Shell stops refining, to import finished products By Lenie Lectura
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ILIPINAS Shell Petroleum Corp. (PSPC) will cease its refinery operations and instead import finished petroleum products because it is no longer viable for the oil company to run its Tabangao, Batangas, oil refinery. The second largest oil company in the country blamed the Covid-19 pandemic for depressed refining margins, as fuel demand has plunged since the community quarantine was imposed by the government. According to the Department of Energy (DOE), demand for petroleum products declined by 20 to 30 percent in March and by as much as 60 to 70 percent in April during the imposition of the enhanced community quarantine, compared to February levels.
A HOMELESS man who lives with his dog in a cart beside the Saint Francis School in Santa Ana, Manila, is seen beside a mural of Saint Francis of Assisi, patron saint of animals and the environment. He is just one of many homeless people at risk from the coronavirus as they roam the streets trying to make a living. NONIE REYES
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“The regional refining margins which have been weak for some time due to the oil supply/demand imbalance in the region have worsened due to demand destruction from the Covid crisis. As such, it is no longer economically viable for us to run the refinery. It is with a heavy heart that we announce the cessation of oil-refining activities in Tabangao,” said PSPC president Cesar Romero.
No supply disruption
THE permanent closure of Shell’s refinery operations will not affect the oil supply in the country because the oil firm will continue to fill its market share by importing refined petroleum products. The Tabangao refinery has a production capacity of 110,000 barrels per day to supply the needs of its 1,129 retail stations
nationwide. Romero said PSPC will transform its Tabangao refinery into an importation terminal to cater to the fuel needs of Luzon and Northern Visayas. This means that the oil company’s supply chain will shift from manufacturing to full-import based. PSPC media relations manager Cesar Abaricia commented that it is cheaper to import. “If you check on MOPS, the price of refined products like gasoline is the same price of crude. No use in importing crude and have it processed because it’s not viable. When you import, it is already finished product that will arrive,” he explained. Meanwhile, the company’s North Mindanao Import Facility (NMIF) in Cagayan de Oro will serve the growing needs in the balance of Visayas and Mindanao regions. See “Shell,” A2
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AS 7-MO RECEIPTS DIP 71.5% AREIT FAILS TO FLY ON 1ST TRADING DAY BUT DOF OPTIMISTIC By VG Cabuag & Bernadette D. Nicolas
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NATIONAL hero Andrés Bonifacio seems to rally modern-day heroes in the fight against the pandemic as a musical fountain dances in the foreground, at the Bonifacio Shrine in Ermita, Manila. A drive-through coronavirus testing center set up by the city government of Manila in response to the pandemic sits next to the shrine. BERNARD TESTA
By Ma. Stella F. Arnaldo | Special to the BusinessMirror
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IKE a patient afflicted with severe Covid-19, the tourism industry is already in critical status.
This was the assertion of Tourism Secretary Bernadette Romulo Puyat, as she renewed her call to lawmakers to allocate
funds for credit facilities and lowinterest loans specific to tourism stakeholders. “As we, the Department of
Tourism (DOT), have written in our position paper on the Bayanihan 2 bill, our tourism stakeholders need working capital and not infrastructure,” she told the BusinessMirror in a Viber message on Thursday, as the Bicameral Conference Committee started deliberations on how to reconcile the House and Senate versions of said bill. She stressed that the industry is already on the brink of collapse. “How will we bring tourists to
our destinations using those new roads, if the tour operator or travel agent has already closed shop, kasi nalugi na [because of huge losses]?” Citing figures from the Philippine Statistics Authority (PSA), she added, an estimated 4.8 million employed in the tourism-related industries have been affected by the implementation of various levels of community quarantines in the country. Continued on A2
Port bottlenecks, policies hurt seafarer deployment By Samuel P. Medenilla
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HE existing “bottlenecks” in the country’s ports, as well as policies which are costly for ship owners, now threaten the employment of thousands of seafarers, the Trade Union Congress of the Philippines (TUCP) said on Thursday. In an online forum on Thursday, TUCP president Raymond Mendoza said the limited number
of passengers allowed in the international airports per day, as well as the designation of the port of Manila as the sole seaport where crew change could be done in the country, greatly reduced the number of deployed seafarers. This is worsened by the “problematic” implementation of the supposed green-lane policy of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) because of
PESO EXCHANGE RATES n US 48.9620
the differences in the manner it is being implemented by concerned agencies. Mendoza warned this could discourage foreign shipping companies from hiring Filipino sailors, especially at a time when they need a fresh crew to replace those who have overextended their duties because of the novel coronavirus disease (Covid-19) pandemic. These limitations affect at least 180,000 OFWs who are expected
to be deployed abroad from July to December this year. Aside from departure issues, TUCP vice president Luis Corral also raised the concern of the Joint Manning Group (JMG) on how the government is requiring ship owners to pay for the tests and quarantine expenses of Filipino sailors. “This is making the cost of our seafarers expensive for the shipowners,” Corral said.
HE share price of AREIT Inc., the country’s first real-estate investment trust (REIT) to be listed at the Philippine Stock Exchange (PSE), failed to fly on its first day of trading on Thursday despite the broader market rising. This did not stop Finance Secretary Carlos G. Dominguez from waxing optimistic, however. The Philippines’s first REIT listing by the Ayala-backed AREIT Inc. shows the domestic market is now ready to resume business amid the difficulties arising from the Covid-19 pandemic, Dominguez III said. In a videotaped message on Thursday, the Finance chief expressed optimism that the AREIT’s public offering and listing will encourage more companies to follow suit and form REITs that would “provide attractive and dependable investment opportunities for the average Filipino.” Aside from being a secure vehicle for small investors, REITs also provide multiplier effects on the economy, considering that the capital and profits to be raised by REIT sponsors will be reinvested exclusively in the domestic real estate and infrastructure sectors, he argued. “This public offering is a strong vote of confidence in our good economic prospects and in the resiliency of many of our industry sectors, some of which will be occupants of Ayala Land Inc. (ALI)’s REIT properties,” said Dominguez, as he congratulated ALI on the success of its initial public offering (IPO) and listing of its REIT at the PSE. AREIT shares fell 8 percent to close at P24.90 apiece from its offer price of P27 per share. Its price only went as high as P27.25 but fell later in the trade. “It is difficult to say [why the stock price went down], but maybe the price setting was set before another MECQ [modified enhanced community quarantine] so these may be factored in to the future earnings projection of the company. Also since index names are starting to pick up, investors probably decided to bet on those names instead,” Luis Limlingan, managing director of Regina Capital and Development Corp., said. The benchmark index gained 102.78 points on Thursday to close at 6,097.78 points. Total value of trade ended at P17.14 billion, mainly as a result of the listing of AREIT’s shares. “Today, we are pleased to be part of the historic launching of REIT in the country. The passing of the REIT law in 2009 signified a new opportunity to diversify the offerings in the real-estate industry. Ayala Land was preparing for this as early as 2008. We believed this new asset class would generate benefits for both the company and the investment community,” Fernando Zobel de Ayala, Ayala Land Inc. chairman, said. See “AREIT,” A2
See “Port,” A2
n JAPAN 0.4582 n UK 63.8269 n HK 6.3169 n CHINA 7.0568 n SINGAPORE 35.6944 n AUSTRALIA 35.0568 n EU 57.7017 n SAUDI ARABIA 13.0562
Source: BSP (August 13, 2020)
News BusinessMirror
A2 Friday, August 14, 2020
AREIT… Continued from A1
Securities and Exchange Commission chairman Emilio B. Aquino said three other real-estate development companies have indicated their interest in forming and listing their own REITs on the PSE. “While the pandemic may have set back the timelines of some prospective REIT registrants, their interest in registering has been surprisingly unwavering,” he said, adding that REITs may not be expected to fully take off this year since investors will still be familiarizing themselves with this new asset class. Following the conclusion of the offer, Ayala Land will continue to hold at least 51 percent of AREIT. The post-offer market capitalization will be P27.7 billion, while the public float of AREIT will fall between 44.5 percent and 49 percent subject to the exercise of the overallocation option. Non-Filipino investors account for 15.7 percent of total outstanding shares.
No more issues
DOMINGUEZ, who had strongly pushed the implementation of the 11-year-old Republic Act (RA) 9856 or the REIT Law since he assumed the finance portfolio in 2016, said the contentious issues that for years had prevented REITs in the country from taking off were finally resolved. The REIT law, with its amended IRR, now allows both small and large investors to own real-estate assets, presenting an alternative and secure investment instrument for middle-income families and overseas Filipino workers (OFWs), while providing real-estate companies a cheaper source of capital as they help develop the Philippine capital market. AREIT’s public offering is “very encouraging,” especially at this time when the government is preparing the economy to recover from the pandemic, he said. “REITs will help boost our ‘Build, Build, Build’ program, given the wide range of real-estate property assets it can own. Infrastructure investments will primarily fuel our bounce-back plan. With their high multiplier effect, these investments will stimulate demand and create much-needed new jobs and businesses,” he added. SEC Chairman Emilio Aquino and PSE President Ramon Monzon were among those present at the event marking AREIT’s listing in the local bourse. ALI Chairman Fernando Zobel de Ayala joined them via Zoom.
Port… Continued from A1
Because of the additional cost, shipping companies may opt to hire sailors from Ukraine, Eastern Europe, Vietnam, China and Indonesia, instead of Filipinos, he explained. Unless these issues are addressed, they could cost the country its spot as the world’s top source of seafarers for international vessels, he added. “The Philippine seafaring industry, which accounts for 25 percent of all seafarers in the entire world, is one of the few remaining economic drivers and dollar earners of our country,” Mendoza said. “TUCP fully supports sustaining the seafaring industry and preventing its collapse. We are number one in the industry and let us keep it that way,” he added.
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Bayanihan 2 done by end-Aug, Shell… House defends ₧10B for Tieza Continued from A1
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By Jovee Marie N. Dela Cruz
HE congressional bicameral conference committee will submit to President Duterte before the end of the month the final version of the Bayanihan to Recover as One or the Bayanihan 2 for its target implementation in September, leaders of the House of Representatives said on Thursday. Deputy Speaker Luis Raymund Villafuerte made a statement as the bicameral committee is set to wrap up its meetings this week. According to Villafuerte, the government is targeting to implement the Bayanihan 2 in September. The measure seeks to arm President Duterte with continued special powers and funds to deal with the Covid-19 pandemic. Earlier, Speaker Alan Peter Cayetano said Congress is targeting to ratify the Bayanihan II this Tuesday. After the ratification by both houses, the bill will be immediately transmitted to Duterte for signature. Meanwhile, leaders of the House of Representatives also on Thursday said the P10-billion allocation for the Tourism Infrastructure and Enterprise Zone Authority (Tieza), the infrastructure arm of the Department of Tourism (DOT), could generate P35 billion in economic activity for the tourism sector. House Committee on Good Governance and Public Accountability Chairman Jose Antonio Sy-Alvarado said the tourism industry can look forward to the long-term benefits from the P10-billion fund allocated to the Tieza under the proposed P162-billion Bayanihan to Recover as One. The Senate version, with a total P140 billion in funding, puts the controversial P10-billion fund directly under DOT, not under Tieza, and focuses on helping Covid-impacted tourism enterprises instead of pouring this into infrastructure, like the House version. In a statement, Sy-Alvarado said the fund under Tieza “will unlock development in the tourism industry by boosting infrastructure and providing establishments the opportunity
to work on tourist sites often neglected and lacking in facilities, such as access roads, restrooms and accommodation facilities.” He said the pending bill provides the mechanisms on how tourism enterprises can avail themselves of the credit facilities through government financial institutions (GFIs). Bayanihan 2 provides P51 billion to GFIs with the following breakdown: P5 billion for the credit guarantee program of the Philippine Guarantee Corporation; P30 billion and P15 billion to support banking facilities and equity infusion of the LBP and the DBP, respectively; and P1 billion as additional funding for the Covid-19 Assistance to Restart Enterprises (CARES) Program of the Small Business Corporation and for its other lending programs to be extended to micro, small, and medium enterprises (MSMEs). “We value the tourism industry as much as we value all other sectors in the country, which is why aside from the P10-billion fund allocated for tourism infrastructure, we also allocated P51 billion to GFIs that can easily provide access to credit and loan programs to MSMEs, including small-scale tourism-oriented enterprises accredited by local government units,” Sy-Alvarado said.
Access
ALSO, Villafuerte assured tourism stakeholders that Bayanihan 2 will allow tourism enterprises, including small-scale tourism-oriented enterprises accredited by local government units, to avail themselves of much-needed assistance through various credit facilities. “We are fully aware of the problems confronting the tourism industry, including the
losses that they have incurred since the start of the travel restrictions early this year,” the Bicol lawmaker said. “It should not be a choice between tourism infrastructure and additional working capital. Both will play equal importance in the recovery efforts of the sector. Thus, we included provisions to fulfill both requirements,” he added.
‘Not allowed’
VILLAFUERTE explained that the House rejected the proposal of Tourism Congress of the Philippines president Jose Clemente III to provide “bailouts” or doles directly to private firms in the tourism sector as this is not allowed under the law. Clemente’s proposal was backed by Tourism Secretary Berna Romulo Puyat. “First of all, doleouts to private firms are not allowed. These can only be done for workers, that’s why we have the TUPAD [Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers] of the Department of Labor and Employment, the funds for Tesda [Technical Education and Skills Development Authority] and the cash-for-work programs,” said Villafuerte in an interview. Moreover, he said the House version of Bayanihan 2 bill provides a P20-billion allocation for cash-for-work programs, P1 billion for the scholarship funds of Tesda, and another P100 million for the training of, and subsidies to, tourist guides. Villafuerte explained that the bailout that Clemente wanted was already included in the P51-billion capital provided to government financial institutions, given that neither the Department of Tourism nor Tieza can officially lend money or grant doles to private firms in the tourism industry. Villafuerte said Clemente has claimed that the Senate version provided direct funding support to the tourism sector in the sum of P10 billion, which the House had “realigned” instead to Tieza’s infra projects. The lawmaker, however, made it clear that no “realignment” took place because the final version of the Bayanihan bill has not yet been approved. Villafuerte also noted that the Senate’s P10 billion in funding support for the tourism sector was also in the form of loans
and not “bailouts.” “I was sad to learn that some stakeholders in the tourism sector are saying that we do not need infrastructure at the moment. Perhaps those who are saying this are those in Cebu or in other areas with relatively good infrastructure and airports. How about the areas with poor infrastructure?” Villafuerte said. “Other countries in the region cannot compete when it comes to the beauty of our beaches and other tourism sites. But they attract more tourists each year than the Philippines because they have better infrastructure,” he added. Defending the proposed Bayanihan 2 Act, Sy-Alvarado said that while the P10-billion supposed “working capital” for the programs of the DOT was diverted to Tieza, credit and loan programs for tourism stakeholders will still be accessible through the assistance of GFIs such as the Land Bank of the Philippines and the Development Bank of the Philippines. Sy-Alvarado said the House of Representatives will maintain close relations with the DOT, Tieza and tourism stakeholders in the crafting of programs to support the tourism industry’s recovery and the overall recovery of the national economy.
Impact
VILLAFUERTE said there is a need to expedite the building of tourism infrastructure projects while tourist destinations are not yet fully operational because of the pandemic. Villafuerte said every P1 spent on infrastructure will have a multiplier effect of 3.5, which means that the P10 billion for Tieza under the House version of the Bayanihan 2 bill would pump in around P35 billion into the tourism sector and economy. He noted that even prior to the health crisis, many tourism sites have had inadequate comfort room facilities, inaccessible roads networks, and poor accommodation facilities. “Bayanihan 2 is just the initial stimulus outlay for the recovery of the tourism sector as there would be further allocations for the DOT and the tourism industry in the proposed General Appropriations Act of 2021,” he said.
TOURISM ‘CRITICAL’ AS 7-MO RECEIPTS DIP 71.5% Continued from A1
“Even before the community quarantines, the DOT has been monitoring the condition of our tourism stakeholders. Like a Covid patient, they are already in critical condition. The cure they need, and which they have been begging for, is financial assistance. Being legislative ‘frontliners,’ our lawmakers can give that much-needed treatment to our stakeholders,” stressed Romulo Puyat.
71.5% decline
LATEST DOT data showed visitor receipts in the first seven months of 2020 amounted to P81.05 billion, a 71.5-percent decrease from P284.82 billion in the same period last year. From January to July 2020, foreign visitor arrivals slumped by some 73 percent to 1.32 million, with zero arrivals recorded from April to July. The Bayanihan 2 bill (House Bill 6953) stripped the industry of P10 billion in funds for working capital, and reallocated this
instead to tourism infrastructure to be implemented by the Tourism Infrastructure and Enterprise Zone Authority (Tieza). Tieza is the infrastructure arm of the DOT. HB 6953 also allocated P100 million to finance training and subsidies to tour guides. Leaders of the House of Representatives insisted after Thursday’s bicameral conference committee meeting on the Bayanihan 2 bill that the P10billion allocation for Tieza could generate P35 billion in economic activity for the tourism sector. Related story above. Jose C. Clemente III, president of the Tourism Congress of the Philippines, said they estimated the industry “needs P80 billion to survive until the end of the year. So in the grand scheme of things, that P10 billion we’re asking for is just a drop in the bucket.” PSA recently reported the tourism industry accounted for a 12.7-percent share in last year’s economic output, as expressed in the gross domestic product.
Inbound tourism expenditure posted the highest growth in 2019 at 23.2 percent, followed by domestic tourism expenditure at 10.4 percent, and outbound tourism expenditure at 2.6 percent. In its position paper, the DOT proposed P9.5 billion to assist tourism businesses through low-interest loans and issuance of loan guarantees via government financial institutions (GFIs), and P500 million to establish Covid-19 testing centers in tourist destinations. Of the P9.5-billion proposed allocation for working capital loans, the accommodation sector’s share will be P6.4 billion, which will benefit 1,266 enterprises; travel and tour agencies P207.95 million (416 companies), tourism transport P967.14 million (193 companies), other primary tourism enterprises P73.42 million (15 firms), and secondary enterprises P1.92 million (381 establishments). Some 2,300 tourism enterprises are expected to benefit from the working capital loans, and over 6,000 employees. The DOT proposed that the
low-interest loans or loan guarantees of GFIs will have a term of five years for maintenance and operating expenses. It added, credit facilities may also be made available through GFIs for the “upgrade, rehabilitation or modernization of current establishments of facilities to be compliant with the new health and safety standards.” In an online forum on Wednesday, some 400 tourism stakeholders across the country jointly pleaded to the Bicam conference committee to reinstate the P10-billion allocation for working capital loans to their sector. (See, “Tourism sector loses P190 billion in March-July,” in the BusinessMirror, August 13, 2020.)
The stakeholders underscored their urgent need for financial assistance to be able to survive, until they can recover lost business when community quarantines and international travel restrictions are finally lifted. Many of them said they continued to pay rent and salaries of employees despite being shuttered, and not earning any revenues.
“As to supply, the supply for Luzon is sourced from importation since the last week of May until now when Shell initially notified the department of their decision to implement an economic shutdown mainly due to very low demand,” said DOE Director for Energy Resources Development Rino Abad when sought for comment. In May, PSPC announced a one-month temporary shutdown of its refinery that started on May 24 this year, as a result of a thorough valuation of the refinery’s economics mainly due to the decline in demand for oil products and the deteriorating refining margins brought about by the pandemic. The price of crude oil plummeted from $67 per barrel at end-December last year to $20 per barrel in April this year. “Now that the decision has become permanent, their supply will be from full importation. This model is not new since the supply on Visayas and Mindanao comes from full importation from the NMIF,” added Abad.
Displaced workers
THE DOE said it respects the decision of Shell. “It is unfortunate that PSPC had to permanently close its refinery operations in the country. I respect the decision of the Shell management business model to adopt the existing market situation,” said DOE Secretary Alfonso Cusi. “What saddens me is the plight of the workers that will be displaced due to the closure. I hope they will find employment with the other industry players,” added the energy chief. Abaricia could not yet comment as to how the closure will affect its workers. “There is no specific number yet because there is no final org chart. But there are 210 plus staff in the refinery,” he said, when asked how many PSPC employees will be affected. Abad commented that any change in company strategy depends on various factors affecting the rationalization of facility operation. Usually, he said, these changes are necessary to maximize the company’s global asset portfolio and profit. “So that is largely a company policy, which the DOE respects. The DOE has always supported the downstream oil industry— not only Shell or Petron—to pave the way for them to continue doing business without much interference from the government which may adversely affect their operation; however these [forms of] assistance are limited likewise by the laws that govern a deregulated industry,” said Abad in a text message.
Net loss
PSPC said it is making strategic choices to secure the long-term sustainability of its business and thrive in both the ongoing energy transition and the new normal. It narrowed its net loss in the second quarter to P1.2 billion from P5.5 billion in the first quarter this year, as crude oil and product prices slightly improved and stabilized. The company booked a total net loss of P6.7 billion in the first six months of the year. Despite seeing volume and earnings recovery in the months of May and June, the company remains cautious given the spike of Covid-infected cases in the country and the consequent decision to place Metro Manila, Bulacan, Cavite, Laguna and Rizal under modified enhanced community quarantine (MECQ) again. To ensure the company remains financially resilient, and to preserve cash, the board of directors of PSPC has decided to cancel dividend payouts for 2019 financial results. “We are committed to make the right sustainable decisions now to protect our shareholders for the long term,” said Romero. “The pandemic has definitely posed some challenges, but we have a strong balance sheet, retained earnings, and a reasonable gearing of 40 percent. We intend to maintain financial resilience.” To date, the company has been making headway in its cash preservation efforts to deliver sustainable cash flow, achieving a total of P1.3 billion (P800 million in operating expenditures and P500 million in capital expenditures) against the P2-billion savings target for 2020.
Petron refinery
MEANWHILE, Petron Corporation president Ramon Ang said its refinery in Bataan will resume operations on September 1. “We have advised the Department of Energy that we are now doing preparatory work at the Petron Bataan Refinery, for the resumption of operations on September 1,” said Ang. He said the Covid-19 pandemic has greatly affected the Philippine fuel industry and that no one is immune to its adverse economic impact. “Even Petron Corporation has not been spared but we continue to be committed to serving Filipinos and doing our part in helping our country and economy manage the setbacks. “Moving forward, we will work to ensure our operations are efficient, maintain high product and service quality levels, protect the jobs of our employees in every way we can, and continue to be a long-term partner in our country’s recovery and growth,” said Ang.
