BusinessMirror August 17, 2020 by BusinessMirror

Monday, August 17, 2020 Vol. 15 No. 312

P25.00 nationwide | 2 sections 16 pages |

‘POLICY RATES, RRR CUTS

WON’T ENSURE RECOVERY’ Peso to track econ data, F lockdown By Cai U. Ordinario

@caiordinario

URTHER reduction in interest rates and the reserve requirement ratio (RRR) this year may not be the solution the economy needs to recover, according to the Ateneo Center for Economic Research and Development (Acerd).

updates

By Tyrone Jasper C. Piad

Currently, money supply accounts for 70 percent of GDP and about P5 trillion is just “sleeping in the banks,” Acerd Director Alvin P. Ang said in a recent presentation. Most of the liquidity has been poured into bonds and recent Initial Public Offerings (IPOs). The government’s P30 billion worth of Retail Treasury Bonds (RTBs) which was six times oversubscribed and the IPOs of Merrymart and Ayala REIT were both two times oversubscribed. He added that corporate bonds issued in the first half of 2020 have already reached 80 percent of last year’s amount. “Yes, the economy is liquid but this is not being immediately reflected into what the purpose originally was, which is really for firms to be able to go back and borrow,” Ang said. “The thing is, the liquidity is already there but if it’s not absorbed by the sector you want it absorbed [in], then pushing down the rates further might not necessarily be the solution that you want because the money supply now is about more than 70 percent GDP and there’s still a lot of savings out there in the banks, about P5 trillion of savings still sleeping in the banks as of now,” he added. Ang said the monetary easing that the Bangko Sentral ng Pilipinas (BSP) implemented in recent months had led to a “very liquid” economy. He explained that during the

Asian Financial Crisis, the movement of the 91-day treasury bills, the overnight lending rates, and RRR were erratic. This, he said, prevented dollars from moving out of the economy. But as the economy normalized in the 2000s, the overnight lending rates and the 91-day treasury bills declined. They only increased slightly during the Global Financial Crisis. However, Ang said the RRR remained high throughout the 2000s until around 2017 when the BSP started bringing it down to around 12 percent currently. “The liquidity is just being captured in the financial system and we want really to bring it down to the small and medium enterprises, to the firms, so that they can continue floating their businesses,” he added. Ang said the impact of the government’s policies are taking time to have an effect. He noted that loans for productive economic activities are slowing while loans for consumption spiked in April but are also slowing. Further, there is a change in the behavior of those obtaining bank loans. Ang said in June 2019, most of the loans were accounted for by Construction; Water supply, Sewerage, and Wastewater treatment; Financial and Insurance Activities; Arts, Entertainment, and Recreation; and Agriculture, Forestry and Fishing. Continued on A2

BORACAY REOPENING TO FOREIGN GUESTS EYED BY OCTOBER By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

OR AC AY Island, the crown jewel of Philippine tourism, is looking to reopen to foreign guests within a travel bubble. Stakeholders who attended a meeting on Saturday called by the provincial government said Aklan Gov. Florencio Miraflores proposed to open Boracay by October “for that bubble travel.” BusinessMirror sources said the stakeholders agreed to the reopening, “but require

PESO EXCHANGE RATES n

a [negative] RT-PCR test” from guests, at least five days from the date tested. Miraflores also “got the commitment of hotel owners to give a discount [on published room rates] up to 75 percent,” the same sources said. The Aklan government is eyeing the travel bubble to initially be with South Korea, with Philippine Airlines flying between Incheon and the Kalibo International Airport. A working group has been tasked to discuss the details of the agreement between the Aklan LGU and Boracay stakeholders, See “Boracay,” A2

@Tyronepiad

HE local currency will be tracking the release of major economic data and the government’s decision on lockdown measures in Metro Manila and nearby areas this week. “For [this] week, the Philippine June remittance data scheduled for release, with smart estimate at -6.7 percent versus prior print of -19.3 percent, will be a factor for peso movement,” RCBC Chief Economist Ruben Carlo O. Asuncion said. He said that the next support for peso is seen at P48.61 while resistance is at a “critical” P49 level. Offshore, Asuncion noted that the decision of the US Congress regarding the passage of an additional economic stimulus package will also affect the peso. RCBC Chief Economist Michael L. Ricafort, meanwhile, said traders are also on the lookout for the latest balance of payments data and the decision on policy rates by the Monetary Board this week. On late Friday, the Bangko Sentral ng Pilipinas reported that the gross international level reached a record-high of $98 billion as of end-July. “Major market leads/catalysts include the decision by the government to ease the MECQ [modified enhanced community quarantine] on Metro Manila and nearby areas after August 18,” he added. Over the weekend, Presidential spokesman Harry Roque said that President Duterte is expected to announce today (Monday) the new

WORKERS put the finishing touches to the steel foundation of the Nlex extension project along A. Bonifacio Avenue in Quezon City. Vital infrastructure projects have been given priority in the reopening of the economy after crippling lockdowns forced by the Covid-19 pandemic. NONOY LACZA

See “Peso,” A2

‘Good’ disruption: More people buy, eat eggs By Jasper Emmanuel Y. Arcalas

@jearcalas

RWIN Ambal, a longtime layer raiser, is used to queues of trucks in front of his warehouse in San Jose, Batangas. They are usually there to load trays of eggs to be distributed and sold. But the Covid-19 pandemic brought a new picture that until today he’s still trying to get used to: long lines of L300, SUV cars, and vans buying table eggs from him. And this picture of queues of private vehicles, instead of trucks of traditional buyers, is something he described as “borne out of need” during the Covid-19 pandemic. Ambal, president of the Philippine Egg Board Association (Peba), said they saw a drastic disruption in domestic egg trade with the rise of

online food sellers and community vendors or distributors. “There are more L300, Innovas, Nissan SUVs and trucks in front of our warehouse than traditional trucks everyday,” he told the BusinessMirror. He explained that Filipinos were forced to find alternative means of livelihood and profit to survive the pandemic; and egg reselling within their communities, such as subdivisions, or through online, was one such fallback. The apparent shift was also caused by the need to have a stockpile of food, especially during the height of lockdowns imposed by the government to curb the spread of Covid-19 in the country, he added. Health experts have kept saying that people needed to ensure their lockdown diets are healthy, and eggs were pitched as one of the best

—and most convenient—sources of nutrients. “I think it was borne out of need from months of lockdowns. We saw empty shelves in groceries and there were logistical issues at the start that hampered trade. So people were forced to buy in trays and stock up in their houses,” he said. “Eventually, they saw an entry point for business or selling: why don’t they sell table eggs in their subdivisions or villages?” he added.

‘Good’ disruption

AMBAL said the disruption was a good thing since it shortened the value chain providing consumers with more affordable and accessible table eggs. At the same time, he noted, it reduced carbon footprint and pre-

vented people from going out too far to purchase their egg requirements. Gregorio San Diego, chairman of Peba, said it was easy for Filipinos to venture into egg reselling since eggs have a long shelf life and do not require high overhead costs. And since most Filipinos tightened their belts at the height of the lockdowns they were forced to find cheaper food alternatives, especially since retail prices of prime meat like chicken and pork had risen in the past months. “Among the agricultural commodities, chicken eggs are the cheapest and easiest to handle. It has become a poor mans’ diet,” San Diego said. “To note, it is our cheapest protein source.” See “Good disruption,” A2

US 48.8900 n JAPAN 0.4573 n UK 63.8943 n HK 6.3081 n CHINA 7.0386 n SINGAPORE 35.6367 n AUSTRALIA 34.9417 n EU 57.7684 n SAUDI ARABIA 13.0377

Source: BSP (14 August 2020)

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A2 Monday, August 17, 2020

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PHL not limited to Russian vax, talking to varied sources–DOH

By Claudeth Mocon-Ciriaco | Correspondent

HE Department of Health (DOH) on Sunday gave assurances it is exploring all means possible to be able to access a variety of vaccines to prevent the serious effects of Covid-19.

“We are not very specific to the Russian [developed] vaccine,” Health Undersecretary Maria Rosario Vergeire said. She was referring to the “Sputnik V” that Moscow unveiled last week as it claimed to be the first in the world to have a vaccine registered, amid questions raised on “shortcuts” in the clinical trials. The Philippines will participate

in the Phase 3 of the trial. Around 1,000 Filipinos who are not infected will receive the first doses of Russia’s vaccine by October. At present, Vergeire said the DOH is looking into 16 vaccines after some discussions with manufacturers as the DOH explores all avenues available. Last week, officials of an inter-agency expert team

led by the Department of Science and Technology met with officials of Russia’s state-run Gemaleya Institute, which produced Sputnik V. “We are already in different stages with our discussions through our bilateral partners,” Vergeire said at Sunday’s briefing, adding that the Philippines is also participating in Gavi Covid-19 Vaccines Global Access (Covax) facility. She also cited the World Health Organization Solidarity Trial on vaccines where the Philippines is also participating in. The DOH official said the DOST heads the Sub-Technical Working Group (TWG) on vaccine development. It is tasked to review the recommendations of the vaccine expert panel it has appointed, regarding possible collaborations for

Covid-19 vaccine clinical trials.

DOST

IN a statement shared by DOH, the DOST said that even if Russia was the first to register a Covid-19 vaccine, they would still welcome clinical trials on vaccines that are being manufactured by other countries, as long as these get the local Food and Drug Administration’s (FDA) approval. The DOST is also pursuing collaboration with bilateral partners. “We have already committed to the World Health Organization Solidary Trial for Vaccine where the Philippines will undertake the clinical trials Phase 3 for four or five vaccines that are pre-qualified by WHO,” the DOST said. The DOST is also encouraging local pharmaceutical companies to

put up a fill and finish manufacturing plant for Covid-19 vaccine. “These are the reasons why the DOST has proposed the establishment of the Virology S&T [Science and Technology] Institute of the Philippines [VIP], and why the sub-TWG on vaccine development is looking for potential vaccine collaborations to be pursued that will be favorable to the Philippines and allow local manufacturing, possibly through licensing from a foreign vaccine developer or company.” As for previous talks with local pharmaceutical companies to manufacture the country’s own vaccines, the DOH said the Philippines is currently still in the process of discussing it, as a modular fill-andfinish vaccine facility is needed to be set up in the country.

Beirut blast survivors due in PHL; repats at 135K Peso… Continued from A8

This Monday, (August 17), distressed nationals from Lebanon will arrive in Manila on board a DFA-chartered flight, the first in a series of chartered flights organized by the DFA to bring home OFs affected by the explosion at the Beirut Port early this month.

Cruise ships

MEANWHILE, more than a thousand Filipino seafarers have been recalled by foreign cruise line operators to join the start of European cruises, heading towards the Mediterranean. Stil l this is a drop in the bucket compared to the 50,000 Filipino mariners who have been repatriated since the global lock-

downs due to the coronavirus outbreak. Thousands have lost their jobs because of the lockdowns. Around 370,000 Filipinos may no longer have jobs, according to Marine Insight, a one-stop destination for latest news, articles, and developments in the marine world. Several other cruise companies have already relaunched, such as TUI Cruises, a German company in which Roya l Caribbean Cruises (RCL) holds a stake; Hurtigruten, a private company based in Nor way; and Hong Kong-based Genting Cruise Lines, according to migration and recruitment consultant Manny Geslani. The TUI vessel Mein Schiff 2 de-

parted Hamburg for a short cruise on July 24, according to a Royal Caribbean spokesman. It carried 1,200 people, with capacity limited to 60 percent with only balcony suites available. Carnival, the world’s largest cruise operator, hopes to resume cruises starting September 6 out of Hamburg, Germany, with the ship Aida Aperia. Another Carnival-owned European cruise lines, Costa Cruises Deliziosa, will start sailing around Italian ports starting September 6, 2020 with only 50-percent capacity and will be limited to Italian citizens. US ports remain closed through September 30 under a no-sail order imposed by the Centers for Dis-

ease Control and Prevention. Some cruise brands, like Carnival’s Princess Cruises line, have suspended their sailings beyond that date. Royal Caribeean and Norwegian Lines have also scheduled their cruises after October 31, 2020, when the Center for Disease Control and Prevention order lapses. Meanwhile the bulk of the over 50,000 Filipino cruise ships crews who have been repatriated may have to wait a for a few more months before the world’s three largest cruise operators namely—Carnival Corp., Royal Caribbean and Norwegian Lines, comprising 70 percent of cruise ships worldwide—resume sailings after autumn and into 2021. Recto L. Mercene

Bigger Bayanihan 2 ‘POLICY RATES, RRR CUTS funds for safety nets WON’T ENSURE RECOVERY’ seen to get bicam nod Continued from A1

Continued from A8

However, the bicameral panels from the Senate and House are expected to have debates on this P10-billion Tourism funding, since the House version transfers the fund to the TIEZA, for use solely on tourism infrastructure—a matter objected to by all stakeholders who say infrastructure is not the need of the hour. Tourism Secretary Bernadette Romulo Puyat supports their view. Bayanihan 2 also provides for: the proposed P15,000 cash assistance for health-care workers who would contract mild to moderate Covid-19, P100,000 to nurses and doctors (health-care workers) who would contract a severe case of Covid-19, and P1 million to the families of healthcare workers who die of the disease; as well as P5,000 to P8,000 cash subsidy (SAP) to low-income earners; provision of cash assistance to teachers from private schools and tertiary education institutions and part-time faculty in state universities and colleges; and cash-for-work for displaced workers. The Senate version provided standby funding of P10 billion for the procurement of PCR Testing and extraction kits, supplies, materials, and reagents; P15 billion for the implementation of cash-for-work program and the TUPAD; P17 billion for the unemployment or involuntar y separation assistance for displaced workers or employees; P50 -billion infusion of capital to government financial institutions including the P5 billion to Philippine Guarantee Corporation, P30 billion to LandBank, P15 billion to Development Bank of the Philippines; P17-billion assistance to the Agriculture sector; and P3-billion assistance to state universities and colleges. The minority leader said the collectibles from Philippine Offshore Gaming Operators (POGO) licensees and service providers can bridge the funding gap. At the Senate Committee on Labor hearing in February, BIR Commissioner Sixto Dy said POGO licensees and operators are currently not paying franchise taxes to the BIR. In all, POGOs’ unpaid taxes amount to around P50 billion. “We need to collect these huge amounts of money to finance these crucial programs. It can bridge the funding gap because we have no choice but increase the spending for Covid-19,” Drilon said. Butch Fernandez

However, in June 2020, the loans were obtained mainly for Human Health and Social Work Activities; Information and Communication; Water supply, Sewerage, and Wastewater treatment; Real Estate Activities; and Accommodation and Food Services. He added that the country’s non-performing loans (NPL) ratio has increased back to 2014 levels at 2 percent. Prior to the pandemic, NPL ratios were below 1.5 percent but are now nearing 2 percent. “This still is not reflecting the liquidity that is available in the market. Also, we note that this data from the BSP [is] telling us that the nonperforming loans have started to creep up. But this did not happen during the pandemic only. It was

already going up as early as last year,” Ang said. Earlier this year, the BSP approved a reduction in the reserve requirements of universal/commercial banks and nonbank financial institutions with quasi-banking functions by 200 bps. The reserve requirement is that part of the total deposit balance that banks secure in the BSP’s vaults as reserves. Reducing it means banks have more available funds for borrowings. Last month, the BSP reduced the reserve requirement ratio for thrift, rural and cooperative banks by 100 basis points effective July 31. This is seen to release P10 billion worth of fresh liquidity infusion into the economy.

DOTr: Crew-change protocols in place in Subic; dry run held Continued from A8

In the dry run, DOTr Undersecretary Raul del Rosario, who is administrator of the Office for Transportation Security (OTS), pointed out that the one-stop shop system would not allow direct exposure between seafarers and processors who will be coming from the Bureau of Quarantine, and that no airport staff will be directly involved in the crew-change operation. Regarding phase two, Del Rosario said the safety requirements of LGUs “can be met easily because they have already been included in the protocols.” “All hotel workers will be housed. They will be quarantined for 14 days before being allowed to go home,” he added. Del Rosario also said LGUs will be rep-

resented in the one-stop shop monitoring team, which will regularly gets updates and reports. The activation of Subic as a crew-change hub is a national government undertaking that seeks to implement the so-called Philippine Green Lane to facilitate the speedy and safe travel of seafarers, including their safe and swift crew change during the Covid-19 pandemic. Del Rosario said that as of last week there were already 68 ships on Manila Bay awaiting clearance for crew change. He said that with the protocols already defined, the DOTr is just awaiting approval by the SBMA and acceptance by LGUs so that the agency can bring the ships into Subic Bay.

Continued from A1

community classifications in Metro Manila, Bulacan, Cavite, Laguna and Rizal. These areas are placed under MECQ until August 18. Ricafort said the peso exchange rate could range from P48.60 to P49 against the greenback this week. On Friday, the peso appreciated by P0.075 to close at P48.765 against the greenback. This is the strongest in nearly four years after Thursday’s close of P48.84, Ricafort said. “After an appreciation last Wednesday, USD/PHP prices continued its descent the past two days and marks the ninth straight week of gains for the peso [last week],” Asuncion said. The peso has strengthened by 3.7 percent year-to-date.

‘Good’ disruption… Continued from A1

The rise of egg resellers, San Diego added, was able to offset the loss of the layer raisers’ hotel, restaurant and industrial (HRI) markets. HRI accounts for 25 percent to 30 percent of the layer industry’s market. San Diego explained that most of the egg resellers were those who were laid-off due to the shutdown of certain industries. “We are fortunate that we were able to find a new market during the pandemic. I would be lying if I say we are not earning in the past months,” he told the BusinessMirror. The higher demand for table eggs coupled by lower-than-expected supply pushed farmgate prices of large-sized eggs to shoot beyond P6 per piece; while medium-sized ones are catching up at a price range of P5.6 to P5.8 per piece, Ambal said. “And that is still going to go up as I see it,” he said. Ambal added that most home resellers are buying large eggs, which used to be sold to HRI sector, instead of the usual mediumsized eggs. Latest Philippine Statistics Authority (PSA) data showed that the average farm-gate price of chicken eggs in the first half rose to P121.27 per kilogram, which was 18.84 percent higher than the P102.04 per kg recorded in the same period of last year. Based on PSA conversion, this translates to an average price of P5.77 per piece of chicken egg compared to P4.85 per piece recorded last year. Chicken egg output in the first half reached 296,620 metric tons (MT), 4.64 percent over 283,460 MT recorded in the January-to-June period of last year. The value of the country’s chicken egg output in the first half, at constant prices, rose by 4.6 percent to P29.857 billion from last year’s P28.535 billion, based on PSA data. At current prices, the value of production reached nearly P36 billion versus last year’s P28.925 billion, PSA data showed.

Boracay… Continued from A1

before it is presented in the next Boracay Inter-Agency Task Force meeting. The island has already completed its Covid-19 testing laboratory, which will help stakeholders get health checks for their employees. Per agreement between stakeholders and the LGU during the meeting on Saturday, a protocol will be established for workers to get a “daily symptomatic test.” This can help boost the confidence of tourists to travel to Boracay again, according to the provincial government. Boracay, known the world over for its powdery white sand beach, is currently open to tourists from Western Visayas, which is currently under modified general community quarantine. The Department of Tourism (DOT) has deferred to local government leaders when they want to reopen their provinces and tourists destinations to holidaymakers and vacationists. (See, “LGU chiefs, worried by virus, holding up tourism reopening,” in the BusinessMirror, July 9, 2020.) As of August 13, at least 164 accommodation establishments in Boracay already have certificates of authority to operate, six of which have provisional CAO. These 164 establishments have 3,377 rooms, according to data from the DOTWestern Visayas.

Travel curbs update

MEANWHILE, about 40 percent of destinations worldwide have already eased travel restrictions they had put in place to stem the spread of the novel coronavirus. The United Nations World Tourism Organization (UNWTO) has been monitoring global responses to the pandemic from the start of the crisis. “This latest outlook, recorded on 19 July, is up from 22 precent of destinations that had eased restrictions on travel by 15 June and the 3 percent previously observed by 15 May. It confirms the trend of a slow but continuous adaptation and responsible restart of international tourism,” said the global agency of tourism in a news statement over the weekend. However, of the 87 destinations that have eased travel restrictions, “ just four have completely lifted all restrictions,” while 83 have eased them while keeping some measures such as the partial closure of borders in place. The UNWTO noted 115 destinations, representing 53 percent of all destinations worldwide, “continue to keep their borders completely closed for tourism.” UN W TO Secretar y- General Zurab Pololikashvili said, “The restart of tourism can be undertaken responsibly and in a way that safeguards public health while also supporting businesses and livelihoods. As destinations continue to ease restrictions on travel, international cooperation is of paramount importance. This way, global tourism can gain people’s trust and confidence, essential foundations as we work together to adapt to the new reality we now face.” The Philippines continues to implement travel restrictions, which resulted in a 71.5-percent fall in visitor receipts, and a 73-percent plunge in inbound arrivals from January to July 2020. Many of the local tourism stakeholders are micro, small, and medium scale enterprises numbering 500,000, and supporting 5 million jobs. Stakeholders have been appealing to the Bicameral Conference Committee members discussing the proposed Bayanihan 2 Act for working capital loans to be able to get back soon their feet. (See, “Tourism sector loses P190 billion in March-July,” in the BusinessMirror, August 13, 2020.)

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Chinese vessels back in Mainland after research in Reed Bank–Navy By Rene Acosta @reneacostaBM

HE two Chinese vessels that carried out “unauthorized” research activities in the Recto Bank near the island of Palawan early this month are back in China, Navy Flag Officer in Command Vice Admiral Giovanni Carlo Bacordo said on Sunday. The research ships Xiang Yang Hong and Haiyan Dizhi are already in Haikou and Xiangzhou Districts, both in China, after carrying out research at the oilrich Reed Bank, which is located within the Philippines’s 200-mile exclusive economic zone. The research reportedly took place during the first week of August, and the Navy has encouraged the government to file a diplomatic protest against Beijing. “After the first week of August, they already departed back to the Mainland. In fact, we were able to monitor their exact locations [in China],” Bacordo said. Meanwhile, the Navy chief defended President Duterte’s decision for the military not to join any war games in the South China Sea, especially in the areas that are subject of dispute by Southeast Asian states, including the Philippines. According to Bacordo, the ban is consistent with the provisions of the Declaration of Conduct (DOC) signed in 2002 by the Association of Southeast Asian Nations (Asean), which also prohibits any improvement and development in the South China Sea. However, China has consistently said to have been violating the DOC, especially by its reclamation and development of fea-

tures that it turned into massive military bases. “Provision 5: Parties undertake exercise to self-restraint in the conduct of activities that would complicate, escalate disputes, affect the peace and stability,” Bacordo said citing the provision, adding “so it include here the holding of exercise in the area of South China Sea.” “We are just being compliant politically, legally and morally,” the Navy chief said. Currently, China is working out for a Code of Conduct with the Asean that still governs activities in the disputed part of the South China Sea. But Beijing reportedly wanted to include a provision that bars the Asean from joining any war games with the United States in the regional waters. Meanwhile, the frigate BRP Jose Rizal is already in Hawaii for the start of the world’s biggest military exercise led by the US that will run up to the end of this month. Bacordo said the South Korean-built warship arrived at Pearl Harbor on Saturday from Guam where she made a stopover to refuel and re-provision after leaving Subic Bay on July 29 with the Navy’s contingent composed of 125 men onboard. “This exercise is very important for the Philippine Navy because we could apply here the capability of [BRP] Jose Rizal, and this is what we call the four dimensions of naval warfare like anti-air warfare, anti-surface warfare, antisubmarine warfare and electronic warfare,” he said. “We could sharpen the capability of our personnel here,” he added.

