains about 20 percent down from a record high in January. The underperformance has created an attractive entry point, according to Berenberg analysts including Henry Tarr, who named wind turbine maker Vestas Wind Systems A/S and Aker Carbon Capture AS as top picks this month. Wall Street banks poured out similar research in recent days, with Citigroup Inc. liking hydrogen producer ITM Power Plc. and JPMorgan Chase & Co. eyeing Siemens Gamesa Renewable Energy SA. “The recent market correction affecting clean energy stocks, driven by short-term catalysts and what we

European renewables are poised to be among the biggest beneficiaries of the green spending spree, after a pullback this year. A gauge of stocks in the sector rallied 7 percent on Thursday, though remains about 20 percent down from a record high in January.

view as unsubstantiated medium-tolong term catalysts, presents a buying opportunity,” Societe Generale SA analysts led by Rajesh Singla wrote in a note. Among stocks expected to see gains of 20 percent or more, based on average analyst price targets, are ITM, Siemens Energy AG and McPhy Energy SA, according to data compiled by Bloomberg. For those firms left out of the EU’s playbook—currently companies relying on oil and gas—there’s a risk they will find it harder or more costly to access financing.

Bond greenium

Instead companies are rushing into a burgeoning market for environmental and social bonds, which now make up nearly a quarter of all sales in Europe this year. They can often get cheaper borrowing costs, with a so-called “greenium”—a premium on bond prices. Telefonica SA saw seven times the demand for its 1 billion euros of sustainable bonds, enabling it to cut pricing by a “staggering” 75 basis points, according to ABN Amro Bank NV analysts. The Spanish telecom firm’s green 2027 bond is trading about 30 basis points tighter than a similar conventional note, showing a “crystal clear pricing benefit,” the analysts said in a note. The European Commission has also introduced more detailed and

mandatory reporting requirements on sustainability, for some 50,000 companies on the continent. This is set to benefit testing and inspection companies, such as Bureau Veritas SA and Intertek Group Plc., Morgan Stanley strategists including Victoria Irving wrote in a note to clients. The greater transparency could also give confidence to investors concerned about the potential for greenwashing, or the possibility that governments and companies are misrepresenting their environmental credentials.

Green politics

Politics may become an even more decisive regional catalyst for green trades in the months ahead. The latest polls in Germany show the Greens have more than a fighting chance to participate or even lead the next government coalition. “A Green-led government (or one with a heavy Green footprint) could more credibly build trans-Atlantic links on the green transition with the Biden administration,” said Martin Lueck, BlackRock Investment Institute’s chief investment strategist for Germany. In any case, yet another EU legislative package will follow in June. That’s meant to reinforce carbon pricing, increase renewable energy output and boost sustainable transport. The proposals may include a carbon tax on selected products, or a carbon customs duty. “Any meaningful change in the regulatory backdrop that drives up scrutiny on carbon-intensive industries and helps fund innovation to reduce emissions can represent an attractive catalyst,” said Luke Barrs, head of fundamental equity client portfolio management in Europe at Goldman Sachs Asset Management.

A12 Monday, April 26, 2021

A third of new voters for ’22 polls

ROUND a third of the expected 4 million new voters during the 2022 National and Local polls have already registered with the Commission on Elections. The poll body said it already registered 2.7 million applicants from September 1, 2021 to April 20, 2021. Most of the registrants came from Calabarzon with 396,529, followed by the National Capital Region (NCR) with 295,357, and Central Luzon with 271,869. This, despite the ongoing suspension in voter registration in the NCR Plus, which includes Metro Manila, Laguna, Cavite, Bulacan and Rizal, since it was placed under enhanced community quarantine (ECQ) on March 29, 2021. The suspension was expanded in April 12, 2021 to also cover Abra, Quirino and Santiago City (Isabela). The suspension of registration in the said areas is expected to last until the end of the month. Voter registrations in areas under general community quarantine (GCQ) and modified GCQ (MGCQ) were not affected by the said suspension and continued normally. However, the number of applicants in these areas was still lower compared to the three regions. The regions with the least number of newly registered voters are the Cordillera Administrative Region (42,204), Caraga (87,892) and Ilocos Region (136,712). The deadline for ongoing voter registration is on September 30, 2021. Samuel P. Medenilla

NSA shields NTF-Elcac, but gags Parlade, Badoy By Jovee Marie N. dela Cruz

@joveemarie & Butch Fernandez @butchfBM

OLLOWING the threat of lawmakers to defund the agency for alleged red-tagging activities, the National Security Adviser on Sunday appealed to Congress and the public to consider the importance of the Barangay Development Program (BDP). He noted that 525 out of 822 barangays cleared of New People’s Army (NPA) threat and influence are now ready to enjoy the fruits of their areas’ socioeconomic development. At the same time, NTF-Elcac Vice Chairman and National Security Adviser Hermogenes Esperon issued a gag order on two controversial officials of the task force: its spokesman Lt. Gen. Antonio Parlade and Communications Undersecretary Lorraine Badoy, whose remar+ks have drawn lawmakers’ ire. These 525 barangays have already endorsed their program and projects to the DBM. After thorough verification of the proposals at the national level, he said the BDP package of 483 barangays have already been approved with P9.66 billion ready

for release. Esperon clarified that this amount will not be released in cash but in the form of projects, as proposed, to the local government units of the identified barangay recipients. The interagency task force is suffering collateral damage from the apparent penchant of some officials, mainly its spokesman Lt. Gen. Antonio Parlade, to issue reckless remarks, the latest being his use of the word “stupid” to describe senators if they insist on defunding NTF-Elcac. The senators had made the

defunding threat after Parlade said they were checking the backgrounds of organizers of community pantries, volunteer-driven initiatives by ordinary individuals to offer basic goods to people hit hard by the pandemic, while encouraging donations as well. Parlade said the pantries were obviously communist-inspired, a remark that coincided with reports that certain people, including “policemen” were making the rounds of the community pantries to ask for the personal details of organizers. The red-tagging of the pantries drew quick, w idespread condemnation even from government officials. The Department of Justice, Department of the Interior and Local Government, the Anti-Red Tape Authority, and the National Privacy Commission said the pantries fill an urgent need that government alone cannot provide when many people are jobless and hungry, and should be left alone.

Censure for Parlade

PARLADE Jr. faces censure proceedings at the Senate for calling senators “stupid” in moving to realign the anti-insurgency fund to the Covid response. Continued on A4

DOMINGUEZ OUTLINES PHL’S CLIMATE GOALS AT U.N. SUMMIT

INANCE Secretary Carlos Dominguez III participated in the twoday Climate Summit hosted by the United States that started on Friday to rally the international community in strengthening their climate ambition ahead of the 2021 United Nations Climate Change Conference in November. “We cannot simply sound the alarm. We need a call to arms. Each person, each community, and each country must do what needs to be done to reverse the destructive course, we ourselves inflicted on our own planet,” Dominguez said in a pre-recorded message during the breakout session on climate security that was chaired by Defense Secretary Lloyd J. Austin III and participated in by Director of National Intelligence Avril Haines and the US Permanent Representative to the United Nations, Ambassador Linda Thomas-Greenfield. Dominguez laid down the measures the Philippines is taking to address the climate crisis, including pushing for passage of legislation that will

ban single-use plastics. He added that the Philippines wants to become a world leader in drastically reducing greenhouse gases although it only accounts for three-tenths of one percent of global carbon emissions. On April 15, the Philippines submitted its first nationally determined contribution (NDCs) on greenhouse gases. “We have set a target of 75-percent greenhouse gas emission reduction and avoidance by 2030. This ambitious target was set to challenge both ourselves as well as the rest of the world. It underscores the urgency with which we view this greatest challenge facing the Earth today,” he said. Dominguez also shared that the Philippines is exploring a financial mechanism to enable the government to improve the generating capacity of the Agus-Pulangi hydroelectric power plant and acquire all coal-fired power plants in Mindanao to repurpose them. This will shift most of the energy requirements in that region to hydro power.

www.businessmirror.com.ph

Companies BusinessMirror

Monday, April 26, 2021

Filinvest sets capex at ₧16B

By VG Cabuag

@villygc

ilinvest Land Inc. (FLI), the property development arm of the Gotianun Group, said it is allotting some P16 billion for capital expenditures this year, which the company will channel to its core businesses of residential, office, and retail.

FLI President and CEO L. Josephine Gotianun-Yap said it will spend some P6.4 billion for residential developments, P5.8 billion for office developments and P3.8 billion for retail, logistics, innovation parks and land acquisition. This year’s capex is almost the same as last year’s spending of P16 billion, which was just about half of

what the company allocated for 2020. “In 2021, we are moving forward and embarking on new initiatives such as logistics and e-commerce warehouses and co-living spaces. These initiatives address new trends that will define our future and will widen the base of our investment properties for recurring income,” said Gotianun-Yap.

“We are also planning our entry into the REIT [real estate investment trust] market, a new financial platform to monetize investment assets as they mature and provide funding to fuel future growth.” Filinvest Land is gearing up for its maiden REIT offering later this year. The REIT offering is expected to carry a portfolio of over 300,000 square meters of gross leasable area from modern office developments most of which are in Northgate Cyberzone at Filinvest City, a 244-hectare development which has attained LEEDv4 Gold Certification for Neighborhood Development in Southeast Asia. Projected proceeds to be received by FLI from the REIT offering will be used to fund the completion of its ongoing projects as well as planned office projects. Part of the proceeds are also intended to fund the development of FLI’s logistics and innovation parks

to address the needs of logistics, light manufacturing, storage and e-commerce companies. For its residential business, Filinvest Land said it will retain its stronghold on the affordable segment through its Futura brand and the mid-income segment through its lifestyle Aspire brand. Filinvest Land has a P30-billion pipeline of residential projects and is looking to expand to new areas across the country, including Bataan, Naga, Dagupan and General Santos. “We have kept our focus. We continue to build the dreams of the affordable and middle-income families. Our product designs and project locations cater to the end user, mostly first time homebuyers who remain to be our major customers. We believe that this is a more stable market, a market which is less prone to speculation and volatility,” FLI Residential Business Head Tristan Las Marias said.

VEC gets DOE nod to proceed with LNG project

he Department of Energy (DOE) gave its green light to Vires Energy Corp. (VEC) to proceed with the development of its planned Integrated Natural Gas-Fired Power Plant and liquefied natural gas (LNG) Storage and Regasification Terminal Project in Batangas. A Notice to Proceed (NTP) was issued by the

agency to VEC last April 22. VEC proposed a Floating Storage and Regasification Unit (FSRU) with approximately 162,400 m3 of storage capacity, to be located 1.6-kilometers from the south-eastern coastline of Batangas Bay in Barangay Simlong, Batangas City. The FSRU is a converted LNG Tanker, “BW Paris,” built in 2009 with a regasification

capacity of up to 3 MTPA. The proposed LNG terminal and regasification project will consist of a Turret Mooring System for the FSRU, a 1.6km Subsea Gas Pipeline, and a 500-MW Floating Power Plant (FPP). The power plant will serve as an anchor market, which is, thus far, the largest floating power

plant project recorded in the country. The project will also utilize a land area classified as a “Heavy Industrial Zone” for backup fuel supply of diesel fuel during gas outage events. The target commercial operation date of VEC’s integrated LNG terminal project is in January 2023. Lenie Lectura

Ayala completes top management changes

he Ayala Group has completed the top management transition, with Jaime Augusto Zobel de Ayala transferring the day-to-day responsibilities of a CEO to younger brother Fernando Zobel de Ayala after 26 years of holding the position. “I just wanted to say that the changes in succession are very much a part of the culture of the Ayala Group. It’s done. Throughout history, we’re proud to continue that tradition. It has led to reinvention, of course. I’d like to think that has also led to the institution’s longevity. We take it seriously. And to a certain extent, it’s been happening across the group; and I’m no different. In that sense, 26 years has been a great run. Perhaps it’s even been too long,” said Jaime Augusto, who will remain as the company’s chairman. “Since 1995, our market capitalization expanded more than sixfold; our net income similarly grew more than 6 times. Since 1995, we rewarded our shareholders with dependable returns that averaged

at 15 percent per annum. Over that period, we cumulatively paid P118 billion in dividends to our common shareholders.” Jaime Augusto was the chairman and CEO of the company. He will transfer the CEO post to Fernando who was the company’s president and COO for the longest time. The COO post, he said, will not be filled up for now. Jaime Augusto and Fernando will continue to represent Ayala, retaining their current roles, as chairman or vice chairman, in the subsidiary boards of various Ayala Group companies. Meanwhile, Mariana Zobel de Ayala, daughter of Jaime Augusto, will also start her new role as the eighth director at Areit Inc., the real estate investment trust of Ayala Land Inc. She will assume the position as soon as the Securities and Exchange Commission approves the amendment of the company’s articles of incorporation, which increases the company’s number of directors to 8 from the current 7. VG Cabuag

Companies BusinessMirror

Monday, April 26, 2021

PSE STOCK QUOTATIONS

April 23, 2021

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

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

43 104.8 81.5 23.5 9.5 44.45 22.9 55.2 17.6 113.5 71.7 1.55 3.93 0.59 3.17 1.49 832.5 0.67 147

43.35 105 82 23.6 9.52 44.65 22.95 56.6 17.82 114 71.8 1.57 3.94 0.63 3.34 1.54 950 0.68 148.4

43 103.1 82.5 23.45 9.54 45.4 22.85 55.05 17.88 112.5 71.15 1.57 3.95 0.63 3.35 1.49 950 0.69 148.4

43.45 105.1 83 23.7 9.54 45.4 23 55.15 17.88 114.1 72 1.6 3.95 0.63 3.35 1.49 950 0.69 148.5

43 103.1 81.5 23.45 9.48 44.35 22.85 55.05 17.6 111.6 71.15 1.55 3.93 0.59 3.35 1.49 950 0.63 147

43 105 81.5 23.5 9.5 44.45 22.95 55.15 17.82 113.5 71.7 1.55 3.94 0.59 3.35 1.49 950 0.67 147