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75 Chinese nationals engaged in illegal gaming ops deported By Recto Mercene
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@rectomercene
MMIGRATION authorities on Wednesday deported 75 Chinese nationals who were arrested eight months ago for engaging in illegal Philippine Offshore Gaming Operations (POGO). Immigration Commissioner Jaime Morente said the Chinese citizens were put aboard a chartered flight bound for Zhengzhou, China on Wednesday, August 12, 2020, that left the Ninoy Aquino International Airport (Naia) later in the day. Morente said Chinese embassy officials helped arranged the departure of their citizens who had been detained since their arrest in December 2019. However, their deportation was delayed due to the Covid-19 pandemic, which halted most airport operations. “They were expelled pursuant to a summary deportation order issued against them by our Board of Commissioners for violating our immigration laws and [for] being undesirable aliens,” the BI chief said, adding the deportees will be prosecuted in China where they have been charged with economic crimes. Mainland China prohibits gambling, forcing some of their citizens to head to Macau, or the Philippines, where casino operations are allowed. Others have resorted to online betting that illicit operators run abroad, such as those found in the country, offering online gambling services. Morente said the deportees were placed in the immigration blacklist to prevent them from reentering the Philippines. BI Intelligence Chief Fortunato “Jun” Manahan Jr., said the 75 deportees were among the more than 300 Chinese nationals arrested last December 2019 by joint operatives of the BI Intelligence Division and Quezon City Police District at their rented offices inside a building along North Edsa in Bago Bantay, Quezon City. Manahan said the Chinese nationals violated the conditions of their stay as tourists by working without proper work permits and engaging in unauthorized online gaming operations. “Chinese authorities said that they were engaged in cybercrime activities and investment scams that victimized many of their compatriots in China,” Manahan added. The deportees are now classified as undocumented aliens as their passports have already been canceled by the Chinese government.
Editor: Vittorio V. Vitug • Friday, August 14, 2020 A3
Wirecard case in PHL solved: 2 BI officers face falsification rap By Joel R. San Juan @jrsanjuan1573
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HE National Bureau of Investigation (NBI) on Thursday asked the Department of Justice (DOJ) to prosecute two immigration officers for allegedly tampering with Bureau of Immigration (BI) records to make it appear that former German payments company Wirecard Chief Operating Officer Jan Marsalek entered the country on June 23, 2020 and left a day after. In its complaint, the NBI said Perry Michael Pancho and Marcus Nicodemus, assigned at Mactan Cebu International Airport and at the Terminal 1 of the Ninoy Aquino International Airport, respectively, should be held liable for falsification of public documents and violation of the Code of Conduct and Ethical Standards among government officials and employees. The NBI was earlier tasked by Justice Secretary Menardo Guevarra to verify a report that Marsalek entered the country on June 23, 2020 to evade the ongoing investigation of the $2.2billion Wirecard fraud in Germany. Marsalek is being pursued by German authorities for the high-profile fraud case, which dragged two of the country’s biggest banks—BDO Unibank Inc. (BDO) and Bank of the Philippine Islands (BPI) into the scandal.
However, Bangko Sentral ng Pilipinas Governor Benjamin Diokno claimed that those behind the anomaly are only using the names of two banks to cover their tracks, citing initial reports none of the missing $2.1 billion entered the Philippine financial system. Both banks have strongly denied Wirecard was their client. But the NBI said its investigation showed that it was not possible for Marsalek to enter the country at the height of the travel restrictions imposed as part of the effort of the government to contain the Covid-19 pandemic. The NBI added that entries on the BI records for June 23 and 24, 2020, were spurious and appeared to be mere “diversionary in order to divert the attention of the authorities in Europe to focus its attention to the Philippines and not in their jurisdiction. “The investigation showed that Mr. Marsalek’s most recent travel records to the country include spurious ones, to wit: Arrival on June 23, 2020 at Naia Terminal 1 processed by a certain IO [immigration officer] Darren Ilagan but with a mysterious canceled by user remark, and a departure on June 24, 2020 at Mactan International Airport processed by IO Perry Michael Pancho,” the NBI said. The NBI also said its probers from the International Airport Investiga-
tion Division were able to find out that Ilagan was not in the official list of IOs on duty for the midnight flight schedule on June 23. “Likewise, Mr. Marsalek’s departure is spurious based on the following: CCTV footages at the MCIA on June 24, 2020 showing that the BI counters are unmanned because there are no available flights immediately before and after the supposed spurious flights, absence of an actual scanned data page of Mr. Marsalek’s passport,” the NBI said. The complaint said a certification was also issued by the Philippine Airport Ground Staff/ Cebu Station Flight Dispatcher indicating that such flight was canceled since February 1 due to the Covid-19 restrictions. It added that their probe also showed that Pancho was also not on the official list of immigration officers on duty for the morning schedule of June 24 and “thus believed to have merely went beyond his duty to encode the same.” Immigration protocols mandated that when a passenger presents himself or herself at the immigration counter for arrival or departure formalities, the assigned IO must perform a derogatory check on him or her. By doing so, the immigration officer would be able to know if a passenger has a derogatory record, or outstanding warrant of arrest, inclusion in hold departure order, or in the immigra-
tion’s watch list, or blacklist. But the NBI said the derogatory record check may also be canceled by the IO by encoding a “canceled” remark, thus, the next officer should be able to see such and thus be notified of the status when the same passenger resurfaces at the BI counter for departure formalities. “In this case, the next immigration officer should be able to act accordingly which was contrary to what IO Pancho did when he still encoded a departure record on Mr. Marsalek. It was discovered that the IO Supervisor for the March 5 departure of Mr. Marsalek, a certain Marcus Nicodemus was also the Duty Supervisor on June 23, 2020,” the NBI said. Meanwhile, Guevarra confirmed that a certain Christopher Bauer, who died in a Parañaque hospital last July 27, was the same person being sought by the NBI for investigation in connection with the multibillion-dollar fraud at Wirecard. “Per official documents submitted to the NBI, Christopher Reinhard Bauer, a German national/ businessman, died on July 27, 2020 in a Parañaque hospital due to natural causes. He was subsequently cremated,” Guevarra said. “He was the same person summoned by the NBI in connection with the Wirecard fraud investigation,” he added.
A4 Friday, August 14, 2020 • Editor: Vittorio V. Vitug
Economy BusinessMirror
Garment makers press govt to impose addl taxes on imported PPEs, level playing field By Elijah Felice E. Rosales @alyasjah
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OCAL garment makers are pressing the government to impose additional taxes on imported personal protective equipment (PPE) as a way of leveling the playing field between those made overseas and those made here. The Confederation of Wearable Exporters of the Philippines (CONWEP) and the Confederation of Philippine Manufacturers of PPE (CPMP) are asking lawmakers to implement a fiscal policy that favors the local PPE industry. This should allow garment firms to improve operations, compete with imports and save jobs in the process, they said. In a news statement issued on Wednesday, CONWEP and CPMP outlined provisions they want legislators to include in the proposed Bayanihan to Recover as One Act, shortly called Bayanihan 2, which is now being deliberated by the bicameral conference committee.
On top of the list for garment makers is the exemption from payment of taxes, including value-added tax (VAT) on local sales, for medical grade PPEs produced here. They said the industry is just emerging and should therefore be given enough room to grow. They are also seeking the imposition of duties, taxes and fees, including VAT on local sales, for imported PPEs, as well as for their mandatory laboratory testing in the Food and Drug Administration (FDA) and accredited third-party institutions. Further, they are appealing for the retroactive application of tax exemptions for the importation capital equipment needed to manufacture PPEs from the time Bayanihan 1 expired on June 24. They said this should as well apply to firms whose operations were retrofitted in order to make medical grade PPEs. Their final request is for the government, as the purchasing body, to prioritize the procurement of critical products that are
NEA extends ₧343.445-million loans to ECs from Jan to July By Lenie Lectura
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@llectura
HE National Electrification Administration (NEA) has extended P343.445 million worth of loans to all electric cooperatives (ECs) from January to July this year. The state firm said that of the amount, P240.365 million was disbursed to fund the electrification projects and working capital requirements of nine ECs. NEA said the amount covered the capital expenditures (capex) of eight ECs worth P167.962 million. The remaining P33.641 million and P38.762 million were utilized by Occidental Mindoro Electric Cooperative Inc. as working capital loan and by Misamis Oriental I Rural Electric Service Cooperative Inc. (MORESCO I) for the procurement of modular generator sets, respectively. NEA also provided calamity loans amounting to P103.080 million to 12 ECs in Mimaropa, Bicol, Western and Northern Visayas regions for the reconstruction and rehabilitation of their power distribution
facilities damaged by typhoons Ursula and Tisoy. The calamity loan has a maximum 10-year repayment term, with a grace period of one year and an interest rate of 3.25 percent per annum. Earlier, NEA Administrator Edgardo Masongsong issued a memorandum extending for 30 days the payment deadline for loan amortization of the ECs due for the second quarter of this year even though the extension will affect the agency’s cash inflow. “Assuming that there will be no collections on loan amortization from the electric cooperatives until December of this year, this will result to no loan releases from the NEA to the ECs as well,” Masongsong said. NEA, a government-owned and -controlled corporation attached to the Department of Energy (DOE), offers a wide range of loans to qualified ECs, such as regular, calamity and concessional loans, stand-by and short-term credit loans, singledigit system loss, renewable energy, and modular generator sets loan.
produced in the Philippines. In exchange, CONWEP and CPMP vowed to manufacture PPEs compliant with FDA regulations and certified by international third-party facilities. They also committed to make prices of PPEs made in the country competitive against imports. “We are aligned to the core objective of the Philippine government to protect the lives of our medical frontliners in this unfathomable war against Covid-19,” they said, declaring they also intend to protect existing jobs in spite of declining demand for consumer goods. According to CPMP, its members have a combined capacity to make 57 million pieces of face masks and 3 million pieces of coveralls and isolation gowns per month. This repurposing initiative cost them $35 million to carry out and saved the jobs of at least 7,450 workers. The garments industry, used to be one of the country’s largest exporters, is struggling to cope with competition in the international market,
especially in recent years. Based on data from the Philippine Statistics Authority, exports of apparel and clothing products slipped nearly 5 percent to $927.59 million last year, from $974.44 million in 2018. Likewise, the 2018 figure was a decline of more than 11 percent from the 2017 total of $1.09 billion. There are many factors, both domestic and global, as to why the industry is falling from grace, but the most pressing, at least for CONWEP, is the uncertainties in fiscal policy. Mostly operating in economic zones, garment manufacturers are enjoying fiscal incentives that could soon be stripped away from them. As the government looks to cut corporate income tax, it plans to overhaul incentives granted to investors in economic zones in exchange. Should this be pursued, many industry players are seen to pack up operations here and relocate to another Southeast Asian country, such as Lao PDR, Myanmar and Vietnam.
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Ban on canteen dine-in, smoking in workplace get MMDA support By Claudeth Mocon-Ciriaco Correspondent
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N an effort to further contain the spread of Covid-19, the Metropolitan Manila Development Authority (MMDA) has expressed its support to the national government’s move to ban dine-in services in canteens and smoking in workplaces in areas under modified enhanced community quarantine (MECQ). “Each and every one of us must do our part in our fight against Covid-19. Adhering to the most basic health protocols is already a big contribution. Let us all cooperate as the pandemic is not over yet,” MMDA Chairman Danilo Lim said, adding that these additional health protocols jointly crafted by the Departments of Health, Labor and Employment, and Trade and Industry duly approved by President Duterte, must be strictly followed for everybody’s safety. Lim also said the MMDA, through its own Covid-19 committee, has formulated and implemented internal guidelines to help combat the spread of the virus among its personnel. These include the prohibition of eating to-
gether of employees and limiting food delivery couriers/riders at the building lobby only, among others. Moreover, the agency has no smoking area in its premises. For her part, Dr. Loida Alzona, director of the MMDA Health and Environmental Protection Office (HEPO), noted that in collaboration with the local government units (LGUs), the agency’s environmental enforcers are strictly monitoring the selling of cigarettes and other tobacco products within 100 meter perimeter of schools in Metro Manila. “Despite the existence of Covid-19 pandemic, we continuously conduct online trainings for local government unit environmental enforcers as well as members of the Local Tobacco Control Councils [LTCCs] to intensify the implementation of anti-smoking ordinances in their respective areas of jurisdiction,” Alzona said. Malacañang announced on Tuesday that the government has prohibited dine-in operations in canteens, allowing only packed food and deliveries. Further, common smoking areas are banned, while individual smoking areas, or booths, in open spaces are allowed.
PhilHealth IRM halted; senators to grill Duque on fund anomalies He cited the Commission on Audit’s disclaimer of opinion on the fairness of the presentation of PhilHealth’s financial statement due to “questions about the benefits claims expense and doubts about the accuracy of the collections made by the corporation.” Angara added that COA had noted it could not establish the accuracy of PhilHealth’s restated financial statement for 2017 “because it was not supported with complete and relevant documents.” Addressing PhilHealth Fund Management Sector SVP Renato Limsiaco Jr. at the Senate’s Committee of the Whole hearing last Tuesday, Angara lamented “the failure of the institution to shape up in spite of the repeated adverse findings issued by COA.” In effect, he said, the COA has been saying for many years now that PhilHealth has not been transparent because it has understated or overstated income; and the benefit payments are not supported. If this was done in a private company, the erring officials would have ben fired a long time ago, Angara added. The senator, meanwhile, welcomed COA’s decision to conduct a special audit on PhilHealth, which he has been pushing for in response
to the controversies that emerged in recent months. He urged COA to include the Interim Reimbursement Mechanism being used by PhilHealth to settle claims on Covid-19 cases by health facilities to determine if the process is fair and aboveboard, recalling that “numerous allegations have been made about how PhilHealth seems to be favoring some facilities over others, including those that do not even cater to Covid-19 patients.”
Fill gaps in IT—Villanueva
MEMBERS of the House of Representatives on Thursday asked the national government to now step in so that the much needed upgraded in the insurance agency’s information technology (IT) system will be procured the soonest. Citizens’ Battle Against Corruption (Cibac) Party-list Rep. and Deputy Speaker Bro. Eddie Villanueva said an upgraded IT system will save payments and disbursements of PhilHealth funds at the mercy of “conniving corrupt officials.” “We demand that those who will be found liable of pocketing public funds must be held accountable and penalized. However, we appeal to the government to intervene, at the same time, in order to pursue the procure-
ment of the needed information technology which was previously stalled after being found to be grossly overpriced,” he added. “It is apparent from the proceedings of the investigations that an improved IT is very much crucial to deter and prevent fraudulent claims in the future,” Villanueva said in a statement. “I think upgrading and capacitating its information technology system is crucial,” he added. “The government can either direct PhilHealth Board of Directors to procure it now while closely ensuring adherence to procurement laws or let other agencies, like the Procurement System of the DBM, do it for PhilHealth. Unless we institute systemic reforms in PhilHealth now, its funds will always be exposed and vulnerable to fraud and stealing,” added the Cibac lawmaker.
Excess payment
IN a separate statement, Marikina Rep. Stella Luz Quimbo, an economist, estimated that the extent of fraud relating to excess pneumonia payments is estimated at P15.4 billion from 2014 to 2018. “The extent of fund leakages due to fraudulent PhilHealth claims for pneumonia, whether due to
continued from a8
ghost claims [claiming against PhilHealth for non-existent pneumonia patients] or upcasing [such as claiming for pneumonia for patients with only the common cough and cold], is estimated at 3.6 billion pesos for 2018 [alone],” she said. “This amount, if not lost by PhilHealth, would have been sufficient to fund hospital admissions for PhilHealth’s total projected Covid-19 cases for 2020.” In 2018, Quimbo said the number of PhilHealth claims for pneumonia reached 757,266, which is 253,382 more than the estimated number of pneumonia patients based on DOH morbidity data. On average, she said PhilHealth paid P14,445 per claim in 2018, hence, the value of ghost and upcased claims is estimated at P3.6 billion in 2018. “It’s about time that health insurance professionals manage the fund. We cannot rely on learning by doing when it comes to managing a social health insurance fund that receives subsidies and premium contributions from government employees of close to P100 billion every year. If this does not work, government should begin to consider privatizing the fund management,” she added. Butch Fernandez, Jovee Marie N. Dela Cruz
UN agencies, BARMM govt give doles to at-risk folk continued from a8
The program will focus on three key interventions, including mainstreaming risk-informed, shock-responsive social protection in the Bangsamoro Development Plan (BRDP); building capacity of BARMM institutions to analyze and monitor both natural and humaninduced risks and improve synergy and; improving the poverty registry system to include risk and hazard vulnerability assessments, predictive analytics, inclusive targeting and effective monitoring. “To ensure sustainability and ownership of this Joint Program, it shall also maximize the potential to leverage the regional government’s own financing—$64 million and 5 percent of the net national internal revenue as annual block grant—and develop recommendations to unlock institutional funding bottlenecks on budget allocation, beneficiary enrollment and payments from ongoing loan financing of other development partners such as World Bank and Asian Development Bank to
the CCTs,” the UN explained. In BARMM, UN said social protection programs lack data, coverage, capacity, cultural context and coherence with Social Protection, Disaster Risk Reduction and humanitarian policy at the national and regional levels. The current poverty registry also does not include risk and hazard vulnerability assessments for inclusive targeting and effective monitoring. In a statement, UN said 74.3 percent or 108,600 of families were considered poor in the BARMM in 2018, according to the Philippine Statistics Authority (PSA). UN said conf lict, natural disasters and the Covid-19 pandemic have the potential to push them deeper into poverty. For example, child poverty in the region is the highest in the country at 68 percent. Almost 1.3 million children in BARMM live in poverty, around 7 out of 10 children (2018 PSA basic sector poverty report). During the Covid-19 pandemic, some families were excluded from the SAP.