Bill seeks rental subsidy for informal settlers; solon wants govt to subsidize rent By Jovee Marie N. Dela Cruz @joveemarie

O help the 4.5 million homeless Filipinos, a leader of the House of Representatives is pushing for the passage of a bill that seeks to subsidize the rent of informal settlers. In House Bill (HB) 7008, Deputy Speaker Luis Raymund L. Villafuerte wants state subsidies for the rentals of eligible informal settlers to encourage them to transfer from danger areas and public lands and privately-owned lands to permanent homes available in the formal housing market. Villafuerte said his proposed rent subsidies will likewise address the temporary relocation of families displaced by either natural or man-made disasters. Under HB 7008, eligible informal settler beneficiaries (ISBs) shall “receive rental subsidies, the amount of which shall be determined by taking into consideration, among others, the prevailing rental rates in the concerned locality where they will relocate to and their economic standing and potential.” “The subsidy shall be a percentage of the total amount of rentals as determined by the rental or lease contract between the eligible beneficiary and the lessor,” the bill said. Citing data from the Philippine Statistics Authority (PSA), Villafuerte said of the 4.5 million homeless Filipino, 3 million of them are in Metro Manila. “This number is possibly the most in any city in the world as estimated by some organizations. Poverty is not the sole reason for homelessness. The unique condition of the Philippines being in the Asia Pacific region exposes our citizens to various disasters that are not apparent in other countries where housing is likewise a prob-

lem,” he said. For eligible ISBs below the poverty threshold as determined by the PSA, HB 7008 provides that the subsidy be at least 50 percent of the total amount of rentals. Villafuerte said his measure aims to establish a “housing and social protection program” with the end goal of “enabling informal settlerbeneficiaries to lead decent lives and supporting them in accessing the formal housing market.” Under the bill, the Rental Housing Subsidy program will be implemented by the Department of Human Settlements and Urban Development (DHSUD), which will also be responsible for coordinating with housing agencies in formulating program targets and then integrating such goals into the national housing policy. The DHSUD is also tasked under HB 7008 to set up a monitoring and evaluation system, tools, exit strategy and methodologies on compliance with conditions, implementation, output and impact assessments together with its attached agencies, the Department of Social Welfare and Development, the Presidential Commission for the Urban Poor and local government units. HB 7008 said eligible for the rental subsidy are ISBs “who have a source of livelihood or have at least one member of the household gainfully employed, and who must vacate the informal settlement area in which they are presently living and transfer or relocate to a safer area.” The bill also states that “rental subsidy shall be granted to eligible beneficiaries for a maximum of five years or upon their availment or acquisition of permanent housing, whichever comes first.” HB 7008 a lso sets severa l conditions for ISBs to enjoy the subsidy.

Editor: Vittorio V. Vitug • Monday, August 17, 2020 A3

More PDLs released; 882 more courts OK’d for online hearings By Joel R. San Juan @jrsanjuan1573

HE Supreme Court has given the 882 single-sala courts in the country the go-signal to conduct videoconferencing hearings to prevent further delays in the resolution of pending cases due to government’s lockdown measures. In his latest circular, Court Administrator Jose Midas Marquez acknowledged that there has been a delay in the resolution of both criminal and civil cases pending in courts that have not been authorized to conduct videoconferencing hearings. It can be recalled that in Administrative Order 37-2020 issued last April 30, all courts in the National Capital Judicial Region and in the key cities in Luzon, Visayas and Mindanao were authorized to pilot-test the videoconferencing hearings or urgent matters in

cases involving persons deprived of liberty (PDLs). The OCA, in subsequent circulars, expanded the coverage of videoconferencing hearings to cover both criminal and civil cases and allow more courts to participate in the pilot-test of videoconferencing hearings. Marquez noted that from May 4 to August 7, some 47,676 videoconferencing hearings have been conducted by the authorized courts, with a success rate of 85 percent. In OCA Circular 92-2020, all 1,025 single-sala courts have been provided with Philippine Judiciary 365 accounts, which would enable them to conduct videoconferencing. However, only 153 single-sala courts were authorized to conduct videoconferencing. “Considering, however, that the entire country has been under different levels of quarantine for some five months now, court action on

pending cases before courts [that] have not been authorized to conduct videoconferencing hearings has been delayed. Hence, there is a need to authorize more courts to conduct videoconferencing hearings,” the circular read. The OCA also released a data showing that a total of 58,625 PDLs have been ordered released by trial courts through the conduct of videoconferencing hearings from the period March 17 to August 14. The prisoners were granted temporary liberty via either bail; recognizance or released after serving minimum jail sentence. The National Capital Region (NCR) released the most number of prisoners numbering 12,726. Region 4 followed with 10,354, Region 3 (Central Luzon) with 7,855; Region 7 (Central Visayas) with 6,970; and, Region 1 (Ilocos Region) with 4,483 prisoners released. The rest of the regions each re-

leased PDLs ranging from more than 1,000 to more than 2,000 but not exceeding 3,000. Marquez earlier said videoconferencing would be utilize “while there is public health emergency unless extended by the Supreme Court thereafter.” He added that videoconferencing will be the “new normal during public health emergency” for the judiciary. The videoconferencing has long been practiced and adopted during court trial of cases in the technologically advanced countries like the United States to address delays in court proceedings. The method is described as “the holding of a conference among people at remote locations by means of transmitted audio and video signals.” Through these conferences, “individuals meet one another in a realtime virtual manner ‘as if they were in the same room’ without the hassle and expense of traveling.”

Davao City coastal road project earns raves, fears Story and photo by Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAOCITY—Theunfinished coastal road project here has earned a short-lived rave among health enthusiasts and curious residents over its sports center oval-like pavement that includes red-painted road tiles for joggers and bikers. Last week, residents called the attention of barangay officials of two areas on the sudden swarm of joggers, vehicles and selfie photoenthusiasts they said could bring unnecessary virus transmission risks to residents. Barangays Talomo and Bago Aplaya immediately installed quarantine checkpoints to stop people from turning the strip of the coastal road along these two barangays into a promenade and park. Barangay tanods soon turned back visitors as they attempted to enter the checkpoints in Talomo Cemento, which has a 4-lane road access to the coastal area, and in Bago Aplaya along the river, from which the project starts on the southwestern section of the city. “People just show their DP identification card, whatever that is, to let them enter the project site,” a police auxiliary at the Bago Aplaya checkpoint told the BusinessMirror on Saturday. “There was even this crew [of a recently defunct television network] who said they need

PHOTO shows a portion of the coastal road project on Barangays Talomo and Bago Aplaya, Davao City. Though yet to be completed, people have flocked to the location, which brought worries to some residents of Covid-19 transmission.

to take pictures of the road for their blog. We politely asked them to show us the blog.” Workers at the site had also complained that visitors defaced the red paint of the pavement intended for bikers and joggers, and stomped their feet on fresh cement, according to the tanods. Checkpoint personnel said they suspect that some visitors on cars were residents of Buhangin, a highrisk area for Covid-19 transmission. Nonetheless, a section of Talomo is on similar status with Buhangin. “Residents are asking us to control these people, because they don’t know who these visi-

tors are, and if they are positive of Covid-19,” the Talomo checkpoint personnel said. Bago Aplaya personnel were also sent on regular motorcycle patrol to drive away anyone seen loitering along the stretch of the road project. The coastal road project weaves through a stretch of coastal villages resided by informal settlers. The project design constructed the highway on reclaimed beach to avoid demolition of the settlers’ homes. The project stretches through 18.5 kilometers and designated bikers and joggers’ lane on the side of the Talomo Bay, starting from Bago

Aplaya and to R. Castillo of Agdao, with two bridges. The Department of Public Works and Highways estimate the project would have a P19.818billion price tag. The Bago Aplaya section of project has already been paved with asphalt and its adjacent joggers’ lane paved with road tiles and painted red. An esplanade is also being constructed. The section toward Talomo was already prepared for asphalting while the first major bridge, the TalomoMatina section, of 660 meters long is being built. The other bridge would be built along the Davao River in the Bucana area, at 800 meters.

GSIS now allows online reporting of pensioners

TATE pension fund Government Service Insurance System (GSIS) President and General Manager Rolando Ledesma Macasaet announced last August 10 that GSIS now allows online reporting of pensioners as an alternative method to the yearly personal appearance requirement or Annual Pensioners Information Revalidation (Apir). “Pensioners may report to GSIS through Viber, Facebook [FB] Messenger, Skype or Zoom after they have e-mailed the requirements for Apir,” Macasaet said in a statement issued Monday. “This contactless method will protect them from possible Covid-19 transmission as well as ensure the continuous receipt of their pension.” According to Macasaet, “online Apir” is in addition to the other op-

tions given to pensioners to comply with the annual reporting to GSIS. The other methods are: Apir via the GWAPS kiosk; personal appearance; and, home visit. At present, however, home visit is suspended due to quarantine restrictions. “Complying with online Apir is simple and easy. On their birth month, pensioners must e-mail only two documents to GSIS: a letter requesting GSIS to activate their status and a photo of their Unified Multi-Purpose ID (UMID) or temporary eCard, or, in the absence of both, two valid IDs. The letter must indicate the date of request and the pensioner’s complete name, address, contact number and signature. Surviving spouses, however, have to e-mail a self-declaration that they

have not remarried or cohabited with another person. The form is downloadable in our web site,” Macasaet explained. “In the same manner, permanent disability pensioners must submit the original copy of the annual medical progress report.” Pensioners must e-mail the documents to the designated e-mail address of the handling GSIS office. The list of e-mail addresses of the main and branch offices are listed in the GSIS web site. Three days after receiving the request, the GSIS will e-mail an acknowledgement letter to the pensioner. The GSIS will also inform the pensioner of the details of the interview including the date, time and social-media application or video conferencing software to be used in

the ensuing interview with GSIS, the fund said. Pensioners are given the option to choose the videoconferencing mode they prefer. Pensioners who are qualified for milestone benefits “P20,000 on their 90th birthday; P30,000 on their 95th birthday; and P50,000 on their 100th birthday” may also apply for this benefit online, the GSIS said. Online Apir is similarly recommended for pensioners who were previously being home-visited yearly due to advanced age (80 years old and above), sickness, disability or other health issues affecting their mobility. “We are constantly finding ways to harness technology to make transacting with GSIS convenient and safe for our members and pensioners,” Macasaet said.

Agriculture/Commodities

A4 Monday, August 17, 2020 • Editor: Jennifer A. Ng

BusinessMirror

www.businessmirror.com.ph

DA to sell Benguet cabbage in Metro Manila

By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Department of Agriculture (DA) said it will start selling 5,000 metric tons (MT) of cabbage from Benguet in Metro Manila weekly to arrest the plunge in farm-gate prices due to the vegetable glut.

The DA said the current vegetable situation has caused farm-gate prices of Chinese cabbage to fall to P8 per kilogram, or below the average production cost of P8.60 per kg.

Prices of vegetable in the north range from P8 to P20 per kg, according to DA Cordillera Administrative Region (CAR) OIC-Director Cameron Odsey.

Odsey said the agency partnered with five farmers’ groups to sell their cabbage in Metro Manila and other markets in Luzon until September through the DA’s Kadiwa platform. Odsey added that the DA-CAR has already bought 4.5 MT of cabbage from its partner-groups as of August 14. “The DA-CAR will also enhance other Kadiwa platforms like Kadiwa on Wheels and Kadiwa Retail Stores, aiming to sell up to 4,200 kg weekly of cabbage and other vegetables,” he said. “The DA continues to implement its mandate under the Plant, Plant, Plant Program under the leadership of Secretary William Dar to ensure

food production, accessibility, affordability, and availability.” The DA launched various modalities of Kadiwa—Kadiwa on Wheels, Kadiwa Express and e-Kadiwa—to help farmers market their produce while providing consumers with affordable and accessible food during the Covid-19 pandemic. “As of August 14, the DA-CAR through its agribusiness marketing assistance division (AMAD) has served 101 areas through the Kadiwa on Wheels, selling 27,081 kg of assorted vegetables worth P939,360,” Odsey said. “The Kadiwa retail store at the DA-CAR compound, with nine farmers’ groups, catered to hundreds of consumers who bought

17,742 kg of assorted vegetables worth P1,346,288.” Under the Kadiwa Express— where the DA provides farmers’ groups transport assistance and links them directly to buyers— Odsey said 768,070 kg of assorted vegetables have been sold providing farmers a profit of P21.75 million. As for the DA-CAR’s Kadiwa Express, about 23 farmers’ groups, 54 nongovernment organizations and eight local government units have been assisted by the program, he added. “Through all these Kadiwa marketing initiatives, amid the Covid-19 pandemic, Cordillera farmers have earned and continue to realize more income, and at the same time pro-

vided consumers with affordable and nutritious vegetables.” From September to December, Odsey said the Benguet, Agri-Pinoy Trading Center (BAPTC) in La Trinidad, Benguet shall serve as farmers’ “buyer of last resort” when there is an oversupply of vegetables in the Cordillera region. “The BAPTC—operated and managed by the Benguet State University (BSU) in partnership with the DA-CAR, La Trinidad LGU, and farmers’ groups—serves as the region’s main wholesale vegetable trading center,” he said. “Vegetables that cannot be absorbed by the BAPTC can be sold through the several DA-CAR Kadiwa platforms.”

Bayer pitches vertical farming US-backed project revives coffee to boost food supply in cities farm in Zamboanga del Sur G

ERMAN pharmaceutical company Bayer AG said vertical farming is an efficient way of boosting food supply in cities and urban areas amid the disruptions caused by the Covid-19 pandemic. Bayer Crop Science in the Philippines issued the statement after it partnered with Singapore-based Temasek to launch a joint investment company that seeks to introduce innovations in vegetable seed production and to promote vertical farming. Country Commercial Lead for Bayer Crop Science Iiinas Ivan Lao said “vertical farming has the potential to increase food output in very scarce areas for planting within highly urbanized cities.” Unfold, the joint company of Bayer AG and Temasek, will focus on developing new seed varieties coupled with agronomic advice tailored for the unique indoor environment of vertical farms, according to the multinational’s statement. Unfold has raised $30 million in initial funding and has entered into an agreement for certain germplasm from Bayer’s vegetable portfolio. “Innovation that offers sustainable solutions for agriculture is one of the 10

areas of engagement and investment that Leaps by Bayer is focused on,” said Jürgen Eckhardt, head of Leaps by Bayer, which was built to drive fundamental breakthroughs in the fields of health and agriculture through new technologies. “The investment in Unfold is a great example of a transformative, creative approach to developing agricultural products that meets the needs of consumers, farmers and the planet by increasing access to fresh fruits and vegetables, supporting sustainably grown, hyperlocal production and addressing food security challenges faced by growing urban populations,” he added. Recently, Bayer Crop Science in the Philippines introduced urban farming in Barangay Ususan, Taguig City. The company said it built a 300-square-meter ‘horizontal’ urban farm in the barangay that allows residents to produce eggplants, tomatoes, pechay, sili and various herbs. “We’re fortunate that the community in Barangay Ususan continues to enjoy making their own food with the urban farm set up right inside their residential area,” Lao said. “Filipino consumers have a preference for fresh vegetables and this initiative caters to

them. Obviously, vertical farming has the potential to increase food output in very scarce areas for planting within highly urbanized cities.” Bayer said vertical farms could help crops grow more quickly and efficiently in limited spaces, such as cities, as it takes advantage of indoor growing facilities that leverage artificial light. It noted that vertical farms help crops grow more quickly, enabling the reliable growth of fresh, local produce anywhere, anytime utilizing less space and fewer natural resources while reducing the need for food logistics and transportation. “Unfold will support the hyperlocal production of consumer-pleasing vegetables while also addressing the increasing need for a reliable and safe supply of sustainably grown produce, especially in food deserts and in times of crisis such as the Covid-19 pandemic,” it said. Industry experts have identified vertical farming as one efficient urban agriculture practice in Metro Manila and areas where there are limited planting spaces (See“Covid-19 propels city-farming opportunities to centerstage,” in the BusinessMirror, June 11, 2020). Jasper Emmanuel Y. Arcalas

Farmers Garden in Araneta City offers plants, gardening tools

ARDENING enthusiasts and those who want to go into urban farming may check out the online catalogue of stalls selling plants at Farmers Garden in Araneta City. Araneta City said aspiring “plantitos” and “plantitas” may visit farmersmarketandgarden.aranetacity.com, or join the “Farmers Market & Garden PH” Viber group (bit.ly/FarmersMarketPH). Buyers may also avail of the stalls’ online pabili service. Farmers Market held an online sale on Sunday afternoon via the Facebook page of Araneta City. Binibing Pilipinas 2020 candidate Sam Bernardo presented the plants and gardening tools on sale in the

PHOTO from www.aranetacity.com

special online event. The event also allowed enthusiasts and buyers to know the plants they can purchase and get interesting plant trivia and tips. Online viewers were allowed to instantly place their orders during the show. The first five viewers who sent their complete order details and mentioned the code “ARANETACITYLIVESELLING” during the show will have their order delivered for free courtesy of MrSpeedy Courier & Pabili Service. Details for placing orders were provided during the show. The online event featured plants and gardening tools on sale at the Tonie’s Plants & Clay Pots stall of Farmers Garden.

By Manuel T. Cayon @awimailbox Mindanao Bureau Chief

AVAO CITY—A dying coffee farm in Zamboanga del Sur was restored to health, thanks to the intervention of a United States-funded coffee project. Washington-based international development organization ACDI/ VOCA said its technical team revived the ailing collective coffee farm in Zamboanga, which suffered from nutrient deficiency and was struck by pests and fungi. “The farm was successfully saved from further deterioration through the intervention and technical support provided by the Philippine Coffee Advancement and Farm Enterprise [PhilCAFE] project technical team,” the ACDI/VOCA said in a statement sent to the BusinessMirror on August 12. It said the 20-hectare farm of the San Pablo Zamboanga del Sur Coffee Farmers Association (SPZDSCFA) encountered problems in the first quarter. “These included the sudden weakening of the plants along with the onslaught of mealybugs and other pests that infested the coffee trees. Initially planted with 13,500 coffee trees in 2017, the association added 10,000 trees in June 2019 in its attempt to become a producer of worldclass Robusta coffee,” the group said. It said members of the association expressed concern “as they do not have the technical knowledge and resources to combat pest infestation in addition to their limited skills in addressing the nutritional deficiencies of the farm.” ACDI/VOCA said the Covid-19 pandemic also placed additional burden on the group “as it limited the association’s access to technical assistance and support.” Ludovico Ramirez, PhilCAFE coordinator for Davao region, said the farm’s caretaker applied pesticide after noticing the presence of pests among coffee trees as immediate intervention, but this failed to achieve the desired results. “In fact, the situation of the trees further worsened, and the pest infes-

PHOTO shows ailing coffee trees in a farm of a cooperative in San Pablo, Zamboanga del Sur. CONTRIBUTED PHOTO

tation persisted,” he added. Ramirez said the association’s president requested assistance through a group chat where he posted photos and videos of the farm, which allowed the PhilCAFE team to thoroughly assess the situation. “I requested Novie Valerio, PhilCAFE field technician to conduct an assessment and provide proper recommendations to address the problems,” said Ramirez. The ACDI/VOCA said the PhilCAFE project aims to increase production of conventional and specialty coffee, boost the country’s coffee exports, and build the capacity and expand service provision of coffee value chain. The project is funded by the US Department of Agriculture and is being implemented by ACDI/VOCA, an international organization that fosters broad-based economic growth by promoting economic opportunities for cooperatives, enterprises, and communities. After the assessment, Valerio immediately gave his recommendations based on Good Agricultural Practices (GAP) in integrated pest and disease management for coffee farms. Among the interventions were

the application of proper insecticides to address pest and fungi infestation, weeding and pruning techniques, pruning of the leaves of the shade trees, removal of dried leaves, and the use of friendly fungi Beauveria bassiana and Metarizhium anisoplea to combat the remaining population of mealybugs. Proper and prudent use of fertilizers and foliar sprays were also recommended to address the farm’s nutritional deficiencies. “Two months later with constant monitoring and application of the suggested strategies, the farm was successfully transformed into a healthy state,” said Ramirez. Despite the Covid-19 pandemic, “the interventions were successfully implemented through remote management and monitoring in online messaging platforms”. “We at the SPZDSCFA would like to express our profound appreciation for all the assistance extended to us by the PhilCAFE Project through ACDI/VOCA during this most difficult time. The mealybug infestation was successfully controlled, and our coffee farm has fully recovered,” said Christopher Vicera, president of SPZDSCFA.

US inspector called ahead of meat plant visit, to be safe

FEDERAL safety inspector tipped off a coronavirustainted Pennsylvania meatpacking plant before visiting the next day—then failed to issue a citation, according to testimony in a lawsuit accusing the agency of failing to do its job. The inspector said notifying a plant before an inspection wasn’t typical practice for the Occupational Safety and Health Administration (OSHA), but that she was told

to do it by her supervisors for her own safety, according to a court transcript. “OSHA has a right to protect their employees also,” she said when pressed by a federal judge at a hearing. Three anonymous workers at the Maid-Rite plant in Dumore claim the regulator failed to respond to complaints that they were forced to work shoulderto-shoulder and weren’t provided with masks or breaks

to wash or sanitize their hands. That was after another worker told OSHA “about half the plant is out sick.” The coronavirus rampaged through meatpacking plants in the United States this spring, sickening thousands of employees in more than 200 facilities. A plant manager at Maid-Rite said by phone late Friday that no one was available to comment. In response to the Labor Department’s request for dismissal

of the suit, lawyers for the workers said in a filing Friday that the preplanned visit defeated the purpose of surprise inspections. “The advance notice mattered. Workers report that in anticipation of the inspection, Maid-Rite made changes to hide the extent of its unsafe working conditions, spacing workers further along production lines,” according to the filing. “After the inspection, workers were once again forced to work

immediately next to each other, sometimes touching.” They want the court to order OSHA to take steps to declare the plant an imminent danger or conduct a prompt, unannounced on-site inspection of the facility. The Labor Department argued last month that workers failed to prove an imminent hazard existed and warned that if the court gives the workers what they seek, an “avalanche” of worker

suits could follow. The American Federation of Labor and Congress of Industrial Organizations sued OSHA earlier in the pandemic to put emergency safety standards in place. The US Court of Appeals in Washington rejected the union’s request. The agency has received more than 7,000 complaints since the start of the pandemic, but has only issued four citations, officials said at the July 31 hearing. Bloomberg News

The World BusinessMirror

Editor: Angel R. Calso

S. Korea posts highest daily virus jump, Texas deaths almost 10,000

EOUL, South Korea—South Korea has reported 279 newly confirmed cases of the coronavirus, its highest daily jump since early March, as fears grow about a massive outbreak in the greater capital region.

The figures released by the Korea Centers for Disease Control and Prevention on Sunday brought the national caseload to 15,318, including 305 deaths. The number of new cases was the highest since 367 were reported on March 8, when the country was concentrating public health tools and personnel from nationwide to combat an outbreak in the less populated southern region. The KCDC said 253 of the new cases came from the Seoul metropolitan area, home to 26 million people, where health authorities have been struggling to stem transmissions linked to various places and groups, including churches, nursery homes, schools, restaurants and door-to-door salespeople.

Infections were also reported in other major cities, such as Busan and Daegu, a southeastern city that was the epicenter of the country's previous virus crisis in late February and March, when hundreds of new cases were reported each day. Meanwhile, the death toll in Texas from the coronavirus inched nearer to 10,000 on Saturday, with 238 deaths bringing the total to 9,840. The Texas Department of State Health Services said the number of reported cases increased by 8,245 to 528,838. Health officials said on Saturday that 6,481 people with Covid-19 were hospitalized. The number of hospitalizations has been decreasing since peaking in July at 10,893, and the number

of newly reported cases is shrinking. But the virus is still spreading geographically. Other developments:

New Zealand counts 13 new cases

WELLINGTON, New Zealand— Health authorities reported 13 new cases of the coronavirus in New Zealand on Sunday, including 12 linked to an outbreak in the city of Auckland and one returning traveler who was already in quarantine. The outbreak in Auckland, discovered Tuesday, has prompted officials to put the nation's largest city back into a two-week lockdown. The outbreak has now grown to 49 infections, with authorities saying they believe all the cases are all connected, giving them hope the virus isn't spreading beyond that cluster. New Zealand had gone 102 days without community spread of the disease before the latest outbreak. Officials believe the virus was reintroduced to New Zealand from abroad but haven’t yet been able to figure out how it happened.

