BusinessMirror August 09, 2021 by BusinessMirror

By Jun Lomibao

going millimeters deeper, as Marcial kept kissing him on the cheek. The reason? As he did for gold medalist Hidilyn Diaz, Tolentino —Cavite’s Eighth District congressman—committed a house-and-lot each for Paalam and Marcial, as well as for Nesthy Petecio, also a silver medalist in women’s featherweight. “Hidilyn, as promised, gets her house-and-lot in Tagaytay City,” Tolentino said. “The two silvers and bronze, I’ll also reward the same in Tagaytay, so their families can have a place to stay when they’re there.” With the windfall of incentives and bonuses going the medalists’ way, the Association of Boxing Alliances in the Philippines (ABAP) is going the extra round for the newly-

Sports editor

OKYO—And because the Tokyo Olympics that ended on Sunday became the best ever for the Philippines in its 97 years of participation, the silver and bronze medalists deserve additional bonuses. “That made me sweat. Whew!” boxing bronze medalist Eumir Felix Marcial told Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino in Sunday’s final virtual press conference for Team Philippines from the Japanese capital. Silver medalist Carlo Paalam grinned from ear to ear, his dimples

minted millionaire boxers. “We in the ABAP will be offering them [medalists] financial advisers, so they can take care of their incentives and make sound investments for their future,” ABAP Secretary General Ed Picson told BusinessMirror. “Our President (Ricky Vargas) wanted to help the boxers chart their future with their bonuses.” Picson said the ABAP is discussing details about the offer with Ilocos Norte Governor Matthew Manotoc and Marvin Espiritu, two of the more reputable player-agentmanagers in the Philippine Basketball Association. “But it’s an offer, the boxers can either take it or decide on their own,” Picson said.

TOKYO OLYMPICS MEDAL COUNT RANK

TEAM/NOC

United States of America

113

People’s Republic of China

GOLD SILVER BRONZE TOTAL

Japan

Great Britain

ROC

Australia

Netherlands

France

Germany

Italy

Canada

Brazil

New Zealand

Cuba

Hungary

Republic of Korea

PHILIPPINES

SOURCE: OLYMPICS.COM | AS OF AUGUST 8, 2021 | 7:30 P.M.

‘Best ever’ PHL finish draws rewards

DTI SEES PHL EXPORTS GROWING DESPITE ECQ

Monday, August 9, 2021 Vol. 16 No. 299

P25.00 nationwide | 2 sections 18 pages |

DIRECT MINDANAO-U.S. SHIPPING ROUTE WILL REDUCE COSTS, TIME By Jasper Emmanuel Y. Arcalas

@jearcalas

DAVAO-BASED shipping company will launch a direct Mindanao-to-United States route in late August, joining a global trend of new direct shipping routes that seek to cut costs and delays in merchandise trade. Reefer Express Line Filipinas Inc. (Reefer Filipinas) said it will launch the country’s first direct Mindanao to United States route in the fourth week of August as a response to the global shipping problems. Reefer Filipinas president and CEO Felix Ishizuka said

FIREWORKS explode during the closing ceremony in the Olympic Stadium at the 2020 Summer Olympics, Sunday, August 8, 2021, in Tokyo, Japan. (AP/LEE JIN-MAN)

By Tyrone Jasper C. Piad @Tyronepiad

HE Department of Trade and Industry (DTI) is upbeat on the country’s export performance moving forward despite the latest imposition of the enhanced community quarantine (ECQ) in the National Capital Region (NCR).

According to Trade Secretary Ramon Lopez, the Philippine export industry is ready to participate in the anticipated economic growth in Asia amid the reopening of the global markets. “We are positive that we will continue to see an upward movement in our export performance,

as we allow 100 percent operating capacity of our exports sector even during the [ECQ],” Lopez said. “In our efforts not to disrupt export activities, we expect to maintain the acceleration of our growth rate and continue to provide jobs for our people.” Continued on A2

PESO EXCHANGE RATES n US 50.0120

their modern reefer vessel MV Cool Spirit, which has a 800TEU and 320-reefer plug capacity, would dock at the General Santos City port on August 23 and depart on August 28. “We have been asked to provide this direct service because the worldwide shipping market availability right now is really, really tight while rates are super up,” Ishizuka told the BusinessMirror in a recent interview. “The traditional rates of $1,000 per TEU are no longer available. Most container lines are now offering between $15,000 up to $20,000 per TEU,” Ishizuka added. Continued on A2

7-month rice tariff collection down to ₧10.5B By Bernadette D. Nicolas

@BNicolasBM

HE government’s rice tariff collection from January to July this year settled at P10.5 billion, down from last year’s P11.03 billion as imports fell by more than nine percent. Preliminary Bureau of Customs (BOC) data obtained by BusinessMirror showed 1.54 million metric tons (MMT) of rice were imported into the country during the seven-month period, a 9.3-percent decline from last year’s 1.7 MMT. Despite this, the average value of rice imports from January to July went up by 4.8 percent to P20,242 per metric ton (MT) from

MARONILLA: “One factor is volume, but then again that is just one factor.”

P19,312 per MT. Meanwhile, Customs data also showed rice import volume and rice tariff collection began pick-

ing up in July this year after four consecutive months of year-onyear decline for both metrics from March to June. For the month of July, rice tariff collection soared to P1.62 billion, a 66.5-percent jump from P967 million in the same month last year. The volume of rice imports in July also rose 68.9 percent to 249,963.7 MT from 147,983.97 MT last year. Asked why the bureau’s rice tariff collection was lower during the seven-month period, Customs Assistant Commissioner and spokesman Vincent Philip Maronilla said the bureau is still looking into it. “One factor is volume, but then again that is just one factor,”

Maronilla told BusinessMirror.

Valuation issues

THE BOC is also looking into valuation issues on rice shipments from January to June this year. Customs Commissioner Rey Leonardo Guerrero earlier ordered the transaction audit after the bureau noticed that most of the rice imports from Vietnam were declared with values lower than the published prevailing prices for exports from that country. Maronilla, who also heads the bureau’s Post-Clearance Audit Group, told BusinessMirror that the agency’s transaction audit will now cover 29 rice importers, up from 23. See “Rice tariff,” A2

n JAPAN 0.4557 n UK 69.6717 n HK 6.4313 n CHINA 7.7406 n SINGAPORE 37.0240 n AUSTRALIA 37.0289 n EU 59.1992 n SAUDI ARABIA 13.3362

Source: BSP (August 6, 2021)

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A2 Monday, August 9, 2021

Peace in SCS won’t come at PHL’s expense–Locsin F

By Recto Mercene

@rectomercene

OREIGN Affairs Secretary Teodoro L. Locsin, Jr. has welcomed support for the 2016 Arbitral Award and reaffirmed the 1982 United Nations Convention on the Law of the Sea (UNCLOS) as the legal framework within which all the activities in the oceans and seas must be carried out. He made the statement at the recent East Asia Summit (EAS) Foreign Ministers’ Meeting held via video conference. “The Philippines aspires for the South China Sea to remain a sea of peace, security, stability, and prosperity. But it will never pay for that with its national honor or a square inch of territory or a drop of water that is its own,” Manila’s top diplomat said. At the EAS meeting, Locsin highlighted Philippine priorities in relation to pressing security challenges in the region, including addressing the Covid-19 pandemic and making vaccines a global public good, combating the climate crisis, cooperation in the Indo-Pacific in line with the Asean Outlook, and implementing the Five-Point Consensus to address the situation in Myanmar. When he turned over the Philip-

pines’s role to country coordinator in the Asean-China forum to Myanmar—also last week—Locsin had prodded China to use its goodwill with Myanmar in restoring the situation there to the pre-February coup status, or before the junta ousted elected civilian leaders and detained many of them, including Aung San Suu Kyi. On the South China Sea, Locsin told the EAS, on the other hand, that the arbitral award by the Permanent Court of Arbitration— which marked its fifth anniversary in July—“conclusively settled the status of historic rights and maritime entitlements in the South China Sea.” He said the award declared as without legal effect claims that

exceed geographic and substantive limits of maritime entitlements under UNCLOS. “So, it did not throw historic claims out the window; it discriminated among them. It dashed among others a nine-dash line; and any expectation that possession is 9/10ths of the law.” Although China did not participate in the arbitration and has ignored the ruling, Locsin said the ruling is “a contribution of great significance and consequence to the peaceful settlement of disputes in the South China Sea and to the peace and stability of the region at large.” The Asian giant has continued to press its expansive claims in the South China Sea and over the years has turned seven undersea features into islands, making them military bastions—complete with runways, barracks, and missile installations. In his statement posted on the Department of Foreign Affa i rs’ (DFA) website, L ocsi n noted that the Philippines, “as a law-abiding, peace-loving and responsible member of the international community, reaffirms on this occasion its adherence to the award and its enforcement without any possibility of compromise or change.” The anniversary of the PCA ruling came in the wake of the reported

military exercises conducted by the Chinese People’s Liberation Army Navy in the South China Sea, particularly in waters off Paracel Islands from July 1 to 5. Despite this, the Philippines and China continue to cooperate in many areas, and are considering a possible strategy for joint exploration in the West Philippine Sea (WPS) for the exploitation of gas and oil deposits. China is also one of the first countries to provide the Philippines with personal protective equipment (PPEs) and other medical aid at the onset of Covid-19 in 2020, aside from donating millions of doses of Sinovac vaccines. EA S Foreign Ministers expressed their initiatives to aid the region in addressing the Covid-19 pandemic, exchanged views on regional and international issues in the region, reiterated their pledges to the Covid-19 ASEAN Response Fund, and shared updates on their initiatives to assist the region in combatting the pandemic. Also discussed was Australia’s AUS$523 million worth of vaccine and health security assistance, of which US$300 million is allocated for Southeast Asia; Japan’s US$ 1-billion contribution to COVAX; Russia’s provision of Sputnik V vaccines to Asia Pacific countries; and US’s contribution of 23 million doses and more than $158 million in emergency health and humanitarian assistance to Asean member states. The EAS is composed of the 10 Asean Member States and the Plus Eight (+8) East Asia Participating Countries: Australia, China, Japan, India, New Zealand, Republic of Korea, Russia, and the United States of America. It is a forum for dialogue on broad strategic, political, and economic issues of common interest. The 16th East Asia Summit, to be attended by the Leaders, will be held in October this year.

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DTI SEES PHL EXPORTS GROWING DESPITE ECQ Continued from A1

Based on the latest quarantine guidelines, manufacturers of medicines and vitamins, medical supplies, devices and equipment, including suppliers of input, packaging and distribution, are allowed 100-percent capacity during ECQ. Manufacturing related to food, beverage and other essential goods; and products for construction and maintenance works are also allowed to fully operate during ECQ. However, t he gover nment banned other manufacturing activities during ECQ. These include electrical machinery, wood products and furniture, non-metallic products, textiles and wearing apparels, paper and paper products, rubber and plastic products, coke and refined petroleum products, other non-metallic mineral products, computer, electronic and optical products, electrical equipment, machinery and equipment, motor vehicles, trailers and semi-trailers and other transport equipment.

Philexport’s worry

IN a previous interview with the BusinessMirror, Philippine Exporters Confederation Inc. (Philexport) Chairman George T. Barcelon expressed his concern over the impact of ECQ on the supply chain of the export-oriented manufacturers. He said that exporters may encounter challenges when it comes to transporting supplies coming outside Metro Manila given the anticipated restrictions. The companies will also need to work around with new schedule of production, considering the ECQ and its impact on mobility of the employees as well, the Philexport official explained. In June, the DTI noted that Philippine exports nearly grew by 10 percent to $563.9 million, thanks to the reopening of major economies such as the United States, China and European Union. “The US market’s impressive performance towards the middle of the year has resulted in an expected change in the PH’s major markets profile, wrestling the top spot away

from China for the first time in over a year,” the DTI reported. The Trade department noted that exports to US improved by 23.8 percent year-on-year, while shipments to China jumped by 14.8 percent in June. “Consumer spending is also on the rise, gaining confidence brought about by the increase in mobility and a gradual return to an almost back to pre-pandemic level of economic activity. China’s early recovery though seems to have tapered, and the country is on the same race as most of the rest of the world to stabilize gains,” the DTI added. Electronics still comprise the bulk of the Philippine exports with over 60-percent share of the total. Industry input exports, including machinery and equipment, cathodes of refined copper, metal components and copper concentrates, were also increasing, the DTI noted. The Trade department said this signifies the “general uptick in global industrial activity.” Exports of activated carbon, abaca fibers, other processed tropical fruits and vegetables showed improvement during the period. However, some agricultural products were on a downward trend, including tuna, bananas, pineapples, fresh shrimps and prawns. This is the reason, Lopez explained, behind focusing on new products with promising export potential as a strategy that is being explored in crafting the new Philippine Export Development Plan for 2022-2027. “There is really a need to diversify our exports away from our traditional products, and the right time to do it is now,” Lopez said. “The government is committed to develop more viable programs for MSMEs [micro, small and medium enterprises] so that they can be more competitive and better able to take advantage of the opportunities brought about by increasing global demand for both products and services, particularly from South East Asia,” he added.

Direct Mindanao-US shipping route will reduce costs, time Continued from A1

Ishizuka claimed that the rates for their Mindanao-US route are cheaper than the prevailing market rates of $15,000 to $20,000 per TEU, with a faster shipping duration of 26 days compared to the usual 40 to 50 days. “We will offer below the prevailing quotes. This is the transport solution to the current shipping problems: provide the fastest and cheapest shipping route to the US,” he said. Ishizuka said the maiden voyage of the MV Cool Spirit will carry various goods ranging from desiccated coconut to garments, canned goods, manufactured goods and other food stuff. The vessel would dock first at the US west coast, then the east coast

Rice tariff… Continued from A1

To recall, President Duterte’s Executive Order (EO) No. 135 which paved the way for temporary lower Most Favoured Nation (MFN) tariff rates on rice imports also took effect on June 2. The EO reduced the MFN tariff rates for rice to 35 percent from 40 percent (in-quota) and 50 percent (out-quota) for a period of one year. Malacañang earlier cited a need to lower tariff rates for rice imports to offset the expected 10-percent shortfall in the local supply of rice this year. The Federation of Free Farmers

before returning to the Philippines. Ishizuka explained that the global shipping market has become a sellers’ market with shipping lines dictating rate prices due to the lack of containers and vessels to cater to resurging global trade. He noted there is demand for vessels and containers everywhere, especially in countries like China that have almost resumed full operation of their manufacturing sectors. “The vessel owners and the cargo operators are basically chasing where the money is. If you do not pay [their price] they will not load your cargo,” he said. “If Philippine companies are not willing to pay the hefty cost, then

they will be left behind by their cargo operators with the container lines just omitting the call to the Philippines and go somewhere,” he added. If demand for the Mindanao-US route would pick up with sufficient volume, then Reefer Filipinas would deploy the route once a month, Ishizuka said. A report by S&P Global Platts indicated that container shipping lines around the world are launching new routes and services between Asia and North America on the back of stronger demand and record high freight rates. Shipping rates from China to the United States have soared above $20,000 per 40-foot equivalent unit (FEU), according to a Reuters report.

has said lowering the rice tariff rates may result in a revenue loss of around P100 million in customs duties, or more, if import volumes from non-Asean countries increase due to the tariff reduction. However, the Tariff Commission earlier said in its investigation report obtained by the BusinessMirror that the Philippines stands to lose P60 million in revenues due to the rice tariff rate cut to 35 percent. Tariffs collected from rice imports are used to fund the six-year P10-billion annual Rice Competitiveness Enhancement Fund to bankroll programs that provide farmers with high-quality seeds, machinery, easier credit access, and relevant training. This is meant to

improve their productivity and become competitive. Should annual tariff revenues from rice imports exceed P10 billion, the Rice Tariffication Law mandates earmarking the fund by Congress—and included in the national budget of the following year—for financial assistance to palay farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification. Last year, the government collected P15.47 billion from 2.38 MMT of rice imports. In 2019, Customs’s rice tariff collection amounted to P12.3 billion from 2.03 MMT of rice imports from March to December following the passage of the law.

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SC issues rules for appeals in construction disputes

HE Supreme Court (SC) has issuednewguidelinesthatlimitthe grounds that parties may appeal thefindingsandresolutionsofconstruction disputes issued by the Construction Industry Arbitration Commission (CIAC) in an apparent bid to hasten the implementation of the latter’s awards. The SC said the new guidelines with respect to the modes of judicial review of the CIAC should be applied prospectively and does not cover cases that are pending with the CA. Under the new guidelines, if the issue raised in the appeal is a pure question of law, the petition should be filed directly and exclusively with the SC. On the other hand, in cases where the petition takes issue on the integrity of the arbitral tribunal and its decision, suchasallegationsofcorruption,fraud, misconduct, evident partiality, incapacity or excess of powers within the tribunal, or the unconstitutionality or invalidity of its actions in the arbitral process, the parties are directed to appeal the CIAC award before the CA underRule65,ongroundsofgraveabuseof discretion amounting to lack or excess in jurisdiction, where a factual review may be conducted by the CA. “Under no other circumstances

other than the limited grounds provided above may parties appeal to the CA a CIAC arbitral award,” the SC said. The guidelines were issued by the Court in a 63-page decision penned by Associate Justice Benjamin S. Caguioa in the case of Ross Systems International Inc., (RSII) and Global Medical Center of Laguna Inc. (GMCLI), both assailingthedecisiondatedOctober28, 2016, of the CA’s Sixth Division which affirmedwithmodificationthearbitral award dated May 10, 2016 of the CIAC. The CIAC ruled that GMCLI has no authority to withhold and remit the two percent creditable withholding tax (CWT) on the cumulative amount of 15 progress billings of RSII; RSII was not entitled to the release of the amount of P4,884,778.92, equivalent to the two percent CWT withheld because at the timethesamewasremittedtotheBureau of Internal Revenue (BIR), RSII had not yet paid income taxes on the payments from progress billings nos. 1 to 15; and RSII was still entitled to the amount of P1,088,214.33, representing the balance due after deducting from P8,131,474.83 the two percent CWT on progress billings in the amount of P3,941,769.00 and the payment already made to RS II in the amount of P3,101,491.00. JoelR.SanJuan

Monday, August 9, 2021 A3

DTI exec: Asean finalizing circular economy framework for growth By Tyrone Jasper C. Piad @TyronePiad

HE Association of Southeast Asian Nations (Asean) economic community (AEC) is finalizing the framework of the circular economy for the regional bloc in a bid to promote sustainable growth, the Department of Trade and Industry (DTI) said. The Trade department reported in a statement it issued last Sunday that the Asean senior economic officials recently had their third meeting to tackle Covid-19 recovery plan, with the Philippines represented by Trade Assistant Secretary Allan B. Gepty. “We support the finalization of the Framework on Circular Economy as this will guide AEC work on Sustainable Development, support cross-pillar cooperation and serve as a building block to Asean Post2025 Work,” Gepty was quoted in the statement as saying. The said framework identifies

key strategic priorities in support of Asean’s agenda on circular economy, incorporating the region’s initiative in economic resiliency, resource efficiency and sustainable growth. The framework is aimed to be adopted by the 20th AEC Council, which is expected to meet in October. For the Philippines, the House Committee on Economic Affairs is currently tackling House Bill 7609, also known as the “An Act to Promote Circular Economy and a Whole-ofNation Transition towards a Sustainable Future.” The bill seeks to develop green markets through measures that promote circular economy and sustainable consumption; push for the use of permaculture in urban and rural development; and facilitate sustainable recovery amid the pandemic. The bill covers producers and consumers engaged in the value chains of all goods, products, ser-

vices and processes contributing to the economy. The Asean member states recently completed the launch of the Asean Access. It is a one-stop business information platform for micro, small and medium enterprises (MSMEs) seeking to expand their market within and outside the region. The bloc also developed a roadmap and action plan on smart manufacturing, in addition to creation of the Asean Comprehensive Recovery Framework (ACRF) support unit, which is tasked to further the implementation of said initiatives. “The Philippines welcomes the completion of key economic initiatives under the ACRF in support of accelerating Asean’s recovery efforts from the Covid-19 pandemic. We are confident that this momentum would also allow us to further our work, such as in finalizing the ‘Guidelines on MSME Crisis and Disaster Resilience’ by end of the year,”

Gepty said. The 53rd Asean Economic Ministers’ Meeting is scheduled in September. The DTI earlier said it was keen on the ratification of the Regional Comprehensive Economic Partnership (RCEP) as this will enhance the participation of MSMEs in global value chains, including the Asean bloc. One of the biggest economic cooperation, RCEP was signed by 10 Asean member states and five Asean free trade agreement partners, including Australia, China, Japan, Korea and New Zealand in November last year. The RCEP region accounts for 29 percent or $25.8 trillion of the global gross domestic product, 30 percent of the world’s population and 25 percent ($12.7 trillion) of global trade in goods and services, DTI noted. The trade deal is aimed to be implemented by January next year.

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A4 Monday, August 9, 2021

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PNP to probe sabotage of vaccination program By Rene Acosta @reneacostaBM

& Claudeth Mocon-Ciriaco @claudethmc3

HILIPPINE National Police chief General Guillermo Lorenzo T. Eleazar has ordered an investigation into the alleged sabotage of the government’s Covid-19 vaccination program in some parts of Metro Manila through the dissemination of fake information. “We are already looking into this and part of it is to trace the identity of the source of disinformation on vaccination being circulated on social media and text messages,” Eleazar said last Sunday. Spurious and malicious information that circulated on social media and via text messages prompted massive crowds to troop to different vaccination centers in Metro Manila over the past days, overwhelming centers and resulting in the violation of health protocols. The fake information claimed

that unvaccinated persons would not be allowed to go outside and would not receive cash aid while the National Capital Region is under Enhanced Community Quarantine (ECQ). Eleazar said no less than Interior and Local Government Secretary Eduardo M. Año made the assurance that qualified beneficiaries of the cash assistance from the national government in Metro Manila will be given the ayuda,” regardless if they are vaccinated or not. “There is no truth whatsoever to the rumor that only vaccinated individuals will be given ayuda,” Interior and Local Government Undersecretary Jonathan E. Malaya said. “The ‘Ayuda 2’ is for low-income individuals and families in the NCR [National Capital Region] regardless of vaccination status.”

Threats of charges

QUEZON City Mayor Josefina G. Belmonte threatens to file charges to “some shameless individuals [who] still continue to instigate these situ-

ations by spreading fake news on social media.” “These online saboteurs typically urge the public to line up outside vaccine sites for ‘walk-in accommodations.’” Belmonte added that if these saboteurs can’t be appeased with pleas, the city government would file charges of reckless endangerment, violation of the Cybercrime Law and unjust vexation against them. “To this end, I would like to appeal to our national law enforcement agencies to investigate these posts and file the necessary charges.” The mayor also clarified that Quezon City does not allow walk-ins in its vaccine sites. “Hindi po maaaring magbakasakali at pumila lamang upang mabakunahan. May maayos na sistema po ng pre-registration at scheduling na patuloy na ipinatutupad sa ating lungsod. [You can’t take chances and just line up to be vaccinated. There is a proper pre-registration and scheduling system that continues to be

implemented in our city.]” “Accordingly, I would like to make the following requests: to those spreading this fake news [for whatever malicious reason], makonsensya naman kayo [grow a conscience]. You are literally endangering the lives of countless men, women, and children.” Belmonte also appealed to operators of social media platforms to “help curb the spread of this particularly dangerous type of fake news and permanently ban those who use your platform to jeopardize the health and safety of others.”

Rule violators

THE PNP also reported its personnel has apprehended, fined and warned 20,511 individuals for various violations of public health and safety guidelines during the first day of implementation of the ECQ in Metro Manila, Bulacan, Rizal, Laguna and Cavite. Citing statistical data from Joint Task Force (JTF) “Covid Shield,” Eleazar said these individuals were cited

for violating regulations relating to the ECQ from August 6 to 4:00 a.m. of the following day. Of the total, 5,781 were sanctioned in relation to the implementation of uniform curfew hours while 14,775 were cited for violations of the minimum public health standards like not wearing or improper wearing of facemask, face shield, mass gathering, nonobservance of social and physical distancing and RA 11332, otherwise known as the “Law on Reporting of Communicable Diseases.” On the implementation of uniform curfew hours, the PNP chief said that Metro Manila posted the highest number of violators with 4,394 (605 warned, 1,235 fined, 353 released for filing while 2,201 underwent community service), followed by Cavite which is under MECQ with 540. Laguna, which is under ECQ , recorded 471 violators followed by Rizal, which is under MECQ , with 370, and Bulacan, which is under GCQ with heightened re-

strictions with six violators.