Editor: Angel R. Calso
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China’s days as world’s factory are over, IPhone maker declares
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key supplier to Apple Inc. and a dozen other tech giants plans to split its supply chain between the Chinese market and the US, declaring that China’s time as factory to the world is finished because of the trade war. Hon Hai Precision Industry Co. Chairman Young Liu said it’s gradually adding more capacity outside of China, the main base of production for gadgets from iPhones to Dell desktops and Nintendo Switches. The proportion outside the country is now at 30 percent, up from 25 percent last June. That ratio will rise as the company—known also as Foxconn—moves more manufacturing to Southeast Asia and other regions to avoid escalating tariffs on Chinese -made goods headed to US markets, Liu told reporters after his company reported financial results. “No matter if it’s India, Southeast Asia or the Americas, there will be a manufacturing ecosystem in each,” Liu told investors on a conference call, adding that while China will still play a key role in Foxconn’s manufacturing empire, the country’s “days as the world’s factory are done.” Foxconn said in a statement on Thursday that, contrary to “inaccurate media reports,” management’s comments during the call did not refer to any specific companies, facilities or products, and were intended to reflect macroeconomic and industry trends. Intensifying trade tensions between Washington and Beijing have pushed device manufacturers to diversify their production bases away from China, and Liu last year said that Apple’s most prized product, the iPhone, can be made outside China if needed. The two nations remain in trade talks, but Liu’s comments affirm a growing expectation that the China-centric electronics supply chain will fragment over the longer term. The Taiwanese company reported better-thanexpected net income of NT$22.9 billion ($778 million) for the quarter ended in June, a period that saw increased demand for iPads and MacBooks. Revenue was NT$1.13 trillion, but Hon Hai warned it expects its third-quarter sales will be down by double digits relative to 2019. Apple is expected to delay its iPhone launch this year. Hon Hai is bouncing back from a record profit slump in the first quarter as production at its factories
recovered and shelter-in-place orders spurred demand for home computing equipment. The pandemic likely boosted iPad and Mac sales, even as Apple store closures weighed on iPhone sales, Apple CEO Tim Cook said on July 31 after reporting quarterly revenue that crushed estimates. Apple accounts for half of Hon Hai’s sales. Even as Apple outperformed, Hon Hai’s other customers have fared less well. Hong Kong-listed subsidiary FIH Mobile Ltd. said in its Aug. 7 earnings release that while Huawei Technologies Co.’s new phones have been popular in China, they missed expectations elsewhere following US sanctions. Another key customer Xiaomi Corp. suffered a backlash in the Indian market amid growing tensions between China and the South Asian country. FIH lost $100 million in the first half. Foxconn has been shaking up its traditionally China-focused operations. Hon Hai is among Apple assembly partners that plan to expand operations in India, potentially helping the iPhone maker grow its presence in the country of 1.3 billion and shift some of the US company’s supply chain outside of China as ties between Washington and Beijing fray. Chinese rivals are also posing a growing challenge. Local electronics titan Luxshare Precision Industry Co. is poised to become the first Chinese homegrown iPhone assembler after sealing a deal in July to buy an Apple handset production plant from Wistron Corp. While Hon Hai will keep assembly orders for premium iPhones, Luxshare will eat into the business for mid-toentry-level Apple handsets, Fubon Securities analyst Arthur Liao wrote in a July 23 note. Foxconn will work on its component business to maintain tech leadership and it also benefits from its long-term relationship with Apple, Liu said in response to several analysts’ questions about Foxconn’s competitive strategy against the rising Chinese supplier. Orders could be further affected after President Donald Trump issued an executive order barring US residents from doing business with Tencent Holdings Ltd.’s WeChat. Annual iPhone shipments could plunge 25 percent-30 percent if Apple is forced to remove the app from its app stores worldwide, TF International Securities analyst Kuo Ming-chi warned in an August 9 note. Bloomberg News
Mexico, Argentina to produce AstraZeneca Oxford vaccine
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e x ico and A rgentina have reached agreements to produce the UK drugmaker AstraZeneca Plc’s promising Covid-19 vaccine for Latin America, the nations’ governments said. The countries will make 150 million to 250 million initial doses of the potential Covid-19 vaccine designed by scientists at the University of Oxford after the required trials, Argentine President A lber to Fer nandez and Mexican Foreign Minister Marcelo Ebrard said in messages on Twitter on Wednesday night. Billionaire Carlos Slim’s foundation is helping finance the plan, Ebrard said. The goal is to produce the vaccine as of the first half of next year,
and there will be no profits from it during the pandemic, Fernandez said in his statement following a meeting with representatives of AstraZeneca. His health minister said Argentina will prioritize getting the vaccine to the elderly, medical professionals and people with pre-existing conditions. Ebrard said that he will give more details early Thursday, along with Andres Manuel Lopez Obrador’s health minister. AMLO, as the president is known, often has cabinet officials join him at his morning news conference. Mexico is third in the world in confirmed Covid-19 deaths with more than 53,000, trailing only Brazil and the US, and Latin America accounts for half of the 10 countries with the most cases globally. Bloomberg News
Singapore finds virus in cleared worker dorm, 800 quarantined
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bout 800 migrant workers have been quarantined after a case of Covid-19 was discovered in a dormitory that had been cleared, Singapore’s Ministry of Health said in a statement. Singapore earlier this week said it was “actively monitoring the dormitories to manage the risk of new outbreaks,” as there had been instances where new cases were discovered at previously cleared dorms. The discoveries could mark a setback for the country that this week said all its workers’ dorms have been cleared of infections. This paves the way for the majority of these laborers to return to work by the end of the month. Migrant
workers, who live in cramped quarters, have accounted for the vast bulk of Singapore’s confirmed Covid-19 cases, sparking questions about how the wealthy city-state treats these low-paid foreigners. Singapore is cautiously reopening after locking down most activities in a two-month “circuit breaker” designed to halt the spread of the virus. Schools have reopened, masks are mandatory, and restaurants are back to business. Yet life isn’t fully back to normal— gatherings are generally limited to five people, large events have been canceled and international travel restrictions mean Singapore’s jewel of an airport is largely empty. Bloomberg News
Friday, August 14, 2020
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UN chief: Pandemic threatens peace and risks new conflicts
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NITED NATIONS—UN Secretary-General Antonio Guterres warned on Wednesday that the Covid-19 pandemic not only threatens gains in fighting global poverty and building peace but risks exacerbating existing conflicts and generating new ones. The UN chief told a Security Council meeting on the challenge of sustaining peace during the pandemic that his March 23 call for an immediate cease-fire in conflicts around the world to tackle the coronavirus led a number of warring parties to take steps to de-escalate and stop fighting. “Yet, regrettably, in many instances, the pandemic did not move the parties to suspend hostilities or agree to a permanent ceasefire,” Guterres said. His predecessor as secretarygeneral, Ban Ki-moon, told the council: “It is truly astonishing that in response to this pandemic, the world has placed billions of people under lock-down, closed international borders, suspended trade and migration, and temporarily shut down a whole variety
of industries—but has not managed to suspend armed conflicts.” Ban criticized the UN Security Council for wasting valuable months “in arguments over the details of the text” and not adopting a resolution until July 1 demanding an “immediate cessation of hostilities” in key conflicts including Syria, Yemen, Libya, South Sudan and Congo to tackle Covid-19. “This has weakened the message that this council needs to send to all warring parties: now is the time to confront our common enemy,” Ban said. And he said delayed council action “ further aggravated the current volatile global security situations.” “The impact of Covid-19 on conflict-affected settings has been much worse than initially thought,”
said Ban, who is a co-chair of the group of prominent world leaders founded by Nelson Mandela known as The Elders. He pointed to health and humanitarian ramifications, social cohesion, governance, the rule of law and threats to multilateralism which are jeopardizing ongoing efforts to sustain peace, “or may even cause a reversal in hard-won peace and security gains to date.” While governments try to confront the pandemic, some groups have seen an opportunity to ramp up violence, Ban said, citing as examples Boko Haram and other militants in Nigeria, growing mob violence in Congo and murders by drug cartels in Mexico. He also warned that the economic impacts of the pandemic “will be both long-lasting and severe, with ripple effects for many fragile and conflict-affected states.” As examples, Ban said Lebanon’s political and economic crisis, exacerbated by last week ’s dead ly e x plosion at B ei r ut ’s port, is being compounded by Covid-19’s impact on two key money- ea r ners, tou r ism a nd trade, while Iraq’s budget is being stretched thin because of the collapse in oil prices. Secretary-General Guterres said the pandemic has raised growing questions about the effectiveness of health systems, social services,
trust in institutions and systems of governance. “All of this means that our commitment to sustaining peace is more urgent than ever,” he said. Guterres pointed to three key dangers: erosion of public trust, destabilization of the global economic order, and weakening of “the social fabric.” “The perception that authorities are mishandling the crisis, or not being transparent or favoring political allies can lead to public disillusion in government and its institutions,” he said. The UN chief also warned that “without concerted action, inequalities, global poverty and the potential for instability and violence could grow for years.” While there have been many peaceful protests, Guterres said, “in a number of countries, Covid-19 has been an excuse for harsh crackdowns and a spike in state repression.” Guterres stressed the importance of leadership. “The world is looking to all leaders—including the council—to address this epic crisis in ways that make a concrete, meaningful and positive contribution to the lives of people,” he said. Guterres called for all sectors of society to engage in building peace and preventing and ending conflicts. AP
Companies test antibody drugs to treat and prevent Covid-19
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ith a coronavirus vaccine still months off, companies are rushing to test what may be the next best thing: drugs that deliver antibodies to fight the virus right away, without having to train the immune system to make them. Antibodies are proteins the body makes when an infection occurs; they attach to a virus and help it be eliminated. Vaccines work by tricking the body into thinking there’s an infection so it makes antibodies and remembers how to do that if the real bug turns up. But it can take a month or two after vaccination or infection for the most effective antibodies to form. The experimental drugs shortcut that process by giving concentrated versions of specific ones that worked best against the coronavirus in lab and animal tests. “A vaccine takes time to work, to force the development of antibodies. But when you give an antibody, you get immediate protection,” said University of North Carolina virologist Dr. Myron Cohen. “If we can generate them in large concentrations, in big vats in an antibody factory...we can kind of bypass the immune system.” These drugs, given through an IV, are believed to last for a month or more. They could give quick, temporary immunity to people at high risk of infection, such as health workers and housemates of someone with Covid-19. If they proved effective and if a vaccine doesn’t materialize or protect as hoped, the drugs might eventually be considered for wider use, perhaps for teachers or other groups. They’re also being tested as treatments, to help the immune system and prevent severe symptoms or death. “ The hope there is to target people who are in the first week of their illness and that we can treat them with the antibody and prevent them from getting sick,” said Dr. Marshall Lyon,
In this May 2020 photo provided by Eli Lilly, researchers prepare cells to produce possible Covid-19 antibodies for testing in a laboratory in Indianapolis. Antibodies are proteins the body makes when an infection occurs; they attach to a virus and help it be eliminated. David Morrison/Eli Lilly via AP
an infectious disease specialist helping to test one such drug at Emory University in Atlanta. Having such a tool “would be a really momentous thing in our fight against Covid,” Cohen said. Vaccines are seen as a key to controlling the virus, which has been confirmed to have infected more than 20 million people worldwide and killed more than 738,000. Several companies are racing to develop vaccines, but the results of the large final tests needed to evaluate them are months away. Russia on Tuesday approved a vaccine that hasn’t undergone such a test, sparking international concern that it was cutting corners. The antibody drugs are “very promising” and, in contrast, could be available “fairly soon,” said Dr. Janet Woodcock, a US Food and Drug Administration official who is leading government efforts to speed Covid-19 therapies. Key studies are underway and some answers should come by early fall. One company, Eli Lilly, has already started manufacturing its antibody drug, betting that studies now underway will give positive results. “Our goal is to get something out
as soon as possible” and to have hundreds of thousands of doses ready by fall, said Lilly’s chief scientific officer, Dr. Daniel Skovronsky. Another company that developed an antibody drug cocktail against Ebola—Regeneron Pharmaceuticals Inc.—now is testing one for coronavirus. “The success with our Ebola program gives us some confidence that we can potentially do this again,” said Christos Kyratsous, a Regeneron microbiologist who helped lead that work. Regeneron’s drug uses two antibodies to enhance chances the drug will work even if the virus evolves to evade action by one. Lilly is testing two different, single-antibody drugs—one with the Canadian company AbCellera and another with a Chinese company, Junshi Biosciences. In July, Junshi said no safety concerns emerged in 40 healthy people who tried it and that larger studies were getting underway. Others working on antibody drugs include Amgen and Adaptive Biotechnologies. The Singapore biotech company Tychan Pte Ltd. also is testing an antibody drug and has similar products in development for
Zika virus and yellow fever. “I’m cautiously optimistic” about the drugs, said the nation’s top infectious diseases expert, Dr. Anthony Fauci. “I’m heartened by the experience that we had with Ebola,” where the drugs proved effective. What could go wrong? n The antibodies may not reach all of the places in the body where they need to act, such as deep in the lungs. All the antibody drugs must make their way through the bloodstream to wherever they’re needed. n The virus might mutate to avoid the antibody—the reason Regeneron is testing a two-antibody combo that binds to the virus in different places to help prevent its escape. Skovronsky said Lilly stuck with one antibody because manufacturing capacity would essentially be cut in half to make two, and “you will have less doses available.” If a single antibody works, “we can treat twice as many people,” he said. n The antibodies might not last long enough. If they fade within a month, it’s still OK for treatment since Covid-19 illness usually resolves in that time. But for prevention, it may not be practical to give infusions more often than every month or two. A San Francisco company, Vir Biotechnology Inc., says it has engineered antibodies to last longer than they usually do to avoid this problem. GlaxoSmithKline has invested $250 million in Vir to test them. Giving a higher dose also may help. If half of antibodies disappear after a month, “if you give twice as much, you will have two months’ protection,” Lilly’s Skovronsky said. n The big fear: Antibodies may do the opposite of what’s hoped and actually enhance the virus’s ability to get into cells or stimulate the immune system in a way that makes people sicker. It’s a theoretical concern that hasn’t been seen in testing so far, but large, definitive experiments are needed to prove safety. “As best as we can tell, the antibodies are helpful,” Lyon said. AP
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Friday, August 14, 2020 • Editor: Angel R. Calso
Opinion
BusinessMirror
www.businessmirror.com.ph
editorial
No end in sight
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Except for the Sputnik V vaccine that Russia registered on Tuesday, there is currently no vaccine to prevent Covid-19. Therefore, the best way to prevent illness is to avoid being exposed to the virus by practicing social distancing, wearing face mask, and frequent washing of hands. All over the world, governments were forced to limit public movement and close businesses in a bid to slow the spread of Covid-19. This has had a devastating impact on the poor. The United Nations has said that up to 265 million people could face starvation by the end of the year because of the impact of Covid-19. To put the suffering of people in poor countries in perspective, even a $2 trillion relief package in the US hasn’t provided an adequate safety net for Americans. The World Bank has announced some $160 billion for key Covid-19 interventions in the world’s poorest countries. In Pakistan, for example, the WB is providing $25 million in emergency cash transfers for up to 4 million people under the national safety net. This additional assistance will help prevent negative coping strategies, such as reducing food consumption or selling vital assets, and help protect human capital. A further $12 million will finance delivery of basic food supplies to 40,000 persons who are quarantined or have limited mobility for a period of six months. The pandemic has also worsened global hunger incidence. By the end of this year, about 265 million people could go hungry, said Arif Husain, chief economist at the World Food Program, a United Nations agency. Altogether, millions more could be pushed to the brink of starvation. On Wednesday, UN Secretary-General Antonio Guterres warned that the Covid-19 pandemic not only threatens gains in fighting global poverty and building peace but also risks exacerbating existing conflicts and generating new ones. Guterres pointed to three key dangers: erosion of public trust, destabilization of the global economic order, and weakening of the social fabric. “The perception that authorities are mishandling the crisis, or not being transparent or favoring political allies can lead to public disillusion in government and its institutions,” he said. The UN chief also warned that “without concerted action, inequalities, global poverty and the potential for instability and violence could grow for years.” While there have been many peaceful protests, Guterres said, “in a number of countries, Covid-19 has been an excuse for harsh crackdowns and a spike in state repression.” Guterres stressed the importance of leadership. “The world is looking to all leaders—including the council—to address this epic crisis in ways that make a concrete, meaningful and positive contribution to the lives of people,” he said. In the Philippines, the ball is in the hands of Congress tasked to pass the second version of the Bayanihan Law to speed up the country’s recovery from the Covid-19 pandemic. The intended beneficiaries, including distressed sectors and small businesses, are struggling to survive. Congress must craft effective social protection systems that are crucial to safeguarding the poor and vulnerable in these times of crisis. Since 2005
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he coronavirus continues to spread globally, with more than 20 million confirmed cases in 188 countries. More than 700,000 people have lost their lives. Sadly, countries that initially succeeded in suppressing the outbreaks are now seeing infections rise again. There is no sign that the situation is improving. Experts said no matter what happens now, the virus will continue to circulate around the world.
Expose the PhilHealth corruption Rev. Fr. Antonio Cecilio T. Pascual
SERVANT LEADER
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rothers and sisters, amid the current crisis we are experiencing, there’s wisdom in the saying: Health is wealth. Be that as it may, if the allegations being thrown at the officials of PhilHealth are true, they are piling their personal wealth by denying Filipinos their rightful health benefits.
PhilHealth has a long list of alleged corruption activities. In 2015, the former interim president of the corporation spent over half a million on flights and accommodations. When questioned by the Commission on Audit, the aforementioned president said that PhilHealth didn’t have a service apartment that he badly needed in his work. In 2018, a blatant abuse of power and authority by those who run the corporation pushed PhilHealth’s staff to conduct a prayer vigil. In the past year, the issue of “ghost patients” in dialysis emerged, wherein PhilHealth released funds for beneficiaries who are already dead.
PhilHealth funds should be used for the health and wellbeing of millions of Filipinos. But are PhilHealth officials pocketing billions in taxpayers’ money? This is the question buried in the controversies that is confronting the agency. The situation gets worse with the new issues raised by former PhilHealth officials and employees. According to Atty. Thorrsson Montes Keith, former antifraud legal officer of PhilHealth, his investigation showed that P15 billion have been stolen from the agency. He called the members of PhilHealth’s executive committee, who seemed to have been pocketing money from the corporation, the “mafia.”
During the Senate hearings in the past week, one senator questioned PhilHealth for releasing P231 million for 48 dialysis centers and four maternity clinics through the P30 billion Interim Reimbursement Mechanism, a special fund for hospitals that care for persons with Covid-19. The senator added that the process of releasing the funds was suspiciously hastened, especially when it wasn’t intended for these patients. Aside from this, there is the PhilHealth information technology project that costs billions. The corporation allegedly purchased P3 million worth of network switches, with a market value of only P60,000. The COA sifted through a lot of overpriced items in the said project, involving millions that could have been spent for the health benefits of PhilHealth members. It is emphasized in the Catholic social teaching that corruption brings about great harm to our democratic system. It contradicts not only our moral principles, but also our standards for social justice as well. Corruption destroys the people’s trust in institutions, and this pushes the people to lose interest in supporting the government. In the end, this would lead to the weakening of insti-
tutions and become obstructions in the active participation of the people in nation building. Amid the suffering of our people, including those who perished and those who got sick because of the pandemic, PhilHealth must clear these corruption allegations. Where are the funds intended for its members? Who must be accountable? Will the missing funds be returned? The answers to these questions are needed if PhilHealth wants to regain the trust of the people. The issue involved here is of utmost importance—it is about the health and wellbeing of Filipinos. Brothers and sisters, like how the book of Timothy 6:10 reminds us, “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs.” Amid all the controversies enveloping PhilHealth, we hope that truth, justice, and the common good will ultimately prevail.
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Recessions lead people to make big money mistakes
By Erin Lowry | Bloomberg Opinion
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fter relishing one the longest bull markets in history, millions of millennials and young investors, myself included, are getting our first real taste of a severe recession—a scenario that often leads to costly, knee-jerk financial decisions. A global pandemic has made it unclear when routine socializing and in-person events can continue, dealing a devastating blow to many industries. Even a $2 trillion relief package in the US hasn’t provided an adequate safety net. Not to even mention the double-digit unemployment numbers we’re seeing. It’s a safe bet to say the aftershock of the Coronavirus Recession will rival, if not outpace, that of the Great Recession. And for those of us fairly fresh to managing such a downturn, it’s critical to know which mistakes to avoid. For this insight, I turned to the expertise of eight certified financial planners. Here are the worst money moves they’ve witnessed clients make in a recession. Stop contributing to retirement plans. A common misstep among investors of all ages is to panic about the market downturn and press pause on investing, including on recurring contributions to retirement plans. Before you make any changes to your asset allocation, or even consider withdrawing funds, it’s important to consider what your goal and investment strategy is, advises Inga Timmerman, an associate pro-
fessor of finance at California State University Northridge and owner of Attainable Wealth. “If you are 35 years old, there is no need to change your investment allocation in a retirement account you cannot touch until 60,” says Timmerman. “If you decide to make the portfolio more conservative, make sure you have a plan — an exact plan — on when to come back, rather than a general idea of when the market starts to recover, as it is impossible to know that.” Move investments to cash. As a self-employed person, my income got rocked in March and April due to the pandemic. Speaking engagements were cancelled and media companies began to freeze freelance budgets. A typically bullish investor, I admittedly had a moment of panic about not having strong enough cash reserves. Thankfully, I left well enough alone and was rewarded when the market bounced back. But many people don’t stay put. Lauren Anastasio, a certified financial planner at the company SoFi, told me about a man who was advised by a broker to sell out of his portfolio. The investor was in his early 60s and
sold at the bottom of the market in March. He didn’t reinvest the money, so he missed out on the rebound and has about 25 percent less than if he had simply stayed invested. Most planners have some version of this tale. Instead of moving money from your brokerage to your paltryinterest-rate bank account, first consider rebalancing your investments to a more conservative portfolio. Focus on short-term returns. According to Helen Ngo, the CEO of Capital Benchmark Partners, clients tend to exacerbate their panic by focusing on their account’s quarterly or monthly statements, instead of evaluating the overall performance. “This was very evident in March and April when they received their quarterly statements and saw a 20% drop in their accounts,” she says. “Had they looked at their performance since inception, it’s not so bad.” She advises clients to keep in mind what type of account they have and the accompanying time horizon. “If it’s a five-plus year time horizon, a recessionary period is an opportunity to capitalize on cheaper investments and lower interest rates if you are looking to borrow money,” says Ngo. That being said, it’s important not to be overly bullish on borrowing. Borrow to invest in the stock market. In an effort to assuage the public’s fears, money media personalities and personal finance experts alike will push the mantra of a reces-
sion being a “fire sale” on stocks or a chance to snag cheap real estate. There is of course some truth to this sentiment, but it’s not a reason to over-leverage yourself. It’s often a mistake to take out a home equity loan, high-interest personal loans or use cash advances from credit cards to try and capitalize on the down market, advises Nikki Dunn, CFP and founder of She Talks Finance. Dunn tells clients that if we’re in a recession, then asset prices, including a home, can decline, plus the security of your job could be in question. “Leveraged investing can make sense for those in a strong financial position [e.g., maintains liquidity, does not carry high-interest debt and has reliable income], but borrowing money at 10 to 15-plus percent because you think you can double your money is highly inadvisable,” says Anatasio. The focus on ramping up risk instead of de-risking investments is also a move that may be unique to this recession, says Maureen Wright, a financial advisor with Savant Capital Management, because there is access to investment tools and technology (e.g., micro-investing apps and fractional shares) that wasn’t available during the 2008-2009 recession. Focus on aggressive debt repayment. Planners also advise against using up or reducing your cash resources in order to pay debt faster See “Recessions,” A7
Opinion
BusinessMirror
www.businessmirror.com.ph
Markets are fixated on the wrong bogeyman
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There’s little sign of a meaningful spurt in consumer prices, even after five months of unparalleled easing in fiscal and monetary policy to combat the pandemic. Not that you’d know it from some market commentary. Believers in a looming inflation spiral cite gold’s almost daily records and a slide in the dollar. Inflation expectations as measured by the US 10-year breakeven rate have risen by more than a percentage point to 1.6 percent from a 12-year low in March. The Federal Reserve has contributed to the zeitgeist with its insistence that it isn’t even thinking about raising interest rates, amid signs the economic recovery will be unimpressive enough to warrant further stimulus. It may all prove another false dawn. Bumps in consumer prices across Asia last month don’t disrupt the essential story of the past decade: Inflation just isn’t firing and remains significantly below the modest targets of around 2 percent typically set by central banks. The crushing of economic growth by Covid-19 has exacerbated this phenomenon, notwithstanding vigorous stimulus from budgets, steep cuts in borrowing costs and the re-emergence of quantitative easing. The collapse in global demand is more powerful than a runaway printing press. If there is a runaway train approaching, it’s impossible to discern in the figures yet. Consumer prices in Tokyo, usually a leading indicator of Japan’s national numbers, rose 0.4 percent in July, the government said on August 4. That’s up from 0.2 percent the past two months and above the 0.1 percent advance forecast by economists. Separate numbers showed Japan’s monetary base rose almost 10 percent from a year earlier. Neither changes the overall picture that inflation will be hard pressed to reach even half the Bank of Japan’s 2 percent target within three years. The same day in South Korea, the national statistics office said inflation picked up to 0.3 percent last month. That’s better than June’s zero and May’s negative readings, and consistent with signs the economy is brightening. But it’s well below the Bank of Korea’s 2 percent goal. Inflation believers might have found a fillip in Chinese data released on Monday that showed consumer
Recessions. . . continued from A6
than required. In a recession, it’s best to stick to the minimum payment due. “Once you have made those debt payments, that money is gone. Hold onto savings in case they are needed in the event that you lose income,” says Samantha Gorelick, a CFP at Brunch & Budget. If the debts accumulate and get to an overwhelming place, however, then it’s important to seek help. Not seeking assistance. “One of the biggest mistakes is not consulting a bankruptcy attorney if you’re struggling with debt,” says Liz Weston, a planner and columnist for NerdWallet. “People continue to try to pay their bills long past the point where they should have thrown in the towel, or they try to settle their debts when those debts could be legally erased.” Weston points out that right now people have unprecedented access to forbearance programs from lenders, which can buy you more time to pay back debt. But if you’re making a bankruptcy decision, speaking to an attorney can help you emerge from it in the best shape possible. Make panicked choices instead of proceeding slowly. One of the most painful parts of the pandemic and
prices climbed 2.7 percent from a year earlier. Massive flooding that forced food prices up is the culprit, though, rather than virus-induced choke points. A peek at the core index, which excludes such volatile measures, shows China’s inflation is the lowest in a decade. If Indonesia doesn’t give inflation hawks pause, it’s hard to imagine what might. The republic committed the ultimate heresy in the eyes of hard-money types when the central bank agreed to monetize government debt. In normal times, this would have investors running for the exits, given monetization is supposed to rob authorities of inflation-fighting zeal. But these aren’t normal times. Indonesian inflation was the lowest in two decades in July. Far from plunging, the country’s bonds were Asia’s top performers last month and third among 47 global markets. The odds that US inflation will exceed 2.5 percent, assumed to be the Fed’s tolerance threshold, aren’t trivial, say economists at Cornerstone Macro Llc. in Washington. Yet deflation remains far more likely. Only once in the 46 years that Cornerstone tracked was deflation a greater specter than it is today, and that was for a brief interlude during the global financial crisis. So what if inflation does genuinely spike, as opposed to merely picking itself back up off the floor? The cost of allowing prices to overshoot is nothing compared to the misery that will be inflicted if this wrenching slump is allowed to linger. That means the onus is on those who argue that inflation is the danger to prove their case. In 2010, in the aftermath of the Great Recession, a group of economists, academics and money managers sent an open letter to then Fed Chairman Ben Bernanke warning that the central bank’s quantitative easing program risked inflation and currency debasement. It didn’t happen. Having cried wolf too loudly then, such voices should be treated with caution this time around. Ultra-accommodative monetary policy and a bias toward slow draining of fiscal waters are warranted. If and when the inflation bogeyman finally arrives, it may seem like a good problem to have. quarantine is this pervasive feeling of the unknown. We want so desperately to revert back to “normal” and feel some semblance of control. “The biggest advice I give people in uncertain times is to take all of the things going on in your head and write them down,” says Jude Boudreaux, a senior financial planner with The Planning Center. Writing all of my concerns down did help me assess them more objectively. These included earning a variable and volatile income, living in an expensive area and having an enormous medical bill if my husband or I needed to be hospitalized due to Covid or any another health issue. Even though we have decent health-care coverage, it often feels we’re one medical issue away from major debt—and the same is true for many American families. Getting these worries out of my head allowed me to model budgets for various situations. I also reduced the salary I pay myself in order to ensure my business reserves could last longer if it took a while to rebuild my income streams. Forget about history. While no two recessions are alike, it is critical to remember that market downturns are a normal part of economic growth. The Great Recession was followed by the longest bull market run in history that bore witness to new all-time highs for the Dow Jones Industrial Average.