Turkey reports 1,256 new cases

ISTANBUL—Turkey's health min-

ister says the 1,256 coronavirus cases reported on Saturday is the highest in 45 days. There’s been 21 deaths from Covid-19 in the past 24 hours, bringing the confirmed death toll to 5,955. More than 248,000 people have tested positive for the virus in Turkey since March. Mask wearing in public is mandatory in much of the country, which has lifted many social restrictions to curb the spread of the virus.

Italy’s daily cases top 600

ROME—Italy’s new coronavirus cases surged past 600 daily for the first time in three months. Tourists and vacationing people returning are considered major factors in rising caseloads. The Health Ministry registered 629 coronavirus cases on Saturday in the previous 24 hours, increasing the confirmed total to more than 253,000. The last time the daily number was higher was 669 cases on May 23. Only a few weeks ago, Italy had daily cases numbers in the 200s. Italy's confirmed deaths reached more than 35,000. AP

Japan shouldn’t ignore TikTok’s possible data risks, Amari says

apan shouldn’t ignore the possible data security risks posed by C h i nese mu sic video app TikTok, which various other countries have pointed out, a senior ruling party official said. “Not only President Trump but also other countries such as the UK and India, are gradually becoming aware of the risks,” Akira Amari, the ruling Liberal Democratic Party’s ta x panel chief,

said on Fuji Television Network on Sunday. “Since there are so many countries pointing out the risks, Japan cannot just stand by and watch.” US President Donald J. Trump on Friday ordered ByteDance Ltd., the Chinese owner of TikTok, to sell its US assets. Trump cited national security grounds, delivering the latest salvo in his standoff with Beijing. India in June took

sweeping action to ban TikTok and dozens of other Chinese apps. Japanese companies should assume that partnerships with Chinese firms could lead to data being leaked, Amari said. If sensitive technologies are compromised, that poses a risk because Japan will be removed from the global supply chain that shares the common values of freedom, democracy and the rule of law, he said, adding

that “Japan is the country with the least sense of crisis.” In July, Amari said that a LDP group is set to probe the risks associated with Chinese-developed apps, and the time had come to consider what effect such software would have on national security, adding that the US was urging other countries to look at the issue from the same perspective. Bloomberg News

Robert Trump, the president’s younger brother, dead at 71

EW YORK—President Donald J. Trump’s younger brother, Robert Trump, a businessman known for an even keel that seemed almost incompatible with the family name, died on Saturday night after being hospitalized in New York, the president said in a statement. He was 71. The president visited his brother at a New York City hospital on Friday after White House officials said he had become seriously ill. Officials did not immediately release a cause of death. “It is with heavy heart I share that my wonderful brother, Robert, peacefully passed away tonight,” Donald Trump said in a statement. “He was not just my brother, he was my best friend. He will be greatly missed, but we will meet again. His memory will live on in my heart forever. Robert, I love you. Rest in peace.” The youngest of the Trump siblings had remained close to the 74-year-old president and, as recently as June, filed a lawsuit on behalf of the Trump family that unsuccessfully sought to stop publication of a tell-all book by the president's niece, Mary. Robert Trump had reportedly been hospitalized in the intensive care unit for several days that same month. Both longtime businessmen, Robert and Donald had strikingly different personalities. Donald Trump once described his younger brother as “much quieter and easygoing than I am,” and “the only guy in my life whom I ever call ‘honey’.” Robert Trump began his career on Wall Street working in corporate finance but later joined the family business, managing real estate holdings as a top executive in the Trump Organization. “When he worked in the Trump Organization, he was known as the nice Trump,” Gwenda Blair, a Trump family biographer, told The Associated Press. “Robert was the one people would try to

In this November 3, 1999 file photo, Robert Trump (left) joins then real-estate developer and presidential hopeful Donald Trump at an event in New York. President Donald J. Trump’s younger brother, Robert, a businessman known for an even keel that seemed almost incompatible with the family name, died Saturday night, August 15, 2020, after being hospitalized in New York, the president said in a statement. He was 71. The president visited his brother at a New York City hospital on Friday after White House officials said Robert had become seriously ill. AP Photo/Diane Bonadreff get to intervene if there was a problem.” Robert Stewart Trump was born in 1948, the youngest of New York City real estate developer Fred Trump's five children. The president, more than two years older than Robert, admittedly bullied his brother in their younger years, even as he praised his loyalty and laid-back demeanor. “I think it must be hard to have me for a brother but he’s never said anything about it and we’re very close,” Donald Trump wrote in his 1987 bestseller The Art of the Deal. “Robert gets along with almost everyone,” he added, “which is great for me since I sometimes have to be the bad guy.” In the 1980s, Donald J. Trump tapped Robert Trump to oversee an Atlantic City casino project, calling him the perfect fit for the job. When it cannibalized his other casinos, though, “he

pointed the finger of blame at Robert,” said Blair, author of The Trumps: Three Generations that Built an Empire. “When the slot machines jammed the opening weekend at the Taj Mahal, he very specifically and furiously denounced Robert, and Robert walked out and never worked for his brother again,” Blair said. A Boston University graduate, Robert Trump later managed the Brooklyn portion of father Fred Trump’s real estate empire, which was eventually sold. Once a regular boldface name in Manhattan’s social pages, Robert Trump had kept a lower profile in recent years. “He was not a newsmaker,” Blair said. Before divorcing his first wife, Blaine Trump, more than a decade ago, Robert Trump had been active on Manhattan’s Upper East Side charity circuit. He avoided the limelight during his elder brother's presidency, having

retired to the Hudson Valley. But he described himself as a big supporter of the White House run in a 2016 interview with the New York Post. “I support Donald one thousand percent,” Robert Trump said. In early March of 2020, he married his longtime girlfriend, Ann Marie Pallan. The eldest Trump sibling and Mary’s father, Fred Trump Jr., struggled with alcoholism and died in 1981 at the age of 43. The president's surviving siblings include Elizabeth Trump Grau and Maryanne Trump Barry, a retired federal appeals judge. Authors Michael Kranish and Marc Fisher described Robert Trump as soft spoken but cerebral in "Trump Revealed: The Definitive Biography of the 45th President:” “He lacked Donald’s charismatic showmanship, and he was happy to leave the bravado to his brother, but he could show flashes of Trump temper.” AP

Monday, August 17, 2020

Trump orders Chinese owner of TikTok to sell assets in U.S.

A SHINGTON— President Donald J. Trump on Friday gave the Chinese company ByteDance 90 days to divest itself of any assets used to support the popular TikTok app in the United States. Trump’s executive order said there is “credible evidence that leads me to believe that ByteDance ... might take action that threatens to impair the national security of the United States.” Trump last week ordered sweeping but vague bans on dealings with the Chinese owners of TikTok and the messaging app WeChat, saying they are a threat to US national security, foreign policy and the economy. It remains unclear what the TikTok orders mean for the app’s 100 million US users, many of them teenagers or young adults who use it to post and watch short-form videos. Trump on Friday also ordered ByteDance to divest itself of “any data obtained or derived” from TikTok users in the US. Microsoft is in talks to buy parts of TikTok.

White House press secretary Kayleigh McEnany defended Trump's earlier TikTok and WeChat orders on Thursday, telling reporters he was exercising his emergency authority under a 1977 law enabling the president to regulate international commerce to address unusual threats. “The administration is committed to protecting the American people from all cyber threats and these apps collect significant amounts of private data on users,” said McEnany, adding that the Chinese government can access and use such data. TikTok said it spent nearly a year trying to engage in “good faith” with the US government to address these concerns. “What we encountered instead was that the Administration paid no attention to facts, dictated terms of an agreement without going through standard legal processes, and tried to insert itself into negotiations between private businesses,” the company’s statement said. AP

Israel condemns UN Security Council’s vote on Iran embargo

ERUSALEM—Israeli leaders on Saturday condemned the UN Security Council's decision not to renew a UN arms embargo on Iran, saying the decision would encourage Iranian aggression in the Middle East. The 15-member council on Friday resoundingly defeated a US resolution to indefinitely extend the embargo. Only the Dominican Republican joined the US in supporting the resolution. Russia and China opposed it, while the remaining 11 members abstained. In a statement, Israeli Prime Minister Benjamin Netanyahu called the vote “scandalous.” “Iranian terrorism and aggression threaten the peace of the region and the entire world,” he said. “Instead of opposing weapons sales, the Security Council is encouraging them.” He said Israel would continue to cooperate with the US and act with “full force” against those who threaten it. The Trump administration has said it will not allow the arms embargo provision in the Security Council resolution endorsing the 2015 nuclear agreement between Iran and six major powers to expire as scheduled Oct. 18. Secretary of State Mike Pompeo has suggested the US would invoke the “snap back” mechanism in the 2015 nuclear deal that would restore all UN sanctions on Iran. “Snap back” was envisioned in the event Iran was proven to be in violation of the accord, under which it received billions of dollars in sanctions relief in exchange

for curbs on its nuclear program. President Dona ld Tr ump pulled out of the nuclear agreement, known as the JCPOA, in 2018. But the US circulated a six-page memo on Thursday from State Department lawyers arguing the United States remains part of the 2015 Security Council resolution that endorsed the deal and still has the right to use the “snap back’ provision. The five other powers—Russia, China, United Kingdom, France and Germany—remain committed to the deal, and diplomats from several of these countries have voiced concern that extending the arms embargo would lead Iran to exit the nuclear agreement and speed up its pursuit of nuclear weapons. AP

Monday, August 17, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Making sense of Covid-19

ow are things right now? Let’s make a list. Don’t worry. This list is not complete and you can add to it going forward. Historic economic contractions. The headline reads, “PHL GDP shrinks to 16.5 percent, worst on record.” The terms “PHL,” “16.5 percent,” and “on record” can be substituted as necessary. “Malaysia: economy shrinks 17.1 percent in Q2, worst contraction in over 20 years.” “Germany’s economy posts its largest decline since 1970 with GDP shrinking 10% in Q2”.

“Mexico GDP slumps a record 17 percent on virus impact.” “French GDP dropped at the fastest rate in history, contracting 14 percent in the second quarter.” You get the idea. On August 12, the UK’s Daily Express published a list of countries in recession. There were 20 countries listed, from Austria through the USA. How bad is the situation? The Philippines was not even on that list. Shows how important we are. But that leads to our second point. Fantasy and science fiction writer Terry Pratchett wrote, “If you don’t know where you are, then you don’t know where you’re going.” Belgium is a relatively small country with a population about the size of Metro Manila. It is also a rich country where the average salary is about the equivalent of P1 million, with a per capita GDP in purchasing power five times as large as the Philippines. Belgium went on total lockdown about the same time as we did, but now has the highest “deaths per 1 million population” in the world at 856. The US is at 521 and the Philippines is at 24. Belgium also has five times as many hospital beds per capita as we do. The Belgium health minister said that the reason the death count is so high is that they were very careful to make sure that every Covid-19 death was recorded. The implication being that every other country’s count is wrong. Maybe that is true. There are those that are obsessed with “flattening the curve” of cases and deaths. But how can that happen if the case data is not accurate? Last week our Department of Health reported: “The death toll, however, climbed to 2,404 with 93 additional deaths. Of the newly-reported fatalities, 13 occurred in August, 49 in July, 30 in June and one in May.” Therefore 80 (86 percent) of the deaths were “old news.” We have little idea of “where we are.” But it is not just the Philippines. “The Florida Department of Health in its daily Covid-19 report lists multiple laboratories throughout the state with 100 percent positivity rate.” Others reported 100 percent negative tests. It turns out that some labs were only reporting the number of “positives” and others only the number of “negatives.” That has been corrected. But “California just reported 6,000 cases that it said were from a “backlog” that was undercounted due to a computer glitch.” Even in the Philippines a person that tested “positive” who then retests “negative” in a few days is reported “1 positive case” and then “1 recovered case.” The inherent statistical testing errors, as in all medical tests, are built into the results and taken as fact. Is the worst over? “New Zealand Sees New Coronavirus Outbreak After 100 Days of No Local Infections.” “South Korea fears Covid-19 infections getting out of control.” Yet Thailand is still reporting only 3,376 total cases and 58 deaths. Nothing makes sense in these pandemic times.

When remembrance is an obligation Atty. Jose Ferdinand M. Rojas II

RISING SUN

very year, when this time comes around, there’s always a smaller number of people who would remember. The older Filipinos may forget, and the younger population may not even be aware of it. It is certainly up to us, those who remember, to do the reminding. And so it is with this goal in mind that I write about Ninoy Aquino every year, just in time for August 21, his death anniversary. This year, we are commemorating his 37th death anniversary. While it is true that some of the details may fade with time, the message of his life and death remains valid up to this day. Ninoy’s popularity started when he became part of an elite group of Filipino war correspondents who covered the Korean War for our local media. This opened opportunities for the young journalist to pursue a career in politics. As a politician,

he opposed the dictatorship of then president Ferdinand Marcos and did what he could to help the country regain its lost democracy. His death in 1983 inspired the Filipino people, led by his widow Cory Aquino, to join hands in a peaceful revolution. The 1986 People Power movement ended the Marcos regime and resulted in certain freedoms that the country still enjoys up to the present time. This, in a nutshell, is the story of Ninoy. It is also the story of Cory and the EDSA Revolution. It is the story of how democracy was restored in a

A year of ‘street talking’

It has been a good year of “street talking” that started with mostly transport concerns and other pressing urban matters: the seemingly unsolvable problem of traffic, the lack of sustainable mass transport, the worsening pollution and other consequences of living in this urban environment. I thought it would never get worse than that. Never did I imagine, just like the rest of us, that a potential catastrophe was just around the corner as we entered 2020, hitting us hard and changing our lives drastically overnight. Now, all those problems we had before seem insignificant as we are facing matters of safety and survival. We now know the effect of this pandemic globally, particularly in the transport sector and with us confined in our cities. Global air and maritime travel have virtually

many “pivots” in our transportation sector have taken place. We currently see this on our roads, particularly jeepneys turned into delivery vehicles and shuttle services. Those who did ply their normal routes incorporated improvised barriers to comply with physical distancing regulations. The public, too, made coping adjustments. The increase in bike commuting was a result of the lack of available public transport. The many delivery riders that we now see everywhere represent the response to the sudden increased demand of home deliveries, thus employing thousands of individuals who otherwise would have been unemployed. It is also in this environment that the public will look up to the government for guidance as well as assurance. A “Covidized” transport action plan needs to be in place that will assure us of better mobility while fighting this virus. And any implementation of this plan must be guided by these four principles: It must be immedi-

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country that was oppressed for two long decades. Some of the lessons that Ninoy left us with is this: In the face of sheer hardship, we must not lose hope.

Since 2005

✝ Ambassador Antonio L. Cabangon Chua

When he was interviewed for Asia Society in New York City on August 4, 1980, he said: “I have asked myself many times: Is the Filipino worth suffering, or even dying, for? Is he not a coward who would readily yield to any colonizer, be he foreign or homegrown? Is a Filipino more comfortable under an authoritarian leader because he does not want to be burdened with the freedom of choice? Is he unprepared, or worse, ill suited for presidential or parliamentary democracy? I have carefully weighed the virtues and the faults of the Filipino and I have come to the conclusion that he is worth dying for because he is the nation’s greatest untapped resource.”

Thomas M. Orbos

STREET TALK

oday would mark my one-year of writing “Street Talk” in this paper, the BusinessMirror. My sincerest thanks to those who have made this happen, most especially to my good friend, Mr. Edward Cabangon, who also sends me my daily dose of spiritual reminders; our dear editor, Mr. Angel Calso, whom I bother every Sunday morning for my weekly article submission, and Ric Alegre, a former fellow civil servant who was the one that introduced me to the wonderful world of journalism. halted, leaving just the delivery of essentials barely moving while leisure and business travel have become nonexistent since the start of the pandemic. On land, both road and rail travel had been affected like never before. Though public mass transport such as rails and buses have resumed, even in our country, ridership has gone down. Social distancing and “staying at home” has brought transport on its knees, resulting in a loss of business and employment never seen in our lifetime. In our country alone, most of those in the transport industry are now lacking employment and most will have to depend on the dwindling government aid to make it until their sector gets back to normal. But the journey to “live” has to continue, and resilient as we are, we will adjust and will survive. Thus,

We must continue to fight for the good of the majority. And we must not lose courage, even if we have to stare death in the face. When he was interviewed for Asia Society in New York City on August 4, 1980, he said: “I have asked myself many times: Is the Filipino worth suffering, or even dying, for? Is he not a coward who would readily yield to any colonizer, be he foreign or homegrown? Is a Filipino more comfortable under an authoritarian leader because he does not want to be burdened with the freedom of choice? Is he unprepared, or worse, ill suited for presidential or parliamentary democracy? I have carefully weighed the virtues and the faults of the Filipino and I have come to the conclusion that he is worth dying for because he is the nation’s greatest untapped resource.” And he did. He died for the Filipino people in an effort to preserve the freedoms we deserve. It’s the ultimate sacrifice and the appropriate gesture, in exchange for our inheritance, is to make sure we remember the sacrifices and protect what the previous generations have valiantly fought for.

ate and fast to implement. It must be affordable for everyone. It must be scalable. And most important of all, its benefits need to be inclusive. There will still be many bumps on the road before we get out of this pandemic. And frankly speaking, despite the promise of a vaccine, we may be on this journey for some time. During this period, there will also be many hits and misses still to happen. Unfortunately, there will be a number of us that will be adversely affected, with some not making it to see the end of this tragedy. Eventually we will see the light of day. This pandemic will end and its scars will be written in the new transport policies that will become part of the new normal. It has indeed been an unforgettable one-year journey that we took together here in Street Talk. With gratitude to my readers, I look forward to another year of tackling our concerns on the road and “street talking” the problems and possible solutions with you. Just like the horizon we see while on the road, we reach what we thought was the end, but it turns out to be just the bend. Even in these difficult times, we still hope for a better horizon. Our journey begins—again. Thomas “Tim” Orbos was formerly with the DOTr and the MMDA. He has completed his graduate studies at the McCourt School of Public Policy of Georgetown University and is an alumnus of the MIT Sloan School of Management. He can be reached via e-mail at thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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Once upon a time, debt monetization sounded crazy

Be a good statistic Siegfred Bueno Mison, Esq.

THE PATRIOT

By Daniel Moss | Bloomberg Opinion

N an era when trillions of dollars have been plowed into the global economy, one institution stands out for its activism: the Philippines’s central bank.

Bangko Sentral ng Pilipinas seems an unlikely hero given the whatever-it-takes approach of the Federal Reserve, the European Central Bank and Bank of Japan. But the Philippines has made deeper cuts to interest rates than anywhere in Asia in response to the Covid-19 pandemic; only the Reserve Bank of India comes close. That’s not even the full extent of support. BSP helped fund almost half of the government’s local borrowing this year, Claire Jiao and Ditas Lopez of Bloomberg News reported Wednesday. This degree of intervention makes sense. The economy’s calamitous contraction—gross domestic product fell 16.5 percent last quarter from a year earlier— warrants a hefty fiscal response from Manila. Without more support from the central bank, it’s hard to see how President Rodrigo Duterte finances this. Time for officials to shed any reticence they might have about debt monetization. Dire times call for unconventional means. BSP’s bond purchases of about P800 billion ($16 billion) are equivalent to 45 percent of the government’s domestic borrowings as of the end of July, according to Bureau of the Treasury data compiled by Bloomberg and confirmed by analysts. About P500 billion were bought in the secondary market, while the rest was acquired directly from the state. In the not-so-distant past, direct financing of budgets was out of bounds. It was thought to enable reckless pork-barreling and fuel inflation. Emerging markets were acutely sensitive to the issue, many having adopted Western models like inflation targets, regularly scheduled board meetings, minutes and so on after the Asian financial crisis of the late 1990s. The coronavirus has retired some of that trepidation. Just ask the largest Southeast Asian economy, Indonesia. Bank Indonesia said last month it would purchase 574.4 trillion rupiah ($40 billion) in bonds from the government, most of it directly through private placements—and has suffered little from wary investors. In fact, Indonesian debt was the best performing in Asia in July and ranked third among 47 markets tracked by Bloomberg. Indonesia was perfectly open about what it was doing. Finance Minister Sri Mulyani Indrawati and BI Governor Perry Warjiyo held a press conference and issued

Even if officials don't shout “debt monetization” from the rooftops of Manila, this is a positive step. What you do matters as much as what you say. In Jakarta, policymakers sometimes bristle at the phrase, and invented a local euphemism: “burden sharing.” When officials in the Philippines start talking like this, you’ll know the future has arrived. statements. The idea was to lean in and define themselves before others did. There’s a lesson there. If the Philippines is getting into the business of deficit bankrolling, just say so. It’s only when things grow murky that investors tend to get bothered. After Indonesia dared to publicly challenge traditional doctrine, I asked if an emerging market could be a policy pioneer. In the Philippines, the answer might be a whispered “yes.” Sovereign bonds were little changed on Thursday, testifying to a sanguine market reaction—so far. A fair amount of this is evolution rather than revolution. Quantitative easing by developed-world central banks has become old hat. The deployment in the aftermath of the global financial crisis was seen as a once-in-a-blue-moon affair. No more. The Philippines has bought bonds in the secondary market for months and sought to assure market participants that it’s being responsible. Investors “know that there’s very strong coordination between the executive branch and central bank,” BSP Governor Benjamin Diokno said in June. “They know that we have a lot of monetary and fiscal space, and we’re willing to use them if things go from bad to worse.” And the Philippines isn’t alone in its adventurism. Many central banks in Asia have tinkered with some form of unconventional policy. Even if officials don’t shout “debt monetization” from the rooftops of Manila, this is a positive step. What you do matters as much as what you say. In Jakarta, policy-makers sometimes bristle at the phrase, and invented a local euphemism: “burden sharing.” When officials in the Philippines start talking like this, you’ll know the future has arrived.

or the past two weeks, I was not able to write my column because the coronavirus hit me. I am still recovering from the effects of Covid-19 in my system, but I am grateful that I have enough energy now to write once again.

It was a struggle, to say the least. The virus sucks outs the energy in you. I never drank so much water in my entire life. A few doctors advised me to be admitted in a Covid ward while others told me to stick it out at home while I can. I did it all—steam inhalation, ginger lemon, fresh fruit juices, virgin coconut oil, antibiotics, steroids, magnesium, zinc, melatonin, Linhua Chinese medicine, and just about everything to manage the virus within. There were a few anxious moments because I don’t know how my body would react to the virus. My best friend Raul had a more difficult struggle. His oxygen saturation level went down below 80 before he got admitted to the hospital. He was intubated for several days in the ICU. He suffered a heart attack and a kidney failure in the process. He is now in stable condition under the watchful eyes of his wife who also turned out to be Covid-positive. The number of cases would likely reach the 200,000 mark in a matter

of weeks. On a daily basis, more than 3,000 fresh new cases are reported. It seems easy for some government officials to deduce that our country has succeeded in fighting the virus by just looking at the number of deaths (2,600) in relation to the number of recoveries (72,000). While those numbers matter, statisticians would still prefer to see a decline in the number of new cases. As this number continues to rise, our leaders have clearly failed us. It has been five months since the start of the quarantine and the curve should have been flattened by now. Unfortunately, the numbers keep rising, which has alarmed the health sector to beg government to further extend quarantine measures. In Southeast Asia, our country now has the most number of Covid cases. Around the world, the Philippines ranks 22nd in terms of the number of Covid infections; it even has more cases than China, the country of origin of the coronavirus. Statistics will not lie, even though the numbers have been

By Russell Stanley Geronimo

he most important number in finance will disappear in 2021. The London Interbank Offer Rate (Libor), which is an interbank interest rate at which banks on the London money market are willing to lend to one another, will soon be phased out. The benchmark administrator will cease publishing the rate, meaning it will no longer appear on the Bloomberg or Reuters screen. This has a significant impact in the financial markets. The notional value of debt instruments and financial derivatives referencing the Libor is estimated at $360 trillion worldwide. In the Philippines, Libor is referenced in syndicated loan agreements, subordinated indebtures, promissory notes, credit facility agreements, surety bonds, floating rate notes, treasury bonds, forex forwards and forex swaps. Some of these existing financial products have terms extending beyond 2021. After the Libor phaseout, what benchmark rate

should apply to these instruments? How should the transition to a new rate be contractually implemented? To illustrate the dilemma, suppose a corporation issued a 10-year corporate bond on January 1, 2020 to investors at a stipulated yield of Libor + 2 percent. The corporate bond will expire on January 1, 2030. The payouts on the bond are variable. The yield requires the determination of the value of the floating rate (i.e., the Libor) from time to time. If the Libor will no longer be quoted in

My warhorse then was my immunity system. I relied on it to beat the virus. It might have helped just like the supporting medicines and vitamins. But in the end, only the unfailing love of our good Lord saved my friend and me in the same way He will save our country from ruin. reportedly manipulated a few times. On a personal note, no one would really know how my friend Raul and I managed to beat the virus. I truly believe that what truly defeated the virus is how the good Lord never abandoned us in our most difficult time. He never left our side. Intercessory prayers truly work as outpouring support came from all over. In the Bible, Psalms 33:16-19 tells us, “The best-equipped army cannot save a king, nor is great strength enough to save a warrior. Don’t count on your warhorse to give you victory—for all its strength, it cannot save you. But the Lord watches over those who fear him, those who rely on his unfailing love. He rescues them from death and keeps them alive in times of famine.” This virus can be defeated—not on our own but only through the power of God! My warhorse then was my immunity system. I relied on it to beat the virus. It might have helped just like the supporting medicines and vitamins. But in the end, only the unfailing love of our good Lord saved my friend and me in the same way He will save our country from ruin.