Effects of ECQ

HEALTH officials said they expect an additional two weeks after the implementation of the ECQ to see possible effects of current interventions on the case trends. “Please note that we have to ensure strict adherence to minimum public health standards and that mobility restrictions are actually implemented,” a statement from the Department of Health (DOH) read. On Sunday, the total number of cases in the country stood at 1,658,916 after recording 9,671 additional infections. The DOH said that the “relatively” low case counts recorded on Sunday is “due to lower laboratory output last Friday.” There were 8,079 recoveries and 287 deaths. Of the total number of infections, 4.7 percent (77,516) are active, 93.6 percent (1,552,278) have recovered, and 1.76 percent (29,122) have died.

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Monday, August 9, 2021 A5

Labor mulls over cash aid Lacson: Illegal ‘census’ by PNP for 3M displaced workers must stop or I’ll drop NTF-Elcac By Samuel P. Medenilla @sam_medenilla

HE Department of Labor and Employment (DOLE) is eyeing to provide cash aid next year to 3 million displaced workers. It issued the statement amid the clamor from labor groups for another round of financial assistance for employees who were retrenched after lockdown measures against the coronavirus disease of 2019 (Covid-19) nearly tanked the economy. In an online forum on Sunday, Labor and Employment Secretary Silvestre H. Bello III said they are considering allocating more funds for the “Covid-19 Adjustment Measures” (CAM) program. Bello said the number of beneficiaries would be included as recipients in the 2022 General

Appropriations Act. The CAM program is a onetime P5,000 financial assistance provided by the DOLE to formal sector workers, who were displaced during the pandemic. Assistant Labor Secretary Dominique R. Tutay said the said proposal is yet to be included in the 2022 national expenditure program (NEP) of the DOLE. “The changes may be discussed during the [budget] deliberations in Congress,” Tutay told the BusinessMirror. Currently, she said they only request additional funding for their Government Internship Program (GIP), which aims to provide short-term employment to qualified youth in government offices. Last week, DOLE requested an additional P2-billion funding from the Department of Budget

and Management (DBM) to help it re-implement the CAM program in Metro Manila and other areas, which were placed under enhanced community quarantine (ECQ). Bello said they already exhausted the allocated funds for the CAM program under the Bayanihan to Heal as One Act (Bayanihan 1) and Bayanihan to Recover as One Act (Bayanihan 2). As of May, the Labor Department was able to remit P1.7 billion in CAM program benefits to 354,748 workers. The DBM, however, said the request is unlikely to be granted since DOLE still has existing funding in its “Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers,” or “Tupad” program, which it said could be tapped to provide emergency employment to displaced workers.

By Butch Fernandez @butchfBM

HE reported “census” activities in some barangays using funds of the National Task Force to End Local Communist Armed Conflict (NTF-Elcac) should end immediately, Sen. Panfilo M. Lacson asserted at the weekend, noting that such was disowned by the Philippine National Police (PNP) leadership. Lacson scoffed in a radio interview on Sunday at the reasons given “clearing” as justification for the census taking of populations in certain areas, noting that these sites were already classified by the military as “cleared” of insurgent activity, and therefore, qualified for the socioeconomic program funds under the NTF-Elcac. Lacson said he cannot simply disregard such reports of census

taking with people’s mobile numbers being listed down along with addresses since he is the principal sponsor of the NTF-Elcac’s budget in the Senate. Especially, he added, if the reports originate from the PNP’s own field commanders. Lacson was chief of the PNP from 1999 to 2001. “The PNP’s denial should put a stop to the illegal data-gathering activities on 30 percent of the country’s local population. As the Senate’s principal sponsor of the NTF-Elcac budget, I cannot simply disregard a pattern of such reports coming from their own field commanders,” Lacson said in a post on his Twitter account on Saturday. On Friday, the PNP issued a statement “categorically and vehemently” denying that it misused the NTF-Elcac funds by using it to conduct a census in different barangays nationwide.

It said it is implementing the “intensified cleanliness policy” including “cleanliness in the community,” while deepening policecommunity relations programs to protect the community, especially the youth, “from falling prey to syndicates and being recruited by communist fronts.” The PNP also said everything it is doing in relation to the NTF-Elcac funds is “above board” and that it welcomes any investigation that may be conducted. But Lacson maintained that if there is any clear misuse of the NTF-Elcac’s funds, he will join Sen. Franklin M. Drilon’s call to scrap the reported P40-billion proposed appropriations under the 2022 National Expenditure Program. “I will even request the Office of the Ombudsman to conduct a motu proprio investigation,” he added.

Labor group chides Tariff Commission for ‘flawed’ assessment of auto industry

LABOR group hit the Tariff Commission for its “flawed” assessment, which led to its recommendation for the lifting of the safeguard measure for the automobile industry. In a statement, the Philippine Metal Workers Alliance (PMWA) accused the Tariff Commission of

“ignoring” data on the surge in imported cars from 2014 to 2019. The PMWA noted that the 103,907 imported completely buildup motor vehicles in 2014 increased to 221,746 by 2019. The PMWA also criticized the TC for including the 2020 data in its assessment the disruption caused by

the pandemic in the supply chain of imported automobiles. “The Tariff Commission stood by the erroneous conclusion in its preliminary report on the investigation on the surge in imports of automotive vehicles, and adopted the same findings in its final report,” PMWA National President

Ruel Punzalan was quoted in a statement as saying. “In the preliminary report, the Tariff Commission dismissed workers’ claims about the sharp increase in vehicle imports in recent years despite being supported by the vehicle import data generated by the Tariff Commission itself.”

The Commission recommended to the Department and Trade and Industry (DTI) to remove the provisional safeguard duties it imposed for imported cars, upon the petition of the PMWA to protect the jobs in the local car manufacturing industry. Punzalan questions the Commis-

sion’s decision as well as the absence of public hearings “that could have allowed stakeholders, like automobile workers, to dispute its conclusions.” “As such, [we are] adamant in demanding that [Trade Secretary Ramon M.] Lopez should reject the Tariff Commission’s recommendations,” Punzalan said. Samuel P. Medenilla

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Hotels predict 60% revenue loss with NCR lockdown By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

ORE financial losses are projected by the hospitality industry in Metro Manila and some leisure destinations in the provinces as the National Capital Region (NCR) went into a two-week enhanced community quarantine (ECQ) starting August 6. Stricter lockdowns were also imposed on other provinces as their Covid-19 cases surged, which many health authorities assumed was due to the more contagious Delta variant. Hardest hit once more is Boracay Island, where bulk of its domestic tourists come from NCR. Being part of Aklan, it is now under modified ECQ until August 15. In a statement sent to the BusinessMirror, the Board of Directors of the Hotel Sales and Marketing Association Inc. (HSMA) said, “The hospitality industry’s revenues will certainly drop by an estimated 60 percent this August as the leisure market, which was starting to rebound, last June and July will be hard hit by the quarantine rules. The leisure segment has been a lucrative market for most hotels and resorts during the more relaxed period in the last months, as the market provide revenues in both rooms and food and beverage.” The group added, “At this time of the pandemic, every piece of business matters and losing two weeks of revenue opportunities is financially critical. We are hopeful to regain some business during the last quarter of the year, when business picks up and historically, is more robust.” It was only on May 18 that stay-

PUBLIC COLUMBARIUM AND CREMATORY Las Pinas City has opened its first public crematorium and columbarium to serve its residents free of charge. The 3-story columbarium hosts 25,000 vaults in its building 1, each vault to accommodate four standard urns each for 10 years. It also has two crematory machines and 11 chapels for viewing. Dr. Eliezer Natividad, Las Pinas’s chief sanitation officer, and sanitation inspector Kurt Fedelino inspect the newly opened facility after it was certified by the Departments of Health and of Environment and Natural Resources. NONIE REYES cation hotels in NCR Plus (Bulacan, Cavite, Laguna, Rizal) were allowed to accept guests anew, while 35 quarantine hotels have been allowed to become multi-purpose establishments as of June 15. Multiuse hotels can accept guests outside of quarantining individuals. The ECQ in the Metro Manila will last until August 20.

Boracay hardest hit anew

DUE to the ban on leisure travel since July 30, carriers have also had to trim their flights, although they are hinging on their passengers to rebook their cancelled flights, instead of asking for refunds. Cebu Pacific Air, for one, said it canceled “300 one-way flights to leisure destinations such as Boracay, Bohol, and Siargao from July 31 to August 20.” While the airline failed to state potential losses from these

flights, by this paper’s own computations, CEB may record P300,000 in one-way losses, or P600,000 on return flights for the period, if its passengers decide to have their bookings refunded. Airfare is estimated at P1,000, one-way. In Boracay Island, 41 of 292 resorts accredited by the Department of Tourism, continue to operate as of August 6, despite the MECQ imposed on Aklan. “Initially, we have 27 accommodation establishments with long-staying guests on the island. The 24 guests who arrived on August 1 and 2 are staying just one to four days and are from Panay, while 50 percent are from Aklan,” said DOT Region 6 Director Tin Mansinares in a Viber message. In July, the Malay tourism office recorded 35,108 tourists, generating an estimated P642 million in receipts. “We expected the August

arrivals to pick up based on the arrival trend since the island reopened to NCR-plus guests in June,” said the DOT official. According to Compliance Association of Boracay president Boyet Sacdalan, one member-hotel for instance, received cancellations on 40 rooms, covering 128 room nights until August 20. At an average of P2,500 per night, he said the hotel will rack up a loss of P320,000. “From just trying to break even when Manila was still under GCQ to the lockdown (ECQ), the checked-in long-staying guests are not even 5 percent of the hotel’s occupancy,” he said. “Most of the hotels are already closed; among our members, 80 percent have closed in the meantime so they don’t have the added expense of paying for salaries and utilities. Many restaurants and retail stores have also closed again,” he added.

OFWs in HK nudged on getting jabs “We encourage our fellow Filipinos here in Hong Kong and those stranded in the Philippines to have themselves vaccinated against Covid-19. Otherwise, you will not be allowed entry into Hong Kong. This is also for your protection.”

MELCHOR DIZON

HONGKONG LABOR ATTACHÉ

ESS than half of around 220,000 overseas Fi l ipino workers (OFW) in Hong Kong are vaccinated against Covid-19, according to the Department of Labor and Employment (DOLE). To ramp up the number of inoculated OFWs and other migrant workers in Hong Kong, Labor Attaché Melchor Dizon said authorities in the special administrative zone of China are now offering them incentives to get their Covid-19 jabs. “We encourage our fellow Filipinos here in Hong Kong and those stranded in the Philippines to have themselves vaccinated against Covid-19. Otherwise, you will not be allowed entry into Hong Kong. This is also for your protection,” Dizon said in an online briefing last Friday. He said the incentives include being allowed to choose the brand of vaccine they will get, as well as cash benefits. The Hong Kong government is of-

fering house and car in a raffle for their residents who get vaccinated. Hong Kong adopted the policy to address the high vaccine hesitancy among its population. Of the fully vaccinated OFWs in Hong Kong, Dizon said 1,000 had their vaccination cards validated upon their return arrival in the country. T h i s i s i n compl i a nce w it h DOLE’s Department Order No. 226, series of 2021 so they could avail of a shorter quarantine period in government facilities. More OFWs are expected to arrive in Hong Kong as officials announced they will soon be lifting the travel ban on the Philippines, which affected 3,000 OFWs, on Monday. Dizon said OFWs who will arrive in Hong Kong will be required to undergo 14-day quarantine, regardless of whether they are fully vaccinated or not. Samuel P. Medenilla

SEN. LACSON EXPLAINS ‘UNIFICATION FORMULA’’ REJECTED BY ROBREDO

ENATOR Panfilo Lacson, eyeing a presidential campaign with Senate President Vicente Sotto III as running mate in the 2022 national elections, shrugged off Vice President Leni Robredo’s decision to thumb down Lacson’s “sure unification formula” to firm up a united front against whoever will finally be named standard bearer of the administration. “It was a selfless move on my part to offer the unification formula to Vice President Leni Robredo since she was after a united opposition/front in 2022,” Lacson said, adding: “After all, it was her objective for liaising with different forces or candidates including Mayor Isko Moreno, Sen. Manny Pacquiao, Sen. Richard Gordon, among others.” In a st atement, L acson said: “It goes without saying, I respect her decision to resist my suggestion and whatever reasons she has for declining.” The senator admitted that while “there could be some complications attendant to my suggestion, nevertheless, it was a sincere and selfless offer in support of her equally sincere efforts to have one common candidate against whoever will be the administration’s bet.” At the same time, Lacson

added that “included in my suggestion was to have Senate President Vicente C. Sotto III as our common VP candidate, if only to emphasize that I have no intention of abandoning my partner,” noting that, “in fact, it was in his presence that I made the offer.” Lacson likewise recalled that during their meeting, “I could not think of another sure unification formula,” as he reminded that “not filing in October in favor of one common candidate as Vice President Leni (Robredo) would want it will not happen, considering that the campaign won’t even start until February or four months later.” Robredo earlier revealed the “formula” pitched by Lacson: that everyone files a COC in October, and then, as the numbers and strength of each candidate is increasingly seen, for the others to withdraw in favor of the one with realistic chances of winning against the administration bet. The senator stressed: “That is who I am. Challenge me and I will deal with it with boldness, honesty, sincerity and sensibility. I take serious matters with utmost seriousness. Concepts are easy to deal with. How to concretize and implement is the hardest part.” Butch Fernandez

ECQ a balancing act between lives and livelihood–Sherwin

ENATOR Sherwin Gatchalian gleans the Duterte government’s two-week Enhanced Community Qurantine (ECQ) Covid lockdown in Metro Manila as a “great balance act between lives and livelihood.” In an interview with DWIZ over the weekend, Gatchalian said, “We are balancing people’s lives and their livelihood. He added, partly in Filipino, “So, in my view, [the] timing is right, and I see that this second ECQ this year is different from the 2020 ECQ where everything was closed and there was no public transportation.” He reminded the people that unlike before, “now, restaurants are open but dine-in is banned, and public transportation is available but limited only to 30-50 percent passengers allowed, depending on type of public transport. “So, in other words,” Gatchalian added, “people are allowed to go to work. As for the businesses, they are also open though limited, and those entities allowed to operate were predetermined. So this ECQ we have now is different.” Compared to previous lockdowns, he said, “I’ve seen that something we learned is this: one major spreader of the virus is the dine-in, the eating together and the celebrations. This is where it easily spread because we take off our masks when eating; so in my view, this timing is just right.” Asked if the protocols and restrictions imposed by the Duterte administration are enough or still insufficient to contain the surge of the Delta variant, the senator replied: “From experience, if you remember this March, just before the Holy Week we had an ECQ, that was effective. Our cases went down. If this Delta variant weren’t around, our cases should keep declining, but because od Delta, our number of cases soared.” He noted, however, that in his view a plain lockdown is still not

enough, citing contact tracing, among others. “In my view, honestly what is still badly lacking is the contact tracing. We still don’t have a unified contact tracing. Only a handful of LGUs have a unified contact tracing.” Gatchalian griped that unlike Singapore and Taiwan, the government still needs to install “a contact tracing app.” Reminded that additional funds were made available for rehiring contact tracers, Gatchalian stressed this should have been automated. “I don’t believe in the concept of using manual contact tracing. It should be automated, or an app should be used. Because it’s hard. One time I sat in on our contact tracing here in Valenzuela. It is so hard to be calling people, sometimes one patient has 20, 30 people [he/she got exposed to]. This method is so tiring. So it’s important to use technology, an app, to expedite the tracing.” He added that the automated tracing option is “faster and costeffective.” A second serious gap in the current response he still sees is the method for the vaccine rollout. “There should be a booking system like what they did in Makati and in Valenzuela. The walk-in is not good because we lack vaccines. And we should use this ECQ to ramp up the vaccination. But not walk-in. Let’s not allow people to bunch up in one place because this further spreads the virus.” Moreover, he suggested that MMDA and DILG make it mandatory to have a booking system in accepting applications. “The application is not complicated. If we can book a Grab, then we certainly can book a vaccine. So let’s make it mandatory otherwise, people will have a miserable time. I’ve seen the pictures, some were waiting in floodwaters, and some were jostling. I read that some were there as early as 9pm the day before. They waited for almost 8 hours just to get a jab. That system is inhumane.” Butch Fernandez

Agriculture/Commodities BusinessMirror

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Editor: Jennifer A. Ng • Monday, August 9, 2021 A7

National govt urged to pay for ASF vaccines

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE national government must shoulder the entire cost of vaccinating the country’s 9.7 million pigs against African swine fever (ASF) once the Department of Agriculture’s (DA) vaccine trials yield positive results. being rendered before the year ends. “Just like in Covid-19, we are seeing a light at the end of the tunnel. Before the end of the year, there will be a decision whether to go ahead if the vaccine trials are successful or if there will be other ways forward,” he said. “If these two vaccines are successful or even just one of them, we will recommend to the national government—to our dear President—that the government must buy all the vaccines and shoulder all the expenses for the vaccination of our 9.7 million hog population.” In July, the agriculture chief said

BUSINESSMIRROR FILE PHOTO

Agriculture Secretary William D. Dar said the results of the initial tests of two ASF vaccines would be released by the end of the month. The DA’s expert panel would evaluate the results. Phase 1 clinical trial of the ASF vaccines is currently underway. Dar said the vaccines would have to undergo Phase 2 and Phase 3 clinical trials before it could be given to the country’s pig population. The agriculture chief said they expect both Phases 2 and 3 trials to be completed within the year, with a final decision on the use of the vaccine

Solar-powered irrigation to boost corn, rice production in San Andres, Quezon–DAR By Jonathan L. Mayuga @jonlmayuga

SOLAR-POWERED irrigation system (SPIS) worth over P10 million has been turned over by the Department of Agrarian Reform (DAR) to farmers in Barangay Talisay in San Andres, Quezon. The DAR through Assistant Secretary and concurrent Calabarzon Regional Director Rene Colocar said the project, made possible with the collaboration of the National Irrigation Administration (NIA), will ben-

efit mainly members of the Irrigators Association of Barangay Talisay, San Andres town. In a statement, Colocar said the irrigation system will address the water problem of 81 agrarian reform beneficiaries (ARBs) and nonARBs living in Pansoy, Mangero, Talisay Agrarian Reform Community (PAMATA ARC). AccordingtoColocar,PAMATAARC has a total of 1,638 agrarian reform beneficiaries (ARB) covering a total of 3,075 hectares of agricultural land. The project, he said, covers so

far a total of 41.38 hectares only, directly benefiting 81 ARBs. “This means there’s still an opportunity to enhance and widen the coverage of the project,” Colocar said. The solar-powered irrigation system is expected to increase rice and corn production in the area since it is now possible for farmers to plant three times in a year, unlike before without SPIS that farmers can only have two harvests. “Through this irrigation system, the farmers will no longer depend on the frequency of rain to do farming,”

Colocar added. Alden Terana, President of the Irrigators Association of Brgy. Talisay, said the project will be a big boost to their rice and corn production. He said it will also benefit the future generation of farmers who will have dependable water all-year round. NIA Engr. Romeo M. Lopez, who led the turnover together with Colocar, said the irrigation system has 36 units of 220 solar panels and 3 units of 2 horsepower solar pumps which can discharge around 50 cubic meters per hour.

“The stored water will flow through a canal that stretches about 1.1km of the main canal and 0.47 km of the lateral canal. Using renewable energy, this SPIS will deliver yearround water supply for paddy fields during the dry and wet seasons,” Lopez explained. The project was implemented under the Comprehensive Agrarian Reform Program Irrigation-Component of DAR, which focuses on the development of agricultural productivity and the improvement of the living condition of the farmers.

The Argentine river that carries soybeans to world is drying up

DRY land surrounds the Parana river as water levels recede in Rosario, Argentina, on June 24. BLOOMBERG NEWS

NAKING its way through thousands of miles of South A merican rainforest and pampas and past sprawling soybean and corn farms, the Parana River is the main thoroughfare for Argentine commerce. Some 80 percent of the country’s crop exports flow through its muddy waters en route to the Atlantic Ocean. So when the river’s levels fell

to the lowest since the 1940s— the result of years of scorching drought that scientists attribute to climate change—it deepened the strains on an economy that was already struggling to recover from its pandemic collapse. Grains traders suddenly found themselves forced to scale back how much they pile onto cargo ships, afraid to get them stuck in the river’s

shallow banks, and then either add to their load once they reach deeper sea ports or contract out more vessels. Both are expensive, time-consuming options that have hamstrung an industry that pulls in more than $20 billion annually from exports. Gustavo Idigoras, head of Ciara-Cec, a crop export and processing group whose members include Cargill Inc. and Glencore Plc, called it an “emer-

gency situation” that will likely last through the end of the year. There’s been a financial toll on the imports side, too: Low river levels mean less hydro power and, as a result, more money that has to be shelled out for shipments of diesel to fuel electricity plants. Diesel imports have jumped to their highest since 2018 as the Yacyreta dam, which usually supplies about 14% of Argentina’s power from its northern river border, operates at just a third of capacity. The combination of slowing exports and rising imports is cutting into the country’s trade surplus and adding to a slew of factors that are driving down the peso, the worstperforming currency in emerging markets this year. This has prompted the central bank to step back into foreign-exchange markets in recent days and sell dollars to prop up the peso and try to prevent inflation from spiraling even further out of control. Running at 50% a year, inflation is already a major drag on economic growth as it eats away at the purchasing power of tens of millions of Argentine consumers. “If the shallowness of the Parana persists in the medium term, it’s a problem” because crops are Argentina’s biggest source of coveted export dollars to shore up the peso, and the country has already been slipping dangerously back to becoming a net importer of energy, said Belen Rubio, an economist at MAP, a consultancy firm in Buenos Aires. The dried-up Parana has exposed a lack of long-term logistics planning in Argentina, she added, with the agriculture industry clamoring for a deeper shipping channel and where dams account for 28 percent

of electricity generation capacity. The setbacks to Argentine exports have global implications. The nation is a powerhouse of oilseed and grain production, the world’s No. 1 shipper of soybean meal for feeding livestock and soybean oil for cooking and biofuels. It’s the third biggest exporter of corn. On the domestic front, the ebbing river levels are shaving dollars off the value of Argentina’s sales abroad, with Argentine soy meal premiums trading at record lows versus rival Brazil. Premiums paid for September shipment are about 25 dollars a ton cheaper than in its neighbor, and, even worse, many meal buyers are flocking to Brazil to avoid the higher shipping costs altogether. The Parana’s situation has gotten so dire that Argentina even declared a water emergency in seven riverside provinces on July 24, which allows the government to take special action to mitigate the impact of the drought and keep businesses and industry going. The drought has been fiercest at the source of the river in Brazil, largely sparing Argentina’s farm belt 1,500 miles south. In Brazil itself, meanwhile, the dryness has destroyed crop yields. As for the rising diesel imports, they’re a fraction of the country’s trade surplus, yet still closely watched because they can have an outsize impact. “Argentina has a hard-currency shortage so even a minimal outflow of dollars to import additional energy adds uncertainty,” said Marcelo Elizondo, an Argentine consultant who specializes in trade. “The question is how long this lasts for.” Bloomberg News

the DA, through the Bureau of Animal Industry (BAI), started the trials for two vaccine prototypes in 10 private hog companies last April 23. The initial trials seek to determine if the vaccines would increase the hogs’ antibodies against ASF. The subsequent trials are aimed at determining if the vaccines are capable of killing the ASF virus especially among infected hogs, Dar said. The government has culled over 400,000 hogs to date since confirming the first ASF outbreak in August 2019. The fatal hog disease has resulted in a pork supply shortfall of about 400,000 metric tons (MT) forcing the government to reduce tariffs and increase minimum access volume for pork imports to augment domestic supply. Last month the DA said government’s efforts against the dreaded hog disease have been “effective” as active ASF cases were observed in only 19 barangays nationwide. In terms of ASF positive samples, BAI recorded only 176 positive samples in May, the lowest in a year or since the 152 ASF positive samples recorded in May 2020.