5,400 1,475,300 631,370 147,600 81,800 1,589,900 400,500 180 11,300 169,770 4,100 820,000 91,000 24,000 10,000 136,000 1,190 874,000 5,630

233,565 154,672,750 51,776,306 3,469,115 777,229 71,140,535 9,188,445 9,921 201,438 19,143,562 293,862.50 1,276,770 358,240 15,040 33,500 202,640 1,130,500 572,770 834,586

38,105,608 -17,888,192 1,048,190 -68,366 -52,266,715 -5,528,625 -9,207,893 -39,500 1,121,000 -505,730.00 809,430

INDUSTRIAL AC ENERGY 7.05 7.06 7.21 7.25 7.03 7.05 20,310,200 144,594,706 1.26 1.29 1.28 1.33 1.23 1.29 2,611,000 3,276,330 ALSONS CONS 22.7 22.75 22.75 22.9 22.6 22.75 1,264,100 28,760,305 ABOITIZ POWER BASIC ENERGY 0.96 0.97 0.99 1.01 0.95 0.96 47,298,000 45,789,400 FIRST GEN 31.1 31.15 31.25 31.25 31 31.1 2,441,700 76,232,225 67.7 67.8 68 68 67.7 67.8 130,520 8,846,271.50 FIRST PHIL HLDG 271.8 275 274 275 271 275 153,150 41,815,136 MERALCO MANILA WATER 14.72 14.74 14.7 14.8 14.62 14.74 775,700 11,425,818 PETRON 3.09 3.13 3.06 3.19 3.06 3.13 1,395,000 4,422,520 3.65 3.86 3.75 3.76 3.7 3.7 151,000 560,740 PETROENERGY 11.66 12.18 12.26 12.26 12.26 12.26 200,000 2,452,000 PHX PETROLEUM 21 21.1 21.1 21.15 20.9 21 125,000 2,624,650 PILIPINAS SHELL SPC POWER 10.28 10.3 10.32 10.32 10.28 10.3 150,400 1,549,860 VIVANT 14 15.56 14.88 14.94 14.88 14.94 3,300 49,172 6.51 6.6 6.69 6.79 6.49 6.6 6,635,800 43,704,261 AGRINURTURE 3.22 3.26 3.29 3.29 3.22 3.26 929,000 3,008,300 AXELUM CNTRL AZUCARERA 13.04 13.2 13.2 13.2 13.2 13.2 3,000 39,600 CENTURY FOOD 20.65 20.75 20.5 20.7 20.5 20.65 2,497,100 51,552,040 10.36 10.62 10.96 10.96 10.36 10.36 330,400 3,496,902 DEL MONTE 7.22 7.25 7.2 7.26 7.19 7.22 1,298,100 9,359,042 DNL INDUS 9.94 9.95 10 10 9.94 9.95 4,232,500 42,129,166 EMPERADOR SMC FOODANDBEV 67 68 68.2 68.2 66.5 68 266,000 17,881,698 ALLIANCE SELECT 0.62 0.63 0.63 0.63 0.63 0.63 1,000 630 1.37 1.38 1.38 1.39 1.36 1.38 1,134,000 1,558,540 FRUITAS HLDG 57.5 58 57 58.5 56.5 58 204,510 11,840,130.50 GINEBRA JOLLIBEE 175.9 176 177.8 178 175.1 176 461,680 81,338,288 LIBERTY FLOUR 31.3 32.75 31.3 31.3 31.3 31.3 800 25,040 5.9 5.92 5.93 5.93 5.9 5.9 92,400 546,723 MAXS GROUP 0.32 0.325 0.32 0.33 0.315 0.325 9,380,000 3,003,600 MG HLDG SHAKEYS PIZZA 7.3 7.35 7.39 7.39 7.29 7.3 288,500 2,106,114 ROXAS AND CO 1.01 1.03 1.03 1.04 1.01 1.03 2,976,000 3,014,020 RFM CORP 4.59 4.74 4.63 4.63 4.63 4.63 10,000 46,300 1.46 1.48 1.46 1.46 1.46 1.46 12,000 17,520 ROXAS HLDG 0.133 0.136 0.136 0.136 0.133 0.136 1,900,000 253,600 SWIFT FOODS UNIV ROBINA 131.7 132 132 132.5 131.5 132 460,790 60,832,656 VITARICH 0.83 0.84 0.81 0.84 0.8 0.84 3,091,000 2,576,440 2.3 2.38 2.37 2.37 2.37 2.37 62,000 146,940 VICTORIAS 55.05 61.7 55.2 55.2 55.05 55.05 620 34,140 CONCRETE A CONCRETE B 60.1 62.9 63.8 63.8 60.1 62.9 720 45,890 1.2 1.21 1.23 1.23 1.19 1.2 2,765,000 3,324,610 CEMEX HLDG DAVINCI CAPITAL 2.88 2.91 3.02 3.07 2.87 2.91 3,497,000 10,319,990 12 12.04 12.1 12.1 11.82 12 32,279,500 381,544,158 EAGLE CEMENT 7.19 7.47 7.59 7.59 7.19 7.47 215,700 1,560,844 EEI CORP HOLCIM 5.46 5.58 5.56 5.69 5.5 5.5 172,000 955,412 MEGAWIDE 7.02 7.05 7.08 7.15 7 7.02 350,900 2,469,065 12 12.3 12.3 12.3 12.2 12.3 56,500 692,850 PHINMA 1.15 1.16 1.15 1.17 1.14 1.16 320,000 366,920 TKC METALS VULCAN INDL 2.38 2.39 2.3 2.42 2.3 2.38 4,719,000 11,165,340 CROWN ASIA 1.8 1.81 1.93 1.93 1.8 1.81 2,384,000 4,336,440 2.02 2.03 2.05 2.1 2.03 2.03 35,000 72,510 EUROMED 5.24 5.28 5.31 5.31 5.24 5.24 36,600 193,109 PRYCE CORP 22.8 23 22.8 23.1 22.8 23 7,700 175,885 CONCEPCION GREENERGY 3.61 3.62 3.7 3.75 3.62 3.62 12,645,000 46,877,870 INTEGRATED MICR 10.48 10.64 10.5 10.68 10.38 10.48 424,700 4,440,446 1.1 1.12 1.12 1.13 1.1 1.12 168,000 186,410 IONICS 5.53 5.89 5.5 5.89 5.5 5.89 10,100 55,589 PANASONIC SFA SEMICON 1.32 1.33 1.37 1.37 1.32 1.33 841,000 1,127,670 CIRTEK HLDG 5.86 5.92 6 6 5.86 5.86 516,500 3,044,846

1,739,750 13,860 2,059,220 -1,265,880 60,055 -3,237,617 -12,658,768 -6,309,102 7,420 1,913,125 60,770 74,194 -319,780 6,600 -44,725,490 -1,648,950 -2,800,987 -9,068,722 -1,225,119 8,526,320 -62,212,426 129,748 -68,950 -758,593 300,970 0 12,378,830 -16,800 -358,260 78,440.00 -381,464,526 -15,881 -210,321 -284,309 -369,000 -28,480 358,350 -4,740,490 519,406 18,740 -17,890

HOLDING & FRIMS ABACORE CAPITAL 1.12 1.13 1.13 1.14 1.12 1.13 9,701,000 10,968,950 7 7.34 7.34 7.34 7.34 7.34 100 734 ASIABEST GROUP 750 754.5 745 754.5 740 754.5 197,630 148,297,295 AYALA CORP ABOITIZ EQUITY 34.6 34.8 34.5 34.8 34.5 34.8 1,062,700 36,757,850 ALLIANCE GLOBAL 10.46 10.58 10.6 10.6 10.42 10.46 2,005,700 21,020,488 3.05 3.06 3.19 3.2 3.06 3.06 5,800,000 17,956,020 AYALA LAND LOG 6.6 6.8 6.6 6.6 6.6 6.6 4,400 29,040 ANSCOR ANGLO PHIL HLDG 0.77 0.78 0.78 0.8 0.76 0.77 2,077,000 1,614,830 ATN HLDG A 0.72 0.74 0.73 0.73 0.72 0.72 1,169,000 845,690 5.14 5.18 5.17 5.18 5.06 5.18 1,003,100 5,110,852 COSCO CAPITAL 5.25 5.3 5.27 5.3 5.21 5.3 3,635,500 19,111,242 DMCI HLDG 8.23 8.35 8.23 8.23 8.23 8.23 100 823 FILINVEST DEV FORUM PACIFIC 0.265 0.29 0.28 0.28 0.265 0.28 60,000 16,200 GT CAPITAL 541 542 542.5 542.5 535 542 144,360 77,776,600 3.6 3.7 3.7 3.7 3.7 3.7 7,000 25,900 HOUSE OF INV 53.8 53.9 55.25 56 53.2 53.9 2,138,490 115,725,034 JG SUMMIT LODESTAR 1.04 1.07 1.07 1.09 1.03 1.07 1,643,000 1,726,350 3.4 3.6 3.57 3.6 3.34 3.39 750,000 2,590,040 LOPEZ HLDG 13.3 13.38 13.5 13.5 13.3 13.38 1,463,500 19,576,616 LT GROUP 3.99 4.01 3.9 4.02 3.9 4.01 5,727,000 22,903,550 METRO PAC INV PACIFICA HLDG 3.65 3.7 3.7 3.7 3.7 3.7 6,000 22,200 2.89 2.9 2.95 3.01 2.87 2.89 2,106,000 6,151,380 PRIME MEDIA REPUBLIC GLASS 2.36 2.69 2.35 2.35 2.35 2.35 1,000 2,350 1.3 1.31 1.31 1.31 1.3 1.31 69,000 90,300 SOLID GROUP 375 410 421 438 400 410 1,900 787,690 SYNERGY GRID SM INVESTMENTS 951.5 952 970 970 951 952 195,200 186,360,485 SAN MIGUEL CORP 114.7 115 116.8 116.8 114.6 115 165,880 19,155,506 0.7 0.72 0.7 0.7 0.7 0.7 4,000 2,800 SOC RESOURCES 133.1 137 133.1 137 133.1 137 3,670 502,517 TOP FRONTIER WELLEX INDUS 0.255 0.26 0.26 0.26 0.25 0.255 4,750,000 1,211,700 ZEUS HLDG 0.23 0.234 0.23 0.23 0.23 0.23 180,000 41,400

1,130 -13,385,680 -1,049,935 -18,110,798 535,160 29,040 -146,770 -3,264,250.00 -8,213,833 10,600 4,869,760 -42,603,354 -401,580 -10,013,330 7,194,630 1,589,580 -95,280,100 -2,926,983 26,000 -

PROPERTY

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

0.64 32.2 34 1.56 0.87 0.93 0.135 6.66 5.97 0.385 0.33 12.66 2.14 6.86 0.28 0.131 1.09 0.83 7.21 1.36 2.15 3.12 0.41 0.62 3.03 17.06 0.255 1.5 2.63 2.21 34.9 3.71 1.53 3.66

0.65 32.25 34.05 1.58 0.88 0.94 0.136 6.77 6 0.39 0.34 12.68 2.15 6.9 0.29 0.134 1.1 0.84 7.38 1.38 2.16 3.14 0.415 0.63 3.04 17.08 0.26 1.54 2.69 2.31 35 3.87 1.54 3.68

0.65 32.35 34 1.56 0.9 0.98 0.138 7 5.99 0.39 0.34 12.98 2.18 6.95 0.285 0.128 1.11 0.84 7.16 1.37 2.06 3.2 0.43 0.65 3.15 17.3 0.265 1.5 2.69 2.3 35.45 3.73 1.53 3.68

0.66 32.4 34.2 1.56 0.9 0.98 0.138 7 6 0.39 0.34 13 2.18 6.95 0.29 0.134 1.12 0.84 7.46 1.38 2.21 3.21 0.43 0.66 3.2 17.3 0.27 1.5 2.69 2.35 35.5 3.87 1.53 3.68

0.64 32.1 33.95 1.56 0.87 0.92 0.133 6.56 5.9 0.385 0.33 12.6 2.14 6.85 0.285 0.128 1.09 0.84 7.15 1.35 2.06 3.12 0.41 0.62 3.03 16.96 0.255 1.5 2.69 2.25 34.85 3.73 1.53 3.65

0.65 32.2 34.05 1.56 0.9 0.93 0.136 6.77 6 0.39 0.33 12.68 2.15 6.9 0.29 0.134 1.1 0.84 7.39 1.38 2.15 3.12 0.41 0.63 3.03 17.06 0.255 1.5 2.69 2.31 35 3.87 1.53 3.66

131,000 52,093,100 250,500 12,000 365,000 1,528,000 310,000 15,800 742,700 760,000 870,000 1,095,600 22,447,000 72,900 120,000 11,670,000 10,057,000 18,000 29,100 1,173,000 7,427,000 29,413,000 32,490,000 17,341,000 3,812,000 2,741,800 410,000 103,000 4,000 427,000 2,800,500 7,000 149,000 693,000

85,060 1,679,353,095 8,523,480 18,720 321,550 1,444,050 41,600 106,576 4,442,587 296,350 288,700 13,944,604 48,502,980 501,611 34,450 1,532,870 11,092,600 15,120 212,492 1,603,840 16,046,210 92,982,120 13,513,400 11,089,680 11,726,690 46,781,658 106,400 154,500 10,760 973,940 98,067,370 26,740 227,970 2,535,470

-275,092,460 330,145 47,500 -270,856 -2,764,906 -3,665,660 -55,990 -8,305,680 -19,080 1,373,420 -32,167,040 -278,600 65,980 3,237,910 -8,842,496 -150,000 -53,526,270 -21,420 -1,525,340

