BusinessMirror August 04, 2020

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

ADB: PHL REMITTANCES www.businessmirror.com.ph

n

Tuesday, August 4, 2020 Vol. 15 No. 299

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

TO SUFFER DEEP CUTS

TEACHERS and property custodians of Navotas Elementary School deliver school supplies and self-learning modules to learners’ residences in Barangay San Jose, Navotas City, in a division-wide simulation exercise conducted by the Department of Education on Monday. NONOY LACZA

T

By Cai U. Ordinario

HE Philippines will be among the hardest hit economies in Southeast Asia when it comes to the decline in remittances this year, according to the Asian Development Bank (ADB).

In a Policy Brief, the ADB said remittances in the Philippines are expected to decline by 20.2 percent in the worst-case scenario. This will affect 8.4 percent of households receiving remittances locally.

On Monday, the Bangko Sentral ng Pilipinas (BSP) reported that remittances declined 19 percent in May, as the impact of Covid-19 was hitting host countries, displacing thousands of OFWs. Story on page A2.

Meanwhile, the other South-

east Asian country that will suffer a large reduction in remittances is Indonesia, with a 21.4-percent decline in remittances. However, only 3.3 percent of its households receive remittances.

“The countries likely to face more severe effects from the pandemic-induced decline in remittance inflows are the ones where remittance shares to GDP and per capita remittances are high,” ADB said.

Continued on A2

Close, open, now close again for businesses

By Elijah Felice Rosales

A

FTER reopening this weekend, the Department of Trade and Industry (DTI) has ordered business activities to shut down again in compliance with the presidential directive placing Metro Manila and nearby provinces under modified enhanced community quarantine (MECQ).

Trade Secretary Ramon M. Lopez on Monday said all those recently authorized to operate in areas under general community quarantine (GCQ) will have to close again for the next 15 days.

This is due to President Duterte’s order on Sunday to revert Metro Manila and adjacent provinces to MECQ. Business activities, such as dine-in restaurants, barber shops, salons, gyms, review and testing centers, personal grooming shops and Internet cafes, will have to shut down anew, even as most of them have already invested in health equipment required for their reopening.

Lopez said business owners can use the MECQ stretch as a period to streamline procedures and prepare facilities in compliance with health standards. How-

PESO EXCHANGE RATES n US 49.1140

ever, this may appear impossible for a number of establishments given the ban on public transport that comes with the imposition of MECQ. “We hope that this break will allow these businesses to sufficiently prepare for better processes and facilities for compliance with the health standards when they soon reopen,” Lopez said.

“We wish that this move back to MECQ will break the increasing trend of positive Covid cases and will eventually allow us to bring back the much needed livelihood and jobs of our countrymen,” he added.

Many business activities are still allowed to operate in MECQ areas, although their capacity is limited to just 50 percent of their maximum.

Most of those permitted to do business are engaged in the delivery of essential goods and services, such as groceries, hardware, drug stores and commercial centers.

Lopez was earlier opposed to the reimposition of stringent quarantine measures in Metro Manila.

He argued that the country has to live with the virus, and a return to enhanced protocols will endanger both business operations and employment of workers.

ONLY MEDIUM CHANCE OF MEETING DEVT GOALS BY 2022–PSA Chapter/Sector

Governance Justice Culture and Values Agriculture, Forestry and Fisheries Industry and Services Human Capital Development Social Protection Demographic Dividend Science and Technology Macroeconomy Competitiveness Infrastructure Environment Total

No. of Indicators by Likelihood of Achieving the Target High Medium Low Total 9 - 8 17 4 1 5 10 1 - - 1 20 6 34 60 6 4 8 18 7 4 12 23 4 - 5 9 2 2 3 7 2 1 - 3 8 2 3 13 10 - 3 13 18 1 8 27 5 2 2 9 96 23 91 210

Note: Indicators with submissions as of cut-off date with no pending concern for verification.

By Cai U. Ordinario

E

VEN before the pandemic, the Duterte administration’s progress in meeting its Philippine Development Plan (PDP) was not enough to meet its targets by 2022, according to the Philippine Statistics Authority (PSA).

Based on the Statistical Indicators on Philippine Development (StatDev), the PSA said the government only had a medium chance of meeting all its PDP targets by 2022.

Of the 210 targets, the PSA said 91 targets may not be achieved and 23 had only a medium probability of being met. The PSA said 96 targets, however, have a high probability of being achieved.

Continued on A2

See “Close, Open,” A2

n JAPAN 0.4641 n UK 64.2804 n HK 6.3368 n CHINA 7.0419 n SINGAPORE 35.7323 n AUSTRALIA 35.0232 n EU 57.8514 n SAUDI ARABIA 13.0960

Source: BSP (August 3, 2020)

News BusinessMirror

A2 Tuesday, August 4, 2020

www.businessmirror.com.ph

Remittances crater in May, post 19.3% steepest decline since ’01 F ILIPINO migrant workers struggled in May to sustain the level of remittances they send back home, with the flows posting the steepest decline in 19 years, as the pandemic continues to ravage economies worldwide.

The Bangko Sentral ng Pilipinas (BSP) reported that cash remittances declined by 19.3 percent in May—a reversal of the 5.7-percent remittance growth seen in the same month last year.

The decline in remittances is the largest on record since 2001 and aggravated the previous month’s 16.2-percent decline.

Total cash remittances in May hit $2.1 billion.

Only medium chance of meeting devt goals by 2022 –PSA Continued from A1

“It [StatDev] aims to serve as an early warning measure by showing the likelihood of achieving the economic and social development goals set forth in the Philippine Development Plan, including the midterm updates. Thus, the StatDev framework is necessarily congruent with the current PDP and is revised each time a new plan is formulated.”

The PSA said it computed the likelihood of achieving the PDP targets using the tracking method used in monitoring the Millennium Development Goals (MDGs).

Based on this computation, those targets with a score of over 0.9 would have a high chance of being attained and thus, likely to be achieved.

However, targets with a score of between 0.5 and 0.9 only had a medium chance of being met by 2022. This means they may or may not be achieved at the end of Duterte’s term.

Of the 13 chapters of the PDP, Agriculture, Forestry and Fisheries had the most number of indicators at 60. More than half or 34 of these targets have a low probability of being achieved.

PSA data said another six targets have only a medium chance of being achieved, while 20 targets have a high probability of being met by 2022.

This was followed by infrastructure (27 targets); only one of them had a medium probability of being met.

The PSA said 18 of these targets have a high probability of being met and eight targets, a low probability.

This was followed by human capital development, with a total of 23 targets. More than half or 12 of these had a low chance of being met.

Data showed seven of the targets have a high chance of being achieved; four targets only had a medium probability.

The PSA said, however, that owing to the limitation in data submissions this year amid the community quarantine forced by Covid-19, the results presented in this report are only preliminary.

“An updated version of the StatDev 2019 report with sectoral performance and infographics will follow later within the year,” the PSA said.

The updated StatDev will cover results from the submission of updated/latest data for the remaining 32 percent of the indicators, including those with concerns for verification with the data sources, it added.

In a statement, the BSP said the contraction was due to the adverse effects of the Covid-19 pandemic on global economic activity, travel and employment, resulting in the repatriation or deferment of employment of many OFWs. The decline in cash remittances was also traced to the negative effects of the continued limited operating hours of some banks and institutions that pro-

vide money-transfer services during the lockdown.

For January to May 2020, cash remittances amounted to $11.554 billion, 6.4 percent lower than the $12.349 billion registered in the comparative period last year. This developed as remittances of both land-based and sea-based workers fell by 7.2 percent and 3.6 percent, respectively.

By country source, the United States registered the highest share to total remittances at 39.4 percent for January to May 2020. It was followed by Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Hong Kong, Qatar and Taiwan. The combined remittances from these countries accounted for 78.8 percent of total cash remittances.

Remittances have been one

of the pillars of the local economic growth story as they give local consumption fresh fuel for economic activity. However, even if other jurisdictions recover and Filipino migrant workers regain their remittance momentum, economists say consumption is still in danger due to the country’s still rising Covid-19 cases.

“Overseas Filipinos’ remittances cratered by almost 20 percent as the whole world faced lockdowns of their own. Most of the world has since re-emerged from the crisis but the Philippines unfortunately has taken two steps back after pushing to reopen.

Consumption will be hit yet again and the former star player is now almost completely hobbled by the virus with job prospects turning even more precariously close

MAPA: “We are increasingly worried that the Philippines is indeed headed into a severe crash landing with the probability of the economy returning to its former glory any time soon now declining by the day.”

to free fall,” ING Bank economist Nicholas Mapa said.

“We are increasingly worried that the Philippines is indeed headed into a severe crash landing with the probability of the economy returning to its former glory any time soon now declining by the day,” he added.

‘MECQ painful in short, helpful in long term’

F

INANCE Secretary Carlos G. Dominguez III admitted on Monday that the government’s decision to reimpose modified enhanced community quarantine (MECQ) would negatively impact the economy in the short term, but will be beneficial for the country’s struggle with the pandemic in the long run.

Dominguez made the remark after the government heeded the call of the medical community to place several parts of the country, including National Capital Region, under stricter lockdown for two weeks.

It was meant to provide a “time out” period for exhausted frontliners attending to the fast rising number of Covid-19 cases.

“In the short run, the return to MECQ may negatively affect livelihoods, consumer demand and production,” Dominguez told finance reporters in a message on Monday.

“However, if the time is used

to boost all our medical resources and to prevent further spread of the virus, then the MECQ will be positive for the long haul. The whole world is learning how to dance with this virus: two steps forward and one step back.”

President Duterte approved late Sunday the recommendation of the Inter-Agency Task Force (IATF) to place Metro Manila, some provinces in Central Luzon and Calabarzon under a more restrictive MECQ. Malacañang said this would take effect midnight August 4 up to August 18.

Prior to the declaration, NCR, Cavite, Laguna and Rizal were under general community quarantine (GCQ).

P20-B T-bills

DESPITE the government’s decision, investors continued to gobble up P20 billion in Treasury Bills (T-bills) as rates fell across the board.

The auction was oversubscribed with total bids reaching P76.4 billion, more than 3.8 times the P20-billion offer while average rates were all lower than the rates in the previous auction as well as secondary market benchmark rates.

National Treasurer Rosalia V. De Leon said the announcement did not affect investors’ continued preference for safehaven assets, including government securities, and even amid the offer period for 5-year Retail Treasury Bonds (RTB).

“None with overwhelming subscription and continued fall in rates with surplus liquidity and preference for haven assets.

This in spite of the RTB issue,” De Leon said in a message to reporters.

With strong demand for the 364-day T-bills, the Treasury also offered an additional P5 billion by opening the tap facility window for all 11 government

securities eligible dealers-market makers. Total bids for the tenor reached P27.310 billion, more than twice the P10-billion offer.

The tenor also fetched a lower average rate at 1.749 percent, a 0.9-basis-point drop from 1.758 percent in the previous auction.

Bids for 182-day T-bills amounted to P23.585 billion, more than four times the P5-billion offering. The tenor capped at an average rate of 1.454 percent, 15.1 basis points down from 1.605 percent in the previous auction.

Lastly, the 91-day T-bills posted an average rate of 1.221 percent, sliding by 11.4 basis points from 1.335 percent.

Bids for the tenor reached P25.510 billion, five times the P5-billion offer.

For this month, the Treasury is set to borrow P170 billion from the local debt market.

Bernadette D. Nicolas

Close, open…

Continued from A1

“[We] cannot go back to ECQ,” Lopez told reporters on Saturday. “[It is] damaging to people’s health, with unemployment and poverty affecting health and wellness and nutrition intake. Will affect long-term health and capacity to learn for children.”

At least 5 million Filipinos lost their jobs when the entire Luzon was placed under lockdown in March. Based on the April Labor Force Survey, unemployment rate rose to 17.7 percent—from 5.1 percent last year—translating into more than 7.25 million jobless Filipinos.

Amid ECQ, PhilHealth probe goes on in Senate

POLICE and military personnel man the checkpoint between the cities of Las Piñas and Cavite, after President Duterte placed the National Capital Region and nearby areas back to modified enhanced community quarantine for 15 days effective Tuesday, August 4, 2020, in response to a call by medical frontliners for a “time-out” as Covid-19 cases continue to increase with the easing of quarantine rules. NONIE REYES

Continued from A8

After June growth blip, manufacturing backslides in July Continued from A8

“While domestic demand may stabilize, it will be important for businesses to re-strengthen foreign sales in order to recover from this period of [likely] deep recession. IHS Markit forecasts a -6 percent annual drop in GDP in the second quarter,” he added.

“Jobs are also a long way from returning to pre-Covid levels, with latest data signalling a steep fall in employment again in July. With

unused capacity still apparent amid a fall in outstanding orders, it could be a while before firms bolster their payroll numbers,” he further said.

In a separate report, Oxford Economics also warned of the “dangers” in the country’s manufacturing sector as the virus remains uncontrolled in the country.

“Overall, July PMIs do not paint a particularly encouraging picture and add to concerns of an economic relapse, especially in

India and the Asean. With India and the Philippines struggling to contain the virus and reports of renewed outbreaks elsewhere, the risks of severe restrictions being reimposed have clearly risen,” Oxford Economics said.

“Hence, despite the strong Chinese recovery, we caution against too much optimism. In our view, recovery prospects vary greatly across the region, with India and the Philippines trailing far behind in our forecasts,” it added.

Also summoned to appear at the hearing was Atty. Thorson Montes Keith, resigned anti-fraud legal officer who blew the lid on alleged anomalies at PhilHealth, triggering the Committee of the Whole inquiry.

Earlier, Sotto confirmed the Senate will be locked down for two weeks as a gesture of “support and concern” for the medical frontliners who requested a two-week “time-out.”

This developed as Senator Lacson confirmed at least two other witnesses are expected to testify under oath before Senate probers, apart from Keith: Etrotal Laborte, a former head executive assistant of Morales, and Board Member Alejandro Cabading.

Lacson said he will confer with fellow senators to consider providing security to witnesses who will testify and provide information detailing PhilHealth anomalies.

Butch Fernandez

ADB: PHL remittances to suffer deep cuts Continued from A1

“Central Asian countries such as Georgia, the Kyrgyz Republic and Tajikistan, sending a large number of seasonal and long-term migrants mainly to the Russian Federation and Europe, will also be hard-hit, along with some of the major migrant origin countries such as Nepal and the Philippines,” it added.

Jica fellows’ study

THE ADB said its findings are consistent with that of Jica Ogata Sadako Research Institute for Peace and Development Research Fellow Enerelt Murakami, Executive Senior Research Fellow Satoshi Shimizutani and Research Fellow Eiji Yamada.

In July, the researchers said their estimates showed remittances to the Philippines will contract by 23 percent to 32 percent this year and cut household spending per capita by 2.2 to 3.3 percent.

The ADB said overseas Filipino workers (OFWs) have been severely affected by travel bans imposed to prevent the spread of the coronavirus disease (Covid-19).

The travel bans have significantly affected OFWs, many of whom work in the global travel and tourism industry as well as logistics firms as seafarers.

The ADB said that as a result of restrictions imposed on international mobility, as of June 21, the Department of Foreign Affairs (DFA) repatriated over 29,000 seabased overseas Filipinos, accounting for more than a third of the global maritime workforce.

As of end-July, the DFA reported more than 100,000 OFWs have been repatriated from labor-hosting countries around the world, as the pandemic shuttered or impacted businesses they work for.

“For Southeast Asia, the Philippines is the most affected, with remittances falling over 20 percent; and others by over 15 percent. Remittances for most of the Pacific island economies are expected to fall by around 13 percent.

In general, the magnitude of the impact on remittances by economy reflects the distribution of the decline in GDP observed in the host economies,” the ADB said.

The policy brief said the recession from the pandemic threatens job security and the well-being of over 91 million international migrants from Asia and the Pacific.

Total remittances to Asia are expected to fall by between $31.4 billion (baseline scenario) and $54.3 billion (worst-case scenario) in 2020—equivalent to 11.5 percent and 19.8 percent of baseline remittances, respectively.

The potential drop in remittance flows to developing Asia— particularly in the Pacific and Central and West Asian economies, where many households depend on international remittances—could push people into poverty.

In order to help migrant workers, the ADB suggested that both the source and host countries of migrant workers help manage these Covid-19 impacts by extending temporary health and social services to assist stranded and returned migrants.

These countries could also expand the coverage of social protection to low-income remittance recipient households who may fall back into the poverty trap.

The ADB cited a need to design a comprehensive national migration policy framework that encompasses immigration, health and labor policies to support migrant workers and improve their rights and welfare.

Lastly, the ADB said these countries should ensure the continuity of remittance services and enabling business environment for service providers, including the use of digital and online platforms to better serve migrants and their families.

The Nation BusinessMirror

www.businessmirror.com.ph

LGUs told: Ensure construction of telco towers or else…

By Samuel P. Medenilla @sam_medenilla

P

R ESIDEN T Duter te ha s given local government officials until this week to submit an update on pending ordinances within their jurisdictions for the construction of communication towers.

He warned concerned local government units should transmit updates to the Department of the Interior and Local Government (DILG) within three days starting Monday, or risk facing sanctions.

“So the clock is ticking except on the days we do not hold office, I will count the 72 hours weekdays. Then for example if it has been there on Monday, then two to three days should be on Thursday,” the President said.

LGUs who fail to comply will be charged with corruption by the Presidential Anti-Corruption Commission (PACC) and Ombudsman Samuel Martires to handle the said cases.

“I’ll see to it that you are effectively suspended preventive—suspended as a form of a punishment,” President Duterte said, adding he may also call for the resignation of those accused, if they will be proven liable.

“I may not be really the best but I want to taste your agony and I want to taste your humiliation while I am here because you are a criminal,” he said.

President Duterte added he hopes the courts will not “interfere and allow him to impose the said punishment against those who will be involved in the deliberate delays in releasing permits for communication towers.”

Presidential spokesman Harry Roque said the order was issued to concerned LGUs in response to the complaints of the telecommunication industry on the long delays on the issuance of the said permits which could take months.

During his fifth State of the Nation Address (Sona) last week, President Duterte committed to greatly improve the country’s telecommunication services before he ends his term in the next two years.

To help in this initiative, the DILG signed a new joint memorandum circular with other concerned government agencies to minimize “red tape” in the permit issuance for communication towers.

The construction of additional communication towers is expected to improve communication and Internet services nationwide.

Duterte may deploy military medical reservists in fight against coronavirus

D

By Rene Acosta

@reneacostaBM

EFENSE Secretary Delfin N. Lorenzana ordered newly installed Armed Forces Chief of Staff Lt. Gen. Gilbert Gapay on Monday to undertake a headcount of military reservists with health and medical backgrounds for possible drafting into active service in the fight to control the spread of Covid-19.

“I have already directed the chief of staff, general headquarters, to find out who are those that can be called to active duty. Now, once we identify these [reservists], we will make the recommendation to the President to call them to active duty,” Lorenzana said, noting that the mobilization of the reservists needs the approval of President Duterte because it may entail funding.

The defense chief, however, clarified that reservists with medical backgrounds who are already serving in medical facilities, or in the overall government effort to contain the contagion, are exempted from being called into active duty.

Lorenzana said the idea of tapping the services of reservists was raised by the President himself when he called

him on Sunday night. In that meeting, Lorenzana said he was specifically instructed to beef up the ranks of medical frontliners by mobilizing the reservists.

“Last night, I was directed by the President to mobilize our medical reservists. He was thinking actually of mobilizing all reservists but I told him that what we only need are medical reservists. It will be good if we can bring them to active service so that they can help in the fight against Covid,” he said.

Lorenzana said that those who will be called into active service would include doctors, nurses and others whose backgrounds are both in the health and medical fields.

“At present, we have 380 medical officers as reservists, they are all out-

J

@jrsanjuan1573

USTICE Secretary Menardo Guevarra has expressed optimism that the implementing rules and regulations (IRR) for the implementation of the controversial Anti-Terrorism Act of 2020 will be released within the 90-day period as prescribed by the law.

Guevarra said the justice department together with other agency leaders concerned have started drafting the IRR which will be submitted to the Anti-Terrorism Council (ATC).

“The DOJ legal team has started drafting the IRR. We shall consult our law enforcement and military institutions as we go along. We shall also coordinate with intelligence agencies for inputs, then we’ll present an initial draft to the Anti-Terrorism Council for consideration,” Guevarra said.

“I believe we can finish the IRR within the 90-day period provided under the anti-terrorism law,” he added.

side, and 5,368 enlisted personnel who have medical training,” he said.

The defense chief said they would improve military hospitals so that they could serve as backup hospitals for Covid-19 patients once hospitals and other medical facilities around the country would reach full capacity.

President Duterte has placed Metro Manila and surrounding provinces under modified enhanced community quarantine (MECQ) from August 4 to 18, 2020 amid an unabated rise of Covid infection.

The President’s order followed the recommendation of doctors and other medical professionals for the government to reimpose ECQ, particularly in Metro Manila, still due to the alarming rise of cases.

Top defense and AFP officials defend Gapay outlines priority Duterte’s ‘weak’ stance on WPS issue as Armed Forces chief

D

EFENSE Secretary Delfin N. Lorenzana and newly installed Armed Forces Chief of Staff Lt. Gen. Gilbert Gapay defended President Duterte on Monday over his “weak” and “defeatist” stance with China over the issue of the West Philippine Sea (WPS).

During his State of the Nation Address early last week, the Commander in Chief admitted that he was “inutile [useless or incapable]” in defending the country’s maritime territory against Beijing, reiterating his previous statement that he could not afford to go into war with the Chinese.

The President’s admission drew flak from various sectors and even from former government officials, including retired Senior Supreme Court Senior Associate Justice Antonio Carpio, who said that Duterte need not go to war with China just to keep the country’s territorial stake.

They cited the examples of Malaysia and Indonesia who are resisting Beijing’s incursions into their maritime territories.

“As far as the West Philippine Sea issue is concerned, our President, our national government is just adopting a realistic and pragmatic approach and strategy in really going about the problem, without of course undermining our national interest,” Gapay said.

“We know that that is still our territory, up to the 12-mile Exclusive Economic Zone. For the information of everyone, the President has never given an instruction to stop the Armed Forces from patrolling that area, day in, day out. Our Air Force, our Navy continuously patrol that area, our territory in that West Philippine Sea,” he added.

The top military official said the Armed Forces is toeing the “national direction” in addressing the territorial issue, or “conflict,” peacefully “based on the rule of law.”

“So those are our guiding principles as we perform our mandate in upholding our sover-

eignty and preserving our national, our territorial integrity in that West part of our country,” Gapay added.

Lorenzana, for his part, admitted that President Duterte’s remarks on the territorial defense have drawn flak from some sectors but explained the Commander in Chief was just pragmatic and realistic in looking at and in addressing the issue.

“Yes, a lot of criticisms have been hurled at the President for his alleged defeatist attitude, or stance on our maritime dispute with China in the West Philippine Sea. Now, when he said that inutile, I don’t think that he is saying that,” the defense chief said.

“I believe he is not being defeatist, he is just being pragmatic and realistic. You know there are so many countries who are getting involved here, in the South China Sea, but they have different interests than the Philippines,” he added.

Lorenzana said the interests of other countries on the South China Sea only revolves around the issue of access, or freedom of navigation.

“We have other issues in the South China Sea like how are we going to exercise our sovereign rights to exploit the resources, but other countries are not involved [in this]. It’s only between us and China, and so the President’s tact is to sit down with China and resolve this issue,” Lorenzana said.

The defense secretary said Beijing is “amenable” to this scheme, adding “there have been ongoing talks already about sharing our resources, extraction of the resources.”

Some had claimed that President Duterte’s controversial statement has emboldened China to aggressively pursue its overlapping maritime claims, sending a plethora of military, paramilitary and militia vessels in the WPS that even harasses or intimidates not only Filipino fishermen but even the resupply missions of the military for its detachments in that area. Rene Acosta

F

ORMER Army Commanding General Lt. Gen. Gilbert Gapay officially assumed as the new chief of staff of the Armed Forces of the Philippines (AFP), stressing he would prioritize the implementation of the new Anti-Terrorism law as his priority along with the operational effectiveness of the military.

Gapay succeeded Gen. Felimon Santos Jr. during a turnover ceremony at Camp Aguinaldo on Monday, which also marked the official retirement of Santos from the service. The event, which saw the absence of President Duterte, who is also the Commander in Chief, was presided by Defense Secretary Delfin N. Lorenzana.

“We have done well in our initiatives in the first semester of 2020 but that is not enough. We will continue our pursuit of operational effectiveness, organizational efficiency, personnel development and well-being and stakeholders’ collaboration,” said Gapay in his assumption speech.

“We will see to it that the implementation of Executive Order 70 and the Anti-Terrorism Act of 2020 will remain our top priority to place a definite end to terrorism. There will be no let up as we continue to be at the forefront confronting all these threats,” the newly installed military chief assured.

Gapay said he would hit the ground running against all challenges confronting the military, “be it territorial integrity, terrorism, the wrath of nature or even infectious diseases,” adding the military will “not falter.”