PCA urges businessmen to invest in PHL coconut sector

HE Philippine Coconut Authority (PCA) has asked businessmen to invest in the local coconut sector to expand the country’s exports and help farmers increase their income. Speaking during the opening ceremony of the 35th National Coconut Week held virtually on August 3, PCA Administrator Benjamin R. Madrigal Jr. sought the investments as he shared that despite the continuous challenges brought by the pandemic, the coconut industry sees opportunities and favorable developments happening. Madrigal said with the passage of the Coconut Farmers and Industry Trust Fund Act, PCA has launched the Coconut Farmers and Industry Roadmap which will serve as the backbone of the Development Plan currently being crafted as required by the said law. “This roadmap will provide the general direction for farmers’ welfare and industry development towards sustainable and equitable gains, especially for the benefit of the smallholder coconut farmers and micro, small and medium enterprises,” he said. In this year’s coconut week celebration, PCA will hold a two-day investment forum to promote the value addition of coconut and increase awareness on possible investment prospects brought by new technologies for coconut processing that are ready for commercialization. International and local buyers are also invited for business-to-business matching sessions with the local suppliers providing opportunity for farmer organizations to bring the Philippine coconut products to the global market. The public is invited to attend the “CocoKwentuhan sa Negosyo” webinar series which will feature and dissect success stories of farmers’ cooperativeled, LGU-led, and organization-led enterprises highlighting the important role of partnership and convergence among coconut farmer organizations, local government units (LGUs), private sector, organized industry, and other stakeholders. Agriculture Secretary William D. Dar remarked that coconut continues to be a major agricultural export commodity in the country, contributing nearly 4.7 percent or roughly P84.4 billion to the agricultural and fishing sector GVA in the year 2018-2019.

Monday, August 9, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The worst oligarchy?

he classic definition of an oligarchy is a government “ruled by the few.” It is a self-regulating elite that has “domination over a larger society.” The elite can be the military, a minority racial group such as apartheid South Africa, or any other small group holding great power. The definition has been expanded to include “business oligarchy” where a group uses monopolistic tactics to dominate an industry, possesses sufficient political power to promote its own interests, and/or controls multiple businesses, which intensively coordinate activities. Philippine Long Distance Telephone Co., was established in 1928, by a Philippine Government act, granting PLDT a 50-year charter to establish a nationwide network. A group of Filipino businessmen led by Ramon Cojuangco took control of PLDT in 1967 after buying its shares from the American company GTE. During the 1970s, President Ferdinand Marcos nationalized PLDT. In 1986, the company was reprivatized and Cojuangco’s son became the chief executive. While telecommunication was pushed under President Fidel Ramos, PLDT did everything it could to stop interconnection with other companies, until Ramos forced it to cooperate by issuing Executive Order 59 requiring int erconnection among all authorized telecommunications companies. The PLDT “oligarchy” was broken. We talk much about the “business oligarchs” and their control. And they do try all that they can to protect their interests. But there is still competition. The story is that the Metro Rail Transit-3 has a station at the Mega Mall Area, but it would seem not to be a logical location as the corner of Edsa and Ortigas Avenue. SM was willing to pay to build the MRT-3 station near its mall. Robinsons Galleria Ortigas was not willing. According to the Edelman Trust Barometer 2020, globally only 49 percent trust government. Conversely, 58 percent trust “large business.” Yet, when people hear of big business abuses and “oligarchs,” they want government to intervene and protect the public. India is the second most populous nation on Earth and one of the poorest. Its per-capita-gross domestic product is ranked number 142, between Honduras and Sudan. Its per capita GDP based on Purchasing Power Parity is below Laos. India’s wealth inequality is actually better than New Zealand, Japan, and Israel. Its poverty rate is the same as the Philippines. India has the third largest number of billionaires after the US and China, which is not surprising given its huge population. However, it ranks No. 1 globally in the number of billionaires who have gone bankrupt in the last decade. The “King of Good Times” Vijay Mallya was once worth several billion dollars. His business empire collapsed due to bad decisions. It happens to the best. But he left 13 banks holding the bag, which should have contained $1.3 billion. He is charged with bank fraud. Ex-billionaire Mehul Choksi is living in Antigua and Barbuda, wanted by the Indian authorities for criminal conspiracy, cheating and dishonesty including delivery of property, corruption and money laundering. The Punjab National Bank wants their $1.8 billion returned. PNB is also looking for “billionaire” Nirav Modi in a $2 billion fraud case. It would be unfair to assume that these—and other—“broke Indian billionaires” were crooked. Maybe it was all bad luck and timing. Likewise, maybe the banks hit with loaning money to fraudulent schemes were just victims of circumstance. But there is one “oligarchy” in India that is hard to ignore. Virtually all the banks in the abovementioned cases are or were then “public sector”; that is, at least majority owned by the government. Is there any particular reason that all these “broke billionaires” borrowed money from government-owned banks? Since 2005

On language and the economy Atty. Jose Ferdinand M. Rojas II

RISING SUN

his month we celebrate Buwan ng Wika, and the Komisyon ng Wikang Filipino, the agency that leads the national celebrations, has chosen the theme “Filipino at mga Katutubong Wika sa Dekolonisasyon ng Pag-iisip ng mga Pilipino.” I find the part about our indigenous languages particularly interesting because many languages today are facing a serious risk of extinction. I would imagine those languages that are spoken by small groups or tribes in remote areas are in greater danger of disappearing. According to research, multilingualism or linguistic diversity has a powerful and positive impact on the economy. Gabrielle HoganBrun, a research fellow in Language Studies at the University of Bristol, says that “language matters on a large-scale national level and at the level of smaller businesses.” A country that nurtures or promotes the use of several languages may enjoy more successful trade relations or export activities and builds

Thomas M. Orbos

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and that companies that invested less actually missed out on opportunities. Switzerland, a country that has four national languages—German, French, Italian, Romansh— attributes 10 percent of its gross domestic product to its multilingual heritage. We don’t need to be language experts to realize that people who know more languages have better earning power. A Canadian study found that

Why not a National Traffic Authority?

BusinessMirror A broader look at today’s business Publisher

stronger, more innovative human resources. It makes sense, therefore, to not just improve our English communication skills but to also continue to nurture our local languages, protect our indigenous languages, and even learn more foreign languages to add to our repertoire. Studies show that companies that invest in maintaining a multilingual staff are able to add more export countries to their market,

According to research, multilingualism or linguistic diversity has a powerful and positive impact on the economy. Gabrielle Hogan-Brun, a research fellow in Language Studies at the University of Bristol, says that “language matters on a large-scale national level and at the level of smaller businesses.” A country that nurtures or promotes the use of several languages may enjoy more successful trade relations or export activities and builds stronger, more innovative human resources.

e all know, worry, complain and argue about how our traffic affairs are being managed in Metro Manila; maybe sometimes to the extent of being overmanaged with the various agencies that are involved, including national agencies and their local government counterparts. The same is true in most major cities nationwide, with their own traffic and public safety teams. But who manages the in-betweens, the long expanse of roads and highways that connect all these urban areas? Who oversees road discipline and safety nationwide? Also, who integrates and rationalizes traffic rules to make them seamless nationally; and, more importantly, which agency does this strategically on a national level and indeed formulate and present a cohesive national traffic masterplan? While we now find ourselves in this pandemic and with the sudden interest in domestic travel during these times, maybe it is a good time to think about a national effort to consolidate all traffic concerns under one national agency—maybe a National Traffic Authority, to properly address these “in-betweens” and come out with a seamless and

wholistic approach to traffic management nationally. We realize this when we step out of our urban boundaries and drive through the expanse of our highways that connect our towns and cities. Here we find tricycles lording it over the middle lane of our highways despite Department of the Interior and Local Government’s standing order that local executives must strictly implement the ban on tricycles, pedicabs and motorized pedicabs on national highways (though I believe that tricycle use of these roads can be regulated but not banned); where riding motorcycles with no helmets seem to be the norm; or with road expansions that the government spent hundreds of millions being used either for parking or for drying palay. Not that I do not commiserate with our farmers who lack the proper area to dry their produce, but that can

be addressed in another way. We also begin to understand the incongruity of our laws when we enter a city or a town that has its own rules. Logistics and bus companies have their shared experiences of this problem when some towns they are passing through require them to secure permits to enter their areas, which means they don’t honor nationally secured documentation. Right now, we have no central traffic authority, but the vestiges of such are found in several government agencies. We have the Land Transportation Office that has jurisdiction over all vehicle concerns such as roadworthiness, registration, etc. We have the Metropolitan Manila Development Authority that takes care of traffic management but only in Metro Manila. We have the Land Transportation Franchising and Regulatory Board for regulatory concerns of all public transport. The Department of Public Works and Highways (DPWH), in a way, is responsible for all roads to include road signages and road safety devices. And we have the PNP Highway Patrol Group whose jurisdiction covers the entire country but is limited in its resources and focuses more on transport’s criminal aspects. Then we have the multitudes of local government units (LGU) enforcement groups that have their own set of rules that are not always necessarily in line with generally accepted traffic guidelines. It is high time for us to have a

bilingual men earn 3.6 percent and bilingual women earn 6.6 percent more than their English-only peers. In the Philippines, I believe that the vast majority of our workforce is bilingual—able to speak both Filipino and English. Many of us even have third, fourth, or fifth languages. The authors of the abovementioned study believe that knowing a second language is seen as “a sign of cognitive power, perseverance and a good education.” I agree that we need to use our mother tongue as often as we can, and that we must be proud of it, teach it to our children, and make an effort to deepen our love and appreciation for it. Let us read more books written in Filipino and let us introduce our children to Filipino authors and their books. At the same time, we must also work hard to remain competitive in the business and professional arena by improving our language game. As shown in the research findings stated above, it is the economy that will benefit in the long run. Isang mainit na pagbati sa inyong lahat ngayong Buwan ng Wikang Pambansa. Mabuhay ang wikang Filipino!

national traffic authority that will address these key issues. This national traffic authority will be responsible for formulating, enforcing and coordinating a cohesive national traffic master plan that will bind all local government units but without necessarily encroaching on their authoritative independence. Such a traffic authority will also be the repository of relevant data such as traffic violations, which is a pre-requisite for a uniformed ticketing system. A traffic authority can also be the vehicle of a national traffic training institute where all enforcers—national and local—can be trained and given the necessary capacity building tools to be of better service on the road. Road safety and vehicle roadworthiness will be greatly assured with such an entity in place. This proposed National Traffic Authority can be housed in any of these executive departments—the Department of Transportation, DPWH or the LGUs. And creating such an entity will not entail major amendments to the present regulatory set-ups of existing agencies nor will there be a need to water down any of their present functions. A national traffic authority will simply handle traffic, on a national level; something that we need now, if we don’t realize it yet. The author maybe reached at: thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

www.businessmirror.com.ph

Musings on the amendments of the Accountancy Law Joel L. Tan-Torres

DEBIT CREDIT Tenth of a series

ith the ongoing discussions on the amendment of the Accountancy Law (Republic Act 9298) and the not so recent promulgation by the Commission on Higher Education (CHED) of its CMO 27 to 30, this may be the opportune time to revive the game-breaking changes that I had been espousing since 2016. In that year, as the then Chairman of the Professional Regulatory Board of Accountancy (BOA), I initiated the legislative passage of amendments to RA 9292. Among the proposed changes was the revision of the framework of the licensure examination of Certified Public Accountants (CPA). The framework provides for accounting graduates of all four accounting courses prescribed by the CMOs, namely the Bachelor of Science in Accountancy (BSA), BS in Management Accounting, BS in Internal Auditing, and BS in Accounting Information System to be qualified to take the CPA licensure examinations. This will address the clamor of accounting students that there should be no discrimination as to who are allowed to take the CPA examinations. Currently under the law, only BSA graduates are allowed to take the CPA licensure examination. As proposed then, the CPA licensure examinations will include two levels of tests. The graduates of the four accounting programs will have to take the first level—Certified Accountant examination. This examination shall consist of five core accounting subjects, to include Financial Accounting Reporting, Advanced Financial Accounting Reporting, Management Advisory Services, Taxation and Regulatory Framework for Business Transactions. The examinees will have to pass this CA examinations to work or practice accountancy, though on a limited basis. The passers of the CA examination will be authorized to work as accountants performing basic or entry-level work in the government, public practice and private sector. However, they are not authorized to engage in the higher-level functions, such as signing auditors’ certifications, teaching as accounting educators, and other practices that may be limited by law. Those who want to pursue the aforementioned excluded accountancy services will have to pass the second level—CPA or Certified Professional Accountant examination depending on their educational specialization or attainment. There will be a separate CPA examination for each of the four accountancy courses or specialization. There will be a CPA test for each of the specializations of management accounting, internal audit and accountancy information system. The taking of this CPA examination is optional. This is to be offered after three years of meaningful work experience of interested examinees under the condition that they have previously passed

These proposed changes are meant to address the demands and requirements of both the industry and the accountancy profession. There is a need for accountants to have deep and specialized skills and a more practical experience and mindset. the CA examination. Once the examinees have passed the Certified Public Accountant exam, they can now be signatories of the external audit certification, while passers of the Certified Professional Accountant exams shall then be qualified to be accounting teachers, internal auditors or accounting information system professionals. This proposal of providing a series of qualification examinations is not novel. The Civil Service Eligibility examination has at least three levels of testing, starting from the sub-professional to professional to career executive service tests. The progressive track of testing can result in a good assessment of learning and competencies of individuals. These proposed changes are meant to address the demands and requirements of both the industry and the accountancy profession. There is a need for accountants to have deep and specialized skills and a more practical experience and mindset. The reform put in place by the CHED and the BOA in 2017, and the implementation of the licensure qualification framework discussed in this article, can attain numerous positive outcomes. It is up to the accounting profession led by BOA to pursue this direction. To be continued. Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy, and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts articles for publication from the business and academic community. Articles not exceeding 600 words can be e-mailed to jltantorres@up.edu.ph.

Olympic lessons: Hidilyn-and-seek Siegfred Bueno Mison, Esq.

THE PATRIOT

Part One

ide-and-seek refers to that well-liked childhood game where one player closes his or her eyes for a brief period (often counting to 10) while the other players hide. Thereafter, the seeker opens his/her eyes and tries to find the others; the first one found is the next seeker, and the last is the winner of the round. Played worldwide, hide-and-seek has many counterparts, according to a web site reference.

In Greece it is called kryfto; in Spain, el escondite; in France, jeu de cache-cache; in Israel, machboim; in South Korea, sumbaggoggil; and, in Romania, de-av-ati ascunselea. Hide-and-seek is likewise known throughout South and Central America under such names as tuja (Bolivia); escondidas (Ecuador and Chile); and cucumbe (Honduras and El Salvador). In Nigeria, children play oro, a combination of hide-and-seek and tag. In our country, I grew up in Project 8 in Quezon City, playing this game, known as taguan. While the game has many variants, in different countries or regions, people are acquainted with its simple context: count-hide-seek-and be found. When our homegrown weightlifter won the first-ever Olympic gold for the Philippines, Filipinos can claim with good cheer that everybody was playing Hidilyn-and-seek. Knowing how she overcame the challenges that beset her quest for athletic recognition, her name, Hidilyn, became a byword for victory, if not for overcoming adversities! All over the world, people were suddenly playing Hidilyn-and-Seek, so to speak. Just as this childhood game is played

throughout the world, Hidilyn as a name became the talk-of-the-globe, as her record-making triumph as well as how it came to be, is worth sharing to others—male or female, Filipinos or foreigners, athletes or regular joes like me. With her achievement, Hidilyn practically placed everybody on a “high”! Like a lightning bolt, Hidilyn’s victory electrified most Filipinos who most likely felt a rapid change in their circumstances of being weary from news of Covidrelated deaths or hospitalization, of exasperation from corrupt or incompetent public servants, and of displeasure over our countrymen who compute a mask plus a mouth as two instead of one. Her journey to worldwide recognition was long and hard. She was practically hidden from the limelight until she was “found” by the public when she won silver in the 2016 Olympics. Once found, she never stopped seeking until she reached the ultimate goal! And with God’s grace, by her own public admission (“Grabe si God. Grabe si God”), she secured her place in Philippine Olympic history as well as fulfilled her mission that our Almighty God

Associated Press

REENVILLE, California—After four years of homelessness, Kesia Studebaker thought she finally landed on her feet when she found a job cooking in a diner and moved into a house in the small community of Greenville. She had been renting for three months and hoped the stability would help her win back custody of her 14-year-old daughter. But in just one night, a raging wildfire tore through the mountain town and “took it all away,” she said. Fueled by strong winds and bonedry vegetation, the Dixie Fire grew to

become the largest single wildfire in state history. “We knew we didn’t get enough rainfall and fires could happen, but we didn’t expect a monster like this,” Studebaker said Saturday. The fire incinerated much of Greenville on Wednesday and Thursday, destroying 370 homes and structures and threatening nearly 14,000 buildings in the northern Sierra Nevada. It had engulfed an area larger than the size of New York City. The Dixie Fire, named for the road where it started, spanned an area of 700 square miles (1,813 square kilometers) Saturday night and was just 21% contained, according to the California Department of Forestry and Fire Protection.

has ordained us. It would not be an ambitious endeavor to wish for more Filipinos to “seek-and-find” others to bring some joy and good news, similar to how Hidilyn has done it. By winning gold, Hidilyn might have acquired fame and fortune in the process, but, judging from her interviews, her accomplishment transcends this tangible victory. First, she has shown that nothing is impossible with God. Second, she repeatedly gave credit to the grace of our Almighty Father. Finally, she personified stability under pressure, referring to one of my favorite verses in the Bible, “And we know that in all things God works for the good of those who love him, who have been called according to his purpose” (Romans 8:28). Bashed, red-tagged, and ridiculed, Hidilyn believed and embraced these trials as part of God’s grand plan for her. Taking Hidilyn’s example to the level of our relationship with God, we can learn to seek and find others by first knowing we are already filled with God’s Grace by the sacrifice of Jesus Christ. With this realization, our hearts will be overflowing that we shall soon find ourselves as the “seeker” searching for the next person (in hiding) to share our gracefilled journey. In the process, we can tag others so that they can be the next “seekers,” similar to the game, hide and seek. I may not be as gifted as Hidilyn but as a believer, I was taught to “go and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, and teaching them to obey everything I have commanded you. And surely I am with you always, to the very end of the age” (Matthew 28:19-20). This calling for the great commission became up close and personal for me when I sustained a serious injury a few weeks ago. Beyond the excruciating pain that instantly reverberated

throughout my body, what bothered me the most was the thought of possibly losing precious time in bringing my loved ones to know Christ more. I suddenly got worried about my children as I realized that the best gift a father can ever give them is nothing material, nothing of the earthly kind, but one that can win them an Olympic prize—eternal life. In the context of the game “hide-and-seek,” or the Olympic-triggered version “Hidilyn-and-seek,” our Heavenly Father did not save us to just sit in the stands or just wait and “hide.” He saved us to bring glory to Him by making His grace visible in the whole world, in whatever way possible. We can accomplish this by seeking and touching others with God’s grace, in words or in action, so that they may, in turn, continue to seek others, especially those who are “hiding” from the “light.” This pandemic made us realize that our lives will wither and expire, like grass or a lit candle. Worse, the ending can be abrupt, without notice or preparation. Let’s make the most of our existence, now and without delay, to play Hidilyn-and-seek. We count one to 10 or even 100, seek those who are hiding, and touch or tag them with the Good News. We need not win Olympic gold or have a degree in Theology to do this; the way we live our lives for others in keeping with His commandments can suffice, at least for the time being. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

Together, our Singapore spirit: Singapore at 56 and Mabuhay to our enduring partnership with the Philippines By Ambassador Gerard Ho

he Republic of Singapore turns 56 today, August 9, 2021. The last 56 years may have been rife with challenges, but our small city-state in Southeast Asia has continued to not only survive, but also thrive. Even as the Covid-19 pandemic has disrupted the daily lives of Singaporeans and our linkages with the world, we have continued to engage our partners in the region and beyond. Singapore’s National Day is an occasion for Singaporeans to not only reflect on how far our country has come, but also to recognize that Singapore would not have been where we are today without the assistance and support from friends like the Philippines. Since the establishment of diplomatic relations between Singapore and the Philippines in 1969, bilateral ties have grown from strength to strength. We have good bilateral cooperation in a wide array of sectors, including defence and security, trade and business, education, health, human resource development, and culture. Singapore and the Philippines also work closely on important regional and international

initiatives, including the Covid-19 Asean Response Fund and vaccine multilateralism. The past year has been extraordinarily challenging for all of us. Despite the impact of the Covid-19 pandemic, our economic ties are robust. Singapore remains one of the top investors into the Philippines, and our companies are bullish about the Philippines. People-to-people ties also remain close, as the Philippine community is one of the largest diaspora groups in Singapore. We deeply appreciate the invaluable contributions that Filipino professionals, including doctors, nurses, and other economic frontline workers, have made to Singapore’s Covid-19 response, as well as our efforts

Californians endure intense weekend of wildfire fears By Daisy Nguyen & Noah Berger

Monday, August 9, 2021

Four firefighters were taken to the hospital Friday after being struck by a fallen branch. More 20 people were initially reported missing, but by Saturday afternoon authorities had contacted all but four of them. The fire’s cause was under investigation. The Pacific Gas & Electric utility has said it may have been sparked when a tree fell on one of its power lines. A federal judge ordered PG&E on Friday to give details by Aug. 16 about the equipment and vegetation where the fire started. Cooler overnight temperatures and higher humidity slowed the spread of the fire and temperatures topped 90 degrees Fahrenheit (32 degrees Celsius) instead of the triple-digit highs

recorded earlier in the week. But the blaze and its neighboring fires, within several hundred miles of each other, posed an ongoing threat. Studebaker sought shelter at an evacuation center before setting up her tent in a friend’s front yard. She is counting on returning to her job if the restaurant where she works stays open. Heat waves and historic drought tied to climate change have made wildfires harder to fight in the American West. Scientists have said climate change has made the region much warmer and drier in the past 30 years and will continue to make the weather more extreme and wildfires more frequent and destructive. Near the Klamath National For-

GERARD HO

to keep the Singapore economy going. Another testament to the enduring friendship between our two countries is the donations of medical equipment like RT-PCR machines, Covid-19 test kits, and oxygen concentrators from the Singapore government and Singapore organizations like Temasek Foundation to support the Philippines’ fight against Covid-19. International cooperation remains ever more important as the world, and especially our region,

est, firefighters kept a close watch on small communities that were ordered evacuated in the path of the Antelope Fire, which earlier threw up flames 100 feet (30 meters) high as it blackened bone-dry grass, brush and timber. It was just 20% contained. Further northwest, about 500 homes scattered in and around Shasta-Trinity National Forest remained threatened by the Monument Fire and others by the McFarland Fire, both started by lightning storms last week, fire officials said. Smoke from the fires blanketed Northern California and western Nevada, causing air quality to deteriorate to very unhealthy and, at times, hazardous levels.

continues to battle new waves and variants of the virus. Our two governments will continue to explore mutually beneficial areas of cooperation that will pave the way for Singapore and the Philippines to emerge from the pandemic stronger together. At the recent Fifth Informal Consultations on the PhilippinesSingapore Action Plan held on July 14, 2021, we identified opportunities to expand bilateral cooperation in new areas of growth such as the digital economy and the environment in the post-Covid-19 “new normal”. We also committed to a sustainable post-pandemic economic recovery, and looked forward to the safe resumption of travel between our two countries when conditions permit. To our Filipino friends who have walked with Singapore on our nationbuilding journey, maraming salamat po sa inyong lahat! I am confident that Singapore and the Philippines will continue to grow and prosper together in the years ahead. The author is the Ambassador of the Republic of Singapore to the Republic of the Philippines.

Air quality advisories extended through the California’s San Joaquin Valley and as far as the San Francisco Bay Area to Denver, Salt Lake City and Las Vegas, where residents were urged to keep their windows and doors shut. Denver’s air quality ranked among the worst in the world Saturday afternoon. Since the start of the year, more than 6,000 blazes have destroyed more than 1,260 square miles (3,260 square kilometers) of land—more than triple the losses for the same period in 2020, according to state fire figures. California’s raging wildfires were among 107 large fires burning across 14 states, mostly in the West, where historic drought conditions have left lands parched and ripe for ignition.

