BusinessMirror August 25, 2020 by BusinessMirror

Solons’ Bayanihan 2 word war rages By Jovee Marie N. dela Cruz

HE proposed P165.5-billion Bayanihan to Recover as One Act or the Bayanihan 2 is now awaiting President Duterte’s signature. This, after the House plenary ratified the congressional bicameral committee report on the Bayanihan 2, which aims to strengthen the Covid-19 response capabilities of both national government and local government units (LGUs) and hasten the recovery of businesses hit hard by the coronavirus-induced global economic crisis. Ratification by the House was marred, however, by angry remarks

OWNER Arturo Grande shows the rattan sala set that he makes for his regular customers here and abroad. This is 100-percent indigenous and sustainable, as the main materials for the high-quality furniture of this roadside shop in Manila East Road, Barangay Concepcion, Baras, Rizal, can be found in their community. It also helps other community-based weavers and the local economy. BERNARD TESTA

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from some congressmen who claim certain senators tried to look good after the bicameral conference committee, but at their expense. The proposed law seeks to arm President Duterte with continued special powers and funds to deal with the Covid-19 pandemic. Deputy Speaker Luis Raymund Villafuerte said the ratification has cleared the way for the enrolled bill’s submission to Malacañang for President Duterte’s signature in time for its possible enactment into law by September. Of the P165-billion stimulus fund, the P140 billion is readily available for the government to spend, while the remaining P25 bil-

lion will be a standby allocation. Under the bill, the funds shall be used for the response and recovery interventions for Covid-19, such as employment of existing human resource for health; procurement of PPE sets; construction of temporary medical isolation and quarantine facilities; subsidies for workers; infusion of capital in government financial institutions; direct subsidies or loan interest rate subsidies under the programs of the Department of Agriculture; financing of critically impacted businesses in the transport industry and tourist guides; subsidies to universities and colleges; and assistance to LGUs. Continued on A2

BusinessMirror A broader look at today’s business

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P4.5-T BUDGET FOR 2021 TO BE SENT TO CONGRESS www.businessmirror.com.ph

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NUKE ENERGY WILL ‘REQUIRE SUBSIDIES,’ NIXED FOR PHL MIX By Lenie Lectura

NERGY experts on Monday thumbed down the possibility of injecting nuclear energy into the country’s energy mix, saying it is unviable and unprofitable. Sara Jane Ahmed, an energy finance analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), said during a virtual press briefing that nuclear energy in the Philippines will not take off without government subsidy. “Nuclear obviously has tail risks and, as an analyst, I will look at it from a financial perspective. I am overtly negative on nuclear because when we look at the data, look at the top 10 major nuclear developments in the world, most of them are 10 to 15 years behind schedule and they are double or triple the original investment and the cost to consumers is prohibitively expensive without a lock in subsidy,” said Ahmed during the briefing on future-proofing the Philippine energy market, including the Covid-19 context. The event was hosted by Renato Redentor Constantino, Executive Director of the Institute for Climate and Sustainable Cities. These subsidies, Ahmed said, are usually implemented for at least 20 years up to over 40 years, “and Epira [Electric Power Industry Reform Act] will simply not allow this capital subsidy to be spent by government.” As such, she described nuclear energy as “totally uneconomic without government subsidy.” Ahmed continued: “So, if we look at it in a rational financial perspective and put aside climate and environment factors and only look at the economics, it doesn’t make sense without a government subsidy.”

LOCALLY made personal protective equipment (PPE) suits that sell for P500 per set are on display on Naga Road in Las Piñas City. Garment manufacturers are asking the Department of Health to prioritize the purchase of local PPE over imports to grow the domestic industry for PPE and health essentials production. NONIE REYES

By Bernadette D. Nicolas

HE Department of Budget and Management (DBM) is set to submit today (Tuesday) to Congress the proposed P4.506-trillion national budget for 2021, government’s main tool in dealing with the continuing economic damage wrought by Covid-19.

Budget Secretary Wendel E. Avisado, along with two other budget officials, confirmed that the budget department will be submitting the proposed budget ahead of the 30-day Constitutional deadline. “Yes, we will submit the proposed FY 2021 budget tomorrow [Tuesday],” Budget Assistant Secretary Rolando Toledo told the BusinessMirror in a message. Sought by this paper to confirm this development, Avisado replied: “God willing po.”