This country’s warhorse is the government—particularly our government leaders. We rely on their strategies and policies to beat the virus. So far, this warhorse has been wanting. It has failed and will continue to fail unless it changes its mindset and understands that security forces cannot solve the situation. Neither can any social amelioration program solve it. Heal our Land, as their brand would say. Yet our leaders have forgotten the Greatest Healer. God’s presence was sought at the onset of the pandemic. Prayers too were asked by way of a Presidential Proclamation Number 934 last March 2020. Sadly, the call to prayers ended there. We have to keep on praying. Never underestimate the power of trusting God’s love for us. Do not dismiss the value of collective and intercessory prayers. Let’s keep praying for ourselves and for each other. Be a good statistic by praying for our leaders and encouraging others to do the same. No matter how much these leaders have failed us, let’s be assured that God will always watch over those who rely on His unfailing love.

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

A unique collaboration among businesses during Covid-19 Dorelene V. Dimaunahan

DEBIT CREDIT

he Covid-19 pandemic has undoubtedly created a lot of changes in the workplace. The pandemic has abruptly stopped regular business operations and, sadly, resulted in work stoppage, decline in work hours and other adjustments for the work force. When human lives, jobs and the economy are at stake, the turmoil gets worse. On the other hand, the same crisis that we are facing has also strengthened collaboration among business groups and various individuals, resulting in advocacies and organizations that have been visible online. Moreover, this crisis has allowed corporate social responsibility, true corporate values and founders’ philosophies to rise above mere profits. Differences were set aside because there is only one enemy—THE PANDEMIC. Today, business models are changing, with digitization at its peak. Although micro, small and medium enterprises (MSMEs) are struck the most during these

troubling times, a number of them have still found the strength to continue their businesses. A number of businesses decided to pivot or repurpose their operations, whereas there are some that decided to use their assets and focus on serving the public, particularly the frontliners. MSMEs have always played an important role in developing the Philippine economy by creating jobs and serving as partners of larger enterprises. During this time, they are playing a bigger role in society. MSMEs also include social enterprises that are now demonstrating their hybrid purpose, by solving social and

Is the Philippines ready for the 2021 Libor phaseout?

Monday, August 17, 2020

2021, what should be the payout on the bond in 2022 and the succeeding years? There are three contractual implementation approaches to address this problem. First, parties must resort to fallback clauses, or stipulations in the instrument that anticipate contingencies in case there is failure in the determination of the benchmark rate. If there are no fallback clauses, they must renegotiate the Libor-based contract to stipulate a replacement rate in an amended and restated agreement. If there are no fallback clauses and parties fail to renegotiate and amend their contract, parties will apply the default rule in the law governing the Liborbased contract. The last approach will prove to be the costliest solution, since more often than not, the default interest rate in a given jurisdiction (i.e., the “legal” interest rate) will drastically change the risk profile of

With the Covid-19 pandemic still wreaking havoc on the economy, the focus of banks and financial institutions is probably on loan defaults and non-performing assets. But the Libor transition should not be taken lightly. Parties do not want a situation where they do not know what interest rate to apply, and this can lead to costly litigation.

a financial instrument. Thus, efforts to address the Libor phase-out must focus on the first two approaches: application of fallback clauses and contractual amendment. Fallback clauses are standard stipulations in loan documentations. These clauses usually provide a formula for determining the applicable benchmark interest rate should the Libor be unavailing. For example, a

The common values among businesses these days are selflessness, trust and hope. Although there will be post-pandemic difficulties, the Covid-19 pandemic has strengthened acts of service, networks and relationships among businesses and individuals altogether.

environmental issues. Some MSME and social enterprise initiatives include: 1. Design and delivery of personal protective equipment and face masks from nanays. 2. Delivery of farm-to-table food from farmers and their communities. 3. Provision of various kinds logistics services, thereby providing jobs for riders. 4. Development of mobile apps for mental health and budget tracking. 5. Repacking of groceries for delivery to homes. 6. Preparation of ready-to-cook and ready-to-eat meals for take-out or delivery. 7. Manufacturing of disinfectants and cleaning materials for home and personal use. Recently, an upsurge of businesses

revolving credit facility agreement may provide an alternative rate which will apply in the event that adequate and reasonable means do not exist for ascertaining Libor for a relevant interest period, because the Libor is not available or published on a current basis and such circumstances are unlikely to be temporary. Several replacement rates to the Libor have already been proposed. The Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee, which recommended the Secured Overnight Financing Rate (SOFR) as an alternative to the Libor in the US. The SOFR is based on the interest rates on repurchase agreements, or “repos”. A repo is a transaction whereby a party sells a security to another with an agreement to buy back the same security after a certain period and at a stipulated repurchase price.

in industries such as logistics and food, the latter particularly focusing on home-cooked meals and agricultural produce. These businesses provide essential services with a goal that is not only profit-oriented, but more importantly, to serve their purpose in becoming a crucial role in the ecosystem. Yet, regardless of size and nature of entity, businesses are focusing on battling the real enemy, that is, Covid-19. They are not alone because business groups, which have been using social media to share these initiatives, support them. The moral support from these business groups keeps the flame of MSMEs going. As Charles Darwin once said, “It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” Dorelene Dimaunahan is an entrepreneur, educator of the country’s top universities, a host and an author. She has a PhD in Business at De La Salle University. She is also a Certified Franchise Executive, Certified Management Accountant and a Certified Human Resources Practitioner. This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@ gmail.com.

Another is the Sterling Overnight Index Average, which is the weighted average of overnight interest rate for unsecured transactions in the U.K. sterling market. In Asia, there is the Tokyo Overnight Average Rate, which is considered the risk-free rate in Japan, and is administered by the Bank of Japan based on money market rates. With the Covid-19 pandemic still wreaking havoc on the economy, the focus of banks and financial institutions is probably on loan defaults and non-performing assets. But the Libor transition should not be taken lightly. Parties do not want a situation where they do not know what interest rate to apply, and this can lead to costly litigation. Atty. Russell Stanley Geronimo is a banking, finance and securities lawyer at SyCip Salazar Hernandez & Gatmaitan, and professor at De La Salle University College of Law.

A8 Monday, August 17, 2020

Bigger Bayanihan 2 funds for safety nets seen to get bicam nod

ENATE Minor it y L eader Franklin M. Drilon on Sunday stressed the need for a larger recovery fund under the proposed Bayanihan to Recover as One Act (Bayanihan 2) now being tackled by a bicameral conference committee. The bigger outlay is meant to expand the government’s social assistance package, including another round of social amelioration program (SAP), commonly referred to as ayuda to low-income families affected by the Covid-19 pandemic. Drilon said he supports the P162 billion funding for Bayanihan 2 as proposed by the House of Representatives. The Senate version is only P140 billion. The bicameral conference committee that is tasked to reconcile the disagreeing provisions is set to meet again on Monday, August 17. “Formal and informal sectors have both been adversely hit by the pandemic. It is the responsibility of the government to help them particularly in these trying times. No sector should be left behind,” Drilon said. Drilon said the Bayanihan 2 provides for “crucial safety nets” for all the sectors heavily hit by the pandemic, hence the need to increase the funding. “We need to increase the scope of the various social and economic

assistance programs laid out in the Bayanihan 2. Without these muc h - ne e de d i nter ve nt ion s, poverty and unemployment will continue to rise; business establishments will be forced to permanently shut down; and our economy will continue to contract,” Drilon said. The Philippines logged the highest number of confirmed Covid-19 cases in Southeast Asia recently. The country is now in recession, with second quarter GDP posting a 16.5 percent contraction, and the unemployment rate is expected to hit a record 18.5 percent this year. Drilon said the stimulus fund can still be increased to at least the level being proposed by the House. The Department of Finance had earlier said existing resources could only provide up to P140 billion in stimulus fund.

Contentious tourism fund

HE cited some programs that Bayanihan 2 aimed to provide for the most vulnerable sectors. These include the P10-billion assistance to the Tourism sector’s badly hit small and medium enterprises, to help them with working capital so they can rev up operations that were shuttered by the lockdowns, and save employees’ jobs. Continued on A2

DOLE: 200K more OFW lost jobs, bore pay cuts on pandemic

By Samuel P. Medenilla

@sam_medenilla

NOTHER 200,000 overseas Filipino workers (OFWs) were displaced or are now suffering lower benefits or pay due to the novel coronavirus disease (Covid-19) since last month, according to the Department of Labor and Employment (DOLE).

This now brings the total number of Covidaffected workers to 604,403. “Of those seeking assistance, 349,977 are onsite workers or those displaced and stranded overseas, while 254,426 are repatriated landbased and sea-based OFWs,” Labor Secretary Silvestre H. Bello III said in a statement at the weekend. Bello said they were only able to provide cash aid to 237,778 of these OFWs through their Abot Kamay ang Pagtulong (AKAP) program. AKAP is a one-time cash aid of P10,000 or $200 provided by DOLE to Covid-affected OFWs. It only has a budget of P2.5 billion, which is good for 250,000 beneficiaries. “The budget is almost fully depleted with

the disbursement of P2.436 billion to 237,778 OFW beneficiaries as of Saturday [August 15],” Bello said. He said the number of AKAP beneficiaries is expected to increase once they tap the additional P5-billion funds released by the Department of Budget and Management (DBM) to the Overseas Workers Welfare Administration (OWWA) in June. In a related development, Bello said the number of repatriated OFWs assisted and sent back to their home province by OWWA has reached 146,658 as of August 15, 2020. “The latest batch of 3,081 repatriated workers took their rides home [last Saturday], after being tested negative for the virus,” Bello said.

Beirut blast survivors due in PHL; repats at 135K

ORE than 135,000 overseas Filipinos have been repatriated since the process started in February, while as the Covid-19 pandemic started to hit nations around the globe. And, the Department of Foreign Affairs said on Sunday, that total includes 10,573 migrant Filipinos this week. Relatedly, the DFA and the Department of Labor and Employment (DOLE) are also bringing in on Monday some 400 Filipinos from Lebanon, including those injured in the August 4 seaport explosion in Beirut. Of the total number of repatriated Filipinos of 135,290, at least 52,639 OFs are sea-based while 82,651 OFs are land-based, according to the DFA. The DFA said it continues to bring home distressed nationals from all over the world, bringing home 8,112 OFs just from the Middle East this week through 27 special commercial repatriation flights and two DFA-chartered flights. A total of 3,072 repatriates arrived from UAE, many of whom availed themselves of the amnesty for overstaying residence and tourist visa holders. The DFA also brought home Filipinos from Iraq and Israel this week. Also in last week’s batch were 2,984 sea-based OFs, including two medical repatriations from Seychelles and Brazil. The seafarers came from all over the world, notably Canada, US, Japan, India, China, Sri Lanka, the Netherlands and Greece. Earlier in the week, the DFA also brought home 250 stranded nationals from Papua New Guinea and Melbourne, Australia, on board two special commercial repatriation flights. Continued on A2

DOTr: Crew-change protocols in place in Subic; dry run held

A TUGBOAT carrying “outbound seafarers” prepare to cast off for a rendezvous with ships awaiting crew-change during a dry run at the Subic Bay Freeport on Friday, August 14. By Henry Empeño

Correspondent

UBIC BAY FREEPORT — Officials of the Department of Transportation (DOTr) said on Friday that protocols for the proposed activation of Subic port as crew-change hub are already in place and only need approval from the Subic Bay Metropolitan Authority (SBMA) and concerned local government units (LGUs). In a practice run for the crewchange project at the Subic Bay International Airport (SBIA) complex here, Vice Admiral Narciso Vingson, who is DOTr assistant secretary for communications and commuter affairs, said the protocols to be implemented here are the best practices in the maritime sector. “The system we are implementing has incorporated lessons we have learned from earlier activities,” Vingson said.

“During the mass repatriation of seafarers from cruise ships, there were steps that have already been corrected to ensure that health will not be compromised—for the workers and the seafarers. To be able to check this, we have involved all parties, national and local government and agencies,” he added. Friday’s simulations witnessed by SBMA and LGU representatives included the point-to-point departure and arrival procedures at the former Hanjin ferry landing near the airport, using a tugboat to transport the crew to and from ships at anchorage. Meanwhile, the dry run for the more complex arrival procedure was held at the Subic airport where new arrivals would undergo the required swab test, have their documents processed at a one-stop shop, and thereafter proceed to a mandatory quarantine facility. Concerned LGU representatives

present in Friday’s dry run focused mostly on the possibility that local workers might be exposed to Covid-19 infection during crew-change operations, a concern raised earlier by SBMA Chairman and Administrator Wilma T. Eisma. Eisma said that Subic is willing to host the crew-change hub project, but stressed that safety measures should be in place in all phases of the project and that LGUs should be consulted in all aspects because workers who would man crewchange facilities will come from communities contiguous to Subic. So far, Eisma said, the SBMA board of directors had only approved the first phase of the project, which involves the point-to-point embarkation of seafarers, pending local consensus on the second phase which involves the quarantine of arriving crewmen in hotels within the Subic Bay Freeport Zone. Continued on A2

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Companies BusinessMirror

Monday, August 17, 2020

Pandemic slashes income of Vista Land in Jan-June By VG Cabuag

@villygc

ista Land and Lifescapes Inc., the property development arm of the Villar Group, said its income for the first half fell 39 percent to P3.53 billion, from last year’s P5.82 billion due to the impact of the pandemic on the company’s operations. Revenues for the period declined 22 percent to P17.61 billion, from last year's P22.67 billion “This pandemic has impacted our

performance for the first half of the year, both on our leasing and residential businesses, and we still expect the rest of the year to be challenging,”

Manuel B. Villar Jr., the company’s chairman, said. The company said, however, it has adapted to the “new normal mindset” and has shifted to digital platforms for its marketing initiatives. “We are seeing some positive signs of recovery especially in our residential business as the economy reopened last June. In fact, our June sales are already at about 70 percent of pre-Covid level with sales in July tracking better than June,” he said. The company also said its capital expenditures reached P9.4 billion in the January-to-June period. For the second quarter alone, the company’s income was cut by twothirds to just P1.05 billion, from last year’s P3.12 billion. Revenues,

meanwhile, were down by 38 percent to P12.47 billion, from last year’s P7.68 billion. “We have launched a total of P1.8 billion in terms of project value for the first half of the year, all of which are located outside Metro Manila to capitalize on the traction we have gained for our housing products in the provincial areas amid this pandemic,” Vista Land President and CEO Manuel Paolo A. Villlar said. “We are continuously revisiting our planned project launches as well as the expansion program of our leasing business and are always making the necessary adjustments to our operations in order to better position the company once the economy recovers.”

‘MGen to commission solar plant this year’ By Lenie Lectura @llectura

eralco PowerGen Corp. (MGen), the power generation arm of the Manila Electric Co. (Meralco), said it is on track to switch on its 50-megawatt (MW) solar power project by end of the year. The pandemic has prompted the company to suspend site works last March. Likewise, the delivery of the solar panels from China was delayed. MGen President and CEO Rogelio

Singson said site works resumed in April after securing a special clearance from the local government unit (LGU). The P4.25-billion solar power project is located in San Miguel, Bulacan. “Despite the expected delay, PFBSI [Powersource First Bulacan Solar Inc.] still targets to commis-

sion the plant within 2020,” he said. PFBSI is a project company of MGen, the power generation arm of Meralco, It is 40-percent owned by MGen Renewable Energy, Inc. (MGreen), 36 percent held by PowerSource Global Holdings Corporation and 24 percent by Singapore’s Sunseap International Pte. Ltd. It has tapped SUMEC Complete Equipment & Engineering Co. Ltd. to construct the solar facility. A construction commencement notice was issued in December 2019, with target commercial operations

by end 2020. As of July 13, the overall progress of the solar power project stood at 52.73 percent. MGreentargetsaround1,000MW of renewable energy projects over the next five to seven years. The focus is on the development of a portfolio of utility scale solar, wind and hydro-power projects to supply Luzon grid and electricity consumers with competitive tariff. It recently secured an equity funding amounting to P424 million from Meralco that will be invested in various solar projects.

Angkas to PT&T posts revenue growth in H1 help Pasay fight virus By Lorenz S. Marasigan

@lorenzmarasigan

ide-hailing app Angkas has partnered with the local government of Pasay to give the city's health-care workers (HCWs) free rides during the community quarantine. Angkas bikers will also be deployed as contact tracers to help the city’s efforts against Covid-19. “This is a big help to our frontline workers who serve our constituents. We have difficulties in transportation and this is an answer to help our healthcare workers go to and from work to allow them to provide care to our citizens,” Pasay City Mayor Emi Calixto-Rubiano said. Angkas Chief Transport Advocate George Royeca said his group sees Pasay City as a critical location. “These health-care workers work in hospitals which are near the bus terminals and airports which many Filipinos use to journey to other places in the capital, if not the country. Angkas bikers will be making it easier for them to go to work, while our shields will add an extra level of protection for HCWs who own and use their own bikes,” he said. Last week Angkas partnered with the cities of Manila and Pasig to provide the same free ride service to frontline workers of the two local governments. It has also partnered with the Department of the Interior and Local Government (DILG) and the Philippine National Police (PNP) to arrange for 1,000 Angkas bikers for medical workers.

Associated Press

By Roderick L. Abad @rodrik_28 Contributor

elecommunications services provider Philippine Telegraph and Telephone Corp. (PT&T) said its revenues in the first half rose by nearly 23 percent to P207.67 million, from P169.29 million during the same period last year. This has allowed the company to narrow its net losses to P19.5 million during the period, from last year’s P35.7 million, which it said was mainly due to the depreciation of fiber network-based investments PT&T made in recent years. The listed firm said the hike in its revenues in the January-to-June period was due to the 22-percent rise in broadband connections given the strong demand for Internet access among businesses during the quarantine period. “We all have to live with the business uncertainty brought

about by the pandemic for the foreseeable future. PT&T is here to bridge the technology gap and support the digital transformation needs of Filipinos and businesses with our combined connectivity and IT [information-technology] services,” said James Velasquez, president and chief executive officer of PT&T. “Since last year we have managed to transform our offerings and be a digital services provider.” PT&T said in a disclosure to the Philippine Stock Exchange that its core Ebitda (earnings before interest, tax, depreciation and amortization) rose by 209 percent from P12 million to P37 million yearon-year. The demand for wireless connectivity surged during the lockdown period as Filipinos stayed home and engaged in online activities like telecommuting, e-commerce, digital play, online learning, and online banking. Despite limitations brought

about by the community quarantine and restrictions in physical distancing, the company’s fixed broadband segment saw a 15-percent year-onyear increase in revenues. The company also said its new IT services business grew and gained traction, contributing nearly 10 percent of the company's total revenue during the period. At present, PT&T has a network asset of 14,000 poles equivalent to 13,500 fiber kilometers covering almost 40 percent of the total Philippine population in high-growth developing areas. With an additional 46,000 poles via a Joint Pole Agreement, it has a potential to expand the nationwide network coverage to over 110,000 fiber kilometers. PT&T holds a 25-year franchise which allows the company to establish, maintain and operate both wired and wireless telecommunications systems for local and international communications in the country.

STOCK-MARKET OUTLOOK Last week

Share prices gained last week, snapping a string of weekly losses, as the main index returned to the 6,000-point level after investors picked up cheap stocks. The benchmark Philippine Stock Exchange index (PSEi) gained almost 4 percent, or 230.89 points, to close at 6,076.91 points. Foreign investors returned to the market and were net buyers at P2.99 billion as average trading value for the week surged at P8.01 billion. The market was up all week long except on Friday when it lost 20.87 points. All other subindices ended in the green, led by the All Shares index that gained 128.66 points to close at 3,596.19 points, the Financials index was up 40.21 to 1,161.92, the Industrial index rose 240.45 to 7,956.09, the Holding Firms climbed 272.22 to 6,245.02, the Property index surged 133.37 to 2,945.49, the Services index increased 18.55 to 1,439.73 and the Mining and Oil index increased 56.84 to 5,869.24. For the week, gainers led losers 143 to 80 while 26 shares were unchanged. Top gainers were Emperador Inc., iPeople Inc., Philippine Trust Co., Cemex Holdings Philippines Inc., Nickel Asia Corp. and Republic Glass Holdings Corp. Top losers were Chemical Industries of the Philippines Inc., First Gen Corp., Discovery World Corp., Semirara Mining and Power Corp., Lepanto Consolidated Mining A and B shares, Manila Mining Corp. A and Del Monte Pacific Ltd.

This week

Share prices may continue its upward trajectory this week as investors are slowly returning to the market following last week's big volume of trade and the return of foreign buying. It will be a four-day trading week as August 21 is a public holiday in observance of the Ninoy Aquino Day. The Chinese Ghost Month will also kick off on August 19. “Interest in equities is gradually improving. This indicates positioning is in place as investors buy stocks that have been bruised by the rout,” broker 2TradeAsia said. It added that investors will seek guidance on the announcement of the Inter-Agency Task Force for the Management of Infectious Diseases (IATF) early this week on the change of quarantine restrictions in the country's main cities and the policy meeting of the Bangko Sentral ng Pilipinas on Thursday. Immediate support for the main index is placed at 6,000 points and resistance at 6,200 to 6,250 points.

Stock picks

Broker Regina Capital Development Corp. advised to trade the range on the stock of Globe Telecom Inc. as its technical indicators showed the stock remains on strong buying pressure, but momentum seems to be declining. “All things considered, Globe will likely start to consolidate sideways at this freshly-minted elevated range. The strongest week-long support we're seeing right now is at P2,094,” the broker said. Globe shares closed Friday at P2,136 apiece. Meanwhile, it recommended to sell during rallies on the stock of GT Capital Holdings Inc. (GTCAP). “GTCAP is still trading within its week-long range, and we expect this to be sustained for the remainder of the week. Indicators are starting to become more bullish, but remain consistent on sell signs. As such, the stock will likely continue to consolidate sideways between its support at P397.00 and resistance at P424,” it said. Shares of GT Capital closed last week at P401 apiece. VG Cabuag

Companies BusinessMirror

Monday, August 17, 2020

SEC to look into REIT buyers’ complaints against brokers

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) said it will look into reports that some individual buyers of shares of AREIT Inc., the country’s first real estate investment trust (REIT) listing, were not able to trade their shares in the open market.