Sports

WHAT MORE COULD YOU ASK FOR? By Jun Lomibao

OKYO—One gold, two silver and one bronze medals. The best performer among Southeast Asian Games

countries. Ranked No. 49 in terms of golds won on the medal tally board and No. 40 in total medals earned among 205 of the 206 member countries of the Olympic movement. Ninth place among Asian countries also based on gold-medal harvest. Nineteen athletes, all, except four, are no older than 25 years old. What more could you ask for? “This is the best ever Philippine team that’s been assembled for the Olympics,” Rep. Abraham “Bambol” Tolentino, president of the Philippine Olympic Committee, told the last virtual press conference organized on the eve of the team’s departure for Manila on Sunday morning. “We carried the momentum of the Jakarta 2018 Asian Games and the 2019 SEA Games when we won the overall title,” added Tolentino, referring to the 4-2-15 gold-silverbronze haul from Jakarta and the amazing 149-117-121 harvest in the SEA Games the country hosted. “And this team will be ripe for more medals in Paris 2024,” added Tolentino, referring to the next Olympics the French capital is hosting in three years. Hidilyn Diaz lifted two Olympic records in women’s -55 kgs of weightlifting to end close to a century’s wait—97 years to be exact since Paris 1924, before the Philippines won its first gold medal in the Olympics. Nesthy Petecio and Carlo Paalam, both with extremely humble beginnings when they first wore gloves, contributed a silver medal each from boxing—Petecio in women’s featherweight and Paalam in men’s flyweight.

The celebrated Eumir Felix Marcial added a bronze also from boxing—he lost in the men’s middleweight semifinals to a Ukranian who boxed like Ivan Drago in the classic boxing movie series “Rocky”—and the campaign was complete. Mission accomplished. Done with a flourish. The best ever. Name it. Back home, Filipinos were again united behind sporting excellence in very much the same way as Manny Pacquiao did several times in his illustrious professional boxing career. But after the smoke of battle cleared with Tokyo emerging equally successful and satisfied in parrying criticisms and pessimism in hosting an Olympic edition amid the Covid-19 pandemic that doesn’t want to go away, the vision is now on Paris 2024. “All these athletes will be taken care of, their training will continue, all with a focus on Paris 2024,” Tolentino said. “But the herd includes even those who went through the stringent Olympic qualifiers, but didn’t make it here.” Diaz, now a guaranteed millionaire more than 50x over with the overflowing of incentives in cash and in kind, remains potent for Paris, she’ll be only 34 by then. Petecio will only be 32 in 2024, definitely packed with more aces in her gloves and an even flaming desire to win that gold she missed snatching in Tokyo. Same through with Marcial, who looks at Paris as motivation in his boxing career that would pendulum to the amateurs and the pros in the next three years. Paalam? God, this kid has big dreams. “I want to get the gold in Paris, God permitting that I remain strong and confident,” Paalam told the same virtual press conference which he joined with Marcial along his side. Paalam’s rugs to riches story is, yes, true to life. “I was a scavenger when I was

young, digging through trash, looking for something that I can sell and bring food to my family,” he said, his eyes turning teary. Then the conversation went to his coach, Elmer Pamisa, a many time national boxer. Their story is not only for the books, for the movies, too. “I kept on telling everyone that Carlo, when I first saw him when he was 10-11 years old, will win an Olympic medal. And look at what he did,” said Pamisa, turning more than two dozen participants in the press conference misty eyed. The emotions didn’t end there as Paalam went on to acknowledge Pamisa as a second father. “Coach Pam [Pamisa] was and will always be a father to me. He picked me up from nothing. He took care of me like I’m his son,” Paalam, already in tears, said. “When I feel pain, he makes sure I am relieved of pain.” Paalam again took time to refer to his silver medal, made from scraps from discarded electronic gadgets, as a symbol of his humble life. Back to the future. “The non-medalists on Team Philippines have all the motivation to continue training,” Tolentino said. “The POC will see to it that there won’t be any interruption as they prepare for Paris.” The Filipino athletes in Tokyo, who competed in 11 sports on the Olympic program, will have more experiences and training come 2024. The honor roll: Elreen Ando, 22 (weightlifting); Irish Magno, 30 (boxing); Carlos Yulo 21 (gymnastics); Yuka Saso, 21, Bianca Pagdanganan, 23, and Juvic Pagunsan, 43 (golf); Margielyn Didal, 22 (skateboarding); Cris Nievarez, 21 (rowing); Kurt Bryan Barbosa, 22 (taekwondo); Jayson Valdez, 25 (shooting); Kiyomi Watanabe, 24 (judo); Remedy Rule and Luke Gebbie, both 24 (swimming); and EJ Obiena and Kristina Knott, both 25, athletics).

IOC secures more power to remove sports from Games

OKYO—The International Olympic Committee (IOC) gave itself more power Sunday to remove sports from the Olympic program. The IOC voted in the new powers amid prolonged issues with the leadership of weightlifting and boxing. Both sports already had their quota of athletes cut for the 2024 Paris Olympics and weightlifting could be dropped entirely. The Olympic Charter was amended so the full IOC membership can remove a sport if its governing body does not comply with a decision made by the IOC executive board or if it “acts in a manner likely to tarnish the reputation of the Olympic movement.” The IOC widened its authority by

adding a “but not limited to” clause that goes beyond the stated reasons for removing a sport. The executive board, which is chaired by IOC President Thomas Bach, also got new powers to suspend a sport or event discipline from the Olympics if its governing body refuses to comply with a decision. The need for new rules was presented to the membership by IOC vice president John Coates, who also leads the Olympic body’s legal commission and is a close Bach ally. “In the recent past, the IOC has been confronted with situations raising serious concerns regarding the governance of certain international federations,” Coates said at the end-of-Games meeting. AP

Can France find next gen talent? AS France’s men’s basketball team bowed to the United States in the gold medal match of the Tokyo Olympics, Rudy Gobert could not hold back his emotions. I like Gobert and think he is an incredible basketball player. Showing his emotions is not going to take anything away from my respect for this Frenchman.

More than being an emotional player, I wonder if it was tears because this could possibly be the best chance for France and other countries to unseat the USA. And to think, this wasn’t even a very good roster. Dozens of stars skipped the Olympics. Imagine if they didn’t. As such, the pre-Olympic losses

ALL four medal winners—led by Ireland’s Kellie Anne Harrington (gold) and Brazil’s Beatrize Ferreira— drop protocols and embrace on the podium during the ceremony on Sunday. AP

to Nigeria and Australia and the opening game loss to France were massive wake-up calls. In fact, during the gold medal game versus France, at one point, you could see Draymond Green get mad at Kevin Durant for not guarding his man who hit a triple. The next time down the floor, Durant blocked that player. As for the French…. their Golden Generation of players has all but hung up their sneakers. Boris Diaw, Tony Parker, Florent Pietrus, Mickael Gelabale and Joffrey Lauvergne are done. After this Olympics, it is possible that Thomas Huertel, Nando de Colo and Nicolas Batum are as well. It is possible though that we might see one or two of them back as the next Summer Games are in France. The French will want to go all out. France isn’t the only one shaken up by the retirements of their stars. Other countries have seen their Golden Generations done as well. Spain will need to overhaul their ageing roster as Pau and Marc Gasol are done. So is Rudy Fernandez and

BusinessMirror

A10

| Monday, August 9, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PHILIPPINE Olympic Committee President Rep. Abraham “Bambol” Tolentino (red jacket) joins boxers— (front row, from left) Eumir Felix Marcial, Nesthy Petecio, Carlo Paalam, and Irish Magno for a souvenir photo with the Olympic rings inside the Olympic Village in Tokyo. Also in photo are nutritionist Jeaneth Aro (front, right) and coaches Elmer Pamisa, Marcus Manalo, Ronald Chavez, Nolito “Boy” Velasco and Reynaldo Galido.

TOKYO OLYMPICS: GAMES THAT DIDN’T FAIL?

CANADA’S Kelsey Mitchell wins the women’s sprint race gold medal on Sunday in Izu, Japan. AP

OKYO—It began with a virus and a yearlong pause. It ends with a typhoon and, still, a virus. In between: just about everything. The Tokyo Olympics, christened with “2020” but held in mid-2021 after being interrupted for a year by the coronavirus, glided to their end Sunday night as an often surreal mixed bag for Japan and for the world. Held in the middle of a resurging pandemic, rejected by many Japanese and plagued by months of administrative problems, these Games presented logistical and medical obstacles like no other, offered up serious conversations about mental health—and, when it came to sport, delivered both triumphs and a few surprising shortfalls. From the outset, expectations were middling at best, apocalyptic at worst. Even Thomas Bach, president of the International Olympic

Committee (IOC), said he’d worried that these could “become the Olympic Games without a soul.” But, he said Friday, “what we have seen here is totally different.” “You could experience and feel and see and hear how much they enjoyed to be together here again,” Bach said. At these Games, even the word “together” was fraught. Spectators were kept at bay. A patchwork of rules kept athletes masked and apart for much of medal ceremonies, yet saw them swapping bodily fluids in some venues. That was less about being remiss than about being real: Risks that could be mitigated were, but at the same time events had to go on. Athletes’ perseverance became a central story. Mental health claimed bandwidth as never before, and athletes revealed their stories and struggles in vulnerable, sometimes

excruciating fashion. Japan’s fourth Olympics, held 57 years after the fabled 1964 Games effectively reintroduced it to the world after its World War II defeat, represented a world trying to come together at a historical moment when disease and circumstance and politics had splintered it apart. But even against those formidable backdrops, athletic excellence burst through. Among the highlights: Allyson Felix taking a US-record 11th medal in track, then stepping away from the Olympic stage. American quintuple gold medalist Caeleb Dressel›s astounding performance in the pool. The emergence of surging, skateboarding and sport climbing as popular, and viable, Olympic sports even as an earlier typhoon whipped up the waves for surfers during the Games’ first week. Host country Japan’s medal haul—58, its most ever. AP

Sergio Rodriguez. Gone are Juan Carlos Navarro, Jose Calderon, Nikola Mirotic and Felipe Reyes. This leaves Ricky Rubio who is getting in on the years, Willy Hernangomez, Alex Albrines and Sergio Llull to hold the fort as they look for reinforcements. Will Serge Ibaka be back? Argentina is in the same boat. Luis Scola is done. He joins Manu Ginobili, Andres Nocioni, Fabricio Oberto, Carlos Delfino, Pablo Prigioni and Leonardo Gutierrez in retirement. That was a wondrous team and most of them went to the National Basketball Association. They still do have Gabriel Beck, Facundo Campazzo, Luca Vildoza, Nicolas Brussino and Marcos Delia. They did win the recent Pan American Games so there is talent even with Scola departing. But they don’t strike me—yet, I must say—the way their Golden Generation balled. Who do I like as an up-andcoming national team—that has to be Australia. Some players from their Tokyo

roster will be done—Chris Goulding, Aron Baynes and Joe Ingles. It is possible Patty Mills and Matthew Dellavedova might give it one more go in Paris but look to Ben Simmons, Josh Green, Matisse Thybulle, Dante Exum, Duop Reath, and some of the youngsters like Dyson Daniels, Blake Jones, and Akoldah Gak to move up and give a good account of themselves. And they still have Thon Maker (although he isn’t getting much playing time in the NBA) and Will Magnay. The Australian National Basketball League has become a good source of talent for Australians wanting to go to the NBA or even the US collegiate circuit. NBL alums in the NBA include Andrew Bogut, Chris Anstey, Mills, Goulding, Magnay and Dellavedova to name but a few. Slovenia? Canada? Serbia? For sure they will compete. I actually wonder why Canada— which I think is the closest that can approximate the American’s power, depth and talent—doesn’t do well.

And that is perplexing. Other countries rely on bringing up their youth teams together who they hope to get exposure in the US, Europe, or in Asia. The Americans…well, they have their youth teams, but seldom do batches of players come up as one. If you look at their Olympic and Fiba rosters, very few players have a second or third go-around with the national team. It is a testament to the Americans’ collective talent that they generally do very well. In the 2017 Fiba AmeriCup, the US competed for the first time in years and with a roster stocked with G League talent, they beat Argentina’s national team with Scola, Campazzo, Beck, and all, 81-76. Am not suggesting that beating the Americans is impossible. It has been done although they are more like bumps in the roads rather than a changing of the guard. The rest of the world has gotten better in basketball, but when the Americans want to play, no one comes close.

Editor: Jennifer A. Ng

Companies BusinessMirror

Monday, August 9, 2021

ACEN plans to build ₧25-B dual-fuel plant in Batangas

By Lenie Lectura

@llectura

ngrid3 Power Corp., a unit of AC Energy Corp. (ACEN), has proposed the construction of a P25-billion dual-fuel power plant that can run on either gas or liquid fuel in Batangas City.

“Ingrid3 Power will be developing a dual-fired power plant, with a target net capacity of 1200MW and installed capacity of 1250MW, in Barangay Libjo and Malitam, Batangas City. It is planned to be connected to the NGCP 600kV Pinamukan Substation,” the company said in its filing with the Environmental Management Bureau (EMB) of the Department of Environment and Natural Resources (DENR). The company is required to secure an environmental compliance certificate from the DENR-EMB prior to any development in the project site. The intended offtake for the

power generation facility is currently being studied and assessed. It is being considered for mid-merit and peaking plants. Mid-merit plants are those that can ramp up and ramp down faster than baseload plants. These are more flexible and could run during the day when load is increasing and approaches peak. These could be gas and hydro plants. Peaking plants, meanwhile, can rapidly ramp up and down. These facilities operate only within a limited time. Oil-based plants, gas and other very flexible plants are considered peaking plants.

3 power facilities to go offline

hree power facilities with 1,047 megawatts (MW) in combined capacity may not be able to run when the Malampaya gas facility undergoes a 22-day maintenance shutdown in October. These are Sual Unit 1(647MW), which is set to undergo maintenance from August 4 to October 12; SLTEC Unit 1 (135MW), from August 16 to October 15; and Sta. Rita Module 10 (265MW), from September 4 to October 8. The Malampaya gas facility, meanwhile, is scheduled for a maintenance turnaround from October 2 to 22. During this period, gas supply will be completely curtailed. “As this is a Maintenance Turnaround, the Shallow Water Platform and Onshore Gas Plant will not be producing gas,” said Don Paulino, managing director and general manager of Shell Philippines Exploration B.V. (SPEX) in a text message. SPEX is the current operator of the Malampaya gas facility that supplies fuel to around 40 percent of gas-fired plants in Luzon namely the Ilijan, Sta. Rita plant, San Lorenzo, San Gabriel and Avion plants, which supply 3,211MW to the Luzon grid. Paulino said the Malampaya gas facility could be depleted six years from now. “What I can say is that the reservoir is predicated to produce until 2027.” He could not say if there will be another maintenance activity after October. “Maintenance turnaround is planned in accordance with the needs of the asset. One of the factors we will consider is the outcome of the inspection in the upcoming maintenance

turnaround.” Paulino said maintaining the Malampaya deepwater gas-topower project is needed to ensure the continued supply of gas. “The October Maintenance Turnaround for Malampaya is part of our regular maintenance plan to maintain the facility and ensure that we can continue to operate safely, reliably and efficiently,” he said. He added that the Department of Energy (DOE) and the owners of the gas plants have been informed last year about the 20-day maintenance work. “Our stakeholders, particularly DOE and customers, have been informed in the 2nd half of 2020 and the timing was agreed based on the needs of the grid. Our plans are aligned with the plans of our customers and other power plants.” The DOE, however, said this is no cause for alarm as it “has actually looked at getting alternative ways” for the gas plants—that feed on the Malampaya gas facility—to continue running. The gas plants can run on liquid fuel, which is more expensive. DOE Undersecretary Emmanuel Juaneza said the agency is looking at alternative fuel sources to fuel power plants that would be affected by the Malampaya shutdown. “The DOE actually has already looked into getting, you know, an alternative way of running those... especially the Ilijan plant and other gas plants that are capable of running on fuel other than the natural gas,” said Juaneza during the Philippine Development Plan forum organized by veteran journalist Melo Acuna last Friday. Lenie Lectura

Construction is expected to commence mid-2023 and until end of 2024. The company is now seeking approval for various permits from different agencies and local government units. Ingrid3 Power said the power plant, which can be easily ramped up or down depending on the need of the grid or the market, is not expected to run continuously in its full load during its operations. “Generators will either be run at partial load or will be kept offline until a huge power deficiency in the grid occurs.” The plant, it added, is not expected to be abandoned within the next 10 years of its planned operations. However, the company said the cessation of power plant operations may be necessary should there be unsustainable business operations due to economic downturns, changes in zoning, transfer of operation to other sites, accidents resulting in severe facility damage or loss of human life, and closure order. If any of these occur, an abandonment plan will be created and implemented by the company. The project cost includes the conduct of feasibility study, site

development, construction, procurement of equipment, environmental compliance requirements. ACEN earlier reported a net income of P2.7 billion in the first semester, up by 5 percent from P2.6 billion in the previous year. The amount includes the results of operations of international power assets that have been recently infused by parent AC Energy and Infrastructure Corp. (ACEIC) into ACEN. Revenues rose 35 percent to P13.4 billion. ACEN’s performance was driven by demand recovery from pre-Covid-19 pandemic levels, acquisition of operating projects, and newly operational renewable energy (RE) projects. However, the strong revenue growth was partially offset by increased costs of purchased power due to high Wholesale Electricity Spot Market prices during thermal power outages. “The integration of international business into ACEN further strengthens the company’s balance sheet to support our diversified growth plans in the Philippine and offshore markets,” said AC Energy CFO Cora Dizon.

CEB: 90% of flying crew got jabs

ebu Pacific (CEB) has announced that 90 percent of its pilots and cabin crew have now been vaccinated, following the completion of the first wave of its employee vaccination program. Second doses are expected to be administered in the coming months, with the target of completing inoculation in October. The conglomerate-procured vaccines were administered to over 700 CEB employees at the airline’s headquarters in Pasay City from July 28 to August 4. To date, 88 percent of CEB’s total work force has been inoculated. The airline’s very own employee vaccination initiative is part of the Gokongwei Group’s COVID Protect Program, which covers the free inoculation of employees and their dependents, as well as third-party workers. CEB has also been working handin-hand with various local government units to boost the progress of vaccination for its workforce. “We are happy to share this update with everyJuan as we stay on track with our goal to fully vaccinate all employees and third party workers by October this year. We know that health and safety are everyone’s top concerns and we want to keep doing what we can to ensure our passengers always feel confident flying with us,” said Felix Lopez, Cebu Pacific Vice President for People Department. On July 30, CEB flew its very first flight manned by fully-vaccinated pilots and cabin crew. It expects to fly more of such flights as the program progresses.

PAL promo

After naming Olympic Gold Medal

Champion Hidilyn Diaz its first “Forever Flyer,” Philippine Airlines (PAL) is now offering flyers a chance to win the same title through a raffle promo. Ria Domingo, the company’s vice president for marketing, said the airline is launching its “Forever Flyer Raffle Promo,” which gives loyal customers a chance to win a lifetime supply of flights. Domingo said the Forever Flyer Raffle Promo will award eight PAL passengers with 80,000 miles per year for life and 80 more winners of 8,000 miles per year for life. “We value your continued patronage. This raffle promo is Philippine Airlines’ special way of giving loyal customers the great opportunity to win these exciting prizes and fly with PAL for free for life. The sooner you book, the greater the chance to win these rewards,” she said. To qualify for the promo, passengers simply have to book PAL flights between August 8 and December 15 to earn raffle entries. They should provide their Mabuhay Miles number when booking for their flights. Passengers are still eligible to earn raffle entries even if they rebook their flights as long as the tickets are not refunded. PAL will announce the winners of the raffle promo on its social media pages. Winners may redeem their prizes on January 1, 2022. The legacy carrier, which has been struggling to weather the effects of the pandemic, is celebrating its 80th year. This promo, Domingo said, “aims to thank its passengers for their loyalty and patronage that sustained the flag carrier through eight decades of operations on a global network of flights.” Recto L. Mercene & Lorenz S. Marasigan

Companies BusinessMirror

Monday, August 9, 2021

PSE STOCK QUOTATIONS

August 6, 2021

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

ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG PHIL STOCK EXCH

45 110.9 82.45 24.2 9.35 46.55 9.77 20.25 55.05 19.12 112.1 75.8 1.23 4.32 2.91 206.4

45.5 111 83.4 24.4 9.45 46.7 10.28 20.3 57.5 19.8 114 76.8 1.31 4.39 3.13 209.4

45.45 110 83 24.2 9.45 45.95 10.34 20.5 55.6 19.92 112.5 75.8 1.29 4.33 2.91 219

45.5 111 83.5 24.5 9.5 46.7 10.34 20.5 55.6 19.92 114 76.5 1.36 4.39 2.91 219

45.45 109.5 82.45 24 9.31 45.8 10.32 20.1 55.4 19 110.6 75.8 1.29 4.32 2.91 200

45.5 111 82.45 24.3 9.4 46.7 10.32 20.25 55.4 19.12 114 75.8 1.31 4.39 2.91 209.4

1,400 877,810 913,110 44,400 40,100 2,027,900 1,100 178,500 1,040 18,700 111,930 199,590 76,000 105,000 3,000 42,460

63,665 97,028,213 75,765,633.50 1,072,520 378,003 94,283,055 11,372 3,618,140 57,682 366,928 12,658,328 15,268,188.50 98,810 457,680 8,730 8,855,486

INDUSTRIAL

AC ENERGY ALSONS CONS ABOITIZ POWER BASIC ENERGY FIRST GEN FIRST PHIL HLDG MERALCO MANILA WATER PETRON PHX PETROLEUM PILIPINAS SHELL SPC POWER VIVANT AGRINURTURE AXELUM CENTURY FOOD DEL MONTE DNL INDUS EMPERADOR SMC FOODANDBEV ALLIANCE SELECT FRUITAS HLDG GINEBRA JOLLIBEE MAXS GROUP MG HLDG MONDE NISSIN SHAKEYS PIZZA ROXAS AND CO RFM CORP ROXAS HLDG SWIFT FOODS UNIV ROBINA VITARICH CONCRETE A CEMEX HLDG EAGLE CEMENT EEI CORP HOLCIM MEGAWIDE PHINMA TKC METALS VULCAN INDL EUROMED MABUHAY VINYL PRYCE CORP GREENERGY INTEGRATED MICR IONICS PANASONIC SFA SEMICON CIRTEK HLDG

9.15 1.24 23.1 0.55 28.15 74.3 276 17.9 3.13 12.48 17.78 12.4 14.7 6.01 2.58 25 13.94 7.99 13.6 81.05 0.64 1.2 95.75 188.5 5.9 0.234 15.68 7.56 0.95 4.45 1.35 0.13 132 0.77 47.85 1.24 14.24 7.9 6.65 6.1 13 1 1.44 1.8 5.2 5.4 2.81 8.5 0.92 5.8 1.24 4.95

9.18 1.27 23.15 0.56 28.35 74.9 277 17.92 3.14 12.88 17.8 12.56 15.8 6.05 2.6 25.1 13.96 8.03 13.7 82 0.65 1.23 97 190.2 5.95 0.24 15.7 7.65 0.97 4.5 1.39 0.132 132.9 0.78 49.5 1.25 14.8 8 6.67 6.11 14 1.02 1.45 1.84 5.44 5.49 2.83 8.51 0.96 5.89 1.27 4.96

8.81 1.26 23.3 0.52 28.6 74 272 17.18 3.12 12.46 17.66 12.48 15.5 5.98 2.57 24 13.68 7.92 13.54 80.4 0.64 1.2 97 189.7 6 0.233 15.34 7.5 0.97 4.5 1.37 0.131 135 0.78 49.45 1.22 14.38 8 6.6 6.13 13 0.98 1.33 1.78 5.2 5.5 2.66 8.3 0.96 5.8 1.26 4.95

9.24 1.27 23.35 0.56 28.8 74.95 277.8 17.9 3.15 12.96 18 12.6 15.5 6.08 2.6 25.15 14.06 8.03 13.94 82 0.64 1.23 97.95 191.8 6 0.24 15.98 7.65 0.99 4.55 1.37 0.132 136.9 0.78 49.45 1.25 14.8 8 6.67 6.13 14 1.03 1.47 1.84 5.45 5.5 2.83 8.7 0.96 5.89 1.29 5