Budget Undersecretary Laura B. Pascua also replied in the affirmative. Under the Constitution, DBM has 30 days after the opening of the regular session of Congress—July 27 this year—to submit the proposed budget or the National Expenditure Program along with other budget documents to Congress. While the DBM has yet to release further details on the 2021 budget, it earlier said the proposed Continued on A2

Meralco extends ‘no disconnection’ till Oct T

HE Manila Electric Co. (Meralco) has extended the “no power disconnection” policy until October 31 to help its consumers affected by the Covid-19 pandemic. Meralco President and CEO Ray Espinosa made the announcement during the hearing on Monday of the House Committee on Good Government on the sudden spike of electricity bills amid the implementation of community quarantine. “In response to your request, I will be extending the suspension of disconnection until the end of October to give our customers time to save money to pay their bills,” Espinosa told lawmakers. The Meralco had originally set the moratorium on the disconnection policy until September 30 only. Espinosa said Meralco is also set to provide relief to its 2.77 million lifeline customers who consume less than 100 kilo-

watt hours per month. “As a response to Speaker Alan Peter Cayetano, we are providing relief to them equivalent to a total of P101 million from our distribution charges. So, they will be receiving discounts in their distribution charges,” he added. “Lifeline discount” is a discount given by Meralco to low-income consumers using less than 100 kilowatt-hours a month. Also, Espinosa assured the House that Meralco billings are now based on their actual meter readings, and the company will charge customers based on actual power consumption. The company previously said that some March and all April bills were estimates based on the average daily consumption of customers in past three months, following the Distribution Services and Open Access Rules issued by the Energy Regulatory Commission.

PESO EXCHANGE RATES n US 48.6540

Earlier, Cayetano welcomed the reduction of electricity rates by Meralco this August. From P8.6966 per kilowatt-hour (kWh) due in July, the electricity bills of Meralco consumers will see a P0.2055 per kWh decrease in August. As a result, consumers can save from P41 to P103 depending on their kwh consumption. Cayetano earlier appealed to Meralco Chairman Manuel V. Pangilinan and Senior Vice President Atty. William Pamintuan to look into the possibility of giving a 50-percent discount to “at least the sectors that need it most” or delaying the payment of electricity bills. While acknowledging that the goal of businesses is to thrive financially, Cayetano asked Meralco, which he said has “had its share of profitability” as it has been serving Greater Manila, to continue exploring options to ease its payment collection.

From May to July, the House Committee on Good Government and Public Accountability conducted hearings to investigate the so-called “bill shock” and Meralco electricity rates despite overcapacity of supply. The committee sought to come up with a measure to lower electricity rates, especially during the Covid-19 crisis. Meralco attributed the rate reduction in August to lower prices at the Wholesale Electricity Spot Market, with declines of P1.12 per kWh due to fewer power plant outages. The cost of supply from independent power producers had also declined. Since January this year, Meralco said it has implemented a total of P1.37 per kWh worth of reduction in power rates.

DOE chief for nuke

ENERGY Secretary Alfonso Cusi, who did not want to extend the feed-in-tariff allocation so that consumers pay only the true cost of electricity, wanted to include nuclear power in the Philippines’s energy mix to meet growing electricity demand. During the 5th Global Conference on Energy Efficiency in June this year, Cusi had said: “I personally feel that the time is ripe for intensified and informed public discussions on nuclear energy, as well as its potential role on our energy security agenda. Today, in fact, the Philippines is the only Southeast Asian country that has an active nuclear power program. “Despite growing opposition, the push for nuclear energy’s inclusion in the energy mix will help ensure the country’s energy security and address possible future power emergencies.” The agency’s approach in the energy mix is technology-neutral, which imposes no cap on the type of technology. “I have been asked many times why we adopted this ‘technology neutral’ policy. We have to be real: we lack capacity and there is an urgent need for the Philippines to build its power capacity fast. And to attain energy security, we must make sure that we have abundant sources at this stage,” Cusi explained. The technology-neutral approach, added Cusi, “leads me to one of the most controversial and politicized topics in the Philippine energy sector—the utilization of nuclear power for energy security and efficiency.” The Philippines was one of the first Southeast Asian countries to embark on a nuclear power program with the creation of the Philippine Atomic Energy Commission (PAEC) in 1958. Two decades after PAEC’s establishment, the country became host to Southeast Asia’s only nuclear power plant in the 1980s—the 621-megawatt Bataan Nuclear Power Plant (BNPP). Its construction started in 1976, with total investment amounting to $2.3 billion by the time it was completed in 1984. The plant’s operation never saw the light of day, having been hounded by allegations of overprice and safety. The President who pushed it, Ferdinand E. Marcos, was overthrown in the 1986 People Power revolt. See “Nuke,” on A2

Jovee Marie N. Dela Cruz

n JAPAN 0.4602 n UK 63.6881 n HK 6.2779 n CHINA 7.0320 n SINGAPORE 35.4673 n AUSTRALIA 34.8217 n EU 57.3923 n SAUDI ARABIA 12.9737

Source: BSP (August 24, 2020)

News BusinessMirror

A2 Tuesday, August 25, 2020

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EU’s ₧12.4-B grant to aid rehab in Marawi, fight Covid in BARMM

By Bernadette D. Nicolas

HE Philippines and the European Union (EU) signed a new grant worth €24.5 million (or roughly P1.4 billion) to assist in the rehabilitation of Marawi City and to fund efforts to contain the spread of Covid-19 in the Bangsamoro autonomous region.