A7
Who is the indigene?
By Daniel Moss | Bloomberg Opinion
ith gold above $2,000 and central banks flooding the world with cash, the prospect of surging inflation is again starting to exert a grip on the minds of investors. Concern is premature: Deflation remains the bigger threat.
Friday, August 14, 2020
Tito Genova Valiente
annotations
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here is an International Day of the World’s Indigenous Peoples. It was this Sunday, August 9, 2020. But who compose the indigenous communities? Who is the indigene? How do I celebrate the International Day of the indigene?
Three questions. Three contentious issues. Three difficult definitions. According to the Intergovernmental Platform on Biodiversity and Ecosystem Services (IPBES), the United Nations body for Biodiversity, “Indigenous peoples and local communities are, typically, ethnic groups who are descended from and identify with the original inhabitants of a given region, in contrast to groups that have settled, occupied or colonized the area more recently.” Following the data from the International Institute for Sustainable Development (IISD), indigenous peoples are further defined as “arguably among the most disadvantaged and vulnerable groups of people in the world.” With this in mind, it was recognized that laws and other measures be enacted with the aim of not only maintaining the distinct cultures of the said communities but also protecting the rights of the indigene. Before any actions could be done to assist the indigenous communities, international communities agreed that the awareness of the needs of these peoples should be raised. Thus in 1982, the 9th of August was chosen to be the annual International Day of the World’s Indigenous Peoples. The day commemorates and recognizes the first meeting of the UN Working Group on Indigenous Peoples held in Geneva, Switzerland. From the World Bank also comes the information that indigenous peoples and local communities make up 5 percent of the world’s population but protect 81 percent of the world’s biodiversity. The most threatened human group is the same society that, without their knowing it from the
perspective of the outside experts, eventually works to counter the destruction of the world we live in. Without formal education, the indigene relies on what we term as “local knowledge” to solve difficulties posed by the ecology of their land. This know-how does not translate to actions that are received well by parties that have different designs on the vast resources seemingly at the disposal of the indigenous communities. Why am I belaboring these points? These are many reasons. First, I do not think most of us are ever aware that there is a day set aside for the indigenous communities. Second, I doubt if we see the said groups as subject, with access not only to education and other social resources. Third, I am of the belief that we do not believe human agency resides in the indigene. Examine how arbitrary the selection of the day to celebrate the day of the indigenous communities. What meaning is there in that day? It honors the “founding fathers” of the day set aside from the most persecuted communities in the world. We might say, these communities are so diverse we cannot pick a day that will favor one group over the other. Let us then choose a day selected by outsiders, by experts who can assess the values and virtues of the indigene not so much within their group but in the context of the development strategies we offer to them. The fact is the whole notion of indigeneity is suspect. The idea of purity of culture can be overrated and duplicitous. Let us not touch these communities because in their pristine state, they represent what we were before development? With
He made our day Manny F. Dooc
TELLTALES
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S a tough law enforcer, he was popularly known as “Dirty Harry,” but as a no-nonsense public servant, he was “Mr. Clean Government.” In his more than 60 years of public service, his name remained unsullied by any scandal and his conduct in office which spanned a lifetime had been nothing but exemplary. He may not be the greatest mayor Manila ever had, but his love for the city would be unsurpassed. Who among our government officials would give up the second half of his Senate seat and run to reclaim his old mayoralty post in his fair and beloved city? Only General Alfredo Lim, whose heart beats in unison with the residents of Manila. Lim was a Manilan through and through. He was born on December 21, 1929 in Manuguit, Tondo. When his father died early, the family was so poor that he was given up for adoption. He was brought to the Hospicio de San Jose, the oldest welfare institution in the country run by the Catholic nuns. He stayed there until his maternal grandmother claimed him some years later. It’s the home for the orphans, the abandoned and the elderly located in Isla de Convalencia beside the Pasig River, which can only be accessed through Ayala Bridge. Lim unsuccessfully ran for president. His days living in Hospicio de San Jose were the closest he ever got to Malacanang. He completed his elementary education in P. Gomez Elementary School in Sta. Cruz, Manila; his secondary education in FEU; and his degrees in Business Administration and Bachelor of Law in UE. He served as the
Superintendent of the Philippine National Police Academy and also served as both the Superintendent of the Northern Police District and the Manila Police District. After retiring from the PNP, he was appointed by President Cory Aquino as the Director of the NBI. General Alfredo Siojo Lim died on August 8, 2020 from complications caused by Covid-19. By quirk of fate, his death coincided with the anniversary of the establishment of the old Philippine Constabulary, the forerunner of the Philippine National Police, which he served with great distinction. Until his last breath, Lim wanted to be remembered with his old service unit. Lim was one of the most bemedalled police officers and one of the finest men to ever wear the police uniform. He was first elected as mayor of Manila in 1992 after his stint as the
the questions raised too difficult to adjudicate, we resign to romanticizing ignorance and poverty. In the meantime, we who are “outside the forests” ask: what separates us from the indigenous? Where did we come from? Do I not belong to local communities? Mobility both physical and social therefore creates non-indigene. Moving from the town or the small city to a metropolis does not only cut off one’s identity from the source but also generates a new origin. The definition offered above is threateningly normative and naïve, if not, hasty generalization of a very complex nomenclature. Instead of clarifying a concern, the label muddles the issue. It hides once more what developmental non-governmental organizations unknowingly manufacture out there in the field—a totalizing instrument easily a strategy for exploitation and abuse. Avoided in the definition is the aphoristic elephant in the room and that is this beast or being called authenticity. By definition, the indigene seems to be the only human
being in the world. Startling is that information from the World Bank about the indigenous communities as being so small but protecting a massive world territory. Certainly, that makes them the greatest citizen of any country where their lands are. With world biodiversity practically guarded by them, then the world is alright. Stewardship of the Earth is well and fine, and there is enough to spare, spend, and squander. Thus, I ask the most important question: if I am not indigenous, what am I? A statement on the day of the indigenous communities from the Indigenous Partnership for Agrobiodiversity and Food Sovereignty declares: “Defending the lands, languages and cultural practices of indigenous peoples and tackling the racism and injustices against them will lessen the outbreaks of future pandemics and manage climate change.” Thus, I claim: I am an indigene. Do the same thing to my communities.
Director of the National Bureau of Investigation. He served a total of 4 terms as a city mayor, the most number of terms served by any Manila mayor. He did not become the PNP Chief but he served as the Secretary of the Local Government under President Joseph Estrada. It was hailed as a nonpartisan appointment since Lim ran against Estrada for president, which the latter won. It reflected Lim’s outstanding qualifications for the position to be even considered by a political opponent for such a sensitive position. His life story was so inspiring that it was made into a movie at least four times, played no less by our country’s top actors. Lim, as the mayor of Manila, had been invited to attend anniversary events of the Insurance Commission more than once when I was its commissioner. The last event he attended was the fun run hosted by the Insurance industry before he finally left the City Hall. We were running side by side when we passed by the monument of the late publisher and columnist Max Soliven who had been Mayor Lim’s avid supporter. Never short of interesting anecdotes, Lim narrated to me that soon after the great journalist died, he approached Soliven’s widow, Mrs. Preciosa Soliven, to tell her of his plan to erect a monument in Max’s honor in the promenade along Roxas Boulevard. Lim asked her where she would like to have it built. Thinking for a second, Max’s widow said: “I like it to be constructed across the Aristocrat Restaurant in Malate. When asked why she had chosen that spot, Mrs. Soliven candidly replied, “Max and I
had a dinner date in Aristocrat Restaurant. After eating, we crossed Dewey Boulevard (the old name of Roxas Boulevard) to be close to the sea. That’s where we had our first kiss.” Before the police were professionalized, the police forces were under the control of the local executives who could hire and fire policemen. Lim was a young police officer then and was very close to Mayor Antonio J. Villegas. Unfortunately, Villegas lost in his bid for another reelection to then Congressman Ramon Bagatsing. On Bagatsing’s inauguration, Villegas and his family departed for the US to settle abroad. He was photographed boarding his flight with his loyal friend and police aide, officer Alfredo Lim, bidding him goodbye and executing his farewell salute. Bagatsing was offended by Lim’s gesture and “canned” Lim for all the years that Bagatsing was lording it over City Hall. “It takes a great deal of bravery to stand up to our enemies, but just as much to stand up to our friends.” True to his PNP motto, “To Serve and to Protect,” until his dying day, Lim had served his country and people well, particularly the downtrodden. He built hospitals to cater to the poor Manilans who could not afford adequate medical services, and founded the City College of Manila to ensure that destitute students of his city could have more educational opportunities. As a tough law enforcer, he was unique in that he respected the rule of law. And he expressed it in his own inimitable style: “The law applies to all, otherwise to none at all.” He made our day.
E-mail: titovaliente@yahoo.com
A8 Friday, August 14, 2020
Filipinos abroad join first digital platform for Retail Treasury Bonds
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By Bernadette D. Nicolas
@BNicolasBM
ILIPINOS working and living abroad were among investors who bought fiveyear Progreso Retail Treasury Bonds (RTBs) via the Philippines’s first digital platform that enables small investors to buy government securities using smartphones and other digital devices. The Bureau of the Treasury (BTr) said it was able to raise P48.2 million from the sale via the mobile
application (app) Bonds.PH. Small investors in the Philippines accounted for P46.46 million of the
total sales while a total of P1.95 million was invested by Filipinos in 24 countries. National Treasurer Rosalia V. de Leon said in a statement on Thursday small investors accounted for 80 percent of almost 3,000 transactions made through the Bonds. PH app that were for amounts of P10,000 and below. Filipinos in Singapore were the biggest subscribers to the RTBs via the app, buying a total of P710,000 in RTBs during the offer period. Meanwhile, Filipinos based in the United States and Qatar bought a total of P350,000 and P275,000, respectively. Australia-based Filipinos invested P100,000 in total followed by those living in France with P55,000 and the United Arab Emirates with P50,000 combined. Filipino expatriates in Switzerland, the Bahamas, Japan, Bah-
rain, Malaysia, United Kingdom, Denmark, Kuwait, Hong Kong Special Administrative Region, Italy, Spain, Cuba, Greenland, Guam, Hungary, Taiwan and Vietnam invested P40,000 and below in the bonds via the app. The BTr launched the app last July 16 in partnership with Union Bank of the Philippines and the Philippine Digital Asset Exchange. The BTr said the app was designed to make purchasing government bonds more convenient. The mobile app was downloaded almost 25,000 times with users located in 85 countries, de Leon added. After a simple verification process, users can easily cash in through the app, invest for as low as P5,000 and watch their investment grow, the BTr said. All in all, the BTr notched a record-high sale of five-year RTBs at
P516.3 billion over the three-week offer period from July 16 to August 7. The total issue size consisted of P488.5 billion in new subscriptions and P27.8 billion more from the bond exchange program. As with the BTr’s recent offerings, the online ordering facility via www.treasury.gov.ph/rtb was also made available. Proceeds from the RTB sale will be used by the government for its budgetary support for Covid-19 response and economic recovery plan, the BTr said. The Progreso Bonds were offered with a 2.625 percent fixed annual interest rate payable every quarter and a maturity date of August 12, 2025. Earnings from RTBs like the Progreso Bonds are relatively higher compared to bank time deposits that offer an average of 1.125 percent interest for the same five-year tenor, the BTr said.
PhilHealth IRM halted; senators to grill Duque on fund anomalies
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HE Philippine Health Insurance Corp. on Thursday announced it was suspending its Interim Reimbursement Mechanism (IRM), which lawmak-
ers in both chambers of Congress focused on this week as they investigated alleged anomalies in the agency. In a statement, the state in-
surer said the suspension would give it time to review its overall implementation, amid questions raised in parallel congressional hearings, and vowed ways to make
it “more responsive” to the need of members amid the Covid-19 pandemic. As this developed, senators are lining up questions for beleaguered Health Secretary Francisco Duque III when he finally appears on Tuesday before the ongoing Senate Committee of the Whole inquiry into the reported multibillion-peso corruption at PhilHealth. This, as Sen. Panfilo Lacson described Secretary Duque as the “big elephant that was not present in the room” at the Senate’s first two hearings of the Committee of the Whole looking into what Lacson described as “PhilHealth’s unbridled corruption.” Lacson added, “Hopefully we will see him Tuesday,” and stressed that it is “only appropriate that Secretary Duque address the senators’ queries, being the top man at PhilHealth. For instance, Lacson said senators are keen to know “who was present during the shouting match in their [PhilHealth’s] last board meeting that effectively
triggered these new controversies?” Lacson is keen to hear from Duque himself “why has he kept very quiet in spite of all the anomalies being openly discussed with so many unanswered questions involving highly questionable transactions by PhilHealth?” Lacson likewise listed “highly questionable transactions by PhilHealth in the procurement of IT equipment, IRM funds distribution and manipulation of the agency’s financial statement, which the Commission on Audit has red-flagged on top of recurring disallowances and suspension in billions of pesos year in year out.” Most important, Lacson wanted to know “what does he [Duque] intend to do or recommend to the President?”
Lack of transparency
IN a separate statement, Sen. Juan Edgardo Angara traced to “persistent lack of transparency and accountability” the financial mess at PhilHealth. Continued on A4
U.N. AGENCIES, BARMM GOVT GIVE DOLES TO AT-RISK FOLK By Cai U. Ordinario @caiordinario
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HE United Nations through the United Nations Children’s Fund (Unicef), Food and Agriculture Organization (FAO), and the government of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) will provide one-time emergency cash transfers to vulnerable families in the region. The Joint Programme funded by the Sustainable Development Goals (SDG) Fund, aims to strengthen the social protection system of BARMM to make it inclusive, able to forecast risks and quickly address needs in times of crises. UN Resident Coordinator in the Philippines Gustavo Gonzalez said the project already began in May with the Unicef extending P5,000 cash transfers per family to 1,000 families in Lanao del Sur who are not recipients of the government’s Conditional Cash Transfer (CCT) Program and the Social Amelioration Program (SAP).
Gonzalez said the FAO along with the BARMM government will also extend the same assistance to 1,800 farmers who did not get the SAP. “The Covid-19 crisis is not only a health and humanitarian crisis, but also a human crisis, an economic crisis and a development crisis, threatening the gains that the Philippines has made towards achieving the Sustainable Development Goals. To ensure that no one is left behind—a key guiding principle of the SDGs—governments should be able to establish a social protection system that is able to quickly and effectively aid people mostat-risk of the impact of disasters and emergencies,” Gonzalez said. The FAO and Unicef will work with the Bangsamoro government and its ministries, including the Bangsamoro Planning and Development Authority (BPDA), Ministry of Social Services. The program will be implemented for 24 months or between February 2020 and January 2022. Continued on A4
DA upbeat on full-year palay yield targets
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OLLOWING a 1.41-percent increase in palay output in the first half, the Department of Agriculture (DA) said it is confident that its full-year production target of a record 20.34 million metric tons (MMT) will be achieved. In a statement, Agriculture Secretary William D. Dar said the recovery posted by palay production in the second quarter is a “testament” to the fact that the effects of rice trade liberalization (RTL) law “are starting to bear fruit.” Preliminary Philippine Statistics Authority (PSA) data also showed that palay output in the second quarter rose by 7 percent to 4.125 MMT from 3.852 MMT recorded last year. “Our second quarter palay production of 4.125 million MT is a testament that reforms being instituted under the rice tariffication law are starting to bear fruit,” Dar said. “Barring adverse typhoons and natural disasters in the remaining months of the year, we expect a record palay output this year of 20.34 million MT, which is 8 percent higher than the 2019 production,” he added. Dar said the local rice sector “continues to exceed expectations despite challenges and the ongoing health crisis that we are facing, including other concerns, amid these challenging times.” “We are not complacent and, in fact, have been on our toes since last year when we assumed office,” he said. “All [rice supply] scenarios show comfortable levels of rice supply by the end of the year, which at best would be good for 98 days, and at worst, we would still have an ending stock good for 90 days,” he added. The BusinessMirror earlier reported that industry groups sounded the alarm that the impact of Rice Competitiveness Enhancement Fund (RCEF) is yet to be seen as palay output from January-to-June period was lower compared to 2018 and 2017, when additional rice production interventions like RCEF were absent. ( https://businessmirror.com. ph/2020/08/07/h1-palay-outputup-rcef-role-debated/) Palay output in the January-toJune period of 2017 and 2018 was at 8.569 MMT and 8.71 MMT, respectively, PSA data showed. The DA attributed the recovery in the second quarter production to farmers using more “good quality” seeds. Industry stakeholders noted, however, that dismal palay output in the second quarter last year was due to the adverse impact of El Niño on rice farms. Furthermore, despite initial RCEF interventions such as free high-yielding seeds, palay output in the second quarter was still lower than the 4.15 MMT recorded output in the Aprilto-June period of 2017, based on PSA data. The second quarter output was just also slightly higher than the 4.09 MMT output recorded in the same period of 2018, PSA data showed. Economist Pablito M. Villegas said the loss of rice harvest area of about 150,000 hectares last year could be a factor in the paltry performance of the rice sector in the first half. However, Villegas pointed out that the RCEF seed interventions may have mitigated somehow the detrimental impact of the shrinkage in total harvest area. “Producers respond to price signals and under the rice trade liberalization law, palay prices were depressed last year. It adversely affected farmers’ planting intentions for the first quarter and second quarter this year,” he told the BusinessMirror. “However, this could also be the initial impact of the RCEF seeds, the positive incremental output. Because somehow it was able to offset the dramatic decision of farmers not to plant this year,” he added. Jasper Emmanuel Y. Arcalas
Companies BusinessMirror
www.businessmirror.com.ph
Ayala Corp. H1 profits drop as lockdowns hit core units
A
By VG Cabuag
@villygc
yala Corp., Asia’s oldest conglomerate, said its net income in the first half plunged 79 percent to P7.9 billion, from last year's P37.83 billion, due to the devastating impact of the Covid-19 pandemic on its operations.
The company said its core businesses—from property development to power generation—were hit by the lockdowns. Its property development arm posted a sharp income decline, while the banking arm made a provision for loss. The company said the income fall was also the base effect of divestment gains in power and education booked
in the same period last year. It did not give details on its revenues. “Our group has taken advantage of the favorable debt market conditions to further solidify our balance sheet in these challenging times. Ayala Land, BPI, Globe and Manila Water are expected to raise $3 billion in combined proceeds from various
domestic and international capital raising exercises,” Ayala Chairman and CEO Jaime Augusto Zobel de Ayala said. “It is encouraging to see the strength of the Ayala brand translate to its continued ability to attract sizeable capital under the current environment,” he added. “While the health crisis has stifled the momentum of some of our businesses, we have started to see positive trends in the operations of BPI, Globe, and Ayala Land since the easing of quarantine restrictions in June,” Ayala President and COO Fernando Zobel de Ayala said. Ayala-owned listed firms Ayala Land Inc., Bank of the Philippine Islands (BPI), Globe Telecom Inc. and Manila Water Services Inc. all reported profit declines for the period, while Integrated MicroElectronics Inc. (IMI) posted a net loss. AC Energy registered a net income
of P4.5 billion, an 80-percent decline from P23.2 billion, which included gains from the partial divestment of its thermal assets. AC Industrials posted a net loss of P1.8 billion, as its main businesses in the global manufacturing industry and Philippine automotive space were significantly impacted by the global health crisis. IMI recorded a net loss of $21.5 million, from an income of $5.78 million last year, as revenues dropped 25 percent to $476.17 million, from $635.69 million mainly due to plant shutdowns in various operating regions, including the Philippines, China and Mexico where government mandated quarantine protocols were implemented. AC Motors incurred a net loss of P575 million on the back of overall low demand in the local automotive industry because of the health crisis, which limited the transportation sector throughout the period.
JG Summit incurs losses in H1 J
G Summit Holdings Inc., the holding firm of the Gokongwei group, on Thursday said it booked a net loss of P720.25 million in the first half, from last year's income of P17.39 billion. Its airline unit, Cebu Pacific Air, sustained heavy losses due to travel bans imposed by governments to contain the spread of Covid-19. Revenues fell 26 percent to P158.43 billion, from last year's P116.52 billion, the company said. JG Summit still managed to book core net income after taxes of P1.42 billion, which excludes non-operating and nonrecurring items. The figure, however, is 89 percent lower than last year’s P13.4 billion.