Gapay’s assumption marked Santos’s exit from the military where he logged

DOJ seeks to finish anti-terror Three undocumented OFWs blocked law’s IRR in 90 days–Guevarra from leaving on separate Naia flights

By Joel R. San Juan

Editor: Vittorio V. Vitug • Tuesday, August 4, 2020 A3

Guevarra, however, said it is “too early to say” if the IRR would cover the use of social media.

This was in response to newly appointed Armed Forces of the Philippines chief Lt. Gen. Gilbert Gapay’s call for a provisions in the IRR that would regulate the use of social media. Gapay expressed belief that social media is being used by terrorists to radicalize the youth and plan their lawless acts.

The law was signed by President Duterte on July 3 and was published in the Official Gazette on the same day.

It took effect 15 days after, which was on July 18.

More than 20 petitions have also been filed before the Supreme Court seeking to declare the law unconstitutional for being “vague” and “over breadth.”

Those opposing its implementation argued that the definition of terrorism under ATA of 2020 is vague and would allow law enforcers to arbitrarily and selectively enforce the law.

By Recto Mercene

I

@rectomercene

MMIGRATION authorities at the Ninoy Aquino International Airport (Naia) have stopped the departure of three undocumented overseas Filipino workers (OFW) leaving on separate flights bound for Dubai and Greece.

The Bureau of Immigration (BI) suspected the trio of having been victims of human trafficking and illegal recruitment.

Reporting to Immigration Commissioner Jaime Morente, Port Operations Acting Chief Grifton Medina said the passengers were intercepted last week before they could board their flights to the Middle East and Europe.

“Their travel documents indicated all of them have intention to work illegally as undocumented workers,” he said.

“The OFWs were prevented from leaving as they were victims of human trafficking syndicates,” Medina added.

The BI’s Travel Control and Enforcement Unit Head, Ma. Timotea Barizo, said the Dubai-bound passenger was intercepted last July 25, 2020, after the immigration officer noticed that her over-

seas employment certificate (OEC) was not validated by the Philippine Overseas Employment Administration-Labor Assistance Center desk at the airport.

Immigration officials said the OEC stamp was tampered with as it was issued to someone else other than the said passenger.

The victim, confronted with the evidence, admitted that her trip was processed by her handlers and that her documents were only given to her at the airport.

Barizo also reported that the two Greece-bound passengers who were intercepted last Sunday, August 2, 2020, also presented fraudulent travel documents and fake OECs. The duo admitted that their documents were only handed to them at the airport, saying they were recruited to work in Athens.

The duo said they each paid their handler P95,000 in return for facilitating their trip and processing their documents.

All three undocumented workers were turned over to the Inter-Agency Council Against Human Trafficking for further investigation.

more than 38 years in service, and whose reign of the AFP was met with challenges.

Santos’s assumption as the top military chief was welcomed by the explosion of Taal Volcano on January 12. He was also the chief of staff when the military mobilized assets and personnel to assist in the evacuation of overseas Filipino workers in Middle East as relations between the US and Iran soured.

Two Navy ships, BRP Ramon Alcaraz and BRP Davao Del Sur, were sent to Oman to assist in the repatriation mission.

The military said that under Santos, the government sustained its gains in internal security operations, especially against the New People’s Army and local terrorist groups operating in Mindanao.

A total of 3,808 rebels and communist supporters were reported to have been neutralized from January 1 up to July 30 this year, including 134 that were killed and 150 others that were apprehended in operations.

At least 3,524 rebels, members of underground organization members and other supporters also surrendered.

A total of 885 high powered and low powered firearms, 313 homemade bombs and 164 encampments were also seized during the same period.

The military also neutralized a total of 88 Abu Sayyaf Group members, 37 of whom were killed while four were apprehended during operations.

Gapay assured the military will perform its constitutional duty of keeping the West Philippine Sea and will make sure it will not fall into the hands of other forces. Rene Acosta

DFA halts ops at Aseana, COs in Metro, Malolos, Dasmariñas, Laguna and Antipolo until August 18

I

N accordance with the modified enhanced community quarantine (MECQ) guidelines, the Department of Foreign Affairs (DFA) announced it has suspended the operations of its Office of Consular Affairs (OCA) in Aseana, Parañaque City, all Consular Offices (CO) in Metro Manila, and the COs in Malolos, Dasmariñas, Laguna and Antipolo.

The DFA said the suspension of operations will be from August 4, 2020 until August 18, 2020.

Passport applicants with confirmed appointments during these dates will be accommodated beginning August 19, until September 30, 2020, “Mondays to Fridays, during regular business hours.”

Also, those seeking Authentication, Civil Registration, and other consular services will be accommodated starting August 19, until September 30, 2020. DFA said passport applicants who were affected by the MECQ declaration are reminded that there is no need to reschedule, or cancel their confirmed appointments. For the e-mail addresses and other contact details of the CO, please visit https://consular.dfa.gov.ph/directory#COS. The DFA also reminded the public that due to logistical limitations in light of the MECQ, there may be some delays in the production, delivery, and availability of passports nationwide, and at Philippine Embassies and Consulates General until the MECQ period ends and logistics partners’ operations are stabilized. Passport applicants are advised to prepare contingencies for their travel plans.

Applicants with questions or emergencies may get in touch with the CO where their appointment was scheduled. Recto Mercene

A4 Tuesday, August 4, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

House panel approves P125-billion microfinance program for MSMEs

By Jovee Marie N. Dela Cruz @joveemarie

T

HE House Committee on Ways and Means on Monday approved the proposed Puhunan, Tulungan, Kaunlaran (PTK) Act, which aims to provide micro, small and medium enterprises (MSMEs) easier access to government loan programs.

Authored by Speaker Alan Peter Cayetano, the substitute bill will institutionalize microfinance programs and access to capital for MSMEs. Cayetano said the proposed loan program is similar to “5-6” lending scheme in terms of access to microfinance but provides a much lower and affordable interest rates.

“With this measure in place, Filipino families and enterprises would no longer resort to borrowing from unconscionable 5-6 lenders and should be able to feel the effects of the country’s exceptional GDP [gross domestic product] growth through efficient and effective access to loan facilities,” Cayetano said.

Under the bill, the PTK Loan Program shall cater exclusively to micro enterprises in need of capital, whether they fall under the priority business areas of their respective regions.

Each loan shall not exceed

P10,000 for first time borrowers, P30,000 for second time borrowers, and P250,000 for those borrowing a third time or more. Loan proceeds shall be exclusively used for capital.

The allowable interest rate shall not exceed 12 percent per annum.

The measure said P125 billion shall be appropriated for the next 25 years upon the implementation of the proposed law.

According to the bill, the Department of Trade and Industry (DTI), in coordination with the Department of the Interior and Local Government, Department of Agriculture, Department of Science and Technology, Department of Tourism, National Economic and Development Authority, and the Technical Education and Skills Development Authority, shall develop a comprehensive program for the development of MSMEs at all regions of the country.

It said the goal of the program is to protect the capital of small proprietors, ensure the success of their MSMEs, and likewise transform these MSMEs into five-star businesses by providing them with assistance and the necessary resources to help their businesses flourish.

The program shall be national in scope but shall be tailored to fit the business environment, market demands, and available

resources of each region.

The bill proposes that every year, five top-performing enterprises per size and category in each region shall receive a five-star award and shall be eligible for grants not less than 10 percent of their current capital to be solely used for further business capitalization.

To qualify for the loan program under the measure, the borrower must be: at least 18 years of age; a member in good standing of the duly registered cooperative, or association, or a resident of the LGU, from which he/she intends to avail of the loan; willing to state under oath the facts establishing the foregoing; comprehensive feasibility study of the business proposal; and has attended a DTI-accredited livelihood seminar, as evidenced by a certificate of participation, and possesses credit-worthiness, as likewise proven by a certificate issued by the DTI for that purpose.

The measure said each participating local government unit (LGU) must prepare a comprehensive feasibility study for the development of a loan program.

Each LGU must fund, from its internal revenue allotment, at least P5,000, where possible and practicable, or 30 percent of the total funding cost related to small

business improvement, agricultural improvement, institutional advancement and consumer protection, whichever is higher.

Likewise, for this purpose, the LGU shall maintain a separate and dedicated office which shall be responsible for the overall implementation of the program in the locality.

It also said participating cooperatives or associations, and LGUs with loan programs are hereby authorized to accept donations from the private sector in order to augment the available funds for the loan program.

It added any person, or corporate entity, may donate funds, equipment, materials, or services for the improvement of the PTK Five-Star and/or PTK loan program. Such donations shall be done through a memorandum of agreement between the cooperative or association, LGU, and the donor.

The agreement shall expressly state the value of the donated funds, materials, or services.

Also, the bill said there shall be a PTK Task Force in charge of coordinating with banks and financial institutions on their existing programs on micro financing. This shall be consolidated and submitted to DTI to be taken into consideration for the PTK Loan Program.

Fuel prices drop as 15-day MECQ begins Tuesday

By Lenie Lectura @llectura

L

OCAL fuel pump prices are expected to decline this week.

Oil firms said Monday they will slash gasoline prices by P0.25 per liter, diesel by P0.30 per liter and kerosene by P0.15 per liter.

The price rollback will take effect at 6 a.m. of August 4, the same day that the revived modified enhanced community quarantine (MECQ) will be implemented in Metro Manila and surrounding provinces until August 18.

Pilipinas Shell, Seaoil Philippines, Petro Gazz, Cleanfuel announced their price adjustments. Other oil firms are expected to follow suit.

Energy Secretary Alfonso G. Cusi said Monday that there is enough supply of petroleum products during the MECQ. He also assured the public that power supply remains sufficient.

“The power sector will continue to quietly work providing uninterrupted supply of power and petroleum products to run our economy,” he said.

Meanwhile, the operator of the Wholesale Electricity Spot Market revealed that the demand for electricity in August could further go down.

“Even before the revert to MECQ, demand was low already because of cooler temperature,” said Independent Electricity Market Operator of the Philippines chief operating officer Robinson Descanzo.

Peak demand in July went down to 12,444 megawatts (MW), 12,611 MW in June and 11,567 MW in May. “Demand is going down. So, there is a possibility that August demand will be lower compared to July,” he said.

Electricity peak demand last year stood at 12,653MW in August; 13,040MW in July; 13,450MW in June; and 13,316MW in May.

www.businessmirror.com.ph

Powerful analytics in integrated compliance management

By Henry J. Schumacher

T

HERE are many compelling ways to make a solid case for deploying powerful analytics within your compliance program. As a Bloomberg article put it, compliance programs “like everything else in the 21st century must be data-driven.”

The most significant risk for compliance officers is that they fail to understand what is happening in the organization. That occurs when compliance officers have an incomplete picture of activities: data from only half the operating divisions, key facts missing from a specific allegation of misconduct, and so on.

Integrated compliance management consolidates information in an accurate, useful way enabling compliance officers to contextualize that information into broader trends of compliance activity, which in turn will allow for a more methodological and analytical approach to managing compliance.

Without effective centralization and normalization of data, none of the powerful analytics is possible in the first place. Let’s take the example of whistle-blower hot lines, a vital tool to collect reports of misconduct. Don’t assume that in your organization most reports of misconduct come from employees speaking to managers; they will be scared to do that.

An integrated platform can even connect your case management process to your conflicts of interest process. This connection would flag any conflicts related to specific cases, shedding additional light on the investigation and allowing you to take appropriate corrective measures. Regulatory guidance has already highlighted the need for better data analytics, the criteria for which is also clearly laid out: Adequate access of compliance officers to data (recall the earlier point on data centralization) Data consolidation to ensure timely and effective monitoring, or testing controls and mitigation plans.

Leveraging data to discern patterns, trends, relationships, and anomalies as real-time early warning systems.

So let’s dive into a few of the compliance objectives that become tangible to compliance officers with integrated compliance management and robust data analytics.

Better risk management smartly designed compliance processes (read: risk controls) are crucial components of an effective compliance program. However, these controls are bound to fail from time to time, which is why any robust compliance program must include reliable reporting and analytical functionalities.

These two components are the nervous system of a compliance program bringing potential concerns about misconduct, changes in risk factors, and risky trends and patterns to the compliance officer’s attention.

Similarly to the human nervous system, reporting and analytics must be ready to encounter stimuli, translate input into actionable intelligence; and relay that information to a central “brain” (the compliance officer).

The brain of the compliance operation can decide how best to respond, improve the compliance program, and advise senior leader-

ship on strategic decisions.

Powering preventive compliance measures need to be in place for companies to qualify for a reduced prosecution, or fine, or declination to prosecute altogether. The prize is a tempting one, particularly considering the gigantic size of some of the penalties that have been imposed on multinationals so far.

To cite just a few, Airbus was fined a total of $2.09 billion in 2020, Petrobras $1.78 billion in 2018, and Swedish Telia a total fine of $1.01 billion in 2017.

These fines, despite their size, still don’t reflect the enormous sums spent on investigations, lawyers, and other resources, nor the invaluable damage to reputation.

In the Philippines, both the National Privacy Commission and the Philippine Competition Commission have been careful with fining so far. But their impact on the reputation of companies is clearly visible.

Yet, what this approach has failed to highlight is the broader goal of compliance, namely, to put an end, or at least limit, the destructive economic and social effect corrupt business and unfair competition have.

Reactive compliance will no longer cut it today since a proactive approach to preventing misconduct must be taken if stopping global corruption is the goal.

Striving for impact effective compliance management rests on impactful measurement solutions. Based on that assumption, no compliance department can claim to manage an effective program if it’s unable to measure its impact.

Well-designed and well-built compliance processes are only the first step toward operating a robust compliance program; if policies and procedures remain elaborate documents bypassed in practice, your compliance program is only strong on paper.

Measuring how your policies and procedures work in practice allows you to truly assess how well controls protect your business from violations, how well you deal with misconduct when it strikes, and how much damage you will be able to mitigate.

If you lack effective monitoring and analytics functions, you will miss the critical part that will transform your program from process-oriented to impact-oriented.

Program evaluation. The two foundational approaches that differentiate between a perfectly designed paper program and a well-functioning compliance program is one that’s founded on a sound risk assessment and crowned with effective monitoring and evaluation.

Compliance departments with advanced data analytics can rely on real-time data feeds to make the association between risk factors across the business to identify changes in risks and instantly bring the need to reassess control to the stakeholders’ attention.

These real-time insights differentiate reactive from proactive compliance. Transforming your program to be proactive can only be achieved with sound data analytics.

Process automation. We are offering software automation for larger companies to supervise their departments and subsidiaries for data privacy protection and cyber security. I feel that the time has come to extend that kind of automated compliance management to fair competition and anti-corruption.

Feedback is appreciated; contact me at schumacher@eitsc.com

The World BusinessMirror

Editor: Angel R. Calso

Tuesday, August 4, 2020

A5

Global coronavirus cases top 18 million

G

lobal coronavirus cases surpassed 18 million as the pandemic is now adding a million infections every four days, prompting more lockdowns.

provincial government’s web site.

Vietnam will test all residents of Danang, a city with 1.1 million people, Tuoi Tre newspaper reported, as the risk of a widening spread increases.

New Zealand-Australia travel bubble delayed

Australia’s Victoria state tightened restrictions and declared a state of disaster, while the Philippines reimposed a lockdown in Manila. Vietnam will test all residents of Danang as an outbreak threatens to widen. The UK is looking at all options for tackling flare-ups, following reports that a London-wide lockdown is being considered.

White House coronavirus task force head Deborah Birx said the pandemic is in a “new phase” as it spreads across US rural and urban areas. India’s home minister tested positive.

The Hong Kong government on Sunday welcomed Chinese government experts who are setting up a temporary laboratory to dramatically expand its ability to track a third wave of Covid-19 cases. The push quickly fanned suspicions that authorities would use the opportunity to collect DNA samples from residents, a tactic local law enforcement have recently employed in activist arrests, after widespread use by police in Xinjiang and elsewhere on the mainland.

New Zealand will not be proceeding with a quarantine-free travel zone with Australia any time soon as a coronavirus outbreak spreads in the state of Victoria, Prime Minister Jacinda Ardern said.

“It will be on the back burner for several months,” she told Newshub’s AM Show on Monday. “One of our criteria is anywhere where we have quarantine-free travel they have to be free of community transmission for a period of time, 28 days. It is going to take a long time for Australia to get back to that place.”

HK denies China virus tests are bid to harvest DNA

Capital of Vietnam coffee province tightens rules

The capital of Dak Lak province in Vietnam’s coffee-producing Central Highlands is under a 14-day stay-at-home order as the country grapples with a sudden novel coronavirus outbreak that started late last month in the central coastal city of Danang, according to the

Singapore to require travelers to wear monitors

Hong Kong denied plans to harvest residents’ DNA as part of a Chinabacked coronavirus-testing blitz, as deep political mistrust further complicates the city’s efforts to contain its worst outbreak ever.

Singapore will require some incoming travelers who are serving their 14-day stay-home notices outside of dedicated facilities to wear an electronic monitoring device to ensure compliance. The rule will come into effect Aug. 10 and will apply to Singapore citizens,

permanent residents, long-term pass holders and work pass holders, the government said.

Argentina cases top 200,000; Brazil infections climb

Argentina’s coronavirus cases exceeded 200,000. The country reported 5,376 new infections, bringing the total to 201,919.

An additional 36 deaths were recorded, for a total fatality count of 3,648.

Brazil reported 25,800 new Covid-19 cases in the last 24 hours, pushing total cases to 2,733,677, according to the Health Ministry’s web site. The country, which has the second-highest number of cases and fatalities in the world, registered 541 additional deaths, for a total of 94,104 fatalities.

UK buys fast tests

Boris Johnson’s government signed deals for quick-turnaround tests for Covid-19 as the UK prepares for a winter resurgence of the disease amid criticism its initial response to the crisis was too slow.

Millions of the tests, which can give results in 90 minutes and check for flu and other viruses, will be sent to hospitals and care homes, Health Secretary Matt Hancock said Monday.

Australia braces for economic hit

Victoria, Australia’s secondmost populous region, is getting a “massive kick in the guts” to its economy from a statewide lockdown, Treasurer Josh Frydenberg said. The full impact depends on which industries and business will be allowed to stay open, he said.

The state government expanded restrictions on Sunday after three weeks of lockdown in Melbourne, Victoria’s capital, failed to abate the outbreak in the city of 5 million people. Melbourne also was slapped with an overnight curfew. The measures are in force for six weeks.

India’s home minister hospitalized with virus

India’s Home Minister Amit Shah said he tested positive for coronavirus in a post on Twitter.

Shah has been admitted to the hospital on the advice of doctors and asked everyone who he has been in contact with to get tested. Tamil Nadu Governor Banwarilal Purohit also tested positive CNBC-TV18 reported.

Kosovo PM Hoti tests positive

Kosovo Premier Avdullah Hoti said he has contracted Covid-19

and will self-isolate for two weeks while working from home.

Hoti, 44, said on his Facebook page that he has “no symptoms, except for a very mild cough.”

RLF-100 shows recovery from Covid respiratory failure NeuroR x and Relief Therapeutics announced that RLF-100 (aviptadil) showed rapid recovery from respiratory failure in the most critically ill patients with Covid-19.

The US Food and Drug Administration has given fast-track status to RLF-100. NeuroRx CEO Jonathan Javitt said in a statement the company is “conducting placebo-controlled trials to see whether the observations made in the case-control and open-label studies will be confirmed for less ill patients with Covid-19-related respiratory failure.”

California’s rise exceeds 14-day average

California reported 9,032 new cases, an increase that’s bigger than the trailing 14-day average of 8,891. Cases rose to 509,162 after the Golden State’s number of infections crossed 500,000 on Saturday. Another 132 new deaths were reported, bringing the total to 9,356. Bloomberg News

Vietnam’s PM says quick Debate begins for who’s first in line for Covid-19 vaccine action needed to avoid W major virus outbreak

V

ietnam’s Prime Minister Nguyen Xuan Phuc warned the nation during a cabinet meeting on Monday that it needs to move quickly to curtail the novel coronavirus outbreak that began in the coastal city of Danang last month to prevent it from reaching a “major scale,” according to a post on the government’s web site.

The “early August period” is a decisive time to tamp down the outbreak, Phuc said, according to the government’s web site. Ho Chi Minh City’s disease control center forecasts the virus outbreak will continue rising and spread quickly, according to the agency’s web site.

Vietnam is testing all residents of Danang, the city at the center of a coronavirus outbreak with 1.1 million people, Tuoi Tre newspaper reported. More than 1.4 million people had traveled to the coastal city since July 1, and returned to

their home provinces and cities, while about 42,000 people had visited three hospitals where most of the infections occurred, the government said Sunday.

The financial hub of Ho Chi Minh City recorded three cases after testing nearly 24,000 residents as of Monday out of 36,754 who said they visited Danang in the past month, its center of disease control said. Hanoi has quick-tested nearly 68,000 people who returned from Danang as of Sunday, according to the city’s government, which said an estimated 83,937 of its residents had been in the coastal city since July 8.

Officials in Hanoi and Ho Chi Minh City have ordered bars to close and a suspension of large gatherings.

The nation’s tally is now 621 cases, including 242 under treatment and six deaths, according to the health ministry. Bloomberg News

Oil dips near $40 with Opec+ starting to unwind output cuts

O

il edged lower near $40 a barrel in New York as Opec and allied producers started supplying more crude to a global market where many countries are still struggling to contain the coronavirus.

Opec+ will pump about 1.5 million barrels more this month than in July as it starts to unwind its historic virusdriven output curbs, with Russia already having lifted its output sightly last month. The increase in supply comes as virus cases accelerated in California, a lockdown is being reimposed in Manila, and Australia’s second-biggest city instituted a curfew to stem the spread.

Meanwhile, tensions between Washington and Beijing continued to simmer, with US Secretary of State Michael Pompeo flagging measures against “a broad array” of Chinese-owned software deemed to pose national-security risks.

Oil has rebounded from a plunge below zero in April, but the rally has stalled near $40 a barrel with rising infections raising concerns about a sustained recovery in consumption. It’s a precarious time for producers to be adding more supply to the market, with Royal Dutch Shell Plc and Exxon Mobil Corp. predicting there may not be a full demand recovery until next year.

“Demand is in question,” said Michael McCarthy,

chief market strategist at CMC Markets Asia Pacific in Sydney, adding that the easing of the Opec+ cuts had already been priced in. “We have also got concerns about the rising tensions between US and China.”

Pompeo’s comments suggest a possible widening of US measures beyond TikTok, the popular music-video app owned by ByteDance Ltd., one of China’s biggest tech companies. President Donald Trump told reporters on Friday that he plans to ban TikTok from the US, but his decision hasn’t been announced. Pompeo signaled he expects a Trump announcement “shortly.” Chinese newspapers slammed a potential ban on TikTok. The futures curve is signaling weakness, with WTI’s three-month timespread near the widest contango since May, indicating there are some concerns about over-supply. The market structure is where near-dated contracts are cheaper than later-date ones.

Meanwhile, US shale explorers reduced drilling last week after a gain in oil prices failed to revive confidence. The number of active rigs fell by 1 to 180, bringing it back to the lowest level since June 2009, according to Baker Hughes Co. data released on Friday. Bloomberg News

ho gets to be first in line for a Covid-19 vaccine? US health authorities hope by late next month to have some draft guidance on how to ration initial doses, but it’s a vexing decision.

“Not everybody’s going to like the answer,” Dr. Francis Collins, director of the National Institutes of Health, recently told one of the advisory groups the government asked to help decide. “There will be many people who feel that they should have been at the top of the list.”

Traditionally, first in line for a scarce vaccine are health workers and the people most vulnerable to the targeted infection.

But Collins tossed new ideas into the mix: Consider geography and give priority to people where an outbreak is hitting hardest.

And don’t forget volunteers in the final stage of vaccine testing who get dummy shots, the comparison group needed to tell if the real shots truly work.

“We owe them...some special priority,” Collins said.

Huge studies this summer aim to prove which of several experimental Covid-19 vaccines are safe and effective. Moderna Inc. and Pfizer Inc. began tests last week that eventually will include 30,000 volunteers each; in the next few months, equally large calls for volunteers will go out to test shots made by AstraZeneca, Johnson & Johnson and Novavax. And some vaccines made in China are in smaller late-stage studies in other countries.

For all the promises of the US stockpiling millions of doses, the hard truth: Even if a vaccine is declared safe and effective by year’s end, there won’t be enough for everyone who wants it right away—especially as most potential vaccines require two doses.

It’s a global dilemma. The World Health Organization is grappling with the same who-goesfirst question as it tries to ensure vaccines are fairly distributed to poor countries—decisions made

In this July 27, 2020 file photo, a nurse prepares a shot as a study of a possible Covid-19 vaccine, developed by the National Institutes of Health and Moderna Inc., gets underway in Binghamton, N.Y. Who gets to be first in line for a Covid-19 vaccine? US health authorities hope by late next month to have some draft guidance on how to ration initial doses, but it’s a vexing decision. AP/Hans Pennink even harder as wealthy nations corner the market for the first doses.