The grant will also be used to help strengthen the government’s ongoing peace and confidencebuilding initiatives in the region. Finance Secretary Carlos G. Dominguez III signed on August 11 the financing agreement for the Mindanao Peace and Development Programme (Minpad)-Peace and Development in the Bangsamoro Autonomous Region in Muslim

Mindanao (Minpad-PD BARMM) transmitted by the EU to formalize the grant for the project. On behalf of the EU, Pierre Amilhat, the Director for Asia, Central Asia, Middle East/Gulf and the Pacific of the European Commission’s Directorate-General for International Cooperation and Development, had earlier signed the agreement.

“This third grant from the EU this year underpins this major economic bloc’s unwavering commitment to the attainment of genuine and lasting peace and development in Southern Philippines along with the speedy recovery of conflict-devastated Marawi City,” Dominguez said upon the signing of the grant. “We cannot thank enough the EU and our other development partners for their ceaseless support for government efforts to spell peace in Mindanao and enable the island to achieve its full growth potentials on the Duterte watch,” he added. Under the agreement, €5 million (about P286.6 million) from the grant shall be exclusively dedicated to the recovery and rehabilitation of areas devastated during the 2017 siege of Marawi City, while about €3 million (about P172 million) will be allocated for the BARMM’s efforts to contain the spread of Covid-19 in the

autonomous region. The PD BARMM project will be jointly implemented by the Office of the Presidential Adviser on the Peace Process (Opapp) and the Bangsamoro Transition Authority (BTA) within five years or 60 months after the execution of the financing agreement. Year-to-date, the EU has so far extended grants amounting to a total of €85 million (roughly P4.87 billion) for the government’s peace and development initiatives in Mindanao. Last month, the EU extended two grants amounting to a combined €60.5 million (about P3.47 billion) to the Philippine government to boost ongoing peacebuilding and development efforts in Mindanao, with a focus on strengthening the institutions of the newly formed Bangsamoro autonomous government, creating jobs and improving communitybased infrastructure in the island’s

agricultural communities. These grants were for the Mindanao Peace and Development Programme-RISE Mindanao (Minpad-RISE Mindanao), for which the EU provided a €35.5-million grant (or roughly P2.035 billion), and the Support to Bangsamoro Transition (Subatra), which received a grant of €25 million (about P1.43 billion). For the PD BARMM, which has a total estimated cost of €35.1 million (or about P2.01 billion), the EU member-states will co-finance the project with the World Bank, the United Nations and the Australian government. The EU will provide the biggest share in the PD BARMM project with its €24.5-million grant, while the other donors will contribute an indicative amount of €10 million (or about P573.17 million). Other potential grant beneficiaries will provide the remaining €600,000 (or about P34.39 million).

Diesel, kerosene prices down; gas costlier

IL companies announced Monday a price rollback in diesel and kerosene, but they will raise prices of gasoline. In separate advisories, they will increase gasoline products by P0.15 per liter. Diesel and kerosene prices, meanwhile, will go down by P0.25 per liter and P0.20 per liter, respectively. The price adjustments of Petron Corp., Pilipinas Shell, Seaoil, Cleanfuel, PTT Philippines, Phoenix Petroleum will take effect at 6 am of Tuesday, August 25. Other oil companies are expected to follow suit. Oil firms adjust their prices every week to reflect movements in the world oil market. Lenie Lectura

Nuke… Continued from A1

₧4.5-T budget for 2021 to be sent to Congress Continued from A1

budget for next year is nearly 10 percent higher than the P4.1trillion national budget this year. The proposed 2021 budget is also

equivalent to 21.8 percent of the country’s GDP. The proposed 2021 budget also aims to sustain government efforts toward effectively responding to the Covid-19 pandemic by focus-

ing government spending on improving our health-care systems, ensuring food security, increasing investments in public and digital infrastructure, and helping communities cope and prevail in these

trying times. Although the 2021 budget ceiling was 3.94 percent higher than what was earlier approved by the Cabinet-level Development Budget Coordination Committee (DBCC) in May this year, this was 2.89 percent lower than the P4.64trillion initial spending plan also greenlighted by DBCC in December last year. Toledo earlier said the budget ceiling was increased to provide sufficient budget support for programs, activities and projects that will address the Covid-19 pandemic, such as the procurement of personal protective equipment (PPEs), Covid-19 vaccine, basic education programs of the Department of Education to ensure learning con-

tinuity, and programs that support information and communications technology requirements for network connectivity and digital technology, among others. The DBCC expects the Philippine economy to contract by as much as 6.6 percent this year; and to recover next year and post a GDP growth of 6.5 to 7.5 percent. It also expects the country’s deficit-to-GDP ratio to double to 9.6 percent of GDP this year or P1.815 trillion, from only 3.4 percent of GDP last year or equivalent to P660.2 billion. For 2021, the DBCC sees a lower deficit-to-GDP ratio of 8.5 percent of GDP or P1.75 trillion. A deficit occurs when expenditures exceed revenues.

Solons’ Bayanihan 2 word war rages Continued from A1

Growing conflict?