The company said this is primarily due to the significant decline in its airline business as well as in its petrochemicals business, which were heavily affected by the impact of virus outbreak. Revenues of food group Universal Robina Corp. (URC) were flat at P67.41 billion, from last year's P67.04 billion, despite the 35-percent growth in sugar business and 2-percent increase in branded consumer foods. Domestic sales rose, but sales from its overseas market fell 9 percent. URC’s net income for the first half grew 26 percent to P5.98 billion, from last year’s P5.31 billion. Cebu Pacific Air's revenues
plunged 61 percent to P17.33 billion for the period, from P44.7 billion last year. “The overall decline in revenues was brought about by the impact of the Covid-19 outbreak which started with the cancellation of flights to China, Hong Kong, Macau and South Korea in varying periods due to the imposition of travel restrictions,” it said. The carrier ended with a net loss of P9.14 billion for the period, a reversal of last year’s income of P7.14 billion. JG Petrochemicals Group also reported a 61-percent fall in revenues to P7.22 billion, from P18.58 billion last year, as a result of lower average
selling prices and volumes, brought about by poor market conditions, as well as the facility shutdowns mostly in the first quarter. It reported a loss of P2.71 billion for the period, much deeper than the P1.29-billion loss last year. Robinsons Bank Corp. saw a 23-percent increase in revenues to P4.79 billion, from last year’s P3.89 billion, mainly driven by higher interest income on account of bigger loan portfolio; and higher trading and securities gains during the period. It ended the period with a net income of P628 million, more than three times the P188 million it posted last year. VG Cabuag
Pandemic PSBank registers lower profits cuts ATI earnings By Tyrone Jasper C. Piad @TyronePiad
By Lorenz S. Marasigan @lorenzmarasigan
A
sian Terminals Inc. (ATI) saw its profits sink by 46.3 percent to P1.15 billion in the first half, from P2.14 billion the year prior, as its operations were affected by the economic contraction brought about by the Covid-19 pandemic. Its revenues dipped by 28.2 percent to P5.05 billion, from P7.04 billion, as it posted lower container volumes during the first six months of the year. Manila South Harbor and Batangas Container Terminal both posted a 29-percent drop in volumes, handling only 460,000 twenty-foot equivalent units (TEUs) and 113,000 TEUs respectively. ATI Executive Vice President William Khoury noted that his group is “seeing signs of trade recovery past the second quarter.” He said his group’s optimism comes from the 22-percent volume increase in consolidated volume, which reached the 100,000 TEU-mark in June. The following month, the company hit 117,000 TEUs, representing a 16-percent growth from the preceding month. “Our company’s prudent cost management, the careful execution of day-to-day operations which is anchored on safety and efficiency, and our continuing investment on important port infrastructure projects will enable us to remain resilient amid these challenging times,” Khoury said. He added: “Through these initiatives, we will sustain the steady flow of trade and ensure the safe passage of people and cargoes through our gateway ports, serving as our contribution to stimulating the Philippine economy.”
P
hilippine Savings Bank (PSBank) registered a year-on-year decline for two consecutive quarters, resulting in a 5-percent drop in its profits during the first semester. The Metrobank Group’s thrift bank arm in a disclosure on Thursday reported that its net income in the first half slid by 5 percent to P1.3 billion. The bank’s operations in the first and second quarters registered a 5-percent drop each as well. Core business, meanwhile, was robust, PSBank said. Net interest income for the period surged by 37.2 percent to P7.2 billion on the back of improved margins because of lower interest expense on deposits. Other operating
income increased by P310.2 million due to sale of securities mainly. PSBank more than doubled its credit provisioning to P2.8 billion in the first half to protect asset quality against the potential adverse impact of the pandemic. “PSBank is likewise taking the conservative stance of building up its loan provisions in anticipation of potential risks due to the pandemic,” PSBank President Jose Vicente Alde said. Loans and receivables were slightly up by 0.2 percent to P161.1 billion in the first half from last year's P160.8 billion. Deposit liabilities, meanwhile, were flat at P178.1 billion, as low-cost deposits climbed by 13.4 percent to P63.4 billion. Gross nonperforming loans ratio stood at 3.7 percent in the first half. As of end-June, total assets inched up 0.7
percent to P233.2 billion from P231.5 billion year-on-year. Capitalization reached P35.2 billion for the period, translating to a capital adequacy ratio of 18.1 percent and common equity tier 1 ratio of 17.2 percent. Both ratios are above the minimum regulatory requirement. “We uphold our efforts in increasing our customers’ sense of protection whether they are in our branches or at their homes," Alde said. “We’ve sustained and strengthened safety protocols in our premises and launched additional secured digital services for online and mobile transactions.” Last month, PSBank declared 7.5-percent regular cash dividends for the second quarter, amounting to a total of P320.14 million. All the stockholders will receive payment by August 24.
AUTOMATING LGU OPERATIONS. Narvacan, Ilocos Sur Mayor Luis Chavit Singson demonstrates to Sen. Manny Pacquiao the use of the Gracia Bayad Center Kiosk, an automated payment machine at the presentation and installation of the Gracia Telecommunications Corp. in Sarangani province. The firm’s services include the Gracia Care Educational TV which offers cable TV using cutting-edge multiplatform infrastructure to reach students in remote areas in support of the Department of Education’s blended learning scheme. Singson, the national president of the League of Municipalities of the Philippines, is also the chairman of Gracia Telecoms which aims to help automating local government operations across the country. CONTRIBUTED PHOTO
Friday, August 14, 2020
B1
Pandemic dents CLI income in Jan-June
BusinessMirror file photo
C
ebu Landmasters Inc. (CLI), a listed regional property developer, said its income in the January-to-June period fell 17 percent to P918 million, from last year's P1.1 billion, as the government-mandated lockdown affected its revenue sources. Revenues in the first half came in flat at P3.51 billion, from last year's P3.49 billion, as real estate sales were down 1 percent, but its recurring revenue from hotel operations and rentals more than doubled. Almost all of the company’s revenues came from the sale of condominium and horizontal residential units. CLI Chairman and CEO Jose Soberano III said most of their buyers were local residents. Soberano said they were encouraged to purchase homes by the stretched payment terms and grace periods. The company also said purchases from overseas Filipino workers (OFWs) accounted for only a fifth of the sales in the second quarter, down from as much as 40 percent in previous years. “We ourselves were surprised by how local demand compensated for the decreased share from OFWs. Home ownership will provide the best security during these times,” Soberano said. “We are pleased to launch more projects in the second half as our markets have remained committed
to their purchases. The pandemic has made many see that owning a home in a safe and secure community is a good way to secure their family’s future." CLI said it will continue to serve the undiminished demand for affordable housing in the Visayas and Mindanao with a total of 14 projects in 2020 worth P19 billion. It said four projects in Cebu, Bohol and Iloilo were launched in the first half. Planning and ongoing construction works for mixed-use development and hotel projects continue with target completion in 2 to 4 years. To date, CLI said it still has some P2.7 billion to draw from corporate notes available at 3.45 percent fixed for 5 years and 3.56 percent fixed for 7 years. Soberano said he is confident that the firm is still on track to meeting its target of increasing revenues by about 10 percent, from last year's P8.55 billion, as the construction of its projects is catching up in the third and fourth quarters. “Construction sites continue to progress despite the quarantine since Cebu Landmaster’s projects are mostly in cities with minimal quarantine restrictions. By imposing strict health protocols at the job site, we focused on keeping our workers safe and productive. We look forward to handing over units to many of our buyers in the next few months.” VG Cabuag
B2
Companies BusinessMirror
Friday, August 14, 2020
PSE STOCK QUOTATIONS
August 13, 2020
Net Foreign Bid Ask Open High Low Close Volume Value Trade (Peso) Stocks Buy (Sell) FINANCIALs
ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH
45.05 91.95 64.8 20.15 7.83 36.1 17.08 19.96 47.65 16.8 95.9 52.95 0.85 20.95 2.78 0.27 680.5 0.61 155
45.95 92 64.85 20.3 7.84 36.15 17.48 19.98 48.95 16.84 96 53 0.86 21.8 2.96 0.28 735 0.64 156
46 90.9 62.8 20.2 7.82 35.5 17.12 20.3 47.7 16.8 93.5 53 0.85 21.6 2.79 0.27 735 0.65 156
46 92.75 65.25 20.3 7.87 36.15 17.12 20.45 47.7 17 96.9 53 0.85 21.9 2.79 0.28 735 0.65 156
45 90.9 62.8 20.05 7.75 35.25 17.1 19.96 47.7 16.8 93 52.95 0.84 20.9 2.71 0.265 735 0.61 155
45.95 92 64.85 20.3 7.84 36.1 17.1 19.98 47.7 16.8 95.9 52.95 0.85 20.95 2.78 0.28 735 0.64 156
13500 3343620 2949740 88600 574500 2545500 700 458400 300 17700 876450 77350 130000 3300 242000 250000 20 200000 310
611160 41355 307551888 -77989120 190773513.5 -28403245.5 1790395 -587630 4492469 -589950 91,599,145( 21,130,095.0004) 11972 9175377 -8813303 14310 298352 -16800 84123972.5 5825080.5 4098956 110450 70885 665640 68250 14700 123080 48320 -
INDUSTRIAL AC ENERGY 2.69 2.7 2.69 2.72 2.66 2.69 13138000 35347820 ALSONS CONS 1.21 1.23 1.22 1.24 1.22 1.23 331000 405680 ABOITIZ POWER 25.25 25.5 25.8 25.85 25.2 25.25 625900 15921770 0.159 0.16 0.165 0.165 0.159 0.16 1940000 311340 BASIC ENERGY FIRST GEN 23.5 23.75 24.55 24.55 23.5 23.5 2284900 54540155 58.8 59 58.8 60 58.7 59 30790 1814983 FIRST PHIL HLDG MERALCO 276 276.2 271 276 270.6 276 242090 66364550 MANILA WATER 13.16 13.18 13.1 13.18 13.1 13.16 689300 9061682 3.08 3.09 3.09 3.16 3.08 3.09 3325000 10358430 PETRON 3.21 3.33 3.34 3.34 3.34 3.34 2000 6680 PETROENERGY PHX PETROLEUM 11.02 11.4 11.18 11.4 11.14 11.4 123400 1396168 PILIPINAS SHELL 16.78 16.8 16.9 16.98 16.3 16.78 3391900 56637758 SPC POWER 8.08 8.1 8.07 8.12 8.07 8.1 105700 854660 VIVANT 13.54 14.96 13.54 13.54 13.54 13.54 1000 13540 7.9 8.04 7.85 8.1 7.62 8.04 141000 1115195 AGRINURTURE 2.35 2.37 2.35 2.39 2.33 2.37 608000 1430920 AXELUM CENTURY FOOD 16.06 16.18 16.26 16.26 16 16.06 3445100 55435946 DEL MONTE 4.67 4.73 4.77 4.8 4.6 4.67 95000 442150 DNL INDUS 4.97 5 5.06 5.08 4.88 4.97 1811400 8,992,890( 10.18 10.2 9.97 10.4 9.8 10.2 5730400 58299101 EMPERADOR 64.6 65 64.95 64.95 63.65 64.6 654660 42286007.5 SMC FOODANDBEV 0.63 0.64 0.64 0.66 0.63 0.64 301000 191850 ALLIANCE SELECT FRUITAS HLDG 1.17 1.18 1.19 1.19 1.16 1.18 3850000 4504720 GINEBRA 38.8 38.9 38.65 39 38.55 39 35500 1374540 142.4 142.5 141 143.5 140.9 142.5 577960 82215431 JOLLIBEE 7.1 7.29 7.22 7.29 7.2 7.29 11800 85087 MACAY HLDG MAXS GROUP 5 5.02 4.98 5.05 4.89 5.02 471000 2342940 SHAKEYS PIZZA 5.34 5.35 5.5 5.51 5.34 5.35 2317200 12413570 ROXAS AND CO 1.19 1.21 1.18 1.21 1.18 1.19 833000 990480 4.25 4.46 4.26 4.26 4.26 4.26 24000 102240 RFM CORP 1.62 1.63 1.67 1.67 1.63 1.63 137000 224750 ROXAS HLDG SWIFT FOODS 0.105 0.109 0.105 0.109 0.105 0.109 340000 35740 UNIV ROBINA 140.7 143 141.5 143 139.5 143 552790 78328576 VITARICH 0.79 0.8 0.79 0.81 0.78 0.8 13410000 10723690 VICTORIAS 2.23 2.35 2.3 2.3 2.3 2.3 1000 2300 52.05 54.9 52.5 52.5 52.05 52.05 1000 52117.5 CONCRETE A CONCRETE B 52.55 54.8 54.95 54.95 52.05 54.8 1250 66489.5 CEMEX HLDG 1.15 1.16 1.11 1.16 1.11 1.15 25349000 28973390 EAGLE CEMENT 10.06 10.08 10 10.34 10 10.08 516100 5205786 EEI CORP 5.14 5.15 5.12 5.19 5.12 5.15 220400 1133363 4.97 5 4.9 5.04 4.85 4.97 645000 3184050 HOLCIM 6.44 6.45 6.59 6.59 6.42 6.45 972400 6291224 MEGAWIDE 8.37 9 9 9 9 9 1000 9000 PHINMA TKC METALS 0.67 0.7 0.67 0.69 0.67 0.69 20000 13640 VULCAN INDL 0.76 0.78 0.76 0.8 0.68 0.76 1309000 967900 119 139.8 117 117 117 117 10 1170 CHEMPHIL CROWN ASIA 1.83 1.88 1.83 1.84 1.83 1.84 30000 55100 EUROMED 1.92 1.93 1.95 1.95 1.9 1.92 733000 1407690 LMG CHEMICALS 4.54 4.84 4.53 4.53 4.52 4.52 5000 22620 MABUHAY VINYL 3.7 3.75 3.74 3.75 3.74 3.75 11000 41190 4.1 4.14 4.15 4.15 4.15 4.15 4000 16600 PRYCE CORP CONCEPCION 17.94 18 18 18.88 18 18 217200 3910648 1.77 1.78 1.79 1.79 1.71 1.78 6908000 12186850 GREENERGY INTEGRATED MICR 4.76 4.8 4.8 4.8 4.8 4.8 2000 9600 IONICS 0.97 1 1 1 0.97 1 30000 29910 SFA SEMICON 1.5 1.51 1.49 1.57 1.48 1.5 2636000 4021540 5.93 5.95 6.01 6.15 5.85 5.95 2649400 15898308 CIRTEK HLDG
5782860 -559455 -28796095 -1392202 -23615664 3245500 460650 3411876.0004 810 -12000 -1896068 4700 3,284,823.9997) 10572257 -13431237 -67960 434505 -15166714 50000 615462 -380770 93720 23712039 -91550 11822860.0001 36454 -513727 24250 -2947056 -270952 -577890 154241
HOLDING & FRIMS ABACORE CAPITAL 0.47 0.475 0.47 0.48 0.465 0.475 5020000 2386000 ASIABEST GROUP 7.55 7.92 7.93 7.93 7.5 7.91 28600 215590 AYALA CORP 748 753 739 753 730 753 129990 96267285 49.55 49.8 48.55 49.8 47.7 49.8 446400 21925170 ABOITIZ EQUITY 6.04 6.05 5.94 6.04 5.87 6.04 11917100 71042766 ALLIANCE GLOBAL 1.73 1.74 1.74 1.74 1.7 1.73 600000 1030640 AYALA LAND LOG ANSCOR 6.81 6.9 6.45 7.95 6.45 6.81 580400 4163811 ANGLO PHIL HLDG 0.495 0.51 0.51 0.51 0.495 0.51 124000 61805 0.57 0.59 0.57 0.59 0.57 0.59 598000 341890 ATN HLDG A ATN HLDG B 0.57 0.6 0.6 0.6 0.6 0.6 1000 600 COSCO CAPITAL 4.96 5 5 5.09 4.94 4.96 2819100 13983236 DMCI HLDG 3.68 3.69 3.69 3.74 3.65 3.69 7922000 29141710 FILINVEST DEV 8.5 8.96 8.6 8.6 8.5 8.5 6200 52710 GT CAPITAL 410 410.2 407 418 404 410 283530 116752272 2.89 2.9 2.9 2.9 2.9 2.9 39000 113100 HOUSE OF INV 64.2 64.5 64.9 64.9 63.7 64.5 1529150 98512161.5 JG SUMMIT LODESTAR 0.59 0.61 0.6 0.61 0.59 0.6 38000 22800 LOPEZ HLDG 2.31 2.4 2.35 2.35 2.31 2.31 48000 110920 LT GROUP 7.99 8 8.09 8.15 8 8 539900 4338606 0.48 0.55 0.56 0.56 0.445 0.55 96000 45270 MABUHAY HLDG 3.36 3.37 3.3 3.39 3.27 3.37 18515000 61977180 METRO PAC INV 2.89 3.08 3 3.09 2.91 3.08 28000 83980 PACIFICA HLDG PRIME MEDIA 0.75 0.77 0.79 0.79 0.77 0.77 36000 27760 SOLID GROUP 0.99 1 1 1 1 1 20000 20000 168 170 168 170 168 170 310 52500 SYNERGY GRID SM INVESTMENTS 885 897 872 897 872 897 627680 554692005 102 102.2 101.5 102 100 102 91640 9291365 SAN MIGUEL CORP SOC RESOURCES 0.69 0.7 0.7 0.7 0.69 0.69 3000 2080 TOP FRONTIER 127.6 129 128 129 128 129 2710 349523 0.146 0.151 0.149 0.151 0.145 0.151 1300000 191310 ZEUS HLDG
-241850 7910995 408495 -12271678 -7460 -1352602 -761190 -62819034 -113100 -7857584.5 -110920 962999 -550 -2569530 96842225 237239 -
PROPERTY ARTHALAND CORP 0.51 0.52 0.51 0.52 0.5 0.52 116000 59420 ANCHOR LAND 8.11 8.45 8.68 8.68 8.49 8.49 900 7683 AYALA LAND 33 33.2 33 33.4 32.75 33.2 11863300 391439195 0.99 1.03 0.98 1.03 0.98 0.99 3000 3000 ARANETA PROP AREIT RT 24.9 25.3 27 27.25 24.9 24.9 31704900 832478145 1.36 1.37 1.38 1.38 1.37 1.37 56000 77020 BELLE CORP A BROWN 0.81 0.82 0.8 0.82 0.8 0.82 1826000 1482310 CITYLAND DEVT 0.77 0.78 0.77 0.78 0.77 0.78 2000 1550 0.122 0.124 0.121 0.125 0.121 0.124 220000 26780 CROWN EQUITIES CEB LANDMASTERS 4.99 5.05 4.98 5.05 4.96 5.05 1367400 6887276 0.35 0.355 0.35 0.355 0.35 0.355 3090000 1087650 CENTURY PROP CYBER BAY 0.255 0.27 0.255 0.27 0.25 0.255 550000 142700 DOUBLEDRAGON 14.98 15 15.42 15.5 14.98 15 727200 10989022 DM WENCESLAO 6.04 6.05 6.05 6.1 6.04 6.05 741300 4485428 0.265 0.27 0.26 0.27 0.255 0.27 4930000 1288550 EMPIRE EAST 0.09 0.098 0.09 0.098 0.09 0.098 40000 3680 EVER GOTESCO FILINVEST LAND 0.9 0.91 0.91 0.91 0.9 0.91 3937000 3574950 GLOBAL ESTATE 0.79 0.81 0.78 0.81 0.78 0.81 397000 313000 8990 HLDG 8.02 8.09 8 8.09 8 8.09 1500 12018 0.87 0.89 0.88 0.89 0.87 0.89 373000 328480 PHIL INFRADEV MEGAWORLD 3 3.01 2.98 3.04 2.98 3.01 21422000 64556560 0.244 0.245 0.241 0.247 0.24 0.244 18200000 4448520 MRC ALLIED PHIL ESTATES 0.29 0.3 0.3 0.3 0.3 0.3 300000 90000 PRIMEX CORP 1.23 1.27 1.23 1.28 1.23 1.23 36000 44330 14.8 14.9 14.7 14.9 14.62 14.9 1836600 27133366 ROBINSONS LAND 1.51 1.59 1.51 1.59 1.51 1.59 122000 193900 ROCKWELL STA LUCIA LAND 1.8 1.85 1.8 1.8 1.8 1.8 3000 5400 SM PRIME HLDG 30.5 31 30.2 31 30.05 31 4687700 144639260 VISTAMALLS 3.72 3.8 3.77 3.77 3.72 3.72 31000 115810 1.15 1.17 1.18 1.18 1.12 1.17 404000 463710 SUNTRUST HOME PTFC REDEV CORP 39.05 43.95 39.05 39.05 39.05 39.05 200 7810 VISTA LAND 3.27 3.28 3.29 3.32 3.22 3.27 1082000 3547980
12480 -65336265 -400868840 -41400 2690 10500 -8894178 -707850 -739400 1436420 -237820 -23395890 -1802464 35684535 -642970
SERVICES ABS CBN 7.46 7.5 7.5 7.65 7.45 7.5 326900 2449957 GMA NETWORK 4.92 4.95 4.92 5.03 4.9 4.95 1021000 5048220 MANILA BULLETIN 0.39 0.41 0.39 0.41 0.39 0.41 600000 236250 11.4 11.98 12.98 12.98 11.38 11.38 1500 18476 MLA BRDCASTING GLOBE TELECOM 2148 2154 2164 2164 2108 2148 57875 123677120 1385 1387 1385 1391 1380 1387 80345 111427165 PLDT APOLLO GLOBAL 0.049 0.051 0.05 0.051 0.05 0.051 390000 19620 DFNN INC 2.82 3.05 2.9 3 2.9 3 28000 81940 3.09 3.1 3.05 3.12 2.95 3.1 24128000 73975350 DITO CME HLDG 1.25 1.38 1.24 1.24 1.24 1.24 3000 3720 IMPERIAL ISLAND INFO 0.074 0.075 0.072 0.074 0.072 0.074 280000 20610 JACKSTONES 1.62 1.64 1.72 1.72 1.62 1.62 25000 40670 NOW CORP 2.1 2.12 2.05 2.12 2.05 2.11 3265000 6878640 TRANSPACIFIC BR 0.184 0.185 0.183 0.194 0.182 0.184 15440000 2892470 1.95 1.96 1.93 1.95 1.92 1.95 218000 421200 PHILWEB 8.4 8.45 8.4 8.45 8.35 8.45 21100 176936 2GO GROUP CHELSEA 3.29 3.33 3.28 3.35 3.26 3.29 393000 1300590 CEBU AIR 40 40.1 40.8 40.8 39.6 40 189500 7601430 INTL CONTAINER 108.2 108.3 108 108.5 106.5 108.2 646980 69861874 15.46 15.8 15.52 15.8 15.46 15.8 2700 42020 LBC EXPRESS LORENZO SHIPPNG 0.73 0.8 0.8 0.8 0.73 0.73 12000 8830 4.95 4.97 4.94 5.05 4.77 4.97 1978000 9773250 MACROASIA METROALLIANCE A 1.75 1.76 1.8 1.82 1.75 1.76 477000 849450 PAL HLDG 5.81 5.88 5.86 5.88 5.8 5.88 111400 651394 0.78 0.79 0.78 0.78 0.78 0.78 160000 124800 HARBOR STAR ACESITE HOTEL 1.14 1.25 1.2 1.2 1.2 1.2 300000 360000 BOULEVARD HLDG 0.031 0.032 0.033 0.033 0.031 0.032 8600000 274700 DISCOVERY WORLD 1.52 1.82 1.54 1.54 1.5 1.5 35000 53000 GRAND PLAZA 11.08 11.74 11.2 11.2 11.2 11.2 800 8960 0.385 0.39 0.385 0.395 0.385 0.39 390000 152250 WATERFRONT FAR EASTERN U 570 599 600 600 599.5 599.5 30 17995 STI HLDG 0.31 0.315 0.305 0.31 0.305 0.31 1540000 475350 BERJAYA 2.11 2.16 2.11 2.17 2.11 2.16 46000 98070 BLOOMBERRY 6.14 6.15 6.3 6.31 6.08 6.15 5348500 32927880 PACIFIC ONLINE 1.99 2.05 2 2 1.99 1.99 40000 79800 1.26 1.28 1.3 1.3 1.28 1.28 64000 82920 LEISURE AND RES 2.12 2.4 2.12 2.4 2.12 2.4 9000 19360 MANILA JOCKEY PH RESORTS GRP 2.1 2.16 2.1 2.1 2.1 2.1 17000 35700 PREMIUM LEISURE 0.285 0.29 0.285 0.29 0.285 0.29 4710000 1343600 ALLHOME 6.35 6.37 6.49 6.65 6.35 6.35 903300 5862578 1.48 1.5 1.48 1.5 1.45 1.5 1438000 2127050 METRO RETAIL 51.6 51.95 52.5 52.5 51 51.6 1994090 103202512 PUREGOLD 61.8 61.85 61.8 61.9 61.65 61.8 675290 41699534.5 ROBINSONS RTL PHIL SEVEN CORP 125.1 127 125 125 124 125 160 19980 SSI GROUP 1.05 1.06 1.05 1.06 1.04 1.05 3266000 3421900 15.24 15.7 15.38 15.7 15 15.7 1167900 18055940 WILCON DEPOT 0.3 0.305 0.31 0.31 0.3 0.3 2820000 851350 APC GROUP EASYCALL 6.41 6.45 6.41 6.41 6.2 6.41 12300 77520 GOLDEN BRIA 285 299.6 299.6 299.6 299.6 299.6 20 5992 PRMIERE HORIZON 0.22 0.224 0.22 0.225 0.218 0.224 3040000 672760 SBS PHIL CORP 4.7 4.88 4.5 4.88 4.5 4.88 6000 27380