In the US, the Advisor y Committee on Immunization Practices, a group established by the Centers for Disease Control and Prevention, is supposed to recommend who to vaccinate and when—advice that the government almost always follows.

But a Covid-19 vaccine decision is so tricky that this time around, ethicists and vaccine experts from the National Academy of Medicine, chartered by Congress to advise the government, are being asked to weigh in, too.

Setting priorities will require “creative, moral common sense,” said Bill Foege, who devised the vaccination strategy that led to global eradication of smallpox. Foege is co-leading the academy’s deliberations, calling it “both this opportunity and this burden.”

With vaccine misinformation abounding and fears that politics might intrude, CDC Director Robert Redfield said the public must see vaccine allocation as “equitable, fair and transparent.”

How to decide? The CDC’s opening suggestion: First vaccinate 12 million of the most critical health, national security and other essential workers. Next would be 110 million people at high risk from the coronavirus—those over 65 who live in long-term care facilities, or those of any age who are in poor health—or who also are deemed essential workers.

The general population would come later.

CDC’s vaccine advisers wanted to know who’s really essential. “I wouldn’t consider myself a critical health care worker,” admitted Dr. Peter Szilagyi, a pediatrician at the University of California, Los Angeles.

Indeed, the risks for health workers today are far different than in the pandemic’s early days. Now, health workers in Covid-19 treatment units often

are the best protected; others may be more at risk, committee members noted.

Beyond the health and security fields, does “essential” mean poultry plant workers or schoolteachers? And what if the vaccine doesn’t work as well among vulnerable populations as among younger, healthier people? It’s a real worry, given that older people’s immune systems don’t rev up as well to flu vaccine.

With Black, Latino and Native American populations disproportionately hit by the coronavirus, failing to address that diversity means “whatever comes out of our group will be looked at very suspiciously,” said ACIP chairman Dr. Jose Romero, Arkansas’ interim health secretary.

Consider the urban poor who live in crowded conditions, have less access to health care and can’t work from home like more privileged Americans, added Dr. Sharon Frey of St. Louis University.

And it may be worth vaccinating entire families rather than trying to single out just one high-risk person in a household, said Dr. Henry Bernstein of Northwell Health.

Whoever gets to go first, a mass vaccination campaign while people are supposed to be keeping their distance is a tall order. During the 2009 swine flu pandemic, families waited in long lines in parking lots and at health departments when their turn came up, crowding that authorities know they must avoid this time around.

Operation Warp Speed, the Trump administration’s effort to speed vaccine manufacturing and distribution, is working out how to rapidly transport the right number of doses to wherever vaccinations are set to occur.

Drive-through vaccinations, pop-up clinics and other innovative ideas are all on the table, said CDC’s Dr. Nancy Messonnier.

As soon as a vaccine is declared effective, “we want to be able the next day, frankly, to start these programs,” Messonnier said. “It’s a long road.” AP

SpaceX capsule and NASA crew make 1st splashdown in 45 years

C

APE CANAVER AL, Florida—Two NASA astronauts returned to Earth on Sunday in a dramatic, retro-style splashdown, their capsule parachuting into the Gulf of Mexico to close out an unprecedented test flight by Elon Musk’s SpaceX company.

It was the first splashdown by US astronauts in 45 years, with the first commercially built and operated spacecraft to carry people to and from orbit. The return clears the way for another SpaceX crew launch as early as next month and possible tourist flights next year.

Test pilots Doug Hurley and Bob Behnken arrived back on Earth in their SpaceX Dragon capsule named Endeavour, less than a day after departing the International Space Station and two months after blasting off from Florida. The capsule parachuted into the calm gulf waters about 40 miles off the coast of Pensacola, hundreds of miles from Tropical Storm Isaias pounding Florida’s Atlantic coast.

“Welcome back to planet Earth and thanks for

flying SpaceX,” said Mission Control from SpaceX headquarters.

“It’s a little bit overwhelming to see everybody here considering the things that have gone on the last few months since we’ve been off planet,” Hurley said after arriving back home in Houston Sunday evening where they were greeted by a small masked-gathering of family and officials, including Musk.

Musk had rushed to Houston from SpaceX headquarters in Hawthorne, California, to welcome them. He was clearly moved — and relieved — while addressing the group.

“I’m not very religious, but I prayed for this one,” he said.

The astronauts’ ride back to Earth was fast, bumpy and hot, at least on the outside.

The spacecraft went from a screaming orbital speed of 17,500 mph (28,000 kph) to 350 mph (560 kph) during atmospheric reentry, and finally to 15 mph (24 kph) at splashdown. Peak heating during descent was 3,500 degrees Fahrenheit (1,900 degrees Celsius). The anticipated top G forces felt by the crew:

four to five times the force of Earth’s gravity.

Within a half-hour of splashdown, the scorched and blistered 16-foot capsule was hoisted aboard a SpaceX recovery ship with a staff of more than 40, including doctors and nurses. To keep the returning astronauts safe in the pandemic, the recovery crew quarantined for two weeks and were tested for the coronavirus.

The opening of the hatch was held up briefly by extra checks for toxic rocket fumes outside the capsule.

After medical checkups, the astronauts were flown by helicopter to Pensacola and then to Houston.

There was one unexpected problem that could have endangered the operation: Once the capsule was in the water, private boats “just made a beeline for it,” and got too close, said NASA Administrator Jim Bridenstine, promising to do better next time at keeping sightseers on pleasure boats safely away. NASA video showed one vessel flying a large campaign flag for President Donald J. Trump.

The Coast Guard in Pensacola said it had deployed two vessels to keep the public at least 10 miles away from the capsule.

Trump and Vice President Mike Pence, who both attended the launch, congratulated the SpaceX and NASA teams.

“Great to have NASA Astronauts return to Earth after very successful two month mission. Thank you to all!” Trump tweeted.

The last time NASA astronauts returned from space to water was on July 24, 1975, in the Pacific, the scene of most splashdowns, to end a joint US-Soviet mission known as Apollo-Soyuz. The Mercury and Gemini crews in the early to mid1960s parachuted into the Atlantic, while most of the later Apollo capsules hit the Pacific. The lone Russian “splashdown” was in 1976 on a partially frozen lake amid a blizzard following an aborted mission; the harrowing recovery took hours.

G e m i n i a n d Ap o l l o a s t ro n a u t Th o m a s Stafford—the commander of the last crew to splash down—watched the reentry on TV from his Florida home. While pleased with the crew’s safe return, he wasn’t overly impressed. “It’s what we did over 50 years ago,” he said. AP

A6 Tuesday, August 4, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

All but one

D

oing the right thing can never be the right thing for all workers all the time in the labor sector but certainly, if you are a party-list group in Congress that professedly represents the welfare of workers, it would be somewhat expected of you to go against a measure that would render a lot of workers jobless, especially during this pandemic when joblessness is at an all-time high.

This, indeed, is a time of turmoil, when we struggle to understand the unexplainable. One such conundrum is why Trade Union Congress of the Philippines (TUCP) party-list Rep. Raymond Mendoza was one of the 70 members of the House of Representatives who voted to deny ABS-CBN a new franchise, disregarding the interests of the TV station’s 11,000 workers who would lose their jobs.

The TUCP party-list group was born out of the largest national trade union center in the Philippines, which was founded in 1975. Party-list groups in the House of Representatives are supposed to be the voice of the marginalized and underrepresented sectors, and their declared advocacies and agenda should be consistent with the interests of the sectors they represent. Which is perhaps why even TUCP’s fellow trade unions and labor groups could not believe the TUCP vote on the ABSCBN measure.

Nagkaisa Labor Coalition Chairman Sonny Matula said they were all in shock upon learning that one of their convenors voted against the franchise renewal. “TUCP Party-list Representative and TUCP President Rep. Mendoza did not toe the line and set aside the jobs of 11,000 workers and the means of survival of their families by voting to deny ABS-CBN a franchise. Many could not hide their disappointment and disgust in public. We have to speak as a coalition,” Nagkaisa said in a statement.

Kilusang Mayo Uno (KMU) Chairman Elmer Labog said he was also surprised by Mendoza’s decision given that TUCP had consistently supported the granting of ABS-CBN’s franchise until the actual voting by the House on the measure.

Manny B. Villar Being pro-worker in Congress should not be relegated to raising minimum wages. It is also about enhancing the dignity and value of labor, fighting for justice and equity for workers and protecting jobs through policies and laws.

Workers’ representatives in Congress should know how to earn their resident Duterte’s assurance during his fifth State-of-thekeep. Their trade unions and labor groups have to respond to all the Nation Address (Sona) on July 27 that we will have access to an new challenges of the economy, especially during this pandemic when approved vaccine from China to address the Covid-19 panmillions of Filipinos have already lost their jobs. demic is a welcome development. That should assuage our concerns At the end of the day, unions and labor groups are service providing amid the growing number of cases in the country. organizations. Workers will weigh the cost of membership in their organizations against the tangible benefits they can get.

If labor groups and unions are to remain as principal actors in industo procure an initial batch of 40 While an approved and effective trial relations, if they are to have any success at stemming declining memmillion doses of Covid-19 vaccine vaccine may still take several weeks bership, if they are to contribute to the country’s equitable growth and for the first 20 million beneficiaor months to reach commercial stage, development, they must have positive, concrete contributions to offer. I believe it will be available to the ries, including the poorest of the Various groups representing organized labor may have their differpoor, the military and the police, Filipino people this year, thanks to ences on issues of principle and ideology, going from one end of the pois statesmanly. the government’s discussions with litical spectrum to the other, but they all yearn to make a difference in “This will be for free. The first other countries that are developing the lives of workers. Hence, there should be no compromise when jobs beneficiaries will be the poorest of candidate doses. are on the line. When workers are about to lose their jobs there should the poor. Second will be my miliPresident Durterte’s declaration be no dividing line between them. The interest of one is also the intertary and my police—the backbone that the vaccine is around the corner est of the other. of my administration,” says Presiis uplifting. I share his optimism beIt is when workers are on the brink of job loss—when they are desdent Duterte. cause it highlights the coordinated perately clinging to their only source of income—when all labor groups Experts are racing to make availglobal efforts to find a solution to and unions must speak as one, when they must clearly demonstrate able a safe and effective vaccine soon the pandemic that has already inthat they are watchfully safeguarding workers, whether they have to prevent further transmission of fected some 80 million people across unions or not, and whether their unions are moderate, militant or small the virus and deaths from complithe world. independent ones. cations. We need a vaccine on our President Duterte is showing

Hope for a successful vaccine THE Entrepreneur

P

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

T. Anthony C. Cabangon

Online Editor

Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

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

Your choice

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

path to the new normal to restore the vigor of the Philippine economy.

I believe we will surpass all the challenges posed by the health crisis, as the president stated in his Sona.

The Philippines’s fiscal position is

Lourdes M. Fernandez

Senior Editors

Creative Director Chief Photographer

his real concern for the Filipino people, who are all struggling because of the effects of lockdown measures precipitated by Covid-19.

His immediate response that the government will spend P20 billion

John Mangun

OUTSIDE THE BOX

B

ack in the late 1980s and early 1990s, you might have had this experience. Sometime after lunch, you pass somebody in the hallway. They look as if they have been crying.

Later on, other people notice that the “crying person” is rubbing his or her eyes. Suddenly, an alarm goes out and two security guards escort that person out of the building not to return for two or three days.

Viral conjunctivitis or “sore eyes” in the Philippines is a miserable illness. The pain is terrible. Every time you blink, you feel like someone is rubbing your eyeballs with sandpaper.

The misery comes in two parts. Your eyes itch to the point that you want to tear them out and just learn Braille.

But after a couple of days, you return to work bearing the mark of a “sore eyes victim.” You wear sunglasses.

The sunglasses serve several purposes. People know not to get too close to you. They keep you from touching your eyes until you are totally cured. It is absolutely a myth that looking into the eyes of a person with conjunctivitis will infect you. But who wants to take the chance.

Feeling concerned and worried now during this Covid-19 pandemic is normal. In fact if you aren’t troubled, you are probably not normal.

Regardless of all the data of low fatality and “it’s a bad flu,” that does not mean a thing to the people that might have to attend your wake.

Feeling confused is also normal

strong given its solid macroeconomic fundamentals and a robust banking system. Let us help ensure that the economy will remain in this position of strength, by allowing more businesses to reopen while adhering to the strict health and safety protocols required by the government.

We should also carefully manage our expectations and plan our recovery based on the timeline of vaccine availability this year or early next year. President Duterte, knowing fully well that the first effective vaccine may come out of China, where the respiratory disease originated last year, asked Chinese President Xi Jinping to give the Philippines a priority access to the vaccine.

China responded favorably to our request. “The Philippines is a friendly close neighbor, and we will give priority to its needs once we succeed in developing a vaccine,” Chinese Foreign Ministry Spokesman Wang Wenbin was quoted as saying in a formal briefing a day following President Duterte’s Sona.

Several Chinese companies and agencies are now on the clinical trials of candidate vaccines, including those of Chinese Academy of ScienceGuangzhou Institute of Biomedicine and Health, Sinopharm/Wuhan Institute and Beijing Biologicals Institute and Sinovac Biotech Ltd. As the virus first spread in China, its laboratories have the advantage in research and clinical trials.

Meanwhile, the Chinese military approved a vaccine developed by Chinese firm CanSino Biologics as a “specially needed drug” for soldiers, after the clinical trials demonstrated the vaccine produced a strong immune response.

The World Health Organization has reported that of the more 140 candidate vaccines it is tracking, 25 of them are now in clinical evaluation. These include six candidates in Phase 3 clinical trial, including those of University of Oxford/AstraZeneca, Sinovac, Wuhan Institute of Biologial Products/Sinopharm, Beijing Institute of Biological Products/Sinopharm, Moderna/NIAID and BioNTech/ Fosun Pharma/Pfizer.

Phase 3 trials involve large-scale testing to check the efficacy of the vaccines, after which the vaccines would need regulatory approval from governments for commercial use. Phase 3 trials also began for the Moderna/NIAID candidate vaccine in the US, involving 30,000 volunteers. The trial aims to determine if the vaccine can prevent deaths caused by the virus. If the vaccine could protect more than half of the volunteers from infection, it could be declared effective.

Once a vaccine is declared effective, individual governments, including the Philippines, will have to decide if they will approve its See “Villar,” A7

I have not been out of my house for 141 days. And I am painfully counting each passing day. But with YouTube and my treadmill, I am constantly walking around the world. My choice.

often. Use soap and water, or an alcohol-based hand rub. 3. Maintain a safe distance from anyone who has symptoms. 4. Stay home if you feel unwell.

I fully embrace the idea of wearing a mask right now because—like wearing sore eyes sunglasses—it is a reminder that we are living in dangerous times. And do not tell me masks are useless. I do not want a contest between my 314 sources that say I am right and your 313 that say I am wrong.

Contracting cirrhosis from alcoholism, lung cancer from smoking, STD, hypertension from being obese, and now Covid-19 is the result of the choices we make, not an “Act of God.” I have not been out of my house for 141 days. And I am painfully counting each passing day. But with YouTube and my treadmill, I am constantly walking around the world.

My choice.

since government, the medical community, and the media have gone out of their way to convince us (by their actions) that they do not have a clue what is really going on. Their words are cheap. Only mentally challenged “sheeple” would believe that all the facts are in and that we have been told “the truth, whole truth, and nothing but the truth.”

This is not in any way about all the theories about evil Bill Gates and the end of the world. This is about not having enough information about a disease that has gone from—as I said before—“It’s no problem” to “We’re all gonna die!”

“Sore eyes” was an epidemic in the Philippines, hitting two or three times a year and sending home 10 percent of your staff. DOH advised on how to avoid getting the illness.

See if this sounds familiar: 1. Don’t touch your eyes. 2. Wash your hands

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

Opinion BusinessMirror

www.businessmirror.com.ph

TikTok could become Microsoft’s deal of the decade

If it ain’t a mere humbug, we should support reform

By Tim Culpan | Bloomberg Opinion

L

et’s get something clear upfront: Microsoft Corp.’s purchase of TikTok isn’t worth $50 billion.

That’s my opinion. But then again, it’s not my money. Some investors in its parent company, ByteDance Ltd., think it’s worth that much, according to a Reuters report last week. Good for them. We’ll soon find out its true value, and more importantly, that of Microsoft’s chief executive officer.

After a weekend of speculation, the American software giant came out Monday morning, Beijing time, to confirm talks to buy the short-video sensation that boasts more than 100 million users in the US alone.

The opening line of the blog statement notably said: “Following a conversation between Microsoft CEO Satya Nadella and President Donald J. Trump.” This came after after Trump had suggested that he may ban TikTok from the US altogether.

ByteDance, TikTok’s Beijingbased owner, wasn’t mentioned until the third paragraph. I don’t want to downplay the importance of founder Zhang Yiming or his executive team, who have done a fabulous job of building a powerhouse of an Internet company, but this deal already transcends them.

Nadella is the kingmaker now.

The architect of Microsoft’s transformation from PC operating systems to cloud computing, he’s already overseen some big deals. Within a year of taking over as CEO in 2014, he bought the Swedish games company behind Minecraft; later, he closed the $24 billion purchase of professional-network site LinkedIn Corp.

An earlier idea to have TikTok, or at least the US operations, spun off and bought by existing ByteDance investors looked good on paper. But it likely wouldn’t have allayed US concerns about data privacy and Chinese control given how opaque the ownership structure would be afterward.

As my colleague Tae Kim wrote, a TikTok-Microsoft deal makes sense because it could allay antitrust concerns just days after four other tech CEOs were grilled by members of Congress. I also think it might solve the issue of data transparency by putting the US operations of TikTok in the hands of a trusted, publicly listed American company.

Microsoft thinks so, too, outlining how it would transfer and protect user data. The company “would ensure that all private data of TikTok’s American users is transferred to and remains in the United States,” it said.

Any such data currently stored outside the US would be deleted from servers overseas, it continued.

But first, Microsoft will need to convince the US administration. The company indicated which buttons it’s pushing, mentioning in its statement—before it even named ByteDance—both the US Treasury Department and the Committee on Foreign Investment in the United States. Some US lawmakers are already on board. “Win-win,” Senator Lindsey Graham wrote on Twitter. His fellow Republican John Cornyn and others looked ready to sign off, too.

It’s not really up to Congress, but

Villar. . .

Continued from A6

commercial use based on the review of trial results. This process usually takes several years, but there is a consensus the approval will be much swifter this time given the situation at hand. CNN reported that Russia actually is on the verge of approving its own coronavirus vaccine developed by Moscow-based Gamaleya Institute, but the US is suspicious on claims that it could be made available as early as August.

While the vaccine is not yet commercially available, we hope the government will allocate a budget to procure millions of doses of such vaccine for the protection of our people and in the process mitigate the effects of

their support adds important political momentum to the deal. Democrat Senator Richard Blumenthal is among those more cautious, noting that such a transaction “should not distract us from the need to crack down on insidious spying & surveillance” by Chinese companies. It’s quite likely other names will pop up as potential suitors, leaked by bankers or ByteDance insiders in the hope of building the illusion of a bidding war. But Microsoft has the credibility and strategy to get a deal past the real gatekeepers in Washington, leaving ByteDance with few other options.

The onus is on Nadella to get it done, and quickly. Microsoft said it will complete discussions by September 15.

Now let’s look at what’s for sale.

ByteDance itself had revenue of $17 billion last year with profits of $3 billion. But that’s the entire company, with a stable of at least 20 apps—including Douyin (the local version of TikTok) and news feed Toutiao. According to The Information, TikTok’s revenue last year was around $300 million globally—that’s less than 2 percent of an entire company, which CB Insights lists as the world’s top unicorn at $140 billion in value. This year, TikTok is aiming for $500 million in sales in the US, The Information reports.

According to Microsoft, it’s looking to buy operations in the US, Canada, Australia and New Zealand. Throw in a little extra for the three smaller markets and some upside, and we’re looking at maybe $700 million in annual revenue this year, $1 billion if we’re lucky. India and the U.K. were not mentioned.

These are crucial omissions, given that Britain is also a key Five Eyes security partner and far larger than both New Zealand and Australia, while India is TikTok’s largest potential market but was banned after a recent border clash.

Facebook Inc. shares trade at 9.6 times sales and Twitter Inc. at 8.5 times sales. Sure, TikTok is growing more quickly, but so was Snap Inc., that once-hip social media app which had an initial public offering in 2017 and posted 590% revenue growth the year before it listed. Snap now trades at 16.5 times sales, and has yet to post an annual profit.

The idea that TikTok—without the UK, India or dozens of other emerging markets—is worth $50 billion today is fanciful. ByteDance’s leadership can be sure that Nadella knows it, too. He has a fiduciary duty to his own shareholders to squeeze TikTok’s owners as hard as possible.

After finessing regulators and stroking egos to get this deal done, Microsoft will rightfully expect a big discount. The size of which will prove Nadella’s worth and make this the deal of the decade. this pandemic.

For the meantime, let us listen to the WHO and local health authorities in practicing proper hygiene, physical distancing and wearing of face mask outdoors to prevent the further spread of the disease. The WHO said the basic measures needed to suppress transmission and save lives remain the same: find, isolate, test and care for cases, and trace and quarantine their contacts.

“Keep your distance from others, wash your hands, avoid crowded and enclosed areas, and wear a mask where recommended. Where these measures are followed, cases go down. Where they’re not, cases go up,” the WHO said.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

Tuesday, August 4, 2020 A7

Manny F. Dooc

TELLTALES

P

resident Duterte has recently fulminated against oligarchs, which for centuries have dominated the economic and political life of our poor nation. This is not something new and unheard of. Every politician in this country makes war against the filthy rich and resorts to mouthing anti-oligarchs rhetoric. It appeals to the masses and identifies himself with the poor, a surefire formula to get their support. This approach to win votes will never go out of style.

But once elected into office, he becomes a coddler of the oligarchs and serves the interests of the business elites. Or worse, he creates his own oligarchs who will be beholden to him. For those who supported his political adversary, he will make sure that their business would suffer under his term. All the government machineries and resources, particularly the regulators, will be deployed against them.

But if you think that that’s the end of the road for the oligarchs, you are terribly wrong. The oligarchs have uncanny survival instincts that they can co-opt with every ruling administration regardless of whoever is in power. They can readily switch their allegiance to the incoming power and find ways to ingratiate themselves to the new Malacañang occupant.

This way, they continue to receive the ‘blessings’ under the new government. In this department, the oligarchs can give our ‘trapo’ politicians who can turn coat even before they take their oaths to their office a run for their money. Those who cannot, lose influence and power if they fail to curry the favor of the ruling regime. They are taken over by the new cronies, the oligarchs-in-the making, doted on by the new political leadership. But many others can weather the adverse political storm. They

go on self-exile, hibernate, transfer business management and control to dummies or sell out to another oligarch. The Lopezes were able to get back their assets (Meralco, ABS-CBN, Manila Chronicle, etc.) when Marcos fled, Danding Cojuangco came back after Cory’s term and assumed control of his companies, and even the Marcoses returned. Oligarchs will always be around; they are omnipresent and indestructible, playing footsie and rubbing elbows with the powers-that-be.

The oligarchs control our country’s economy. They hold 90% of the nation’s wealth. This explains why the Philippines, a country rich in natural resources and inhabited by literate people, remains a very poor nation. Filipino oligarchs have survived from generation to generation; from president to the next president, from one administration

to the next, ad infinitum. In fact, oligarchy has flourished from the Spanish period up to the American regime, and remains a major economic and political force to this day.

The sad fact is that each political administration has promoted its own oligarchs. No president from Quezon to Duterte has spared us this curse. Cronyism is ingrained in our system and it’s a survival mechanism for the party in power.

Thus, we had the Madrigals, Aranetas, Lopezes, Disinis, Benedictos, Cojuangcos, and many others. Their composition and character may vary but they all have an insatiable appetite for profit. These elite families broaden their economic base though political alliances, blood ties and intermarriages, and business relationships. The oligarchs become more entrenched and formidable with the grant of franchises or licenses that allow them to hold a monopoly and total control of a particular industry or business market. Crony capitalism practically empowers the ruling class or dominant families to plunder the country’s resources and assets and control credit and financial accommodations through franchises, behest loans and concessionary credits from government financial institutions. Thus, it was not uncommon in the past to see state financial institutions driven to near bankruptcy since rapacious oligarchs plundered their resources.

The government largesse should not be treated as a private kitty of the president to be made available to his political business allies and friends.

We need to change our political culture. Our freewheeling elections thrive on massive spending and fraud. Two forces manipulate our political system—the entrenched

economic elites or oligarchs and the destitute masses that deliver the votes. The former have the money while the latter have the votes that are offered to the highest bidder.

It is a lethal combination, which is highly vulnerable to corruption and fraud. It presents pregnant opportunities to the oligarchs to subvert our electoral process. They can fund the campaign of the most popular and winnable candidate regardless of political platform and agenda to protect their interest under the new administration. This only fosters the growth of oligarchy. Unfortunately, our weak middle class constitutes a minority whose independent votes cannot deliver elections although for one shining moment, as demonstrated during the Edsa revolution, this sector could be a formidable force for structural changes when the condition demands. The middle class breeds the social consciousness that can galvanize the civil society to oppose government abuses and oligarchic excesses. They are the present ‘illustrados’, the enlightened elements of our society, who can lead us to reform.