MEANWHILE, House leaders also on Monday reminded their counterparts in the Senate that “they all agreed to the passage of the Bayanihan bill.” House members, in separate privileged speeches, said almost 40 key provisions in the House version of the Bayanihan 2 bill were approved by the bicameral committee last week. Deputy Speaker Dan Fernandez said, “The truth is, a majority of the good features of Bayanihan 2 were actually introduced by the House and were only adopted by the Senate.” “These senators appear conflicted. They want to make it appear that they did their part in passing Bayanihan 2, obviously to worm their way into the good graces of an overwhelming majority of our people who support President Duterte and are appreciative of his administration’s comprehensive Covid-19 response measures, but they are at the same time distancing themselves from the bill, obviously to please the ragtag band of anti-government critics,” said Fernandez in his statement, which he also repeated in his plenary speech. Lawmakers took offense at comments by Senate Majority Leader Juan Miguel Zubiri and some senators that the House had supposedly fought for “a particular personal interest” and that it was only the Senate that had pushed for certain provisions out of their so-called “pure advocacy.” For his part, Anakalusugan Rep. Michael Defensor said the House had actually come up with

the superior version of the Bayanihan 2 bill, as shown by the fact that some 40 major provisions of the final version of the measure were actually introduced by the House contingent and merely adopted by its Senate counterpart during the three-day marathon deliberations. Such contentious issues included the House proposal to allocate P10 billion for the infrastructure projects of the Tourism Infrastructure and Enterprise Zone Authority (Tieza). The senators wanted their version as direct funding support for the tourism industry through the Department of Tourism (DOT) in the form of soft loans earmarked for this sector. In a separate statement, Kabayan party-list Rep. Ron Salo, meanwhile, also told Zubiri to “stop speaking with a forked tongue” and doubted his claim of no ill will toward the House contingent to the bicameral panel. “What the industry needs right now are jobs for many of the 5.7 million tourism industry workers who have lost their jobs temporarily or permanently because of the global economic slump wrought by the coronavirus pandemic,” Salo said. “And such a myriad of instant jobs would come only from infrastructure investments,” he added. Besides, Salo said, it remains uncertain at this time whether tourism industry players, especially the small enterprises or resort owners, would be keen on borrowing money to revive their businesses when the recovery of both the international and domestic tourism appears bleak in the absence of a cure or vaccine against Covid-19.

Cusi, however, has a strong pitch for nuclear: “I strongly believe, and I have said this already several times in the past: It is high time for the Philippines to be open to the idea. Nuclear power is a reliable alternative to attain energy sufficiency and meet future power demands. All those arguments that have been said against the nuclear power plant had been answered by time. In hindsight, the Philippine economy would have been different had we tapped nuclear power in the 1980s.”

‘Most inflexible’

ALBERTO DALUSUNG III, energy transition advisor of the Institute for Climate and Sustainable Cities, commented during the virtual briefing that nuclear is the “most inflexible power in the grid.” “You don’t want to ramp it up or ramp it down because you want it running steady. That’s not the kind of capacity we need based on the DOE plan,” he said. President Duterte on July 24 signed Executive Order (EO) 116, which paves the way for the creation of the Nuclear Energy Program Inter-Agency Committee (NEP-IAC). The DOE will lead the committee, while the Department of Science and Technology (DOST) is the committee vice chairman. The interagency body is mandated to primarily conduct a study for the adoption of a national position on a Nuclear Energy Program (NEP). Cusi said the signing of the EO is a “major step toward the realization of a Philippine nuclear energy program.” EO 116 requires the NEP-IAC to submit an initial report to the Office of the President within six months or by January 2021. Senate Committee on Energy chairman Sherwin Gatchalian has called on the DOE to proceed with “utmost transparency” in the conduct of the feasibility study. “The public should be well-informed on the inherent risk and the potential of nuclear power. Only an open and free discussion of this technology will deepen the comprehension of the public,” the senator said. Nuclear energy, he commented, is a “complicated” energy source and a “very risky business.” “The world is always in constant debate on the adoption of nuclear power because of its inherent risk to public welfare. Moreover, it is an energy source that is very complicated and demands high-level knowledge to fully maximize its utilization without sacrificing public safety,” said Gatchalian.

EO slammed

CONSUMER group Power for People Coalition (P4P), meanwhile, condemned the issuance of the EO. “We are dismayed at the casual disregard for the risks of nuclear power to a country like the Philippines, vulnerable as it is to earthquakes, volcanic eruptions, and the threat of climate change,” said P4P convenor Gerry Arances. “We have grave reservations about the ability of the DOE to manage nuclear power without causing a Chernobyl or Fukushima. If we need more power, the renewable energy potential of our country is already at 250 gigawatt hours, and that excludes solar energy. “It is an untapped resource that is safe, reliable and perfect for scaling from small communities to big cities. We invite the DOE to review our Philippine Energy Plan and Power Development Plan toward increasing the share of renewable energy,” he added.