8.81 1.26 23.1 0.5 28.15 74 272 17.16 3.11 12.46 17.64 12.4 15.5 5.98 2.57 23.8 13.32 7.8 13.38 79.1 0.64 1.19 95.05 188.5 5.9 0.233 15.34 7.42 0.94 4.5 1.35 0.129 132 0.77 49.45 1.21 14.1 7.8 6.6 6.05 13 0.98 1.32 1.78 5.2 5.4 2.64 8.2 0.91 5.8 1.26 4.88

9.15 1.27 23.15 0.56 28.35 74.9 276 17.9 3.14 12.96 17.78 12.4 15.5 6.05 2.6 25 13.94 8.03 13.6 82 0.64 1.23 97 188.5 5.95 0.24 15.7 7.65 0.97 4.5 1.35 0.132 132 0.78 49.45 1.25 14.8 7.9 6.67 6.1 14 1 1.45 1.84 5.45 5.49 2.83 8.5 0.91 5.89 1.27 4.95

134,449,100 28,000 1,037,500 27,572,000 343,700 26,180 209,730 1,404,800 470,000 15,500 105,600 337,700 2,200 472,300 200,000 909,600 346,900 2,427,000 7,916,500 275,160 19,000 6,769,000 15,000 371,600 172,900 1,460,000 21,234,500 88,400 4,190,000 411,000 80,000 5,510,000 314,750 1,363,000 400 1,915,000 40,900 1,437,900 545,800 292,000 103,000 93,000 11,439,000 36,000 9,000 184,500 11,795,000 344,600 222,000 300 88,000 838,000

-2,889,311 -32,702,920.50 476,555 44,749,080 -458,665.00 2,178,588 -47,056 -19,500 2,331,000

1,217,080,280 35,510 24,063,675 14,843,960 9,774,355 1,942,104 57,779,888 24,653,462 1,475,230 199,300 1,882,230 4,230,314 34,100 2,840,403 518,890 22,649,135 4,746,056 19,017,031 107,183,844 22,137,344.50 12,160 8,193,430 1,449,334 70,420,579 1,023,585 341,730 335,374,720 664,385 4,007,700 1,849,550 108,840 713,300 42,391,062 1,059,550 19,780 2,355,400 600,386 11,395,968 3,612,453 1,777,792 1,342,016 94,420 16,243,500 64,630 48,581 1,008,907 32,581,440 2,907,991 204,500 1,758 112,150 4,136,230

229,976,000 -11,265,795 -96,090 -1,212,540 413,150 11,281,374 11,564,386 -75,260 -494,582 -1,109,278 -60,445 -25,900 664,245 161,080 -504,855 -25,167,116 -2,277,162 253,540 -378,056 -18,184,909 1,180 4,660 -164,178,464 404,560 1,166,560 76,500 13,000 -4,295,509 184,860 246,000 -17,040 -2,251,237 -185,841 31,582 383,560 -2,442,310 -161,132 6,370 -12,800 14,820

HOLDING & FRIMS ABACORE CAPITAL 0.98 0.99 0.96 0.98 0.95 0.98 6,759,000 6,533,400 6.5 7 7 7 6.99 6.99 600 4,197 ASIABEST GROUP 727 728 743 743 725 727 145,880 107,230,090 AYALA CORP 40.15 40.55 40.2 40.55 40.05 40.55 592,400 23,937,840 ABOITIZ EQUITY ALLIANCE GLOBAL 9.98 10 9.98 10 9.93 10 571,600 5,708,089 AYALA LAND LOG 4.12 4.14 3.99 4.14 3.9 4.14 2,898,000 11,784,800 ANSCOR 6.7 6.9 7 7 6.9 6.9 14,400 99,370 1 1.01 0.97 1 0.95 1 2,805,000 2,751,840 ANGLO PHIL HLDG 0.57 0.61 0.6 0.6 0.57 0.57 513,000 306,610 ATN HLDG A 0.6 0.62 0.61 0.61 0.6 0.6 2,000 1,210 ATN HLDG B 5 5.04 5.06 5.1 4.99 5.04 182,200 911,806 COSCO CAPITAL 5.72 5.73 5.82 5.92 5.65 5.73 38,958,600 225,218,356 DMCI HLDG FORUM PACIFIC 0.3 0.325 0.295 0.33 0.295 0.325 1,230,000 381,300 531 537 537 540 531 531 156,620 83,966,465 GT CAPITAL HOUSE OF INV 3.91 4.08 3.91 3.91 3.9 3.91 311,000 1,215,910 JG SUMMIT 60.7 61 59.3 61.3 59.3 61 1,575,560 95,849,942.50 5.57 5.72 5.57 5.57 5.57 5.57 800 4,456 JOLLIVILLE HLDG 0.65 0.66 0.66 0.69 0.63 0.66 1,391,000 896,750 LODESTAR 2.95 2.98 2.93 3.04 2.93 2.95 1,446,000 4,251,760 LOPEZ HLDG 9.51 9.56 9.76 9.8 9.45 9.51 12,893,400 123,266,085 LT GROUP METRO PAC INV 3.7 3.72 3.7 3.75 3.68 3.7 13,932,000 51,588,080 PACIFICA HLDG 3.41 3.61 3.4 3.61 3.4 3.61 9,000 31,230 2.7 2.87 2.7 2.7 2.7 2.7 1,000 2,700 REPUBLIC GLASS 1.14 1.22 1.15 1.15 1.15 1.15 56,000 64,400 SOLID GROUP 963 964 975 978 961.5 963 149,250 143,885,010 SM INVESTMENTS 108.8 108.9 107.3 109.8 107.3 108.9 43,580 4,756,213 SAN MIGUEL CORP 0.68 0.7 0.68 0.68 0.68 0.68 70,000 47,600 SOC RESOURCES TOP FRONTIER 135.5 137.9 138 138 138 138 10 1,380 0.26 0.275 0.265 0.265 0.265 0.265 110,000 29,150 WELLEX INDUS 0.195 0.202 0.197 0.197 0.196 0.196 130,000 25,550 ZEUS HLDG

200,140 -1,400 11,133,435 7,362,380.00 485,862.00 376,140 -122,751.00 -15,518,009 -65,393,670 -1,173,000 44,148,887 -1,306,650 -57,936,170 -11,744,270 9,177,820 -315,013 17,680 -

PROPERTY ARTHALAND CORP 0.63 0.65 0.63 0.64 0.63 0.63 291,000 185,230 32.25 32.3 32.8 32.8 32.25 32.3 13,219,200 428,847,835 AYALA LAND 36.2 36.25 36 36.3 36 36.25 266,700 9,653,185 AREIT RT 1.36 1.39 1.35 1.36 1.35 1.36 21,000 28,410 BELLE CORP A BROWN 0.87 0.89 0.9 0.9 0.88 0.9 43,000 38,120 0.79 0.8 0.78 0.8 0.77 0.79 645,000 501,830 CITYLAND DEVT CROWN EQUITIES 0.124 0.129 0.128 0.13 0.124 0.129 18,660,000 2,332,770 CEBU HLDG 6.21 6.69 6.2 6.2 6.2 6.2 2,200 13,640 2.99 3 2.9 2.99 2.9 2.99 1,311,000 3,848,660 CEB LANDMASTERS 0.4 0.405 0.41 0.41 0.395 0.405 9,170,000 3,701,600 CENTURY PROP 10.64 10.66 10.88 10.88 10.6 10.64 252,500 2,697,312 DOUBLEDRAGON 1.79 1.8 1.8 1.81 1.78 1.79 5,569,000 9,987,490 DDMP RT DM WENCESLAO 7 7.08 7 7.08 6.97 7.08 49,900 348,982 0.275 0.28 0.275 0.28 0.275 0.275 2,700,000 743,000 EMPIRE EAST EVER GOTESCO 0.35 0.355 0.35 0.365 0.33 0.355 53,880,000 18,954,200 FILINVEST LAND 1.12 1.13 1.12 1.14 1.11 1.13 9,627,000 10,827,870 0.85 0.86 0.88 0.88 0.85 0.85 6,000 5,250 GLOBAL ESTATE 7.02 7.24 7.02 7.02 7.02 7.02 6,600 46,332 8990 HLDG 1.24 1.28 1.22 1.28 1.21 1.28 278,000 343,050 PHIL INFRADEV 3.19 3.93 3.18 3.18 3.18 3.18 1,000 3,180 KEPPEL PROP CITY AND LAND 1.35 1.38 1.31 1.35 1.25 1.35 267,000 346,910 MEGAWORLD 2.71 2.72 2.76 2.76 2.71 2.71 26,745,000 72,832,600 MRC ALLIED 0.3 0.305 0.295 0.305 0.285 0.305 10,070,000 2,999,150 PHIL ESTATES 0.53 0.54 0.53 0.55 0.52 0.54 4,538,000 2,428,610 2.04 2.11 2.15 2.15 2.04 2.04 1,022,000 2,136,320 PRIMEX CORP 16.32 16.36 16.48 16.48 16.12 16.36 2,746,500 44,954,238 ROBINSONS LAND 0.275 0.285 0.27 0.29 0.27 0.285 2,130,000 600,500 PHIL REALTY ROCKWELL 1.48 1.52 1.52 1.52 1.52 1.52 5,000 7,600 2.96 2.99 2.99 3 2.96 2.99 383,000 1,143,130 STA LUCIA LAND SM PRIME HLDG 32.65 32.95 33.25 33.35 32.65 32.65 3,465,300 114,002,030 VISTAMALLS 3.71 3.72 3.8 3.84 3.72 3.72 37,000 138,080 1.69 1.72 1.72 1.72 1.65 1.72 192,000 324,790 SUNTRUST HOME 3.49 3.5 3.5 3.6 3.48 3.49 324,000 1,143,820 VISTA LAND SERVICES ABS CBN 11.04 11.1 11.02 11.28 11.02 11.04 48,200 536,796 13.9 13.96 13.54 14 13.2 13.9 3,011,400 41,738,510 GMA NETWORK 1,985 1,986 1,930 1,986 1,914 1,985 80,115 158,142,445 GLOBE TELECOM 1,274 1,275 1,273 1,281 1,270 1,275 95,425 121,730,490 PLDT APOLLO GLOBAL 0.118 0.119 0.114 0.119 0.111 0.119 200,740,000 23,319,080 CONVERGE 26.65 26.8 25.1 27.1 25.1 26.65 34,174,100 907,530,180 DFNN INC 3.54 3.65 3.52 3.7 3.51 3.65 317,000 1,129,200 DITO CME HLDG 7.11 7.12 7.16 7.18 7.01 7.12 10,038,700 71,270,390 1.41 1.69 1.42 1.42 1.4 1.4 100,000 140,150 IMPERIAL 2.1 2.15 2.02 2.02 2.02 2.02 9,000 18,180 JACKSTONES 2.09 2.1 2.07 2.15 2.07 2.09 657,000 1,388,850 NOW CORP 0.4 0.41 0.4 0.42 0.395 0.405 12,800,000 5,198,550 TRANSPACIFIC BR PHILWEB 2.15 2.24 2.22 2.25 2.11 2.24 148,000 318,240 8.04 8.2 8.1 8.2 8.02 8.04 19,300 155,313 2GO GROUP ASIAN TERMINALS 14 14.1 14.1 14.1 14.1 14.1 200 2,820 CHELSEA 2.55 2.56 2.57 2.57 2.53 2.56 212,000 540,420 44 44.1 44.3 44.3 43.9 44.1 115,500 5,085,685 CEBU AIR 184.1 185.9 175 186.5 175 184.1 2,239,630 407,677,441 INTL CONTAINER 16.28 16.3 16.28 16.3 16.28 16.3 4,400 71,718 LBC EXPRESS 0.96 0.97 0.96 0.97 0.96 0.97 20,000 19,390 LORENZO SHIPPNG MACROASIA 4.58 4.59 4.6 4.63 4.45 4.59 526,000 2,389,610 METROALLIANCE A 1.94 1.95 1.9 1.95 1.82 1.95 132,000 248,480 1.04 1.08 1.08 1.08 1.04 1.08 13,000 13,640 HARBOR STAR 1.66 1.73 1.65 1.74 1.63 1.73 157,000 261,350 ACESITE HOTEL 0.107 0.108 0.098 0.11 0.096 0.108 296,380,000 31,401,790 BOULEVARD HLDG 0.52 0.54 0.54 0.54 0.52 0.54 103,000 54,220 WATERFRONT 6.85 6.99 6.98 6.99 6.94 6.99 7,300 50,942 CENTRO ESCOLAR FAR EASTERN U 550 602 560 560 550 550 1,120 626,500 IPEOPLE 7.11 7.47 7.47 7.47 7.47 7.47 500 3,735 0.34 0.35 0.34 0.34 0.335 0.34 410,000 139,350 STI HLDG BERJAYA 5.84 5.85 5.8 6 5.7 5.85 165,400 962,213 5.98 6 5.74 6.01 5.65 6 2,127,800 12,533,906 BLOOMBERRY 1.45 1.47 1.43 1.48 1.42 1.48 61,000 87,750 LEISURE AND RES 1.73 1.74 1.68 1.74 1.68 1.74 1,821,000 3,115,130 PH RESORTS GRP 0.405 0.41 0.4 0.41 0.4 0.41 190,000 76,700 PREMIUM LEISURE ALLHOME 7.34 7.39 7.49 7.51 7.23 7.34 620,900 4,515,596 METRO RETAIL 1.3 1.31 1.28 1.33 1.27 1.3 302,000 386,490 PUREGOLD 40.4 40.5 40 40.5 39.5 40.4 931,200 37,469,400 ROBINSONS RTL 49 49.1 50.65 51.35 48.95 49 2,427,630 120,080,912.50 88.05 89.4 88.5 89.5 88.05 88.05 129,720 11,462,848 PHIL SEVEN CORP 1.12 1.14 1.12 1.14 1.12 1.12 2,867,000 3,216,420 SSI GROUP 23.05 23.2 22.15 23.2 22.15 23.2 461,000 10,551,955 WILCON DEPOT 0.325 0.335 0.325 0.325 0.325 0.325 80,000 26,000 APC GROUP EASYCALL 5.12 5.43 5.13 5.13 5.13 5.13 5,800 29,754 438.2 448.4 448.4 448.4 448.4 448.4 1,000 448,400 GOLDEN MV 6.52 6.58 6.49 6.58 6.45 6.52 50,800 330,085 IPM HLDG 1.25 1.26 1.12 1.29 1.12 1.25 39,238,000 47,435,910 PRMIERE HORIZON 4.2 4.41 4.23 4.41 4.12 4.41 116,000 484,690 SBS PHIL CORP MINING & OIL

ATOK 6.1 6.17 6.5 6.6 6 6.1 4,344,700 26,207,814 1.6 1.61 1.61 1.62 1.59 1.61 1,145,000 1,832,720 APEX MINING 7.13 7.14 6.73 7.14 6.73 7.13 1,982,400 13,927,755 ATLAS MINING BENGUET A 5.2 5.45 5.27 5.48 5.27 5.45 85,000 453,666 5.02 5.2 4.85 5.24 4.85 5.2 15,200 79,129 BENGUET B 0.285 0.3 0.285 0.3 0.285 0.3 420,000 121,350 COAL ASIA HLDG 2.73 2.9 2.85 2.9 2.85 2.9 15,000 43,000 CENTURY PEAK 6.16 6.4 6.42 6.42 6.42 6.42 1,100 7,062 DIZON MINES 2.38 2.39 2.36 2.41 2.36 2.38 7,947,000 18,918,310 FERRONICKEL 0.28 0.31 0.285 0.285 0.285 0.285 30,000 8,550 GEOGRACE 0.137 0.138 0.134 0.138 0.134 0.138 2,240,000 307,590 LEPANTO A LEPANTO B 0.139 0.141 0.141 0.141 0.141 0.141 70,000 9,870 0.01 0.011 0.01 0.011 0.01 0.011 2,200,000 22,100 MANILA MINING A 0.01 0.011 0.011 0.011 0.01 0.011 6,000,000 63,400 MANILA MINING B 0.96 0.97 1.05 1.07 0.93 0.96 10,733,000 10,682,050 MARCVENTURES 1.25 1.27 1.3 1.3 1.2 1.27 104,000 127,370 NIHAO 6.09 6.1 6.22 6.28 6.06 6.1 5,117,800 31,353,889 NICKEL ASIA 0.94 0.96 0.94 0.96 0.93 0.96 434,000 409,210 ORNTL PENINSULA 5.74 5.75 5.86 5.86 5.67 5.75 932,400 5,349,438 PX MINING SEMIRARA MINING 17.08 17.1 17.2 17.2 16.8 17.1 1,156,200 19,728,428 UNITED PARAGON 0.0084 0.0085 0.0086 0.0086 0.0081 0.0084 79,000,000 662,200 ACE ENEXOR 16.1 16.5 16.3 16.5 16 16.5 47,900 784,200 0.011 0.012 0.011 0.012 0.011 0.011 13,500,000 155,500 ORNTL PETROL A 0.011 0.012 0.012 0.012 0.012 0.012 300,000 3,600 ORNTL PETROL B 0.011 0.012 0.011 0.012 0.011 0.011 2,400,000 26,500 PHILODRILL 6.15 6.2 6.02 6.3 6.02 6.2 429,500 2,649,654 PXP ENERGY PREFFERED HOUSE PREF A 100.8 101 101 101 101 101 11,010 1,112,010 522.5 533.5 522.5 522.5 522.5 522.5 5,000 2,612,500 AC PREF B2R 43.95 44 44.1 44.1 43.95 44 45,100 1,984,200 CEB PREF 100.6 100.8 100.6 100.9 100.6 100.8 850 85,570 DD PREF FGEN PREF G 104 104.5 105.6 105.6 104.4 104.5 35,260 3,699,240 100.4 100.6 100.5 100.5 100.4 100.4 2,320 233,030 MWIDE PREF 1,005 1,009 1,009 1,009 1,009 1,009 405 408,645 PNX PREF 4 1,008 1,016 1,008 1,008 1,008 1,008 20 20,160 PCOR PREF 2B 1,115 1,117 1,117 1,117 1,117 1,117 40 44,680 PCOR PREF 3A 1,150 1,160 1,150 1,150 1,150 1,150 100 115,000 PCOR PREF 3B 76.1 76.5 77 77.05 76 76.5 289,040 22,234,713 SMC PREF 2C 76.1 76.5 76.1 76.1 76 76 12,000 912,554 SMC PREF 2E SMC PREF 2F 78.7 79.3 79.35 79.35 79.35 79.35 610 48,403.50 75.8 76 76 76.05 75.8 75.8 19,500 1,481,367.50 SMC PREF 2J 76.8 76.9 76.5 76.8 76.5 76.8 9,950 764,055 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.5 10.78 10.78 10.78 10.78 10.78 10,200 109,956 12.02 12.2 11.82 12.28 11.82 12.02 90,100 1,086,666 GMA HLDG PDR WARRANTS LR WARRANT 0.92 0.93 1.18 1.18 0.62 0.93 11,966,000 10,838,070

-5,681,315 1,881,755 210,980 77,560 -237,120 -131,700 -859,324 -1,459,380 137,500 362,400 2,481,130 -3,690 -20,940 -57,389,770 -6,100 244,010 8,480 3,893,260 -3,000 -33,320,130 188,670 50,730 76,241,975 -71,684,145 312,080 109,106,290 -669,070 3,387,218 -94,850 24,090.00 2,820 -515,250 113,855,846 -91,460 922,840.00 -626,500 -101,950 -286,867 864,562 -127,800 -20,880 -5,389,578 -333,725 -2,140,620.00 4,787,460 132,020.00 -10,317 11,340 -29,666 43,000 -7,062 -8,810,890 -6,850,570 8,896,151 2,228 4,777,976 25,200 -447,428.00 -1,799,540 -26,775 2,156 - 72,520

SMALL & MEDIUM ENTERPRISES ALTUS PROP ITALPINAS KEPWEALTH MAKATI FINANCE MERRYMART

18.08 2.04 4.79 2.72 3.59

FIRST METRO ETF

99.8

18.12 2.09 4.99 2.96 3.6

EXHANGE TRADE FUNDS

100.5

18.2 2.05 4.76 2.68 3.52

18.2 2.15 4.79 2.72 3.64

17.9 2.04 4.76 2.68 3.45

18.12 2.07 4.78 2.72 3.6

142,900 219,000 7,000 30,000 5,669,000

2,583,942 450,020 33,420 80,800 20,255,810

183,248 30,750 -340,230

99.45 100.1 99.45 99.8 11,370 1,134,404 71,665.50

www.businessmirror.com.ph

Ayala Land REIT H1 income up 31% after asset infusion

By VG Cabuag

@villygc

reit Inc., the real estate investment trust (REIT) of Ayala Land Inc. (ALI), said its income in the first semester reached P1.34 billion, up by 31 percent year-over-year, using the fair value method.

Using the cost method, which factored out unrealized gains in the fair value recognition of its properties, Areit’s net income reached P1.01 billion, 55 percent higher than last year, reflecting the company’s growth in earnings from its new properties and the stability of its existing buildings. The company said it secured the

approval of the Bureau of Internal Revenue to change the accounting method it uses in valuing investment properties to fair value method from cost method to reflect the market value of its properties and align financial reporting practices with that of global REITs. The company received the approv-

STOCK-MARKET OUTLOOK

al last June which takes effect retroactively from January 1 this year. “As we complete our first full year of operations as a REIT since August 13, 2020, we have delivered consistently on our targets and positioned the company for growth with the addition of new assets. We instituted measures to assure our locators and customers of the safety of our properties and personnel amidst the pandemic,” Carol T. Mills, the company’s president and CEO, said. The company said it posted revenues of P1.36 billion, some 49 percent higher than the previous year as a result of the positive contribution of new properties—The 30th in Pasig, and land parcels in Laguna Technopark it acquired last January, Teleperformance Cebu in October 2020, as well as rental escalations of existing leases.

mutual funds

Last week

Share prices rose last week, with the main index closing at the 6,500-point level, as investors flocked to cheap stocks following the previous fall in prices. The benchmark Philippine Stock Exchange index (PSEi) gained 269.68 points to close at 6,539.91 points. Prices rose for three straight sessions, gaining a total of 5 percent as many investors were elated with the July inflation figures. It gave up some of the gains on Thursday and Friday. “However, the said run was under tepid trading implying that bullish sentiments don’t have much conviction yet,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said. Average daily trading was still low at P4.67 billion, with foreigners making up 40 percent of the trade and were net buyers at P397.61 million. All other subindices posted gains, with the exception of the Mining and Oil index that gave up 57.01 points to close at 9,719.25 points. The broader All Shares index rose 120.56 to 4,055.42, the Financials index gained 70.69 to 1,431.78, the Industrial index added 327.56 to 9,295.94, the Holding Firms index climbed 272.09 to 6,537.37, the Property index was up 43.25 to 2,977.82 and the Services index increased 114.75 to 1,639.98. For the week, gainers edged losers 138 to 81 and 24 shares were unchanged. Top gainers were Ever-Gotesco Resources and Holdings Inc., Premiere Horizon Alliance Corp., Greenergy Holdings Inc., International Container Terminal Services Inc., Boulevard Holdings Inc. and Converge Information and Communications Technology Solutions Inc. Top losers were Marcventures Holdings Inc., Del Monte Pacific Ltd., Atok-Big Wedge Co. Inc., PXP Energy Corp., Primex Corp. and Metro Alliance Holdings and Equities Corp. B shares.

This week

Trading is expected to be volatile this week as investors will monitor the country’s Covid-19 infection rate following the recent rise in case counts, and the detection of more cases of the highly transmissible Delta variant. “A sustained surge in our Covid-19 case counts, and a detection of more Delta variant cases may cause a decline in the local bourse since it raises the risks of prolonging the strict quarantine measures in the parts of the country where it is implemented including the National Capital Region, and possibly extending it to other areas,” Tantiangco said. Investors will also watch out for the country’s second quarter GDP figures. “A high growth figure is expected due to low-base effects. Thus, if a slow [year-on-year] growth is seen for our economy this second quarter, then it may also give rise to negative sentiment in the market,” he said. Broker 2TradeAsia said the reshuffle in the composition of the benchmark index may also drive volatility as funds rebalance their holdings. “In the face of broad market uncertainty, opt for modest gains on intraday strength, as the public digest the business terrain for the remainder of the third quarter,” it said. The market’s support level is seen at 6,400 while resistance is seen at 6,600 to 6,700.