The oligarchs will always aspire to rule our economy and politics. We should support honest-to-goodness reforms to dismantle unwanted oligarchy. President Duterte, if it were not a mere humbug, should harness his enormous political capital and his vaunted political will to destroy our oligarchic system and crony capitalism that devastate our economy. In the twilight of his term, the President should promote fair competition and legitimate business practices. Otherwise, we will be perpetually mired in poverty entangled by a corrupt government and the pernicious control by the oligarchs.

DTI-STMO’s authorization for exporting strategic goods begins Atty. Lino Ernie M. Guevara

Tax law for business

I

N May 2012, an Iranian citizen and international trader, Parviz Khaki, was arrested in Manila based on America’s provisional arrest request for a US Court indictment for exporting dual-use goods (i.e., maraging steel suited with nuclear applications). Khaki died in 2014 while at the National Bureau of Investigation’s custody with an extradition case pending in court. A few months after Khaki’s arrest, Daniel Frosch, an Austrian designated by the US as a key supplier to Iran’s ballistic missile program, was arrested also in Manila. A Philippine trading company offering electronic components, measuring equipment and machine tools was being linked to him. Unlike Khaki, Frosch was extradited to Austria where he was criminally charged.

These cases highlighted the urgency for the Philippines to manage and regulate the trade of strategic goods or technology that could be potentially used in the proliferation and manufacture of harmful device and prohibited weapon and to prevent the country from becoming a potential hub for illicit trafficking for proliferators.

As early as 2009, there were attempts to pass this trade and security legislation. But it was only in 2015 that the Sixteenth Congress, after the failed bids of the two previous ones, finally succeeded in enacting Republic Act 10697, otherwise known as the “Strategic Trade Management Act” (STMA). It seeks to prevent the proliferation of weapons of mass destruction (WMDs) by managing the trading of strategics goods. This is in line with the Philippines’s binding commitment to UN Security Council Resolution 1540, which it co-sponsored and was adopted unanimously by UN member states in 2004. It imposes upon States to take and enforce measures to establish domestic controls preventing the proliferation of nuclear, chemical or biological weapons and their means of delivery. Per our Constitution, the Philippines adopts and pursues a policy of freedom from nuclear weapons in its territory.

But what are these “strategic goods” subject to trade management and regulation?

They are products that, for security reasons or due to international agreements, are considered to be of military importance that their export is either

prohibited or subject to specific conditions. There is a published National Strategic Goods List (NSGL), describing with specificity the strategic goods to be subject to authorization. It is comprised of: (a) Military Goods (Annex 1); (b) Dual-Use Goods (Annex 2); and (3) Nationally Controlled Goods (Annex 3).

“Military goods” are items or technology developed for military-end use while “nationally controlled goods” are those placed under control for reasons of national security, foreign policy, antiterrorism and public safety. The complications may relate more to “dual-use goods” which refer to items, software, and technology that can be used for both civil and military end-use or in connection with the development, production, storage or dissemination of WMD or their means of delivery. Examples of these are aluminum alloy, machine tools, telecom systems, equipment, etc., which are ordinarily manufactured by companies for export or local use.

In addition to the above lists, Section 11 of the law provides for end-use controls to be imposed on strategic goods NOT in the NSGL, i.e., unlisted goods or service, but where individual license may still be required as they may be used in the acquisition, development or production of WMDs, among others or their means of delivery. This is the “catch-all” provision of the law.

Under the STMA, the National Security Council—Strategic Trade Management Committee (NSC-STMCom) is the central authority on all matters relating to strategic trade management. The

Executive Secretary serves as the Chairman while the Secretary of Department of Trade and Industry (DTI) is the ViceChairman with the Secretaries from the different departments (e.g., Foreign Affairs, Justice, National Defense, Finance, etc.) as members, plus the National Security Adviser. On the other hand, the Strategic Trade Management Office (STMO), an attached bureau of the DTI and headed by a Director, serves as the executive and technical agency to establish the management systems for the trade in strategic goods.

RA 10697 applies to and requires the authorization by STMO of any natural or juridical persons operating within the Philippines or Filipinos wherever located providing these services or activities: n Export, import, transit or transshipment; n Provision of related services (i.e., brokering, financing and transporting); and n Re-export or reassignment of goods.

Based on DTI’s Administrative Order 19-07, STMO adopts a phased implementation of the above activities. It started with Registration under Phase 1 last year and now with Export under Phase 2, up to Phase 6 for Importations. This is to give the stakeholders ample time to properly comply.

Starting July 1, 2020, the STMO has begun the authorization for the export of strategic goods. Prior to applying for such authorization, all persons engaged in the export of such strategic goods are required to register first with the STMO starting on October 14, 2019 (i.e., entering into the STMO Register those covered entities). Note that aside from actual shipment of strategic goods out of the Philippines, regulated export activities include transmission of software and technology as well.

Among those exempted from said authorization would include those made by the government for the use of the military or police forces or if connected with law enforcement activities.

The Philippines had already taken the first step in having the legal framework for trade management to protect the nation’s security as well as the integrity

of the international supply chain. This becomes more significant as Asia, including the Philippines, is expanding its role in the global economy particularly in the manufacturing and service sectors.

For this, we need an effective management regime of these strategic goods.

Aside from a comprehensive legislative framework and rules, the other critical factors for success would be an effective enforcement and implementation as well as local and global cooperation and coordination.

The law and the related rules should address the clear and tight controls on all trade activities as well as unauthorized persons but balancing it against excessive interference and complicating one’s business transactions. During the registration phase, a solid database for companies and goods should be created for effective monitoring and smooth processing of current and future transactions. The law, rules and policies should provide the implementing agencies involved (e.g., trade, customs, military, police authorities, etc.) with a clear mandate and authority, technical training and resources for effective and strict enforcement. Lastly, raising the awareness of and educating the stakeholders involved, both the business and industry sectors that would be covered (e.g., exporters and manufactures or those registered under our investments laws such as the Philippine Economic Zone Authority) and the implementing agencies, as well as reaching out to the international community for proper coordination and learning from their best practices that we could adopt, are all valuable factors to achieve the objectives of this very important trade and security legislation.

The author is a Special Counsel of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at ernie.guevara@ bdblaw.com.ph or call 8403-201 local 160.

There are three types of export authorization or licenses to be secured prior to exporting:

TYPE

VALIDITY

Individual 2 Years Global 5 Years

General Lifetime

END-USER AND LOCATION One-end user/consignee Two or more end-users and/or in one or more countries Strategic goods to destination countries with specified conditions

A8 Tuesday, August 4, 2020

AsPac credit ratings stable in 2 yrs–S&P

By Tyrone Jasper C. Piad @Tyronepiad

C

REDIT ratings of most Asia-Pacific countries are likely to remain stable in the next one to two years despite the financial risks amid the coronavirus disease 2019 (Covid-19) pandemic, S&P Global Ratings said.

The debt watcher, in a statement on Monday, recalled that most of AsiaPacific sovereigns in the first seven months of 2020 received negative ratings. S&P said most of these actions were due to the impact of the pandemic on the countries’ fiscal, economic and external metrics.

“How Covid-19 evolves in the next six to 12 months remains the key uncertainty facing Asia-Pacific sovereigns,” S&P credit analyst Kim Eng Tan said.

Tan noted that the “outbreak in the US is also worrying since the country is a key economic partner of many East Asian economies.”Covid-19 cases in the US have reached more than 4.5 million already, recording over 150,000 deaths.

To temper the economic and fiscal damage of the pandemic, government measures should be able to control and decrease the rate of new infections, S&P pointed out.

Otherwise, the economy is also seen to worsen as international travel will continue to be banned and production will still be disrupted, among others.

“Fiscal pressures will take longer

to ease if economic performance remains bogged down by the effects of the pandemic,” Tan said. “In most AsiaPacific sovereigns, we see general government deficits shrinking markedly in 2021 after sharp increases this year.”

In May, S&P affirmed its “BBB+” long-term and “A-2” short-term credit rating for the country after projecting an above-average growth over the medium term for the economy.

Its long-term outlook remains stable on the back of normal policy-making seen to support credit metrics and anticipated economic recovery next year.

S&P said it might upgrade the credit rating of the Philippines in the next two years if the country will have a swift economic turnaround. This is possible if the virus would be contained by the first half of next year, it said.

Should the economy suffer more than expected due to the pandemic, however, S&P warned that it might lower the credit rating.

Last month, Moody’s Investors Service kept its “Baa2” rating for the Philippines’s long-term local and foreign currency issuer and senior unsecured debt, with outlook maintained at “stable.”

These were supported by the robust fiscal position of the Philippine government in the recent years, Moody’s said, noting that it has “a buffer against a rise in public indebtedness due to shocks such as the ongoing global coronavirus outbreak.”

After June growth blip, manufacturing backslides in July

T

HE performance of the Philippine manufacturing sector worsened anew in July after showing a blip of recovery in the previous month, latest data on the country’s Purchasing Managers’ Index (PMI) showed.

In a report on Monday, IHS Markit said the Philippines’s PMI decelerated back to 48.4 in July from being near the 50-point growth threshold at 49.7 in June.

The PMI is a composite index aimed to gauge the health of the countr y’s manufacturing sector. It is calculated as a weighted average of five individual subcomponents. Readings below 50 show deterioration in the industry while readings above the 50 threshold signal a growth in the

manufacturing sector.

“With parts of the country experiencing further lockdown restrictions, such as in Manila and Cebu, the recovery in output levels stalled in July. Production declined only modestly, but nonetheless erased the slight improvement seen in June which was supported by steps to reopen the economy,” the report said.

According to the think tank, local companies highlighted the “stretched” supply of raw materials in July, contributing to limited

production and lower sales. They also said delivery times lengthened at a marked pace as suppliers continued to operate with smaller work forces. Road checkpoints and the lack of air freight services also made it difficult to acquire inputs, according to surveyed firms.

IHS Markit economist David Owen said the latest Philippines Manufacturing PMI data showed that conditions are yet to improve at the start of the third quarter.

“It was hoped that June PMI numbers would signal the start of a recovery for manufacturers, as output tentatively increased. However, production levels dropped back into contraction territory in July, while new orders decreased for the fifth month in a row. As parts of the country remained under lockdown, goods producers appeared to lose out in terms of foreign trade, as new export sales fell dramatically despite the relative easing of global restrictions,” Owen said.

Continued on A2

Amid ECQ, PhilHealth probe goes on in Senate

S

ENATORS will pursue Tuesday’s scheduled inquiry into alleged PhilHealth anomalies despite an earlier declaration of a two-week lockdown of Senate premises amid the Covid contagion.

This was confirmed on Monday

by Senate President Tito Sotto III who initiated the PhilHealth probe with Sen. Panfilo Lacson.

According to Sotto, the PhilHealth probe set to open at 9 a.m. is not covered by the two-week “lockdown” that senators had reached a consensus on last Sunday, as the chamber’s support for exhausted frontliners who begged government for a “timeout” as Covid-19 infections keep rising, and health facilities and manpower complements are overwhelmed.

Describing Tuesday’s PhilHealth hearing as “hybrid,” Sotto said that while resource persons invited to testify need to be present at the hearing, senators may opt to be “physically present or virtually present” through videoconference mode.

Among those called to testify are PhilHealth President Ricardo Morales and all vice presidents, as well the board members.

Continued on A2

Companies BusinessMirror

www.businessmirror.com.ph

SM Prime income plunges in H1 due to mall closures

By VG Cabuag

S

@villygc

M Prime Holdings Inc., which is known for its shopping mall operations, said its income declined by 46 percent in the first half, as the lockdown implemented by the government to contain the spread of Covid-19 affected most of its operations.

Revenues of the country’s largest property developer fell 23 percent to P43.7 billion, from last year’s P57 billion.

“The first half of 2020 has been one of the most challenging periods we’ve faced as a company," Jeffrey C. Lim, the company's president, said.

“With the government maintaining the implementation of quarantine protocols in most key areas in the Philippines where our businesses

are, SM Prime is committed to sustaining its operations while adhering to the strict safety measures implemented by the government and continue providing convenience to our customers.”

SM Prime’s rental revenues from its domestic malls dropped 44 percent to P13.1 billion, from last year’s P23.3 billion due to lower mall revenue, which declined by 49 percent to P14.4 billion, from

P28.1 billion a year ago.

The decline in rental revenues was due to the waived rent and rental discounts it granted to tenants since the start of the implementation of quarantine measures in March, which amounted to P11 billion as of end-June.

SM Prime’s residential business, led by SM Development Corp., recorded an 11-percent jump to P23.7 billion revenue in the first half, from P21.4 billion in the same period last year. This accounts for 54 percent of the consolidated revenue of the company.

SMDC said it generated P42.4 billion in reservation sales in the first six months of the year, amid the quarantine measures.

Construction works on SM Prime’s new and latest residential projects have resumed, pursuant to national government’s safety protocols. SM Prime cushions the effect of safety protocols on construction completion with its available inventory of 12,000 units as of June.

Revenues from the company’s commercial properties business grew 16 percent to P2.5 billion. Operating income reached P2.2 billion, 22 percent higher than P1.8 billion during the first half of 2019.

The offices business of SM Prime has business process outsourcing (BPO) firms as primary tenants, which were allowed by the InterAgency Task Force for the Management of Emerging Infectious Diseases (IATF) to continue operating during the quarantine period.

The hotels and convention centers business segment contributed P1 billion despite limited operations.

Conrad Manila, Park Inn Clark, Park Inn North EDSA and Park Inn Iloilo remained operational to cater to BPO employees and returning overseas Filipino workers and seafarers.

The company’s biggest events center, the Mall of Asia Arena, was converted into a swabbing facility in partnership with various government agencies to help frontliners as well as returning overseas workers.

LNG ship-to-ship transfer resumes in Subic

By Henry Empeño Correspondent

S

ubic Bay Freeport—Subic port authorities have allowed the resumption of ship-toship (STS) transfer of liquefied natural gas (LNG) here, but the Subic Bay Metropolitan Authority (SBMA) said members of the ship's crew will not be allowed to disembark.

SBMA Chairman and Administrator Wilma T. Eisma said the LNG carrier Methane Shirley Elisabeth arrived here over the weekend to transfer LNG cargo to smaller feeder ships, but her office has made it clear that the crew would remain on board all throughout the twoweek operation.

“No one from the ship can be allowed to come ashore, sadly not even the 16 Filipinos among the 31 crew members, because of the health measures we must observe,” Eisma said on Monday.

She said the same policy will apply to the crew members of feeder vessels that will transport the LNG cargo from the mother ship to ports in China.

China, which recorded LNG imports amounting to 84.8 billion cubic meters in 2019, is the world’s second biggest importer of LNG. Subic recorded the country's first ship-to-ship transfer operations for LNG in April 2017 when the 105,335-ton Malaysianf lagged Seri Bakti transferred thousands of cubic meters of liquefied natural gas to the feeder vessel S/S Polar Spirit. Other STS operations followed since then.

Eisma described the resumption of ship-to-ship (STS) transfer operations in Subic as a “welcome

boost to the economy,” but stressed that safety should be a paramount concern for both ship and port personnel.

According to SBMA Seaport Manager Jerome Martinez, LNG/C Methane Shirley Elisabeth, which has a gross tonnage of 95,753 tons, has a carrying capacity of 142,800 cubic meters of liquid gas.

He said the Bermudan-flagged carrier originated from Qatar and dropped by at a Hong Kong port to pick up three mooring masters before proceeding to Subic, where it will stay at anchor until August 15 for STS operations.

Martinez also confirmed that no one among the crew would be allowed to disembark from the ship for any reason while it is in the Port of Subic.

He said that aside from the 16 Filipino crewmen, 15 other foreign nationals are on board the vessel, including nine Greeks, two Croatians, two Ukrainians, one Romanian, and one Latvian.

Martinez also noted that upon arrival at the anchorage area outside of the bay, a team from the Bureau of Quarantine (BOQ) immediately boarded the tanker for health inspections and safety protocols.

The BOQ inspectors were followed by a boarding party composed of personnel from the Bureau of Customs and Bureau of Immigration.

After the LNG/C Methane Shirley Elisabeth, another LNG carrier, the Singaporean-flagged LNG/C Lerici, will also conduct ship-toship transfer in Subic.

Eisma said the same health and safety protocols will be imposed by Subic authorities for Lerici’s STS operation.

B1

PSEi declines sharply as Metro Manila reverts to stricter quarantine

S

hare prices fell sharply on Monday, the first trading day of August, with the main index dropping to the 5,700-point level after President Duterte’s announcement that the National Capital Region will revert to a more stringent quarantine status.

The benchmark Philippine Stock Exchange index (PSEi) dropped 212.53 points, or 3.6 percent, to close at 5,715.92 points.

It was the lowest close of the main index since May 28, when the PSEi ended at P5,570.22 points, according to PSE data.

“President Duterte has granted the appeal of the medical community to reimpose strict lockdown measures in Metro Manila and other nearby provinces as the country continues to see a surge of Covid-19 cases," Luis Limlingan, managing director of Regina Capital Development Corp., said.

"Duterte approved the return of Metro Manila, Laguna, Cavite, Rizal and Bulacan under the stricter MECQ [modified enhanced community quarantine] from August 4 to 18 during a meeting last night with his Cabinet. This is after Duterte

announced that the Metro would remain under GCQ [general community quarantine] for two more weeks last Friday."

The main index already opened weak at 5,816.23 points and went as low as 5,695.53 before slightly recovering at the close.

Total volume of shares reached 1.63 billion worth P6.58 billion.

Foreign investors were net sellers at P1.63 billion.

Losers edged gainers 154 to 51 and 39 shares were unchanged.

All other sub-indices shed points led by the broader All Shares index that lost 101.81 points to close at 3,398.46, the Financials index fell 42.57 to 1,096.56, the Industrial index declined 122.27 to 7,349.82, the Holding Firms index decreased 212.91 to 5,938.47 and the Property index plunged 149.02 to 2,764.01.

SM Investments Corp. was the day’s most actively traded and it fell P30 to close at P860, mall operator SM Prime Holdings Inc. dropped P1.45 to P28.55, BDO Unibank Inc. lost P3 to P85, Emperador Inc. dropped P0.04 to P9.06, Ayala Corp. was down P26.50 and Ayala Land Inc. shed P2 to P31.30. VG Cabuag

Snap lands deals with top music companies to add songs to video

S

The LNG carrier Methane Shirley Elisabeth www.herderline.com

Tuesday, August 4, 2020

nap Inc. is introducing a new feature that lets customers add music to their posts within Snapchat, creating a way for young people to share songs with friends and a new promotional tool for the music industry.

Snap will roll out a test of the product in New Zealand and Australia starting Monday and plans to release it more widely later this year, according to a spokesperson. The company has secured the rights to music from several major music companies, including Warner Music Group, Universal Music Publishing Group and Merlin.

Millions of people already use social media to share music, either in links to streaming services or videos set to songs. Securing music rights will enable Snapchat users to do so without the risk of violating copyrights or having the videos taken down.

This new feature also allows Snapchat to offer similar features as Instagram and TikTok, two of its biggest rivals and subjects of increased government scrutiny. Snap says it has a larger audience in the United States than TikTok or Twitter, reaching 90 percent of people between the ages of 13 and 24.

“We’re always looking for new ways to give Snapchatters creative tools to express them-

selves,” the company said in a statement. “Music is a new dimension they can add to their Snaps that help capture feelings and moments they want to share with their real friends.”

After years of not paying for music, socialmedia companies are lining up to secure the rights. Facebook licensed music in late 2017 and just expanded its deal with music companies to include officially licensed music videos. Twitch and TikTok are also in talks to license music rights from major record companies.

The deals represent a significant new source of revenue for music companies, which have long been critical of technology platforms for getting rich off their work. Many socialmedia apps used music to secure an audience, and many of their most popular videos and memes are set to music.

Social media is also a vital promotional channel for most artists, helping them communicate directly with fans. Many of the biggest hits of the past few years originated on apps such as TikTok and YouTube. With the new feature, Snap users will be able to see the name of the song being used in a video, and follow a link to listen to the full song in streaming services such as Spotify and Apple Music. Bloomberg News

B2

Companies BusinessMirror

Tuesday, August 4, 2020

GERI income drops in H1 on lower rental revenues

By VG Cabuag

G

@villygc

lobal-Estate Resorts Inc. (GERI), a unit of Andrew Tan’s Megaworld Corp., said its income in the first half fell 26 percent to P728.35 million, from last year’s P989.22 million due to lower rental revenues and weak sales.

Revenues for the six-month period fell 29 percent to P2.91 billion, from last year’s P4.09 billion. Its revenues came from the sale of lots in its projects including those in Aklan, Iloilo, Batangas, Antipolo and the sale of condominium units.

For the second quarter alone, GERI’s income slid 18 percent to P363.4 million, from last year's P445.15 million, but its revenues were cut by more than a third to P1.38 billion, from last year’s P2.22 billion.

“When the news of a possible

lockdown came out in mid-March, we had already braced for a conservative outlook for our residential segment. But while the country was placed on strict quarantine, we saw aggressive take-ups of our provincial projects,” Monica T. Salomon, the company’s president, said.

“In fact, on the average, our second quarter sales are 61 percent of what we have booked for the entire first half of 2020. And we still have enough inventories to address the demand for residential projects in these areas.”

Rental income for the first half of the year fell 8 percent to P347 million, from P377 million last year as mall operations were affected by the Taal eruption in the first quarter, and the strict quarantine measures in the second quarter.

Revenues from hotel operations plunged 67 percent to just P162 mil-

lion, from P484 million a year ago, as its faculties were shut due to the quarantine restrictions during the period.

“Boracay was closed to tourists during the second quarter but as soon as the quarantine measures were relaxed in June, we saw a steep climb in the sales of our commercial and village lots in Boracay Newcoast. Buyers now prefer residential and leisure products in nature-rich settings outside of Metro Manila,” Salomon said.

The company said its reservation sales in the first half reached P5.8 billion, more than half of which came from the second quarter alone.

Sales were from the company's residential projects in Boracay Newcoast in Aklan, Arden Botanical Estate in Cavite, Eastland Heights in Antipolo, Rizal and Hamptons Caliraya in Laguna.

MORE Power disputes PECO outages claim

By Lenie Lectura @llectura

M

ore Electric and Power Corp. (MORE Power) on Monday disputed the claims of Panay Electric Co. (PECO) in a report on power outage incidents submitted to the Energy Regulatory Commission (ERC).

MORE Power responded to the allegations of PECO that Iloilo City experienced 1,424 minutes of power outages from February 29 up to July 16, 2020.

“PECO manipulated the numbers to artificially inflate the figures. PECO not only double counted, it counted one brown-out period 16 times. PECO included in its count two brown-out incidents that did not happen. PECO also counted a longer period than the actual period of brown out,” said MORE Power in its reply to a petition filed

by PECO with the ERC requesting the restoration of its certification of public convenience and necessity.

PECO also claimed that the accumulated power outages for this period were much higher than the System Average Interruption Duration Index of PECO for the same period in 2019.

For its part, MORE Power said

PECO engaged in “multiple counting.” More Power said it recorded a total of 182.13 hours of power interruptions during the period and not 412.20 hours as claimed

by PECO. “PECO inflated the figures by counting multiple times a single interruption event,” MORE Power said.

MORE Power said discrepancies appear in the computation of PECO, resulting in an additional 230 hours of interruptions that were “falsely included to inflate their computation.”

“Scheduled outages contributed a large portion of the duration of the power interruptions under MORE Power. These scheduled outages were necessary because of the need for urgent maintenance works on various aspects of the dilapidated distribution system that MORE took over from PECO,” MORE Power said.

Of the 182.13 hours of interruptions during the period, more than 50 percent was due to scheduled power interruptions by MORE Power.

“These interruptions were utilized by MORE to undertake much needed maintenance on the Feeders and Substations in Iloilo City. These

Feeders and Substations were in a dilapidated state due to the failure of PECO to maintain them properly,” the company said.

Other power supply related are interruptions resulting from scheduled or unscheduled outages on lines or substations owned by the National Grid Corporation of the Philippines (NGCP) or from a generator, force majeure and other factors, such as defective equip-

mutual funds

ment, that MORE Power inherited from PECO. “All these defective equipment resulted to about 51.57 hours of interruptions. As we stated before, these defective equipment are all part of the distribution system that MORE Power took over from PECO and are attributable to the poor or non-existent maintenance of PECO while it was operating the said distribution system,” it said.

July 30, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 196.05 -27.79% -11.02% -5.77% -22.15% ATRAM Alpha Opportunity Fund, Inc. -a 1.0024 -39.49% -14.48% -6.59% -27.47% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6337 -37.47% -15.63% -8.3% -28.4% Climbs Share Capital Equity Investment Fund Corp. -a 0.6743 -31.24% n.a. n.a. -24.91% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6548 -27.47% n.a. n.a.

-22.9% First Metro Save and Learn Equity Fund,Inc. -a 4.2123 -25.05% -9.57% -5.52% -20.94% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.662 -26.78% -11.94% n.a.