SEC said it received complaints that COL Financial Group Inc. and another firm failed to trade

Ayala Land's REIT shares as it was not able to secure the necessary permission.

A list from the Philippine Stock Exchange (PSE), however, showed that COL, which holds the largest retail investor accounts in the country, is eligible to trade REIT. “The SEC Markets and Securities Regulation Department is currently gathering more information and assessing the situation. Rest assured that the commission shall take appropriate actions toward the resolution of the matter at the soonest time possible in the interest of the investing public,” the SEC said in a statement over the weekend. It also encouraged other investors who encountered the same problem to send their complaints and other relevant information

the commission. The PSE earlier issued a memorandum providing for the Broker Eligibility Guidelines to Trading REIT Securities and started accepting applications from trading participants on July 15. A mo n g t h e r e q u i r e m e nt s specified is the recording of securities ownership of trading participants’ investors under a Name-on-Central-Depository arrangement. Registered salesmen are required to undergo the relevant training before they are allowed to deal in REITs. AREIT’s shares continued its fall on its second trading day on Friday, slipping to P24.10 per share, from its offer price of P27.

Calax Laguna interchanges to open on Tuesday By Lorenz S. Marasigan @lorenzmarasigan

he chief of the Department of Public Works and Highways (DPWH) said on Sunday that the interchanges of the Cavite-Laguna Expressway (Calax) will be opened Tuesday, after its builder and operator completed the construction of the two facilities of the expressway. The two interchanges are the Laguna Boulevard Interchange and the Laguna Technopark Interchange, benefiting at least 10,000 motorists. This also decongests nearby roads that lead to Nuvali in Laguna. “The community quarantine affected the mobilization of construction, the manpower that oversee the coordination to secure the service roads and the overall timeline of the project. We have carefully navigated through this situation and we are ready to open these interchanges to the public,” Public Works Secretary Mark Villar said. He added that the new facilities will help stir up economic activity in Laguna and its nearby communities. “About 10,000 cars per day are currently served by the Laguna Segment, and these interchanges are added catalysts for the much needed economic activity at all levels, it will

allow the flow of output of goods and services that people utilize thereby spurring growth in the community and the region,” Villar said. MP Cala Holdings Inc. President Roberto V. Bontia said the two interchanges are fully electronic, which means that toll collection will be automated. This, he said, would help limit human interaction, in support of government efforts to stop the spread of Covid-19. “Safety is our highest priority for both our motorists and personnel. Operating the interchanges using 100-percent RFID will eliminate cross contamination of the virus which may spread through bills and coins used in cash payments. By November the whole of Calax will be on RFID technology,” he said. Calax is envisioned to be a fourlane, 45-kilometer roll road that will connect the Manila-Cavite Toll Expressway (Cavitex) and the South Luzon Expressway (Slex). It will have eight interchanges, namely: Kawit, Daang Hari, Governor’s Drive, Aguinaldo Highway, Silang, Sta. Rosa-Tagaytay, Laguna Blvd., Technopark, and a Toll Barrier before Slex. So far, an initial 10 kilometers of the expressway has been opened. This particular section runs between Mamplasan, Binan City and Sta. Rosa City.

mutual funds

August 14, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 200.15 -21.83% -9.95% -5.37% -20.52% ATRAM Alpha Opportunity Fund, Inc. -a 1.0178 -34.98% -13.07% -5.71% -26.35% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6745 -32.79% -14.66% -8.01% -27.29% Climbs Share Capital Equity Investment Fund Corp. -a 0.6887 -26.84% -11.9% n.a. -23.31% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6872 -19.3% n.a. n.a. -19.09% First Metro Save and Learn Equity Fund,Inc. -a 4.2967 -19.58% -8.13% -5.08% -19.36% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6749 -21.44% -10.64% n.a. -20.93% MBG Equity Investment Fund, Inc. -a 77.3 -34.64% n.a. n.a. -25.11% PAMI Equity Index Fund, Inc. -a 40.1893 -21.65% -8.45% -4.27% -21.63% Philam Strategic Growth Fund, Inc. -a 431.63 -19.6% -7.65% -4.44% -18.99% Philequity Alpha One Fund, Inc. -a,d,5 0.896 n.a. n.a. n.a. -13.02% Philequity Dividend Yield Fund, Inc. -a 1.0195 -21.5% -8.05% -4.1% -20.78% Philequity Fund, Inc. -a 29.9779 -21.31% -7.59% -3.78% -20.9% Philequity MSCI Philippine Index Fund, Inc. -a 0.7986 -21.23% n.a. n.a. -21.56% Philequity PSE Index Fund Inc. -a 4.0968 -21.3% -7.96% -3.6% -21.57% Philippine Stock Index Fund Corp. -a 685.77 -21.13% -7.93% -3.78% -21.35% Soldivo Strategic Growth Fund, Inc. -a 0.6136 -32.36% -12.18% -7.96% -27.93% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.1685 -25.81% -9.36% -4.99% -24.72% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7859 -21.35% -8.13% -3.78% -21.47% United Fund, Inc. -a 2.8716 -21.49% -6.9% -3.29% -21.39% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 92.0803 -20.95% -7.47% -2.96% -21.27% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.064 15.18% 1.71% 2.56% 3.46% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4908 16.99% 8.39% n.a. 8.13% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5659 -7.28% -4.21% -3.41% 0.2% ATRAM Philippine Balanced Fund, Inc. -a 2.062 -10.25% -4.43% -1.93% -5.46% First Metro Save and Learn Balanced Fund Inc. -a 2.4194 -8.27% -2.9% -2.93% -8.06% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1851 n.a. n.a. n.a. -18.99% NCM Mutual Fund of the Phils., Inc. -a 1.8459 -5.2% -1.14% -0.23% -5.9% PAMI Horizon Fund, Inc. -a 3.5186 -6.95% -2.04% -1.3% -7.14% Philam Fund, Inc. -a 15.6691 -7.64% -2.35% -1.49% -7.61% Solidaritas Fund, Inc. -a 1.9273 -9.39% -3.71% -1.39% -9.18% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2925 -15.2% -4.64% -2.73% -14.78% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9477 -7.02% n.a. n.a. -6.69% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8515 -15.25% n.a. n.a. -14.54% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8251 -17.6% n.a. n.a. -16.93% Sun Life Prosperity Dynamic Fund, Inc. -a 0.812 -18.43% -5.67% -3.77% -16.7% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. - a $0.03945 2.87% 3.26% 2.11% 3.27% PAMI Asia Balanced Fund, Inc. -b 8.61% 1.7% 2.85% 3.45% $1.0469 Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1015 9.96% 5.88% 4.95% 4.88% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1597 4.73% 3.21% n.a. 2.75% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 367.84 4.12% 3.19% 2.57% 2.77% ATRAM Corporate Bond Fund, Inc. -a 1.9486 2.01% 1.12% -0.06% 2.45% Cocolife Fixed Income Fund, Inc. -a 3.1982 4.43% 4.99% 5.02% 2.58% Ekklesia Mutual Fund Inc. -a 2.3114 3.58% 3.13% 2.34% 3.96% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4588 4.2% 3.6% 2% 4.23% Philam Bond Fund, Inc. -a 4.6973 8.7% 4.87% 2.75% 7.42% Philam Managed Income Fund, Inc. -a,6 1.3077 5.51% 4.32% 2.41% 4.06% Philequity Peso Bond Fund, Inc. -a 3.9629 5.92% 4.42% 2.32% 4.61% Soldivo Bond Fund, Inc. -a 1.0402 8.75% 3.88% 1.81% 7.87% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.183 4.63% 4.89% 2.74% 3.49% Sun Life Prosperity GS Fund, Inc. -a 1.7491 3.63% 4.29% 2.22% 2.82% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.69 3.56% 2.66% 2.82% 2.21% ALFM Euro Bond Fund, Inc. -a Є217.02 -1.19% 0.71% 1.08% -1.26% 3.28% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2468 4.69% 3.37% 2.79% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.32% 2.1% 1.66% 2.71% PAMI Global Bond Fund, Inc -b $1.0945 -0.27% 0.42% 0.42% 0.08% Philam Dollar Bond Fund, Inc. -a $2.5233 5.13% 4.15% 3.52% 4.98% Philequity Dollar Income Fund Inc. -a $0.0611317 2.05% 2.16% 1.95% 1.38% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2557 2.94% 2.6% 2.77% 2.54% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.72 3.49% 3.28% 2.48% 2.3% First Metro Save and Learn Money Market Fund, Inc. -a 1.0438 2.31% n.a. n.a. 1.71% 2.94% 3.05% 2.61% 1.77% Sun Life Prosperity Money Market Fund, Inc. -a 1.2874 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0471 1.6% n.a. n.a. 0.85% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0342 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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PSE STOCK QUOTATIONS

August 14, 2020

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

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

45.2 91.6 65.5 20.2 7.82 35.95 20.1 16.6 98.35 53.05 0.83 22.4 0.475 2.77 7.55 0.27 690 0.63 155 1920

45.8 92 65.6 20.25 7.83 36 20.2 16.8 98.5 54 0.85 22.45 0.54 2.79 8.69 0.285 735 0.65 159 1930

45.8 92.5 65 20 7.86 36.2 20.05 16.8 97.3 53 0.87 21 0.48 2.82 7.5 0.27 685 0.64 159 1920

45.8 92.9 65.5 20.3 7.87 36.35 20.6 16.96 99.3 54.4 0.87 22.7 0.54 2.82 8.69 0.27 685 0.65 159 1930

45.8 91.5 64.25 20 7.78 35.9 20 16.5 97.3 53 0.82 21 0.48 2.78 7.5 0.27 685 0.63 155 1920

45.8 92 65.5 20.25 7.83 35.95 20.25 16.6 98.5 54 0.85 22.4 0.54 2.78 8.69 0.27 685 0.65 155 1920

1000 2989650 2688520 74000 254200 3571400 288400 181600 809850 4550 317000 70200 225000 27000 700 40000 30 138000 430 85

45800 275112782.5 175297602.5 1491075 1992994 128495495 5853045 3018496 79763674.5 246760.5 271670 1577670 108900 75460 5369 10800 20550 87480 66810 163250

45800 -45967823 -15209071 6000 47626 -35458865 -3620420 168500 -25960881.5 -8960 -3150 153600

INDUSTRIAL

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

2.7 1.27 25.2 0.156 22.6 59 276.2 13.1 3.08 3.25 11.16 16.9 8.12 14 7.79 2.35 10.8 16.12 4.78 4.97 10.5 64.6 0.63 1.17 39.7 143.3 7 4.88 0.135 5.31 1.25 4.25 1.63 0.106 141.7 0.78 52.65 52.5 1.18 10.04 5.11 5.21 6.42 8.37 0.67 0.76 117 1.83 1.91 4.5 3.7 4.1 18 1.78 4.76 0.98 1.51 5.64

2.71 1.28 25.3 0.16 23 59.15 278.6 13.16 3.09 3.34 11.34 16.92 8.16 14.96 7.9 2.36 11.38 16.16 4.84 4.98 10.98 68 0.65 1.18 39.75 144.5 7.3 5 0.139 5.35 1.26 4.3 1.65 0.11 142.9 0.79 56.35 53 1.19 10.06 5.13 5.22 6.44 9 0.7 0.77 139.8 1.88 1.92 4.75 3.76 4.2 18.48 1.79 4.8 0.99 1.53 5.65

2.72 1.24 25.3 0.164 23.6 60 276.2 13.22 3.09 3.36 11.38 16.72 8.09 13.52 8.04 2.38 11 16.24 4.74 4.86 10.3 64.6 0.64 1.18 39 142.5 7.29 5.02 0.135 5.37 1.2 4.25 1.62 0.108 142.9 0.8 52.65 52.55 1.16 10.3 5.18 4.98 6.45 9 0.69 0.73 117 1.83 1.92 4.54 3.75 4.12 18 1.78 4.8 0.97 1.51 5.96

2.77 1.34 25.7 0.165 24.6 60 279.4 13.5 3.16 3.36 11.38 16.92 8.2 14 8.04 2.38 11 16.24 4.8 5 10.98 68 0.65 1.18 39.7 144.8 7.29 5.03 0.139 5.45 1.27 4.25 1.69 0.11 142.9 0.8 52.65 54.8 1.2 10.34 5.19 5.24 6.48 9 0.7 0.77 117 1.83 1.93 4.54 3.82 4.2 18 1.8 4.84 0.99 1.55 6.03

2.64 1.24 25.2 0.157 22.5 59 271.2 13.06 3.06 3.2 11.12 16.56 8.09 13.52 7.8 2.32 11 16.14 4.62 4.86 10.04 64.5 0.64 1.16 39 142 7.29 4.7 0.134 5.31 1.19 4.25 1.6 0.106 140.2 0.78 52.65 52.5 1.15 10.06 5.1 4.92 6.41 9 0.67 0.73 117 1.83 1.87 4.52 3.75 4.12 18 1.75 4.8 0.97 1.51 5.61

2.7 1.27 25.2 0.16 22.6 59.15 278.6 13.16 3.09 3.25 11.34 16.9 8.1 14 7.9 2.35 11 16.16 4.78 4.97 10.98 68 0.65 1.18 39.7 144.5 7.29 4.88 0.139 5.31 1.26 4.25 1.65 0.106 142.9 0.78 52.65 53 1.19 10.06 5.14 5.21 6.44 9 0.7 0.76 117 1.83 1.91 4.52 3.76 4.15 18 1.79 4.8 0.99 1.51 5.64

18367000 59791000 1580000 1970000 14416700 6280 248500 1327400 1464000 55000 65400 479100 36100 4600 101500 1601000 1000 525400 73000 830000 104135300 275660 1117000 3330000 41800 914330 500 608800 350000 691100 17094000 4000 180000 800000 1377550 2595000 200 600 33636000 947900 176700 1546000 734200 500 110000 105000 150 5000 865000 14000 30000 1079000 500 5565000 54000 281000 919000 3276600

49896940 6066890 75840920 -42500 39967675 -3393660 316040 327180410 -182835000 370859 -327689 68931176 -5256200 17691936 5227398 4547510 -31620 181840 734584 8038770 2205686 293752 62480 803303 41384.0002 3774520 -160100 11000 11000 8504302 -439162 347290 4112410 727530 1122208014 735431270 17,982,262( 13,247,310.5003) 720680 3890030 -145020 1648415 1498320 131764807 11353344 3645 2998738 -4400 47380 3697444 -2323499 20853370 -430080 17000 17000 298050 86010 196212717 25743085 2042560 4640 10530 31696.5 39738080 19395830.0002 9585262 36750 906035 16352 7955860 119360 4727453 -441047 4500 75360 79050 17550 9150 1641860 -600 63300 112600 4480400 16600 9000 9894210 46550 259520 -168120 275170 29400 1405790 18931806 275711

HOLDING & FRIMS

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

0.47 7.71 748 49.45 5.87 1.77 6.35 0.49 0.56 0.58 4.93 3.7 8.51 401 2.89 61.3 0.6 2.32 8.01 0.49 3.33 0.75 2.29 0.98 168 886 103.5 0.67 128.8 0.143

0.475 7.9 749.5 50.25 6 1.79 6.5 0.495 0.57 0.59 4.97 3.75 8.96 403.8 2.9 62 0.61 2.4 8.05 0.54 3.35 0.77 2.6 1 170 900 103.9 0.7 130 0.145

0.475 7.93 748 49.6 6.05 1.74 6.5 0.495 0.57 0.56 4.98 3.73 8.6 415 2.9 63.9 0.59 2.38 8.07 0.55 3.38 0.8 2.6 0.98 170 881.5 102 0.68 129 0.157

0.48 7.93 755 50.4 6.19 1.8 6.8 0.495 0.58 0.59 4.98 3.81 8.6 417.8 2.9 63.9 0.61 2.38 8.17 0.6 3.39 0.8 2.6 0.98 170 900 103.5 0.68 130 0.157

0.47 7.62 737 49 5.87 1.73 6.5 0.495 0.55 0.56 4.9 3.7 8.5 401 2.9 60.7 0.58 2.31 8 0.55 3.23 0.8 2.6 0.98 170 874.5 101.5 0.67 129 0.145

0.47 7.89 749.5 50.25 5.87 1.79 6.5 0.495 0.58 0.59 4.93 3.7 8.51 401 2.9 61.3 0.6 2.32 8.05 0.58 3.35 0.8 2.6 0.98 170 900 103.5 0.67 130 0.145

4050000 30600 333910 1619800 17777800 772000 47700 87000 3165000 20000 1653000 9278000 4400 242400 12000 7474330 298000 214000 2881000 39000 35905000 1000 8000 46000 1770 1187090 99320 167000 2720 330000

1907650 242046 250236735 81223345 106398442 1363340 312415 43065 1767830 11260 8159320 34770920 37451 98492398 34800 460200306.5 175840 496830 23222837 21830 119621350 800 20800 45080 300900 1053540205 10211948 112900 352020 48490

-240100 -11581985 -1400740 -26837768 152100 -2564510 3389360 -30540818 -34800 114399875.5 15340 -329429.9999 2516582 -58042340 674916970 919492 -41380 -

PROPERTY ARTHALAND CORP 0.51 0.52 0.51 0.52 0.5 0.52 282000 143830 AYALA LAND 33.2 33.3 33.2 33.8 32.95 33.3 32351800 1074400945 0.98 1.02 0.99 1.03 0.99 1.03 4000 4000 ARANETA PROP AREIT RT 24.1 24.2 25 25.7 23.85 24.1 10001500 246878435 1.34 1.36 1.37 1.37 1.34 1.34 133000 181780 BELLE CORP A BROWN 0.84 0.85 0.82 0.85 0.82 0.84 5164000 4325990 CITYLAND DEVT 0.78 0.8 0.78 0.8 0.78 0.8 80000 63090 0.121 0.124 0.125 0.125 0.121 0.124 3040000 375370 CROWN EQUITIES CEBU HLDG 5.83 5.99 5.75 5.99 5.75 5.99 4300 25029 5 5.03 5.04 5.04 4.99 5 504000 2525571 CEB LANDMASTERS CENTURY PROP 0.35 0.355 0.36 0.36 0.345 0.35 1640000 574550 CYBER BAY 0.255 0.265 0.25 0.255 0.25 0.255 1630000 408150 14.98 15 15.4 15.5 15 15 623600 9429468 DOUBLEDRAGON DM WENCESLAO 5.98 6 6.05 6.05 6 6 1726700 10412585 0.26 0.265 0.255 0.27 0.255 0.27 560000 149800 EMPIRE EAST FILINVEST LAND 0.9 0.92 0.9 0.92 0.9 0.92 9137000 8310730 GLOBAL ESTATE 0.79 0.8 0.78 0.81 0.78 0.79 697000 551950 8.01 8.19 8 8.2 8 8.01 17900 144278 8990 HLDG PHIL INFRADEV 0.89 0.9 0.89 0.89 0.87 0.89 799000 705270 2.97 2.99 3.04 3.07 2.97 2.97 21317000 63661780 MEGAWORLD MRC ALLIED 0.25 0.255 0.242 0.265 0.242 0.255 114550000 29385030 1.2 1.24 1.28 1.28 1.2 1.2 281000 339060 PRIMEX CORP ROBINSONS LAND 14.72 14.9 14.78 14.9 14.7 14.9 3296100 48958042 PHIL REALTY 0.226 0.233 0.227 0.233 0.225 0.233 270000 61100 2.69 2.7 2.72 2.72 2.69 2.69 8000 21670 SHANG PROP STA LUCIA LAND 1.77 1.84 1.8 1.85 1.8 1.85 3000 5450 30.65 31 30.6 31 30.1 31 22588800 691068535 SM PRIME HLDG 3.73 3.78 3.73 3.73 3.71 3.73 45000 167440 VISTAMALLS SUNTRUST HOME 1.14 1.16 1.14 1.16 1.13 1.16 87000 99130 3.3 3.31 3.27 3.32 3.25 3.3 1778000 5868900 VISTA LAND

-2010 -75266690 -159887365 10920 -16800 -16470 17500 -7824304 -3372032 113340 -4682860 -399890 11573432 185937875 -705850

SERVICES ABS CBN 7.42 7.43 7.5 7.5 7.42 7.43 445400 3327170 GMA NETWORK 4.93 4.97 4.99 4.99 4.9 4.93 1231000 6070850 0.395 0.41 0.405 0.41 0.395 0.41 610000 242450 MANILA BULLETIN MLA BRDCASTING 11.42 11.84 11.5 11.98 11.34 11.92 12300 142314 2130 2136 2112 2148 2112 2136 42365 90483460 GLOBE TELECOM PLDT 1350 1363 1387 1389 1350 1350 310775 424145375 APOLLO GLOBAL 0.049 0.051 0.051 0.051 0.05 0.051 450000 22540 2.95 3 2.95 2.95 2.95 2.95 1000 2950 DFNN INC DITO CME HLDG 3.09 3.1 3.1 3.13 3.05 3.1 13996000 43182720 0.071 0.074 0.074 0.075 0.074 0.075 170000 12730 ISLAND INFO JACKSTONES 1.58 1.6 1.62 1.63 1.56 1.6 133000 211850 NOW CORP 2.09 2.1 2.12 2.13 2.06 2.09 1729000 3627500 0.18 0.183 0.185 0.189 0.18 0.183 7840000 1437620 TRANSPACIFIC BR PHILWEB 1.95 1.96 1.95 2 1.93 1.96 283000 553450 8.79 8.8 8.54 9.2 8.45 8.79 115700 1028780 2GO GROUP CHELSEA 3.29 3.31 3.27 3.34 3.25 3.29 338000 1117060 CEBU AIR 40 40.1 40.1 40.7 40 40.1 233200 9380770 107.3 108 108.2 109.3 104 108 1157190 124905732 INTL CONTAINER LBC EXPRESS 15.52 15.8 16 16.1 15.8 15.8 6800 108352 4.99 5 4.95 5.06 4.95 4.99 1252000 6263970 MACROASIA METROALLIANCE A 1.69 1.71 1.74 1.75 1.67 1.69 664000 1137390 1.72 2 1.75 1.75 1.71 1.71 11000 19130 METROALLIANCE B PAL HLDG 5.91 6 5.85 6.1 5.85 5.91 98700 581155 HARBOR STAR 0.77 0.79 0.78 0.78 0.76 0.77 103000 79540 0.031 0.032 0.032 0.032 0.031 0.032 32200000 999000 BOULEVARD HLDG DISCOVERY WORLD 1.38 1.6 1.5 1.5 1.35 1.38 54000 76030 0.38 0.385 0.385 0.4 0.38 0.38 390000 149900 WATERFRONT FAR EASTERN U 570.5 598.5 600 600 565 565 50 29290 STI HLDG 0.31 0.315 0.31 0.315 0.31 0.315 2490000 774150 2.11 2.16 2.11 2.16 2.11 2.16 43000 91090 BERJAYA BLOOMBERRY 6.27 6.28 6.2 6.39 6.2 6.28 4829400 30402919 1.99 2.02 2 2 1.99 1.99 31000 61740 PACIFIC ONLINE LEISURE AND RES 1.24 1.29 1.23 1.29 1.23 1.29 67000 84260 PH RESORTS GRP 2.13 2.15 2.19 2.48 2.13 2.13 274000 621050 0.285 0.29 0.29 0.29 0.285 0.285 3760000 1085850 PREMIUM LEISURE ALLHOME 6.32 6.38 6.3 6.46 6.3 6.38 584700 3719003 1.46 1.47 1.5 1.51 1.46 1.48 433000 643250 METRO RETAIL PUREGOLD 50.5 50.6 51.6 51.6 50.5 50.5 3568940 181341572 ROBINSONS RTL 62 63 61.8 62 60.5 62 1220200 75457816.5 109.8 125 125.5 127.5 125 125 31770 3972090 PHIL SEVEN CORP SSI GROUP 1.05 1.06 1.07 1.1 1.05 1.06 3622000 3879800 15.3 15.68 15.7 15.7 15.04 15.68 1802000 27893160 WILCON DEPOT APC GROUP 0.295 0.305 0.3 0.305 0.3 0.3 2280000 684250 EASYCALL 6.17 6.45 6.45 6.45 6.45 6.45 2100 13545 0.219 0.22 0.224 0.224 0.218 0.219 3940000 866210 PRMIERE HORIZON SBS PHIL CORP 4.6 4.88 4.69 4.69 4.69 4.69 21000 98490