The Nation BusinessMirror

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Editor: Vittorio V. Vitug • Tuesday, August 25, 2020 A3

Twin blasts kill 11, wound dozens in Jolo

By Rene Acosta @reneacostaBM & Samuel P. Medenilla @sam_medenilla

is about a hundred meters away. “There are also casualties there, mostly Philippine National Police,” Mateo said. Vinluan said a soldier and a female, which reports said, was an Indonesian, died from the second explosion. He said the twin bombings may have been the handiwork of ASG leader Mundi Sawadjaan, whom they have been hunting since May this year. “He is the same bomber that executed the Jolo Cathedral suicide bombings and on the headquarters of the 1st Brigade Combat Team in Sulu,” Vinluan said.

WO powerful explosions rocked Sulu on Monday, initially killing 11 people, six of them soldiers, and wounding more than 37 others, including civilians, police and military officials reported.

The first of the two blasts, which came an hour in succession, was caused by a homemade bomb that was rigged to a motorcycle parked at the plaza in Jolo. Authorities were looking into reports that one of those killed in the second explosion, which happened a week after the arrest of Abu Sayyaf Group (ASG) leader Abduljihad “Idang” Susukan, was a female Indonesian.

Condemnations

MALACAÑANG immediately condemned the bombings. In a news statement, Presidential spokesman Harry Roque said, “Authorities are now conducting an investigation, which includes identifying individuals, or groups behind these dastardly attacks,” he said. “We, likewise, condole with the families and loved ones of those who died in these tragic incidents,” Roque added. He urged the resident in the

area to help in preventing similar incidents by cooperating with the local authorities. “We call on the residents of Jolo to stay vigilant and report suspicious personalities and unattended items in their areas,” Roque said. Both the military and the Philippine National Police condemned the twin bombings, which Armed Forces Western Mindanao Command commander Lt. Gen. Corleto Vinluan said were the handiwork of just one group. The bomb, rigged into a motorcycle parked in front of the Paradise grocery at the Rizal Plaza in Barangay Walled City, Jolo, went off at around 11:50 a.m.

Market errand

A MILITARY M35 truck bearing members of the Army’s 21st Infantry Battalion was parked nearby. The soldiers, who were believed to be the target of the attack, were at the market when the blasts occurred.

Future ‘draconian’ measures?

IN this photo provided by the Philippine Red Cross, a military truck lies at an area where a bomb exploded at the town of Jolo, Sulu province, southern Philippines, on Monday, August 24, 2020. Bombs exploded in the southern Philippine town Monday, killing several soldiers and wounding other military personnel and civilians despite extra tight security because of threats from Abu Sayyaf militants. PHILIPPINE NATIONAL RED CROSS VIA AP

“The IED [improvised explosive device] was put on a motorcycle and while our soldiers were on marketing activities, the IED exploded. Five were killed in action,” said Vinluan. He said four civilians also died as a result of the explosion. The regional military commander said that 16 soldiers were also wounded, although Lt. Col.

Ronaldo Mateo, spokesman of the Sulu-based 11th Infantry Division, put the figure at 17. Mateo said that he called the chief executive of Jolo, who told him that at least 20 civilians were also wounded as the site of explosion was teeming with people. He said the bomb-laden motorcycle was deliberately parked and

left at the site by its driver while the soldiers were in the area. A separate report issued by the military’s Joint Task Force Sulu later said a boy died from the blast. An hour later, another explosion occurred in front of the building of the Development Bank of the Philippines located just across the street where the first blast happened, which

MEANWHILE, Labor coalition Nagkaisa called for the swift resolution of the investigation on the incident. “Nagkaisa can’t discount the possibility that someone, or some groups, are creating scenario to justify more draconian responses,” Nagkaisa said in a news statement. For his part, Jolo Bishop Charlie Inzon called for prayers for the victims. “In this recent incident, we need to pray to prevent this from happening again. Let us also pray for the victims…,” Inzon said in an interview in Church-run Radyo Veritas. As of this writing time, no group has yet to claim responsibility over the twin blasts. The latest explosions happened near the Cathedral of Our Lady of Mount Carmel, where 19 people died after it was bombed last year.

OSG asks SC to cancel oral US Marine drops appeal at SC, accepts conviction arguments on ATA in Sept

OLICITOR General Jose Calida on Monday asked the Supreme Court to cancel the oral arguments it has scheduled on the third week of September on the petitions seeking to scrap the implementation of Republic Act 11479, or the AntiTerrorism Act (ATA) of 2020 for being unconstitutional. In a 51-page urgent motion, Calida cited logistical restrictions, health threats posed by the Covid-19 pandemic, as well as the provisions of the Internal Rules of the Court and pertinent jurisprudence in seeking the cancellation of the oral arguments. Aside that it is “unsafe and impractical” to hold the oral arguments amid the pandemic, Calida said the Court has no jurisdiction to hear and resolve the case since the petitions raised factual allegations. “The Honorable Court is not a trier of facts,” Calida pointed out. He noted that under Section 2, Rule 3 of the Internal Rules of the SC, the High Tribunal’s role is to decide cases based on findings of fact before it. However Calida said all the petitions failed to present actual controversy that would warrant the Court’s intervention. “A cursory perusal of all the petitions filed so far reveals that the ‘worst-case scenarios’ petitioners raised—of obscure allegations of future and contingent surveillance, detention, and red-tagging, or of the stifling of dissent—are all theoretical and contingent. Each of the subject petitions are anchored not on a justiciable controversy but on the ‘straw man’ of hypothetical abuse,” Calida added. He also noted that the conduct of an oral argument is not mandatory, thus, can be dispensed with. There were also instances, according to the chief government counsel, that the Court canceled scheduled oral arguments for practical and fitting reasons. He said the health risk brought about the current Covid-19 pandemic is one of these reasons. Calidaexplainedthattheconductof in-court oral arguments would necessarily entail the presence of the Chief Justice and the Associate Justices, at least 300 petitioners, and their respec-