-22.45% MBG Equity Investment Fund, Inc. -a

76.88 -36.34% n.a. n.a. -25.52% PAMI Equity Index Fund, Inc. -a 39.3556 -27.06% -9.6% -4.8% -23.26% Philam Strategic Growth Fund, Inc. -a 422.85 -24.78% -8.85% -4.95% -20.63% Philequity Alpha One Fund, Inc. -a,d,5 0.8604 n.a. n.a. n.a. -16.47% Philequity Dividend Yield Fund, Inc. -a 0.997 -27.04% -9.2% -4.68% -22.53% Philequity Fund, Inc. -a 29.3383 -26.77% -8.73% -4.36% -22.58% Philequity MSCI Philippine Index Fund, Inc. -a 0.778 -27.72% n.a. n.a. -23.58% Philequity PSE Index Fund Inc. -a 4.006 -26.84% -9.11% -4.13% -23.31% Philippine Stock Index Fund Corp. -a

671.22 -26.59% -9.05% -4.3% -23.02% Soldivo Strategic Growth Fund, Inc. -a 0.6058 -36.8% -13.05% -8.4% -28.85% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1063 -30.63% -10.46% -5.46% -26.2% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7696 -26.73% -9.23% -4.29% -23.1% United Fund, Inc. -a 2.8216 -26.65% -7.93% -3.78% -22.76% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 90.1122 -26.39% -8.58% -3.48% -22.95% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b

$1.028 3.52% -0.2% 1.38% -0.04% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4496 9.07% 6.8% n.a.

5.14% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5599 -12.65% -4.57% -3.55% -0.19% ATRAM Philippine Balanced Fund, Inc. -a 2.0441 -13.64% -5.09% -2.07% -6.28% First Metro Save and Learn Balanced Fund Inc. -a 2.3969 -11.73% -3.65% -3.11% -8.92% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1839 n.a. n.a. n.a.

-19.52% NCM Mutual Fund of the Phils., Inc. -a 1.8357 -6.99% -1.58% -0.38% -6.42% PAMI Horizon Fund, Inc. -a 3.4705 -9.57% -2.87% -1.6% -8.41% Philam Fund, Inc. -a 15.4552 -10.5% -3.19% -1.78% -8.88% Solidaritas Fund, Inc. -a 1.9063 -12.92% -4.22% -1.64% -10.17% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2547 -18.23% -5.39% -2.95% -15.76% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9355 -10.29% n.a. n.a.

-7.9% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8345 -19.94% n.a. n.a. -16.25% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8088 -22.17% n.a. n.a. -18.57% Sun Life Prosperity Dynamic Fund, Inc. -a 0.7998 -21.53% -6.43% -4.13% -17.95% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03929 4.86% 3.13% 2.04% 2.85% PAMI Asia Balanced Fund, Inc. -b $1.0293 2.65% 0.84% 1.88% 1.71% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0267 5.61% 4.9% 4.3% 2.97% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1479 3.11% 2.76% n.a.

1.7% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367.33 4.4% 3.2% 2.59% 2.62% ATRAM Corporate Bond Fund, Inc. -a 1.9461 2.17% 0.97% -0.02% 2.32% Cocolife Fixed Income Fund, Inc. -a 3.1972 4.32% 5.05% 5.05% 2.54% Ekklesia Mutual Fund Inc. -a 2.303 4.64% 3.05% 2.38% 3.58% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4543 5.39% 3.49% 2.01% 4.04% Philam Bond Fund, Inc. -a 4.6627 9.94% 4.58% 2.82% 6.63% Philam Managed Income Fund, Inc. -a,6 1.3036 6.45% 4.23% 2.34% 3.73% Philequity Peso Bond Fund, Inc. -a 3.9635 6.97% 4.47% 2.38% 4.63% Soldivo Bond Fund, Inc. -a 1.0388 9.9% 3.81% 1.93% 7.73% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1805 6.16% 4.88% 2.95% 3.41% Sun Life Prosperity GS Fund, Inc. -a 1.7461 5.06% 4.24% 2.39% 2.65% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $477.18 3.65% 2.59% 2.8% 1.88% ALFM Euro Bond Fund, Inc. -a Є216.51 -1.09% 0.72% 1.06% -1.49% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.237 3.17% 2.75% 2.47% 4.19% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 2.72% 1.97% 1.59% 2.33% PAMI Global Bond Fund, Inc -b $1.086 -0.06% 0.31% 0.45% -0.69% Philam Dollar Bond Fund, Inc. -a $2.4961 5.91% 3.82% 3.41% 3.85% Philequity Dollar Income Fund Inc. -a $0.0609554 2.55% 2.1% 1.92% 1.09% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2387 4.73% 2.42% 2.74% 2% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.58 3.65% 3.28% 2.47% 2.19% First Metro Save and Learn Money Market Fund, Inc. -a 1.0431 2.53% n.a. n.a.

1.64% Sun Life Prosperity Money Market Fund, Inc. -a 1.2857 2.96% 3.04% 2.59% 1.64% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0464 1.61% n.a. n.a.

0.78% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0091 n.a. n.a. n.a. n.a.

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.95 n.a. n.a. n.a.

-4.04%

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."

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

August 3, 2020

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

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

44.05 85 64.7 19.4 7.05 33.5 8 19.56 47.8 15.6 87.2 52.85 0.68 20.5 0.49 2.36 7.06 0.93 0.27 0.58 154.2 1.01

45.9 85.05 64.95 19.9 7.07 33.6 8.2 19.58 48.25 16.56 87.35 52.9 0.75 20.85 0.53 2.39 8.75 0.99 0.28 0.6 156.5 1.12

45.5 87 67 20.05 7.18 33.6 8.2 19.7 48.05 15.94 91 52.8 0.66 20.6 0.5 2.38 8.75 0.99 0.275 0.61 154.2 1.01

46 88 67 20.05 7.18 33.85 8.2 19.7 48.95 16.58 91 52.9 0.75 20.85 0.56 2.4 8.75 0.99 0.275 0.61 156.5 1.01

45 85 64.1 19.4 7 33.4 8.2 19.56 48 15.52 87.1 52.8 0.66 20.5 0.485 2.38 8.75 0.99 0.265 0.58 154 1.01

45.9 85 64.7 19.4 7.05 33.5 8.2 19.58 48 15.6 87.2 52.85 0.75 20.85 0.54 2.39 8.75 0.99 0.275 0.6 156.5 1.01

3200 6196810 3359280 62600 1310300 5225400 200 128000 4300 15600 894930 81080 3000 19900 58000 12000 100 2000 180000 19000 2280 5000000

145100 532168449.5 217998789 1237387 9225165 175507945 1640 2511770 207130 243280 78573199 4283206.5 2070 412065 29135 28680 875 1980 48200 11240 356526 5050000

86310 -270880427 -64418750 -841478.0002 -678940 -121753695 -609300 -124950 -3052 -48024991 -699582 2060 875 -1542 -

INDUSTRIAL AC ENERGY 2.59 2.6 2.47 2.64 2.42 2.6 31391000 79678590 1.12 1.15 1.18 1.18 1.12 1.15 649000 740120 ALSONS CONS ABOITIZ POWER 24.75 24.8 25.6 25.6 24.75 24.75 1234000 30762485 0.152 0.164 0.163 0.165 0.162 0.165 410000 67420 BASIC ENERGY FIRST GEN 26.45 26.7 26.4 26.85 24.6 26.7 2086700 55347635 FIRST PHIL HLDG 58.05 58.5 59.8 59.8 58 58.05 28150 1645933.5 256.4 257 263 263 255.2 257 266140 68371994 MERALCO MANILA WATER 12.32 12.4 12.6 12.6 12.32 12.32 1557800 19302264 3.02 3.04 3.12 3.12 3.02 3.02 4764000 14717970 PETRON 3.3 3.31 3.3 3.4 3.3 3.31 117000 387830 PETROENERGY PHX PETROLEUM 11.16 11.4 11.02 11.4 11.02 11.4 18800 212254 16.82 16.86 17.06 17.06 16.7 16.82 308500 5219586 PILIPINAS SHELL SPC POWER 7.9 7.98 8.05 8.05 7.9 7.98 148300 1177302 VIVANT 12.52 14.96 13.5 13.5 13.5 13.5 500 6750 7.05 7.1 7.16 7.18 7.05 7.1 211500 1502898 AGRINURTURE AXELUM 1.91 1.92 1.93 1.97 1.85 1.91 3457000 6619710 14.36 14.4 14.48 14.48 14.12 14.4 1430100 20579830 CENTURY FOOD 6.1 6.2 5.56 6.4 5.55 6.2 1407900 8,567,937( DEL MONTE DNL INDUS 4.51 4.54 4.62 4.62 4.51 4.51 2729000 12380470 9.05 9.1 9.05 9.15 9.05 9.06 51356500 464994778 EMPERADOR SMC FOODANDBEV 62.95 63 64 64 62.25 63 152810 9624481.5 ALLIANCE SELECT 0.61 0.62 0.61 0.61 0.59 0.61 1794000 1082440 1.1 1.11 1.14 1.14 1.08 1.11 4927000 5470330 FRUITAS HLDG GINEBRA 33 33.3 33 33.3 32 33 108800 3589620 127 128.1 129.5 129.5 126.5 127 1635390 209865856 JOLLIBEE 6.72 7.11 7.12 7.12 7.12 7.12 1000 7120 MACAY HLDG MAXS GROUP 4.4 4.42 4.59 4.59 4.3 4.42 776000 3423720 0.125 0.137 0.124 0.137 0.124 0.137 50000 6330 MG HLDG SHAKEYS PIZZA 5.68 5.72 5.9 5.9 5.7 5.72 2054300 11784662 ROXAS AND CO 1.17 1.19 1.15 1.19 1.14 1.19 960000 1122570 4.3 4.48 4.3 4.4 4.3 4.4 44000 190400 RFM CORP ROXAS HLDG 1.4 1.49 1.4 1.4 1.4 1.4 19000 26600 0.104 0.11 0.104 0.104 0.104 0.104 40000 4160 SWIFT FOODS 124.8 125 122 125.6 118.3 125 2168490 263674727 UNIV ROBINA VITARICH 0.74 0.75 0.77 0.77 0.73 0.75 3063000 2294930 53.05 56.4 55 56.75 52 53.05 1640 88947.5 CONCRETE A CONCRETE B 52.2 56.65 58.3 58.3 51.3 52.05 17250 910687.5 0.9 0.91 0.89 0.9 0.86 0.9 6409000 5668020 CEMEX HLDG 9.81 9.84 9.78 9.85 9.78 9.81 173200 1698068 EAGLE CEMENT EEI CORP 5.08 5.09 5 5.25 4.94 5.09 1192200 6026117 4.69 4.7 4.65 4.72 4.4 4.69 1233000 5659740 HOLCIM 6.6 6.62 6.5 6.62 6.12 6.6 2617500 17005910 MEGAWIDE PHINMA 8.5 9 8.5 8.99 8.5 8.99 1900 16591 0.64 0.69 0.64 0.64 0.64 0.64 229000 146560 TKC METALS VULCAN INDL 0.76 0.77 0.74 0.77 0.73 0.76 166000 124020 1.82 1.88 1.86 1.88 1.84 1.88 116000 217020 CROWN ASIA 2.09 2.1 2 2.13 1.9 2.09 3782000 7701060 EUROMED PRYCE CORP 4.03 4.1 4.05 4.05 4.02 4.03 11000 44370 18 19.48 19.5 19.92 17.62 18 6100 114642 CONCEPCION GREENERGY 1.66 1.68 1.72 1.72 1.65 1.68 4636000 7796910 INTEGRATED MICR 4.61 4.73 4.62 4.79 4.6 4.61 101000 466420 0.95 0.98 0.98 0.98 0.95 0.95 89000 84830 IONICS PANASONIC 4.21 4.77 4.01 4.83 4.01 4.83 5000 21470 1.37 1.38 1.31 1.39 1.28 1.37 3996000 5373270 SFA SEMICON 5.33 5.35 5.6 5.6 5.2 5.35 1923300 10366043 CIRTEK HLDG

4559700 -5858840 29129860 -1259075.5 -21671258 -4195182 2173900 -722955.9997 -19047 83311 -1670620 -3413556 1,447,830.9997) -3711340 -453543466 -12299.5 610 177810 3372600 11501450 -475320 3398270 -273210 172900 -36746457 -138930 2379970 577714 -223686 1610620 3981758 -8500 84600 -12320 45000 253730 -165950 -42200 -54822

HOLDING & FRIMS ABACORE CAPITAL 0.46 0.465 0.465 0.465 0.46 0.46 4580000 2117250 7.5 7.8 7.7 7.95 7.5 7.8 8700 67801 ASIABEST GROUP AYALA CORP 700 705 707 710 694 700 499950 349162580 45.6 46.25 47.8 48.5 42.05 45.6 1389000 63414050 ABOITIZ EQUITY ALLIANCE GLOBAL 5.5 5.55 5.6 5.64 5.44 5.55 11557400 63957620 AYALA LAND LOG 1.63 1.64 1.64 1.65 1.63 1.64 588000 961840 6.15 6.2 6.2 6.2 6.2 6.2 1800 11160 ANSCOR ATN HLDG A 0.57 0.59 0.58 0.59 0.57 0.57 2174000 1246260 0.57 0.6 0.6 0.6 0.6 0.6 14000 8400 ATN HLDG B 4.88 4.93 4.94 4.95 4.82 4.88 402000 1961130 COSCO CAPITAL DMCI HLDG 3.48 3.49 3.54 3.55 3.42 3.49 12065000 42046340 8.21 8.49 8.59 8.59 8.21 8.21 3300 27131 FILINVEST DEV GT CAPITAL 415 417 419 422 405 415 185300 77043486 HOUSE OF INV 2.91 3.12 3.02 3.02 2.77 2.77 72000 217090 60.45 61.1 61.8 61.8 60 60.5 2237870 135872294 JG SUMMIT LODESTAR 0.58 0.59 0.56 0.6 0.56 0.58 106000 60570 2.34 2.35 2.35 2.35 2.34 2.34 27000 63350 LOPEZ HLDG 7.2 7.34 7.49 7.49 7.11 7.34 1763500 12708102 LT GROUP MABUHAY HLDG 0.47 0.52 0.59 0.59 0.52 0.52 180000 101600 3 3.02 3.01 3.12 2.97 3 46523000 140256590 METRO PAC INV PRIME MEDIA 0.68 0.77 0.72 0.78 0.68 0.78 267000 190860 0.97 1.01 0.99 1.01 0.99 1.01 220000 219500 SOLID GROUP 151 160 150 160 150 151 370 56150 SYNERGY GRID SM INVESTMENTS 856.5 860 870 870 840 860 665150 569219330 96.4 99 99 99 96 99 113380 11037535 SAN MIGUEL CORP 0.66 0.7 0.72 0.72 0.7 0.7 27000 18920 SOC RESOURCES SEAFRONT RES 1.81 1.85 1.81 1.81 1.81 1.81 9000 16290 0.141 0.147 0.15 0.15 0.14 0.14 1030000 147150 ZEUS HLDG

-309450 -90979385 -23098525 -11338884 685120 -263890 616980 -5646862 -30099.9999 -92142256.5 -7020 -8683009 -5900 3437280 102432510 117761 -

PROPERTY ARTHALAND CORP 0.5 0.51 0.5 0.51 0.5 0.51 779000 392140 31.3 31.55 31.85 32.2 31.3 31.3 10630900 336306040 AYALA LAND ARANETA PROP 1 1.03 1.04 1.06 1.04 1.04 114000 118580 1.34 1.35 1.35 1.38 1.35 1.35 65000 87980 BELLE CORP A BROWN 0.76 0.77 0.73 0.77 0.73 0.76 2527000 1872230 0.74 0.75 0.74 0.74 0.74 0.74 1000 740 CITYLAND DEVT 0.118 0.12 0.119 0.12 0.117 0.12 2630000 309220 CROWN EQUITIES CEBU HLDG 5.82 6.09 5.86 6.09 5.86 6.09 42000 255366 4.85 5 5.02 5.03 4.75 5 1371900 6789731 CEB LANDMASTERS 0.345 0.355 0.36 0.36 0.345 0.355 1430000 500350 CENTURY PROP CYBER BAY 0.255 0.275 0.255 0.275 0.255 0.275 50000 12950 15.98 16 16 16.4 15.96 15.98 209100 3354448 DOUBLEDRAGON DM WENCESLAO 6 6.18 5.92 6.01 5.92 6 25700 154064 EMPIRE EAST 0.241 0.247 0.242 0.242 0.24 0.241 1020000 245150 0.092 0.095 0.09 0.095 0.088 0.095 210000 19690 EVER GOTESCO FILINVEST LAND 0.83 0.84 0.85 0.86 0.82 0.83 29563000 24608550 0.79 0.8 0.78 0.88 0.78 0.8 1513000 1247230 GLOBAL ESTATE 8.5 8.53 8.78 8.78 8.53 8.53 6600 56638 8990 HLDG PHIL INFRADEV 0.83 0.85 0.87 0.87 0.81 0.83 1657000 1378900 0.68 0.7 0.75 0.75 0.7 0.7 37000 26610 CITY AND LAND MEGAWORLD 2.9 2.91 2.96 3 2.9 2.9 15260000 44532770 MRC ALLIED 0.205 0.208 0.214 0.215 0.2 0.205 36740000 7570050 0.285 0.29 0.29 0.29 0.285 0.29 890000 258050 PHIL ESTATES PRIMEX CORP 1.3 1.45 1.32 1.54 1.3 1.3 30952000 41284670 14.28 14.34 15.14 15.3 14.28 14.28 3110200 45083382 ROBINSONS LAND 0.222 0.225 0.227 0.227 0.225 0.225 380000 85820 PHIL REALTY ROCKWELL 1.5 1.51 1.51 1.51 1.51 1.51 54000 81540 1.72 1.85 1.79 1.86 1.71 1.85 39000 69490 STA LUCIA LAND SM PRIME HLDG 28.55 28.6 29.5 29.5 28.2 28.55 19108000 549620340 VISTAMALLS 3.81 3.83 3.84 3.84 3.83 3.83 13000 49860 1.07 1.08 1.15 1.15 1.06 1.07 4860000 5334580 SUNTRUST HOME PTFC REDEV CORP 37.15 44.95 37.15 37.15 37.15 37.15 300 11145 2.91 2.94 3.1 3.1 2.86 2.91 6591000 19502010 VISTA LAND

-12500 -70395710 -4140 740 -3085 -85542 -61020 -11665610 -4200 -16357 -16795180 6420 -14400 -29295156 -4530 -1860 -106162900 10800 -710670

SERVICES ABS CBN 7.44 7.47 7.69 7.69 7.43 7.47 250900 1888721 5.06 5.07 5.18 5.18 5 5.06 1670700 8491576 GMA NETWORK MANILA BULLETIN 0.375 0.385 0.375 0.38 0.37 0.375 470000 176100 11.1 11.62 11.1 11.1 11.1 11.1 100 1110 MLA BRDCASTING GLOBE TELECOM 2014 2034 2054 2054 2004 2014 51895 105255950 PLDT 1317 1319 1320 1337 1285 1317 159305 208494760 0.047 0.049 0.046 0.05 0.046 0.05 1100000 51500 APOLLO GLOBAL DFNN INC 2.8 2.84 2.77 2.8 2.66 2.8 84000 231080 2.55 2.56 2.6 2.62 2.52 2.55 27579000 70821190 DITO CME HLDG 1.23 1.37 1.27 1.27 1.27 1.27 6000 7620 IMPERIAL ISLAND INFO 0.067 0.069 0.068 0.069 0.067 0.069 210000 14210 1.59 1.67 1.6 1.68 1.58 1.59 92000 147800 JACKSTONES NOW CORP 1.91 1.92 1.95 1.95 1.89 1.91 2410000 4604800 TRANSPACIFIC BR 0.168 0.17 0.17 0.17 0.166 0.17 3220000 541440 1.8 1.83 1.82 1.85 1.8 1.8 741000 1345480 PHILWEB 2GO GROUP 8.13 8.14 8.48 8.48 8.12 8.14 43100 354301 3.21 3.28 3.33 3.33 3.2 3.25 688000 2233380 CHELSEA 35.1 35.5 36.9 36.9 35.1 35.1 285300 10249815 CEBU AIR INTL CONTAINER 94 95 95 95.5 91.55 94 1495160 140293875.5 14.1 14.2 14 14.1 13.52 14.1 1900 26604 LBC EXPRESS MACROASIA 4.92 4.93 4.95 5.1 4.78 4.93 5103900 25301474 METROALLIANCE A 1.81 1.82 1.75 1.81 1.52 1.81 1659000 2789420 1.65 2 1.65 1.65 1.65 1.65 2000 3300 METROALLIANCE B PAL HLDG 5.95 6 6 6 5.9 6 97700 578916 0.77 0.78 0.77 0.77 0.75 0.77 232000 175700 HARBOR STAR 0.031 0.032 0.03 0.033 0.029 0.032 182500000 5668000 BOULEVARD HLDG WATERFRONT 0.36 0.375 0.36 0.375 0.36 0.375 20000 7350 6.3 6.49 6.49 6.49 6.49 6.49 500 3245 CENTRO ESCOLAR FAR EASTERN U 605 633 605 605 605 605 10 6050 7.61 7.71 7.71 7.71 7.71 7.71 800 6168 IPEOPLE 0.295 0.3 0.29 0.295 0.29 0.295 1510000 440050 STI HLDG BERJAYA 2.12 2.16 2.17 2.18 2.1 2.18 48000 101800 6.09 6.12 6.19 6.19 6 6.12 5478600 33263206 BLOOMBERRY 2 2.08 2.05 2.1 2 2.08 177000 360680 PACIFIC ONLINE LEISURE AND RES 1.14 1.15 1.15 1.15 1.15 1.15 33000 37950 2.22 2.59 2.22 2.23 2.22 2.22 22000 48890 MANILA JOCKEY PH RESORTS GRP 2.1 2.18 2.12 2.2 2.11 2.18 89000 188390 0.28 0.285 0.295 0.295 0.285 0.285 9070000 2610200 PREMIUM LEISURE 6.3 6.35 6.52 6.52 6.21 6.35 2182800 13889739 ALLHOME METRO RETAIL 1.39 1.4 1.4 1.4 1.3 1.4 551000 755630 47.6 47.7 47.9 48 46.5 47.7 3277100 155566585 PUREGOLD 59.4 59.5 61 63 57.25 59.5 424910 25298102.5 ROBINSONS RTL PHIL SEVEN CORP 123.1 125 120 125 120 125 83800 10408732 1.03 1.04 1.05 1.05 1.02 1.03 1438000 1485720 SSI GROUP WILCON DEPOT 14.9 14.92 14.74 14.98 14.6 14.9 2275700 33863330 0.305 0.31 0.305 0.31 0.3 0.31 310000 94200 APC GROUP 6.12 6.38 6.3 6.3 6.3 6.3 4800 30240 EASYCALL GOLDEN BRIA 280.4 304 304 304 304 304 80 24320 0.21 0.211 0.215 0.215 0.205 0.21 6860000 1432790 PRMIERE HORIZON SBS PHIL CORP 4.04 4.48 4.04 4.48 4.04 4.48 4000 17480

-1409140 -99008685 13160 -303990 -153180 219570 -17899.9999 225400 -2980695 -45126356.5 1400 -932780 -1800 -64600 3600 7442495 -6900.0002 -219900 -2123487 -89810 -94393385 -17198189.5 180430 -378900 4891980 -6080 -

MINING & OIL ATOK 7.6 8.16 8.24 8.24 7.6 8.18 7300 56002 APEX MINING 1.5 1.51 1.53 1.57 1.48 1.5 14599000 22290870 2350540 0.0008 0.0009 0.0008 0.0008 0.0008 0.0008 288000000 230400 80000 ABRA MINING ATLAS MINING 2.55 2.6 2.75 2.75 2.55 2.55 623000 1639400 -142480 BENGUET A 1.82 1.97 2 2 1.82 1.97 36000 68610 1.79 1.87 1.82 1.98 1.7 1.89 103000 183750 BENGUET B COAL ASIA HLDG 0.191 0.209 0.216 0.216 0.209 0.209 110000 23200 2.6 2.68 2.6 2.7 2.6 2.7 152000 409700 -116100 CENTURY PEAK 7.29 7.45 7.4 7.44 7.31 7.43 6300 46368 DIZON MINES FERRONICKEL 1.08 1.09 1.05 1.08 1.03 1.08 7000000 7396920 141850 0.231 0.234 0.23 0.237 0.23 0.231 550000 128640 GEOGRACE LEPANTO A 0.144 0.145 0.149 0.149 0.142 0.144 40570000 5899630 0.143 0.145 0.146 0.149 0.143 0.144 2790000 404560 -62840 LEPANTO B 0.0099 0.01 0.0096 0.011 0.0096 0.0099 177000000 1759200 MANILA MINING A MANILA MINING B 0.0099 0.01 0.01 0.01 0.01 0.01 4000000 40000 0.74 0.75 0.81 0.81 0.71 0.74 1437000 1040730 72000 MARCVENTURES 1.4 1.41 1.39 1.45 1.39 1.4 616000 868240 -86300 NIHAO NICKEL ASIA 2.52 2.53 2.4 2.58 2.4 2.53 12252000 30549710 425770 0.54 0.55 0.53 0.56 0.52 0.55 804000 433400 ORNTL PENINSULA PX MINING 3.23 3.24 3.27 3.38 3.19 3.24 4832000 15899260 -3020900 SEMIRARA MINING 9.55 9.6 9.7 9.7 9.35 9.55 2898900 27591862 -4157735 0.0051 0.0053 0.0055 0.0056 0.0052 0.0052 105000000 566000 UNITED PARAGON ACE ENEXOR 5.98 6.17 6.32 6.32 6.19 6.19 15200 94393 0.0081 0.0082 0.008 0.009 0.008 0.0082 215000000 1770200 -1800 PHILODRILL 5.48 5.5 5.65 5.65 5.41 5.5 776700 4257162 -143742 PXP ENERGY