Stock picks

Broker Regina Capital Development Corp. retained its hold recommendation on the stock of port operator International Container Terminal Services Inc. (ICTSI) on expectations that its topline will grow at a faster pace compared to a year ago, especially since volumes in Manila, Australia, China, Croatia, Poland, Madagascar, Ecuador, Brazil, and Mexico gained traction during the first quarter. “However, we still project contraction in the asset efficiency ratios since the asset growth would likely outpace topline expansion during the year,” it said. “We are revising our target for ICTSI to P170 per share [from P167.10] due to the firm’s earnings prospects remain healthy despite the uncertainty that the pandemic brings.” ICTSI shares closed Friday at P184.10 apiece. Meanwhile, the broker advised to take profits on BDO Unibank Inc. as the buying pressure was strong enough to cause a bullish convergence in its technical readings. “Following the huge jump in BDO’s price, it’s highly likely to see the stock succumb in some profit-taking intraday session,” it said. BDO shares closed last week at P111 apiece. VG Cabuag

It was able to sustain a high occupancy rate of 99 percent. In June, Areit and Ayala Land and its subsidiaries, Westview Commercial Ventures Corp. and Glensworth Development Inc., executed the deed of exchange on the property-forshare swap transaction. Areit currently has six properties with a total gross leasable area (GLA) of 344,000 square meters and assets under management valued at P37 billion. Its GLA is slated to grow to 549,000 square meters while the value of its managed assets will rise to P52 billion. Some P15.5 billion worth of commercial assets will also be infused into the company from Ayala Land. The share swap transaction is expected to be completed within the second half of the year.

August 6, 2021 NAV One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

211.13

9.77%

-7.36%

-5.19%

ATRAM Alpha Opportunity Fund, Inc. -a

1.3831

37.62%

-2.26%

0.07%

5.34%

12.75%

-11.5%

-7.92%

-7.39%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7374 11.46%

-7.19% n.a.

-8.27%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7198 10.06%

-6.02% n.a.

-2.94%

First Metro Save and Learn Equity Fund,Inc. -a

-5.23%

-3.48%

-5.78%

7.59%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.9014

4.6557

12.8%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6963

-7.08%

-8.03%

-7.43%

96.85

24.63%

-3.64% n.a.

-4.99%

PAMI Equity Index Fund, Inc. -a

43.0537

11.89%

-5.88%

-4.18%

-8.1%

Philam Strategic Growth Fund, Inc. -a

454.09

9.39%

-5.42%

-4.48%

-7.14%

MBG Equity Investment Fund, Inc. -a

Philequity Alpha One Fund, Inc. -a,d,5

1.0553

Philequity Dividend Yield Fund, Inc. -a

1.1171

Philequity Fund, Inc. -a

32.5193

Philequity MSCI Philippine Index Fund, Inc. -a

0.8399

23.91% n.a. n.a.

-3.83%

13.7%

-4.61%

-3.27%

-4.37%

12.92%

-4.82%

-3.02%

-6.47%

10.24% n.a. n.a.

-8.01% -7.83%

Philequity PSE Index Fund Inc. -a

4.416

12.79%

-5.29%

-3.42%

739.17

12.63%

-5.2%

-3.54%

-7.79%

Soldivo Strategic Growth Fund, Inc. -a

0.6733

13.64%

-8.75%

-6.52%

-6.34%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3838

11.27%

Philippine Stock Index Fund Corp. -a

-7.06%

-4.69%

-6.62%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8438 12.16%

-5.54%

-3.7%

-8.05%

United Fund, Inc. -a

-5.62%

-2.86%

-7.26%

-4.99%

-3.02%

3.0782

11.16%

-8.36%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

99.2213

12.62%

-7.75%

Primarily invested in foreign currency securities $1.2091

14.66%

5.63%

6.8%

0.52%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.8274

ATRAM AsiaPlus Equity Fund, Inc. - b

23.22%

12.42%

12.23%

9.24%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6512

5.44%

-1.06%

-2.31%

-1.04%

ATRAM Philippine Balanced Fund, Inc. -a

2.1541

6.25%

-2.32%

-2.15%

-5.75%

First Metro Save and Learn Balanced Fund Inc. -a 2.5205

6.31%

-1.57%

-1.36%

-4.05%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1846 NCM Mutual Fund of the Phils., Inc. -a

1.9071

4.97%

1.6% n.a. n.a. 0.47%

-0.43%

PAMI Horizon Fund, Inc. -a

3.5929

4.51%

-0.6%

-1.72%

-5.15%

Philam Fund, Inc. -a

16.0825

4.93%

-0.49%

-1.68%

-5.04%

Solidaritas Fund, Inc. -a

2.0055

6.37%

-1.84%

-1.36%

-4.23%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4246 6.54%

-2.86%

-2.67%

-4.16%

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9667

4.27% n.a. n.a.

-5.47%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8725

6.39% n.a. n.a.

-8.08%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8554

7.81% n.a. n.a.

Sun Life Prosperity Dynamic Fund, Inc. -a

0.8496

7.5%

-3.58%

-3.14%

-7.05%

-2.9%

-8.33% -4.29%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a

$0.03853

-2.8%

3.07%

1.37%

-1.51%

PAMI Asia Balanced Fund, Inc. -b

$1.1101

6.57%

3.58%

3.81%

-3.49%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7962 17.25%

9.52%

8.53%

6.28%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2288 7.97%

5.57%

4.69%

2.22%

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

373.29

1.6%

3.18%

2.43%

0.6%

ATRAM Corporate Bond Fund, Inc. -a

1.9271

-1.01%

1.12%

0.16%

1.41%

Cocolife Fixed Income Fund, Inc. -a

3.2355

1.18%

3.6%

4.26%

0.65%

Ekklesia Mutual Fund Inc. -a

2.2724

-1.43%

2.35%

1.22%

-1.03%

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4479 0.51%

3.39%

1.68%

-0.22%

Philam Bond Fund, Inc. -a

4.5018

-3.62%

4.56%

1.15%

-2.87%

Philam Managed Income Fund, Inc. -a, 6

1.3199

1.19%

4.06%

2.72%

-0.1%

Philequity Peso Bond Fund, Inc. -a

3.9877

0.7%

4.62%

1.77%

-0.33%

Soldivo Bond Fund, Inc. -a

1.043

0.4%

5.02%

1.6%

0.1%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2257

1.41%

5.38%

2.13%

0.61%

Sun Life Prosperity GS Fund, Inc. -a

0.53%

4.74%

1.46%

0.13%

1.7573

Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a

$487.47

1.88%

3.19%

2.16%

0.74%

ALFM Euro Bond Fund, Inc. -a

Є220.39

1.64%

1.07%

0.9%

0.55%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2054

-5.86%

-3.17%

2.59%

1.41%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0262 -1.5%

1.85%

0.86%

-1.5%

PAMI Global Bond Fund, Inc -b

$1.0627

-3.03%

0.93%

-0.81%

-2.75%

Philam Dollar Bond Fund, Inc. -a

$2.5327

0.35%

5.32%

1.97%

-0.11%

Philequity Dollar Income Fund Inc. -a $0.0630586 3.21%

3.58%

2.1%

1.19%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2051 -1.75%

3.54%

0.82%

-0.57%

Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a

2.53%

0.49%

First Metro Save and Learn Money Market Fund, Inc. -a 1.054 1.01% n.a. n.a.

130.45

0.56%

Sun Life Prosperity Money Market Fund, Inc. -a 1.3072

1.41% 1.63%

3% 2.81%

2.55%

0.82%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0581

1.09%

1.63% n.a.

0.54%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.3289 30.72% n.a. n.a.

17.64%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99

4.21% n.a. n.a.

1.02%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

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PNB waives transfer fees for InstaPay, PESONet during ECQ

HE Philippine National Bank (PNB) announced it is waiving the transfer fees for all purely domestic transactions of InstaPay and PESONet during the enhanced community quarantine (ECQ) starting at noon on August 6 to August 20. “This is to encourage more customers to stay at home amidst the ongoing health concerns brought by the new Delta variant of the corona virus.” PNB President and CEO Jose Arnulfo A. Veloso said the bank is one with the Bangko Sentral ng Pilipinas (BSP) in supporting the local economy during this ECQ and in promoting digital channels for fund transfers. “We are encouraging our customers to use digital banking,” Veloso said. “We see digital banking has gained ground during the pandemic as customers learn more about the benefits of these services and how to use them.” However, PNB said that remittance fees still apply for foreign overseas transfers. PNB said its branches will remain open from Monday to Friday at 9:00 a.m. to 3:00 p.m. during the ECQ. But the bank is giving cus-

tomers the safer option of banking online to minimize the need to go out of their homes to visit branches and ATMs. “The Bank continues to support our customers and the overall economy during these challenging times,” Veloso said. “We are giving our customers various access to cash for them to continue availing of their essential needs.” Bank customers can now also open their own PNB account online via its official website. Customers need to fill out the online account application form, participate in a virtual interview with our bank representative and pick up their PNB PAL Mabuhay Miles Debit Mastercard from their preferred PNB Branch. And for those who may need cash, PNB said it will be deploying its mobile “Bank On Wheels” (BOW) to make cash accessible for customers in Metro Manila and Luzon. The schedules are updated on the bank website. The Lucio Tan-led bank, which recently marked its 105th anniversary, aims to continue being the bank that customers can lean on, as embodied by its brand promise.

Editor: Dennis D. Estopace • Monday, August 9, 2021

Sans order for loan moratorium, BSP asks lenders to offer relief

By Bianca Cuaresma

@BcuaresmaBM

HE Bangko Sentral ng Pilipinas (BSP) urged local lenders to give relief to their loan customers during the enhanced community quarantine (ECQ) this month.

However, the BSP did not issue a mandatory moratorium or grace period for loans during the (ECQ) period from August 6 to 20. In a statement over the weekend, the Central Bank said it is urging BSP-supervised financial institutions (BSFIs) to renew, restructure,

or extend the terms of the loans of their clients in consideration of their cash flows. The BSP said bank clients may continue to approach their banks for financial relief despite not having a mandatory moratorium for loans. “Banks and their clients may

agree on loan terms that fit the bank’s financial capability and the client’s financing requirements,” the BSP said. The BSP has earlier granted prudential relief measures to BSFIs to allow them to continuously provide financial services and support households and businesses amid the pandemic. “The BSP continues to monitor the impact of the health crisis on the financial industry and the economy to promptly address any emerging risks and to support sustainable economic recovery,” the BSP said. Bank lending in the country has been severely hit by pandemic-related restrictions since last year. According to the Central Bank’s latest data, outstanding loans of universal and commercial banks decreased by 2 percent in June this

year from its level in the same month last year. While still in contraction mode, this is slower than the 4 percent decrease seen in May this year. Bank lending first collapsed into the contraction territory in December 2020 by 0.7 percent. June is the seventh consecutive month of bank lending contraction despite the aggressive efforts of the BSP to lower interest rates and boost liquidity conditions. In comparison, the Philippines’ bank lending grew 13.6 percent before the onslaught of the global health crisis in March 2020. Consumer loans to residents, in particular, went down by 8.6 percent in June from a 9.2-percent decrease in May as motor vehicle loans and salary-based consumption loans declined further.

Perspectives Insurer rebrands Philam firm as ‘AIA Philippines’ Driving ESG initiatives P&A Grant Thornton seeks for local government to make a mark in edtech By Bernadette D. Nicolas @BNicolasBM

OING beyond its traditional role as a number cruncher, P&A Grant Thornton is making a bid to be an education technology (edtech) powerhouse in Asia. “P&A Grant Thornton is well positioned to be a powerhouse and leader in the digital learning and development space in the region because of our digital strategy and learning and development model,” Jess Obana, senior managing consultant of the Advisory Services Division of P&A Grant Thornton, said. “We expect to extend this capability and expertise to the Asean [Association of Southeast Asian Nations] region, where Grant Thornton International member firms are seeking our experience and expertise in learning and development to develop their people,” Obana added. P&A is the Philippine member firm within Grant Thornton, which has a global network of member firms across 130 countries. To drive its ambition, P&A last year created GT Academy X as a digital learning and development initiative so it can help companies and educational institutions train their people to hone the skills needed in edtech. P&A also recently tied up with ExP, an online learning provider from the United Kingdom, to enable GT Academy X to provide online and blended learning to professional and corporate learners, not only in the Philippines, but also in the ASEAN region. “Our vision is to help organizations create powerful learning cultures through technology integration, collaboration, and innovation. Not only are we providing the enabling technology but also empowering leaders and educators in teaching and learning by maximizing the use of these technologies,” said Obana, who has been an educator for more than a decade and was involved in many edtech projects in China, the Middle East, and other parts of the world before leading GT Academy X. While edtech was thrust into the spotlight only during the COVID-19 pandemic as many schools and companies switched to remote or online learning platforms, Obana said GT Academy X was born to respond to the need for people to have access to learning anytime, anywhere through a digital learning platform. “Not only does it cater to the needs of our clients but of our own people as well, and the entire accounting profession, particularly for continuous learning during this difficult time when face-to-face learning is not possible,” he added. He said the nature of P&A’s work

OBANA

in audit, tax, advisory, and outsourcing enables it to offer expertise and experience using innovative teaching methodology, a solid curriculum, engaging content, and innovative instruction. “We have learned a huge amount from our work on edtech because of the varied roles P&A has played. We have worked directly in partnership with dozens of business organizations and schools to help prepare learners for 21st-century careers,” Obana said. Among the fruits of its partnerships with global professional accountancy bodies are the Association of Chartered Certified Accountants (ACCA) programs which P&A brought to the Philippines. ACCA is a a professional accountancy qualification that is highly rated in the fields of finance, management and consulting. “Our ACCA programs and certifications are gaining traction as more professionals are looking to expand their current knowledge and expertise by seeking other global qualifications. Soon, we will add another global qualification: the Chartered Institute of Management Accountants or the CIMA qualification,” Obana said. The audit firm is also building a digital learning platform so it can provide flexible learning to its own staff and clients. It is also helping educational institutions to successfully transition to remote learning by providing edtech services that include advisory, technology infrastructure, and training. This year, P&A expects demand for customized online learning from its clients to exponentially grow. “This will provide our firm with the opportunity to enhance our digital learning capability, infrastructure, and experience, in line with our overall digital transformation strategy. By going beyond number crunching, we add more value to our clients’ businesses and become a force for social good,” Obana said.

N AIA Group Ltd. subsidiary is being rebranded from “AIA Philam Life” to “AIA Philippines.” Following the rebrand, executives said their market will witness a continuing transformation of the Philippine American Life and General Insurance Co. (AIA Philam Life) in the coming months that are aligned with the strategy laid by out by AIA Group Ltd. AIA Philippines Chief Marketing Officer Leonardo Tan Jr. said the public can expect new offerings along with the rebrand, such as access to investing in technology stocks and green bonds. “I know it’s a hot topic now—you know tech stocks, ‘FANG’ [Facebook, Amazon, Netflix, Google] stocks, ESG [environmental, social and governance] bonds, green bonds, sustainable investing—so a lot of these will be made available,” Tan told reporters. Apart from the new offerings, Tan said they also want to expand their reach and ramp up their distribution channels, especially that customers are now availing products online. Tan pointed out there was a “blurred line” when they were still using the old brand name because some people thought that Philam was a local company when in fact it belongs to AIA, one of the largest globally even in market capitalization. Tan said “because Generations Y, Z and Alpha prefer global brands,” they hope that rebranding to AIA Philippines would help them resonate more with these customer segments. “We will be targeting more value propositions for the Gen Y and the Gen Z. So, the rebranding will play into that part. It will be an ingredient in our marketing plan. So wider reach? Definitely, because, you know, in the life insurance space it’s about reach and distribution, whether it’s a partnership with the bancassurance company, or via our agency force,” Tan said.

AIA Philippines CEO Kelvin Ang admitted it was not an easy decision to push through with the rebranding at this time that the country is still dealing with the COVID-19 pandemic. While he recognized that things have already changed during the crisis, Ang said they still see more opportunity in embarking on this change. “We think that rebranding will clearly signify that we are making change. And that’s also not just the way we deliver our service but also the way we represent ourselves, which is now AIA Philippines,” he said. “We want to clearly be in the new normal as we emerge from this pandemic.” He also said they needed to evolve with the changing needs of their customers. “The pandemic became the catalyst that accelerated our transformation. These changes—in our organization and people development, our approach to social responsibility and financial discipline, the way our customers experience our products and services, among many others—will all come together to help us realize our Purpose,” he said. “At the heart of AIA Philippines, we continue to cater to the protection and long-term savings needs of our customers through relevant and innovative offerings. And with this, we remain true to our commitment of empowering Filipinos to live Healthier, Longer, Better Lives,” he added. Last year, AIA Philam Life led the lists of life insurers with the highest net worth and highest total assets, with P78.44 billion and P291.22 billion, respectively, based on the unaudited quarterly reports on selected financial statistics submitted by life insurers to the Insurance Commission. AIA Philam also had the fourthhighest premium income last year with P16.77 billion and it ranked second in terms of net income with 4.52 billion. In terms of New Business Annual Premium, AIA Philam placed ninth with P1.86 billion.

EastWest rolls out vaccination program for employees, partners

otianun-led EastWest Banking Corp. makes an important step in the protection of all its employees and partners across the Philippines from Covid-19 with the launch of its parent company’s vaccination program. The vaccination program, which is coursed through Filinvest Development Corp. (FDC), will see EastWest employees, janitorial services, drivers, messengers, security guards, and other partners get vaccinated with the AstraZeneca vaccine at its supersite in Festival Mall in Alabang, Muntinlupa City starting August 3, with more sites to be launched across the country soon after. This is part of the 100,000-dose order of the Filinvest Group, and is open to all of EastWest’s employees and partners nationwide, beginning with the bank’s frontliners. The

bank is aiming for full vaccination of its employees by this October. “As our employees have been dutifully serving our customers throughout the pandemic and the community quarantines, their health is our top priority right now,” EastWest Director Isabelle Therese G. Yap. “It is highly important that we honor our commitment to our customers by providing them the uninterrupted service they deserve, which is why we are doing our civic duty by protecting our employees and providing them with the vaccines they need to stave off the virus.” To inaugurate the launch of the vaccination program, a ribbon-cutting event was held at Festival Mall on August 4 with Muntinlupa Mayor Jaime R. Fresnedi and Filinvest Land Inc. Director Francis C. Gotianun, among other officials.

S Environmental, Social and Governance (ESG) issues and initiatives climb higher on corporate agendas amid growing public awareness and expectations, it’s clear that local authorities also have a critical role to play in driving progress on the ESG front. In many ways, local organizations have been at the forefront of social and governance developments by driving change with innovative initiatives–due in part to the reality that as leading organizations, the parameters and requirements of their social and governance roles are typically grounded in law. But amid evolving public values and soaring social activism on environmental issues, local authorities should pursue a broader spectrum of initiatives aimed at protecting the environment. Customers want their local authorities to take a lead on ESG and local leaders are ideally positioned to do so. Simply put, in addition to continuing the drive for progress on social and governance initiatives and outcomes that cater to specific or unique local needs via a ‘place-based’ approach, giving equal weight to the ‘E’ in ESG with cutting-edge programs is now an important order of the day.

Environmental sustainability can’t wait

FORWARD-looking organizations realize that action, results and progress on the environment should be considered part of the customer experience. Authorities have, of course, been actively pursuing sustainability targets and working to meet regulations handed down by regional, central or federal governments– including for example the need for more-responsible energy use, efficient waste management, modern traffic infrastructure, ‘clean’ business practices and more. The time has come, however, for local government organizations to expand their view and ambitiously drive significant gains in all areas that are indispensable to sustainability–including net zero of course. It will also be important to look at managing population growth’s impact, driving urban planning for a new era, supporting ecological diversity, and managing the impact of climate change–floods, fires, rising sea levels, natural catastrophes. The key is to align government capabilities, resources, services and

stakeholders enterprise-wide via a fully connected, end-to-end ecosystem that precisely tracks customer needs, responses, performance and outcomes. As part of Saudi Arabia’s efforts to increase environmental protection and improve general livability in its cities, the capital city of Riyadh has launched the Green Riyadh project. This mega project, with a total investment of $11 billion over the next 10 years, will plant 7.5 million trees and develop more than 3,300 new parks and gardens to improve air quality and reduce the average ambient temperature. Green Riyadh further promotes the preservation of natural areas and biodiversity within the city while also spreading awareness among its citizen about sustainability.

Private sector partnerships help drive implementations

SOME local authorities are already pursuing this journey, spurred on not only by public needs and expectations but by the guidance of the 17 Sustainable Development Goals (SDGs) as defined in the UN’s 2030 Agenda for Sustainable Development. The SDG principles set out aspirations for a sustainable future and encompass an array of crucial themes, including climate-change commitments, labor and workplace standards, social equality, industry innovation, infrastructure, health, clean growth and more. The UN’s SDGs can ideally provide a metric or benchmark for embedding sustainability into local agendas and bringing today’s environmental issues truly into the mainstream of awareness and local action. Success along the way will require a more strategic ‘economic view’ among local authorities, one that includes innovative and productive new partnerships and collaboration with the private sector. Local public and private-sector leaders will need to work together to drive progress. Achieving sustainability goals is ultimately a shared mission. The excerpt was taken from the KPMG report entitled “The future of local government.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent memberfirms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

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How Project Managers Can Stay Relevant in Agile Organizations

By Jeff Gothelf

As agile work become the norm, the systems that drive many of our organizations are shifting from fixed to continuous models. The second we determine a system to be “done” is the second it begins losing value. To get a sense of the growing irrelevance of the concept of a finished project, ask yourself: “When is Netflix or Google done?” Without a targeted end state, traditional project management tools such as Gantt charts, fixed budgets or strict road maps are not only impossible to implement— they’re also a waste of time. Instead, organizations large and small are increasingly moving toward a model of small teams that work in short cycles and learn continuously. These teams pursue outcomes rather than output, collecting evidence and making realtime prioritization decisions to determine the next steps, rather than religiously following a predefined plan. This process fundamentally defies predictability. It embraces the uncertainty of rapidly evolving technologies and customer

behaviors, and it is therefore incompatible with a traditional management approach that’s focused on meeting predetermined project requirements. Given these challenges, what are project managers to do? What happens to the years of experience and insight they have acquired? An agile model does not have to be the death knell of project management. It does, however, demand a transformation of the practice. Specifically, there are three things project-management professionals should start doing today in order to stay relevant and effective:

1. Understand the goals of the agile model for their organization

Your organization may have provided a corporate training program on the agile approach, or you may have read a book on the subject—but that doesn’t mean you know what your specific team hopes to achieve by transitioning to an agile mindset. Instead of stopping at the surface level, dig

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raditionally, project management has taken a linear approach. Based on the assumption that projects have a clear definition of “done,” project managers are trained to work toward explicit deadlines, budgets and objectives. But that way of operating is becoming increasingly obsolete.

deeper to understand why your organization is adopting the model. Is it to decrease the time it takes to get new products to market? Is it to reduce dependence on external vendors or partners? Importantly, it’s not always obvious what your organization’s goals are. Challenge your leaders, colleagues and other stakeholders to answer the question, “If we get this right, what gets better?” Follow up with, “How can we use our unique skills to help make that happen?”

2. Rethink success metrics

In the past, project managers were considered successful if they delivered a specified quantity of work, on time and on budget. But

in an agile world, the way project managers measure their success needs to change. Agile project managers must focus on metrics such as cycle time—that is, the amount of time it takes an item of work to go all the way through a team’s research and development process. Cycle time is a direct reflection of a team’s capacity to learn and adapt quickly, and it can be applied not only to the delivery of a product or feature, but also to the length of time it takes a team to learn new skills. In addition, project managers should strive to increase the percentage of decisions being made based on objective evidence such as customer input, rather than subjec-

tive, arbitrary assumptions. Consider measuring how many new initiative proposals are backed by market data, rather than just someone’s opinion. While it’s not always possible to precisely quantify how decisions are being made, even regularly thinking about the question can help keep project managers on track.