SERVICES ABS CBN 10.96 11.1 11.16 11.18 10.94 10.98 63,100 701,398 7.84 7.85 7.98 7.98 7.71 7.84 1,760,600 13,762,787 GMA NETWORK 1,869 1,870 1,866 1,877 1,866 1,870 28,220 52,776,460 GLOBE TELECOM PLDT 1,272 1,280 1,295 1,297 1,270 1,272 64,125 81,924,350 APOLLO GLOBAL 0.222 0.223 0.224 0.227 0.221 0.222 286,780,000 63,975,680 18.9 18.94 18.8 19.08 18.74 18.94 3,013,100 57,126,214 CONVERGE 4 4.07 3.87 4.11 3.86 4.07 1,380,000 5,438,340 DFNN INC DITO CME HLDG 10.22 10.24 10.52 10.56 10.12 10.22 23,778,700 244,276,722 JACKSTONES 2.2 2.26 2.28 2.28 2.2 2.2 21,000 46,530 2.89 2.9 2.85 2.94 2.85 2.89 1,614,000 4,640,890 NOW CORP 0.44 0.445 0.45 0.455 0.445 0.445 6,240,000 2,803,700 TRANSPACIFIC BR 2.6 2.62 2.6 2.65 2.6 2.62 171,000 445,950 PHILWEB 2GO GROUP 8.16 8.38 8.4 8.45 8.03 8.38 175,000 1,432,591 ASIAN TERMINALS 15.72 15.8 15.86 15.9 15.7 15.8 39,900 627,904 3.2 3.28 3.3 3.3 3.2 3.21 1,263,000 4,063,200 CHELSEA 46.35 47.4 48.2 48.5 46.35 46.35 603,200 28,443,160 CEBU AIR INTL CONTAINER 129.4 129.5 129.9 129.9 129 129.4 1,748,670 226,164,654 LBC EXPRESS 16 16.28 16 16.28 16 16.28 1,200 19,368 1 1.04 1.04 1.05 1.03 1.04 147,000 153,120 LORENZO SHIPPNG 4.76 4.77 4.8 4.85 4.75 4.77 408,000 1,951,020 MACROASIA METROALLIANCE A 2.33 2.34 2.36 2.36 2.34 2.34 300,000 705,570 2.3 2.68 2.4 2.4 2.4 2.4 19,000 45,600 METROALLIANCE B 6.03 6.09 6.03 6.1 6.03 6.03 5,400 32,666 PAL HLDG 1.17 1.18 1.24 1.24 1.18 1.18 256,000 303,100 HARBOR STAR 1.82 1.89 1.82 1.99 1.81 1.89 48,000 87,770 ACESITE HOTEL BOULEVARD HLDG 0.105 0.106 0.106 0.109 0.104 0.105 217,050,000 23,053,680 DISCOVERY WORLD 3.43 3.5 3.5 3.51 3.5 3.5 37,000 129,530 0.6 0.61 0.62 0.64 0.59 0.61 9,996,000 6,053,890 WATERFRONT 0.37 0.38 0.39 0.39 0.37 0.37 9,350,000 3,492,200 STI HLDG BERJAYA 4.48 4.8 4.75 4.75 4.75 4.75 10,000 47,500 6.37 6.5 6.74 6.74 6.37 6.37 5,703,500 36,657,030 BLOOMBERRY PACIFIC ONLINE 2.11 2.14 2.1 2.15 2.1 2.11 64,000 135,790 1.73 1.79 1.8 1.8 1.73 1.79 1,316,000 2,321,630 LEISURE AND RES 2.04 2.15 2.15 2.15 2.15 2.15 1,000 2,150 MANILA JOCKEY PH RESORTS GRP 2.1 2.12 2.11 2.13 2.1 2.1 857,000 1,802,650 PREMIUM LEISURE 0.42 0.425 0.42 0.425 0.41 0.425 10,880,000 4,561,950 6.05 6.15 6.03 6.03 6.03 6.03 200 1,206 PHIL RACING 7.71 7.87 7.81 7.89 7.52 7.87 275,700 2,145,302 ALLHOME METRO RETAIL 1.3 1.31 1.31 1.31 1.3 1.31 364,000 474,110 36.85 37 37 37.4 36.3 37 1,278,500 47,263,570 PUREGOLD ROBINSONS RTL 51.9 52.1 52 53 51.5 52.1 205,100 10,672,103 103.1 105 105 105 103 105 64,270 6,747,548 PHIL SEVEN CORP 1.19 1.22 1.21 1.22 1.19 1.22 605,000 726,920 SSI GROUP WILCON DEPOT 17 17.1 17 17.06 16.9 17 5,575,100 94,823,162 APC GROUP 0.39 0.4 0.39 0.4 0.39 0.4 810,000 323,100 6.22 6.57 6.31 6.68 6.22 6.22 91,700 571,055 EASYCALL 2.15 2.16 2.23 2.25 2.14 2.15 31,215,000 67,851,880 PRMIERE HORIZON

-18,269,645 -27,264,960 -135,500 16,111,436 -1,961,720 -3,036,032 -222,710 208,292 0 -84,460 19,978,870 -2,534,599 1,030 336,930 -42,670 350 -33,990 228,000 -19,855,396 8,540 -29,820 17,100 -102,977 10,973,210 -7,184,375.50 626,390 -15,490 -59,866,990 -20,000 -2,092,130

MINING & OIL ATOK 9.49 9.5 9.75 9.75 9.23 9.5 846,600 7,979,650 -1,095,651 1.56 1.57 1.59 1.6 1.57 1.57 1,534,000 2,422,990 -107,560 APEX MINING ATLAS MINING 7.27 7.28 7.4 7.4 7.17 7.28 2,287,400 16,568,739 351,052 BENGUET A 3.05 3.2 3.1 3.29 3.1 3.24 16,000 50,360 2.88 3.07 2.86 2.87 2.86 2.87 9,000 25,790 BENGUET B 0.32 0.335 0.31 0.34 0.31 0.335 9,730,000 3,177,550 COAL ASIA HLDG CENTURY PEAK 2.8 2.85 2.85 2.85 2.83 2.85 40,000 113,840 99,690 DIZON MINES 8 8.32 8.42 8.42 8.08 8.35 1,300 10,597 2.41 2.49 2.5 2.58 2.41 2.41 5,880,000 14,606,260 1,859,740.00 FERRONICKEL 0.355 0.36 0.38 0.38 0.355 0.36 2,020,000 731,550 GEOGRACE 0.164 0.165 0.165 0.169 0.162 0.164 58,970,000 9,698,240 LEPANTO A LEPANTO B 0.165 0.166 0.164 0.167 0.164 0.165 1,780,000 294,230 0.012 0.013 0.012 0.014 0.012 0.013 576,800,000 7,455,500 MANILA MINING A 0.013 0.014 0.013 0.014 0.013 0.013 86,700,000 1,209,400 MANILA MINING B 1.25 1.27 1.33 1.33 1.23 1.27 1,003,000 1,262,310 -45,560 MARCVENTURES NIHAO 1.78 1.8 1.83 1.83 1.77 1.78 23,153,000 41,214,780 -40,940,000 NICKEL ASIA 5.17 5.18 5.39 5.39 5.14 5.17 3,995,500 20,930,261 519,488 0.98 0.99 1.03 1.03 0.99 0.99 1,665,000 1,657,950 29,000 ORNTL PENINSULA 5.27 5.28 5.26 5.39 5.26 5.27 1,046,700 5,541,105 -294,269 PX MINING SEMIRARA MINING 11.98 12 12.02 12.04 11.96 12 665,200 7,982,834 -131,486 UNITED PARAGON 0.01 0.011 0.01 0.011 0.01 0.011 53,000,000 537,200 4,000 ACE ENEXOR 19.9 20.1 19.8 20.4 19.2 20.1 137,400 2,724,922 102,608 0.012 0.013 0.013 0.013 0.012 0.013 54,800,000 658,100 ORNTL PETROL A 0.012 0.013 0.012 0.013 0.012 0.013 78,600,000 944,400 PHILODRILL PXP ENERGY 7.6 7.64 7.7 7.7 7.5 7.6 668,300 5,064,249 -1,893,089 PREFFERED HOUSE PREF B 100.3 101 101 101 101 101 8,100 818,100 100.2 100.5 101 101 100 100.5 70,720 7,122,250 HOUSE PREF A 44 44.3 45.05 45.1 44 44 155,500 6,924,130 -918,070 CEB PREF CPG PREF A 101.4 104 103.5 103.5 103.5 103.5 790 81,765 100.8 101.9 101 102 101 102 23,600 2,402,154 DD PREF 1,002 1,028 1,002 1,002 1,001 1,001 50 50,055 GTCAP PREF A 1,031 1,048 1,031 1,048 1,031 1,048 2,050 2,147,550 GTCAP PREF B MWIDE PREF 101 102 102 102 101.5 101.5 6,930 704,011 101.7 102 101.8 101.8 101.8 101.8 660 67,188 MWIDE PREF 2B 999.5 1,000 1,000 1,000 1,000 1,000 2,370 2,370,000 600,000 PNX PREF 4 1,080 1,119 1,119 1,119 1,115 1,118 1,960 2,188,440 PCOR PREF 3A 1,129 1,155 1,129 1,129 1,129 1,129 4,000 4,516,000 PCOR PREF 3B SFI PREF 1.68 1.84 1.68 1.68 1.68 1.68 4,000 6,720 78.1 79.8 78 79.8 78 79.8 5,090 397,533 SMC PREF 2C 78.75 79.3 78.75 78.75 78.75 78.75 133,400 10,505,250 SMC PREF 2F 77.1 78.5 79 79 77 77.1 334,800 25,940,478 SMC PREF 2I SMC PREF 2J 76.95 77 76.95 76.95 76.95 76.95 24,500 1,885,275 77.1 77.25 75.9 77.1 75.9 77.1 54,070 4,120,782 - SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.54 10.7 10.7 10.7 10.7 10.7 74,500 797,150 797,150 7.4 7.41 7.5 7.5 7.18 7.4 3,580,400 26,255,166 -21,924,314 GMA HLDG PDR WARRANTS LR WARRANT 2.04 2.05 2.09 2.09 2.01 2.05 1,270,000 2,586,220 - SMALL & MEDIUM ENTERPRISES ALTUS PROP 18.58 18.7 18.5 19.26 18.5 18.58 86,900 1,614,224 125,688 2.42 2.45 2.54 2.54 2.42 2.42 342,000 838,080 -44,910 ITALPINAS 2.53 2.7 2.53 2.53 2.53 2.53 12,000 30,360 MAKATI FINANCE MERRYMART 5.21 5.22 5.4 5.48 5.22 5.22 7,398,400 39,428,525 504,900 EXHANGE TRADE FUNDS FIRST METRO ETF 96.7 97.5 99.25 99.25 96.7 96.7 51,820 5,040,414 12,945.50

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IT-BPM firms expect to grow by 5%-15% this year–survey By Tyrone Jasper C. Piad

@TyronePiad

ajority of the companies from the information technology and business process management (IT-BPM) sector are optimistic of growing by 5 percent to 15 percent this year after seeing revenue and employment figures barely improve last year due to the pandemic. A survey by the IT and Business Process Association of the Philippines (Ibpap) showed that 87 percent of the IT-BPM firms are expecting to book as much as double-digit growth figures this year while the other 13 percent are anticipating flat growth. The industry group said there were also a “good number” of companies planning to expand their business in the regions within the next 12 to 18 months.

Last year, employment in the industry grew by 1.8 percent to 1.32 million while revenues rose by 1.4 percent to $26.7 billion, according to Ibpap. “When Ibpap commissioned the recalibration study in July 2020, we already knew that the far-reaching effects of the health crisis did not spare the IT-BPM sector. The fact that it reached this level of growth by year-end is proof of the industry’s

STOCK-MARKET OUTLOOK Last week

Share prices continued to fall last week as investors opted to exercise caution ahead of the announcement of the first quarter financial reports of companies in the coming weeks. The benchmark Philippine Stock Exchange index (PSEi) fell 116.74 points to close at 6,378.07 points. The main index was down for most of the week, except on Tuesday when it made small gains. Average daily value of trade for the week was still thin at P5.15 billion, as against the average of P9 billion for the year. Foreign investors, which made up 41 percent of the total trades, were still net sellers at P4.4 billion. All other subindices ended in the red with the exception of the Industrial index that rose 13.29 points to 8,620.77 points. The broader All Shares index fell 54.32 to close at 3,927.19, the Financials index dropped 9.30 to 1,384.02, the Holding Firms index declined 168.33 to 6,448.55, the Property index retreated 90.80 to 3,108.51, the Services index was down 6.12 to 1,435.99 and the Mining and Oil index lost 243.48 to 8,727.77. Losers outnumbered gainers 141 to 87 and 18 shares were unchanged. Top gainers for the week were Manila Mining Corp. A, Boulevard Holdings Inc., Atlas Consolidated Mining and Development Corp., United Paragon Mining Corp., Synergy Grid and Development Phils. Inc. and Acesite (Phils.) Hotel Corp. Top losers were Metro Alliance Holdings and Equities Corp. B shares, National Reinsurance Corporation of the Philippines, GMA Network Inc., ACE Enexor Inc., Global Ferronickel Holdings Inc.

This week

Share prices may continue to decline this week, but analysts said investors are just waiting for the right impetus to start coming into the market. “The recent slide was accompanied by markedly thin participation especially on the local side, which may imply that amid uncertainties on the ground, some confidence on the second half recovery story is brewing, prompting players to hold,” broker 2TradeAsia said. It said a break below the 6,300 points for the main index would beam a revisit to the 6,000 level. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said investors are expected to look towards the government’s decision on the quarantine measures of the country after April 30. “A decision to extend the MECQ [modified enhanced community quarantine] in the National Capital Region Plus, or hints that would point to such are seen to generate negative sentiment in the market. This is because the extension of the MECQ in the NCR Plus is seen to lead to more economic losses that will weigh on our recovery prospects,” he said. Investors are expected to look towards the first quarter corporate earnings reports for clues on how companies are faring amid the lingering challenges brought by the Covid-19 pandemic. During the week, the Aboitiz Group, Manila Electric Co. and Wilcon Depot Inc. will file their reports. “Chartwise, the 10-day exponential moving average is proving to be a strong dynamic resistance so far with the local market having a hard time getting past through it. Meanwhile, a minor immediate support is seen at the 6,370 to 6,400 range. The next support is at 6,100,” Tantiangco said.