PREFFERED HOUSE PREF A 100.5 101 101 101 101 101 440 44440 508 519 511.5 511.5 508 508 6000 3048535 AC PREF B1 AC PREF B2R 506 517 504 506 503.5 506 4840 2439540 100.7 101 101 101 100.7 100.7 5010 505560 CPG PREF A DD PREF 101.2 101.4 101.3 101.3 101.3 101.3 10010 1014013 104.5 106 105.8 105.8 104 104 39450 4102918 FGEN PREF G 460.4 525 500 502 500 502 1000 501880 FPH PREF C GLO PREF P 512 517.5 512 512 512 512 40 20480 101.2 101.5 101.5 101.5 101.5 101.5 6650 674975 MWIDE PREF 105 108 108 108 108 108 50 5400 PNX PREF 3B PNX PREF 4 1018 1034 1018 1020 1018 1018 215 218880 1020 1050 1050 1050 1050 1050 10 10500 PCOR PREF 2B PCOR PREF 3A 1050 1060 1060 1060 1060 1060 7500 7950000 1075 1100 1100 1100 1090 1090 105 114500 PCOR PREF 3B 1.4 1.6 1.4 1.4 1.4 1.4 1000 1400 SFI PREF SMC PREF 2C 78.5 79 79 79 79 79 930 73470 -10270 75.2 75.55 75.25 75.25 75.25 75.25 1000 75250 SMC PREF 2D 75.5 77.25 75.5 75.5 75.5 75.5 13490 1018495 SMC PREF 2E SMC PREF 2G 75.95 76.95 76.95 76.95 76.95 76.95 10 769.5 78.5 79 78.5 78.5 78.5 78.5 4540 356390 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 7.09 7.15 7.06 7.15 7.01 7.15 2318700 16560005 -1409226 4.66 4.75 4.91 4.91 4.7 4.75 409700 1953663 -1790131 GMA HLDG PDR

WARRANTS LR WARRANT 0.61 0.67 0.62 0.62 0.6 0.6 36000 22140

SMALL & MEDIUM ENTERPRISES ALTUS PROP 12.96 13.04 13.62 13.96 12.82 12.96 1214900 16301856 -94090 1.78 1.79 1.8 1.8 1.72 1.78 4375000 7725730 166030 ITALPINAS KEPWEALTH 5.07 5.14 5.16 5.19 5.04 5.06 19200 98105 2.5 2.51 2.55 2.66 2.46 2.5 43475000 111001090 -2670720 MERRYMART XURPAS 0.55 0.56 0.55 0.56 0.54 0.56 1421000 772790

EXHANGE TRADE FUNDS

FIRST METRO ETF 87.6 88.1 90.45 90.45 87.6 87.6 41580 3675194.5 372749.5

www.businessmirror.com.ph

Banking&Finance BusinessMirror

LandBank lends ₧220M for Samar water project

T

he Land Bank of the Philippines (LandBank) announced it agreed to lend P220 million to the Can-avid municipal government in Eastern Samar to fund a water service project in the fourthclass municipality of 28 barangays.

In a statement on Monday, it was detailed that Can-avid’s water system is set to be upgraded from Level 2 to Level 3 to service additional six upstream barangays—all of which are dependent on individual deep well systems.

The improvement in the water system is seen benefitting 16 barangays covering 2,360 domestic households, 127 institutional establishments and 190 commercial entities, the Landbank said.

The project is also designed to have provision for future servicing of four additional barangays.

The municipal government said the project will “deliver efficient, uninterrupted, and less expensive supply of potable water to more residents in the area, while reducing the incidence of water-borne diseases caused by unsanitary water sources by as much as 80 percent.”

“The approval of our new loan will certainly boost the morale of local leaders as it manifests the Bank’s confidence in their leadership and serves as an affirmation of the meaningful programs that

we undertake,” Can-avid Mayor Gil Norman P. Germino was quoted in the statement as saying.

Germino and LandBank Samar Lending Center Head Restituta C. Ilagan led the signing of the loan agreement last July 29.

In 2007, LandBank granted the local government unit (LGU) a P14.92million term loan for farm-to-market roads project, opening access to remote barangays and farm areas.

“LandBank’s financial services support local programs and projects geared towards accelerating local growth, which includes the construction of necessary infrastructure and improved delivery of basic services,” the bank said.

Last week, LandBank launched a 10-billion loan program aimed at boosting recovery efforts of the LGUs amid the coronavirus pandemic.

Loans will be available to eligible LGUs provided that the total loan exposure is less than their net borrowing capacity according to the computation by the Bureau of Local Government Finance. The amount of borrowings to be granted depends on the LGU’s project requirement.

The loan will carry an interest rate of 4.5 percent per year, but subject to annual repricing after the first year based on Landbank’s prevailing interest rate. Tyrone Jasper C. Piad

Personal finance and the environment

T

he “New Normal” presents a grand opportunity for all of us to craft a better Philippines.

Everyone has to contribute in order to accelerate the recovery process.

In this regard, managing finances well and helping preserve the environment can be favorable complementary activities. One can be healthy financially while at the same time being conscious about the importance of the environment.

The good news is that there are many personal finance activities that can help support environmental objectives in the Philippines.

Through earning and responsibly paying taxes and other government fees, Filipinos are able to support the government fund the various programs needed to achieve growth and development. An ample part of the national budget and local government budgets must be allocated to programs that help preserve the environment.

There are numerous climate change concerns and challenges. The government needs the full support of the citizenry in order to address them. Responsible governance is an imperative.

The use of budgeting can help the environment. If needs are distinguished from wants, the purchase of certain commodities can be avoided and this will lead to more savings and less trash. When doing grocery shopping either in the physical store or online, the use of a shopping list can help ensure that only items that are needed are bought, that impulse purchases are minimized and that the right quantities based on projected usage are ordered. Thus, the shopping list leads to savings, less spoilage and less trash levels.

Using an eco-bag when shopping in physical stores helps support both personal finance goals and environmental goals. Buying an eco-bag can be viewed as an economic and environmental investment. By using an eco-bag when shopping in physical stores, there is a physical limit to the number of goods that can be purchased. It serves as a good tool to help Filipinos prioritize and organize. The use of an eco-bag also helps lower the use of harmful plastics which are one of the major causes of pollution in the country.

A powerful tool is to implement “5-S” at home and in the workplace.

The “5-S” stands for: Sort, Set in order, Shine Standardize and Sustain.

Genesis Kelly S. Lontoc

personal finance Sorting will make us keep what is necessary and avoid those that are not. Setting things in order will make us save on cost and time. Shining will help maintain our assets so we can avoid expensive maintenance costs.

Standardizing will help increase productivity and efficiency. Sustaining will help us track progress and act accordingly. The environment is supported as waste can be reduced.

Given the heightened focus on health and safety in the “New Normal,” adopting a healthy lifestyle can go a long way. In the Philippines, the top source of harmful emissions would be mobile sources like vehicles.

If Filipinos walk more, run more and bike more for proximate distances, they will be able to save on fuel and at the same time contribute actively in lowering the emissions from the vehicles. Clean air can go a long way since a healthy citizenry will be able to help the economy more and save on high health care costs.

Supporting companies that have environment-friendly initiatives will help them be viable and motivate them to further intensify efforts.

By purchasing environment-friendly goods and services, we do our share in protecting the environment. By participating in impactful environmentrelated activities like education and cleanups, we take an active role in saving the environment. By investing in companies that promote a green way of living, we help provide vital livelihood to many people and help foster a healthy economy.

The “New Normal” implies that we have to evolve from having a “Me” mindset to having a “We” mindset.

Managing money responsibly with the environment as a top consideration helps us get to closer to a sustainable future where the environment can support us and our future generations.

We must act now.

Genesis Kelly “Gemmy” S. Lontoc is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 85th RFP program this September 2020. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Tuesday, August 4, 2020 B3

Impact on NPLs, digitization by banks seen with MECQ 2

G

By Tyrone Jasper C. Piad

@Tyronepiad

overnment’s re-imposition of stricter quarantine measures is a double-edged sword local banks need to wield to fight off growing bad debts and charge forward to the mountain of benefits that technological innovation brings to the industry.

ING Bank Manila Economist Nicholas Antonio T. Mapa told the BusinessMirror that the stricter lockdown guidelines would likely prompt the surge in already increasing nonperforming loans (NPLs).

“The return to MECQ should hurt banks’ operations and profitability with NPLs likely nudged higher with the economic downturn now becoming more severe,” Mapa said.

Some economists warned of the increase in bad loans after businesses economic activities nearly-stalled when the National Capital Region was placed under enhanced community quarantine (ECQ) last March 17.

The easing of ECQ measures last July 1, however, was reversed last Sunday after President Duterte replaced Metro Manila, Cavite, Laguna, Rizal and Bulacan under a modified ECQ beginning August 4.

Mapa reiterated that “increased chances for job losses and weaker earning potential will make it more

difficult for current loan repayments to be made while new investments will also be limited as business climate remains downbeat.”

Two steps back

Mapa told the BusinessMirror that low interest rates might also hurt the profitability of the sector, adding that banks will find it challenging to “find any takers for all the liquidity they have at their disposal.”

“One step forward now becomes two steps back as fiscal stimulus and donations from the private sector have been nullified as we are right back to where we were two months ago,” he added.

Last May, the Bangko Sentral ng Pilipinas (BSP) reported that the local banking industry is anticipating logging P556.6-billion worth of NPLs this year. This is equivalent to 5 percent in NPL ratio—portion of NPL to total loans—which is more than double of what the sector has

been dealing with in the recent years.

BSP preliminary data shows that gross NPLs stood at P262.68 billion as of end-May, which is 20 percent more than P218.89 billion booked in the same period last year.

The lockdown measures have left at least five million Filipinos jobless in April alone, according to the Philippine Statistics Authority. Analysts said this figure is likely to increase in the months after as big businesses from different sectors, including airlines, announced recently that they were laying off employees.

Jolted less

Meanwhile, UnionBank Chief Economist Ruben Carlo O. Asuncion told the BusinessMirror he believes banks have attained a certain level of agility and already geared up to operate despite the return to MECQ. The transition to low-touch or least-contact approach has been established already, according to Asuncion, noting that the stricter lockdown measures would only have “marginal impact.”

“At this point, I am thinking about how the banks in the market have actually adjusted accordingly to the economic disruptions and certain logistical bottlenecks affecting their clients,” Asuncion said.

RCBC Chief Economist Michael L. Ricafort told this newspaper that the transition to MECQ will further boost digital transactions as the government places more stringent lockdown measures.

“Further digitalization of various transactions in the banking industry as well as in other businesses/

industries could be accelerated by the MECQ in view of limits on the movement of people in affected areas,” he said.

Ricafort explained that the MECQ shift would also increase work-fromhome arrangements or remote workstations for the sector.

Plan, prepare

IN an email to the BusinessMirror, the Bankers Association of the Philippines said that “banks will remain resilient and will continue to provide uninterrupted services since the start of the quarantine.” The government has enforced the lockdown guidelines since mid-March or for nearly five months.

According to latest BSP data, the financial system’s assets amounted to P18.74 trillion as of end-May, which is 9.59 percent higher compared to P17.10 trillion booked in the same period last year. Capitalization in May, meanwhile, grew by 9.22 percent to P2.37 trillion year-on-year.

The Financial Executives of the Philippines (Finex), meanwhile, is hoping that the government uses the 2-week MECQ period to reevaluate its plans and implement better means of containing the spread of Covid-19.

“We urge Congress to refocus on matters that improve the socioeconomic situation of our countrymen, and fast-track the passage of the relevant and long overdue fiscal and stimulus measures that translate into tangible outcomes businesses and Filipinos in general can feel,” Finex President Jose Jerome Pascual 3rd told the BusinessMirror.

Nearly 10.7-B liters injected with fuel markers Cebu Landmasters

T

he government marked nearly 10.7 billion liters in fuel since September last year as it aims to put an end to oil smuggling in the country.

From September until end-July this year, the government already injected fuel markers on a total of 10.66 billion liters, according to documents issued on Monday from the Department of Finance (DOF).

The bulk or 61.96 percent (6.610 billion liters) of these was diesel, followed by gasoline at 37.55 percent (4.007 billion liters) and kerosene at 0.49 percent (52.552 million liters).

Meanwhile, 75 percent or 8.015 billion liters of the 10.66 billion liters of marked fuel was in Luzon, 20 percent (2.137 billion liters) was in Mindanao and five percent (517.719 million liters) was in Visayas.

Leading the list of 20 participating petroleum companies is Petron Corp. capturing 23.59 percent or 2.517 billion liters.

Trailing Petron was Pilipinas Shell Petroleum Corp. with 20.16 percent (2.151 billion liters) followed

by Unioil Petroleum Philippines Inc. with 10.71 percent (1.143 billion liters). Chevron Philippines Inc. followed with 8.63 percent (920.497 million liters) and then by Seaoil Philippines Inc. with 8.51 percent (908.444 million liters).

The government earlier said it aims to collect at least P20 billion this year, which is half the estimated P40 billion in revenue lost to oil smuggling in the country.

Fuel marking makes use of a unique chemical marker capable of being embedded at a molecular level

in petroleum products—gasoline, diesel and kerosene—thereby enabling authorities to test, identify and distinguish petroleum products with paid excise taxes.

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

Spearheaded by the DOF, the Bureau of Customs and the Bureau of Internal Revenue, the fuel-marking program was launched with the intention of putting a halt to illegal importation, manufacturing and other fraudulent activities relating to the use and sale of petroleum products in the country. Bernadette D. Nicolas

Bank’s financial inclusion tech app downloaded nearly every second

T

he Yuchengco-owned financial inclusion application, or app, “DiskarTech” has already gained traction less than a month since its launch with 50 Filipinos downloading it every minute.

Rizal Commercial Banking Corp.

(RCBC) said that the app was downloaded over half a million times as of July 30.

This made the RCBC digital product the top finance app in Google Play among Android users; it ranked second in the same category in iOS App Store.

“In a crowded field of e-wallets, online banking, and similar apps, Filipinos have warmly welcomed the entry of DiskarTech, which stands out as the most inclusive of all,” RCBC Executive Vice President Angelito M. Villanueva said. “I think what makes this first ‘Taglish’ inclusion super app a hit was due to its unique product proposition, relevance, and timing.”

The app offers a digital savings account that has no required initial

deposit or maintaining balance.

It also allows cardless automated teller machine (ATM) withdrawals, deposits and cash out from partner agents, fund transfers, bill payments and quick-response code transfers, among others.

“We want unbanked and underserved Filipinos to take advantage of the benefits of being part of the formal financial system,” RCBC President Eugene S. Acevedo said.

“This has been RCBC’s thrust of promoting inclusive digital finance, which was further accelerated by the [lockdown measures against the] Covid-19 pandemic.”

He added that the bank even gamified the savings feature in the app to promote the “important habit” among its users.

Apart from the app’s banking services, it also provides telemedicine feature allowing access to offsite medical consultation and assistance, RCBC said, noting that this could help the public be linked to

affordable digital healthcare amid the pandemic.

Online scams

IN a separate statement, RCBC reminded the public to be cautious when doing online transactions as phishing and other digital scams have increased amid the shift to digital. RCBC Information Technology Security Head Trisha Vanessa Liu said that scammers are using social engineering techniques to acquire personal information of the clients.

Liu advised to only visit verified websites and not to click on links or download attachments that appear to be suspicious as these can extract personal information easily.

“Scammers have become more innovative these days and as the threats grow more complex and advanced, our security team together with our informed clients, will also continue to evolve to tackle these threats head on,” she added.

Tyrone Jasper C. Piad

keeps Aa rating on P5-B Series A-C corporate notes

A

local credit rating firm has maintained its rating on regional property developer Cebu Landmasters Inc. for its outstanding P5-billion Series A to C corporate notes that it issued in 2018.

The company said Philippine Rating Services Corp. retained its rating of “PRS Aa,” with a stable outlook, for the company that has development projects mostly in the Visayas and Mindanao islands.

Obligations that are rated “PRS Aa” are of high quality and are subject to very low credit risk, the company said in a statement.

Proceeds of the said debt were used for land acquisition in Cebu, Dumaguete, Bacolod, Cagayan de Oro, Davao, Bohol and Iloilo.

Parts of the proceeds were also set aside for the development of the 22-hectare Davao Global Township in Matina, Davao, CLI said.

As of end 2019, the company has completed 28 projects that are a mix of vertical development at 57.1 percent and horizontal development at 42.9 percent. These developments comprise a total of 7,541 units which were 96.4 percent sold out.

CLI has 37 ongoing projects, 13 of which are located in Cebu City, seven in Davao, seven in Mandaue City, six in Bacolod, three in Cagayan de Oro and one in Bogo, Cebu.

These projects have a combined total of 11,466 units, with 8,429 units (73 percent) sold.

The company said it had a 39-percent increase in consolidated reservation for the first half of the year to P7.4 billion from P5.3 billion. The increase was attributable to Casa Mira, CLI’s economic housing community, which accounted for 65 percent of first half sales in 2020. VG Cabuag

B4

Home BusinessMirror

Tuesday, August 4, 2020

â?ś TAKE

â?ˇ

sanitation into the next level with Landlite UVC Portable Sterilizer Lamp, which kills 99.9 percent of bacteria and viruses and disinfects your home.

www.businessmirror.com.ph

Todayâ&#x20AC;&#x2122;s Horoscope

â?ş

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Imani Hakim, 26; Cara Delevingne, 27; Pete Sampras, 48; Peter Krause, 54.

HAPPY BIRTHDAY: Be passionate about your plans, and be willing to put in the work to ensure that you turn your dreams into a reality. A change that you work for will be far more satisfying than something handed to you by someone who will eventually want something in return. Step into the spotlight and make your voice heard and your actions count. Your lucky numbers are 2, 6, 14, 21, 29, 37, 43.

â?ˇ MAKE any

space clean and cool with Dyson Pure Cool Tower Purifying Fan, which detects harmful pollutants in the air and has an advanced filtration that captures 99.95 percent of Particle Pollution plus an Air Multiplier Technology for whole-room purification.

ARIES (March 21-April 19): Youâ&#x20AC;&#x2122;ll be torn between the choices you are given. Your work and personal lives will not coordinate well with each other. Change can be useful, but it has to be on the right terms and for the right reason. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

â?ś

â?š SANITIZE

your gadgets, wallet, money, keys, doorknobs and toys with this lightweight Landlite Pocket UVC Sterilizer.

â?ş COOL yourself

with Dyson Pure Cool Me Personal Purifier with its Core Flow technology, which directs a focused stream of airflow precisely where you need it.

â?ť

THOROUGHLY wash your hand with your favorite foaming hand soap with this Infiniti Touchless Foaming Soap Dispenser.

TAURUS (April 20-May 20): As much as a change will tempt you, slow down, think things through and double-check all the facts and figures before you proceed. Information will be vital in making choices that are best for you. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

â?¸

â?¸ LESSEN the risk of crosscontamination with this Infiniti Automatic Touchless Soap Dispenser.

â?š

â?ť

How to create a sanitation station for the home

W

ITH the medical community now calling for Metro Manila to return to enhanced community quarantine (ECQ) given the continuing spread of coronavirus, this even as most of us having begun to work, it is important for every home to have a sanitation station at the door to get everyone into disinfecting and sanitizing before they enter their own private space. The station will also keep our homes clean and safe to prevent the spread of the illness and other unknown viruses with essentials for intense washing, dusting, sanitizing and disinfecting of the most touch-infected areas or common surfaces in your home, such as doorknobs, handles, light switches, gadgets and tabletops.

Have a foot bath on the disinfecting mat before putting the shoes on the rack. Always keep the mat clean before and after using the mat. â&#x2013; If needed, set up a makeshift changing room with curtain and ready a laundry basket for changing. â&#x2013; Sterilize the area with UV light. Use a pocket UV sterilizer in sanitizing your gadgets, keys, wallet and doorknobs. Do not forget to keep your Sanitation Station clean. Keep your home safe and sanitize with cleaning and sanitizing essentials from SM Home.

These are available at www.smhome.com.ph and shoppers can now place their order online through the SM Storeâ&#x20AC;&#x2122;s Call to Deliver and ShopSM app, which is available for download at the Google Play Store and the App Store. â&#x2013;

The one-stop shop for all of your home essentials, SM Home (www.thesmstore.com) has a wide variety of household items for all your sanitizing needs.

Here is the SM Homeâ&#x20AC;&#x2122;s DIY Sanitation Station Guide to keep your home safe and disinfected: â&#x2013; Set up a table and a mobile trolley near the door entrance. Put all the sanitizing essentials on the trolley and organize them in storage trays. â&#x2013; Have a fill of sprayers with alcohol and disinfectants. Choose an EPA-registered disinfectant, a 70 percent isopropyl alcohol and a contactless soap dispenser as you disinfect and wash your hands. â&#x2013; Have a waste bin to properly dispose used masks and gloves. â&#x2013; Put a shoe rack and a disinfecting mat outside.

Safe and sustainable haven in Tagaytay THE home has always been considered a retreatâ&#x20AC;&#x201D;a place where peace, security and harmony prevail. In these times of uncertainty, the home as sanctuary has assumed even greater significance. It is where we nourish our health, heal and recharge for the challenges that lie ahead.

Thus, treating our homes as investments in wellness has become part of the new reality. After all, our community and immediate environment directly influence our behaviors and lifestyles that, in turn, predict health outcomes.

This is probably why these days, we are seeing Filipino property seekers casting a wider net, looking into the quiet suburbs or residential villages a fair distance away from the highdensity metropolis.

Erstwhile city dwellers are now relishing open spaces and a lush green environment that keep them safe from threats of viruses and

future contagions.

With this in mind, do you even wonder why Tagaytay Highlands properties are now increasingly being eyed as ideal investments for homes that safeguard health and well-being?

For one, The Grove at Plantation Hills, a leisure and residential farming community, offers homeowners the conveniences of contemporary living and the joy of nurturing their own fruit trees, herbs, vegetables and other food sources at their backyard.

Sprawled across approximately 22 hectares within Tagaytay Highlands, The Grove also offers majestic mountainside views and amenities designed for mindfulness, leisure and interaction.

Touting its vast land area, The Grove at Plantation Hills encourages eco-farming at its residential farm lots to promote a healthy farm-to-table lifestyle. Its Orchard lots range from 750 to 1,300 square meters.

GEMINI (May 21-June 20): Stick close to home and to those you know you can trust. Refuse to let someone mesmerize you with hype or an unrealistic proposal. An opportunity to make a positive change at home or to the way you live is encouraged. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CANCER (June 21-July 22): Focus less on outsiders and more on those close to you.

Whether for work or a personal relationship, keep peace and encourage joining forces to reach a common goal. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LEO (July 23-Aug. 22): If you can visualize what you want, you can map out a plan that will help you achieve your goal. Opportunity is apparent; embrace the challenge that goes hand in hand with success, and you will reap the rewards.

Romance is highlighted. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

VIRGO (Aug. 23-Sept. 22): Socialize, travel and engage in experiences that are sure to teach you something. A relationship you have with someone will take a turn dependent on a conversation that will determine if you are heading in a similar direction. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): Take a bold stance if you want to maintain equality with those you interact with most. Whether itâ&#x20AC;&#x2122;s at work or at home, balance and structure will be necessary along with honesty and trust. Donâ&#x20AC;&#x2122;t jump to conclusions; ask questions. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): Youâ&#x20AC;&#x2122;ll be intrigued by someone flaunting a lavish lifestyle. Take a closer look, and youâ&#x20AC;&#x2122;ll discover the stress that goes along with all the little extras. Concentrate on peace of mind, enjoying what you do and the people you care about most. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SAGITTARIUS (Nov. 22-Dec. 21): Know whatâ&#x20AC;&#x2122;s expected of you before you get involved in something that could be expensive. Protect against foolish expenditures or trying to impress someone. You cannot buy love, but you can earn it by being fun to be with and sincere. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CAPRICORN (Dec. 22-Jan. 19): Change may be something you want, but if it disrupts a meaningful relationship, you might be best to compromise for now. Keeping the peace will be less emotionally and financially costly in the long run. Invest in something personal. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Look for partnerships that are based on equality and give-and-take, and focus on achieving something mutually beneficial to both of you. Love and romance are highlighted, along with a change that can help you raise your standard of living. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

On the other hand, its Garden lots are from 450 to 600 square meters in area. With the new reality pushing Filipinos to go back to basics, backyard gardening and raising recreational livestock at The Grove ensure that residents have consistent and sustainable access to fresh, nutritious

and organic produce.