3. Continuously inspect and adapt ways of working

One of the core guiding principles of the agile approach is empiricism, or the evidence-based pursuit of knowledge. As project managers navigate their roles in this new agile world, their success will hinge on continuously trying

out ideas, evaluating what worked and what didn’t, and adjusting to new information. Some of the traditional tools and techniques that project managers are already familiar with will work well in an agile setting. Others might not. You should also bear in mind that our years of experience and expertise can blind us to opportunities for improvement. Consider adopting a mindset of “enthusiastic skepticism,” as Astro Teller, the head of Google’s X program, describes it. Continuously seek feedback on how you can improve your processes to fit the current organizational context. Talk to colleagues to understand how your work is helping them, and where you could be adding more value. Facilitate retrospectives with your team, and don’t fear criticism. Learn from feedback and adapt your approach to better meet the needs of your co-workers and customers. Some of these changes will inevitably conflict with how you’ve always done things—but this is exactly the kind of evolution that is necessary to keep teams responsive, agile, and building products and services that are relevant in an ever-changing marketplace. An agile world doesn’t have to mean the end of project management. But it does mean project managers have to adapt—or risk becoming obsolete. To be successful in an agile workplace, project management professionals must seek to understand their organization’s goals, rethink their own success metrics in light of those goals, and bring a mindset of continuous growth to their own development. Jeff Gothelf works as a coach, consultant and keynote speaker.

Break down change management into small steps By Jeff Kavanaugh & Rafee Tarafdar

usiness transformation h a s t r ad it ion a l ly b e e n a s s o c i at e d w it h l a r ge , drawn-out initiatives. Even after the Great Recession, change management was still executed using a mostly sequential, waterfall-like approach. The breaking point came in March 2020, when Covid-19 provided a global wake-up call that forced all companies to rethink their ability to change—and quickly. At Infosys, we experienced firsthand the importance of a nimble strategy during our multiyear transformation, and then again during the pandemic. We also wanted to compare our experience with other companies, so we sur veyed 1,000 globa l corporate leaders to understand what the best companies do to get their people on board in new environments. We found that a persistent set of small, orchestrated changes is the best approach to drive large and lasting change at an organization. These small changes, when made continuously over a period of time, have a compounding effect that drives larger transformation. We call this approach microchange management; it is based on the “large scale adoption” framework developed by Pramod Varma and Sanjay Purohit of the Societal

Platform, an organization that addresses complex societal problems. M ic roc h a nge m a n agement was a major factor in the Live Enterprise initiative that transformed Infosys into a digitally native company over three years. Employee experience and business processes like new hire onboarding were re-imagined, and a “digital runway” to launch capabilities was established through small implementations rolled out every six weeks. This enabled Infosys to be more resilient during the Covid-19 pandemic, when 99% of our workforce seamlessly moved to remote work, and employee and client satisfaction dramatically increased. From our experience and research, we found three microchange techniques in particular that can drive successful change:

n Deconstruct big change into small steps: Large-scale en-

terprise transformation takes a long time, and value realization typically takes even longer. However, thinking on a microscale allows an organization to deconstruct larger transformation into a number of smaller initiatives with a well-defined objective and outcome. These are delivered by small teams comprised of hybrid talent offering diverse crossfunctional skills. For example, to meet increasingly stringent regulations, a

lead ing snac k food compa ny needed to improve its ingredient t raceabi l it y. T h is mea nt asking local workers in factories across Europe to change long-standing practices in food production. To minimize risk, the program team implemented small country-based projects to incorporate local language and regulatory requirements. Then, the project teams further deconstructed changes to even smaller increments, such as a field modification or color palette refinement. This accelerated adoption by employees who had worked with the same legacy systems for a long time and were resistant to change. To start thinking at the micro level, ask why a change is required, whether its value is incremental or exponential, and what change in behavior is needed. Agile teams can help unbundle existing processes and then reimagine them in a new context while designing the intended change for each quick release, with the overall goal of accomplishing the larger program objectives.

n Change behavior through small modifications to habits and routines: Microchange man-

agement uses a synchronized combination of cues, nudges and suggestions, along with targeted rewards and recognition. It builds on prominent thinking

from books like “Nudge” and “Atomic Habits,” applies it to large programs and moves beyond individual tasks and goals to the team and the overall initiative. Each microchange should drive a small modification in a habit or routine. We call this Routine +1, a small but positive step that eventually leads to the ultimate behavioral shift with minimum resistance and risk along the way. We studied 150,000 Infosys workers across 2,500 projects before and during the pandemic to understand how microchange methods were applied on a companywide reskilling initiative. By only changing one learning parameter at a time and providing a steady stream of gentle positive reinforcement, Routine+1 gradually yet successfully changed employee behavior. It reduced resistance to learning using a series of individualized nudges on our learning platform. Previously, online training required formal coursework that might take an hour or a series of seminars that could last entire days, offered periodically and requiring formal registration. T his often became an all-or-nothing scenario, where employees delayed training due to perceived lack of time. Once training was deconstructed into smaller modules and intelligent email nudges were provided, employees found it easier to consume training and

steadily progress. The result: Infosys employees now spend on average 35 minutes per day on proactive reskilling, which in turn helps them develop new routines and meet learning and business objectives.

n Continuously measure, learn and evolve: A s micro-

change programs are deployed, you need to assess these initiatives frequently to ensure they accomplish desired outcomes. When they deviate, analyze the data, rethink and correct course. Embed change measurement into existing tools and evaluate for convenience, adoption, behavior and value. Our research found that pilot projects should include 2.5% of the eventual user population. Learnings from the pilot should be used to refine and scale the rollout across the entire user base. Adoption becomes significant when it reaches between 20 and 40%, and then becomes standard at 60%. At 80%, a change is considered assimilated into the organization and culture. To measure adoption autonomously, the process should be designed to produce data like usage patterns that can provide feedback for corrective action. For example, as part of our digital transformation efforts, Infosys wanted to move from a series of desktop-based employee applications, many of which re-

quired in-office or VPN access, to mobile versions. This required major changes to both the user inter face and the underly ing security of the apps. To ensure that employees would adopt the mobile apps, the project team led users through a series of small changes using animated email hints, activity recommendations and credential badges. The 2.5% pilot user base was engaged on multiple releases to generate early feedback that accelerated adoption. Combined with the steady cadence of incremental functionality released over six weeks, this resulted in more than 200,000 employees (more than 80% of our workforce) adopting the mobile version. Every organization has a distinct vision and must find its own pathway to fulfill it. Microchange management provides a low-risk, agile approach to deconstruct complex transformations into manageable steps, minimizing the leap of faith generally required to reach the other side. Over time, this leads to real adoption: the ultimate goal for leaders in any transformation initiative. Jeff Kavanaugh is vice president and global head of the Infosys Knowledge Institute. Rafee Tarafdar is a senior vice president and chief technolog y off icer of the Strategic Technolog y Group at Infosys.

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Editor: Gerard S. Ramos

• Monday, August 9, 2021

Fake Crocs are being fought by the maker of the real comfy clogs By Todd Shields & Christopher Yasiejko Blooomberg News

HE ungainly but comfy Crocs clogs reached new heights of popularity during the pandemic as not only the ideal work-fromhome shoe but as a fashion statement spotted on the feet of Justin Bieber and on the Oscar red carpet worn by Questlove. With that popularity, however, also came copycats that has the manufacturer suing Walmart Inc., Hobby Lobby Stores Inc. and 19 other companies alleging trademark infringement related to the shoes. Crocs Inc. said in a complaint filed in Denver that a “rise in consumer online shopping has enabled the sale of infringing footwear on an unprecedented scale.” In a separate action, Crocs has asked the US International Trade Commission to issue an import ban of shoes that copy its trademarked name or designs. “Crocs is increasing its focus on direct-toconsumer and ramping up its digital presence,” said Katie Abel, executive editor of Fairchild Media Group’s Footwear News. “At the same time, it is decreasing its reliance on wholesale and cutting ties with longtime retail partners. That’s leaving some stores scrambling to figure out how to replace such a hot brand, and it’s likely that some may be looking to competitors and copycats to fill the gap.” Founded in 2002 by three college friends who enjoyed sailing and presented to consumers as a boat shoe, Crocs quickly gained fans among nurses and other workers stuck with long hours standing upright before catching on with fashionistas and the famous. The company, which had an initial public offering in 2006, counts among its well-known wearers former President George W. Bush, and entertainers Jack Nicholson, Whoopi Goldberg, John Cena, Shia LaBeouf, Jennifer Garner, and Sacha Baron Cohen. The latest surge for Crocs was to aggressively target Millennials and Gen Z with celebrity collaborations. In October, Grammy Award winner Bieber teamed up with the clogs’ maker for a limited edition shoe priced at $60. A month earlier, the rapper Bad Bunny collaborated with the company for a special edition pair that sold out in 16 minutes. Other collaborators include actress Drew Barrymore and rapper Post Malone. That extensive brand building is one of the reasons, Crocs explains in the 108-page complaint it filed in Denver, why it deserves all profits from sales of knockoffs and an order compelling the companies to stop marketing their fake Crocs. (Similar lawsuits filed in Newark, New Jersey; Los Angeles; and Chicago

were less than half that length.) The defendants’ sale of copycat shoes “has the effect of diluting the distinctive quality of Crocs’ registered trademarks, as well as tarnishing the good will consumers associate with Crocs’ registered trademarks,” the complaints say. Neither Walmart nor Hobby Lobby responded to requests for comment. The remaining companies have yet to respond to the Crocs complaints. “I think they’re making a statement with some of the big retailers that, ‘You’re coming too close,’” said Leah Evert-Burks, an industry fellow at Michigan State University’s Center for Anti-Counterfeiting and Product Protection, editor in chief of The Brand Protection Professional and host of the podcast Brand Protection Stories. Crocs has licensed its trademarks just once, to luxury designer Balenciaga SA, and the result “was a smashing success” with sales on e-commerce sites including Barneys New York Inc., Crocs said in legal filings. The shoes, which started being sold in 2018, have thick soles and high heels, marking a style departure from the iconic clunky Classic Clog. In addition to Crocs’ federal court lawsuits, the ITC earlier this month launched an investigation

Quarantine and hair loss

THERE’S a hit tweet that shows the image of a hand holding many strands of hair that had fallen. The tweet reads: Me every time I touch my hair. The reason why that tweet resonated with so many people is because falling hair beyond normal levels (50 to 150 strands a day) is a manifestation of quarantine anxiety for so many people. Sleepless nights thinking of our livelihood, being alone or trapped in a house with people, friends getting sick and dying, the danger of getting Covid-19 and what would life be after all this are probably responsible for people losing so much hair. When you put something like this out on social media, people will respond. Friends were helpful. Someone sent out a shampoo and conditioner from a very expensive brand and while it helped a little, using them after the gift was consumed wasn’t really feasible or practical. Others offered advice, such as rinsing the scalp with apple cider vinegar or shampooing less often. Someone suggested that anemia could be the cause. Another friend offered to send a product she was distributing. It’s a hair thickening serum, called HairReve. We are reviewing this product after being given a bottle. Our review is objective and based on results after using it for two to three months (this is how long the bottle will last if you use it once a day as advised). HairReve is an FDA-notified hair thickening serum that claims to “moisturize, nourish and revitalize hair and scalp.” It is to be used once a day on a clean scalp and comes in a nonaerosol spray bottle.

The ingredients include water, denatured alcohol, glycerin, sodium metabisulfate (an antioxidant used as a preservative for pharmaceutical formulations), glycine (a structural protein that promotes strength and elasticity in the skin), larix europaea wood extract (a humectant), zinc chloride (a disinfecting agent), camellia sinensis leaf extract (which helps stimulate blood circulation and improves hair growth), Ricinoleth-40 (an surfactant and emulsifier), propylene glycol (a humectant) and rosemary (believed to promote hair growth and reduce hair loss). HairReve’s claim is that it activates the bulge or ORS stem cells to initiate new hair growth in the anagen phase, the first and longest phase of hair growth. This is based on the assumption that hair loss occurs when the number of growing hairs is less than the number of falling hair. So here are the pros and cons of using HairReve: PROS n Easy to use (we apply it in the morning). n There is a tingling sensation on the scalp after application, which is probably because of the alcohol. n We did see some hair growth after three months of use. The growth was visible in “problem” areas along the hairline. n HairReve did lessen dandruff, as it claimed it would. n It’s not oily and it doesn’t have a strong scent. It’s also colorless. CONS n At P1,400 per bottle, the price could be expensive for most people. n For HairReve to work, the user would need to be consistent in applying it every day. n It takes time for the product to work. The earliest average time in which you’d see results is six weeks so patience is needed. n Like most products, HairReve might not work for some people, so do your research about the ingredients. You can get HairReve at selected Mercury Drug, Shopee and Lazada.

based on a trademark complaint Crocs filed to block US imports of shoes that copy the three-dimensional upper, the textured strip on the heel, the decorative band along the length of the heel strap and the word mark “Crocs.” “It’s stopping them from coming into the US so they can then be disseminated into the markets of the US, including online,” Evert-Burks said. “If you can stop them at the border, you’ve done a good job of protecting your brand.” This isn’t Crocs first battle to protect its brand. In 2011, the company won a rare blanket-order ban from the ITC on imports of knockoffs, after the agency found a design patent and a utility patent on making the shoes had been infringed. Double Diamond Distribution Ltd. and USA. Dawgs Inc. later pleaded with a US appeals court to lift the ban after a Patent and Trademark Office examiner canceled the design

patent, but the request was denied in April 2018. The design patent expired in March 2020, but the manufacturing patent doesn’t expire until October 2023. Representatives of Crocs declined to comment on how the latest legal filings dovetail with the existing ban. A spokesman referred questions to the company’s prepared statement. “These actions underscore our determination to take forceful steps to protect our trademarks and other intellectual property,” said Daniel Hart, Crocs’ executive vice president said in the statement. “It is essential that we protect Crocs’ iconic DNA, and we will not tolerate the infringement of our rights or those who try to freeride on the investments we have made in our brand.” Crocs last year faced the same Covid-related challenges that struck every brick-and-mortar retailer—store closures and reduced operating hours, mostly during the second quarter of 2020. But the company also enjoyed “strong sales in e-commerce and strong sell-through in e-tail and wholesale partner sites,” Crocs said February 23 in its annual earnings report, “as consumers migrated to online shopping.” The Americas in 2020 led all segments in revenue growth, as retailers in the second half saw increased sales volume, the company said. The biggest contributor to 2020′s higher revenues, it said, was a higher average selling price, “especially in the Americas.” E-commerce revenues in the Americas jumped by nearly 81 percent compared to 2019, and wholesale increased by 42 percent, Crocs’ report said. Even retail revenue in the Americas grew, by 3.1 percent despite pandemic-related closures. Most of the company’s 351 stores were open by the start of 2021. Digital growth “remains a key focus for 2021,” Crocs said in the report, “along with a focus on clogs, sandals, personalisation and visible comfort technology.” Crocs in March seized on its resurgent popularity and cheap financing to borrow in the US junk-bond market for the first time. It followed its record 2020 sales with what one analyst called a “stellar” first quarter, doubling its sales growth guidance for 2021 to 40 percent-50 percent from 20 percent-25 percent. Crocs is scheduled to release its latest earnings report on Thursday. n

B6 Monday, August 9, 2021

Breathing new life into Malampaya with new investments and growth program

The Manila Hotel mooncakes express gratitude and a wish of togetherness

T a time when we are mostly apart, the bonds among family members and loved ones are more important than ever. And we can show them we care with thoughtful gifts when our presence just can’t be assured. The coming Mooncake Festival in September 21 marks the end of the autumn harvest and it is traditionally a time to give thanks to the gods. As we adapt certain aspects of the Chinese culture, it has become symbolic and synonymous to expressing gratitude— something we can and should all do despite the challenges that have beset us since last year. Along with gratitude, the upcoming celebration also focuses on prayers and togetherness. The Manila Hotel helps you plan for gifts for your loved ones to show them how much they mean to you. The special, hand-crafted mooncakes make the perfect gifts this season, and you can get them at a discounted rate when you order from now until August 20, 2021. The Early Bird promo gives buyers 30% off for purchases of Solo

Boxes (PhP288 nett) or Boxes of Four (PhP1,188 nett) with no minimum order. They come in beautiful boxes that can be straight-away given out as gifts. The hand-crafted mooncakes by the hotel’s premiere Chinese chef come in four flavors: the classic Single Yolk Ted Bean Paste, and Single Yolk Pure White Lotus Seed Paste; and the special flavors Taro Paste, and

Red Dates Paste. The mooncakes can then be picked up after the promo period, when the hotel is back in operations. For more information or to pre-order, call 85270011 or 0998-9501912. The promo cannot be availed of in conjunction with other promos and government-mandated discounts like Senior Citizen and PWD discounts, among others.

ALAMPAYA Energy Group has announced that it is ready to ramp up investment into both new exploration and production enhancement technologies to breathe new life into the asset which delivers a fifth of the nation’s energy supplies. The Malampaya Energy Group is 100% Filipino business, led by a highly qualified team of energy professionals with hundreds of years of combined experience working with Shell, Chevron and ExxonMobil. “We are now in a radically different operating environment that is challenging but also opens up opportunities for growth,” said Malampaya Energy executive Belinda Racela. “As a single asset operation with Filipinos at the helm, Malampaya won’t have to compete for investment with other assets in a global portfolio. We can and will embark on an ambitious growth program from Day 1 after handover to safeguard future energy supply for Filipino people.” At the core of its program is the planned drilling campaign in the SC38 license area to add reserves and extend the life of the asset. At the same time, Malampaya Energy will evaluate well and production enhancement technologies to improve recovery from the main Malampaya field in the near term. “There are a range of innovative

CSC invites gov’t agencies to online job fair

PH’s first mega digital mall Go Shopping Philippines partners with MetroDeal, PHILTOA, and Turismo Ph

HILIPPINES’ first mega digital mall, Go Shopping Philippines (GSP), has partnered with MetroDeal and Philippine Tour Operators Association (PHILTOA) as part of the deal to mutually boost great offerings and achieve GSP’s goal to be the “go to” for its virtual mall operation. Aside from the partnership with PHILTOA, GSP also entered into partnership with Turismo Ph in order to comprehensively offer customers travel packages. These partnerships ensure smooth integration of each of the partners’ sites to the Go Shopping e-commerce ecosystem. “ Our partnerships with other e-commerce operators, will bring to greater heights the digital shopping experiences of consumers in terms of functionalities and features of the GSP Mal,l” said Neil Garcia La-as, CEO and Founder. “With our offerings of products and services of nearly everything that you need within this year until the early part of 2022, we expect to raise traffic and strengthen the quality and number of potential visitors and shoppers

to GSP Mall”, says La-as. Launched last July 31, Go Shopping Philippines envisions to be not just an online seller, but a huge virtual environment providing retail, services, and other facilities and features that make digital malling a new experience and even a new lifestyle. “While GSP just ‘birthed the baby’ during its soft launch, it will nurture and grow the GSP Mall into the mature entity with all its existing features such as the GFlix, Cineplex, Go Live, and Go TV.” GFlix offers on-demand movie — both local and international films — now possible for viewing via one’s mobile phone. GO LIVE is a livestreaming platform for conferences, trade exhibitions, and events. GO CINEPLEX is a 3D virtual cinema that has multiple halls, secured online ticketing system, and high-quality audio and video setup. It is enabling feelings of warmth among people commonly watching theatre shows and live presentations, virtual nevertheless. Fashion shows and sports activities can

now all be viewed at the flick of a finger. With the first mega digital mall in the Philippines will be its own GoTV. It will be airing 24/7 once the programming takes its form soon to entertain users any hour of the day, or night. It will air select television programs accessible anywhere through one’s own mobile phone. GSP Mall will be a big virtual mall where practically all one needs—whether from the city or from the provinces or later, from other countries can be delivered by the GSP Merchants and partners via the Smart Logistics, another feature of the GSP ecosystem. Smart logistics is the convergence of all the logistics companies and courier services that has partnered with GSP to serve its growing community of merchants and shoppers. Mr. La-as believes online transactions do not need to be disappointing as many consumers experience today. They expect value for their money despite doing the orders before actually seeing them. Knowing such frustrating experiences from online purchases as he himself experienced it, La-as said GSP ensures its merchants are committed to providing authentic products only – no imitations, and global standard of services. GSP’s E commerce site requires merchants to provide certifications on the authenticity of the products to be sold in the GSP Mall. Technology will be a tool through which anyone is protected, assuring anyone that his well-earned money is well-returned with the added perks. It should create full satisfaction from the digital lifestyle. For the payment system, GSP Mall has partnered with payment centers, banks, and fintech (financial technology firms (GCash, Paymaya, etc) for the ultimate convenience of paying online.

PAGCOR DONATES P200 MILLION FOR OFW HOSPITAL. The vision to build a dependable healthcare facility for overseas Filipino workers (OFWs) is steadily taking shape as Labor Secretary Silvestre H. Bello III (third from left) receives from Philippine Amusement and Gaming Corporation (PAGCOR) Chairperson and Chief Executive Officer Andrea Domingo (fourth from left) the P200,000,000.00 PAGCOR donation for the construction of the OFW Hospital during the turnover ceremony on August 3 at PAGCOR office in Malate, Manila. Joining Secretary Bello are (from left to right) PAGCOR Director Gabriel Claudio, President and Chief Operating Officer Alfredo C. Lim, and DOLE Undersecretaries Renato L. Ebarle and Anna C. Dione. (Photo by Jerome Sajise/DOLE – Information and Publication Service).

new production enhancement tools and techniques that have emerged in recent years that have never been applied at Malampaya,” Ms Racela said. “We now have a window of opportunity to increase production while simultaneously exploring for new resources in the SC38 license area. There is potential to breathe new life into the Malampaya field if we act quickly and decisively.” Ms Racela said that the Group would focus on proven rejuvenation strategies that have successfully increased production and extended the life of other mature fields in the region and globally where oil majors have divested operatorship. “There is a brilliant, highly motivated and experienced team in place at Malampaya that can make this happen when we support them with the right, highly specialized technical experts and contractors,” she said. “This growth program will mean fewer brown-outs and a continuation of safe, reliable and sustainable supply from Malampaya for decades to come.” Further information: belinda. racela@malampayaenergy.com.

HE Civil Service Commission (CSC), in partnership with JobStreet.com, is inviting all governm ent agencies to join the Government Online Career Fair (GOCF) to be held on 20-24 September 2021 as part of the 121st Philippine Civil Service Anniversary. Government agencies may register from 5-25 August 2021 through the JobStreet Philippines website at https://www.jobstreet. com.ph/en/cms/employer/cscregistration/. The GOCF is a yearly event that brings together government agencies and job seekers to facilitate applications and possible hiring. After registration, participating government agencies should complete their agency profile online by 31 August 2021 for review of JobStreet Philippines. The profile includes basic information about the agency, as well as its corporate branding, to be included in the virtual hiring booth.

Participating government agencies should identify all urgent and/or critical or hard-tofill positions requiring immediate hiring. The positions to be offered should comply with publication and posting requirements on or before the actual event in September. Their job listings should be submitted using CS Form No. 9, s. 2018 (MS Excel Format) together with a short job description for each to govph@jobstreet.com on or before 31 August 2021. Government agencies will also be required to assign staff to handle the LiveChat feature of the online job fair platform during the actual event. Assigned HR staff will undergo chatbot training on 23 August 2021. Only agencies who are able to register, accomplish the agency profile, submit job listings, and complete chatbot training will be able to join the job fair. During the online event, agencies must be able to initially review or assess the documents submitted by job applicants after receiving their application. Agencies must also be able to respond promptly to inquiries of applicants, and update them of the status of their applications within the event period. Agencies are encouraged to practice competency-based assessment that does not discriminate against any qualified interested persons, including persons with disabilities (PWD), members of indigenous communities, and those from any sexual orientation, gender identity, and expression (SOGIE). The complete mechanics of the job fair may be viewed from the CSC website at www.csc.gov.ph/pcsa2021.

FamilyMart launches Caramel Macchiato

AMILYMART is introducing a cool, new addition to its Coffee Creations line with the Caramel Macchiato, which became available across stores nationwide starting last July 30, 2021. “The caramel macchiato is somewhat of a cult favorite among coffee drinkers, and we at FamilyMart want to make it more accessible to Filipinos,” said FamilyMart General Manager Celina Matias. “It’s a drink that can be enjoyed throughout the year, especially with our tropical climate, so I’m excited that it’s finally part of our growing coffee line,” she added. Made with coffee, milk, vanilla syrup, and drizzled with caramel sauce, the new drink is served over ice, retailing for P105 for every 16oz cup. It can be ordered overthe-counter across FamilyMart stores in the country, including those recently opened in Cebu and Baguio. The Caramel Macchiato is the latest drink to be added to FamilyMart’s coffee line called Coffee Creations. Launched in 2019, it has since introduced different drinks, including the Matcha Series, the Chocolate Series, and the Japanese cherry blossoms-inspired Sakura Series. Aside from specialty drinks, FamilyMart has also expanded its menu of ready-toeat and “ready-to-heat” items including recently introduced items such as takoyaki and new onigiri variants.