tive counsels, an estimate of 16 lawyers from the Office of the Solicitor General (OSG) and their respective support staff, representatives from the respondents, and the members of the Office of the Clerk of Court. The huge number of people attending the oral arguments, according to Calida, would fall under mass gatherings prohibited under the general community quarantine. “Further, the sheer number of participants will make it difficult, if not impossible, to maintain social distancing within the en banc session hall. In this regard alone, even putting the matter of the age and health vulnerabilities of some of the participants aside, it is submitted that their physical presence for in-court oral arguments is inadvisable,” Calida added. Calida also said the conduct of oral arguments through videoconferencing is not advisable as it would not guarantee smooth proceedings considering the sheer number of parties and counsels and the uneven quality of local Internet service. He added that oral arguments through videoconferencing would still require a group of people to gather in a confined space, which might also result in violation of the prohibition against mass gatherings. For the OSG alone, Calida said the oral argument through videoconferencing would still require at least 25 individuals, including him, to gather in a limited space during the entire proceedings. As an alternative, Calida suggested the submission of memorandum by the parties and the issuance of clarificatory questions on the parties’ submission. Calida said instead of an in-court interpellation, the written opening statement would cover the parties’ answers to the justices’ clarificatory questions. A total of 29 petitions have been filed before the SC questioning the constitutionality of the ATA of 2020. Oppositors of the ATA of 2020 argued that the definition of terrorism under the law is “vague and overbroad” which may be used as “a weapon against constitutionally protected speech and speech-related conduct.” Joel R. San Juan

By Joel R. San Juan

@jrsanjuan1573

ONVICTED United States Marine Lance Cpl. Joseph Scott Pemberton has decided to serve out the jail sentence imposed on him for killing Filipino transgender Jeffrey “Jennifer” Laude in Olongapo City in 2014. I n a one - page not ice, t he SC ’s T h i rd D iv i sion g ra nted Pe m b e r t o n’s u r g e nt m o t i o n for leave to withdraw his petition seeking the reversal of the Court of Appeals (C A) decision issued on April 3, 2017, which affirmed his conviction for homicide by the Regional Trial Court of Olongapo City last December 1, 2015. Pemberton said he decided to withdraw his petition “after thoughtful consideration of the circumstances” of the case. The US marine said the withdrawal of his petition covers both the criminal and civil aspects of his appeals. He also told the Court that he accepts and recognize that his decision to withdraw his petition would render his conviction final and executory. “In view thereof, this case is considered closed and terminated, and the parties are hereby informed accordingly,” the SC said. In resolution issued in August 2017, the CA affirmed with finality the trial court’s decision w h i c h sentenced Pembert on t o a maximum

of 10-year imprisonment for killing Laude. The appellate court also denied the Office of the Solicitor General’s plea that he given full credit of the time he spent under preventive imprisonment. In his motion for reconsideration filed before the CA, Pemberton sought the reversal of his conviction, insisting that he did not kill Laude and that the latter was alive when he left him inside their motel room. He maintained that the wounds he inflicted on Laude we re i n se l f - de fense, while they were fighting after he discovered that the v ictim was a transgender. T he ap p e l l a nt said the CA should have given weight on his voluntar y surrender as mitigating circumstance, as well as on the evidence he presented to prove that he never in-

tended to kill Laude. The CA noted that in justifying circumstances of self-defense, Pemberton was just trying to exonerate himself, or reduce his penalty, from the charge of homicide. It stressed that Pemberton’s claim of self-defense cannot be given weight due to his failure to prove that he was attacked by Laude and that

his life was in peril on the night of the incident. The CA added that Pemberton’s immediate escape from Celzone Lodge where Laude was found dead is an indication of guilt. The CA also upheld the award of loss of earning capacity to the heirs of Laude in the amount of P4.32 million.