The eco-farming lifestyle at The Grove, combined with thoughtfully crafted amenities like neighborhood ponds, fishing deck, pocket parks, a playground, gazebo, and a relaxing tree-lined perimeter path, makes for a relaxing and tranquil home base.

PISCES (Feb. 19-March 20): Helping others will be satisfying, but donâ&#x20AC;&#x2122;t let anyone take advantage of you. Offer only whatâ&#x20AC;&#x2122;s feasible, and save something for yourself. A change to the way you do things should be considered carefully. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026; BIRTHDAY BABY: You are trendy, friendly and opportunistic.

You are engaging and persistent.

â&#x20AC;&#x2DC;cracking wiseâ&#x20AC;&#x2122; BY EVAN KALISH The Universal Crossword/Edited by David Steinberg

ACROSS 1 Cry loudly 5 Nursing ___ 8 â&#x20AC;&#x153;Just donâ&#x20AC;&#x2122;t make a ___ of itâ&#x20AC;?

13 Mongoliaâ&#x20AC;&#x2122;s place 14 Char 15 State a position 16 Golf club for a bunker shot 18 Camping shelters 19 Fills, as a tattoo 20 PlayStation 4 maker 22 Obtained 23 ___ Vegas Strip 24 Modest number 26 Off-leash, say 28 Koko the gorillaâ&#x20AC;&#x2122;s communication method 32 Grainlike pasta 35 1860s prez 36 Opportunity to get on base 37 Emma Lazarusâ&#x20AC;&#x2122; The New Colossus, for one 38 Pancake served with applesauce 41 Arm bone 42 Inner tubeâ&#x20AC;&#x2122;s shape 44 Tonicâ&#x20AC;&#x2122;s partner

45 46 50 51 52 55 57 59

Rulesâ&#x20AC;&#x2122; partners, informally Generic video clips Elf on the ___ Music genre found in â&#x20AC;&#x153;home movieâ&#x20AC;?

(You know that was bad!)

Distillery container Bit of grass or hair Fairy king in A Midsummer Nightâ&#x20AC;&#x2122;s Dream 61 Author Bashevis Singer 63 Stealing tithe money, e.g.

65 Its bark is used in canoes 66 History syllabus units 67 Learned...or whatâ&#x20AC;&#x2122;s split across 16-, 28-, 46- and 63-Across 68 Writing assignment 69 Apex 70 Dreyerâ&#x20AC;&#x2122;s, in Kansas City DOWN 1 Herb with a Thai variety 2 8-Down posture, e.g.

3 Flirts with an eye 4 Boys 5 Garden plot 6 Car wash cloths 7 Colorful ring

8 Sweat-inducing exercise system 9 Koko the gorilla, e.g.

10 Incredibly compelling, as a Netflix series 11 Come ___ being 12 Exam 14 Country containing Africaâ&#x20AC;&#x2122;s westernmost point 17 Cellular data saver 21 Prefix with â&#x20AC;&#x153;essentialâ&#x20AC;?

25 Hoops league with 10-minute quarters 27 Closing stitch 28 A large amount 29 â&#x20AC;&#x153;Stop holding on!â&#x20AC;?

30 Group of friends 31 Midflight guesses, for short 32 Chooses 33 Plant holder?

34 Worst rating 39 Diamond in the sky, perhaps 40 Captivates 43 Disreputable 47 Winter malady 48 Counteracted (by) 49 Desert in 13-Across

52 53 54 55 56 58 60 62 64

Source of a tireâ&#x20AC;&#x2122;s traction Like soft Kix Joints with patellas Informal feeling Bargain bin proviso Root pounded to make poi â&#x20AC;&#x153;What ___ is new?â&#x20AC;?

2010 health law, for short Word after â&#x20AC;&#x153;baseballâ&#x20AC;? or â&#x20AC;&#x153;bathingâ&#x20AC;?

Solution to Fridayâ&#x20AC;&#x2122;s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, August 4, 2020

Writer David Hare turns his Covid-19 into a theater piece LOS ANGELES—Oscar-nominated writer David Hare says he’s turned his Covid-19 illness into a stage monologue about enduring “this quite extraordinary disease.” Beat the Devil will open in London as soon as officials deem it safe for theaters to get back into business, Hare said on Wednesday.

“I don’t think anyone who has not had it [the virus] quite understands how extraordinarily unpredictable it is, not just on a daily but almost an hourly basis,” said the Tony Award-nominated British playwright (Plenty, Racing Demon, Skylight).

Hare, 73, said the one-actor play is “purely” about

his experience with the disease, which he contracted early in the pandemic and while he was at work on a TV drama, Roadkill.

The outspoken writer already aired an opinion on his country’s response to the coronavirus. In an April UK radio interview, he slammed the government for its handling of the crisis and called on officials to own up to their errors and be honest with the public.

Hare discussed Beat the Devil during an online news conference to promote Roadkill, a political thriller debuting in November on PBS’s Masterpiece showcase. Hugh Laurie (House) stars

T

HE many long weeks of being locked inside his Quezon City unit have inspired prolific filmmaker Adolfo Alix Jr. to challenge his mind to create more wonderful concepts and interesting storylines. One that is currently unraveling through online streaming since early July is a six-part anthology series about gay relationships.

Alix has chosen Unlocked as the umbrella title of the series and each episode carries the names of the two characters as its title. The debut episode “Andrew & Brix” featured Markki Stroem and Mike Liwag and tells the story of a broken-hearted middle class guy who invited a boy for rent on the first night of quarantine. This was followed by “Calvin & Drake,” with Migs Almendras and Oliver Aquino playing young lovers since college who are trying to reflect on their crumbling relationship.

The third episode “Eli & Frankie,” the title characters brilliantly portrayed by Angeli Bayani and now US-based Angelina Kanapi, is about a young mother trying to reconnect with her lesbian lover who is now living a quiet life overseas.

The latest episode, “Greg & Harold,” is about an old professor (Joel Seracho) who teaches online classes during the lockdown and whose life will be changed when a young stranger (Ross Pesigan) shows up at his door and requests to borrow his bathroom for a quick shower.

During the early days of quarantine, Alix had a few close gay friends who were trying to understand the “new normal” dynamics of their relationships.

“It was then that it occurred to me that it might be interesting to develop stories wherein the pandemic can serve as an inciting circumstance to examine these relationships,” he shared, adding, “It acts as a purgation of sorts—be it the physical distance or the paranoia of the situation. The characters become more vulnerable to the stressors around them, given that they now have more time together and locked in the confines of limited space; and wherein emotions and realities are unlocked which will test their relationships whether for the good or for worse.”

Alix then spoke with his reliable writer Jerome Zamora, and they collaborated on the storylines.

When these started to take form and substance, Alix pitched the idea of doing a series about the lockdown to GagaOOlala, a Taipei-based subscription videoon-demand service that specializes in LGBT content.

The company originally caters to Southeast Asian subscribers but has recently opened its platform to a bigger market worldwide.

Filming during the lockdown also had its many

ADOLFO ALIX JR. (center) flanked by the actors of Unlocked: (clockwise) Angeli Bayani, Ross Pesigan, Migs Almendras, Angelina Kanapi, Joel Seracho, Mike Liwag and Markki Stroem.

challenges for Alix and his team. “Safety is our top priority. We are a small crew of four people and we shot all the episodes using an iPhone. We used available locations that are familiar to us, and we collaborated with our actors because we wanted them to be as comfortable and safe as they should be.”

Alix is happy that GagaOOlala is also supporting his #ExtendThe Love campaign, which was organized out of the need to help Alix’s immediate production family affected by the pandemic. During the streaming of Unlocked, GagaOOlala will donate P25 for every new subscriber coming onto its platform.

To date, the campaign has already raised a quarter

GMA News anchor Arnold Clavio and broadcast journalist Pia Arcangel were recognized as Best News Anchors for the late-night newscast Saksi

as a UK government minister facing the potential consequences of his bad behavior. An actor has been cast for the virus monologue, Hare said, but he declined to say who or name the theater where it will be staged.

Depending on the outcome of experiments in “socially distanced” theater-going, he said he hopes that playhouses will be opened by the end of August.

Hare received Academy Award nominations for his screenplays for 2002’s The Hours with Nicole Kidman and 2008’s The Reader starring Kate Winslet, with both actors winning Oscars. AP

Unlocking the joys and complexities of intimate relationships

of a million pesos. While Alix and his team are busy wrapping up their final episodes for Unlocked, he is already in the process of exploring other ways of how to tell his stories and some of his projects are already in the pipeline. “Ive been writing a lot these days, and I will hopefully shoot a film again when there is a semblance of normality soon.

Indeed, the monotony and solitude of a quiet life like what we are all experiencing these days can stimulate creative minds, like the one of Adolfo Alix Jr. who continues to be an amazing storyteller. ■

B5

GMA LAUDED AT GANDINGAN 2020 AWARDS LEADING broadcast company GMA Network has been lauded anew by the students of the University of the Philippines Los Baños as various its programs and personalities won at the Gandingan 2020: The 14th UPLB Isko’t Iska Multi-Media Awards, with the awarding ceremonies held virtually on July 25.

GMA News Pillar anchor Arnold Clavio and broadcast journalist Pia Arcangel were recognized as Best News Anchors for the late-night newscast Saksi.

Resident meteorologist Nathaniel “Mang Tani” Cruz was conferred the Gandingan ng Agham at Teknolohiya for the network’s flagship newscast 24 Oras, as well as for the longest-running morning show Unang Hirit, and GMA’s official public safety and preparedness campaign IMReady. Meanwhile, former GMA News reporter Jam Sisante-Cayco was named Best Field Reporter.

GMA Public Affairs continue to add honors to its long list of accolades. Longest-running investigative program Imbestigador took home the Most Development Oriented Drama Program award for the “The Gomez-Sarmenta Rape Slay Case” episode. Reporter’s Notebook, on the other hand, was recognized as the Most Development Oriented Investigative Program for its “Batas ng Karagatan Pagbabalik sa Scarborough” report.

The Isko and Iska’s choice for Most Development Oriented Documentary was The Atom Araullo Specials for its “Sa Magkabilang Dulo” episode.

Leading news channel GMA News TV once again won the hearts of UPLB. Renowned economist and Public Affairs host Winnie Monsod was the Gandingan ng Edukasyon awardee for the public affairs commentary program Bawal ang Pasaway kay Mareng Winnie. Its flagship newscast State of the Nation (SONA) with Jessica Soho emerged as Most Development Oriented Educational Program for its election primer “SONA Voter Education Special,” while Investigative Documentaries received the Most Gender Transformative Program honor for its “Pride” episode.

Also scoring wins were the network’s other platforms including GMA Regional TV, AM radio station Super Radyo DZBB 594, Barangay LS 97.1, and online news portal GMA News.

With the theme “Midya: Kakampi ng Bayan sa Laban para sa Katarungan,” the Gandingan Awards highlights the value of development communication and the contribution of both national and local or communitybased media workers and organizations in changing the lives of the Filipinos. This year’s awarding ceremonies were done through a livestream on its official Facebook page (www. facebook.com/ GandinganAwards).

RESIDENT meteorologist Nathaniel “Mang Tani” Cruz was conferred the Gandingan ng Agham at Teknolohiya

Who will be ‘The Pop Stage’ champion?

DESPITE the pandemic, the resourcefulness and creativity of Filipinos continue to shine as incredibly talented individuals take center stage in The Pop Stage, an online show created and hosted by Matteo Guidicelli. The competition gets more intense as it comes closer to naming who will be The Pop Stage champion and bring home the P1 million cash prize from Popeyes Philippines and a one-year contract with Viva Artists Agency.

The Pop Stage recently revealed the Final 6

who have moved on to the grand finals with a chance to win life-changing prizes.

Guidicelli, together with singers Jed Madela and Lani Misalucha, and G-Force dancer Ritz Beltran, watched and deliberated the 13 semifinalists based on originality and creativity, quality of performance, and entertainment value. By the end of the semifinals, the six contenders with the highest scores earned them a spot in the competition’s grand finals.

Among the Final 6 is spoken word poet

Martin Naling, who recited a tear-jerking piece about the struggles and hardships of overseas Filipino workers. CJ Villavicencio, with his cover of “Pwede Ba” by Lola Amour, and Job Christian Tolonghari, who sang an original song titled “O Binibini, Pwede Ba?,” also made it to the finals.

Joining them in the grand finals are dancer El-John Zian, who grooved to the song “Unang Hakbang” by Quest; Dia Mate who gave refreshing vibes with her song titled “Drowning;” and beatboxer ROXORBEAT

with his catchy tunes. With the Final 6 now complete, the competition is not yet over as the remaining acts prepare to show all they’ve got in the upcoming grand finals. In the end, only one winner will receive the grand prize. The Pop Stage is presented with the support of Popeyes Philippines and Viva Artists Agency.

More information on The Pop Stage is available at their official Facebook page (@centraltvcph) and that of Popeyes Philippines’ (@popeyesph).

THE Pop Stage Final 6 (clockwise): El-John Zian, Martin Naling, CJ Villavicencio, Job Christian Tolonghari, Dia Mate, and ROXORBEAT.

B6 Tuesday, August 4, 2020

PHirst Park Homes to build 7th project in Magalang, Pampanga

Now showing: Country's firstever drive-in cinema

A

S people adopt new habits apt for the changing times, businesses are also compelled to innovate and deliver new ways for everyone to experience the activities they have always enjoyed. One of these is recapturing the essence and joy of watching a film inside the halls of a cinema.

While movie theaters still have yet to open, SM Cinema gives its patrons the perfect opportunity to see upcoming films through its newest out-of-home entertainment experience, the "SM Cinema Drive-in: Movies at Sundown".

A throwback to the good old days of drive-in theaters, SM Cinema relives this experience for a new generation to enjoy, bringing them a fresh avenue for a #SafeAndFunMovieWatching crusade from the comfort of their cars.

Opening at SM City Pampanga Amphitheater, SM Cinema’s “Movies at Sundown” allows guests to watch movies on the big screen while observing social distancing rules set by the Inter-Agency Task Force (IATF). Starting today, Friday, July 31, 2020, it will open to the general public featuring the movies’ “Train to Busan 2: Peninsula” and “My Spy. The “SM Cinema Drive-in: Movies at Sundown” experience A first in the Philippines, SM Cinema’s

drive-in theater takes Filipino viewers to a new horizon of movie-watching.

Guests will be assigned their own parking spots to be guided by traffic marshalls. Once settled, spectators can see the film of their choice on a 20m x 8m screen raised 3-feet above the ground, and will be asked to tune in to a specific frequency on their car’s FM radio to broadcast the audio straight into their vehicles.

Guests can also choose the 6:30PM or 8:50PM schedules from July 31 to August 2. In the succeeding weeks, schedules will be every Thursday to Sundays at 6:45PM. And what’s a drive-in cinema without movie snacks? For a ticket price of only P400 per person, this gives viewers the chance to relish in a new cinematic experience paired with a free Regular Popcorn, Bottled Water, and Beef Franks from SnackTime.

A #SafeAndFunMovieWatching for Filipinos.

Optimizing the best view for all guests, two (2) persons can be inside the car and a maximum of four (4) guests will be allowed. Attendees must also be between the ages 21 and 59, pursuant to the safety guidelines set by the IATF. For added safety, viewers will also be asked to stay inside their vehicles with their

masks on and practice social distancing all throughout the duration of the movie.

Tickets for SM Cinema’s “Movies at Sundown” must be purchased online in advance at www.smtickets.com to ensure an uninterrupted viewing experience.

No tickets will be sold at the venue, and viewers are advised to arrive at least 30 minutes before their scheduled screening.

“At SM Cinema, we have always explored new dimensions in film screenings to give our viewers the best movie-watching experience they deserve.

Now that new norms have come to us, we do our best to meet our audience where they’re at, all while presenting a safe and innovative movie entertainment setup that’s a first in the country,” said Ruby Ann Reyes, SM Cinema’s Vice President for Marketing.

As a household name in film screening, SM Cinema brings back to its audience the joy of seeing movies on screen as they introduce a new way for people to catch their blockbuster favorites. Now available at SM City Pampanga and soon in five other branches nationwide catch the next big titles at the “SM Cinema Drive-in: Movies at Sundown" starting today, Friday, July 31, 2020 at SM City Pampanga. Purchase your tickets online via www.smtickets.com.

Tamaraw Society aims to raise funds for Mindoro’s tamaraw rangers

F

RONTLINERS come in all shapes and sizes., If not for the dedicated rangers of the Tamaraw Conservation Programme (TCP) and Mounts Iglit-Baco Natural Park (MIBNP), the tamaraw might well be extinct. In 1969, the global population of this elusive forest buffalo was thought to have dropped below 100.

After decades of dedicated conservation work, tamaraw numbers rose to nearly 600 and are poised for recovery.

Then COVID-19 happened.

The pandemic crippled businesses and operations globally. Since March 2020, most of the Philippines has been under general or enhanced community quarantine. The country’s national parks were closed to prevent the virus from spreading.

This left Mindoro’s Iglit-Baco Natural Park with little funding, cutting off the sole source of income for 32 wardens and one ranger, all members of Mindoro’s indigenous Taw’buid, Buid and Iraya tribes.

Indigenous people are particularly hard-hit by the pandemic because they lack access to relief and medical services.

To cover a years’ worth of salaries for these tamaraw frontliners, the Philippine Parks & Biodiversity NGO is forming the Tamaraw Society. Comprised of an initial 20 organizations, the society’s members shall commit to donate or raise PHP20,000 each. The funds will be disbursed through the TCP under the Department of Environment and Natural Resources (DENR).

“Our campaign is a COVID-19 emergency response to unite concerned

groups by securing much-needed salaries and allowances for the retrenched frontliners who protect them,” says PH Parks & Biodiversity representatives Nella Lomotan and Ann Dumaliang.

Eight entities have already confirmed their commitments as of July 2020: WWF-Philippines, Masungi Georeserve, Eco Explorations, D’Aboville Foundation, Planet CORA, Fund the Forest, Ecoheroes Philippines and Mr. Oscar Lopez Jr. This complements #TogetherforTamaraws, a campaign launched in July 2020 by the Biodiversity Finance Initiative (BIOFIN) project under the United Nations Development Programme (UNDP) and the DENR’s Biodiversity Management Bureau and MIMAROPA Regional Office.

“Exotic places like the Iglit-Baco mountain range might seem distant to most people, but they must be conserved. Rangers and wardens need and deserve our support to keep doing good conservation work,” explains

Onno van den Heuvel, BIOFIN global project manager.

The park’s wardens serve as guides and porters for tourism and research expeditions while both TCP and park rangers keep poachers at bay, in case the lockdown entices some to illegally enter the park and hunt animals.

Today, only 23 TCP rangers and three MIBNP wardens are patrolling a core area of 2500 hectares inside the 106,655-hectare MIBNP, which hosts at least 480 of the world’s last 600 tamaraw.

“This pandemic should bring forth empathy and not drive us to apathy,” says Occidental Mindoro Congresswoman Josephine Ramirez-Sato. “Let us all show the spirit of Bayanihan by helping our rangers and wardens in saving the tamaraw.”

A total of 20 organizations will comprise the 20 for 20 Campaign. Organizations can help through bit.ly/TamarawSociety or by emailing phparksandbiodiversity@gmail.com.

P

Hirst Park Homes, Inc. (PPHI), the First Home Buyer Brand of Century Properties Group and Mitsubishi Corporation, has announced the acquisition of a 10-hectare property in Magalang, Pampanga for its seventh horizontal housing development this year on the back of its strong sales for the first half of 2020.

The Pampanga project will be PPHI’s second community in the north after Pandi, Bulacan. The first phase will offer more than 500 house and lot units.

“PHirst Park Homes has maintained its sales momentum and is quite pleased by the market’s demand for house and lot units.

Our positive sales for the first half of 2020 sets us on track with our next development launch, which will be our second project in the north and seventh in total,” PPHI President Ricky M. Celis said.

Last month, the company announced that it posted reservation sales of 1,548 units for the first six months of 2020 worth Php3.120 billion. The sales came from the company’s six projects that total 97 hectares and 9,188 units: the 26-hectare PHirst Park Homes Tanza (Cavite), the 20-hectare PHirst Park Homes Lipa (Batangas), the 18-hectare

PHirst Park Homes San Pablo (Laguna); 11-hectare PHirst Park Homes Pandi (Bulacan); 9-hectare PHirst Park Homes Calamba (Laguna); and the 13-hectare initial phase of PHirst Park Homes Batulao (Nasugbu).

Celis said the demand for affordable homes remain strong amidst coronavirus pandemic concerns because families are prioritizing home ownership as a prime essential, and there is renewed interest in living in safe, less congested communities outside of Metro Manila.

The company also bolstered its digital selling efforts to serve and reach more customers. In June, PHirst Park Homes introduced its new brand ambassador Robi Domingo through an online campaign showcasing its newest community in Nasugbu, Batangas.

PHirst Park Homes is known for its signature 4Cs: Complete and wellprovisioned homes with a perimeter fence and gate, Conceptive amenities including an outdoor cinema (for some projects), Connected living through WiFi zones and a shuttle service, and a Convenient and simplified selling and buying experience.

NHMFC maintains ISO 9001:2015 Certification

T

HE National Home Mortgage Finance Corporation maintained its ISO 9001:2015 certification for Securitization of Housing Loan Portfolios (Purchase of Housing Receivables, Collection Amortization, Securitization, and Post Issuance of Bonds) and Borrower’s Services.

Amidst the alternative work arrangements in all NHMFC offices due to the global outbreak of the coronavirus disease 2019 (COVID-19), a remote audit on all sites was conducted by TÜV SÜD PSB Philippines, Inc. (TUV SUD), a third party certifying body. Held on July 20 to 22, 2020, the audit concluded with a Recommendation of Certificate Maintenance by TÜV SÜD Quality Management System auditors, Messrs. Cezar Sendaydiego and Xavier Lance Dy. Department of Human Settlements and Urban Development Secretary Eduardo Del Rosario, who also chairs the NHMFC Board of Directors, applauded all the units and branches of the corporation for another successful audit.

“The rigorous efforts of the corporation to uphold international standards of its products

and services are evident in maintaining our ISO 9001:2015 Certification,” Secretary Del Rosario said.

He added that this is NHMFC’s 3rd Surveillance Audit for ISO 9001:2015 Certification and the next round will be in February 2021.

“NHMFC consistently revisits its processes to ensure continuous compliance to international standards of providing client services. In the face of the current global health crisis, we, from the government’s housing sector, were able to adapt to the challenges of the new normal situation without derailing our services to our stakeholders. This ISO recertification is a remarkable testament to our endeavors,” the housing czar stressed.

This quality management system milestone is made possible with the vast use of ICT tools invested in by the corporation, coupled with the collaborative efforts and strong cooperation among the employees and management.

NHMFC is one of the government’s key shelter agencies under the administrative supervision of DHSUD.

SSS approves over 4,300 unemployment benefit online applications after 2 weeks of implementation

T

HE Social Security System (SSS) on Friday said it had approved more than 4,300 unemployment benefit applications that were filed online since announcing the new procedure.

“From June 22 to July 6, 2020, we already released an initial P59.80 million worth of unemployment benefits to 4,392 qualified members who submitted their online application thru their My.SSS accounts. We expect that these figures will continue to increase as more companies announced retrenchment and closure of businesses due to the pandemic crisis.” SSS President and Chief Executive Officer Aurora C. Ignacio said.

The highest number of online applicants came from Luzon with 1,697, followed by the National Capital Region (NCR) with 972 applicants, Visayas, Mindanao, 894 applicants, and 822 applicants.

In terms of the mode of disbursement, 99 percent of the members received their cash benefits through their savings accounts. Meanwhile, the remaining one percent received their unemployment benefits through their Unified Multipurpose Identification (UMID) Card enrolled as ATM or through Remittance Transfer Companies (RTC)/ Cash Payout Outlets (CPO).

“As part of our digital transformation efforts, SSS aside from shifting its transactions online is also geared towards a checkless payment system,” Ignacio added.

Before submitting their unemployment benefit application online, members should have their own My.SSS account through registration at the SSS Website.

The disbursement account should also be registered in their My.SSS accounts through Bank Enrollment Module (BEM) and proceed to the E-services tab and click Bank Enrollment. From there, members can select their preferred PESONet participating bank, e-wallet, or RTC/CPO and enter their correct bank account number or mobile number.

Upon successful registration, members

should log in to My.SSS account and click “apply for the unemployment benefit claim” under the E-Services tab. Members must provide all the information such as their active savings account enrolled in the Bank Enrollment Module (BEM), employment category, date and reason of involuntary separation, and the employer’s name where they were separated.