-20781660 -151093305 552850 -132430 76440 -2944.0003 -977110 3685777 5445 -16905772 3750 -6100 -115999.9999 140622 -253930 -68808494.5 -19392396.5 17665 -324920 -16208608 150000 -

MINING & OIL ATOK 7.96 8.49 8.79 8.79 7.95 8.6 15000 124023 1.61 1.62 1.56 1.62 1.54 1.61 18947000 30085110 354050 APEX MINING ABRA MINING 0.0009 0.001 0.001 0.001 0.0009 0.0009 5729000000 5189100 400200 2.61 2.65 2.67 2.68 2.61 2.61 375000 985710 -179470 ATLAS MINING BENGUET A 1.99 2.09 2.13 2.13 1.95 2.1 22000 44100 COAL ASIA HLDG 0.185 0.202 0.2 0.209 0.184 0.202 1280000 251010 -67000 2.61 2.67 2.68 2.69 2.67 2.67 113000 302630 294600 CENTURY PEAK DIZON MINES 7.66 7.68 7.83 7.83 7.65 7.68 7300 56035 1.12 1.13 1.13 1.15 1.11 1.13 7048000 7977230 -402789.9999 FERRONICKEL GEOGRACE 0.24 0.241 0.239 0.241 0.238 0.24 610000 146330 LEPANTO A 0.141 0.142 0.143 0.144 0.139 0.141 14010000 1972580 0.14 0.142 0.142 0.142 0.14 0.14 1290000 181550 LEPANTO B MANILA MINING A 0.0099 0.011 0.01 0.011 0.0099 0.0099 29000000 290200 0.01 0.011 0.011 0.011 0.011 0.011 1000000 11000 MANILA MINING B MARCVENTURES 0.93 0.95 0.94 0.96 0.91 0.95 4809000 4522580 -94000 NIHAO 1.77 1.78 1.8 1.8 1.76 1.77 439000 778930 3.25 3.26 3.06 3.25 3.05 3.25 22358000 70889760 -1297340 NICKEL ASIA OMICO CORP 0.39 0.395 0.39 0.395 0.39 0.395 1040000 410700 0.58 0.6 0.58 0.6 0.58 0.6 393000 231850 ORNTL PENINSULA PX MINING 3.36 3.37 3.33 3.37 3.28 3.37 2082000 6934190 -1991140 9.04 9.05 9.7 9.72 8.91 9.04 55775500 510301758 -269261455 SEMIRARA MINING 0.0055 0.0058 0.006 0.006 0.0054 0.0055 59000000 327200 UNITED PARAGON ACE ENEXOR 5.52 5.65 5.71 5.89 5.65 5.65 190800 1086585 569259 0.0085 0.009 0.0087 0.0087 0.0084 0.0084 19000000 160600 ORNTL PETROL A ORNTL PETROL B 0.0088 0.0093 0.0088 0.0088 0.0088 0.0088 27000000 237600 0.0099 0.01 0.01 0.01 0.0096 0.01 51700000 503350 7000 PHILODRILL 5.9 5.95 5.96 6 5.83 5.9 409800 2413746 -155501 PXP ENERGY PREFFERED HOUSE PREF A 99 100.5 98.4 99 98.4 99 19610 1930170 AC PREF B1 509 519 509 509 509 509 1000 509000 100.6 106.8 101 101 101 101 2500 252500 ALCO PREF C CPG PREF A 101 102 102 102 102 102 260 26520 -26520 101.1 101.3 101.1 101.3 101.1 101.3 10960 1108248 DD PREF FGEN PREF G 105.1 105.5 105.5 105.5 105.5 105.5 4500 474750 GLO PREF P 510 517 510 510 510 510 100 51000 1010 1020 1010 1010 1010 1010 2170 2191700 GTCAP PREF B MWIDE PREF 100.6 101.5 101.5 101.5 101 101 65000 6567500 100.1 102 101.8 102 100 100.1 27200 2729058 51000 PNX PREF 3A PNX PREF 3B 106.5 109 108 109 108 109 1950 211840 PNX PREF 4 1000 1010 1010 1010 1000 1000 10250 10275300 1058 1060 1059 1060 1058 1058 2100 2223805 PCOR PREF 3A PCOR PREF 3B 1090 1105 1100 1105 1090 1090 725 790575 1.5 1.7 1.6 1.75 1.4 1.4 26000 40650 SFI PREF SMC PREF 2C 78 78.35 78 78.35 78 78.35 3590 280576.5 SMC PREF 2D 75.3 75.55 75.2 75.2 75.2 75.2 1800 135360 78.9 79 78.75 78.9 78.75 78.9 29250 2306597.5 -1814200 SMC PREF 2F SMC PREF 2G 75.7 76.9 75.65 75.65 75.65 75.65 1000 75650 76.1 77.3 76 76 76 76 1000 76000 SMC PREF 2H SMC PREF 2I 78.3 78.95 78.3 78.3 78.3 78.3 15000 1174500 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 7 7.2 7.2 7.2 7 7 95800 672606 -633806 GMA HLDG PDR 4.6 4.62 4.6 4.6 4.59 4.6 564000 2,593,400( 1,848,199.9999) WARRANTS LR WARRANT 0.64 0.66 - - - - - - SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.44 13.48 13.3 13.96 13.3 13.48 635600 8649420 903206 ITALPINAS 1.87 1.88 1.89 1.9 1.86 1.87 1186000 2218620 -3740 5.23 5.4 5.4 5.59 5.2 5.4 63000 330584 KEPWEALTH MERRYMART 3.01 3.02 3 3.03 2.96 3.01 21340000 64211680 -209200 0.57 0.58 0.59 0.59 0.57 0.57 604000 346440 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 92.5 92.6 92.95 92.95 92 92.6 22420 2075940.5 172215

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Banking&Finance BusinessMirror

Borrowers’ list expands as CIC tweaks ID system

he country’s credit registry said more Filipinos were granted loans after the Credit Information Corp. (CIC) recently deployed its primary ID number (PID) tagging system. The state-run CIC said in a statement over the weekend that its database, now with the PID system in place, was able to include borrowers who do neither have a tax identification number nor identification cards issued by the Social Security System and the Government Service Insurance System. The Credit Information System is also now accepting unified multipurpose ID and driver’s license, leading to the expansion of CIC’s database. CIC President Jaime Casto Jose P. Garchitorena was quoted in the statement as saying that the tagging system resulted in additional six million borrower records in less than a month, bringing the total data set of unique individuals to 18.2 million—or 26 percent of the adult population—as of August. Ma. Bernadette B. Bautista, acting head of the Credit Information Management Systems Group, said the system-yweak also led to more loan approvals. “Our records show that these enhancements have led to an initial average decrease of rejection rate of major banks from 35 percent to 3.5 percent and, in the case of specialized lenders— such as those who give credit to motorcycle buyers whose main

ID was driver’s license—the leap was more dramatic from 90 percent to 5 percent rejection rate,” Bautista explained. Garchitorena said that the primary reason for having a credit registry is to “democratize the benefits of having data.” He said this means that more Filipinos should be able to prove their creditworthiness when applying for loans from microfinance institutions, cooperatives, rural banks and even the major banks. “The CIC recognizes that it is the new player in the credit data space and understands the important role and contribution to the consumer economy of the credit cards industry that essentially gives collateral-free credit,” Garchitorena said. “Datadriven risk management is most critical when there’s only a behavioral or reputational asset to back up the credit line.” The CIC said it has 58 accessing entities comprising of savings and loan associations, rural banks, cooperatives, thrift banks and universal and commercial banks. In addition, HC Consumer Finance Philippines Inc., Toyota Financial Services Philippines Corp. and Small Business Corp. are also accessing the credit database. “Financial institutions need to improve their visibility of borrowers’ credit behaviors to improve their asset quality while borrowers with good credit history may need to have their credit extended,” he added. Tyrone Jasper C. Piad

Perspectives A world re-oriented

or the most part, the immediate impacts of the global response to the Covid-19 pandemic are fairly clear. In some cities, entire central business districts (CBDs) were shut down as the virus spread. Acres of office space were put into hibernation. Retail space—malls, in particular—remained closed. As populations “sheltered in place,” entire districts fell silent. Recent attempts to pull economies out of lockdown have faced challenges; already we have seen cities open up their retail spaces only to shut these weeks later as infection levels flare. The shape and strength of the recovery are uncertain. Even in places where office and retail doors have reopened, all signs suggest a world re-oriented. Few ‘white collar’ workers will fully return to the traditional 9-to-5 day at a commercial office; many employers are using the opportunity to rethink their real estate footprint. At the same time, customers are also not returning to retail halls in the same way— in part due to ongoing fears about social interaction but also due to increasing preferences for online shopping. Retailers are in flux. What is clear, however, is that this experience has forced many to reconsider the link between environment, society, good governance (ESG) and profit (both financial and emotional). That has sharpened minds on the need for greater focus

on ESG criteria and investments. Many now see the disruption as an opportunity to rebuild greener economies. At the same time, two realities must be recognized. The first is that the recovery will likely be slow, uneven and erratic. A majority of the respondents of our poll during the virtual panel discussion expect it will take a few years before the global economy will recover to pre-pandemic levels. The second reality is that there is still significant capital sitting on the sidelines waiting to be deployed. Real estate continues to prove itself a strong defensive move; margins may be down and risk may be up, but returns still outstrip those offered by government bonds or treasury bills. As this report highlights, certain sectors may see significant investment flows as a result. Clearly, each of these trends will manifest differently across locations and sectors, depending on how the pandemic evolves. All signs suggest their impact will be felt by all players across the value chain in the real estate sector. The excerpt was taken from KPMG Thought Leadership article, “Real estate in the new reality.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved. Printed in the Philippines. For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph.

IC sees ‘financial danger’ in 1-yr freeze in payments

By Bernadette D. Nicolas

@BNicolasBM

he Insurance Commission (IC) thumbed down the proposed yearlong grace period on life insurance and pre-need premium payments under the Bayanihan 2 bill, saying this may spell “financial danger to life insurance and pre-need companies.” In a letter dated August 12 addressed to members of the Bicameral Conference Committee of Congress, IC Commissioner Dennis B. Funa said the proposed 1-year grace period will add to the life insurance and pre-need industries’ challenge of generating as much premiums from its existing business in order to offset the decline in new business premiums resulting from the slowed market demand. While the Senate version of the Bayanihan 2 Bill only provides for a

30-day grace period, the version of the bill in the House of Representatives provides that insurance companies providing life insurance policies and pre-need companies shall implement a 1-year or 365-day grace period, staggered payment schedule or any mutually beneficial arrangement for premium payments. “We understand that the proposed policy in HB [House Bill] 6953, while favoring life insurance and preneed customers, may spell financial danger to life insurance and pre-need

Strategic Healthcare Investments for Enhanced Lending and Development program,” Herbosa said. “We are one with the province in its aim to meet global health standards and improve services to the community.” The program is the state-owned bank’s initiative to finance hospital, laboratories, diagnostic centers, clinics and primary care providers including pharmacies and family physician clinics. The DBP has approved a total of P18.2 billion in loans under the program as of end-April. The loan proceeds would also be used

companies, which are among the pillars of the Philippine economy that also need protection,” Funa said. “Life insurance and pre-need companies are still reeling from the effects of the reduced economic activity, which has already resulted in the reduction of premiums collected and earned,” he added. “With due respect to Congress, we fear that a 1-year moratorium will exacerbate the adverse economic effects of the pandemic to said industries’ financial and capital positions, such that said industries may be permanently unable to recoup the consequent losses during this period, even if we were to consider future premiums.” Instead, Funa suggested an alternative to the one-year premium payment moratorium. “As a form of compromise between the House of Representatives and Senate versions of ‘Bayanihan 2’, we wrote Congress to suggest that life insurance and pre-need customers instead be given a 30-day extension in addition to the usual and existing 30-day or 31-day contractual grace periods under insurance policies and

pre-need contracts. Taken together, this makes for a total extension of 60 days in favor of the consumers,” Funa said. “We firmly believe that this proposed alternative achieves a balancing of interests. The suggestion affords both life insurance and pre-need customers, as well as life insurance and pre-need companies, much needed relief from the adverse economic and financial effects of the Covid-19 pandemic,” he added. The proposed 1-year grace period also did not sit well with Finance Secretary Carlos G. Dominguez III, who recently said that this moratorium will “negatively affect the financials of banks and other credit providers which in turn affect their ability to provide new loans to borrowers or pay interest to their depositors who vastly outnumber their debtors.” The finance chief also earlier said the “entire economy will lose disproportionately more than the gains borrowers make.” Instead of a 365-day grace period, Dominguez said he favors a maximum of 45-day grace period.

‘Scrap PhilHealth fund reimbursement scheme’ By Butch Fernandez

@butchfBM

enate Minority Leader Franklin M. Drilon is moving to totally scrap the controversial Interim Reimbursement Mechanism (IRM) scheme of the Philippine Health Insurance Corp. (PhilHealth) that, he noted, was earlier suspended in the wake of reports of irregularities. The Senator suggested last Sunday that scrapping the IRM, which he described as a “mere cash advance” to hospitals, would “not and should not affect the services PhilHealth is mandated to provide under the law.” This after PhilHealth officials opted to temporarily suspend the program amid the controversy. The Senate Minority Leader said in a statement that even as the Department of Justice was tasked by

President Duterte to look into allegations in PhilHealth involving alleged corruption schemes, “PhilHealth programs will not be affected even if we get rid of this IRM.” He suggested that “PhilHealth will and should continue to pay for the hospitalization of Covid-19 patients even if we scrap this IRM fraught with irregularities.” The Senator emphasized that PhilHealth should “speed up the reimbursement or payment of claims of the hospitals that treated Covid-19 patients but were excluded from the IRM and required the hospitals that received a total of P14.9 billion in cash advances to liquidate the funds immediately.” Drilon earlier observed that “even the name ‘Interim Reimbursement Mechanism’ is a misnomer because this is not a system of reimbursement

UnionBank, GOCC launch lending facility for MSMEs

nion Bank of the Philippines (UnionBank) announced recently it has signed a deal with state-owned Philippine Guarantee Corp. (PhilGuarantee) that makes it the first bank to “onboard” the government’s guarantee program that will provide cushion to small businesses affected by the Covid-19 pandemic. Unionbank said that under the agreement, PhilGuarantee will cover 50 percent of new and/or incremental loan exposure of micro, small and medium enterprises (MSMEs) for UnionBank. The latter said this would allowing the bank to continue lending to a wider base of MSMEs, particularly those who have been greatly affected by the pandemic, while at the same time mitigating risks. “With this, UnionBank continues to pursue its transformational journey in supporting as many small enterprises to grow their businesses through digital

solutions and alternative credit underwriting, which may have been put on hold during these challenging times,” Unionbank said in a statement. “Meanwhile, this collaboration aligns with PhilGuarantee’s role to encourage the banking sector to continue lending to MSMEs under the government’s economic recovery program due to the pandemic,” the bank’s statement added. A virtual signing ceremony was held last August 5, attended by UnionBank key officers namely: Chief Finance Officer and Treasurer Jose Emmanuel Hilado; Transaction Banking Center Head Ramon G. Duarte; and, SME business group head Jujut Enriquez. PhilGuarantee officials led by President and CEO Alberto E. Pascual and National Treasurer and PhilGuarantee Board Alternate Chairman Rosalia V. De Leon were also present during the signing, the bank said.

DBP funds Camarines Norte hospital building

he Development Bank of the Philippines (DBP) announced it has extended a P450-million term loan to fund the medical facilities expansion spearheaded by the provincial government of Camarines Norte. DBP President Emmanuel G. Herbosa said that a portion of the borrowings is allocated to build the new Santa Elena District Hospital, a two-storey building with an initial bed capacity of 25 beds. “DBP is honored to be a part of these initiatives of the Provincial Government which were pursued under the bank’s

Monday, August 17, 2020 B3

to build the new 3-storey Camarinez Norte Provincial Hospital with an additional 50-bed capacity and 2-storey Labo District Hospital with 25-bed capacity. The rest is for acquisition of various hospital equipment and machinery. “These new projects would be a boon to the province’s efforts to bolster its capability to address the health care concerns of its constituents including the prevailing national public health emergency,” Herbosa said. Earlier this month, DBP, the Department of Agriculture and Paymaya Philip-

pines rolled out a financing program to help the aspiring entrepreneurs in the agricultural sector. It is offering interestfree loans of up to half a million. Herbosa said DBP would be the settlement bank to the lending conduits of the Agricultural Credit Policy Council and PayMaya in the implementation of the DA’s own lending facility. That lending window is the Agriculture department’s first digitized financing program to support funding of startup or existing agri-based projects. The loan can be repaid in five years. Tyrone Jasper C. Piad

but an advance–one with very weak liquidation procedure.” He pointed out that if hospitals were promptly paid, there would be no need for the system of releasing advances amounting to millions of pesos,” recalling that the creation of IRM was the result of “slow processing of payment claims’ in the agency. Citing reports that PhilHealth owed hospitals around P18 billion in unpaid claims, the Senator suggested that “they should improve their system and reimburse the hospitals on time. Then, there is no need for this IRM,” adding that “hospitals are suffering from these delayed payments.” “Yung mga hospitals hirap na, marami silang serbisyo na nagawa na at humihingi ng reimbursement.” he added. [The hospitals are already struggling. They have done a lot of

services and are asking for reimbursement.] At the same time, Drilon declared that Health Secretary Francisco T. Duque III “cannot escape liability being the chairman of PhilHealth,” recallng that “corruption has been going on under his nose for years yet we heard nothing from him. Did he do something to prevent it?” The Senator added: “First of all, what did he do to lessen, if not totally eradicate, these corruption and frauds in PhilHealth?” The Senate Minority Leader had earlier exposed the overpricing of PhilHealth Covid-19 test kits, prompting the health insurance agency to bring down the cost from P8,150 to P3,409. This saved the government over P9 billion, on the basis of a projected two million tests.

Marcos moves to abort release of PhilHealth’s ₧10B

eeking a detailed accounting, Senator María Imelda Josefa “Imee” R. Marcos moved to abort release of P10-billion PhilHealth funds that are “not directed for testing and treatment” of Covid-19 patients. Over the weekend, Marcos bared “a legal loophole is abetting PhilHealth’s “Pera sa Pneumonia scam,” prompting her to recommend suspending the release of the money until the Philippine Health Insurance Corp. (PhilHealth) submits a full accounting of the released funds. The Senator surmised that Philhealth may be “evading a comprehensive audit of its fund releases by taking advantage of a loophole” in Republic Act (RA) 11332, referring to the law requiring that “notifiable diseases” be reported to the government. She pointed out that the law excludes pneumonia from the definition of a notifiable disease, adding that “this allowed the band of vultures in Philhealth to ignore a detailed accounting of pneumonia cases that are being used by hospitals to claim reimbursements through a bill-and-bribe scheme.” Marcos added the legal loophole and PhilHealth’s failure to submit a detailed breakdown on hospital claims abetted the “Pera sa Pneumonia scam” that involved overstated or false claims, “like the ‘up-casing’ of a common cold to pneumonia and the treatment of ghost patients.”

Moreover, the Senator noted in a statement issued last Sunday that pneumonia was consistently listed among the top diseases for which Philhealth has been releasing funds since the past administration until the present surge of the Covid-19 pandemic. The lawmaker lamented Philhealth’s failure to submit a breakdown on hospital claims despite the Senate’s request for the data last year, noting that municipal health offices and the Commission on Audit itself must also be provided the crucial information. Earlier, Marcos filed Senate Bill 1416 to amend RA 11332, for pneumonia to be “specifically identified as a notifiable disease and reportorial requirements are strengthened during pandemics and public health emergencies.” She likewise sought to suspend the collection of premiums by Philhealth, suggesting it among the options the Duterte government can take to “plug the agency’s loss of billions in membership contributions and government subsidies to “the band of vultures in Philhealth.” The Senator added that the government can also “create an account where existing funds can be parked for safekeeping and temporarily transfer procurement of Philhealth supplies to the Department of Budget and Management, while sorting out the financial mess that plagued Philhealth for decades.” Butch Fernandez

Monday, August 17, 2020 â&#x20AC;˘ Editor: Gerard S. Ramos

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F youâ&#x20AC;&#x2122;re a skin-care enthusiast, there are names you recognize even without the brand being mentioned. If someone says â&#x20AC;&#x153;ANR,â&#x20AC;? youâ&#x20AC;&#x2122;d know whatâ&#x20AC;&#x2122;s being referred to is the EstĂŠe Lauder Advanced Night Repair Synchronized MultiRecovery Complex. EstĂŠe Lauder Philippines got in touch last month to send an invite to witness â&#x20AC;&#x153;The Future of Skincareâ&#x20AC;? with â&#x20AC;&#x153;an innovation so advanced it only happens once in a decadeâ&#x20AC;? via a Zoom Link. After accepting the invite for a Zoom press conference, we each received a gold box that we were told to open on the day of the event. We were also sworn to secrecy as whatever innovation was being launched would be unveiled to the public today. â&#x20AC;&#x153;Backed by an unprecedented new discovery in the scientific field of Epigenetics,â&#x20AC;? EstĂŠe Lauder introduces the revolutionary new Advanced Night Repair Synchronized Multi-Recovery Complex. Iâ&#x20AC;&#x2122;ve been using ANR for a while and though I may have a plethora of skin-care products, this serum never ceases to amaze me. Itâ&#x20AC;&#x2122;s like magic in that it works almost overnight in reducing fine lines and wrinkles and improves skin tone. With breakthrough new ChronoluxTM Power Signal Technology, the new Advanced Night Repair now helps repair the look of lines faster than everâ&#x20AC;&#x201D;in just three weeks. This technology helps skin increase its natural renewal of fresh new cells and production of collagen for firmer skin. Advanced Night Repair helps reduce the look of multiple signs of aging and protects skin from the environmental assaults of

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Todayâ&#x20AC;&#x2122;s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Austin Butler, 29; Tammy Townsend, 50; Robert De Niro, 77. HAPPY BIRTHDAY: Take stock of what youâ&#x20AC;&#x2122;ve accomplished and how you want to move forward. Having a plan in place will help you reach your goal with the least amount of struggle. Youâ&#x20AC;&#x2122;ll have added discipline this year, so put it to good use and pursue personal and professional goals that will boost your confidence and enhance your life. Your numbers are 9, 13, 24, 27, 31, 39, 46.