THE new iced Caramel Macchiato from FamilyMart comes in a 16oz cup at P105. According to Matias, the brand positions itself in the “convenience food retailing” space. She also stated, “We really want each FamilyMart store to offer great food, including Japanese favorites, more than just daily necessities. That’s what sets us apart from convenience stores, and the addition of the Caramel Macchiato is a step towards this direction.”

Marketing BusinessMirror

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Monday, August 9, 2021 B7

The coronavirus chronicles: Why good writing is getting things done W

PR Matters By Millie F. Dizon

ITH many more of us working remotely because of the two-week lockdown, this would be a good time for us in communications to work on and polish our writing skills. “In business communication, what matters are results,” says Jeff Haden in an article in Inc.com. “Writing is only good writing when it gets things done.” How can we, for example, get our proposal approved by management, clinch a sales pitch, or for PR pros, get our articles published? Need to write an important proposal, article, or e-mail? Haden shares some tips on questions we should ask ourselves from his article “The Remote Worker’s Guide to Clear, Concise, and Effective Writing:”

and “right?,” and “you know,” he adds.

8“Do I always cut?”

Make it a habit to edit your work constantly. When we start writing drafts, these are often wordy. Haden’s #6 Tip: Edit so all that’s left are clear nouns, active verbs, and short, tight, sentences. He also advises us not to lead the e-mail with excessive context. For example, “if your goal is to announce that certain employees will continue to work remotely through the end of the year, don’t include a brief history of Covid-19, and its effects on your business, your industry, and the workplace in general. Your employees know all that. [All too well]. That they will want to know is what, when, and how.”

1“Do I always have a clear goal?”

I always make sure the 9“Do goal is perfectly clear?”

How many times have we come across messages that left us confused and at times, even bewildered. This has often left us not acting on this. That’s why your messages should be as clear and concise as what you want to achieve. Haden’s # 1 Tip: Decide exactly what you hope to accomplish. That drives everything.

“Forget complete sentences and paragraphs,” says Haden. “Break your goal into bullet points. “It’s also easier on the reader’s eye. For example, if you are announcing a new process, “jot down the two or three major reasons, along with two or three resulting major benefits.”

I always choose the right 3“Do structure?”

I remember that in school, our American English professor would teach us that our manner of expressing our thoughts was as important as our ideas. This was especially evident when our test results came back, and we realized that a badly constructed paragraph could pull our grades down. In short, structure matters. Haden’s #2 Tip: Your first sentence should provide a clear goal and explanation. In everyday business communication, it is important to decide whether to list or not to list. It

Sustainability: WWFPhilippines welcomes BPI announcement to halt coal plant financing by 2033

MANILA, PHILIPPINES—Reacting to the announcement of the Bank of the Philippine Islands to stop lending to coal-fired power projects by 2033, Katherine Custodio, executive director of the World Wide Fund for Nature (WWF) Philippines, said: “The decision from BPI to halt coal plant financing is an enlightened, active and necessary move towards the global 1.5 degree target in line with the Paris Agreement. We agree with the BPI President’s statement that renewables is what the country needs and we look forward to BPI investing more in renewables in coming years. This

is welcome news for clients and would-be clients of BPI as well, as more people want to see their bank and the other companies they patronize doing the right thing for the country, people and the planet. We are highly encouraged by BPI’s decision and trust that they will continue to be more sensitive to the urgency and even adjust their enlightened response ahead of schedule. “The financial sector is key in driving and enabling sustainability in other sectors. The effects of the climate crisis are upon us now, compounded by the continuing Covid pandemic that undeniably brought our economy to its knees. As we work our way to fiscal recovery, we need to make sure we do not compromise that which is most fundamental in economics—nature. We are headed towards a foreseeable undesired ending if we do business as usual. But moves by BPI shows we can change the ending if we invest in nature to continue sustaining human lives. “We hope more financial institutions follow suit and pivot

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I summarize in several 2“Can bullet points?”

would depend, of course, on your purpose. “Make lists for your friends,” says Haden. “Lists make the writing process a lot easier while making your main points more memorable. And they make e-mails—especially long ones— more scannable.” However, he also cautions us not to force a list. “Just keep in mind that lists seem impersonal,” he says. “If your goal is to say thanks, show appreciation, or congratulate the reader, skip the lists. No one wants to read the top 10 reasons their speech was awesome.”

Active verbs have a life of their own, and can energize any piece of writing. When writing, Haden suggests we “Start. Strop. Change. Revise. Reject. Whatever your goal, it’s to do something important. Haden”s #3Tip: The stronger the verb, the better.

I always use short, 4“Do simple words?

6“DoIalwaysstripoutqualifiers?”

Time was when one used big words to impress, and occasionally, even intimidate. Not anymore.

from the mistakes we made in the past of thinking economics and nature sit on two opposite ends of a see-saw. Renewable energy and other means of investing in nature make up the only course where we can ensure our survival and recovery.” This is the latest in a series of positive developments in the Philippine financial sector in the leadup to United Nations Framework Convention on Climate Change Conference of Parties (COP26) in November 2021, where public and private finance are being recognised together as key drivers towards a shift to a greener, more resilient global economy and a fair transition for society. In December 2020, Rizal Commercial Banking Corp. announced that it stopped lending to coal-fired power projects, following an earlier coal moratorium issued by the Department of Energy. Bangko Sentral ng Pilipinas also issued Circular 1085 in April 2020, a sustainable finance policy framework on the integration of sustainability principles in the

“Your goal is to be understood, not show off,” says Haden. As such, “use ‘buy’ instead of ‘acquire’. ‘Plan’ instead of formulate. ‘Small’ instead of marginal. ‘Pay’ instead of remunerate.

5“Do I always use active verbs?”

Being “iffy” or tentative by using qualifiers like “I think,” “I feel,” and “I wonder” can weaken one’s message. For example, in-

financial sector. WWF, through its program on sustainable finance, is engaging the financial sector to improve integration of environmental risks, deliver greater investment for sustainable development, and drive sustainable practices through the economy. This latest move away from financing fossil fuel expansion and directing support for renewables reinforces the energy transition needed to change the ending for the environment, our people and our planet.

Brand & Business: Cebu Pacific clears 100% of refund requests until June 2021

MANILA, PHILIPPINES—Cebu Pacific has fully refunded its passengers for requests filed until June 2021, issuing P7.7 billion to its customers. The airline overhauled its refund processes and augmented its refund-dedicated work force, to process 991,764 refund requests with various forms of payment.

stead of boldly saying, “Work from home arrangements are good for our organization,” “saying “I think work from home arrangements are good for our organization” gives you a way out. Haden’s #4 Tip: Good writing takes a stand. “If you aren’t sure and hope to spark discussion, by all means say ‘I think,’” he says. “Otherwise say what you want or plan to do.”

I eliminate anything that 7“Do feels like style?”

When doing business communications, it’s not about personal style, but getting the message across. Writing as a personal brand belongs to the realm of novelists, opinion writers, feature writers. Haden’s #5 Tip: Just write like you talk. Only without the “like,”

The 100% refund completion rate excludes unsuccessful refund requests, such as:

1. Bookings made through travel agencies that may have ceased operations; 2. And cash bookings that had incorrect or were lacking bank details and other forms of validation. Cebu Pacific remains concerned about the customers who have not been refunded. The airline is actively reaching out to these guests through the contact information made available during booking and is determined to refund passengers. Cebu Pacific also encourages those with pending refund requests to contact the airline through http://bit.ly/CEBFeedbackForm on the CEB web site. Passengers who wish to check on the status of their requests are also advised to answer the online feedback form. “The Covid pandemic remains the most challenging crisis we’ve faced in recent times. We thank our guests for their patience and understanding and our teams

We go back to the importance of having clear goals. What we consider sometimes as a writer’s block is actually not knowing that we want and want to say. “Struggling to find the right words isn’t a sign that you don’t know how to say something,” Haden says. “Struggling to find the right words means you haven’t figured out what you want to say.” Haden’s # 7 Tip: Once you know what you want to say, then all you have to do is say it. Ultimately, if the reader can’t tell if you want them to make a decision, take certain actions, respond at a certain time, or just feel complimented and appreciated, it’s not a good thing. Because the only measure of good writing is that it gets things done. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

for delivering on this important undertaking for our customers. We will continue to listen and improve our processes so we can deliver the best experience for vice president for Marketing and Customer Experience at Cebu Pacific. Guests with completed ref u n d s h a v e b e e n u p d at e d , through the email address provided upon booking, and were asked to check with their issuing banks and travel agencies for the remittance. CEB offers flexible bookings, with unlimited rebooking and no change fees. It also extended its Travel Fund validity to two years, which can be immediately used for f lights, baggage allowance, preferred seats, or CEB Travelsure with Covid Protect coverage. To provide the most convenient flight options, it also operates the widest network in the Philippines and flies to key cities in Asia and the Middle East. For the latest updates and information, go online through cebupacificair.com.

The World BusinessMirror

Monday, August 9, 2021

US cases at 6-month high, break above 100,000 daily

ew Covid-19 cases in the US have rebounded to more than 100,000 a day on average, returning to levels seen during a winter surge earlier this year. Businesses and colleges should consider requiring people to get vaccinated against the virus in light of the jump in US cases driven by the Delta variant, Anthony Fauci said Friday. The chief medical adviser to US President Joe Biden said he opposed a federal vaccine mandate but that the velocity of Covid’s spread should spur private organizations to think about requiring shots. New York state’s new cases topped 4,000 for first time since late April, as hospitalizations continued to climb, Governor Andrew Cuomo said in a statement. The 4,385 new cases reported Saturday was a jump from 3,700 the day before. New cases remain far below the daily record of almost 20,000 in mid-January but average daily cases have more than doubled over the last two weeks. Another 11 people died, the most since mid-June. A Florida minister said six of his parishioners have died of Covid-19 in the last 10 days, four of them under 35 years old. Florida has been breaking records for new infections and hospitalizations, reporting more than 134,000 cases over the last week. Texas capital Austin alerted residents via text, e-mail and phone call that the Covid-19 situation is “dire.” A growing number of “multivaxxers” are getting Covid-19 boosters in pharmacies even though the US Food and Drug Administration has yet to approve any booster shots. More than 900 people have gotten a third dose of vaccines, according to an Associated Press review of a database run by the Centers for Disease Control and Prevention. Health care providers reported these instances voluntarily, so the data do not provide a full extent of the phenomenon. Across the nation, “multi-vaxxers” are able to get the unauthorized shots by traveling to a different state, claiming they have not been vaccinated or simply not disclosing their vaccination history because they are not asked, according to media reports.

Myanmar citizens charged with plot against UN envoy

wo citizens of Myanmar were arrested in the US and charged with conspiring to injure or kill their nation’s ambassador to the United Nations, federal prosecutors in New York said in a statement. Phyo Hein Htut and Ye Hein Zaw are charged with plotting with a Thai arms dealer who sells weapons to Myanmar’s military government, which took over the country in a coup in February but is not recognized by the UN. According to prosecutors, Phyo Hein Htut was to hire attackers to harm Ambassador Kyaw Moe Tun, who was fired by coup leaders but continues to represent his country in the UN. Prosecutors said in court papers that the aim of the conspiracy was to use violence to convince Kyaw Moe Tun to resign. If he refused, the arms dealer, who is not named in the court papers, proposed that the hired attackers kill the ambassador. Phyo Hein Htut, 28, and Ye Hein Zaw, 20, are each charged with conspiracy to assault and make an attack on a foreign official. If convicted, they face as much as five years in prison. The two men were expected to appear in federal court in White Plains, New York, on Friday. Bloomberg News

The FDA is still examining international data as it weighs on booster doses. The decision to authorize extra shots could arrive soon, The Washington Post reported, citing unnamed federal officials.

Key developments: Australia’s Delta outbreak worsens

Australia continued its struggle to contain a Delta outbreak across the nation’s east coast, with the race to increase vaccinations now key to prospects for a reduction in virus restrictions. New South Wales state reported 262 new locally acquired cases on Sunday, state Premier Gladys Berejiklian told reporters, down from the record 319 a day earlier. That brings the number of local infections since the latest outbreak began in mid June to 5,169. “Vaccination is the key,” Berejiklian said. She’s aiming to have 6 million people in the state inoculated by the end of the month, up from about 4.4 million at present. Victoria, whose state capital Melbourne is in its sixth lockdown, announced 11 new cases on Sunday, down from 29 on Saturday. State Premier Daniel Andrews urged Victorians to get vaccinated, saying that’s “critical to us being open and staying open.” There were nine new cases in Queensland, where state Premier Annastacia Palaszczuk said a lockdown will ease in the southeast on Sunday. New stay-at-home orders were imposed for three days in the northern city of Cairns. The highly contagious Delta variant has caused shutdowns across Australia’s eastern coast, its most populated area. Delta is placing increased pressure on the nation’s so-called “Covid-zero” strategy, which has relied on closed international borders and rigorous testing to eliminate community transmission of the virus. T he central bank estimates household spending drops about 15% during lockdown and has acknowledged the economy will likely

contract this quarter. Still, it expects a robust recovery to resume, and decided to stick with plans to taper bond purchases for now.

Malaysia to use hospital cases as gauge for easing Covid curbs

Malaysia will shift to using the number of new symptomatic Covid-19 hospital admissions as a gauge for whether to ease curbs in states in the first phase of its National Recovery Plan, the Finance Ministry said in a statement on Saturday. The indicator will replace the current measure—daily Covid-19 cases—if a state’s level of full vaccinations with a double dose reaches 50% of adults, Finance Minister Zafrul Tengku Abdul Aziz said in the statement. The decision was made on the advice of domestic and overseas health experts who said the transmission risk decrease as vaccinations increase among adults, he said. The change could affect the pace of restriction relaxation in Kuala Lumpur, the capital, and the industrial state of Selangor, where the vaccination rate is relatively high. Both areas are recording the most daily infections, contributing almost 50% of 19,257 new cases on Saturday. Kuala Lumpur and Selangor, together with the administrative capital of Putrajaya, had 47.7% of its adult population, or 2.94 million people, fully vaccinated as of Friday, according to the official Twitter account of the Special Committee for Ensuring Access to Covid-19 Vaccine Supply, citing data from the Covid-19 Immunization Task Force. The combined three areas are called Klang Valley in Malaysia.

Brazil adds 43,033 new cases

Brazil added 43,033 new cases for a total of 20.2 million cases, according to Health Ministry data. The country’s death toll rose by 990 to 562,752, the highest globally after the US.

Protests break out across France

Almost 200 demonstrations took place around France on Saturday against the so-called “health pass,” with some 237,000 protesters, according to Le Parisien, which cited Interior Ministry numbers. It’s the fourth consecutive Saturday of protests against the vaccination pass, which on Monday will be extended to bars and restaurants, including terraces, as well as hospitals, planes, high-speed trains and

some malls. The protests add pressure on President Emmanuel Macron, who faces re-election next year. Meanwhile, the Delta variant continues its progression, with 32 new hospital deaths in France in the past 24 hours, Le Figaro reported. More than 441,000 Covid-19 total vaccine shots were administered in the past 24 hours, bringing the number of people having received both shots in France to more than 37.1 million, according to health authorities.

Ontario infections surge

Ontario, Canada’s most populous province, reported 378 new cases of Covid-19 on Saturday, the most since mid-June. New infections have been on the rebound since Ontario entered Step 3 of its reopening plan, which includes indoor dining and other social gatherings, with some capacity limits. Nearly 81% of Ontario’s eligible population has received at least one dose as Canada is set to welcome fully vaccinated US travelers on Aug. 9.

UK fully vaccinated Delta hospitalizations

The number of fully vaccinated people in the UK being admitted to hospital with the Delta variant is growing as officials warn the shots cannot stop everyone catching Covid-19. In the last fortnight, nearly 35% of those hospitalized were fully vaccinated, compared with 55% who were unvaccinated, according to a statement from Public Health England Friday. The Delta variant accounts for 99% of cases in the UK.

Russian Covid infections slip

New Russian cases of Covid-19 slipped slightly, the task force in charge of combating the virus said. In the past 24 hours, 22,320 cases of the coronavirus were registered, compared with 22,660 the previous day, taking the total to 6.42 million, it said. The number of deaths increased by 793 to 164,094 over that period.

Infections in Germany rising

Germany is seeing a continuation of a trend of slowly increasing Covid cases. The country reported 3,206 new infections on Saturday. The 7-day incidence rate now stands at 21.2 after falling below 5 in early July. Bloomberg News

Thailand riot police fire tear gas at protest over Covid response

ANGKOK—Thai riot police on Saturday fired water cannons, tear gas and rubber bullets to repel a crowd of several hundred young anti-government protesters who marched on an army base where Prime Minister Prayuth Chan-ocha has his residence to demand his resignation. The demonstrators threw rocks, bottles, fireworks and fired slingshots during the hourslong confrontation in the Din Daeng area of Bangkok, which was obscured by swirling smoke. The rally was led by the Free Youth, a student protest group that drew tens of thousands to its protests last year. It’s demanding Prayuth’s resignation over his handling of the coronavirus crisis, which has seen the number of cases spiraling and the health care system stretched to the limit. Prayuth has been criticized for a slow vaccination program. Thailand reported a new high of 21,838 confirmed cases on Saturday, with 212 more deaths. Bangkok and surrounding provinces have been under lockdown, including overnight curfew, for weeks. According to the city’s Erawan Medical Center emergency services, five people were hospitalized, including three police officers. The march was called off in the early evening but disturbances continued, with protesters battling the police and hurling objects. The protesters are also calling for

Riot police launch tear gas to anti-government protesters during a protest in Bangkok, Thailand, Saturday, August 7, 2021. Protesters demanded the resignation of Prime Minister Prayuth Chanocha and for part of the budget for the monarchy and the military to be redirected into the fight against the coronavirus. Many people blame Prayuth and his administration for failing to develop an adequate vaccination policy. AP Photo/Anuthep Cheysakron

part of the budget for the monarchy and the military to be redirected into the Covid-19 fight. Saturday’s protest was originally planned in an area near the Grand Palace in the old part of the capital but switched to the compound of the 1st Infantry Regiment, where Prayuth—a former general who originally took power in a 2014 coup —continues to live. The protest movement began last year with demands for sweeping

political change, including unprecedented public calls for the reform of the powerful monarchy to make it more accountable. After going dormant due to prosecutions, internal disagreements and the pandemic, protests have returned in recent weeks, fueled by the growing discontent over the government’s response to the health crisis and its massive impact on the economy, which is reliant on tourism. AP

Editor: Angel R. Calso

Wildfires endanger villages, fuel site, in Russia’s Siberia

In this handout photo released by Russian Defense Ministry Press Service, a Russian military engineer of the Eastern Military District extinguishes forest fires in Sakha Republic also known as Yakutia, Russia Far East on Saturday, Aug. 7, 2021. Wildfires in Russia’s vast Siberia region are endangering several villages and prompted evacuations and other emergency precautions. Officials said 93 active forest fires burned across 1.1 million hectares (2.8 million acres) of Sakha-Yakutia in northeastern Siberia. Russian Defense Ministry Press Service via AP

OSCOW—Wildfires in Russia’s vast Siberia region endangered a dozen villages Saturday and prompted authorities to evacuate some residents. In northeastern Siberia, 93 active forest fires burned across 1.1 million hectares (2.8 million acres) of SakhaYakutia, officials said, making it the worst affected region of Russia. A fire engulfed dozens of houses in the village of Byas-Kuel, and all village residents were evacuated, according to the local task force dealing with the emergency. Fires also burned close to the villages of Kytyl-Dyura, Sinsk and Yedyai, and the local government chief, Andrei Tarasenko, said that a total of 12 settlements are currently under threat. High winds exacerbated the danger of flames spreading quickly. In the village of Sangar, emergency teams were taking urgent steps to protect a threatened fuel supply facility. Emergency officials prepared to engage a heavy-lift plane to douse the flames. In recent years, Russia has recorded high temperatures that many scientists regard as a result of climate change. The hot weather coupled with the neglect of fire safety rules has caused a growing number of fires. Experts also blame the worsening situation with fires on a 2007 deci-

sion to disband a federal aviation network tasked to spot and combat fires and turn its assets to regional authorities. The much-criticized move led to the force’s rapid decline. The forests that cover huge areas of Russia make spotting new fires a challenge. On Friday, Russian President Vladimir Putin boarded a helicopter to overfly an area that was affected by wildfires in the Chelyabinsk region in the Ural Mountains. Putin later chaired a meeting with top officials to discuss the situation. Emergencies Minister Yevgeny Zinichev reported that over 11,000 forest fires have ravaged an area of more than 6 million hectares (14.8 million acres) so far this year. Nearly 90,000 emergency workers were engaged in fighting wildfires. Yakutia government head Aysen Nikolayev said acrid smoke from wildfires has engulfed many cities and villages, including Mirnyi, where heavy firefighting planes are based. The planes have been grounded since July 29, forcing authorities to rely on helicopters and ground personnel, he said. “We haven’t had practically any rains for 2 1/2 months, with abnormally hot and dry weather and high winds,” Nikolayev said. “In some regions, people have suffered serious discomfort because of thick smoke.” AP

Wildfires rampage in Greek forests, cut large island in half

THENS, Greece—Three large w ildf ires chur ned across Greece on Saturday, with one threatening whole towns and cutting a line across Evia, the country’s second-largest island, isolating its northern part. Others engulfed forested mountainsides and skirted ancient sites, leaving behind a trail of destruction that one official described as “a biblical catastrophe.” A f loti l la of 10 ships—t wo Coast Guard patrols, two ferries, two passenger ships and four fishing boats—waited at the seaside resort of Pefki, near the northern tip of Evia, ready to evacuate more residents and tourists if needed, a Coast Guard spokeswoman told The Associated Press, on customary condition of anonymity. Fi re f i g hte r s we re f i g ht i n g through the night to save Istiaia, a town of 7,000 in northern Evia, as well as several villages, using bulldozers to open up clear paths in the thick forest. The fire on Evia forced the hasty Friday night evacuation of about 1,400 people from a seaside village and island beaches by a motley assortment of boats after the approaching flames cut off other means of escape. The other dangerous fires were one in Greece’s southern Peloponnese peninsula, near Ancient Olympia and one in Fokida, in the Central Greece Region, north of Athens. The fire in Ancient Olympia moved east, away from the ancient site, threatening villages in a sudden flare-up Saturday afternoon. North of Athens, the fire on Mount Parnitha, a national park with substantial forests, was still burning with occasional flare-ups, but a Fire Service spokesman told the AP late Saturday that containment efforts were “going well.” Deputy Civil Protection Minister Nikos Hardalias told reporters Saturday night

that firefighters hoped to contain the fire Sunday. Smoke from that fire was still spreading across the Athens basin. Earlier, the blaze had sent choking smoke across the Greek capital, where authorities set up a hotline for residents with breathing problems. One volunteer firefighter died Friday and at least 20 people have been treated in hospitals over the last week during Greece’s most intense heat wave in three decades. Temperatures soared up to 45 degrees Celsius (113 degrees Fahrenheit). Greek Prime Minister Kyriakos Mitsotakis on Saturday visited the fire department’s headquarters in Athens and expressed his “deep sadness” for the firefighter’s death. He later visited the airport, west of Athens, from which firefighting planes take off and thanked the pilots, Greek as well as French, who arrived to support the firefighting effort. Securing aid for everyone affected by the wildfires will be “my first political priority,” he said, promising that all burnt areas would be reforested. “When this nightmarish summer has passed, we will turn all our attention to repairing the damage as fast as possible, and in restoring our natural environment again,” Mitsotakis said. A local official in the Mani area of southern Peloponnese, south of Sparta, estimated the wildfire there had destroyed around 70% of her area. “It’s a biblical catastrophe. We’re talking about three-quarters of the municipality,” East Mani Deputy Mayor Eleni Drakoulakou told state broadcaster ERT, pleading for more water-dropping aircraft. Other officials and residents in southern Greece phoned in to TV programs, appealing live on air for more firefighting help. AP