Online applicants should read the certification carefully before clicking the “Submit” box to agree and proceed with the application. SSS will send a notification through email. Members must reply to the notification by attaching the scanned copies of the certification issued by the Department of Labor and Employment (DOLE) or by the Philippine Overseas Labor Office (POLO) and the Notice of Termination from the Employer or Affidavit of Termination from Employment, whichever is applicable.

Member-applicant will receive a confirmation email from SSS regarding their successful application.

“We would also like to remind our members that the DOLE, through its regional offices and POLO, is now issuing electronic copies of the certification that established the nature and date of involuntary separation. Our branch personnel will verify the authenticity of the submitted DOLE certification through the issuing DOLE offices,” Ignacio concluded.

Unemployment benefit is equivalent to half of their average monthly salary credit (AMSC) for a maximum of two months.

The cash benefit ranges from the minimum amount of P1,200 up to the maximum amount of P16,800, if involuntary separated in July 2020.

For further queries, members may call the SSS hotline at 1455 or the Interactive Voice Response System facility at 7917-7777.

They may also follow the official Facebook page, “Philippine Social Security System,” Instagram Account “Mysssph,” or Twitter Feed “PHLSSS” for more information.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

BFAR: Govt to help Dingalan become next ‘tuna capital’

T

HE Bureau of Fisheries and Aquatic Resources (BFAR) said the municipality of Dingalan in Aurora province has the potential to become the country’s next “tuna capital,” after General Santos City in Mindanao.

BFAR said in a statement that the municipality, which only has one main cemented road and branching alleys, is blessed to be bounded by the Philippine Rise on its eastern side.

Philippine Rise, a 13-million hectare undersea extinct volcanic ridge, is known to have rich biodiversity and abundant natural resources that becomes a safe spawning haven for oceanic tuna species such as the endangered Pacific bluefin, according to BFAR. “When previously only research activities within the Philippine Rise are allowed, about 3,000 hectares of the feature have been designated in 2017 as a special fisheries management area and ‘protected food supply exclusive zone,’ where fishermen in Dingalan and other neighboring municipalities are allowed to fish for food,” it said.

BFAR, an attached agency of the Department of Agriculture, said Dingalan has about 300 fishing boats and 20 commercial fishing vessels.

Dingalan municipality also has a community fish landing center in Barangay Paltic where the day’s fish catch is transported from the carrier boats to the landing facility and where buyers from all over Northern Luzon purchase fish.

BFAR added that the barangay hosts a small processing facility for tuna that produces limited quantities of sliced sashimi, belly,

jaw (panga), and tail (buntot) for select markets.

DA-BFAR Region 3 Director Wilfredo Cruz said the agency plans to construct a fish port that will serve as a dock and refuge for all vessels during typhoons, and a station for the Philippine Coast Guard.

Cruz said he already submitted the proposal to the BFAR central office for consideration and approval.

“Meanwhile, the DA-BFAR 3 will assist the municipal government of Dingalan organize a fisherfolk cooperative that will allow members to qualify for assistance to procure bigger boats—like a 62-footer fiberglass carrier boat with 12 smaller catcher boats—as well as put up bigger cold storage and processing facilities,” he said.

Agriculture Secretary William D. Dar said he has instructed the Philippine Fisheries Development Authority (PFDA) and BFAR to conduct a feasibility study on the establishment of a fishport complex in Dingalan, Aurora, and a wholesale fish market in Rosales, Pangasinan.

“Sashimi grade tuna from Dingalan can be flown out of the country through Clark Airport, and various fish produce from Pangasinan, Aurora, Zambales, and Central Luzon can be consolidated in Rosales, Pangasinan and distributed to north, central, and northeastern Luzon, and even to Metro Manila,” Dar said.

BFAR said it is confident that once its plans for Dingalan materialize, the municipality will not only be known as the “Batanes of the East,” but also as the country’s “tuna capital of the north.”

Jasper Emmanuel Y. Arcalas

Makers of face masks, protective gear seen using more PHL abaca this year

PHILIPPINE Fiber Industry Development Authority officials, led by its Executive Director Kennedy T. Costales, inspect approved abaca bales in one of the grading and baling establishments in Legazpi City in this BusinessMirror file photo.

By Jasper Emmanuel Y. Arcalas @jearcalas

T

HE Philippine Fiber Industry and Development Authority (PhilFida) said 10 percent of the estimated local abaca output of 74,000 metric tons (MT) for this year would be used for making face masks and personal protective equipment (PPE).

PhilFida Executive Director Kennedy T. Costales said this is a huge jump since PPEs and face masks accounted for a mere 1 percent of the country’s abaca output prior to the health crisis.

“Abaca demand for production of PPE and face masks this year is huge.

We estimate that it will be 10 percent of our total production which is quite huge as it was only less than 1 per-

DA distributes gilts to Caraga hog raisers under restocking scheme

By Manuel T. Cayon

@awimailbox Mindanao Bureau Chief

D

AVAO CITY—The Department of Agriculture (DA) distributed gilts, or young female pigs, to an association of raisers to increase hog supply in the Caraga region.

DA-Caraga Regional Director Abel James Monteagudo turned over 33 heads of gilts to the Caraga Swine Raisers Incorporated (Carsi).

The gilts were worth P1.1 million and would serve as additional breeder stock or parent stock under the DA’s hog restocking program.

“We need to secure a steady supply of pork in the region and this response from the government is a good solution,” Monteagudo said.

Jekem Sanchez, DA’s livestock program coordinator, said the association would distribute the pigs to its members in Caraga provinces. This northeastern Mindanao region is composed of the two

Editor: Jennifer A. Ng • Tuesday, August 4, 2020 B7

Agusan and two Surigao provinces, including the Dinagat Island province.

“This is DA’s initiative in the region to boost local pork supply even with the threat of African swine fever [ASF]. The region remains free at the moment and we are doing everything to stay free from the disease as we aim to increase our swine population in the region,” Sanchez said.

Carsi President Lodela Antonio said the DA intervention “would enable us to produce more quality hogs which we can extend to all our members.”

Carsi is an association of pig raisers all over Caraga with the objective of producing quality hogs and maintaining the sufficient supply of pork in the region.

Meanwhile in Davao del Norte, Panabo City Veterinarian John Ray Bautista said he expects the pig raisers in the ASF-hit barangay of Cagangohan to immediately report to the city government unusual pig mortalities in their farms.

Livestock personnel of the city recently culled some 222 pigs in Purok Mabolo, Cagangohan last month. Some 59 pig raisers were affected by the culling of pigs.

“Early reporting is the key to stop an outbreak,” Bautista said.

Bautista said the virus spread to a part of neighboring Barangay New Pandan.

“Someone fed swill to their pigs and spread the virus. Someone brought pork from Cagangohan and brought it somewhere else. The infected pig’s blood spread as it was stuck on their slippers,” Bautista added.

A pig infected with ASF exhibits fatigue, diarrhea, purple or blue patches in the skin and vomits blood. An infected pig could die in two to 10 days.

Bautista said some affected backyard raisers slaughtered their animals weakened by ASF and sold the carcasses. “This is dangerous for pig raisers who do not observe biosecurity protocols, such as putting foot bath in their farms or not feeding swill to their hogs.”

cent before the Covid-19 pandemic,” Costales told the BusinessMirror in a recent interview.

Costales said the demand for abaca fiber for medical use here and abroad rose as the crop is environmentally friendly. Abaca decomposes within two months compared to plastic, which could take years to decompose.

According to a Bloomberg re-

port, abaca fiber is rapidly gaining popularity as governments and manufacturers all around the world scamper to produce more reusable and safe medical garments for health-care professionals.

A preliminary study by the Philippine Department of Science and Technology showed abaca paper to be more water resistant than a commercial N-95 mask, and to have pore sizes within the United States Centers for Disease Control and Prevention’s recommended range to filter hazardous particles.

Costales also said abaca output this year could rise by 5.7 percent to 74,000 MT, from last year’s 70,000 MT due to favorable weather condition. Abaca production last year declined from 76,000 MT in 2018 as the mild El Niño stunted the growth of abaca plants.

“Output would be better this year as we have a more favorable weather condition. We hope we will continue to enjoy good weather as typhoons are detrimental to abaca farms.”

Costales added that abaca trading in the country was not affected by travel restrictions as most abaca farmers are in mountainous areas.

Covid-19 and quarantine restrictions also did not affect abaca demand.

In fact, Costales said the country’s abaca output is 30,000 MT short of the 100,000 MT combined utilization capacity of the four local pulp mills.

The Philippines is the world’s largest producer of abaca as it accounts for about 85 percent of global production.

Top copper nation gets tough on water use with BHP in crosshairs

A

UTHORITIES in Chile are cracking down on water use by mines in the driest desert on earth, threatening future supply in the top copperproducing nation.

On Friday, Chile’s environmental agency SMA charged BHP Group’s Escondida for allegedly drawing more water than allowed for almost 15 years in a move that could result in the loss of its permit, closure or a fine. Just to the south, state-owned Codelco has suspended a planned expansion of its Salvador mine until it can resolve a suit filed by the State Defense Council against the project’s proposed use of water.

Mines that dot the parched Atacama desert are coming under increasing scrutiny for their use of water, with lithium giant Soc. Quimica & Minera de Chile SA facing a Supreme Court ruling after community complaints.

Even in central Chile, scare water supplies have restricted output at Anglo American Plc’s Los Bronces mine

and Codelco’s El Teniente.

At Escondida, the regulator accuses the world’s biggest copper mine of a serious decline in the water table, alleging the operation failed to lower extraction at four control points since 2005 and reached triple the acceptable threshold in 2019. BHP has 10 days to present a compliance program in response to the charge.

Escondida rejected the allegations, saying in an e-mailed statement that it ceased extraction from aquifers at the end of 2019 and now runs exclusively with desalinated water.

“Escondida has never exceeded the restriction of 25 centimeters established as maximum acceptable decrease of the aquifer level in the monitoring area of the wetlands of Tilopozo,” it said.

The suit against Salvador’s expansion threatens future supply given the project is needed to replenish falling ore grades at Codelco’s smallest and least profitable operation. Bloomberg News

Gold treads water after surge to record as week opens G

OLD opened the week with a surge to a record before retreating to trade little changed as European equities turned positive and the dollar nudged higher.

Spot gold surged 11 percent in July, the biggest monthly gain since 2012, as investors weighed a weaker dollar and record low United States real yields.

Strategists are now considering alternatives to government debt, such as cash, credit, dividend shares and gold. RBC Capital Markets said that gold looks like a “freight train” due to haven demand.

The health crisis has prompted unprecedented amounts of stimulus being unleashed to shore up economies, including lower rates, which are a boon for non-interest-yielding gold. Simmering geopolitical tensions are also boosting demand—US

BLOOMBERG NEWS

Secretary of State Michael Pompeo said the Trump administration will announce measures shortly against “a broad array” of Chinese-owned software deemed to pose nationalsecurity risks.

“The fall in US 10-year real yields was the most important driver in our view given the strong inverse relationship,” Vivek Dhar, an analyst at Commonwealth Bank of Australia, said in a note.

“Safe haven demand primarily reflected global growth concerns linked to rising Covid‑19 cases around the world and escalating US‑China tensions.”

Spot gold rose as much as 0.6 percent to $1,988.40 an ounce, before retreating to trade 0.1 percent lower by 10:35 a.m. in London. Futures in New York were 0.3 percent higher after paring earlier gains.

Spot silver declined 0.2 percent to

$24.3345 an ounce after surging 34 percent in July.

European stocks rose after factories across the euro area saw a stronger return to growth in July than initially reported, marking the region’s first manufacturing expansion in one-and-a-half years.

In coronavirus news, cases surpassed 18 million as the pandemic is now adding a million infections every four days, with flareups prompting more lockdowns.

While the rally appeared to pause on Monday, even those who think gold is overvalued don’t see substantial downside. A correction is likely, but it will probably be measured thanks to the weak dollar and chronic uncertainty in the global economy, said analysts at BNP Paribas SA including Harry Tchilinguirian.

Bloomberg News

Sports BusinessMirror

B8

| Tuesday, August 4, 2020

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

3x3 league starts work in earnest

T

HE Chooks-to-Go Pilipinas 3x3 is a league in a hurry—but cautious and conscious of health protocols that will be imposed once action in the new professional basketball organization gets going tentatively in September.

Commissioner Eric Altamirano met team owners late last week at the C3 Events Place in San Juan, briefing them with intricate details on Covid-19 tests, player eligibility and life inside the league’s targeted bubble at the Inspire Sports Academy in Calamba, Laguna.

Present during the meeting were San Juan-Go for Gold Team Governor Chris Conwi, Sta. Lucia Sports Head Buddy Encarnado, Nueva Ecija Team Manager Jai Reyes and official Mike Baldos, Porac-Big Boss Cement’s Ryan Monteclaro, Zamboanga-Family’s Brand Sardines’s Tonette Roque, Mindoro’s Justin Tan and Teytey Teodoro and Sulu’s Marvin Forniza.

The Games and Amusements Board formally christened the Chooks-to-Go Pilipinas 3x3— which is endorsed by the International Basketball Federation—as a professional league last week.

Dr. Butch Ong of University of the Philippines Science and Society Program discussed health protocols while a representative from GET Philippines tackled contract tracing procedures.

“We had to be very thorough and detailed during the meeting with the team owners because we can’t leave no stone unturned especially with the pandemic still ongoing,” Altamirano said.

The teams have yet to reveal their rosters.

P

By Tim Reynolds The Associated Press

L

AKE BUENA VISTA, Florida—Going shopping was a top priority for Taylor Jenkins when he was first hired as coach of the Memphis Grizzlies.

The man needed suits.

National Basketball Association (NBA) sidelines tend to look like fashion runways these days, with coaches in tailored suits, sharp ties and polished dress shoes, so Jenkins went out and bought appropriately for his first chance at being a head coach.

But at the restart of the season at Walt Disney World, the dress code has been relaxed to allow polos, slacks, even sneakers—and coaches are thankful.

Jenkins is among them, though he notes that spending spree doesn’t help him much now.

“I spent quite a bit of money picking out my wardrobe, first-time head coach, so I’ve invested quite a bit there to quote-unquote look good on the sidelines,” Jenkins said.

At least he’ll be saving on dry cleaning for the foreseeable future.

By league rule, male “coaches and assistant coaches must wear a sport coat or suit coat” during games. That rule, however, was ditched for the restart, where there are no

OBIENA CLINCHES SILVER IN ITALY

E

RNEST JOHN OBIENA settled for a silver medal in his first pole vault competition since the Covid-19 pandemic struck, finishing behind a training partner from Brazil who owns the Olympic record in the event.

Traveling north from his training camp in Formia, the 24-year-old Obiena shrugged

Pru Life cycling event canceled RU Life UK decided to cancel the PRURide PH 2020 that was originally scheduled from March 11 to 15 at Mimosa Drive in Clark, Pampanga, but was initially postponed because of the Covid-19 pandemic.

This is to ensure the health and safety of participants and athletes and the public—which

DRESS CODE JUNKED

is a top priority for the organizers.

All registered participants will receive full refund of registration fees from August 1 to November 30.

Registered participants are requested to send an e-mail to info@pruride.ph with the subject “Refund Request (insert 6-digit transaction number).”

They should include the registered name and

off rust from months of inactivity and cleared 5.45 meters in the 13th Triveneto International Meeting in Trieste, Italy, on Sunday.

His effort was a mere 5 millimeters lower that the 5.50m gold medalclinching effort of Brazil’s Thiago Braz.

fans in the stands and games are played at the Walt Disney World resort near Orlando—where midday temperatures exceeding 90 degrees Fahrenheit (32.22 degrees Celsius) are not uncommon at this time of year.

Coaches are mixing it up: short-sleeved polos, long-sleeved polos, some in team colors, some in bright colors. When Toronto beat the Los Angeles Lakers on Saturday night, Raptors Coach Nick Nurse was wearing a thin hoodie with a message printed on the front encouraging people to vote.

“I love it,” Denver Coach Michael Malone said. “I hope that someday we adopt these dress code rules. Although I look very good in a suit and tie, I will admit, I’m also very, very comfortable wearing a Nuggets polo and a pair of TravisMathew athletic leisure wear pants. I think I’ve done a very good job with the look.”

The looks for football coaches is all over the map; some over the years have worn coats and ties, while New England’s Bill Belichick seems most comfortable in a hoodie with the sleeves mostly cut off. Baseball managers are in uniforms—the pants, anyway—not all wear jerseys.

In the NBA, the dress code got ramped up considerably thanks to Miami Heat President Pat Riley and the late Chuck Daly. Riley, when he coached, roamed the sideline in snazzy Armani; Daly’s suits were Hugo Boss, and his shoes were so good that his friends coveted them. After Daly died, Rollie Massimino raided his friend’s shoe collection and wore them for the remainder of his own coaching career.

Riley is still among the sharpest of dressers, and Heat Coach Erik Spoelstra is not afraid to follow in those footsteps with his own wardrobe.

But for this trip, Spoelstra didn’t pack a single tie.

He’s not afraid to say that he wouldn’t mind if this became a permanent switch.

“It takes a little bit more thought when you have to wear suits,” said Spoelstra, who is coaching at Disney in black shirts, black slacks, black dress socks and upscale black sneakers. “I can speak for our coaching staff—we’ve enjoyed it.”

Los Angeles Clippers Coach Doc Rivers didn’t bring any suits but said after a scrimmage at Disney last month that he’d wear one if and only if his team was in Game Seven of the NBA Finals. Boston Coach Brad Stevens has even skipped wearing ties in regular circumstances, so he wouldn’t figure to have an issue with the polos-and-khakis look.

“I don’t know why we still wear suits,” San Antonio Coach Gregg Popovich said last summer, when he was coaching USA Basketball’s team at the World Cup in China. “Somebody, please, tell me why we do that.”

Popovich wore polos, sneakers and sweats to coach in that tournament and raved about the comfort level. He repeated the refrain a few times earlier this season, and the Disney dress code is right in line with what he’d like to see happen when “normalcy” returns.

THE Heat’s Erik Spoelstra (left) and the Clippers’ Doc Rivers didn’t bring their formal suits to the bubble. AP

Braz set the Olympic record of 6.03m before his countrymen in Rio de Janeiro in 2016. Those numbers, however, still pales in comparison with the world record of 6.18m which American-born Swedish Armand Duplantis set in Glasgow last February.

Obiena, so far the only Filipino track and field athlete to qualify for the postponed Tokyo Olympics, made his medal-clinching mark in his second attempt. He tried 5.55m and 5.60m but failed.

Italy’s Max Mandusic took bronze with 5.35m.

It was Obiena’s first tournament since he won the gold medal at the 30th Southeast Asian Games last December. He was supposed

to compete in the Asian Indoor Athletics Championships in China but flew back to Italy because of the virus outbreak.

Obiena and Braz are training pals at the World Pole Vault Centre in Formia. Both are preparing for the World Athletics Diamond League in Monaco on August 14. He will later join two fellow Tokyo-bound Olympians in a virtual tournament that will be streamed live.

Ramon Rafael Bonilla

Hamilton wins British GP, closes in on Schu’s record

the name of bank, branch of account, account type, account name and bank account number (including all zeros at the beginning).

Participants and the public, meanwhile, can download Pulse, Pru Life UK’s all-in-one health management app, where they can register and join the Cycling-PRURider Community for free to get further announcements and updates on PRURide PH. Pulse is currently available for free download by all users of Android and IOS devices.

S

LEWIS HAMILTON clutches his trophy and raises a clenched fist on the podium. AP

‘Baham’ forum guest

G

AMES and Amusement Board (GAB) Chairman Abraham “Baham” Mitra will be the special guest in the Philippine Sportswriters Association (PSA) Forum webcast edition on Tuesday.

Mitra will discuss the resumption of pro sports in the country, which has been delayed anew after the National Capital Region (NCR) reverted to Moderate Enhanced Community Quarantine (MECQ) as announced by President Duterte late Sunday night.

The session is presented by San Miguel Corp. Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. and powered by Smart with Upstream Media as webcast partner.

The public sports program will be shown live via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and shared on Radyo Pilipinas 2 facebook page.

ILVERSTONE, England—Lewis Hamilton held on to win the British Grand Prix on Sunday despite a puncture on the last lap to clinch an 87th career win and move within four of Michael Schumacher’s Formula One record.

The championship leader’s record-extending seventh Silverstone win saw him finish six seconds ahead of Red Bull’s Max Verstappen, who unexpectedly moved up a place after Hamilton’s Mercedes teammate Valtteri Bottas sustained a puncture with three laps left.

With Hamilton so far ahead, Verstappen went in for a tire change in a bid to gain an extra point for the fastest lap but that pit stop

Marcial: PBA’s return to training moved back until further notice

T

HE Philippine Basketball Association (PBA) has indefinitely moved back its planned return to training—and an eventual return to action— following President Duterte’s announcement that Metro Manila is reverting to modified enhanced community quarantine (MECQ).

Under MECQ, indoor sports activities are prohibited.

“The government knows what is good for us and we conform with its orders,”PBA Commissioner Willie Marcial said. “We will follow the guidelines and will wait for the next word from them as regards to restrictions on whatever quarantine status we’re in.”

The PBA has put in place return-to-training protocols for its 12 member-teams after the Games and Amusements Board, Philippine Sports Commission and Department of Health got the approval from the Inter-Agency Task Force on the Management of Emerging Infectious Diseases on safety and health policies for professional sports.

Cautious return of sports Vincent Juico @VJuico, Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS OVER the long weekend, I saw the Nike ad about the return of sports and the editing, in my opinion, is the best I’ve ever seen.

I’m not surprised that Nike has once again outdid itself. I remember the ad they released after the death of George Floyd about racial equality and social justice wherein the impact was so huge even rival Adidas retweeted it.

European club football, Taiwanese basketball, the Major League Baseball (MLB), National Football League (NFL) and the National Basketball Association (NBA) are either ongoing or have returned.

The English Premier League has just crowned a new king in Liverpool. Real Madrid won its 34th diadem by beating Villareal, 2-0.

Taiwanese basketball just concluded its season.

The NBA, MLB and NFL just resumed their season or are about to restart their campaign.

ultimately cost him victory because Hamilton’s front left shredded with half a lap to go.

Verstappen swallowed up most of the 25-second gap but ran out of time.

“I definitely haven’t experienced anything like that. I thought my heart was going to stop,” Hamilton said. “Up until that last lap everything was relatively smooth sailing.

When I heard his [Bottas’ tire] went I looked at mine and it seemed fine.”

Charles Leclerc finished third for Ferrari with Daniel Ricciardo fourth for improving Renault and British driver Lando Norris fifth for McLaren.

“It was a very tricky race,” said Leclerc after his second podium of the season. “I am very happy with how I managed the tires from beginning to the end.” AP

All 346 players from 22 teams of the NBA are Covid-19 free as of this writing.

The MLB is struggling with the growing list of players getting infected which may mean an outright cancellation of the season. The NFL is dealing with more players who are opting out of this coming season to protect their families.

More and more professional athletes are choosing to sit out because of the outbreak.

Despite having to play in a bubble, I’m assuming MLB and the NFL will have the same set up as the NBA, the players do not want to take any risks.

These professional athletes not just perform superhuman feats of strength, speed and quickness for their respective sports and teams, but they’re also human beings, fathers, brothers and sons.

Most of them are breadwinners and have probably had conversations with their families,

But with President Duterte ordering the return of MECQ in Metro Manila and Calabarzon area, the PBA and all other pro and indoor sports leagues, tournaments and activities have to ground to a halt anew.

“We’ll push back the schedule,” Marcial said.

The MECQ takes effect on Tuesday and ends after 14 days. It was reimposed because of the rising positive cases of Covid-19 infections.

Marcial said the MECQ, despite stalling further the league’s plan to revive its 45th season in September or October, should be taken on a positive note.

“The MECQ is only a ‘detour’ and the league will undertake measures to continue training ‘in the right time,’” he said.

The league’s protocols upon its return includes regular testing of all individuals involved with the teams and frequent disinfection of gyms.

The PBA’s strict order includes a “home-car-gymcar-home” policy. Ramon Rafael Bonilla having the foresight and preparation for the possibility of no income because they won’t be playing until, at the latest, next year.

Each sport has its own protocols besides the mandated measures being implemented at the state and federal levels. Each league has different needs, so the protocols are different for each professional sport.

Here at home, I see the Philippine Basketball Association (PBA) teams resuming individual workouts in the third week of August. The Philippine Superliga (PSL) restarts its season in October with two new teams.

The University Athletic Association of the Philippines (UAAP) and the National Collegiate Athletic Association (NCAA) wars commence in the first quarter of 2021. The Maharlika Pilipinas Basketball League is looking for a broadcast partner to get its season under way, if and when concerned agencies give them the go-signal to continue playing.

As much as our government is walking on thin ice balancing public health and the economy, leaders of professional leagues across the sporting world are grappling with the health of their players and the economy and sustainability of keeping their respective leagues afloat.

Them walking on eggshells, is the understatement of the year.