ARIES (March 21-April 19): You can take physical action and get things done, or you can stew over what everyone else is doing and achieve little. Use intelligence and physical capabilities to make a difference in the way plans turn out. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

TAURUS (April 20-May 20): Refuse to let your emotions take over or deter you from making the best decision. An opportunity is heading your way, and being mentally prepared to take advantage of the situation will make a difference. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

GEMINI (May 21-June 20): Consider whatâ&#x20AC;&#x2122;s important to you, and focus your energy and time on projects that will bring about change. Home improvements, personal relationships and remaining rational when faced with emotional choices are favored. Honesty is the best policy. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CANCER (June 21-July 22): Look at your budget before you commit to a project or make a donation. Take care of your needs before you extend a helping hand to others. Being responsible as well as benevolent will help you maintain balance and integrity. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LEO (July 23-Aug. 22): Take the initiative to research and gather valuable information to ensure your pursuits are attainable. Leave nothing to chance, update documents before they lapse and make decisions that will ease stress. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

been transformed into a stunningly crafted premium, recyclable glass, with a sleek silhouette with an enhanced translucency gradient for a more â&#x20AC;&#x153;lit from withinâ&#x20AC;? glow. The new Advanced Night Repair Synchronized Multi-Recovery Complex will first be available on Lazada today. I used the new Advanced Night Repair Synchronized Multi-Recovery Complex twice a day for seven days as suggested. The texture is more watery than the previous formula. Iâ&#x20AC;&#x2122;ve been using the serum for a number of years so my skin is already used to it. It would be nice to see what it can do for someone thatâ&#x20AC;&#x2122;s using it for the first time. â&#x2013;

â&#x20AC;&#x153;The entire world is in a very difficult situation due to Covid-19,â&#x20AC;? said Lim, wearing a glittering pink mask matching the style of her outsized fedora. â&#x20AC;&#x153;In addition to an economic slump, activities in culture, arts and sports have also been reduced.... We should all work together to overcome the crisis.â&#x20AC;? Similar mask-themed fashion shows have been held in major cities such as Paris and Shanghai. Before July came to a

close, South Koreaâ&#x20AC;&#x2122;s Centers for Disease Control and Prevention reported 41 newly confirmed cases of Covid-19, which brought the national caseload to 13,979, including 298 deaths at the time. The country has been reporting 20 to 60 new cases per day since easing social distancing measures in early May. Most of the infections have come from the densely populated Seoul metropolitan area, where about half of South Koreaâ&#x20AC;&#x2122;s 51 million people live. AP

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VIRGO (Aug. 23-Sept. 22): Set the standard, do things your way and aim to reach your goal. How you conduct your life and business will reflect the way others treat you. Stand by your word, and compromise when necessary. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): An upbeat approach will deter negativity and disgruntled and demanding people. Offering positive alternatives will encourage others to pick up the pace and help. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): Be reasonable, and youâ&#x20AC;&#x2122;ll get your way. Kick up a fuss, and youâ&#x20AC;&#x2122;ll end up working alone. A change is in order. Assess your life, attitude, the way you look and the changes you want to make. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SAGITTARIUS (Nov. 22-Dec. 21): You are gaining leverage, so donâ&#x20AC;&#x2122;t stop pushing for what you want. High energy, intelligence and working diligently to reach your goal will pay off. Donâ&#x20AC;&#x2122;t let the past hold you back. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

Masked fashion models walk Seoul runway SEOUL, South Koreaâ&#x20AC;&#x201D; Models wearing a colorful range of face masks walked a runway in late July in South Koreaâ&#x20AC;&#x2122;s capital, where health authorities are scrambling to stem a rise in coronavirus infections as people increasingly venture out in public. Lim Yeon-hee, the chief organizer of the Seoul fashion show, said she hoped to create a cheerful vibe after the nation went through months of grueling antivirus campaigns.

CAPRICORN (Dec. 22-Jan. 19): Donâ&#x20AC;&#x2122;t start something you canâ&#x20AC;&#x2122;t finish. An argument with a friend or relative will cause emotional turmoil with someone you love. Focus on what you can do to keep the peace. Including love and romance in your plans will enhance your life. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Strike up a conversation to help you resolve a sensitive issue. Offer suggestions and compromise if necessary to keep your plans moving forward and avoid an emotional scene. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

PISCES (Feb. 19-March 20): A personal change will make you feel good. Make unique plans with someone who means the world to you, and good things will unfold. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026; BIRTHDAY BABY: You are chatty, intelligent and generous. You are kind and emotional.

â?¸

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HarvardManagementUpdate BusinessMirror BusinessMirror

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Monday, 13, 2020 b5 B5 Monday, August 17,July 2020

The Best Managers Balance

Analytical and Emotional Intelligence

By Melvin Smith, Ellen Van Oosten & Richard E. Boyatzis

ave you ever responded to a colleague or direct report in a way that left him feeling unheard or unappreciated, even though that was not your intention? Perhaps you gave him a prescriptive solution when what he needed was an empathetic ear. Or maybe you emphasized deadlines, taskrelated commitments and accountability at a time when what he needed from you was compassion and understanding. As a manager, it is likely that you have experienced this at some point. And these types of experiences are even more likely to occur during periods of crisis like the one in which we find ourselves right now. T hese a re e x tremely c ha l leng ing times. We are in the midst of a global pandemic, with millions of people infected by the coronavirus and hundreds of thousands dead because of it. Because of the corresponding economic shutdown, many businesses are closing their doors permanently. In times like these, employees are struggling. They are stressed. They are afraid. They are worried about their health. They are worried about their ability to provide for themselves and their families. And, on a broader level, they are concerned about the current and future health of the United States and the rest of the world. Truth be told, you are likely feeling some of the same things. Yet, as a manager, you are required to soldier on. Budgets have to be managed, sales targets have to be met, and difficult decisions have to be made to ensure the ongoing viability of your organization. It is of paramount importance to attend to the needs, fears and concerns of your employees. It is also vital that you solve pressing problems and make critical decisions necessary to sustain the business. The problem is that these two things require you to activate two different parts of our brain: the analytic network, which enables the task-

focused attention needed to solve problems, or the empathetic network, which facilitates ref lection, compassion and social connection. Most of us risk getting stuck in one of the two neural networks. But we need both. In fact, the most effective leaders are able to toggle back and forth between them seamlessly.

Here is how you can achieve the right balance:

1Be aware of your own predilections:

Being aware of your dominant neural network, or the one that is most likely to get activated for you across a variety of situations, requires the practice of mindfulness. You need to be fully and consciously aware of momentary experience. Questions you might ask yourself include: n How am I processing things at this moment? n Am I thinking about concrete facts, details or solutions? Or am I reflecting more openly and creatively about possibilities? n Am I thinking about what is objectively right or wrong? Or am I weighing the relative merits of what seems fair or morally just? n What types of situations or activities tend to pull me into the analytic network? n When am I most likely to be pulled into the empathic network? n On the whole, do I spend more time in the analytic network or the empathic network?

the neural network that isn’t 2Exercise your go-to:

Spend some time exercising the network that you are less likely to use. Think of yourself as a right-handed basketball player working on dribbling and shooting with your left hand to improve your overall game.

To exercise your empathic network:

n Complete at least one 15-minute conversation each day in which your sole purpose is to understand the other person, not to solve a problem or give advice. n When you are listening to someone, stop whatever else you are doing and try to give that person your full attention. Attempt to listen beyond what you hear, tuning into to the whole picture of what you hear and see, including your interlocutor’s body language and tone of voice. n If you think there is something you know with relative certainty, push yourself to challenge that assumption and consider other possibilities.

To exercise your analytic network:

n Schedule specific windows of time within which to complete certain tasks. Hold yourself to those committed windows, even if they are not actually firm deadlines. n Identify a situation at work that requires

a new approach to reach a successful outcome. Before you seek the perspective of others, do some research. Come up with questions that you need to get addressed. List two to three new resources that you normally wouldn’t think of, including people. Write down the pros and cons of each resource, considering the cost of each and their potential contributions. Connect your notes together into a framework to help you move ahead. n Compile a list of household expenses incurred each month. Record your actual expenses paid over the last 12 months. What are the trends you see in the numbers? What was the highest or lowest amount paid and in which month? How do the expenses compare to what you anticipated?

3Practice balancing both:

Once you have mastered the ability to be more aware of when you are either operating in the analytic or empathic network at any given time, and you have developed the capacity to activate either network upon demand, you are then ready to practice effectively balancing the two networks.

Specific things you can do to work on your ability to toggle between the two networks include:

n Be clear on your intention. We may

sometimes be aware of a need to toggle from one network to the other, but consciously choose not to do so. In other words, sometimes it is not an ability issue, but a motivation issue. n When making (or communicating) a decision that impacts others, think about potential personal implications of the decision. Spend time attending to relational aspects in addition to the technical ones. The analytic and empathic networks are waging a constant battle in your brain. You don’t have to choose sides, however. The key to maximizing your effectiveness as a leader is learning to be more aware of which network is activated at any given time and being able to seamlessly toggle back and forth between the two as necessary. Melvin Smith is a professor of organizational behavior at Case Western. Ellen Van Oosten is an associate professor of organizational behavior at Case Western. Richard E. Boyatzis is a professor in the departments of organizational behavior, psychology and cognitive science at the Weatherhead School of Management and distinguished university professor at Case Western Reserve University.

Leading Into the Post-COVID Recovery By Merete Wedell-Wedellsborg

he recovery phase of the Covid-19 crisis has begun for many businesses, with governments relaxing restrictions and economic growth tentatively returning. On the surface, this phase is about restarting operations and getting back to the office. In Europe many leaders I speak with are surprised both by the speed of the recovery and how rapidly everyday life has come to resemble the way it was before. Below the surface, however, there is still turmoil. Intuitively, I would have expected leaders to be driven by the victory rush that naturally occurs when the tension of the regression phase is released. But many leaders report having mixed emotions—their sense of optimism is laced with loss and doubt. The Covid recovery presents new challenges for leaders and teams. What can you expect and how can you navigate through the challenges ahead?

Facing the new reality

Speaking with leaders and their teams in recent weeks about their experience with managing the recovery, three themes have emerged:

n The unexpected high points brought on by the crisis are waning. Several teams mentioned that

they actually missed the stimulating rush of the emergency and the profound feelings of community that they experienced during the lockdown. They wanted to maintain the urgency and intimacy brought on by the crisis. But any good intentions slipped through their fingers when the old, meeting-heavy routines of the 9-to-5 workday made a surprisingly quick comeback. The “new normal” is not so new after all—and that feels like a lost opportunity.

n The unresolved tangle of emotions. The leaders I talked to

reported that they’ve learned so much about themselves and their closest colleagues: Who rises to the occasion, who loses faith, who supports the team, who snaps easily, who falls silent—and how these behaviors evolve as a crisis unfolds. The “emotional operating system” of many teams has been reset. Such a reset is psychologically intense: It exposes both strong ties and weak links on the team, and moving forward requires a recalibration of your own self-image and the team’s.

n The burden of the work ahead. The paradox is that during

the emergency the team’s sense of purpose seemed crystal clear: safeguard the business. As the recovery unfolds, more fundamental and nagging questions arise: What comes next? What parts of our business and organization will be relevant in the future? What must we do to prepare for a second or third wave?

How can leaders tackle the recovery phase?

The absence of relief is a telltale sign that you have serious psychological work to do as part of the recovery phase. As a leader you need to be aware of what is going on in your team on the front lines and adapt your leadership accordingly.

First, acknowledge that the recovery marks the onset of a broader challenge, not the end of the crisis.

Don’t think of the recovery as just going back to work and adopting your old habits. Create new meaning. Ask questions: “What was the point of this crisis? What will we do if it happens again? What did we learn? How can we move faster next time?” Find a realistic sense of optimism—“What should we

change?” Priorities need to be reset, plans adjusted and resources redirected.

Second, recalibrate your team. A crisis often reorders the informal hierarchy of a team, both because what’s urgent and who’s important changes, and because new heroes emerge and new relationships are forged. While the formal structure remains unchanged, the informal structure has been disrupted under the surface and needs to be realigned or rethought. Think of the recovery phase as an inflection point for the way your team cooperates, not a U-turn that leads back to familiar routines. Third, reopen with attention to the small stuff. Many leaders are

realizing that reopening is harder than shutting down. Coming back to the office is trickier and requires more finely grained choices and decisions than asking people to work from home. Why? The issues related to reopening don’t have to do with acute crisis intervention or big strategic moves. Instead, they’re about practical, everyday stuff, which is a radical change of scenery for many leaders. Even though the “how to reopen

the office” discussion can feel like a chore rather than a challenge, you should take the small stuff seriously and be clear about the details. Respect ground rules for social distancing in the office, as people can have very different ideas about how close is too close. Make clear commitments with colleagues and keep up your online presence when you’re working from home. And make sure that you continue easing into the new digital routines that your coworkers or customers have found useful. Approach the process of returning to the office similarly to the way you approach onboarding new team members, with the same attention given to (re)introducing company culture and promoting social life.

Getting through the recovery phase

Crisis leadership is a doubleedged sword: The same skills and reaction patterns that allow you to perform well in an emergency may become destructive when you try to return to (something resembling) normal. The unequivocal determination that made you effective at first can develop into uncompromising micromanagement. Constant

watchfulness can generate tension. Prolonged productivity can slide into uncurbed impulsivity. It’s crucial to know when enough is enough. At the same time, leaders can’t simply withdraw, lean back and assume that the team will reset itself smoothly now that the seas have started to calm. There is a need for continuous visibility, purposeful reorientation and sustained attention to detail. As a crisis evolves, your leadership approach needs to evolve too. In the emergency phase, leaders must move to the front lines and fight the fires. In the regression phase, leaders need to step back and contain the emotional turmoil of their teams. In the recovery phase, leaders must strike a new balance between guiding a smooth return to normal while keeping up the pressure to renew and rethink the future. That’s why you aren’t feeling relieved: Your work as a crisis leader isn’t done. Merete Wedell-Wedellsborg is an executive adviser for senior-level leaders in multinational corporations, and the author of Battle Mind: Performing Under Pressure.

B6 Monday, August 17, 2020

Public health advocates call on strict implementation of CSC Memorandum Circular No. 17 and smoke-free ordinances

Asian Institute of Management now offers Cybersecurity Executive Course

HILE the world is preoccupied with the Covid-19 pandemic, there is another threat that lurks in cyberspace and puts businesses and governments at risk. In the era of the Fourth Industrial Revolution, data is the new oil and is considered a very valuable asset of both the private and public sectors. Data is key to discovering new markets, understanding customer insights, optimizing and automating tasks, forecasting trends, and so on. With the increasing reliance on online connectivity as a result of the pandemic, cybercrime is a growing threat and has, in fact, affected many organizations and

businesses. Securing an organization’s systems and networks and safeguarding precious data from theft and damage is paramount to keeping customers and investors assured of their safety and privacy. To help organizations manage cyber threats, the Asian Institute of Management offers the Cybersecurity Executive Course for a holistic approach to cybersecurity. Participants will be able to view cybersecurity from three dimensions: Leadership, Management, and Technology to understand, assess, and address the impact of cyber risk, and develop strategies and policies to ensure their organizations’ cybersecurity.

Cybersecurity experts and leaders from telecoms and digital services provider PLDT and its wireless subsidiary, Smart Communications, Inc. (Smart), will lead the learning sessions on how to build cyberresilient organizations. Some of the topics to be covered include cyber laws, policies, standards, and ethics; cyber attack techniques, tools and tactics; cybersecurity strategy design; and many more. The program is designed for managers and senior managers who deal with challenges at the operational level. Organizations and businesses in all industries with a presence in cyberspace are advised to attend this program. C-Suites and Executives who handle strategic cybersecurity issues and policies are invited to take part in specific modules. The program will be conducted via live virtual interactive sessions online on October 1, 6, 8, 13, 15, 20, 22, 27, 29, and November 3, 2020, from 8:30 AM to 12:30 PM (GMT+08) on all dates. The Asian Institute of Management is a premier management Institute and is located at 123 Paseo de Roxas, Makati City. For more information about the program and how to participate, email SEELL@aim.edu or visit https://go.aim. edu/seellinquiries.

UBLIC health advocates today call on the strict implementation of the smoking ban in government premises and smoke-free ordinances, following President Rodrigo Duterte’s recent initiative to prohibit smoking in workplaces to contain the rising number of COVID-19 cases in the country. “We fully support the decision of President Rodrigo Duterte to limit, if not shut down smoking areas in the workplace. Workers or employees congregating in designated smoking and vaping areas make it prone to become a COVID hotspot, increasing the chance of the virus transmission,” said Framework Convention on Tobacco Control Alliance, Philippines (FCAP) President Roberto Del Rosario. He added, “We call the heads of agencies both at the national and local government, government-owned and controlled corporations and universities, including building administrators of government offices to take more action and implement the Civil Service Commission’s Memorandum Circular No.17, which we felt overlooked over the past years. Even though this policy only covers government offices, we also encourage private offices to support smoke-free workplaces as well.” The Civil Service Commission’s Memorandum Circular No. 17 series of 2009 provides for a 100% Smoke-Free Policy and a Smoking Prohibition in all areas of government premises, buildings

and grounds to ensure a healthy and productive workforce. Del Rosario also said the ballooning number of COVID-19 cases has already been alarming for doctors and that one of the ways to help decrease this number is to encourage smokers to quit and for non-smokers, especially the youth, to not initiate smoking. Meanwhile, Action on Smoking and Health (ASH) Philippines Executive Director and Pulmonologist Dr. Maricar Limpin said that smoking compromises lung health, which weakens the immune system and makes smokers and vapers alike more susceptible to a severe case of COVID-19. “Tobacco and vape products damage the lungs. Smoking cigarettes also weakens the immune system making smokers more vulnerable to contracting COVID-19 and having a more severe form of the illness, we hope through the government's interim workplace guidelines we can curb tobacco and e-cigarette use,” added Limpin. On Tuesday, the Philippine government released a new health protocol for offices in a bid to contain the spread of COVID-19. According to Presidential Spokesperson Harry Roque, the new guidelines include wearing of face masks and face shields at all times inside the company shuttle, as well as prohibiting dining in office canteens and the closure of common smoking areas to prevent workers from congregating and thereby enforce physical distancing

Aspiring managers to meet top MBA programmes online on 12th September 2020

Grundfos launches Prefabricated Pumping Stations to help the Philippines's flood and wastewater management efforts

ITH the growth of the economy and rapid urbanization in the Philippines, the country is facing significant challenges in terms of water and sanitation. Around seven million rely on unsafe and unsustainable water sources and 24 million lack access to improved sanitation1. As the government has geared up to address the issues of universal water and sanitation services coverage by 2028, reliable and intelligent technology will play a critical role in enabling this transformation. Grundfos Philippines, a global leader in advanced pump solutions and water technologies has launched its Prefabricated Pumping Stations (PPS) to help meet the country’s growing flood and wastewater management needs. The PPS is a sustainable turn-key solution that reduces both installation time, commissioning costs and the space requirement substantially. The PPS is designed to be energy efficient and operate reliably in the long run. Traditional pumping stations are made of concrete casted on-site, which means that it is susceptible to corrosion and leakage over time. With PPS being made of hard-wearing plastic, its greater durability paired with an advanced control system means optimised operations, and in turn greater energy savings.

Jonathan Breton, General Manager, Grundfos Philippines said, “The PPS also only requires a short construction timeframe. Compared to traditional pumping stations, PPS is produced in the Grundfos factory and sent to the site as a complete package, making installation easier and usually completed within 24 hours. This reduces installation time by as much as 80%, ensuring minimal disruption to people and infrastructure. With the lockdown due to the COVID-19 pandemic, the PPS solution will significantly help complete the installation faster and avoid potential additional costs and delays.” In addition to flood control, another key application for PPS is in wastewater management. Playing a key role in the wastewater management process, pumping stations are designed to collect and transport wastewater, and PPS’ high durability ensures minimal disruption to any water system. This solution can play a key role in urban as well as remote areas and create a reliable decentralized wastewater management system. The PPS is an ideal solution for wastewater management at tourist destinations and hotels. Grundfos has recently installed its first PPS solution at Lio, a tourism estate whose water and wastewater facilities are owned and operated by Manila Water’s

Business Unit, Estate Water (EW), which is located in El Nido, Palawan. Commenting on why EW opted for Grundfos’ solution, Benson Cruz, Technical Services Head, said “Lio constantly raises the bar for sustainable tourism. Therefore, our obvious choice was Grundfos’ Prefabricated Pumping Stations as it helps helped us decrease not only our overall environmental footprint but the project cost as well. It also has a smaller footprint - the original lift station design was sized at 60 sq meters and Grundfos’ PPS and controller has taken only 36 sq meters. Commenting on the efficiency of PPS, Jon Remulla, WU Segment Manager, Grundfos Philippines said, “As the PPS features the Variable Frequency Drive and dedicated controls, it also helps reduce the power consumption and energy costs by 30 % and 35 % respectively.” With over 40 years’ experience globally, Grundfos’ PPS solution has demonstrated its highest quality and effectiveness in several projects for various applications in Southeast Asia. Outside of Southeast Asia, China has over a thousand installations of PPS to address the high demand resulting from the country’s fast-growing urbanisation, for various applications including sewage pumping, drainage and flood control.

CCESS MBA, a leading provider of business education personalized events and media solutions, will connect professionals in Manila, Philippines with reputable international business schools during a One-to-One event, organizers Advent Group announced recently. In light of the prevention measures against Covid-19, the Access MBA will take place on the custom-made fully-interactive Access MBA Online Event Platform on 12th September “Always one step ahead in innovation, we started organizing Online One-toOne events in 2016, alongside our highly personalized flagship Access MBA Tour. At each event, onsite or online, we carefully match professionals aspiring to MBA studies and managerial careers with topranked international business schools,” said Christophe Coutat, Advent Group’s Founder and CEO. “Our dedicated expert team provides real-time guidance and support to all participants before and during the event.” The Online One-to-One event format enables business professionals to find top MBA programmes taught in English that correspond to their background and expectations. The individual meetings conducted with MBA admissions directors help each online event participant identify the business school programmes that can provide them with the educational experience and career prospects they are looking for. “There is a wide range of local and international MBA programmes to choose from. At the same time, a diversity of learning formats, including more flexible, hybrid and shorter options, enables participants to find the best fit depending on their personal goals, lifestyle, and preferences,” said Iva Peneva, Lead, MBA Candidate Relations of Advent Group. The Access MBA Fall 2020 Tour showcases around 200 international business schools. Potential MBA applicants

in Manila, Philippines can expect to meet representatives from INSEAD Business School, ESSEC Asia-Pacific, Washington University of St. Louis - Olin Business School and more! and many more. In addition to the interactive online Oneto-One meetings with admissions directors, event participants gain insight into the MBA admissions process, obtain information about scholarships and other funding options, and participate in a prize draw to win a free campus visit at their convenience to a business school of their choice. The prestigious Master of Business Administration (MBA) degree has been a valued asset to careers in the business world, and provides a competitive advantage at times of economic uncertainty. The latest data reveals that the prospects remain high in any professional field. Overall, international employers agree that business school graduates are well prepared to be successful at their companies, according to the 2019 Corporate Recruiters Survey by the Graduate Management Admission Council (GMAC). “The majority of business school alumni feel their graduate management education advanced their careers at a faster rate compared with peers who do not have a graduate management education,” another GMAC report states. The strong demand for MBA graduates also signifies higher salaries. In 2019, the median base salary among business school alumni was projected to reach USD 115,000. In addition, various polls frequently show that the majority of employers plan to hire new business school graduates, indicating the consistently bright prospects of business and management education. Event Registration, In order for Access MBA to identify the most suitable business school options for event participants, they are required to register on www.accessmba. com well in advance of the event date (at least 10 days before). Registration, guidance, and event participation are free of charge.

Marketing BusinessMirror

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Monday, August 17, 2020 B7

The coronavirus chronicles: Creating an attitude of gratitude at work D

By Millie F. Dizon

n Digital: The One Club Launches ADC Centennial With YearLong ADC100 Celebration by C&G Partners

NEW YORK—On the 100th anniversary date of the incorporation of the Art Director Club of New York, The One Club for Creativity today launched a yearlong ADC100 centennial celebration, kicked off with a special identity and online historic timeline developed by multi-specialty creative studio C&G Partners, New York. The ADC100 program will provide rare insights into the observations and human exchanges of the creative community throughout the past century. Serialized monthly content will trace the history of ADC, and by extension tell the story of how the design and advertising professions evolved during major global events including recessions, world wars and shifts in consumer lifestyles. The Art Directors Club, known as ADC, was the first global organization to celebrate and award leaders in creative communications. Founded in New York by Louis Pedlar on August 13, 1920, the club was established to ensure advertising was judged by the same stringent standards as fine art.

ADC organized the first juried exhibition of advertising art in 1921 to, in the words of ad and design legend Earnest Elmo Calkins, “dignify the field of business art in the eyes of artists” and communicate that “artistic excellence is vitally necessary to successful advertising.” The ADC Annual Awards is the world’s longest continuously running awards program recognizing global excellence in craft and innovation in all forms of design and advertising. ADC, whose honorees throughout history include iconic figures such as Andy Warhol and Walt Disney, merged with The One Club for Art & Copy in 2016 to form The One Club for Creativity, the world’s foremost nonprofit organization supporting the global creative community. The merger was a reunion of sorts: The One Club began as The Copy Club, which originally grew out of the ADC, and the two organizations co-produced creative awards programs in the 1970s.