Stock picks

Broker Regina Capital Development Corp. advised investors to position on the stock of BDO Unibank Inc. as it recorded a significant price loss last week. “Indicators are hinting at bearish movement in the next few days—which is definitely warranted after five straight days of rally. This could further fuel selling pressure and push BDO closer to its support at P101. Nevertheless, it does not look like there is enough momentum or volatility to push BDO below the psychological P100.00 barrier. Now would be as good a time as any to start positioning in tranches,” it said. BDO shares closed last week at P105 apiece. Meanwhile, the broker advised to hold on to the stock of Ayala Corp. (AC). It said since the April breakout to 790.00, AC formed a descending triangle that is poised to reverse into a rally in the coming days. “All indicators are now neutral. Momentum is flat, and volatility is low. This consolidation stage primes AC’s base before a possible run-up. This is, of course, barring any major market-moving events that could shake the whole index as a whole. Furthermore, for this analysis to hold, AC needs to stay above the P740 support. So far this month, it has managed to do this,” it said. Ayala shares closed last week at P754.50. VG Cabuag

resilience and fundamental role in the Philippine economy,” Ibpap President and CEO Rey E. Untal said in a recent statement. The latest data reported was better than what was earlier presented by SPi Global Senior Vice President Celeste Ilagan, who also sits on the board of trustees for Ibpap. She shared in an online conference last month that industry revenues dipped to $26.2 billion last year, from $26.3 billion in 2019. Employment figures, meanwhile, remained at 1.3 million, she added. “Although hospitality and travel were unsurprisingly affected by the pandemic, verticals like healthcare, e-commerce and retail, banking, finance and administration, and insurance flourished enough to help propel the industry’s headcount and revenue growth,” Ibpap said. The industry group noted that the firms were able to show some signs of recovery during the fourth quarter last year after most of them had found their footing again by September. A “notable” surge in IT outsourc-

mutual funds

ing projects from clients was also recorded during the latter part of 2020 amid the increased shift to digitization as means to improve business continuity plans, Ibpap added. Ibpap noted that investment pledges for the sector were flat at P17.41 billion last year, citing data from the Philippine Economic Zone Authority. Citing Leechiu Property Consultants, the industry group said the IT-BPM sector also took nearly half of the office space demand last year. Ibpap, meanwhile, said the hybrid working model will be in place until next year. Currently, the industry is implementing a 70-30 split between work-from-home and on-site work, respectively, to deliver services. “Moving forward, this will most likely change depending on company policies, government mandates, and digital capabilities,” Ibpap said. In addition, IT-BPM firms are focusing on the following priorities this year: optimization of existing operations, digital transformation and upskilling of the labor force.

April 23, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 206.32 12.11% -7.91% -4.05% -9.2% ATRAM Alpha Opportunity Fund, Inc. -a 1.2754 35.18% -6.84% 0.82% -2.86% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8307 14.94% -12.29% -6.37% -9.65% Climbs Share Capital Equity Investment Fund Corp. -a 0.7249 13.55% -7.85% n.a. -9.83% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6779 4.47% -7.08% n.a. -8.59% First Metro Save and Learn Equity Fund,Inc. -a 4.5367 13.37% -5.54% -3.08% -8.19% 4.63% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6515 -9.5% -7.78% -14.25% MBG Equity Investment Fund, Inc. -a 96.41 30% -5.83% n.a. -5.42% PAMI Equity Index Fund, Inc. -a 42.27 14.84% -6.04% -2.8% -9.77% Philam Strategic Growth Fund, Inc. -a 443.75 12.14% -6.01% -3.27% -9.25% Philequity Alpha One Fund, Inc. -a,d,5 1.0129 22.26% n.a. n.a. -7.69% Philequity Dividend Yield Fund, Inc. -a 1.0879 15.24% -5.23% -2.11% -6.87% Philequity Fund, Inc. -a 31.7413 14.59% -5.59% -1.84% -8.71% Philequity MSCI Philippine Index Fund, Inc. -a 0.8212 12.65% n.a. n.a. -10.05% Philequity PSE Index Fund Inc. -a 4.33 15.52% -5.51% -2.08% -9.63% Philippine Stock Index Fund Corp. -a 724.25 15.62% -5.41% -2.23% -9.65% Soldivo Strategic Growth Fund, Inc. -a 0.6564 15.14% -9.78% -5.59% -8.69% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.284 11.87% -7.62% -3.57% -9.38% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8273 15.05% -5.77% -2.36% -9.85% United Fund, Inc. -a 3.0451 13.89% -5.14% -1.08% -8.25% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 97.1758 15.65% -5.22% -1.56% -9.65% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2676 47.17% 4.56% 8.32% 5.38% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7421 45.83% 10.48% n.a. 4.14% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6216 9.24% -1.98% -1.44% -2.82% ATRAM Philippine Balanced Fund, Inc. -a 2.1449 10.68% -2.56% -0.81% -6.15% First Metro Save and Learn Balanced Fund Inc. -a 2.4859 8.17% -1.37% -1.48% -5.37% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.187 2.3% n.a. n.a. -5.84% NCM Mutual Fund of the Phils., Inc. -a 1.8868 6.3% 0.3% 0.47% -3.93% PAMI Horizon Fund, Inc. -a 3.5255 7.84% -1.16% -0.79% -6.93% Philam Fund, Inc. -a 15.8028 8.14% -1.07% -0.8% -6.69% Solidaritas Fund, Inc. -a 1.976 8.4% -2.12% -0.64% -5.64% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3439 8.06% -3.63% -1.94% -6.42% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9578 8.63% n.a. n.a. -6.34% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8577 9.89% n.a. n.a. -9.64% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8412 10.98% n.a. n.a. -9.85% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8263 8.95% -4.59% -2.54% -6.92% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03814 0.66% 2.67% 1.35% -2.51% PAMI Asia Balanced Fund, Inc. -b $1.1387 25.71% 2.17% 4.75% -1% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.636 32.29% 7.77% 8.2% 2.73% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2016 16.98% 3.92% n.a. -0.04% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 370.28 2.46% 3.07% 2.51% -0.21% ATRAM Corporate Bond Fund, Inc. -a 1.9114 -0.75% 0.84% 0.22% 0.58% Cocolife Fixed Income Fund, Inc. -a 3.2207 1.84% 3.99% 4.48% 0.19% Ekklesia Mutual Fund Inc. -a 2.2551 -0.23% 2.25% 1.54% -1.78% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4313 1.38% 3.14% 1.72% -0.89% Philam Bond Fund, Inc. -a 4.4601 0.27% 3.98% 1.74% -3.77% Philam Managed Income Fund, Inc. -a,6 1.3187 3.78% 4.24% 2.69% -0.19% Philequity Peso Bond Fund, Inc. -a 3.9601 3.25% 4.25% 2.48% -1.02% Soldivo Bond Fund, Inc. -a 1.0288 2.01% 4.22% 1.96% -1.27% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1799 2.55% 4.75% 2.74% -0.81% Sun Life Prosperity GS Fund, Inc. -a 1.7373 1.31% 4.03% 2.09% -1.01% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $483.6 3.53% 3.01% 2.31% -0.06% ALFM Euro Bond Fund, Inc. -a Є219.83 2.9% 1.04% 1.19% 0.3% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1773 0.09% 1.75% 1.08% -8.05% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 0.78% 1.46% 0.95% -2.63% PAMI Global Bond Fund, Inc -b $1.0568 0.99% 0.55% -0.52% -3.29% Philam Dollar Bond Fund, Inc. -a $2.4834 4.42% 4.49% 2.08% -2.06% Philequity Dollar Income Fund Inc. -a $0.0626657 5.43% 3.39% 2.2% 0.56% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1436 0.09% 2.45% 0.96% -2.48% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.95 2.14% 3.16% 2.52% 0.11% First Metro Save and Learn Money Market Fund, Inc. -a 1.0505 1.39% n.a. n.a. 0.23% Sun Life Prosperity Money Market Fund, Inc. -a 1.302 1.99% 2.89% 2.57% 0.42% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0558 1.43% 1.73% n.a. 0.32% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2304 n.a. n.a. n.a. 8.92% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $1 11.11% n.a. n.a. 2.04% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

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Banking&Finance

Hike dividend payouts of GOCC, Gullas urges By Jovee Marie N. dela Cruz @joveemarie

member of the House Committee on Appropriations on Sunday said President Duterte may increase the dividend payout by government-owned or -controlled corporations (GOCCs) to help fund the Bayanihan 3 bill. In a statement, Cebu Rep. Eduardo R. Gullas said the President has the power to increase the dividend payout by GOCCs under Republic Act (RA) 7656. “Right now, under the law, GOCCs are required to declare cash dividends and remit to the national treasury at least 50 percent of their (prior year’s) net earnings,” said Gullas. “However, under the same law, the President, upon the recommendation of the Secretary of Finance, may increase the dividend payout to any rate higher than 50 percent for all covered GOCCs,” he added. Speaker Lord Allan Jay Q. Velasco is pushing for the passage of his proposed bill seeking P420 billion for a Bayanihan 3 program. The proposal is seen as a “lifeline” amid the raging pandemic that continues to cripple the economy and hurt the livelihood of millions of Filipinos. The Bayanihan 3 seeks the following: funding for social amelioration for households; capacity-building assistance for badly affected businesses in critical economic sectors; aid for farmers; wage subsidies for workers in small businesses; grants to displaced workers; Internet access allowances for students and teachers; Covid-19 treatment and vaccines; and, rehabilitation of communities distressed by recent typhoons and floods. Velasco has earlier said that economic managers are still studying potential funding sources for Bayanihan 3. Also, House Committee on Economic Recovery Cluster co-chairman Joey Sarte Salceda said funding for the Bayanihan 3 can be sourced from “obese” GOCCs and other tax measures. Salceda said they are now working with economic managers to find ways to craft “deficit neutral” lifeline measures under the proposal. Gullas said a number of GOCCs are still making good money amid the economic and health crises. “[They] are in a position to pay out incremental dividends to the national treasury,” Gullas said. He cited the case of the Bangko Sentral ng Pilipinas (BSP), which has been swamped by private corporations applying and paying for new licenses to establish digital banking and electronic money platforms, amid the dramatic shift to online transactions. A total of 57 GOCCs paid an aggregate P157 billion in cash dividends to the national treasury in 2020, according to the Department of Finance. The top 15 dividend contributors included the following: BSP (P40.53 billion); Philippine Deposit Insurance Corp. (P17.98 billion); Philippine Amusement and Gaming Corp. (P17 billion); Tourism Infrastructure and Enterprise Zone Authority (P12 billion); and, the Civil Aviation Authority of the Philippines (P6 billion).

Other top contributors were: the Manila International Airport Authority (P6 billion); Philippine Ports Authority (P5.05 billion); Philippine National Oil Co. (P5 billion); Philippine Reclamation Authority (P4.4 billion); and, the National Power Corp. (P4 billion). The other contributors were Philippine Charity Sweepstakes Office (P2.27 billion); PNOC Exploration Corp. (P2 billion); Philippine Economic Zone Authority (P2 billion); Bases Conversion and Development Authority (P1.17 billion); and, Clark Development Corp. (P1.13 billion).

Recovery package

SALCEDA noted that the Philippines should maximize the investment grade credit rating of BBB+ with a “stable” outlook by Japanese debt watcher Rating and Investment Information Inc. (R&I) to the Philippines. He said that given this rating, an ambitious vaccination program and a recovery package with incentives for “health-affirming behavior” through Bayanihan 3 will further strengthen the country’s prospects. “This is a crucial vote of confidence. It also indicates that we have some room for fiscal maneuver,” Salceda said. “We can afford a more ambitious vaccination and relief program, through Bayanihan 3.” Earlier this month, the lawmaker said the dividend remittances of GOCCs should be increased to 75 percent from 50 percent, and that new taxes on Philippine Offshore Gaming Operators and e-sabong (online cockfights) should be passed.

Debt payments

SALCEDA added that “we can keep our credit ratings strong if we pass fiscal reforms that help us pay for debt in the future.” “That’s why we’re working with the DOF to curb smuggling and tax abuse through administrative regulations. We are also working with them to pass the remaining packages of tax reform, which I think we can still do before 2022,” Salceda said. “Debt now is interest and principal payments in the future. So, we have to be careful, only borrowing what we can confidently pay. At the same time, we can borrow more now if we prepare the reforms needed to help pay our borrowings. As long as the reforms are strong, we will be alright,” the lawmaker explained. Salceda said the credit rating affirmations make him more confident that government can finance the P141-billion direct appropriations under Bayanihan 3. “We need to extend cash aid because it helps people stay home and comply with COVID standards. I also suggested that we give cash incentives for getting vaccinated, because it will cost you one or two days of queuing and rest,” Salceda explained. “Bayanihan 3 is of course, not yet stimulus. I think stimulus should come after we can go out already. We just really need a lifeline, a pantawid, until mass vaccination,” he added. “In 2022, we should continue to go big with infrastructure and stimulus. The impact of stimulus will really come once we achieve herd immunity. So, I welcome this credit rating affirmation. It means we can afford to go big,” Salceda said.

BusinessMirror

SEIZED GOODS

GSIS to release ₧252 million for financial aid to pensioners

By Bernadette D. Nicolas

@BNicolasBM

TATE-run Government Service Insurance System (GSIS) said it will be releasing a total of P252 million for the grant of onetime financial assistance to more than 12,000 Employee Compensation (EC) pensioners. President Duterte earlier signed Administrative Order 39 directing the grant of P20,000 financial assistance to all EC pensioners as they “experience undue financial hardships because of their vulnerabilities, and in anticipation of the prolonged economic impact of the (Covid-19)

pandemic in their lives.” Duterte said the grant will benefit more or less 31,000 EC pensioners of GSIS and Social Security System (SSS). GSIS President and General Manager Rolando L. Macasaet assured the public that the release of the financial assistance will have no effect on

the Social insurance Fund that pools the contribution of GSIS members. “GSIS manages the Employees Compensation fund for government workers which is the source of the said financial assistance. The payment of such financial assistance will have no effect on the Social Insurance Fund to which the contribution of GSIS members goes,” Macasaet said in Tagalog in a statement over the weekend. Presidential Decree 626 mandates the GSIS to administer the EC Fund, which is purely an employer-based contribution benefit. The benefit is a compensation package for public and private sector employees and their dependents in the event of work-related injuries, sickness, disability or death. “While we are happy to announce that we will release P20,000 one-time financial assistance to each of our EC

pensioners after the implementing rules of AO 39 is published, we would like to clarify that EC pensioners are former government employees who retired early due to work-related sickness, injury or disability and availed of benefits under Presidential Decree 626. EC survivorship pensioners are spouses of EC pensioners who died,” Macasaet said. The financial assistance was recommended by the GSIS and the SSS. The latter manages the EC fund for private sector employees. The GSIS said it is coordinating with the Employees Compensation Commission and SSS to finalize the implementing rules and regulations for the order. The GSIS said the grant of financial assistance will start immediately after the publication of the IRR in the Official Gazette or in a newspaper of general circulation.