-37602850 -1065970 -14500 25290 -18430 -21120 -19400 133600 -594185 -8204829 8030 -288000 133530 -16052557 3840 239399.9998 -548001 1347940 1182430.5 -2051061 15000 -2230340 -3977540 -
MINING & OIL
ATOK 8 8.45 8.43 8.9 7.95 8.5 6400 52773 APEX MINING 1.54 1.55 1.52 1.55 1.52 1.54 11417000 17554750 91110 0.0009 0.001 0.001 0.001 0.0009 0.001 383000000 364000 1000 ABRA MINING 2.64 2.74 2.64 2.79 2.64 2.64 105000 282920 ATLAS MINING BENGUET A 1.95 2.1 2 2.16 1.95 2.1 34000 68890 BENGUET B 1.98 2.13 2.06 2.16 1.98 2.16 68000 138430 -88040 COAL ASIA HLDG 0.2 0.208 0.201 0.201 0.2 0.2 110000 22080 2.61 2.66 2.67 2.67 2.67 2.67 300000 801000 801000 CENTURY PEAK 7.63 7.79 7.89 7.89 7.65 7.65 43900 338524 DIZON MINES FERRONICKEL 1.09 1.1 1.07 1.11 1.06 1.1 2969000 3228230 9610 GEOGRACE 0.239 0.241 0.24 0.245 0.239 0.239 280000 67220 LEPANTO A 0.139 0.14 0.138 0.142 0.138 0.139 14090000 1977630 LEPANTO B 0.14 0.145 0.14 0.141 0.139 0.14 1600000 224500 11200 0.0099 0.01 0.01 0.01 0.0099 0.0099 30000000 298000 MANILA MINING A MANILA MINING B 0.01 0.011 0.01 0.011 0.01 0.011 5200000 53200 MARCVENTURES 0.92 0.93 0.91 0.94 0.89 0.92 3260000 2962820 NIHAO 1.78 1.79 1.8 1.81 1.76 1.78 557000 985990 NICKEL ASIA 3.04 3.05 2.98 3.05 2.98 3.04 9380000 28448940 -4257730 0.39 0.4 0.385 0.4 0.38 0.39 590000 228450 OMICO CORP ORNTL PENINSULA 0.58 0.59 0.59 0.59 0.56 0.59 714000 418940 1770 3.26 3.27 3.24 3.29 3.24 3.27 989000 3233780 -713010 PX MINING SEMIRARA MINING 9.6 9.62 9.55 9.68 9.5 9.6 6119200 58484207 32101285 UNITED PARAGON 0.0055 0.0056 0.0056 0.0056 0.0054 0.0055 12000000 65900 5.71 5.9 5.73 6 5.71 5.9 59900 344020 2996 ACE ENEXOR 0.0087 0.0089 0.0089 0.0089 0.0089 0.0089 1000000 8900 ORNTL PETROL A ORNTL PETROL B 0.0086 0.0088 0.0088 0.0088 0.0088 0.0088 15000000 132000 -123200 PHILODRILL 0.0098 0.01 0.01 0.011 0.0097 0.01 3700000 37470 PXP ENERGY 5.94 5.95 5.99 6.09 5.81 5.95 572600 3380532 -151586 PREFFERED HOUSE PREF A 99 100.5 100.5 100.5 100.5 100.5 300 30150 ALCO PREF B 101.2 103.9 103.9 103.9 103.9 103.9 10 1039 CPG PREF A 101 102 101 101 101 101 5000 505000 101.1 101.3 101 101 101 101 610 61610 DD PREF GTCAP PREF B 1011 1020 1011 1011 1011 1011 2820 2851020 PNX PREF 3B 107 108 108 108 107.9 107.9 1700 183490 PNX PREF 4 1010 1025 1010 1022 1010 1010 5565 5620710 PCOR PREF 3A 1056 1059 1059 1059 1059 1059 5 5295 78 78.35 78.4 78.4 77.9 78 26140 2038602 SMC PREF 2C SMC PREF 2D 75.4 75.55 75.55 75.55 75.55 75.55 1500 113325 SMC PREF 2E 75.55 76.9 75.6 75.6 75.5 75.55 43000 3248175 SMC PREF 2G 75.7 76.9 75.65 75.65 75.65 75.65 72700 5499755 SMC PREF 2H 77 77.5 77 77 77 77 350 26950 SMC PREF 2I 78.3 79 78.3 78.3 78.3 78.3 89000 6968700 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 7.1 7.2 6.82 7.38 6.82 7.2 271100 1869057 -68693 GMA HLDG PDR 4.58 4.65 4.53 4.59 4.51 4.58 406000 1850740 -1369000 WARRANTS LR WARRANT 0.65 0.66 0.66 0.66 0.65 0.65 10000 6590 SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.36 13.4 13.32 13.5 13 13.4 406700 5397156 -319810 ITALPINAS 1.87 1.89 1.87 1.91 1.83 1.89 1076000 2003350 KEPWEALTH 5.32 5.5 5.23 5.64 5.18 5.54 146100 784024 2.93 2.94 2.88 3 2.87 2.93 20422000 60263850 64230 MERRYMART 0.58 0.59 0.59 0.59 0.58 0.59 669000 391390 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 91.8 92.15 91 92.25 90.6 91.8 21160 1943138.5 263104
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Megaworld income declines by a third in January-June
M
By VG Cabuag
@villygc
egaworld Corp. on Thursday said its income in the first half fell by a third to P5.88 billion, from last year's P8.86 billion, as the pandemic affected its operations nationwide and slashed its sales and rental income. Revenues fell 25 percent to P23.79 billion, from last year’s P31.72 billion. “Just as the pandemic began in the last month of the first quarter, we already anticipated a decline in our earnings in the second quarter, but what actually surprised us was the fact that the drop wasn’t as bad as we have expected it to be, and it
remains manageable,” Kevin Andrew L. Tan, the company’s executive vice president, said. “Our strategic decision of further strengthening our office leasing business way before the pandemic started is now evidently making us more resilient.” The fall in income was felt in the second quarter when its profits were
cut by more than half to P2.08 billion, from last year's P4.75 billion. Revenues also fell at the same rate to P8.71 billion, from last year’s P16.81 billion. Leasing revenues from its offices, which contribute 78 percent to its total rental income, was up 10 percent to P5.6 billion in the first half, from the previous year’s P5.1 billion. Megaworld’s rental income for the first half declined by 11 percent at P7.2 billion, while hotel revenues were down 29 percent to P917.9 million from P1.3 billion. This year, the company is set to complete construction of five new office developments in its various townships. These are in Iloilo Business Park in Iloilo City, Arcovia City in Pasig, Westside City in Parañaque, McKinley West and Uptown Bonifacio in Taguig. These will add around 213,000 square meters of completed projects in the company’s leasable office port-
folio. To date, these projects are already 90 percent pre-leased on the average. “Business process outsourcing [BPO] companies and traditional offices such as corporate headquarters of multinational companies still occupy around 90 percent of our spaces, which still continued their operations even at the height of the lockdown,” Tan said. “We are closing some deals from many Metro Manila-based BPO companies that require an immediate expansion in our provincial townships due to eased quarantine rules there. Our current portfolio of active BPO tenant partners is still huge, and these are our first-line takers in our provincial developments.” Megaworld is expected to end the year with 70 completed office developments covering 1.4 million square meters of leasable office inventory, excluding those that have already been sold.
Security Bank posts higher H1 earnings By Tyrone Jasper C. Piad @TyronePiad
H
igher net interest income and trading gains lifted the net earnings of Security Bank Corp. in the first half by 14 percent year-on-year. The listed bank in a disclosure on Thursday reported that its bottomline figures reached P5.7 billion as of end-June, which is an improvement from some P5 billion it booked in the same period last year. For the second quarter alone, net income climbed by 8 percent to P2.8 billion. Total revenues surged by 68 percent to P25.9 billion while total net interest income rose by 34 percent to P15.8 billion in the first semester. Securities trading gains in the first half grew by more than seven times to P7.2 billion. Service charges, fees and commission declined by 10 percent to P1.7 billion. Security Bank earmarked P11billion worth of buffer for poten-
tial credit losses, which is markedly higher than last year’s P639 million. Gross nonperforming loan (NPL) ratio stood at 1.58 percent while NPL coverage ratio was at 174 percent. “As we expect the impact of the pandemic on our loan portfolio will continue to unfold over the coming quarters, we have adopted a proactive stance on our provisions,” Security Bank President Sanjiv Vohra said. “In spite of that, our balance sheet remains strong and allows us to invest in our transformation initiatives which help us deliver ‘BetterBanking’ to our clients during these challenging times.” As of end-June, total assets and capitalization were P740 billion and P127 billion, respectively. Capital adequacy ratio was at 19.7 percent while common equity tier 1 ratio was registered at 18.8 percent. Both are above the minimum regulatory requirements. Security Bank booked total deposits and loans of P511 billion and P450 billion, respectively, in the first half.
Malls may become e-commerce storage
P
roperty developers in the Philippines are considering novel alternative uses for shopping malls as people stay home and prefer to buy things online. SM Prime Holdings Inc., the nation’s biggest landlord, is leasing out some of its parking lots for longer-term car storage, while a unit of Ayala Land Inc. plans to convert areas in its shopping centers to e-commerce backend facilities and medical clinics. Southeast Asia’s worst coronavirus outbreak has made Filipinos fearful of going about their daily business and they’re seeking to avoid high-traffic spots. That’s putting extra pressure on retail landlords already weathering slump in demand and a recession. The Philippines is home to some of Asia’s biggest malls; capital Manila and surrounds boast total retail space of 7.3 million square meters, according to Joey Bondoc, a research manager at Colliers International Group Inc. That’s more than twice the size of New York’s Central Park. Retail vacancy rates in Manila are forecast to climb to 12 percent this year while rents will drop for the first time since the global financial crisis, forcing shopping centers to either “innovate or evaporate,” Bondoc said.
AyalaLand Logistics Holdings Corp. is studying turning parts of its malls into last-mile fulfillment facilities, according to a document seen by Bloomberg. “We continue to explore opportunities,” said Francis Montojo, the unit’s chief finance officer. He added that other commercial areas may be converted to healthcare clinics or office space. SM Prime, meanwhile, has leased out a floor in the car park of a shopping mall to a bank, as well as leased another floor in an office tower, President Jeffrey Lim said in a text message. AyalaLand Logistics shares fell as much as 2.3 percent in Manila trading Thursday, heading for a three-day losing streak. The benchmark Philippine Stock Exchange Index rose 0.8 percent. “Retail developers must look at possible areas to pivot and re-purpose space,” said Kash Salvador, an associate director at property services company Santos Knight Frank. “We see an opportunity in storage and warehousing given higher logistics demand as shoppers go online.” Mall owners should also consider leasing vacant space to co-working companies as businesses seek smaller offices in various locations, Colliers’ Bondoc said. Bloomberg News
mutual funds
August 13, 2020
NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 197.15 -23.9% -10.51% -5.81% -21.72% ATRAM Alpha Opportunity Fund, Inc. -a 1.0189 -36.88% -13.27% -5.92% -26.27% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6334 -35.12% -15.23% -8.51% -28.41% Climbs Share Capital Equity Investment Fund Corp. -a 0.6788 -28.32% -12.32% n.a. -24.41% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6854 -20.56% n.a. n.a. -19.3% First Metro Save and Learn Equity Fund,Inc. -a 4.2359 -21.45% -8.71% -5.58% -20.5% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.664 -23.38% -11.21% n.a. -22.21% MBG Equity Investment Fund, Inc. -a 77.61 -35.2% n.a. n.a. -24.81% PAMI Equity Index Fund, Inc. -a 39.5231 -23.61% -9.11% -4.75% -22.93% Philam Strategic Growth Fund, Inc. -a 425.29 -21.54% -8.26% -4.88% -20.18% Philequity Alpha One Fund, Inc. -a,d,5 0.8838 n.a. n.a. n.a. -14.2% Philequity Dividend Yield Fund, Inc. -a 1.0051 -23.57% -8.64% -4.5% -21.9% Philequity Fund, Inc. -a 29.5273 -23.33% -8.24% -4.22% -22.09% Philequity MSCI Philippine Index Fund, Inc. -a 0.7863 -23.22% n.a. n.a. -22.77% Philequity PSE Index Fund Inc. -a 4.0264 -23.32% -8.64% -4.07% -22.92% Philippine Stock Index Fund Corp. -a 674.33 -23.1% -8.59% -4.24% -22.67% Soldivo Strategic Growth Fund, Inc. -a 0.6041 -34.87% -12.77% -8.39% -29.05% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1202 -27.75% -9.98% -5.42% -25.87% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7727 -23.32% -8.79% -4.24% -22.79% United Fund, Inc. -a 2.8286 -23.58% -7.57% -3.75% -22.57% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 90.5335 -22.93% -8.13% -3.43% -22.59% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.048 12.39% 0.38% 1.88% 1.91% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4807 15.29% 7.81% n.a. 7.4% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5635 -8.34% -4.34% -3.55% 0.04% ATRAM Philippine Balanced Fund, Inc. -a 2.0482 -11.91% -4.74% -2.18% -6.09% First Metro Save and Learn Balanced Fund Inc. -a 2.4046 -9.38% -3.18% -3.17% -8.62% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1837 n.a. n.a. n.a. -19.61% NCM Mutual Fund of the Phils., Inc. - a 1.8346 -6.03% -1.44% -0.47% -6.47% PAMI Horizon Fund, Inc. -a 3.4905 -8.11% -2.47% -1.56% -7.88% Philam Fund, Inc. -a 15.5476 -8.77% -2.75% -1.75% -8.33% 1.9116 -10.71% Solidaritas Fund, Inc. -a -4.03% -1.66% -9.92% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.263 -16.41% -5.04% -3% -15.54% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9387 -8.31% n.a. n.a. -7.58% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8398 -16.89% n.a. n.a. -15.72% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.813 -19.27% n.a. n.a. -18.14% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8067 -19.71% -5.97% -4.02% -17.24% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03968 3.71% 3.45% 2.23% 3.87% 1.39% PAMI Asia Balanced Fund, Inc. -b $1.0456 8.41% 2.52% 3.32% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.0871 9.22% 5.56% 4.73% 4.51% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1589 4.53% 3.05% n.a. 2.68% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367.76 4.13% 3.19% 2.57% 2.74% ATRAM Corporate Bond Fund, Inc. -a 1.9481 2.02% 1.06% -0.06% 2.42% Cocolife Fixed Income Fund, Inc. -a 3.1984 4.48% 5% 5.03% 2.58% Ekklesia Mutual Fund Inc. -a 2.3109 3.89% 3.16% 2.33% 3.94% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4579 4.38% 3.57% 1.98% 4.19% 8.93% Philam Bond Fund, Inc. -a 4.6961 4.76% 2.75% 7.39% Philam Managed Income Fund, Inc. -a,6 1.307 5.49% 4.3% 2.4% 4% Philequity Peso Bond Fund, Inc. -a 3.9609 6.02% 4.4% 2.32% 4.56% Soldivo Bond Fund, Inc. -a 1.0387 8.61% 3.76% 1.76% 7.72% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1792 4.86% 4.87% 2.69% 3.37% Sun Life Prosperity GS Fund, Inc. -a 1.7464 3.64% 4.25% 2.17% 2.66% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.76 3.68% 2.65% 2.81% 2.22% ALFM Euro Bond Fund, Inc. -a Є217.06 -1.13% 0.72% 1.06% -1.24% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2485 4.82% 3.43% 2.82% 3.42% 2.1% 1.66% 2.71% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.71% PAMI Global Bond Fund, Inc -b $1.097 -0.09% 0.53% 0.59% 0.31% Philam Dollar Bond Fund, Inc. -a $2.524 5.66% 4.15% 3.51% 5.01% Philequity Dollar Income Fund Inc. -a $0.0610995 2.14% 2.15% 1.94% 1.33% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2523 3.32% 2.52% 2.74% 2.43% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.7 3.53% 3.28% 2.48% 2.28% First Metro Save and Learn Money Market Fund, Inc. -a 1.0437 2.33% n.a. n.a. 1.7% 2.92% 3.04% 2.6% 1.72% Sun Life Prosperity Money Market Fund, Inc. -a 1.2868 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.047 1.61% n.a. n.a. 0.84% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0311 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.95 n.a. n.a. n.a. -4.04% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."
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BusinessMirror
Friday, August 14, 2020
B3
B4
Friday, August 14, 2020 • Editor: Gerard S. Ramos
Relationships BusinessMirror
Finding escape without leaving home
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Today’s Horoscope By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Mila Kunis, 37; Halle Berry, 54; Jackee Harry, 64; Steve Martin, 75. HAPPY BIRTHDAY: Make things happen. Take responsibility for your actions and your future. If you lack what you need to follow a direction that excites you, pick up the skills, knowledge, license or whatever else is required to make your dream come true. Shoot for the stars, and see what transpires. Strive for equality when dealing with relationships. Your numbers are 3, 17, 22, 27, 31, 35, 46.
ARIES (March 21-April 19): Keep your emotions under control. An intelligent and practical approach to getting things done will help you reach your goal. Don’t let an emotional incident ruin your day or plans. Be sensible, moderate and practical, regardless of what others do. ★★
TAURUS (April 20-May 20): Consider what will make you happy, content and ready to get on with your life. Personal forgiveness, positive change and surrounding yourself with the people who help you be your best will enhance your experience. Romance is on the rise. ★★★★
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EMEMBER the good old days when we used to watch movies in a theater, scarfing down butter-barbecue popcorn and ice-cold soda, or chomping on a cheeseburger and fries? Damn. It feels like a million years ago. These days, still incarcerated in our Covid-19 prison camps, many of us have already maxxed out our Netflix subscriptions. But for a few winners like, say, Roma (2019), the streaming service doesn’t really have the most extensive film or TV series archive. Try looking for Dirty Dancing (1987), West Side Story (1961), or even Silence of the Lambs (1991) — you won’t find it there. In fact, it was only during this pandemic that Netflix decided to release When Harry Met Sally (1981) and Little Women (2019), which I guess helps make up for the earlier dearth in titles. And, well, they are still riding high on Eurovision Song Contest: The Story of Fire Saga, which I’ve already watched twice! (It’s just hilarious good fun. Consider, an Iceland singing duo ends up as contestants on Eurovision, that popular competition with the weirdest participants wearing outlandish costumes, but, yes, they can sing! This time, Will Farrell has a hit.) Still, with so much time on our hands, many of us have probably exhausted the Netflix pool of creativity and limited library. So as little Kirsten Dunst whispered in Interview with the Vampire (not on Netflix either)....we want some more. Hulu and Amazon Prime are both great choices as additional streaming services. I’ve found Hulu to have a more extensive library. And from Hulu, one can subscribe to HBO Go, Disney Channel or Starz. The basic Hulu package includes ads, but one can upgrade to the ad-free plan. Unfortunately, Hulu isn’t available locally, so one needs to subscribe to a virtual private network (VPN), which will allow the subscriber to jump over the Internet confines of his country. Anyway, these are my Top 8 must-watch series on the streaming services: 1. ‘THE UMBRELLA ACADEMY’ (NETFLIX): Adopted children of an eccentric billionaire all have the same birthdays and have superpowers. They try to prevent the end of the world again and again. Now on Season 2. Main lead: the brilliant Ellen Page 2. ‘HIGH SEAS’ (NETFLIX): Now on its third season, the Spanish series is set in the 1940s on a cruise ship bound for Brazil from Spain. Sisters Eva and Carolina bring along a woman their car had hit, after telling them, “They’re going to kill me!� The plot is written in the style of a classic Agatha Christie mystery novel and will keep you guessing “whodunit?� 3. ‘ABSOLUTELY FABULOUS’ (BBC IPLAYER): Edina Monsoon (Jennifer Saunders), half-wit PR with the worst fashion sense, and her friend, fashion editor Patsy Stone (Joanna Lumley) booze up, take drugs, and party like it’s still the 1960s. The series, which ran from 1992 to 2012, some seasons of which were shown on local TV, gave us the most clever lines, like Edina’s unforgettable, “Just tax the stupid people!� (Patsy: And let them die!)