ADC100 Identity

Leveraging its extensive experience in creating corporate and organization anniversary programs, C&G Partners developed the ADC100 identity and a suite of projects to celebrate the centennial over the next 12 months. The ADC100 identity is what the studio calls a “hijack logo,” where a temporary variation on the usual mark takes over completely, everywhere, for the duration of the celebration year. The circular “C” in

ient of thankfulness will be more generous and helpful to others. To spark this, Nawaz suggests, “create a pay-it-forward movement in your organization. Encourage those who have been thanked to craft a gesture of appreciation for someone else.” This, she says, “spreads the uplift while reducing the pressure on one manager trying to thank multitudes of people. It also expands visibility of individuals and their praiseworthy work.”

5Give thanks as a team.

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PR Matters

O you know that e-mails with a thankful closing like “Thank you so much!” saw a response rate of 62 percent much higher than those ending with the standard “Best” and “Cheers”? This was highlighted in the Inc.com article “Your Emails Are 36 Percent More Likely to Get a Reply If You End Them This Way” by Jessica Stillman. In it, she details how e-mail software company Boomerang “trawled through 350,000 e-mails to see how particular closings impact whether a message gets a response. And thankful ones led the way. The incredible power of gratitude is echoed by global CEO coach Sabina Nawaz in her Harvard Business Review article, “In Times of Crisis, a Little Thanks Goes a Long Way.” “During a time of crisis, taking the time to thank others is vital to dampen loneliness, amp up social connections, and generate generosity,” she says. “We’re happier when we’re grateful.” Sadly, not many of us consider gratitude an important part of our lives. We’d rather tank in everyday anxieties instead of thanking. Or worse, feel so entitled that we fail to appreciate the good things—big or small—that come our way, and the wonderful people that make it possible. Like everything else, gratitude begins at home, and to us PR Pros, our second home, the workplace, where more often than not, being busy and stressed out, “we feel a lot more thankful at lot more often than we express it.” At a time where people are battling fears about the pandemic and juggling home and work in close proximity, “almost every employee needs to hear that their dedication is noticed and it matters.” More than that, “gratitude is proven to show improvements in self-esteem, achieving career goals, decision-making, productivity, and resilience.” Nawaz shares with us five ways we can express appreciation in the workplace:

people together for a 1Bring gratitude shower.

Remember how touching it was for us to see how people in different cities around the world would at a particular time gather on their doorsteps and streets to applaud essential workers for their sacrifices? We can do an organizational equivalent of this, says Nawaz, like the way a senior academic executive asked everyone to join in a live chat at 4 p.m. daily for exactly two minutes. During this time, “team members type out compliments for colleagues. Since these notes are written and saved in a chat, people can scroll through past kudos if they miss a session. Use this type of appreciative commuthe ADC logo also represents the Roman numeral for 100, hidden in plain sight as if waiting for its centennial celebration star turn since day one. Typography is set in the Raisonné Pro font family by Colophon Foundry. Images of historical significance, including ADC officers, members, winners and Cube-winning work, will periodically appear inserted inside the last “0” of the 100 in the logo, cropped to reveal the most visually-intriguing and meaningful subjects. ADC100 identity plays on the existing ADC letterform, as well as the rich legacy of archival imagery that foregrounds the people and work at the heart of the organization and awards program. The branding also references the original ADC geometric pattern that echoes the Art Deco design style from the era in which the club was founded.

ADC100 Timeline

The central component of the centennial celebration is the ADC100 timeline. For the next 12 months, the timeline will highlight one decade per month of people, artifacts, articles and awards from the organization, beginning in August 2020 with focus on the 1920s. Content will include images and words from historically significant individuals from ADC’s rich history, ground-breaking design work and ads that won ADC Cubes, looks inside all ADC Annuals from over the years, and letters and essays

nications to foster community by coming together for a daily dose of applause.”

2Tailor your thanks.

Take your thanks one step further by understanding how people like to be acknowledged. For instance, “one of your colleagues might respond to words of affirmation. In that case, send her a carefully crafted e-mail or handwritten note.” For those whose preference is acts of service, “help them with a research project.” Gratitude is more meaningful when it is personalized.

them the star attrac3Make tion.

At a time when everyone is going above and beyond during related to the organization. The multi-part ADC100 timeline is designed to outlive the centennial and become part of the cultural record, laying the groundwork for a community-wide way of thinking about the ADC brand long after the anniversary has passed. The current One Club ADC team of Bridgid Moore, Kimberly Hanzich and Kelsey Golder, along with retired longtime ADC director of operations Olga Grisaitis and One Club creative manager Brett McKenzie, curated ADC100 content to tell the historic story. Other elements of the ADC100 celebration under consideration include branded merchandise, crowdsourced content, and possibly a physical display of artifacts at next year’s ADC 100th Annual Awards show. “ADC is one of the profession’s most prestigious brands, and we are privileged to represent it today,” said Kevin Swanepoel, CEO, The One Club. “The ADC story is the historical record of how advertising and design evolved over the past century, and we’re excited to present this narrative to the global creative community in a way that reveals the richness of the organization.” C&G Partners’ work on ADC100 was headed by Jonathan Alger, managing partner, and Maya Kopytman, partner. Kopytman has a deep connection with the organization. During undergraduate design studies in the 1980s, she found ADC Annuals

this pandemic, “some days it takes extraordinary effort to perform even the ordinary activity.” This is especially true in the case of invisible work—“tasks we take for granted or underestimate the amount of effort involved.” Nawaz suggests that we “celebrate unsung heroes and feature them in company-wide communications.” She adds that “shining a spotlight on usually unseen accomplishments boosts productivity and increases empathy and understanding about the workload we might unintentionally unleash on others.”

Popularize positivity.

An expression of gratitude can create a chain of random acts of kindness. Research shows that a recipto be an invaluable resource for learning and inspiration. Some 20 years later after joining C&G Partners, she led design of an interactive kiosk for the ADC 86th Annual Awards, and has since served on the ADC 96th Annual Awards jury and recently created a special video on design inspiration for The One Club’s ongoing “A Creative Perspectives” series. “Working on a project that brings these legends in the ADC Annuals to life is very special to me, and I’m honored to unveil this story to the creative world,” Kopytman said. “Today I am laying my fingers again on the design of its centennial brand identity and program, a reunion of sorts with the coveted Annuals from the beginning of my career.” Alger added: “This is a oneof-a-kind opportunity for us to do something we’re experienced in, for the field we are part of, on behalf of one of its most iconic brands.” Call for entries for the historic ADC 100th Annual Awards will open in October.

n Awards: Mindshare dominates with huge wins at Festival of Media APAC Awards 2020

LONDON, UNITED KINGDOM—To celebrate its 10th anniversary and as a result of the global pandemic Festival of Media Apac Awards ceremony was hosted virtually on August 13 and Mindshare was in top form with an impressive haul

There is strength in numbers, and Nawaz suggests that we work as a team and coordinate our efforts with others and package our praise for greater impact. “This,” she says, “packs a bigger wallop for your coworker and binds your team together in a shared positive activity.” All in all, “gratitude is a dish best served to suit the recipient’s tastes, but it comes with benefits for both the chef and consumer. When people around you are seen and acknowledged, they return the favor, invest in their efforts, and form stronger connections— all essential ingredients to offset the stress of a crises.” More than that, “giving thanks can be infectious,” says Nawaz. “Even when we’re uncertain about the present and future, one thing we can control are our actions. We can choose to help sincere expressions of appreciation catch on.” PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.

of 17 trophies and two prestigious Grand Prix awards—Agency of the Year and Agency Network of the Year. The jury was also very impressed with Starcom China’s All love is love “kiss bottles” Budweiser campaign which won two golds and a sliver and the Grand Prix for Campaign of the Year as well. It was a competitive shortlist with entries coming from more than 11 countries across the region with China proving a hotbed for wins with 15, while Australia followed closely with nice trophies. “In these extremely challenging and difficult times I would like to thank the jurors, the entrants, the guests and the winners who all came together to help ensure we were able to promote the innovative, creative and game changing work across the Apac region,” commented Louise Byrnes, head of awards, Festival of Media. “It’s important the region sees the difference the advertising sector can make to society in general and how it can help kick-start the economy and boost consumer confidence and we believe the Festival of Media Awards programme allows this. Thank you to everyone who helped make this event possible.” In another Festival of Media first, the jury spent over 15 hours convening in the virtual world to deliberate over the winners and was curated with diverse and influential judges from companies including Google, Johnson & Johnson, GSK, Microsoft and Diageo.

Sports BusinessMirror

B8 Monday, August 17, 2020

OBIENA PREPS

ERNEST “EJ” OBIENA is one busy Tokyo Olympics-bound pole vaulter during the weekend.

Brady beats Gauff, 16, to reach first WTA final

EXINGTON, Kentucky—Jennifer Brady reached the first Women’s Tennis Association (WTA) final of her career by using a powerbased game to beat 16-year-old Coco Gauff, 6-2, 6-4, on Saturday at the Top Seed Open, the first tennis tournament in the US since the start of the coronavirus pandemic. Brady, a 25-year-old based in Florida, will face Jil Teichmann, a 23-year-old left-hander from Switzerland, in Sunday’s title match. Neither finalist has dropped a set at the hardcourt tuneup for the US Open, which starts August 31 in New York. Brady has ceded a total of just 17 games through four matches and was broken only once—by Gauff. In their match, Brady hit eight aces and won 22 of 26 first-serve points. “If I’m able to serve well, I’m able to start the point aggressive, start it in my favor, looking for forehands and be in control of the point from the very first shot,” Brady said. Gauff eliminated the No. 2 and No. 8 seeds earlier in the tournament. “I couldn’t ask for a better first week back,” Gauff said. “I mean, the whole goal is just to be in the prime for the US Open, and these are good stepping stones.” Teichmann reached the third final of her career— and first on a hard court—by eliminating Shelby Rogers, 6-3, 6-2, in the day’s opening semifinal. The 116th-ranked Rogers, who is from South Carolina, was coming off a quarterfinal upset of Serena Williams on Friday. Both of Teichmann’s previous WTA titles came on clay in 2019, at Palermo, Italy and Prague. AP

RNEST JOHN “EJ” OBIENA pole vaults himself to action anew—this time online—from his base camp in Italy on Monday, hoping to get the results that would favor a yearlong preparation for his much-anticipated Tokyo Olympics campaign. Obiena, who clinched bronze in the Monaco leg of the World Athletics’ Diamond League on Friday, takes on 2011 World Championships gold medalist Pawel Wojciechowski of Poland and a potential champion Matt Ludwig of the US in the online event that would also feature a fourth participant whose identity will be revealed on competition day. “Pinoy pride against Poland, US and a mystery

competitor,” Obiena said. “Let’s do it.” Obiena set his season-beat 5.70 meters in settling for the bronze medal in Monaco to salvage a podium finish— the first by any Filipino in the prestigious event— behind world champion Armand Duplantis of Sweden and Ben Broaders of Belgium, both of whom submitted numbers that were not reflective of their true stature in the event. Duplantis cleared 6.0m, enough to win the gold medal, but was still 18 cms short of the world record he set in February in Glasgow. Broaders was also 10 cms short of his personal best with his silver medalclinching 5.70m effort. He cleared the bar on his first try, thus beating Obiena, who managed the same numbers in his second attempt while experimenting with a rigid bar. The medal was the second in three events that Obiena—one of four Filipinos who already qualified for the Tokyo Olympics that were postponed for 2021 because of the Covid-19 pandemic—took part in during the global quarantine. He took silver in the 13th Triveneto

International Meeting in Trieste, Italy. Italy’s Claudio Michell Stecchi was fourth with a 5.50m effort, shoving to fifth an out-of-hiselements Rio 2016 Olympics gold medalist Thiago Braz of Brazil, who also did 5.50. The illustrious 2017 world champion Sam Kendricks of the US couldn’t compete because his poles did not arrive. The Diamond League features top 7 athletes in each event who will be competing for points and a diamond-studded trophy and $50,000 prize at the end of 15 legs. Obiena, the Southeast Asian Games record holder, has been training at the World Pole Vault Centre in Formia, preferring to be locked down in the world-class facility during the pandemic. He has a personal best 5.81m. Some of the world’s top track and field athletes showed at Monaco what their sport has missed in the biggest international meeting so far of an outdoor season all but wrecked by the pandemic. Joshua Cheptegei of Uganda was the standout star of the first full Diamond League meet winning the 5,000 meters in 12 minutes and 35.36 seconds to break the world record set in 2004. Cheptegei raced clear on a balmy night at Stade Louis II to finish 1.99 seconds inside the 12:37.35 mark set by Kenenisa Bekele of Ethiopia. Cheptegei, who is the 2019 world champion over 10,000, took 22 seconds off his lifetime best at 5,000. Noah Lyles shaped as the star attraction, and the American world champion at 200 ran the world’s best time this year to win in 19.76. The track meet known as Herculis is renowned for

fast times, especially in middle distance running, and produced a world record for the third straight year. World champion Karsten Warholm asked Monaco promoters to add a men’s 400 hurdles race—and got a sponsor of his to cover the costs—and repaid them by equaling the eighth-best time in history. The Norwegian clocked 47.10 seconds and has three of the 10 fastest runs all-time. His best is 46.92, second all-time, run last August at Zurich. Another young Norwegian, 19-year-old Jakob Ingebrigtsen, set a European record in the 1,500 at 3:28.68—0.13 faster than Britain’s Mo Farah at Monaco in 2013. It still left Ingebrigtsen runner-up in a standout race won by Kenyan world champion Timothy Cheriuyot in 3:28.45 that was 0.04 outside his lifetime best. Jake Wightman became the second-fastest British 1,500 runner—rising above greats Steve Cram and Sebastian Coe—by placing third in 3:29.47. Among the world-leading times in 2020, world champion Donavan Brazier clocked 1:43.15 in the men’s 800 that was 0.08 ahead of fellow American Bryce Hoppel. In the women’s 5,000, world champion Hellen Obiri broke clear in the last 200 meters to win in a world-leading 14:22.12. Orlando Ortega of Spain timed 13.11 in the 110 hurdles, with world champion Grant Holloway of the United States fourth in 13.19. Up to 5,000 socially distanced fans were allowed into the 16,000-capacity stadium by the Mediterranean Sea. With AP

Belgian cyclist falls off ravine in Italian race

HEAT forward Derrick Jones Jr. covers his face with a towel while he is taken off the court by medical personnel. AP

MIAMI’S JONES INJURES NECK DURING COLLISION ON FLOOR

AKE BUENA VISTA, Florida—Miami Heat forward Derrick Jones Jr. was carted off the court and fitted for a neck brace after colliding with Indiana Pacers center Goga Bitadze late in the third quarter Friday. Jones was trying to get around a screen when he ran into the 6-foot-11 Bitadze and fell to the floor. The Heat announced via Twitter after their 109-92 loss that Jones had a neck strain and had undergone an MRI, CT scan and concussion test. The Heat said Jones would be re-evaluated over the weekend. During his postgame press conference, Heat Coach Erik Spoelstra urged caution before reacting one way or another until all tests have been completed. But the initial signs, including that Jones had movement and was not reporting numbness in his extremities, were considered positive. The Heat face the Pacers in an Eastern Conference first-round playoff series beginning Tuesday. Players from both teams stood on the court in silence as Heat personnel and eventually emergency medical workers tended to Jones. Once the brace was on, they rolled him onto a backboard and lifted him onto a stretcher before wheeling him off the floor. Heat center Bam Adebayo, one of Jones’s closest friends on the team and someone who was not playing in Friday’s

game, followed the group of rescue workers off the floor. Jones appeared to have movement in most of his extremities, and was tapping the toes of his sneakers on the court several times while being evaluated. Jones has averaged 8.6 points, four rebounds and 23.4 minutes for the Heat this season. He won the slam dunk championship during the All-Star break. This type of injury happening inside the so-called bubble at Disney’s Wide World of Sports adds complexity to the situation, since it would be problematic for Heat personnel to leave the campus with Jones given the rules about quarantining and reentering the bubble. Like all teams at Disney, the Heat are also limited in terms of staff. Several members of the team’s normal traveling party are not with the team right now because of limits on the number of personnel any team can have inside the bubble. The injury to the NBA’s reigning slam dunk champion came on a day when both teams were trying to stay as healthy as possible for their upcoming first-round playoff matchup. “That just takes the air out of the building,” Spoelstra said. “Even as competitors, you don’t want it on either side. You just want to be able to get through this game

and be able to have everybody available for the playoffs.” The Heat sat All-Stars Bam Adebayo and Jimmy Butler as well as Goran Dragic, Jae Crowder and Andre Iguodala. TJ Warren, Domantas Sabonis, Victor Oladipo and Myles Turner didn’t play for Indiana. Sabonis, the Pacers’ leading rebounder, hasn’t played any games since the restart due to plantar fasciitis and is out indefinitely. Many of the other notable names who didn’t play were simply getting some recovery time as they gear up for the postseason. Malcolm Brogdon had 16 points, six rebounds and six assists for the Pacers, who led nearly the entire way. Alize Johnson, a seldom-used 6-foot-9 forward, had 11 points and 17 rebounds to set career highs in both categories. Damian Lillard, meanwhile, scored 31 points, CJ McCollum had 14 of his 29 in the fourth quarter— including a pair of big jumpers over Ja Morant late—and the Portland Trail Blazers clinched the final playoff spot by beating the Memphis Grizzlies, 126122, also on Saturday. Portland’s reward: a matchup with the top-seeded Los Angeles Lakers, starting Tuesday. Jusuf Nurkic had 22 points and 21 rebounds for the winners, who got 21 points from Carmelo Anthony. AP

will give Tab Baldwin’s side a much needed closer to with Angelo Kouame and SJ Belangel.

Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew

College hoops blue chippers I WAS invited last Saturday evening on Benny Benitez’s show Bull by the Horn where we discussed college ball and in particular, my choices for the top incoming players for the next National Collegiate Athletic Association (NCAA) and University Athletic Association of the Philippines (UAAP) seasons. When it happens just to be precise because we all know this raging pandemic

mirror_sports@yahoo.com.ph / Editor: Jun Lomibao

that has placed everything up in the air. Here are the players I mentioned: Dwight Ramos (Ateneo Blue Eagles) n IF this 6-foot-5 California native fill in the shoes of Thirdy Ravena in the three-spot (although I know they are trying to move him in another position)—if he can assert himself and take some big-time shots—he

Mac Guadana (Lyceum Pirates) n That the Lyceum of the Philippines University Pirates were able to keep Mac Guadana and JP Barba is huge for their program. Not many of their high-school stars move up to their senior squad. This shows continuity more so after their former center Erlan Umpad went to Emilio Aguinaldo College. Guadana is in the mold of a CJ Perez where he can do everything from offense and defense, facilitating, taking the big shot and making great reads on the court. You also have to like his being emotionless about the game. He just plays the game. Kevin Quiambao (La Salle Green n Archers) A massive pick up for this squad that is hungry and seeking a return to glory. Kevin

BELGIAN cyclist Remco Evenepoel receives treatment after falling during the Tour of Lombardy from Bergamo to Como, Italy, on Saturday. AP

EMCO EVENEPOEL suffered a hair-raising crash during the final 50 kilometers of the Tour of Lombardy after losing control on the descent of the Muro di Sormano, hitting the stone wall of a bridge and falling into the ravine below. Deceuninck-Quickstep confirmed on Saturday evening that the 20-year-old Belgian suffered a fractured pelvis and bruised lung in the crash. Team Manager Patrick Lefevere told media at the Como hospital that Evenepoel is unlikely to race again in 2020. Italian RAI television reported that Evenepoel was conscious as medics arrived. Photos showed medics placing him in a precautionary neck brace and transporting him to a waiting ambulance. The team said that Evenepoel, who won all four stage races he started this season—Tour de Pologne, Vuelta a Burgos and pre-pandemic, the Volta ao Algarve and Vuelta a San Juan—swill be “on the sidelines for the upcoming period.” Evenepoel was expected to lead Deceuninck-Quickstep in Tirreno-Adriatico next month and the Giro d’Italia in October. He will remain in the hospital overnight under observation, before traveling back to Belgium on Sunday. The descent of the Sormano is known as one of the fastest and most technical on the professional circuit. In the 2017 edition of Il Lombardia, several riders crashed into a ravine on a different part of the descent. Jan Bakelants, Laurens de Plus, Simone Petilli and Daniel

Quiambao gives La Salle size and with a terrific game inside the paint. He can score inside, stick the short range shot, play defense and pass that rock. He played alongside Carl Tamayo and Gerry Abadiano at National University, but if you paid attention, it was him bringing home the individual trophies and accolades. Add to that list Benjamin and Michael Phillips, that is one huge frontline that La Salle has. Carl Tamayo, Gerry Abadiano and n RC Calimag (University of the Philippines Fighting Maroons) Talk about an aggressive build up. Their addition to Bo Perasol’s arsenal means they will not only have a deep and talented team this coming season, but will ensure their competitiveness for the next several seasons. Tamayo will split time at the four and five and open up the lane for their centers as he can hit the outside shot. Abadiano and

Martinez were all injured in the 2017 crashes. Deceuninck-QuickStep directeur sportif Davide Bramati spoke to Sporza about Evenepoel’s crash. He was with him soon after the crash. “We didn’t see the fall ourselves, we only heard about it on the race radio. When we saw that Remco’s data had stopped, we already thought it was him. When we got there, all I saw was his bike. A bike without a rider, that’s not a pleasant sight,” he said. “I walked straight down and quickly saw that he was okay. He could talk and said he had pain in his right side. He’s in the hospital now, with the doctor, Patrick [Lefevere] and his family. I think he’ll be all right. But may the bad luck stop for us now,” Bramati said, referring to Fabio Jakobsen’s crash at the Tour de Pologne. Eleven days ago, at least half a dozen riders were injured in a high-speed crash in the opening stage of the Tour de Pologne, including Dutch champion Fabio Jakobsen, also of DeceuninckQuickstep, along with Dylan Groenewegen (Jumbo-Visma), Marc Sarreau (Groupama-FDJ) and Jasper Philipsen (UAE Team Emirates), Damien Touze (Cofidis) and Eduard Prades (Movistar). Jackobsen was the worst affected and was airlifted to hospital in a serious condition, and so was a course-side official who was impacted by the crash. Jakobsen, who was put in a medically induced coma after the crash, was reported to be awake and already in good condition. Cyclingnews

Calimag are also big shot players. The former gives UP a rock solid starter of a point guard while the latter gives the team a player who can drive to the hoop or stick that outside shot. RJ Abarrientos (Far Eastern n University Tamaraws) RJ Abarrientos’s addition will greatly ease the pressure off LJ Gonzales. Abarrientos can bring up the ball, shoot, penetrate and more importantly, create. More than that, his ascendance continues the great program they have had in place for a while now with their high-school stars moving up to the senior ranks. Off hand, they will have Gonzales, Royce Alforque, Brandrey Bienes, Xyrus Torres, Daniel Celzo and now Abarrientos. Clint Escamis (University of the East n Red Warriors) Another of those do-it-all players in the

mold of Guadana and Abarrientos. And this guy is tough. Try to knock him down he will hit right back while not changing his facial expression. A blue chip recruit for UE. Justine Sanchez (San Bed Red Lions) n In the last 10 years, San Beda has paraded that sleek fighter jet of a swingman in Rome de la Rosa, Garvo Lanete, Jayvee Mocon and Clint Doliguez. Justine Sanchez will inherit that. It will be on him to learn the ropes as quick as he can. But when he does, he will be a multifaceted player just like those who paved the way. And you have to like that San Beda was able to bring up a lot of their Red Cubs in Sanchez, Yukien Andrada and Rhayyan Amsali. I’d say the biggest winners in this recruiting wars heading into next season are UP, La Salle, and Lyceum (by virtue of being able to keep two key players) while the biggest loser is NU. We can elaborate that for another time.