A4 Tuesday, August 25, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

IT-BPM industry sees productivity rise amid more relaxed quarantine protocols By Elijah Felice E. Rosales @alyasjah

HE information-technology and business-process management (IT-BPM) industry has seen its productivity rise as quarantine restrictions were eased, making it one of the few sectors to have a positive forecast for the year in face of a global pandemic. In a webinar last week, the IT and Business Process Association of the Philippines (Ibpap) reported productivity in the industry began to increase as soon as the government relaxed quarantine protocols in many areas of the country. In April, it was reported that 50 percent of IT-BPM workers were unproductive, with no work at all, while the other 50 percent of agents were

either working from home, or onsite as part of skeletal force. When majority of cities and provinces downgraded to modified enhanced community quarantine, (MECQ) productivity swelled to 73 percent, then to 80 percent under the general community quarantine (GCQ) status. Productivity was at a high of 90 percent in July during the extended GCQ level. No data, however, was presented as to how the revert to MECQ in Metro Manila and adjacent provinces affected work in IT-BPM firms. As such, the Ibpap reported 47 percent of the industry is expecting some growth this year in spite of the economic challenges posed by the coronavirus pandemic. On the other hand, some 18 percent is anticipating a reduction in terms of

overall performance. Further, at least 35 percent is projecting flat growth this year based on the Ibpap’s numbers. The survey gathered the insights of 75 firms nationwide, representing nearly a quarter of the total IT-BPM head count in the Philippines. According to the Ibpap, there are benefits and challenges that come out of the present setup of mostly work from home in the industry. One of the gains is the reported increase in productivity by as much as 40 percent for firms with optimized remote models. Moreover, there was a 40-percent reduction in absenteeism and at least 10-percent drop in the turnover of labor force. More importantly for investors, they saw a 20-percent reduction in real estate and resource

usage brought about by work from home arrangements. On the other hand, the group admitted that not every IT-BPM agent can shift to a remote work setup given the inefficiency of the country’s Internet and mobile signals. It added much reliance in virtual platforms may result in the compromise of data and information security, as well as a diminution in work-life balance for workers. Citing data from research firm Gartner, Ibpap said 48 percent of workers worldwide will likely work remotely, at least part of the time, even after the pandemic is over with. This is a signal to the IT-BPM industry, the group explained, that it may implement work from home arrangements for an extended period during and after the health crisis.

PIDS study seeks to ‘rationalize’ small-scale gold mining in PHL By Cai U. Ordinario @caiordinario

TATE-RUN think tank Philippine Institute for Development Studies (PIDS) has recommended the amendment of the Small-Scale Mining Act to formalize small-scale mining in the country and prevent industry outputs from disappearing in the black market.

In a Policy Note, titled “Bottlenecks to formalization of Small-Scale Mining in the Philippines,” PIDS Senior Fellow Sonny N. Domingo and Research Analyst Arvie Joy A. Manejar said “testaments on the ground” claim that small-scale mining accounted for 70 percent of the country’s total mining output. Domingo and Manejar said amendments in the law should include

a definition of small-scale mining and that subsector stakeholders should be made accountable to the public, the government, and environment. “The different aspects of formalization should be addressed through a cohesive and comprehensive strategic framework, which should be anchored on clear policy. This would entail the passing of a new legislation that fills in the weaknesses of the

current law,” Domingo and Manejar said. Based on the law, the authors said, small-scale mining activities use manual labor and do not rely on heavy mining equipment. The Organisation for Economic Co-operation and Development also have a similar definition. However, Domingo and Manejar said this no longer mirror the actual situation on the ground. Currently, small mining operations already employ heavy machinery and modern technology, such as heavy equipment, explosives and chemicals.

www.businessmirror.com.ph

Dressed chicken inventory remains ‘high’ but pork in cold storage diminishes

HE country’s chicken dressed inventory dropped slightly to 62,281.31 metric tons from last week’s 62,747.78 MT but growers noted that the volume is still “high” causing too much volatility in the farm-gate prices. Latest National Meat Inspection Service (NMIS) data showed that as of August 10 more than half of dressed chicken inventory or about 37,342.51 MT were imported while the remaining 24,938.81 MT were locally produced. NMIS data showed that the latest inventory was almost 15 percent lower than last month’s 73,087.98 MT. Cold Chain Association of the Philippines President Anthony S. Dizon said dressed chicken inventory remains high due to reversion of Metro Manila’s status to modified enhanced community quarantine (MECQ) from general community quarantine (GCQ). “If the figures are correct and show a downward trend in local chicken inventories, I can only speculate that the local growers may have postponed a growout cycle of 30 days to compensate for the MECQ slowdown,” Dizon told the BusinessMirror. United Broiler Raisers Association (UBRA) President Elias Jose Inciong told the BusinessMirror that current inventory is still high which contributes to volatility in the farm-gate prices of broilers. The average farm-gate price of live broilers (regular-sized) during the same reference period plunged to as low as P50 per kilogram, based on an UBRA price survey. NMIS data also showed that nationwide frozen pork inventory in

cold storages as of August 10 expanded by 8 percent to 41,589.12 MT from 38,529.76 MT recorded in the previous week. The upswing was due to an increase in imported pork which accounted for 81.51 percent of the latest inventor y data, or about 33,900.98 MT, NMIS data showed. Locally produced pork in cold storages reached 7,688.14 MT as against previous week’s 7,253.76 MT, according to NMIS data. “The pork numbers are a bit more alarming because we do not see immediate prospects for recovery of production volumes due to the current ASF [African swine fever] situation in Luzon,” Dizon said. “Supplies from Mindanao are obviously limited as well. There is also no assurance that we will be able to secure import allocations from the international market at the rate China is buying,” Dizon added. Based on latest data disclosed by the Department of Agriculture (DA), the government has culled 316,637 pigs to address and contain the spread of ASF in the country. Based on the DA’s report, ASF has affected 1,119 barangays in 262 municipalities/cities in 28 provinces across nine regions in the country. The country’s hog output in the first half declined by 2.5 percent to 1.118 million metric tons from 1.147 MMT recorded volume in the same period of last year, Philippine Statistics Authority (PSA) data showed. Jasper Emmanuel Y. Arcalas