Bank extends its special housing loan rate promo

HE Philippine National Bank (PNB) announced it has extended its special housing loan rate promo until June 30. The promo is open to new housing loan applications received from February 17, 2021 to June 30, 2021, the bank said in a statement last week. “As we continue to adapt to the new normal, we are refocusing our

new lending activities to essential sectors and industries that have a big impact to the economy,” PNB President and CEO Jose Arnulfo A. Veloso was quoted in the statement as saying. “We are pushing the construction of homes—including the building of new houses as well as the remodeling of existing ones—as this has a direct positive impact on the

overall economy.” The immediate impact would be the job opportunities created in the housing sector, as well as in other industries that provide products or services to home builders and buyers. “By offering a 1-year fixing rate of 4.88 percent, we are able to spur economic activity in the real estate industry and at the same time, help

our kababayans who are planning to own their dream homes.” The bank said that by extending its promo, “PNB brings new opportunities for customers to own a new home.” “Customers may avail of other payment schemes as PNB offers one of the lowest rates in the market,” it added.

Perspectives

China Huarong delays Climate risk is financial risk–For release of 2020 results past April deadline banks it’s a board-level issue

ODAY’S bank boards are addressing climate change right at the top of their organizations, with more empowering their CEOs to take direct responsibility and including climate strategy targets in reward structures. Disclosures in the most recent financial reports of 25 major global banks clearly show how climate change is becoming embedded in their business strategies. Two years ago, a search for the word “climate” in those banks’ annual reports (2018) yielded 36 results; the same search in 2020 provided 99—a threefold increase. Our review of those banks’ latest annual reports shows three major trends: n More and better disclosures–a significant increase in disclosures about climate change, in line with recognition that it’s a board-level issue. n Introduction of metrics and targets–the majority of banks have identified and disclosed objectives to increase funding for greener projects and acknowledge their role in shaping and financing a more sustainable future. n More information in the management commentary, but not (yet) in the financial statements–the banks focus on climate issues in the front half of their annual reports, but there is still little detail on how climate risk will impact existing financial statement disclosures, such as expected credit losses, fair value measurement or impairment. So, what are banks disclosing in their annual reports and what is the impact on their financial statements?

More and better disclosures

A joint operations by the Manila International Container Port Customs Intelligence and Investigation Service Chief Alvin Enciso and National Bureau of Investigation-National Capital Region operatives Jimmy De Leon and JB Bomediano has seized P65-million worth of Fake respirators, unregistered face masks and face shields. The joint operation was aimed at apprehending malicious individuals selling fake medical supplies taking advantage of the pandemic. ROY DOMINGO

Monday, April 26, 2021

CLIMATE change is a board matter now. We see that in most of the banks’ annual reports there is a clear, outlined responsibility for the board of directors to drive forward the climate strategy of the bank. Responding to climate change will affect the business of a bank in its entirety: deciding which clients to lend to in the future, assessing which businesses to support through investments, determining what type of financial instru-

ments to offer and even deciding how to remunerate staff. A business strategy that addresses climate risk will have real impacts. So, it’s not surprising that the majority of the banks in our benchmarking exercise have said that they see climate change as a matter to be overseen by the board. Indeed, some banks noted that they will review the composition of their boards to consider whether they have the appropriate levels of skills and experience in the area of climate change. The board committees are involved in the more specific aspects, with the risk committee being the one most frequently mentioned as being responsible for assessing and amending the banks’ risk frameworks in light of increasing climate-related risks. And what about management level? Many banks have created new management roles with responsibility for sustainability and climate change, with titles ranging from global head of climate change to global head of sustainability and a third of the banks in our sample have disclosed that they explicitly made climate change a key responsibility of the CEO. More and more banks are linking particularly the long-term remuneration of key management to achieving targets in their climate strategy. Our review shows that more than a third of banks have disclosed that targets such as reducing financed emissions (e.g. through reduced lending exposure to high carbon sectors) and sustainable financing are metrics used to assess remuneration.

The excerpt was taken from KPMG International ISG Audit Quality Leader-Financial Services Andrea Schriber’s blog post entitled “Climate risk is financial risk – For banks it’s a board-level issue.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member-firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

HINA Huarong Asset Management Co. said its 2020 earnings results would be delayed past an April 30 deadline, potentially further fraying investors’ nerves after mounting worries over potential defaults by the state-owned bad-debt manager caused a meltdown in its bonds. The company’s auditors need more time to finalize an unspecified transaction before it can publish the results, according to a statement posted on Chinamoney.com, which is run by China Foreign Exchange Trade System. Huarong reiterated that its operations are stable and all lines of business are running normally. The firm, China’s largest distressed-asset manager, missed an earlier March 31 deadline to announce preliminary results, also saying that its auditors needed more time. The company’s shares have been suspended since April 1. China Huarong’s initial delay of the announcement stoked concerns over its financial health and kicked off an almost two-week plunge in its dollar bonds. Three major credit firms, Moody’s Investors Service, Fitch Ratings and S&P Global Ratings, have put the company’s debt rating on review for a potential downgrade. The Hong Kong stock exchange, where the shares are listed, has a deadline of April 30 for companies to file final earnings results. Market worries eased after reports that Huarong made moves to pay off bonds maturing in April. Earlier, Bloomberg reported that the company proposed a sweeping overhaul which includes offloading its unprofitable, non-core businesses to revive profitability and avoid the need for a debt restructuring. China’s Ministry of Finance, Huarong’s biggest shareholder, is considering transferring its ownership stake to Central Huijin Investment Ltd., a unit of the nation’s sovereign wealth fund, a person familiar with the matter told Bloomberg earlier this month.

Balance sheet

CHINA is also considering a plan that would see the central bank assume more than 100 billion yuan ($15.4 billion) of assets from China Huarong to help the company clean up its balance sheet, Bloomberg reported last week. Huarong is one of four state-owned entities set up by China in 1999 to help manage bad debt in the country’s banking system. The firm listed in Hong Kong after a $2.5 billion initial public offering in 2015, giving it a market value of more than $15 billion. Its shares last traded at a third of that. Under former Chairman Lai Xiaomin, Huarong expanded into areas including securities trading, trusts and other investments, deviating from the original mandate of disposing of bad debt. But it has faced challenges since Lai came under investigation in 2018. He was executed earlier this year for bribery after a brief trial, an unusually harsh sentence for such a crime. The company owes bondholders the equivalent of $41.8 billion, with $16.9 billion of that falling due by the end of next year, according to data compiled by Bloomberg. Huarong reported a 92 percent drop in net income for the first half of 2020 as the value of some assets fell in wake of the Covid-19 pandemic. Bloomberg News

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Is Your Team Solving Problems,

or Just Identifying Them? S By Rebecca Knight

Here’s how you can create an environment that enables your team to handle problems in a constructive way:

n Reflect on your goal: You need to be clear about the changes you’re looking for from your team. “You want your team to be more ‘solutions-focused,’ which is a bit like saying you want your team to be more innovative or more agile,” says Grant. Many managers aspire to those things, but it’s not obvious how to get from here to there. Consider how your team currently responds to new ideas and proposals. What, or who, are the sources of opposition? Where does your team get stuck? Then, think about what you’d like your team to do differently. Reflect, too, on why you wish to change your team’s culture, says Davey. “As a leader, you need to make sure you’re devoting time and energy to things on the horizon and the bigger picture,” she explains.

n Recognize underlying issues: For starters, you need to appreciate that your team’s tendencies are not unusual. There are several deep-rooted dynamics at work, according to Grant. When faced with a new challenge or idea, many of us react by getting into the details and focusing on obstacles. “We ruminate on the problem and its many facets rather than thinking of ways around it,” Grant explains, noting that these tendencies are exacerbated when we are in a group. Hierarchy also plays a role. “Managers and people in power think about the ‘why’ — the vision,” Grant says. “The less power you have, the more you tend to think about the details.” Understanding these dynamics will help you map out the process of changing your team’s culture.

n Talk to your team: Next, Grant recommends talking with your team about your observations and what you’d like to see them do differently. Explain that you want the team to do a better job of looking for alternate routes, rather than dwelling on the details of a problem. Ask team members for their take on what stands in the way of that and then listen carefully to how they respond. Maybe the team fixates on problems because people feel overwhelmed, says Davey. They might resent you asking them to focus on solutions when they’re already overstretched. If that’s the case, you need to think about how to solve the bandwidth question. Ask what you can do to help. What tasks can you remove from their plates?

Having a team that’s quick to identify problems and voice potential obstacles is not necessarily a bad thing, according to Liane Davey, author of the book “The Good Fight.” But when your team is overly focused on finding problems instead of solving them, it can be detrimental to productivity and morale. “You will lose great people if your team is always talking about why it can’t, rather than about how it can,” Davey says. The best teams, says Heidi Grant, a social psychologist, are able to balance creativity and analytical thinking to come up with solutions that are informed by reality.

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ome teams are really good at spotting problems. When someone presents new ideas or initiatives, colleagues readily ask tough questions and point out possible risks. But team members ought to provide constructive feedback as well. How can you, the manager, help change the culture on your team from one that’s focused on identifying problems to one that fixes them?

n Set new norms: Changing your team’s culture requires getting people on board with new ways of thinking and speaking, according to Grant. To accomplish this, you need to set new norms. Simple rules like “Begin each meeting with a positive reflection” or the use of a trigger word to remind people to be solutions-oriented can make a big difference, Grant says. She also recommends empowering employees to hold others on the team accountable and speak up if someone is being too focused on problems. n Role model: In order to inspire your team to think more creatively about problems, others need to see you do the same. “You need to put your ideas out there,” Grant says. You can start by saying, “We’re going to talk about solutions now; I don’t want to hear about obstacles just yet. And I am going to get us started.” Make sure team members know that their ideas don’t need to be perfect. The implicit message ought to be: This is a safe place to propose new ideas.

n Bring in new information: Davey recommends using external information to trigger creative conversations. For instance, at your next team meeting, you might say, “I read an interesting article about a trend in our industry. How do you think this will affect us? What opportunities does this trend create? If this trend continues, what might we need to pay attention to? What hard choices might we need to make?” Asking questions will spur “people to think about how they respond to how the world is changing,” Davey says. Inviting outside voices—such as a consultant or someone from a different department—to attend your team's meetings can also be effective in sparking new strands of conversation. n Deal with challenges productively: When you encounter resistance to a new idea, it’s important to listen—but also to make sure that team members’ faultfinding does not monopolize the conversation, says Davey. Say, for instance, your colleague discounts a possible new strategy because the company tried it once decades ago and it didn’t work. First, you must

validate that perspective and acknowledge the objection. Then, you need to figure out a way to address the resistance in a productive way. You could have team members write their concerns on a board to return to later in the meeting. Or you could start a dialogue to explore possible solutions, asking questions to continue the conversation. Davey suggests: “‘Hypothetically, if we could do it again, what would it look like? How could risks be mitigated? What would we have to solve for?’” The goal, she says, is to combat lazy cynicism by ensuring that there’s “fact-based rigor” behind any concerns. n Reward positive behaviors: When you observe team members seeking to solve problems productively, you need to publicly affirm that they’re doing the right thing, says Grant. “New habits don’t form unless they’re rewarded.” Acknowledge great ideas and creative thinking. “Social affirmation is powerful for changing group behavior,” she says. Rebecca Knight is a senior correspondent at Insider.