GEMINI (May 21-June 20): Figure out who is trustworthy and who isn’t before you pick sides or get involved in a new project. If something doesn’t feel right, ask questions. A change at home will add to your comfort and improve your emotional wellbeing. ★★★
CANCER (June 21-July 22): It’s OK to make a change once in a while. Stop fearing the unknown, and start discovering what life has to offer. A little ingenuity will help you update your skills and attributes to fit what’s trending. ★★★
4. ‘KILLING EVE’ (BBC IPLAYER): Black comedy starring Sandra Oh, who as British investigator Eve Polastri, tries to capture a psycho-hired assassin Vilanelle (Jodie Comer). The past seasons depict the development of their seeming convoluted and codependent relationship. BBC really has the best comedies around. (Miranda is another favorite.) 5. ‘SOMEBODY FEED PHIL’ (NETFLIX): Even diehard fans of Anthony Bourdain’s hard look at the underbelly of countries in conflict, and the food their citizens eat, will be hard pressed not to love this Netflix show. Phil Rosenthal, former producer of Everybody Loves Raymond, brings a fresh, fun take on eating without delving too deeply on the dishes served him, and the lives of the chefs he features on the show. He just enjoys eating, which he shows by shaking his arms above, his eyes all wide. 6. ‘STAR TREK: PICARD’ (CBS ALL ACCESS/AMAZON PRIME): The very much retired Starfleet commander Jean Luc Picard (Sir Patrick Stewart) is content
growing grapes in his vineyard until a young woman, Dahj (Fil-Brit Isa Briones), seeks his help. The pace of the series can be a bit sluggish, and it can be confusing if you haven’t watched all Star Trek iterations, but Trekkies and Picard fans like myself are eagerly awaiting Season 2. 7. ‘THE WIRE’ (HBO GO): A police drama tackling various themes in each season (e.g. drug trade, port corruption/human trafficking, government bureaucracy, etc.), where a special investigation unit uses wiretaps and other electronic techniques to bust the criminals. The series (2002-2008) made the sexy Idris Elba famous in the US, and shows a baby-faced Michael B. Jordan cutting his teeth on the show. Film and TV have always been the cheapest forms of entertainment. And with this pandemic not letting up, we’re lucky to have so many streaming services and bigger film/TV libraries to choose from, so we can escape even just a few minutes, and not think about a bleak future amid Covid-19. â–
ABS-CBN LAUNCHES VIBER STICKERS TO HELP FANS EVERYWHERE STAY IN TOUCH AS its slogan goes: In the service of the Filipino people here and abroad, ABS-CBN has created an official Kapamilya sticker pack on Viber. The sticker pack features 16 heartwarming stickers about family love, support and gratitude. In an effort to maintain its connection with Filipinos across the globe in these challenging times, the network has also made the Viber sticker pack available for download in the US, Kuwait, Vietnam, Canada, the UAE, Australia, Saudi Arabia, Singapore, Qatar, Malaysia, Hong Kong and Taiwan. The country’s largest entertainment company has also set up its official ABSCBN Viber Community, enabling them to
serve the Filipinos wherever they are in the world. Once users download the Kapamilya sticker pack, they are automatically added to ABS-CBN’s official Viber Community. This community lets people receive updates on celebrities and other ABS-CBN content straight on their phones. The network has also created the ABS-CBN News Community, staying true to its commitment to continue delivering important news and information. “Having an official Kapamilya Viber sticker pack allows us to deepen our relationships with our followers in many parts of the world,� says Elaine Uy-Casipit, head of Digital Media Division, ABS-CBN Corp. The sticker pack is available for download until September 11.
LEO (July 23-Aug. 22): Converse with people who share your beliefs. The suggestions made will give you the courage to head in the best direction. If you show promise and reliability, someone will offer support. Don’t settle for less than what you want. ★★★★
VIRGO (Aug. 23-Sept. 22): Refuse to let your emotions take over. Common sense and practicality will save you from making a mistake. Concentrate on fulfilling your obligations and enforcing changes that will improve your life. ★★
LIBRA (Sept. 23-Oct. 22): Make plans to do something special with someone who brings out the best in you. Taking a healthy approach to life and the way you live will make you feel good about prospects. ★★★★★
SCORPIO (Oct. 23-Nov. 21): Learn from observation, performance and experience. Implement upbeat changes. Enforce your pursuits with finesse, and target what you have to market that will fit trends. A romantic gesture will enhance your life and encourage you to carry out a promise. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Honesty, communication and commitment will determine the outcome of a personal problem. Broach sensitive issues with an open mind and heart. Compromise will bring you closer to a lifestyle that offers peace of mind, contentment and a better future. ★★★
CAPRICORN (Dec. 22-Jan. 19): Take a load off your mind by directly addressing financial or contractual matters. Lay your cards on the table, and find out where others stand on important issues. Take time to rejuvenate and rethink your strategy. ★★★
AQUARIUS (Jan. 20-Feb. 18): Touch base with someone who always lifts your spirit. Dealing with children and what they say will lead to an awakening that will bring about a positive change. A discussion will bring you closer to someone you love. ★★★★★
PISCES (Feb. 19-March 20): Mix the old with the new, and it will lead to personal peace and happiness. The people you associate with will make a difference to the way your day unfolds. Avoid indulgent situations, and embrace a healthier lifestyle. Romance is favored. ★★★★★ BIRTHDAY BABY: You are talkative, engaging and compassionate. You are imaginative and intelligent.
â€˜ďŹ nd the constellation’ BY GEORGE JASPER The Universal Crossword/Edited by David Steinberg
ACROSS 1 Sound of escaping steam 5 Tends to a lawn 9 Popular ab exercise 14 Paintballs, in a paintball fight 15 Before long, poetically 16 Grace under pressure 17 Cry after a hard week 18 Move, informally 19 ___ circle (closest advisers) 20 Chess match, e.g. (see letters 5 to 7) 23 Last Greek letter 24 Tend to a garden 25 Degree for a 41-Down, maybe 28 Cancels, with “out� 29 London’s Big ___ 31 Their petals are often white 34 Assessed 36 Adjust slightly 37 Best Actress winner for On the Waterfront (5 to 9) 41 Scale, as a rock wall 42 Sacred song 43 Exfoliating spa treatments 46 Texter’s “Enough!�
47 “Welcome� site 50 Chiapas cheer 51 She lives on her phone 53 Home 55 Grand Caravan, e.g. (4 to 9) 58 Gondola’s waterway 61 Tide type 62 Toymaker with Super Mario sets 63 Role of Nichols? 64 Colon, in an analogy 65 Cross a threshold, perhaps 66 Burger serving 67 “I ___ a vacation!� 68 Grandson of Adam DOWN 1 Bowler’s place? 2 “Let’s do it!� 3 Strikes down, old-style 4 Start to gesticulate? 5 Stable female 6 Used car selling point 7 Mike of American Pickers 8 Fell in flurries 9 Polish’s partner 10 They carry a charge
11 12 13 21 22 25 26 27 30 32 33 34 35 37 38 39 40 41 44 45 47 48 49 52 54
Element with the fewest letters Take advantage of ___ annum 1987 film about Ritchie Valens McKinley or Tarbell Personal appearance The ___ With Ari Melber Set a price of LGA posting Like cannoli and tiramisu Sink alternative Malek of Bohemian Rhapsody Double-___ (commit a party foul) Airline to Tel Aviv Wicked habit Guess Uncle on posters WSJ subscriber, perhaps Certain hallucinogen Log on, and a theme hint Get over a past relationship Slowly, in music Mortise inserts Witherspoon of Wild Ship part that often gets watery
55 56 57 58 59 60
Move rapidly Neutrogena competitor Apple’s ___ Touch Ice cream holder “Just as I thought!� Pecan or pistachio
Solution to yesterday’s puzzle:
Show BusinessMirror
www.businessmirror.com.ph
Editor: Gerard S. Ramos
• Friday, August 14, 2020
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Antonio Banderas says he’s tested positive for coronavirus
NEW YORK—Antonio Banderas says he’s tested positive for Covid-19 and is celebrating his 60th birthday in quarantine. The Spanish actor announced his positive test in a post on Monday on Instagram. Banderas said he would spend his time in isolation reading, writing and
‘Magpakailanman’ honors Filipino families and frontliners; ‘Idol sa Kusina’ dishes out special episodes ON August 15, Magpakailanman pays homage to all Filipino families and frontliners all over the world with a very special brand-new episode about an entire family infected with Covid-19 in “Walang Iwanan: The Layug Family Story.” Rainier and Remy Layug live a happy life together abroad. They have four accomplished daughters working as nurses in New Jersey, California and New York. Unfortunately, they come face-to-face with the unseen enemy when each one of them tests positive for Covid-19. How will they fight against this dangerous disease? Talented actors and real-life couple Nonie and Shamaine Buencamino as Rainier and Remy, together with Rita Daniela as Lea, the couple’s youngest daughter, headline the emotional and inspiring episode. When asked what he felt the first time he read the story of the Layug family, Nonie shared that he was in awe of their resilience and bravery: “Nakaramdam ako ng pagmamahal para sa pamilyang ito na puro frontliners. Lahat sila isinugal ang buhay nila para sa kanilang kapwa at para sa kapakanan ng mga pasyente nila, pinipigilan nilang maging emosyonal sa harap ng iba pero tao pa rin sila, natatakot at nagkakasakit. Pero lumaban sila. Hindi sila nagkawatak-watak. Sinuportahan nila ang isa’t isa, at isinantabi ang pride.” Magpakailanman’s all-new episode airs at 8 pm after Pepito Manaloto on GMA. Meanwhile, get inspired in making easy and creative dishes at home as the cooking show Idol sa Kusina brings a series of fresh episodes airing on GMA beginning this Sunday, August 16. From fruits, finger foods, carbs, and seafoods, Chef Boy Logro and Chynna Ortaleza will show viewers that it does not take a rocket scientist to prepare meals that the whole family and friends can enjoy. For the program’s latest episode, actress Vaness del Moral joins Chef Boy and Chynna in exploring new ways to have fruits incorporated in regular meal courses. Vaness gets to taste some lime cilantro shrimp coconut and battered fish with potato wedges, grilled chicken marinated in mango yogurt, orange marinated pork loin, and apple marinated beef bulgogi. Idol sa Kusina recently marked its ninth year on television. Chef Boy is happy that Idol sa Kusina continues to attract viewers. “Ever since we started the show, gusto talaga namin makapag-share ng mga recipes at practical tips sa viewers,” said Chef Boy. “I’m happy kasi for nine years, hindi lang pagkain ang naihatid namin sa mga manonood. Nakapagserve rin kami ng saya, tawa at mga bagong matututunan sa buhay sa aming programa. I feel blessed, at nagpapasalamat ako dahil patuloy ang pag-suporta ng mga Kapuso natin sa Idol sa Kusina.” Staying at home becomes more memorable with new sets of yummy dishes. Catch the special run of Idol sa Kusina on GMA with all-new episodes beginning August 16 at 10:05 am. Viewers can still look back at the show’s fun episodes every Sunday night on its original time slot at 7:50 pm on GMA News TV.
“making plans to begin to give meaning to my 60th year to which I arrive full of enthusiasm.” “I would like to add that I am relatively well, just a little more tired than usual and hoping to recover as soon as possible following medical instructions that I hope will allow me to overcome the infection that I
and so many people in the world are suffering from,” wrote Banderas. A spokeman for Banderas didn’t immediate respond to messages on Monday. Earlier this year, Banderas was nominated for the Academy Award for best actor for his performance in Pedro Almodóvar’s Pain & Glory. AP
Jolie seeks removal of private judge in Pitt divorce case By Andrew Dalton | The Associated Press
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OS ANGELES—Angelina Jolie asked on Monday that the private judge overseeing her divorce from Brad Pitt be disqualified from the case because of insufficient disclosures of his business relationships with one of Pitt’s attorneys. In a filing in Los Angeles Superior Court, Jolie argues that Judge John W. Ouderkirk should be taken off the divorce case that she filed in 2016 because he was too late and not forthcoming enough about other cases he was hired for involving Pitt attorney Anne C. Kiley. It says that during the Jolie-Pitt proceedings, Ouderkirk has “failed to disclose the cases that demonstrated the current, ongoing, repeat-customer relationship between the judge and Respondent’s counsel.” It goes on to say that Pitt’s attorney “actively advocated for Judge Ouderkirk’s financial interests in moving—over the opposing party’s opposition—to have his appointment [and his ability to continue to receive fees] extended in a high-profile case.” An e-mail to Kiley and Pitt’s lead attorney Lance Spiegel seeking comment was not returned, nor was an email seeking comment from Ouderkirk. Pitt and Jolie, like other high-profile couples, are paying for a private judge in their divorce case to keep many of its filings and the personal and financial details within them sealed, though some legal moves must be made within standard court procedure. Jolie’s filing emphasizes that a private judge must follow the same rules of disclosure and conflict of interest that other judges must. The filing says “it doesn’t matter if Judge Ouderkirk is actually biased. Under California law, disqualification is required so long as a person aware of the facts ‘might reasonably entertain a doubt’ about Judge Ouderkirk’s ability to remain impartial.” Jolie’s attorneys have sought in private proceedings to have Ouderkirk disqualify himself, but the filing says Pitt’s side has insisted on keeping him. “As is set forth in the filing, all my client is asking
for is a fair trial based on facts, with no special favors extended to either side,” Jolie’s attorney Samantha Bley DeJean said in an email to The Associated Press. “The only way litigants can trust the process is for everyone involved to ensure that there is transparency and impartiality.” Pitt and Jolie were declared divorced, and the Pitt was dropped from her name, in April of 2019, after their lawyers asked for a bifurcated judgment, meaning that two married people can be declared
single while other issues, including finances and child custody, remain. Because most of the documents have been sealed, it is not clear what issues remain unresolved, but Jolie filed papers in 2018 saying Pitt wasn’t paying sufficient child support, which his attorneys disputed, calling the filing an effort to manipulate media coverage of the split. Jolie, 44, and Pitt, 56, were a couple for 12 years and married for two when Jolie filed for divorce in 2016. They have six children. n
PPO’S ‘MUSIC FOR HEALING’ IN YOUR LIVING ROOM THE Philippine Philharmonic Orchestra continues to render online performances through the Music for Healing: PPO in Quarantine Pocket Concert Series to uplift the minds and hearts of Filipinos amid the Covid-19 pandemic. One of the three pocket concerts, namely PPO in Your Living Room will be streamed today, August 14, at 8 pm through the Cultural Center of the Philippines’s (CCP) web site. PPO in Your Living Room”features trombonist Ricson Poonin interpreting “Lead Me Lord” popularized by Gary Valenciano; viola ensemble players Joy Allan dela Cruz, Rey Casey Concepcion, Ferdinand Dumlao, Magdalena Fernandez,
Joven Aquisap performing Ernani Cuenco’s “Gaano Ko Ikaw Kamahal,” bassoon player Frenvee Andra rendering George Canseco’s “Hiram,” and the PPO String Quintet members Dino Decena, Christian Tan, Rey Casey Concepcion, Giancarlo Gonzales, Rommel Cruz playing Ernani Cuenco and Levi Celerio’s “Kalesa.” The Music for Healing: PPO in Quarantine Pocket Concert Series is an ongoing program of the PPO for July and August which can be viewed from the PPO Facebook page and the CCP YouTube channel as platforms. Initially intended as an online music offering to Filipinos who are recuperating in their beds either from hospitals or from their
own homes as therapy to aid in their total healing, it also aims to accompany the whole family in coping with the pandemic situation and the frontliners who bravely provide their services to fellow countrymen in need. PPO in Quarantine Pocket Concert Series had its premiere on July 3, with 12 musical numbers in the playlist recorded from their homes especially intended for the sick Filipinos under PPO by Your Bedside”pocket. The series continues to offer 4 numbers to be uploaded every Friday at 8 pm under alternating pockets, namely, PPO in the Living Room and PPO in the Work Place.
BOY ABUNDA
in Africa and India, and her struggles and victories when she implemented landmark humanitarian programs in the Philippines. A known environmentalist and philanthropist, Gina Lopez served the Philippine government as secretary of the Department of Environment and Natural Resources. She was the managing director of ABS-CBN Foundation who pioneered important projects in the Philippines, like Educational Television (ETV), Bantay Bata 163, and the cleanup of the Pasig River. “The encompassing message of Gina’s life and works is about love—love for children, love for the environment and love for country and humankind. Hence, the theme of this monthlong celebration is ‘Genuine Love Forever,’” said Susan Afan, managing director of ABS-CBN Foundation. In these difficult times brought about by the pandemic, it is the hope of the foundation that the lessons shared by the life of Gina Lopez would inspire people to never lose hope and to “trust in the Divine.” Noon-time variety show ASAP will showcase a tribute to Gina Lopez through music and book readings on August 30. This will be streamed live on the iWant, YouTube and Facebook pages of ABS-CBN. Watch out for G Diaries on iWant on August 16, 23, and 30 as it will showcase a compilation of their memorable stories and video clips with Lopez when she was hosting the program from 2017 to 2019. The Healing Eucharist will stream on iWant.ph, a live mass celebration dedicated to Gina Lopez on August 19, her death anniversary.
Boy is still all talk
Well-loved TV host Boy Abunda is now exploring the wild wild world of digital and the Internet as he launches his own YouTube Channel. Titled BATalk (knowing Boy and his sly sense of humor this is pronounced batokhaha) on the Boy Abunda Talk channel, we can only surmise that the channel’s content will be filled with what Boy does best: talk and talk with the most interesting people. While Boy may have interviewed more people than ordinary folks like us can interview in three lifetimes, he admits that in each interview, he still gets giddy and excited—no matter who he talks to. Whether it’s the president of the Philippines, the hottest Hollywood stars, the matinee idol of the moment, or some bold star promoting her B-movie, Boy does all his interviews with extraordinary effort. He studies his research material and diligently prepares his questions. But what makes Boy a good interviewer is that he easily picks up on things
and issues that make a good conversation. He will sometimes drop a prepared question or two to focus on that tidbit that the interviewee may find mundane, but with a little more prodding from Boy, it takes on importance and even becomes pivotal to the interview. The secret, he once told me, is to be interested in everything in life so that you will remain interesting. He said that he has to be genuinely interested in the story of his subject. He said that you must be interested in a lot of things as your subject may inadvertently open up about some trivia, and if you don’t know anything about it, then you may have missed a big revelation. While Boy is known for his interview tricks, such as bringing out his mahiwagang salamin, or asking his guests to say “Ikaw na!,” or firing those rapid questions which he calls “Fast Talk,” he is an extraordinary storyteller and does this with so much heart, panache and wit. He deftly navigates the dance that is conversation and we, his audience, are always engaged and enthralled. Congratulations, Boy, on your new endeavor. I can’t wait to see your videos on your YouTube channel. nnn ABS-CBN Corp. and ABS-CBN Foundation (AFI) commemorate the first death anniversary of Gina Lopez with a monthlong celebration of her legacy, which will be showcased on their various cable TV programs and digital platforms. The celebration will be capped by the launch of the book I Am Gina, written by Jenie Chan. The book reveals many untold stories of her life as a missionary
ANGELINA JOLIE and ex-husband Brad Pitt
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Teachers, parents join Globe and DepEd in kids’ cyber safety talk
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HE shift to online learning for school year 2020-2021 imposes a lot of challenges to teachers, parents and students alike. Among these challenges, ensuring children’s online safety is the most critical. As a matter of fact, the Philippines ranks highly when it comes to online risks for children. According to Georges Dizon from Globe Business Enablement and Training Group, “The Philippines is a top source of child pornography. The country is likewise the second most dangerous online (or with high online risks) according to the DQ institute study in 2018.” The Department of Education (DepEd) together with Globe has taken on this issue seriously through yearslong collaboration to create a program to educate teachers and parents on online safety for students. Mervie Yap Seblos, Regional Chief, HRRD DepEd Region 12 said, “I’d like to thank Globe… there has been no letup in the programs and support that they provide. We are thankful that even back then, decades ago, when DepEd was not as advanced and aggressive in digital education, Globe has already
been there helping us in initiating reforms and education.” The Digital Thumbprint Program (DTP) is a series of workshops on digital citizenship, online safety, and the responsible use of the internet. With the push to online education, Globe modified the in-class DTP module into online modules tackled through a series of webinars under the Global Filipino Teacher Series. The webinars are streamed via Facebook Live at the Globe Bridging Communities Facebook page and the DepEd official Facebook page. In 2019, Globe turned over the face-to-face version of the Digital Thumbprint Program modules to DepEd for integration into the K-12 curriculum. In one of the webinars, panel participant Sheila Estabillo, Manager of Cyber Safe Spaces Project of PLAN International Philippines gave her insights on online safety for children, “Teach kids about technology at a young age. Discuss the many benefits of technology as well as the risks. Discuss the importance of respecting privacy, protecting personal info and being critical thinkers and (also) have
empathy. Monitor what your kids are doing on the internet. And as parents or teachers, keep learning about this technology so we can keep up.” Globe’s webinar series covers teachers and parents. In the teachers’ module, the focus is on critical thinking which is crucial for educators to ensure that the information they use for teaching is based on facts and are properly cited with credible sources. The parents’ module discusses responsible parenting in today’s digital world, especially amidst the pandemic which has pushed children to online activities like shopping, chatting, watching news and learning. The risks for children involve cyberbullying, video game addiction, offline meetings, and online sexual behavior. “There should also be a careful use of hashtags as predators use hashtags to look for victims online,” said Dizon. The Global Filipino Teacher Series is open to all teaching and non-teaching staff of the Department of Education covering the National Office, Regional Offices, and Division Offices, and all public schools nationwide. To know more visit www.globe.com.ph.
KEEPING THE LIGHTS ON. Meralco personnel are seen upgrading its distribution transformers and installing new metering facilities to serve the Angono-Binangonan Center of Dialysis Inc. located along J. Sumulong Avenue in Teresa, Rizal. With its mandate to always keep the lights on, Meralco ensures that hospitals including COVID-19 treatment and testing centers are given the utmost priority when it comes to providing safe, reliable and adequate supply of electricity during the pandemic.
2020 International ICT awards a virtual event
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HE International ICT Awards Philippines was presented virtually despite quarantine restrictions. The big winner was Concentrix CVG Philippines, Inc. which topped as Best Company of the Year, Best Employer of the Year, as well as in two other award categories. It was first time in its 14-year history that the event was presented on TV as well as simultaneously streamed on Facebook and on the LED billboard at EDSA cor. Ortigas. In a video message, DICT Secretary Gregorio Honasan praised the Organizer, the Canadian Chamber of Commerce of the Philippines (CanCham) for pushing ahead with the annual event emphasizing the vital importance of ICT services for doing business in the new normal. The event was also endorsed with video messages from the Director General of PEZA Charito Plaza and President of the National ICT Confederation of the Philippine (NICP) Michael Lim. In her message DG Plaza stressed that “International competitiveness includes such things as excellence and innovation as well as location, incentives, low corporate tax rates and ease of doing business". The Chairman of the ICT Awards Organizing Committee, CanCham President Julian Payne, noted the event is private sector initiative funded entirely by private sector sponsors led by Title Sponsors Globe Business and PLDT Enterprise with other sponsors including national, regional and foreign business associations. “I particularly appreciated the encouragement and support by all the sponsors that we should be not be deterred by current quarantine restrictions and move forward with a virtual event as a great opportunity to exploit available ICT
TOYOTA CELEBRATES ENVIRONMENT MONTH UNDER ‘NEW NORMAL’. Toyota Motor Philippines Corporation (TMP) recently observed the annual Toyota Environment Month with activities that promote environmental awareness. This year under the ‘new normal’, these activities were conducted through online environment seminars and contests, including the use of social media platforms and web-based video communications apps. Culminating the celebration was the conduct of a tree-planting activity with select team members at the Toyota Forest in Santa Rosa, Laguna, where a total of 200 seedlings were planted. Participants observed social distancing and followed other government health protocols and those established by the company. On a larger scale, Toyota also implements other programs aligned with the Toyota Environmental Challenge 2050 aimed at achieving zero environmental impact in all aspects of its manufacturing operations and create a future society in harmony with nature.
media to make the event bigger, better, and available both free for all and safe for all". The International ICT Awards Philippines is an annual awards event that recognizes the outstanding companies in the Philippines that provide services using information and communications technologies (ICT). Nominees are evaluated by an independent Panel of judges who are professionals in the ICT field. The Nominees are assessed for their excellence in international business in several different categories, each category with a specific set of criteria for judging. All nominations were scrutinized by an Independent Compliance Officer, former DICT Undersecretary Mon Ibrahim and the judging results audited by Isla Lipana PWC. Over 60 eligible nominations were submitted by 49 companies for the nine awards with Winners being: Best Company of the Year: Concentrix CVG Philippines, Inc.
Best Employer of the Year: Concentrix CVG Philippines, Inc. Best Foreign Owned Company of the Year: Concentrix CVG Philippines, Inc. Best Company of the Year Outside the NCR: Wipro Philippines, Inc. Most Innovative Company of the Year: Infor PSSC, Inc. Best Global In-House Center Company of the Year: Lexmark Cebu Best Contact Center & BPO Company of the Year: Concentrix CVG Philippines, Inc. Best Software Development & Information Technology of the Year: Infor PSSC, Inc. Best Company of the Year for ICT Services for Health: Cognizant Technology Solutions Philippines Inc. The Organizer requires there must be at least three Nominees submitted in a category for an award to be given to ensure a competitive selection.
TELCO HELPS AUTOMATE LGU OPERATIONS. Narvacan, Ilocos Sur Mayor Luis Chavit Singson demonstrates to Sen. Manny Pacquiao the use of the Gracia Bayad Center Kiosk, an automated payment machine at the presentation and installation of the Gracia Telecommunications Corp. in Sarangani province. The firm’s services include the Gracia Care Educational TV which offers cable TV using cutting-edge multiplatform infrastructure to reach students in remote areas in support of the Department of Education’s blended learning scheme. Singson, the national president of the League of Municipalities of the Philippines, is also the chairman of Gracia Telecoms which aims to help automating local government operations across the country.
mirror_sports@yahoo.com.ph / Editor: Jun Lomibao
Sports BusinessMirror
Friday, August 14, 2020 B7
PSC: OLYMPIC BID STILL TOP PRIORITY T
HE Olympic Dream remains on top of the Philippine Sports Commission’s (PSC) priorities amid the Covid-19 pandemic that moved back the Tokyo Olympics to 2021. “It has been quite a challenge— this pandemic—but we hope to keep our commitment to fund and support our athletes who have shown strong determination and chances of winning our first Olympic gold medal,” PSC Chairman William Ramirez said on Thursday. Four Filipinos have so far qualified for the Tokyo Games that were postponed to July 23 to August 8, 2021—world champion gymnast Carlos Yulo, pole vaulter EJ Obiena and boxers Eumir Felix Marcial and Irish Magno. Several others are still hoping to qualify including women’s world boxing champion Nesthy Petecio and Rio 2016 weightlifting silver medalist Hidilyn Diaz. Despite the lockdown and before the imposition of strict quarantine, the PSC said it honored its commitment to national sports associations (NSAs)—particularly those with athletes who could qualify for the Olympics—by releasing P351 million in
UCI looking for new host country for road world championships
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ENEVA—Cycling’s road world championships in Switzerland next month were canceled Wednesday after a government ruling on mass gatherings during the pandemic was extended until October. However, cycling’s governing body said it still hoped to find a new host for the event on the same dates of September 20 to 27. Swiss organizers of the championships, which were supposed to centered around Aigle where the International Cycling Union (UCI) is based, said they could not continue within a federal limit of 1,000 people for major events. The decision followed the Swiss federal council extending the limit into a seventh and final month until October 1 amid rising numbers of coronavirus infections in the Alpine nation. Easing the rules in October helps Switzerland’s two major sports leagues, soccer and ice hockey, which warned that their clubs need bigger crowds to survive financially. They can look to a new season now with more fans, likely facing mandatory orders to wear masks at stadiums, though with none from away teams allowed. The new guidance came too late for cycling’s first road worlds in Switzerland for 11 years, and follows the ice hockey worlds in May also being canceled. The UCI will now search for a new host for the worlds, likely in Europe, on the same dates allocated in a congested calendar that aims to reschedule the major stage races and most oneday classics within three months. “We will put all our energy into ensuring that these UCI world championships take place,” its president, David Lappartient, said in a statement. A decision was promised by September 1. The UCI is among the Olympic sports governing bodies hardest hit financially during the pandemic and said in April it needed to take “drastic action.” World championships in several disciplines have been canceled and the 2020 Tokyo Olympics were postponed by one year. After the 2016 Rio de Janeiro Games, the UCI received more than $25 million in revenue sharing from the International Olympic Committee. The cycling road worlds already faced difficult scheduling with the men’s time trial event on September 20 clashing with the final stage of the pandemic-delayed Tour de France. With coronavirus cases rising in Switzerland and elsewhere, local organizers in Aigle-Martigny also noted problems with riders and team officials from around 45 countries that currently face quarantine after entering Switzerland. Swiss federal lawmaker Alain Berset said the situation was “delicate and uncertain,” on the day 274 new infections were reported nationally compared to around 15 to 20 cases daily in June. The latest Swiss federal guidance gave some hope to the soccer and hockey leagues, which have warned clubs need bigger crowds at games and more revenue to help them survive financially. Easing the federal limits was “of existential importance for our clubs,” said the league’s chief executive, Claudius Schäfer. Professional sports teams will still need permission from public authorities in their home canton (state) to host events with more than 1,000 people present. AP
financial assistance as of June this year. A total of 53 NSAs—41 regular, four associate and four recognized members of the Philippine Olympic Committee and four non-members—received PSC funds for the first half of the year. The bulk of the funds when to the allowances of the 1,620-strong national team—athletes and coaches—and to the campaign of the other Tokyo Games hopefuls and continuous training of the four qualified athletes. “The PSC strives to cover all of its commitments to keep the Olympic gold dream even with a decreased budget,” Ramirez said. “Despite mounting fiscal challenges, we continue to make ends meet to sustain the agency’s support to that dream.” The enactment of the Bayanihan to Heal As One Act I almost depleted the PSC coffers with P596 million from the agency’s National Sports Development Fund and P773 million from General Appropriations Act (GAA) going to the national government’s campaign against the pandemic. “It’s a bitter pill to swallow but we in the PSC still have our obligation and commitment to
pursue,” Ramirez said. PSC records showed that the Philippine Athletics Track and Field Association got the most financial support with P20.2 million, followed by the Association of Boxing Alliances in the Philippines with P13 million and the Gymnastics Association of the Philippines with P7.8 million. Yulo, who is based in Japan, was granted a P3.8-million training fund for the first half of 2020. These covered his living expenses, training and other miscellaneous needs. The 20-year-old from Leveriza in Malate secured his ticket to the Tokyo Olympics when he won the men’s floor exercise gold medal in the 2019 World Artistic Gymnastics Championships in Stuttgart, Germany. The PSC spent P7.6 million for his campaign last year. Obiena, on the other hand, received P1.3 million for the first half of 2020 which he spent in a world-class pole vault camp in Italy. Last year, the PSC poured P12.5 million for his training and competition. The boxers, meanwhile, got a total of P5.3 million and the results were Marcial and Magno’s Olympic slots. Besides Petecio, the 2019 campaign in boxing included Riza Pasuit, Carlo
SPORTS WITHOUT BORDERS Vincent Juico @VJuico, Instagram vpjp_j vince.juico@gmail.com
PHILIPPINE Sports Commission Chairman William Ramirez says the agency is fully supporting the Olympic Dream.
Paalam, James Palicte and Ian Clark Bautista. The PSC allocated a P1.7-million budget for the boxers for their training and competition from January to June this year. The Samahang Weightlifting ng Pilipinas received a total of P11.2 million, P3.8 million of which were focused on Diaz’s Tokyo Olympics bid covering her foreign coach Kaiwen Gao and her core team composed of a sports science expert, strength and conditioning coach, sports nutritionist and a physical
therapist. She is training in Malaysia. Diaz, however, has yet to qualify for the Tokyo Olympics after qualifying tournaments were shuttered by the pandemic. “We are doing what we can for our national athletes. We want them to stay focused on their goals and to stay positive while aspiring for Olympic glory,” Ramirez said. “We want to remind them that the PSC is always here to help them achieve success in any way that is possible.”
31st Serena-Venus duel heralds return of tennis W
ELL, this sure is a fine way for tennis to herald its return after the pandemiccaused hiatus: Serena Williams versus Venus Williams. The siblings meet each other for the 31st time when they take the court at a Women’s Tennis Association (WTA) tournament in Kentucky on Thursday. “It’s so special,” Venus said. “Here we go again.” It’s a chance for the two former No. 1-ranked women and owners of 30 Grand Slam singles titles between them (23 for Serena, seven for her older sister) to gauge where their games are following about six months away from the sport—and a chance for tennis fans to remember what they’ve been missing while the tours were suspended because of the coronavirus. “I haven’t played in forever, so I want to play the best players,” Venus said with a laugh, then added: “And I think I got my wish in playing Serena.” So what if there are no spectators allowed at the hard-court event because of the coronavirus outbreak? So what if it’s happening at a low-key, brandnew tournament, where traffic can be seen driving back and forth on a street behind the court?
And so what if it’s merely in the second round, rather than with a trophy at stake? Sure, all in all, this will be far away from the sorts of stages that have hosted these two stars in the past, including nine Williams versus Williams matchups in Grand Slam singles finals, including four in a row from 2002-2003. Serena leads the rivalry 7-2 in those contests, and 18-12 overall. “I feel like I always play Venus in every single tournament, first or second round,” Serena said after needing to put together a comeback to beat 60th-ranked Bernarda Pera, 4-6, 6-4, 6-1, in her opening match in Kentucky and first anywhere since February. “So that’s annoying.” Actually, it’s been nearly two full years since the sisters’ last meeting, a third-rounder at the 2018 US Open that Serena won, 6-1, 6-2. What both they and others should remember is that there is no way to know how many more of these there will be. Venus, after all, turned 40 in June. Serena turns 39 in September. As the August 31 scheduled start of the US Open approaches, this match is a chance for the two of them to test themselves and the changes they’ve been making.
SERENA Williams (left) embraces her sister Venus after their third-round match at the US Open in New York in August 2018. Serena Williams won, 6-1, 6-2. AP
These are not two people who seem as if they’re ready to stop competing any time soon. Serena has switched to a smaller racket head in 2020 because, she explained, “I wanted more control.” She was not at her best at the outset against Pera, even getting pushed to the precipice by falling behind love-40 at 4-all in the second set after dropping the first. But Williams steadied herself to grab that game, beginning a run in which she took eight of nine. Venus, meanwhile, used the long break in action to alter her service motion and forehand, which both looked in good shape
DECISION DAY IN NBA BUBBLE
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AKE BUENA VISTA, Florida—A team is going to reach the Western Conference playoffs with a losing record for the first time in 23 years, which ordinarily would not be exciting news. This year, it’s the talk of the National Basketball Association (NBA). And the race has come down to the last possible day. On Thursday, four teams—Portland, Memphis, Phoenix and San Antonio—will finally decide which two clubs get spots in the play-in series to determine the No. 8 seed in the West playoffs. Portland and Memphis control their fates, while Phoenix and San Antonio must win and get help. The regular season ends Friday, but all four of the West play-in contenders wrap up play and decide matters Thursday.
THE Suns’ Devin Booker scores against the Sixers’ Furkan Korkmaz (30) and Norvel Pelle (14) during the second half of their game early this week. AP
“We can finally look at it,” Suns Coach Monty Williams said. “It’s our next step. We know we’re not totally in control of our fate, but we put ourselves in a good position. Nobody would have
guessed the Phoenix Suns would have been in this position when all of this started.” The Suns are 7-0 at the season restart, the darlings of the NBA bubble—but finishing the
Players kneeling booed in MLS match in Texas
FC DALLAS (left) and Nashville SC players kneel during the national anthem before their game at Toyota Stadium on Wednesday in Frisco, Texas. AP
during her much easier first-round victory in Kentucky, 6-3, 6-2 over former No. 1 and twotime major champion Victoria Azarenka. “I used this offseason—forced offseason— to just reevaluate what I really wanted out of my game. You got time to make a few tweaks here or there and that’s what I did,” said Venus, who faced only one break point and saved it against Azarenka. “I’m quite happy with it. Obviously the more matches I play, the better I’ll get.” Tennis is only just taking its initial steps back, starting with a women’s tournament on clay in Palermo, Italy, last week, and two events this week. The men still haven’t resumed; that is supposed to happen next week. AP seeding games at 8-0 doesn’t even guarantee them a play-in spot. Phoenix plays Dallas in a 4 p.m. game, the same time as a matchup between Memphis and Milwaukee. The Bucks will be without star Giannis Antetokounmpo after he was suspended for the game for headbutting Washington’s Moe Wagner. San Antonio faces Utah at 6:30 p.m., and Portland plays Brooklyn at 9 p.m. The Spurs are bidding to be the first team in NBA history to make 23 consecutive playoff appearances, and caught a break Wednesday when Utah became locked into the West No. 6 seed, meaning the Jazz have nothing to play for, Of course, the other three play-in hopefuls’ opponents—the Mavericks, Bucks and Nets— are all locked into their various postseason spots and have nothing at stake, as well. “The way things have been down the stretch for these games, as tight as it’s been, it’s been pretty exciting,” Portland Coach Terry Stotts said. AP
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HERE was a smattering of boos when players from FC Dallas and Nashville SC collectively took a knee during the national anthem before their Major League Soccer (MLS) game on Wednesday night in Frisco, Texas. Dallas defender Reggie Cannon said he was disgusted by the boos at Toyota Stadium when players and officials knelt to call attention to racial injustice. He said teammate Ryan Hollingshead turned to him afterward and said he was sorry. “You can’t even have support from your own fans in your own stadium. It’s baffling to me,” Cannon said. “As a team we try to give the best possible product on the field and these last six months have been absolute hell for us. Absolute hell.” Dallas and Nashville had not played a game since the season was suspended on March 12 because of the coronavirus. While Major League Soccer’s other teams played in the MLS is Back tournament in Florida over the past month,
Meet and ‘Green’ FILIPINO-American Jalen Green is harnessing himself for the tough grind ahead in the National Basketball Association (NBA) G-League, saying he needs to muscle up as his 18-year-old body will be tested by grown men in the league. Green met members of the Philippine sports media online on Thursday morning and talked about his young career such as his preparation for the physicality that playing against grown men will bring. He said he’s been “working hard in the gym” to prepare his body for the physical play that playing the G-League may bring. On possibly being a physical target by more established players in the G-League, Jalen stated, “I’ve had a target on my back since I was a freshman in high school.” The young man is mentally and physically ready to play and meet the grinding demands of playing in the next level. On Filipino Kai Sotto, his teammate at Select team, the standout from Prolific Prep said, “Me and Kai are brothers on and off the court.” Asked if he would play for the Philippine team, he replied, “it may or may not happen because I already played for the US, but I would love to.” He donned the US’s colors in two Fiba tournaments in 2018 (Under-19 World Cup in Heraklion, Greece, which the US dominated) and in 2019 (Under-17 World Cup in Argentina, where he was named MVP). On any improvements on his game, the 6-foot-5 shooting guard said, “When I played in the Philippines at the NBTC [National Basketball Training Center], I used the tournament to improve my jump shot.” Green wasn’t a consistent outside shooter coming out of high school, so he obviously knows what he needs to work on. The meet and greet part of the online program was much lighter when Jalen was interviewed by his peers from the University Athletic Association of the Philippines (UAAP). Green remembered a familiar face when National University (NU) Bulldogs forward Shaun Ildefonso asked a question, Jalen animatedly went, “I remember you...NU! NU!” Mikey Rosales, Head of Marketing for PepsiCo, set the light tone in the session. “What burns do you wear on your feet?” For the uninitiated, burns is slang for basketball shoes or sneakers. The session was organized with episodes of spontaneity with one sportswriter asking “what Filipino words have you learned in the Green household?” His mom, Bree, is from Ilocos Sur. Overall, it was a fun and interesting discussion with a kid who seems to have a good head on his shoulders. With his immense talent and out-of-this-world athleticism, it’s not easy to make decisions regular 18-year-olds do not. He may well be the first Filipino-American to play in the NBA since Raymond Townsend entered the league in 1978. Townsend played three seasons with the Golden State Warriors and Indiana Pacers. His mother, Virginia Marella, is from Balayan, Batangas. The thing that struck me with this kid was his answer to the question, “What has changed since you decided to join the G-League?” And his answer was, “There are more people who want to be around me.” I couldn’t recall the rest of his answer but the fact is, at such a young age, he already is aware of the company that he should and shouldn’t keep. These people may have different agenda or intentions and I’m happy the kid is aware of that. We’ve heard a lot of stories about young players hanging out with the wrong crowd and falling before their star can rise. I see this young man keeping himself grounded as his star ascends and rises. Dallas and Nashville were forced to withdraw before the start because of positive Covid-19 tests among players from both teams. The teams met as MLS restarts the regular season in local markets. Some of the games will include fans if local jurisdictions allow it. Just over 5,000 were allowed to attend the match at Toyota Stadium, although the crowd that showed up appeared smaller. Nashville won the game, 1-0. The two teams meet again on Sunday. The death of George Floyd has spurred a number of MLS players to form the group Black Players for Change, which seeks to address systemic racism in soccer and society. At the opening game of the MLS tournament in Florida, members of the group collectively stood in silence, fists raised, for more than eight minutes. Players and coaches wore Black Lives Matter t-shirts throughout the event. AP
Motoring BusinessMirror
B8 Friday, August 14, 2020
Editor: Tet Andolong
Honda Covid-19 fighter; Toyota delivery system Despite the recession, Dizon believes partnerships between the private and Official Development Assistance (ODA) platforms from multilateral and bilateral partners can be forged hitch-free. Good luck, Vince.
Toyota delivery system
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OT only to ease traffic at Edsa but also to pursue physical distancing protocols to combat the virus spread are the twin targets of a new government-initiated scheme. One is the building of bicycle lanes coupled with elevated greenways and walkways at railway stations in Balintawak, Cubao, Guadalupe and Taft Avenue. Two is the introduction of the bus rapid transit (BRT). This was recently bared by Secretary Vivencio Dizon of the flagship structure programs and projects. According to Inquirer’s Ben O. de Vera, Dizon told the European business chambers that both projects, spearheaded by the Department of Transportation (DOTr), were gaining financing support from multilater-
al lenders. “Bicycle lanes are being designed now throughout Metro Manila and the greenways project through the Asian Development Bank [ADB],” said Dizon, citing the ADB’s $130-million loan budgeted to complete construction of both ventures next year. Dizon also said the ADB and the World Bank are both supportive of the BRT systems “as these are easy to plan, implement and build” and could be done in two months. “For the longest time,” Dizon said, “BRT projects were stagnant. But now, given what we have experienced with Covid-19, the BRT has taken center stage.” To him, BRT lines and bike lanes will ensure observance of physical distancing to the hilt.
TOYOTA Motor Philippines will now deliver your dream car right at your doorstep. The home delivery system is TMP’s latest innovation to give customers peace of mind amid these challenging times. Earlier, TMP launched the virtual showroom, the full digital dealership experience from checking out Toyota’s model lineup to requesting for a quotation and endorsement to a preferred dealer. For more details on the home delivery service, check TMP’s https:// toyota.com.ph/promos/restartjourney, www.toyota.com.ph, ToyotaMotorPhilippines (Facebook and Instagram), and @ToyotaMotorPH (Twitter) for more details.
Honda Covid-19 fighter
HONDA has become consistently a
car ally in the fight against Covid-19, lending last week 18 cars anew to various medical facilities in Laguna and Cavite. This is in support of the transportation needs of medical health workers in the recent reimplementation of the modified enhanced community quarantine (MECQ). Honda provided the City, Brio, Jazz, Civic, Mobilio, BR-V, HR-V, and CR-V models, to seven hospitals—New Sinai MDI Hospital and The Medical City South Luzon in Santa Rosa, Laguna; UnihealthSouthwoods Hospital and Medical Center and Perpetual Help Medical Center in Biñan, Laguna; Global Care Medical Centers in Canlubang and Cabuyao, Laguna; and Carmona Hospital and Medical Center in Carmona, Cavite. Honda also provided each car with free gasoline for the duration of the MECQ. “Once again in our humble bid to help control Covid-19 cases in Mega Manila, Honda would like to support the hardworking medical frontliners battling the pandemic by lending our vehicles to help ease their transportation concerns during the MECQ.” said Masahiko Na-
kamura, Honda Cars Philippines Inc. president. A glass to the big heart of Honda.
Lexus NX launched
THE recently launched Lexus NX crossover is in three variants: NX 300h hybrid (P3,678,000); NX 300 F Sport (P3,708,000); and NX 300 (P3,208,000). The NX has been crafted to an extremely high level by its Takumi masters, constructed in a way that sets the benchmark in the luxury crossover segment. Under the hood of the NX 300 and NX 300 F Sport is a powerful and fuel-efficient turbocharged directinjection 2.0- liter inline-4. Power is rated at 235hp, with an impressive 350N-m of torque. Its twin-scroll turbocharger is a single turbo with two separate exhaust paths, ensuring air travels in a more direct feed to the turbo. Also fitted to this athletic motor is an air-to-liquid intercooler which maintains a low intake temperature and helps combat powerrobbing heat. On the NX 300h hybrid is a 2.5-liter inline-4 combined with a pair of electric motors. The NX 300h offers
194 bhp supplemented by electric motors that result in instant torque and acceleration. The Drive Mode Select also allows you to choose up to five different modes, namely Normal, Eco, Sport, Sport +, and Custom Mode, which lets you decide on the powertrain, Adaptive Variable Suspension, power steering, and air-conditioning settings of the NX. “In a Lexus NX,” said Lexus Manila President Raymond T. Rodriguez, “you won’t have second thoughts. Put the gearshift in Drive gear and next go where your heart desires. This is a crossover that was built with only the highest standards.” No surprise there. As luxury hybrid sales leader, Lexus, launched in 1989, has since sold over 1.5 million hybrid vehicles.
PEE STOP
Prayers, please, for the speedy recovery of Visor’s Vernon B. Sarne, who made Top Gear Philippines the nation’s No. 1 motoring magazine when he was still editing it. Vernon is battling an aneurysm attack, needing your faith to help storm the gates of heaven.