Managing top performers who alienate their colleagues Y

By Rebecca Knight

ou know the team superstar: The one who’s brilliant and outperforms pretty much everyone else, but burns through relationships all the while. What’s the best way to manage people with such a dominant personality? How can you encourage them to improve their interactions with colleagues? What can you do to emphasize the importance of collaboration, especially if your formal incentive system only rewards hitting goals and targets? Having a supremely talented and confident employee on your team is a wonderful thing—except, of course, if that top performer is also alienating the rest of the team. “This is a person who’s both contributing to—and undermining—your team’s long-term performance,” says Nancy Rothbard, professor at the University of Pennsylvania’s Wharton School. Even though such employees may be very good at their job, colleagues are repelled by their general disagreeableness and uncooperative attitude. People may respect them, “but they don’t like working with them and they don’t trust them,” says Linda Hill, professor at Harvard Business School. When confronted with similar dynamics, managers should act swiftly and address their superstars' abrasiveness. Here

are some tips: n Give tough feedback: It’s no fun to give negative feedback, but in the case of a so-called competent jerk, you need to make the employee aware of the problem, says Rothbard. “This person needs to understand the metaphorical wake they leave behind.” She recommends starting by acknowledging that employee's positive contributions to the organization. “Say: ‘You’re doing a great job here and you’re an integral member of this team. I need you. But I also need you to know the effect you’re having on other people.” Superstars need to understand how other colleagues perceive them, says Hill. A little tough love is in order. She suggests saying something like: “You’re being held accountable for not just what you do, but how you do it. In order to fulfill your ambitions, you must learn to behave differently. Otherwise, you will not accomplish what you want to accomplish.” Don’t sugarcoat the situation. “Say: ‘You are in repair mode.’” n Talk about development: It’s important to frame the consequences of uncooperative behavior in terms that your abrasive high-achievers will appreciate: as a hindrance to their career growth. Your employees need to buy into the fact that their attitude and approach matter in a

material way to their performance and their reputation, says Rothbard. Strong peer relationships are critical to both short- and long-term professional progression, says Hill. If your overly aggressive superstars aspire to a promotion—which, of course, they do—they need to change. Even with myriad talents and abilities, people will not advance in your organization without good interpersonal skills. As the manager, you need to help them understand that their behavior could derail their career. Hill also recommends being honest about the flaws and conflicts in your organization’s incentive system. “Say: ‘I know you’re getting mixed signals because there’s pressure to make deals and hit your numbers, but I need to impress upon you the importance of building and maintaining relationships.’” n Encourage empathy: Next, you need to help your top performers develop a plan to improve their relationships. It starts with empathy. “You need to teach them techniques to help them become more sensitive to others’ reactions,” says Rothbard. Encourage your employee to pay closer attention to colleagues’ emotional responses. “Are they pulling back? Do they look uncomfortable? Are they anxious?” This kind of observation is the first step toward improving self- and social-awareness, she

adds. You also need to help your employee develop a deeper understanding of others’ perspectives, says Hill. She suggests engaging your employee in active inquiry by asking them to step into the shoes of the people they depend on to get their work done. Ask them to imagine their colleagues’ views. “Say: ‘What do you think matters to this person on your team? What do you think is that person’s biggest concern? Is there any common ground? Do you share any pain points?’” n Be compassionate: It’s also prudent to show a little empathy yourself. After all, people are not all bad, says Rothbard. They’re likely highly conscientious and care about getting the work done right. Think about the aspects of your high-performers' personalities that you enjoy and admire, says Hill. “You might really like the fact that they’re hard-driving,” she says. “It brings a certain energy to your team.” In one-on-ones, she advises compassion and sympathy. “Say, ‘I understand your frustration. Not everyone is as hard-driving or as motivated as you.’” Perhaps you have personal experience with this personality type. Maybe you suffered from a similar affliction earlier in your career. “Share that,” she says. Think back on meaningful advice you received at the time. “Then ask: ‘How can I help you? How can we get better together?’”

n Coach: You also must try to help your star employees overcome their natural know-it-all tendencies. “Many times, these people have learned how to moderate their behavior with the boss,” says Hill, and this makes it a lot easier for you to get along with them. Your objective is to get them to act that same way with their colleagues. “You need to encourage them to ask questions and not assume they know everything.” She recommends coaching employees on how to build relationships with peers by role-playing possible scenarios. Rothbard recommends helping your employees get over their knee-jerk reaction of disdain and frustration by helping them learn how to give people the benefit of the doubt. Encourage them not to jump to conclusions, she says. n Have patience: Finally, don’t expect your efforts to yield immediate results. Behavioral changes take time. Help your high-achieving employees recognize that their colleagues’ opinions of them won’t shift overnight. Encourage them to be patient — with themselves and others. “Make it clear that this is a skill and a task to be accomplished,” Rothbard says. “They have to work on it to get better.” Rebecca Knight is a senior correspondent at Insider.

www.businessmirror.com.ph

Style

BusinessMirror

Editor: Gerard S. Ramos

• Monday, April 26, 2021

Personalized skin care one of 2021’s bi big g�est g �est beau y trends big�est beauty ❸

❶

❷

N a perfect world, all our skin care will be personalized for us, with every product tailored for our every need and concern. But it’s not a perfect world, so we can only dream for now. Nevertheless, here is a rundown of the brands that are at the forefront of one of the year’s biggest beauty trends—personalized skin care. It’s really like going to a dermatologist. You fill up a form, answer questions and then tell the doctor what your concerns are. Then, the doctor will look at your skin, maybe prick some of your pimples and send you home with a bunch of products. But since going to the dermatologist is out of the question right now, personalized skin care is a very good option. When you say the words “personalized skin care,” the first brand you’d think of is Curology, an American company that focuses on acne treatments. You fill out a questionnaire on their web site (www. curology.com) and consumers start by filling out a questionnaire to describe their skin concerns, general physical health, their needs, concerns and skin-care routines. You may also upload pictures of your skin. After that, Curology will recommend products that you can use. Curology will give you a free 30-day trial if you live in the US, although you’d need to pay for shipping. After your free trial, you’d need to subscribe to continue using the products. The monthly cost comes up to about $20 to $30, including shipping within the United States. Atolla is an MIT-born (MIT being Massachusetts Institute of Technology) brand that uses algorithms to customize its products. With Atolla (www.atolla.com), you need to answer a quiz that asks you about many things, including your lifestyle, allergies and current

skin-care regimen. Your account will have a “skincare manager” to assist you with your routine and help with any new products that will be added to what you already have. Every three weeks, you get a prompt that asks you to take tests that measure your oil, hydration and skin’s pH levels. The data and feedback you provide is used for Atolla to recommend the formulas and products for your succeeding orders. Atolla uses ingredients, such as hyaluronic acid, ascorbic acid, squalane, salicylic acid, vitamin E, avocado oil, coconut extract, argan nut oil, olive fruit oil, rosehip seed oil and pumpkin seed oil in its products. The cost is about $45 per month, including shipping within the US. Function of Beauty (www.functionofbeauty.com) launched its personalized skin-care line last year. Here, you’re asked to take an online survey that includes questions about your skin type, sensitivity and concerns. The Function of Beauty routine is based on three goals—cleanse, boost and hydrate.

NEW, FASTEST RUNNING SHOE INNOVATION UNVEILED

Fashion industry evolves, as virus forces a rethink

INSPIRED by its elite run athletes, the Under Armour team sought to create a lightweight yet supportive shoe that’s built for speed and breaking barriers. After three years, over 17 rounds of raw material testing, 9 rounds of biomechanical testing, 15 rounds of shoe testing, and over 11,000 miles of wear testing, the brand introduces the UA Flow Velociti Wind, the latest chapter in running shoe innovation with a disruptive design and all-in-one cushioning system that eliminates the rubber outsole. Designed for speed over longer distances, it puts the wind at your back with every stride. One of the most important features of the UA Flow Velociti Wind is the UA Flow midsole, which was developed by Under Armour’s Footwear Innovation Team in Portland, Oregon, to bring a completely new footwear experience by focusing on a simple idea of removing the heaviest part of the shoe—the rubber outsole to create a shoe built for speed and breaking barriers. The UA Flow is a responsive, grippy, and supportive singular-foam compound that provides comfort, flexibility, and traction with every step. This makes the UA Flow Velociti Wind a high-performance running shoe offering designed and meticulously engineered for speed over longer distances. The UA Flow Velociti Wind also features the UA Warp, an upper material that molds perfectly to the human form to unlock maximum performance. With supporting tapes that act like seatbelts on foot, the UA Warp upper locks you onto the UA Flow midsole without disrupting the natural movement while running. The UA Flow Velociti Wind can be found at the brand’s stores in SM Mall of Asia, SM Megamall, Bonifacio High Street, Greenbelt 3, Ayala Malls TriNoma and Ayala Cebu.

UNDER Armour Velociti Wind

PARIS—The pandemic has torn a multibillion-dollar bite out of the fabric of Europe’s fashion industry, stopped runway shows and forced brands to show their designs digitally instead. Now, amid hopes of a return to near-normality by the year’s end, the industry is asking what fashion will look like as it dusts itself off and struggles to its well-heeled feet again. Answers vary. Some think the Fashion Week format, in use since the 1940s, will be radically rethought. Others believe Asia will consolidate its huge gains in influence. Many see brands seeking greater sustainability to court a younger clientele. “The impact of the pandemic will be unquestionably to increase the importance and influence of Asia on fashion,” said Gildas Minvielle, economist at the Institut Francais de la Mode in Paris. “Luxury in Europe has already rebounded but it’s only because it’s globalized, only because of Asian buyers,” Minvielle said. “They spent on European brands.” Asian buyers are still considered a largely untapped market, yet their wealth has recently tipped over that of Westerners. China, in particular, was already considered the worldwide engine of growth in the luxury industry before the pandemic. Its quicker containment of the virus will leave it in an even stronger position. “In the next 50 years money will come from the East as it has been [coming] in the last 50 years from the West,” said Long Nguyen, chief fashion critic of The Impression. This could see a designer aesthetic that panders more to Chinese tastes. Another trend that’s been strengthened during the pandemic is the decision to forgo the frenetic pace of runway calendar shows. As the virus tore across the globe from East to West, these morphed overnight from a live, in-person, sensory experience to a pre-taped digital display released online. Many predicted devastation for the industry, but houses have proved surprisingly resilient. That’s because the system was already overdue a shift. Since the advent of social media, brands have become much less reliant on traditional advertising outlets such as fashion magazines. Now, they create their own online channels, circumventing the glossies, to get their designs out. “Each brand is a media entity unto itself,” Nguyen said, calling the way the industry operates “obsolete.” Moreover, as buyers themselves move online,

Function of Beauty curates your skin-care routine based on data you’ve provided. What I like about Function of Beauty, which also has haircare and bodycare lines, is that you can swap or stop using products and not have to buy them every month. All products are cruelty-free, vegan, sulfate-free, sustainable and customized in the US. The product prices range from $39 to $79. In these times, Apostrophe could be a good option for those with more serious skin concerns. What Apostrophe does is to connect patients with dermatologists who can give them the appropriate prescriptions. The products are delivered straight to the patient’s home. Basically, Apostrophe (www. apostrophe.com) is an online consultation service. Apostrophe recently launched a 6 percent hydroquinone lotion for lightening acne hyperpigmentation and melasma and not skin whitening. In an earlier interview, Apostrophe’s CEO Ben Holber said their products were made “in a lab and not in a garden, and we believe in the power of

houses have necessarily become much less dependent on traditional sales outlets such as department stores. Some houses have done better than expected with the new digital format. Smaller brands, in particular, have welcomed the break from staging runway shows that can be astronomically expensive—for relatively little return. Paris couture designer Julien Fournie said the virus has led him to question “whether fashion shows were really necessary” in the first place. The virus saw many brands, including Balenciaga, Alexander McQueen and Bottega Veneta of French luxury giant Kering, tearing up the traditional calendar to show their new collections when it suits them—both creatively and financially. Saint Laurent started the trend last year, drawing headlines for quitting Paris Fashion Week to “take control of its pace.” The advantage for these brands is to set dates on their own terms, with collections that don’t compete with others for attention at the same time. Yet many nostalgic critics, buyers and consumers argue that nothing can replace the physical runway experience. “Brands have been deciding more and more when their optimal time to show is... They want to control their business more and that is their

chemicals and the credibility of these medications that have been around for years.” Apostrophe also has a digital publication called Slather that takes a science-focused approach to skin care. One personalized skin-care product I have tried is Clinique ID. It is not as personalized as, say, Curology, which will create formulations for you, but if you have relatively normal skin without any major issues, Clinique ID would be a good choice. You basically pick your hydration base and insert your cartridge to treat your main skin concern. Hydration bases include Clinique Dramatically Different Moisturizing Lotion, Clinique Dramatically Different Oil Control Gel, Clinique Dramatically Different Hydrating Jelly and Clinique Dramatically Different Moisturizing Bb-gel (not sure if this is available in the Philippines). There are five cartridges which address different skin concerns, including irritation, pores and uneven texture, uneven skin tone, fatigue, and lines and wrinkles. ■

right,” Pascal Morand, Paris fashion federation executive president. “But this is not the end to Fashion Week. No matter what people say, they are all awaiting a return to the runway and to come back to the physical experience.” AP

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FROM WWW. FUNCTIONOFBEAUTY. COM

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FROM WWW. ATOLLA.COM

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FROM WWW. CLINIQUE.COM

B6 Monday, April 26, 2021

Unlock Exciting Treasures with Goldilocks!

Ginebra San Miguel gives back, extends help through ‘Bagong Tapang Jersey Promo’

ARIETY is the slice of life! Filipinos love trying new things and discovering unique treasures that can excite our palates. Goldilocks, the country’s number one bakeshop, wants to surprise customers with exciting cake flavors to enjoy! This ongoing initiative, which aims to highlight Goldilocks vast selection of delectable premium cakes by unlocking one new flavor per month! For the Month of May, Goldilocks has unlocked another decadent treat as they highlight their Strawberry Lush Cake! This decadent masterpiece, which is crafted from a delicious three-layer vanilla chiffon cake is then filled with light strawberry whipped cream cheese icing, sweet strawberry filling, and finally topped with beautiful floral buttercream icing. This oneof-a-kind cake also serves as the perfect gift for Mother’s Day! Grab this from April 30 onwards, at Goldilocks bakeshops nationwide, and for more information, you may follow @

GoldilocksPH on Facebook, Twitter, and Instagram, or visit the official Goldilocks website at www.goldilocks.com.ph

BAGONG Tapang sa One Ginebra Nation Jersey and Cap Gin Kings

N these difficult times, the power of sports to bring people together is missed more than ever. For its latest consumer promo, Ginebra San Miguel Inc. (GSMI) is giving basketball fans a platform to come together and extend help to those who are affected by the pandemic. “Bagong Tapang sa One Ginebra Nation Jersey and Cap Collection Promo” lets basketball fans collect Gin Kings merchandise and give back at the same time. The jersey and cap collection promo had a virtual media launch recently that was streamed live via Ginebra San Miguel’s Facebook page. The promo is in line with Ginebra San Miguel’s latest campaign “Bagong Tapang” which highlights the new courage and strength that Filipinos possess to overcome the challenges of the COVID-19 pandemic. The jerseys that were unveiled during the event featured Scottie Thompson (6), Stanley Pringle (11), Japeth Aguilar (25), La Tenorio (5), and Mark Caguioa (47). Starting on May 1 to June 30, 2021, fans can get their hands on the limitededition merchandise for only P100 for the One Ginebra Nation jersey or P150 for the One Ginebra Nation cap for every six (6) seals or caps of any combination of Ginebra San Miguel, GSM Blue, GSM Blue Flavors, Ginebra San Miguel Premium Gin and Primera Light Brandy.

During the launch, Barangay Ginebra San Miguel fans got to see their favorite players for the first time after winning the 2020 Philippine Cup championship at the historic PBA bubble in December last year. With the restrictions in social gatherings, the traditional championship victory party and fans day had to be set aside. “Ang Ginebra fans ibang level talaga. May PBA man o wala, nararamdaman namin na nandyan sila at sumusuporta sa amin. At first, we thought we are not going to survive playing without the fans because as a never-say-die team, doon kami humuhugot ng lakas. Sila ‘yung 6th man namin sa game. Napag-usapan ng team na iisipin namin ‘yung ginagawa namin ay para sa fans at para magbigay inspirasyon lalo na sa panahon ngayon,” relates LA Tenorio of the Gin Kings’ PBA bubble experience.

Paying it forward

THE jersey collection promo had been one of Ginebra San Miguel’s most patronized consumer promotions. For this year, GSMI tapped non-profit organization Gawad Kalinga (GK) as its partner for this project’s noble undertaking. “To underscore the need for unity during these times, we partnered with Gawad Kalinga and through the promo, we aim to support GK’s Barangay Walang Iwanan program that helps Filipinos who

are severely affected by the pandemic. We hope to encourage Gin Kings fans and our consumers to ‘put on’ a Bagong Tapang kind of courage and to wear this kind of Bagong Tapang for others to see and emulate,” says GSMI General manager Noli Macalalag. For every jersey or cap that they redeem, basketball fans and consumers will be able to donate to GK’s Barangay Walang Iwanan program that supports the farmers in Sariaya, Quezon, and the fishermen in Barangay Bagumbayan, Pililla, Rizal. “Bagong Tapang sa One Ginebra Nation Jersey and Cap Collection” merchandises are available for redemption at selected Puregold and other redemption outlets nationwide. To confirm the merchandise’s authenticity, an authentication patch can be found on the lower left part of the jersey, while an authentication sticker is attached to the cap. GSMI is the producer of Ginebra San Miguel, the world’s largest-selling gin according to leading global drinks journal Drinks International. It is also a 15-time Gold Quality Label awardee of the Monde Selection International Quality Institute. For more details and updates on the promo, log on to www.ginebra.com.ph, check out the official Facebook page of Ginebra San Miguel www.facebook.com/barangayginebra or call the GSMI customer care hotline at 8632-2564.

Hi-Precision Diagnostics opens two new branches amid COVID-19 pandemic

AT the opening of HPD Sta. Ana (left) and the façade of the HPD Plus branch in Dasmariñas, Cavite

N times of crisis, there are those who rise up to the challenge by giving valuable assistance and becoming inspirations for those around them. Such is Hi-Precision Diagnostics (HPD), the country’s pioneer and leading medical laboratory.

Despite the restrictions brought about by current health protocols, HPD has remained focused on helping the community by providing quality health care. Undeterred by the lockdown, HPD opened two more branches on April 16, 2021, and hopefully more will follow. This reiterates HPD’s commitment and dedication to serve patients during this pandemic. One of these branches is located

in Sta. Ana, Manila. This branch offers services like fully automated lab exams, X-ray, ECG, ultrasound, drug test, multispecialty doctors’ clinics, home service, mobile on-site services, and online results. With clinic hours from Monday to Saturday, 7:00am to 3:00pm, the Sta. Ana branch is located at G/F Rivergreen Residences 2217 Pedro Gil St. Brgy. 880, Zone 97, Sta. Ana, Manila. Cellphone

number: 0917-803 2504. Email address: hpsta.ana@hi-precision.com.ph The second new HPD branch is in Dasmariñas, Cavite. This HPD Plus branch offers services like fully automated lab exams, X-ray, ECG, ultrasound, drug test, multi-specialty doctors’ clinics, home service, mobile on-site services, online results, and RT-PCR test. It also highlights its MomMe Care, which especially caters to obstetric and pediatric patients. With clinic hours from Monday to Saturday, 6:00am to 3:00pm, the Dasmariñas branch is located at Lot 4-A. Aguinaldo Highway Pasong Tala Zone 4, Dasmariñas, Cavite. Cellphone number: 0917-800 1791 Email address: hpdasma. pasongtala@hi-precision.com.ph

PANAY POWER CORPORATION JOINS NATIONWIDE SIMULTANEOUS EARTHQUAKE DRILL. Global Business Power Corporation (GBP) subsidiary Panay Power Corporation (PPC) joined the 1st Quarter Nationwide Simultaneous Earthquake Drill (NSED) organized by the National Disaster Risk Reduction and Management Council (NDRRMC). Amidst the global pandemic, PPC aims to strengthen the awareness of its employees on how to appropriately react during earthquakes which have become more frequent the past few years. A strict implementation of minimum health standards such as wearing face masks and doing physical distancing were observed by the plant throughout the simulation. PPC regularly participates in the disaster preparedness activity, in support of the government and as part of the plant’s emergency management program.

English Tea Shop highlights its virtuous circle of support to the community and environment

RGANIC tea has long been enjoyed and celebrated all over the world for its goodness and soothing properties that complement in taking time to relax over a cup of carefully-selected tea leaves, helping to find the balance and relieve the stress amid the current pandemic situation. English Tea Shop is a favorite among true tea enthusiasts for its perfect blends of organic and sustainably-sourced ingredients that come together to produce sensational brews. The brand offers a virtuous TLC or Tea Loving Care to the environment, the farmers, and their customers who enjoy sipping on their refreshing and robust or soothing selections as a welcome break from the pressures of the day. English Tea Shop introduces a serene mandala on its new packaging. This showcases how everything in the world of organic is wondrously connected on a virtuous circle of support to its tea-loving community or as they call “Prajāva”. The mandala represents the virtuous support system the brand aims to build between small businesses, society and the environment at large, which is at the heart of everything they do. With the distinction of receiving the SGS Covid-19 Control Program Certification, English Tea Shop is committed to providing quality products that have passed the standards of the world's leading inspection, verification, testing and certification

company. This means that the warehouse and production facilities of English Tea Shop have been found to adhere to the highest standards of safety while protecting their employees and teas. Tea has properties to help relieve the effects of stress, with its flavonoids that act as antioxidants, protecting the body from free radicals. Drinking tea regularly also boosts the immune system, which is very important, especially in times like these. The flavonoids found in tea also serve as a beauty aid, helping skin stay supple and fresh for that all-important healthy glow. Tea's relaxing properties also help bring a healthier state of mind, as its consumption lowers levels of the stress hormone cortisone. English Tea Shop is a multi-awarded brand with a wide array of all-organic teas, from well-loved everyday teas such as Chamomile, Perfect Peppermint and English Breakfast to the super-tea combinations such as Turmeric Ginger Lemongrass. It also has the Wellness Me range, which helps alleviate our mind, body and soul, with variants such as Slim Me and Sleepy Me. The brand is represented in the Philippines by Clever Cats International Company, with their teas exclusively available at Robinsons Supermarket, The Marketplace and Shopwise stores nationwide. Online order available via GoRobinsons.ph and Metromart. Visit www.etsteas.co.uk, for inquiries, email info@ CleverCatsIntl.com.

Marketing BusinessMirror

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Monday, April 26, 2021 B7

Taking care of our only home W

PR Matters

By Abigail Ho-Torres

ITH thousands upon thousands of new Covid-19 cases daily, it’s not easy to think of anything else other than personal survival. But as we struggle to heal our bodies and our minds, our planet—our only home—is also struggling to stay alive. The world celebrated the 51st Earth Day last Thursday with the theme, “Restore the Earth.” According to EARTHDAY.ORG, the world’s largest recruiter to the environmental movement, this year’s theme focuses on natural processes, emerging green technologies, and innovative thinking to restore the world’s ecosystems. “In this way, the theme rejects the notion that mitigation or adaptation are the only ways to address climate change. It is up to each and every one of us to restore our Earth, not just because we care about the natural world, but because we live on it. We all need a healthy Earth to support our jobs, livelihoods, health and survival, and happiness. A healthy planet is not an option— it is a necessity,” EARTHDAY.ORG said on its web site. Environmental degradation is not a new problem. It has been around for years, but now exacerbated by the weight of this pandemic. With the pandemic changing the way we live, work, learn, and shop, there has been a rise in the amount of packaging wastes across the globe over the past year, especially cardboard boxes and different types of single-use plastics. This is aside from the ever-growing pile of medical waste like face masks and other personal protective equipment (PPE), also mostly made of plastic materials. In an article published on Science News for Students, environmental researcher Joana Prata from the University of Aveiro in Portugal said the world now uses around 129 billion face masks and 65 billion gloves every month. A 2017 study titled “Production, Use, and Fate of All Plastics Ever Made,” meanwhile, stated that only 9 percent of plastic ever made has been recycled, around 12 percent has been incinerated, and the remaining 79 percent are still in landfills or in nature. These are the challenges that we face today and will continue to face in the future. Prata said, however, that the biggest challenge of all “will be reversing the new habits”—referring to increased use of single-use plastics.

Different efforts

AS this year’s Earth Day theme emphasizes, everyone has a part in restoring the Earth—and this starts in our homes. As recycling remains a huge challenge the world over, reducing consumption is the most logical way to significantly bring down the amount of trash stuck in landfills or in nature. If you have a Facebook account, you can find a lot of pages promoting sustainable living, just by keying in the phrase “zero waste” or the word “recycling” on the search bar. There are pages devoted to sharing tips about living sustainably, including consumption reduction; there are those specially designed for bartering things you no longer use; there are those devoted to recycling and upcycling. Figure out what you want, and there’s surely a community that you would enjoy being a part of. I myself am a member of some of these groups, as I am an avid recycler. It was in one of these groups that I discovered Green Haven Scrap Materials Trading, a Valenzuela-based household solid waste collector that is “committed to help communities to handle and sort their household solid waste for

PolyAl Pro boards in various household and construction applications. PolyAl Pro/Rural Industrial Corp. proper disposal.” I love Green Haven for accepting almost anything and everything: assorted paper products, tin cans, various plastic packaging, glass bottles, broken furniture, busted or obsolete electronics, and even those bubble plastic wraps from your online shopping sprees. They also accept used beverage cartons (UBCs), more popularly known by the brand name Tetra Pak (yes, that is not a generic name for cardboard juice or milk cartons, but the name of a company that produces various beverage packaging). I was ecstatic—and I am not exaggerating here—when I found out that they accepted these types of packaging, as I have not found a single junk shop or recycler in our area that did. UBC recycling was particularly interesting for me, given the difficulty in recycling this particular packaging. While it is mostly made of paper, it also has a polymer or plastic layer and some aluminum components. To be properly recycled, the paper component—which makes up around 75 percent of each UBC—has to be separated from the polymer-aluminum (PolyAl) components. One of Tetra Pak Philippines’ recycling partners, Bulacan-based Rural Industrial Corp., turns the paper component of UBCs into kraft paper, while the PolyAl components are transformed into what is called PolyAl Pro boards, which have various construction applications. One of its best applications, according to a friendly Green Haven collector, is as roofing for chicken coops— because, unlike the usual G.I. sheets, PolyAl boards don’t produce as much noise (which scares and stresses chickens) when it rains.

Recycling UBCs is part of Tetra Pak Philippines’ sustainability efforts. Tetra Pak Philippines Sustainability Manager Catherine Chua says these recycling programs not only helps protect the environment, but also creates opportunities for entrepreneurs. “And partnership for us means also investing in the infrastructure and system to help connect the dots, and ensuring that the UBCs are collected and brought to our recycler. We also help our partners expand market opportunities for their recycled products,” she said. She related that Tetra Pa k v iewed sust a inabi l it y f rom a packaging perspective, at source, and not just from the end-of-life perspective, after the contents have been emptied from the UBCs: “It’s equally important to know what goes into the pack, and if the raw materials are sourced responsibly.” Tetra Pak has a partnership with the Forest Stewardship Council, which ensures that the paperboards going into each pack come from responsibly managed forests. Its polyethylene and aluminum materials are also responsibly sourced.

End-to-end sustainability efforts

ANOTHER company that views sustainability from one end of its operations to the other is Maynilad, the company I work for. According to Quality, Environment, Safety, and Health Division Head Roel Espiritu, as a water service provider, it is important for the company to protect the environment, as this is the only way Maynilad will continue to be able to operate. “We pay particular attention to climate change, as the first thing

altered by climate change is the hydrological cycle. We can either have too much water resulting in floods and impacting the quality of raw water, or too little rainfall affecting water supply,” he related. Water from the source, in our case Angat Dam and Laguna Lake, are properly treated in our plants to become potable. This is then distributed to our customers through our extensive pipe network. The water that our customers use end up becoming wastewater, which we also treat in our water reclamation facilities so that it will be safe to be discharged back to receiving bodies of water. “Our water must be safe. The quality of water from source to tap and back to the receiving bodies of water must comply with regulatory standards. The manner by which we extract, treat, distribute, and treat wastewater must take into account the impact on the environment, as well as to the health and safety of communities, customers, and employees,” Espiritu said. Aside from these activities, which form part of the company’s core operations, Env ironment Management Head John Emmanuel Martinez said Maynilad also does greenhouse gas accounting and energy management—all guided by international standards—to measure our environmental footpint. “Maynilad aims to be the established leader in environmental best practices in the water industry. We stay focused on projects, programs, activities, and services that not only bring value to the business, but also to the different communities we serve. We have integrated sustainability in our operations by optimizing and securing our resources, increasing operational efficiency, improving quality of services, and maintaining the health and safety of our employees as well as the communities we operate in,” he added. Our sustainability activities are aligned with the sustainability framework of our parent firm Metro Pacific Investments Corp. According to MPIC Chief Financial Officer and Chief Sustainability Officer Chaye Cabal-Revilla, members of the MPIC family view the sustainability agenda as a guide in running their businesses. “Our sustainabi lit y agenda serves as our North Star in futureproofing ourselves and in making

sure we allow the next generation not only to survive but thrive. This goes with the in-depth realization that all our decisions carry a pervasive impact and our business success is highly interlinked to us taking care of all our internal and external stakeholders, including the environment, or nature, from which all of us derive our needs and resources from,” she said. “Everyone from our MPIC Group has embraced sustainability— from our board, our leaders, and the rest of our organization. We have formalized our sustainability charter and incorporated sustainability in our board committee— now called the Sustainability and Governance Committee. Our MPIC board has approved our enhanced MPIC Group Sustainability Framework and the creation of our MPIC Group Sustainability Council where we all align our (environmental, social, and corporate governance) policies, sustainability initiatives, and adhere to international sustainability standards and disclosures,” she added. While these are tangible individual and corporate efforts to “restore the Earth” and preserve it for the next generation, we should continue doing our part, however small you think it is, in keeping our planet alive for years and years to come. Changing deeply entrenched behaviors can be very difficult, but not impossible. You just have to have the willingness to change and adapt new, more environmentally responsible habits. Then we will no longer need Earth Day to remind us of the damage we’ve caused our planet; we can just use that day to celebrate the good that we’ve done to restore it. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world. Abigail L. Ho-Torres is AVP and Head of Advocacy and Marketing of Maynilad Water Services Inc. She spent more than a decade as a business journalist before making the leap to the corporate world. We are devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

Sports

BACK TO NORMAL?

BusinessMirror

| Monday, April 26, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

TASHKENT STINT BOOSTS PHL LIFTERS’ CONFIDENCE P By Josef Ramos

HILIPPINE weightlifting could no longer be all about Hidilyn Diaz after Vanessa Sarno and co. plucked 11 medals—two of them golds—at the recent Asian championships in Tashkent. The Philippines was the only Southeast Asian country in the tournament that lured 17 nations and with a 2-6-3 gold-silver-bronze haul wound up eighth in the medal tally board dominated by China (27-16-3). The impressive performance—six countries didn’t land a medal—was a more than enough morale booster for the Filipinos who locked in on their next target: the 31st SEA Asian Games in Hanoi in November. “My target is to win gold in the SEA Games, but I still want to improve my lift when I return to training in Dawis [Bohol],” said Sarno from their Tashkent hotel room. The team will fly back to Manila on Wednesday, giving the weightlifters and coaches Nick Jaluag and Gary Hortelano enough time to tour the Uzbek capital.

Hidilyn Diaz’s cousin Mary Flor Diaz pocketed three silvers in women’s 45-kg division and Erleen Ando took home two silvers and a bronze in the women’s 64-kg class. Kristel Macrohon, the 2019 Southeast Asian Games gold winner, added two bronze medals in the 76-kg division. The harvest was more than enough boost for the athletes who are now focused on Hanoi. “I want to be stronger than I was before.” Ando, Diaz and Macrohon believe those medals could turn to gold in the 31st SEA Games. “We’ll be fighting for gold medals in the SEA Games,” Ando said. “We can possibly win the overall championship there for as long as we work hard and cooperate with each other.” “Credit goes to the kids for believing in themselves and for believing in us,” Jaluag said. “We just have to continue training once we go back to the country.” Margaret Colonia (59 kgs), Ellen Rose Perez (49 kgs), John Febuar Ceniza (men’s 61 kgs) and John Dexter Tabique (men’s 96 kgs) were also on the team but missed out on the podium.

THOUSANDS of fans attend a UFC 261 mixed martial arts event Saturday in Jacksonville, Florida. The sold-out event touted as the first full-capacity sporting event held indoors in more than a year drew a star-studded crowd. AP

ACKSONVILLE, Florida—A packed house. A raucous crowd. Celebrity sightings. Stunning upsets. Spectacular finishes. Broken bones. Blood, sweat and tears. UFC 261 returned a sense of normalcy to the sports world Saturday night with one of its craziest events in years. Billed as the first full-fledged sporting event since the coronavirus pandemic altered the world more than a year ago, it delivered more than even its staunchest promoter imagined. “I don’t think it gets any better than tonight,” UFC President Dana White said. “You couldn’t have a better night.... It was amazing. The crowd was amazing. The fights were amazing.... There’s just a different energy you get when people are here. It was insane.” The sold-out event drew a star-studded crowd. There was no social distancing inside the 15,000-plusseat arena and few masks in any direction. It was a clear sign that at least some fans are ready to return to normal after more than a year of dealing with COVID-19 changes to their routines. “I’ve pictured this moment a million times over, so it was everything I expected it to be,” said

Jeff Molina, who beat Qileng Aori in an undercard bout. “Having fans back is awesome.... I stepped in there, I turned and looked at the crowd, raised my hand and definitely caught some good energy, good vibes from the crowd.” Seven-time Super Bowl champion Tom Brady was sitting cage-side along with Tampa Bay teammates Mike Evans, Blaine Gabbert and Josh Wells. Florida legend and Jacksonville native Tim Tebow was on hand with his wife. And Jacksonville Jaguars quarterback Gardner Minshew and linebacker Myles Jack were in the first few rows. Former Bucs receiver Antonio Brown dipped into a large bucket of popcorn as he sat next to YouTube sensation and celebrity boxer Jake Paul, who got into a nose-to-nose argument with former UFC fighter and current commentator Daniel Cormier before the main card. The packed house taunted Paul several times during breaks and at least twice during fights. White brought his mixed martial arts behemoth back to Florida 11 months after the Sunshine State allowed him to host an event following a two-month shutdown.

Volleyball tryouts aspirants undergo tests

THE team—(from left) Elien Rose Perez, Mary flor Diaz, Garry Hortelano, Nicolas Jaluag, Elreen Ann Ando, John Dexter Tabique, Roselle Destura, Vanessa Sarno, Kristel Macrohon and John Febuar Ceniza—tour the Uzbekistan Sports Complex in Tashkent on Sunday.

ARTICIPANTS in the tryouts for the men’s and women’s national teams in Subic later this week will start undergoing RT-PCR tests starting today in a swabbing facility at the Mall of Asia Arena. The tests are in compliance with the Philippine National Volleyball Federation’s requirement for all athletes, coaches, officials and staff to be tested of Covid-19 48 hours before they proceed to Subic. Testing starts on Monday afternoon with the invitees

for women’s volleyball, as well as the PNVF staff who will be at the Subic tryouts bubble. The men’s volleyball tryout participants will have their turn on Tuesday, while the invitees for women’s and men’s beach volleyball will undergo testing on Wednesday. Tryouts for the men’s and women’s volleyball teams are set on Wednesday and Thursday at the Subic Gym, while those for the men’s and women’s beach volleyball squads are scheduled on Friday at the Subic Tennis Courts. The testing are through the assistance of Taguig City Rep. Alan Peter Cayetano and Covid-19 testing czar Secretary Vince Dizon.

Jacksonville hosted UFC 249 in May, and White vowed a return trip when the state fully reopened. Florida Gov. Ron DeSantis approved a reopening plan last year that allowed large sporting events to resume in late September, although reduced capacity and limited social distancing were recommended. But until UFC’s return trip, no one had allowed full capacity indoors. UFC hadn’t hosted fans in the United States in more than a year. There was a limited crowd for the last event at Fight Island in January. “It’s time to get back to normal,” White said while announcing a $3.3 million gate, just a small portion of the total take after pay-per-view sales are tallied. “If you want to wear a mask, wear a mask. If you don’t want to wear a mask, don’t wear a mask,” White said. “Everybody’s just doing their thing, and you know what, people seem like they’re a lot happier down here in Florida than they are in some of these other [freaking] states. You know what I mean? “Everybody is doing their thing down here and living their life. And that’s the way it’s supposed to be. It felt good to be here,” he added. AP “These RT-PCR tests are first and foremost on the PNVF’s list of priorities for these tryouts,” PNVF president Ramon “Tats” Suzara said. “The health and safety of everyone in the Subic bubble is paramount to the federation.” Invited in the tryouts are 40 women’s and 40 men’s volleyball players and 20 women’s and 20 men’s beach volleyball players. As decided in a recent meeting attended by the PNVF, Subic Bay Metropolitan Authority and Philippine Red Cross officials, all players will wear facemasks while participating in the three-day tryouts. National coaches Arthur “Odjie” Mamon (volleyball women) Dante Alinsunurin (volleyball men), Paul Jan Doloiras (beach volleyball women) and Rhovyl Verayo (beach volleyball men) will supervise the tryouts.

Dumapong-Ancheta in summit

HE Philippine Sports Commission (PSC) will feature powerlifting icon Adeline Dumapong-Ancheta in the 11th session of the National Sports Summit 2021 on Wednesday. Dumapong-Ancheta—a four-time Asian Para Games silver medalist and seven-time Asean Para Games gold medalist—will speak about para athletes and inclusivity. She will also share her experiences as part of the Philippine Paralympic Committee (PPC) advocating the rights of para athletes. Dumapong-Ancheta is also the first Filipino to earn a medal in the Paralympic Games in 2000 and went on to represent the country in the Athens (2004), Beijing (2008), London (2012) and Rio (2016) edition of the games. She was instrumental in the creation of Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act signed in 2015. “She is one of our most accomplished athletes who never relinquished their causes, especially in the area of inclusivity and disability,” PSC Chairman William Ramirez said. “It is a must for this sports summit to include our para athletes who play a big role in Philippine sports.” Dumapong-Ancheta, who heads the

musical performing group Rondalla On Wheels, is a board member of the Tahanang Walang Hagdan in Cainta. She seeks to inspire more than 800 registrants in the summit with her athletic journey. The summit is a weekly series of sportscentered virtual lecture and fora every Wednesday from 1 p.m. to 3 p.m.

OKYO—Only three months before the postponed Olympics are set to open, Tokyo and Japan’s second largest metropolitan area of Osaka have been placed under emergency orders aimed at stemming surging cases of the coronavirus. The measures, which take place during Japan’s “golden week” holiday period, are meant to limit travel and keep people out of public places. They are to end on May 11, just ahead of a widely reported visit to Hiroshima by International Olympic Committee (IOC) President Thomas Bach. Bach said this week that the visit, reported for May 17 and 18, is still in the “planning phase.” But Bach’s presence was immediately criticized by opposition lawmakers who say the Olympics are being prioritized ahead of public safety. “Japan should decide its own public health policies. There is no reason we should be told by Mr. Bach what to do,” said Yuichiro Tamaki, the head of the Democratic Party for the People. Bach said the duration of the state of emergency had nothing to do with his planned visit to the city, where he would greet the Olympic torch relay. Hiroshima was destroyed in 1945 by the American detonation of an atomic bomb over the city, and is a favorite backdrop for visiting politicians and dignitaries. “This [state of emergency] is absolutely in line with the overall policy of the government,” Bach said. “But it is not related to the Olympic Games. It is related to the golden week.” Japan’s third state of emergency is to include shutdown orders for bars, department stores, malls, theme parks, as well as theaters and museums. Even restaurants that do not serve alcohol are being asked to close early, as well as public transportation. Schools will stay open, but universities are asked to return to online classes. “I hope that the situation is going be better as soon as possible,” Seiko Hashimoto, the president of the organizing committee, said Friday in a online briefing. Japan has attributed about 10,000 deaths to Covid-19, good by global standards but poor by standards in Asia. It has vaccinated less than 1 percent of the population and has not enforced lockdowns with people becoming impatient and less cooperative as cases have again accelerated. AP

HANDLERS take a mask off the giant puppet Mocco during a special training session in Takamori, Nagano prefecture. Tokyo 2020 organizers created the 10-meter tall puppet to symbolize the spirit of the people from the regions affected by the 2011 earthquake and tsunami. AP

Tugging at Superman’s cape RICK OLIVARES| bleachersbrew@gmail.com

BLEACHERS’ BREW SOMEONE is tugging at Superman’s cape and he isn’t going away. I love the way Max Verstappen has been challenging the world’s best driver Lewis Hamilton in Formula 1 racing this 2021 season. Verstappen topped the chaotic Emilia Romagna Grand Prix last April 18 ahead of Hamilton. His aggressive driving got this huge checkered flag finish ahead of the Briton. The season-starting Bahrain GP last March 8 had the Englishman finishing first once more with the Belgian coming in second. It is best that Verstappen make the headlines for his driving instead of runs in with fellow F1 drivers. I am surprised that he got away with nary a slap on the wrist after his comments after Romain Grosjean’s crash in the 2020 Bahrain GP wherein the Frenchman miraculously escape death following a horrific crash. During the post-race press conference, when asked about whether drivers should continue the

Tokyo goes under ‘emergency orders’ 3 months to games

race after a red flag, Verstappen said, “If I were the team boss I would kick them out of the race. I would tell the guy he would never sit in this seat again.” Hamilton who sat two meters away looked at him remarked “I hope you will never be my team boss.” Not long after that, he insulted Canadian Lance Stroll and Mongolians in general following a collision with the former during preparations for the 2020 Portuguese Grand Prix. When asked if his comments would infuriate Mongolians, his retort was, “it isn’t my problem.” When Max doubles down on his comments, I suspect they are only done so as a public relations move and are rather insincere. He said he supported Hamilton’s t-shirts that decried racism, but he refused to kneel down. Granted, a person has the right to say and express himself, I wonder though if the gesture is sincere. Helmut Marko, the famed Austrian race driver and an advisor on Red Bull’s racing

team called out Verstappen and said that such comments should not be tolerated. How and why the Federation Internationale de’lAutomobile (FIA) has not acted on them is puzzling. Verstappen too had had his run ins with Sebastian Vettel that are—for lack of a better word—legendary. And the Belgian has been getting on the nerves of Hamilton over time. More so now that Ben Hodgkinson, the head of Mercedes’ high performance powertrains, will become the technical director of the equivalent department over at Red Bulls. I do get why Red Bull’s principal owner Charles Horner signed Verstappen away from Toro Rosso which is the brother team of the Austrian beverage company. Verstappen not only has nerve, but balls of steel. He has courage and skill that you need in this intense world of F1 racing. And he is only 23 years of age (while Hamilton is 36). This kid is going to be very very good for years to come. In fact, I actually thought that his former Red Bull teammate in Daniel Ricciardo bailed out on their team because he knew he couldn’t hold Max back for long. The Portuguese Grand Prix at the Algarve International Circuit is this Sunday, May 2. Like all F1 fans, I’ll be glued to this. I just hope it will be just racing. And of course, to see if Max Verstappen can continue to dog Lewis Hamilton who has been the best driver in the past seven, eight years.