The Future of Work–based on creative destruction

By Henry J. Schumacher

AST week, I started to focus on the “Future of Work.” When we dream about how work will change, with or without Covid-19, we have disruptive innovation, or creative destruction, in mind, given the fact that businesses were already faced with those challenges during the last decade.

Actua l ly, it was Austr ian Economist Joseph Schumpeter, in the first half of the 20th century, who coined the term “creative destruction,” which he described as “process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.” Schumpeter describes this as paradigm shifts in history created by innovation and the development of new technology thereby developing entirely new economic systems which societies must adapt to. Creative destruction will lead a society to a new level of quality of life and prosperity as a by-product of innovation but will also undergo uncomfortable and difficult tran-

sition periods in the short term hence, the destructions. When we are looking at the Future of Work, we are actually also thinking of the Fourth Industrial Revolution in the making. As industrial revolutions have consequential effects on the standards of living, means of production, innovation, technology, income, the nature of jobs among others, let’s take a brief look at the previous industrial revolutions and their effects. The First Industrial Revolution started in Britain in the mid18th century, which created the transition from the agricultural life and way of work to industrial work as sources of energy shifted from wood to coal. This gave rise to factories and machines, as well as an exodus of workers from the rural areas to urban centers to look for better opportunities. As the factories grew, new skills were demanded as well. The changes in the First Industrial Revolution eventually laid the ground for the Second Industrial Revolution in the late 19th to early 20th century. One of the major innovations during this revolution is the beginning of electrification which led to mechanization of production and improved the efficiency of assembly lines. Telephones and railways improved not only mobility for both goods and people but communication as well especially overseas. The first two industrial revolutions paved way to the transition from agriculture to industry, mass production, and the movement of people from rural to urban centers for factory work. However, the Third Industrial Revolution introduced a new game changing technological development: digitization. The Third Industrial Revolution is said to have started in the

late 1990s and paved the way to the digitization of productions, creation of software, robots, 3D printing, major improvements in telecommunications, and the introduction to the Internet among others and, thus, the term “The Internet of Things” was born. This opened entirely new segments of jobs which require different skill sets altogether. The Economist in a 2012 report on the Third Industrial Revolution noted that these jobs include “designers, engineers, IT specialists, logistics experts, marketing staff and other professionals. Many dull, repetitive tasks will become obsolete: you no longer need riveters when a product has no rivets.” The Third Industrial Revolution also brought rise to small-medium enterprises who have benefited from digitization thus, giving birth to Silicon Valley. If we forget the Covid-19 pandemic for a while, then this is it where we are today, living with constructive innovation and redesigning our businesses. The question is how the Fourth Industrial Revolution could look like and what consequences that industrial revolution will have on jobs and businesses. Excited or scared? I will discuss the bridge from today to the “Future of Work” in my next columns, looking at short-term, mid-term and long-term steps to become part the Tomorrow’s Work and identify the skills shift from today to tomorrow. I am currently working on “The Future of Work” in cooperation with The Asia Foundation-Philippines. Feedback is more than appreciated; you may contact me at hjschumacher59@gmail.com. However, note that the views expressed in this article do not necessarily reflect the views of The Asia Foundation-Philippines.

www.businessmirror.com.ph • Editor: Angel R. Calso

The World

Massive Northern California wildfires rage on; 1 man dead

BusinessMirror

COTTS VALLEY, California—Three massive wildfires chewed through parched Northern California landscape on Sunday as firefighters raced to dig breaks and make other preparations ahead of a frightening weather system packing high winds and more of the lightning that sparked the huge blazes and scores of other fires around the state, putting nearly a quarter-million people under evacuation orders and warnings. At the CZU Lightning Complex fire in the Santa Cruz Mountains south of San Francisco, authorities announced the discovery of the body of a 70-year-old man in a remote area called Last Chance. The man had been reported missing and police had to use a helicopter to reach the area, which is a string of about 40 off-the-grid homes at the end of a windy, steep dirt road north of the city of Santa Cruz. The area was under an evacuation order and Santa Cruz Sheriff’s Department Chief Deputy Chris Clark said it was a stark reminder of the need for residents to leave the area. “This is one of the darkest periods we’ve been in with this fire,” he said. The fatality was the first for the CZU fire and seventh fire victim in the state in the last week that has seen 650 wildfires across California, many of them sparked by the more than 12,000 lighting strikes recorded since August 15. There are 14,000 firefighters, 2,400 engines and 95 aircraft battling the fires. The Santa Cruz fire is one of three “complexes,” or groups of fires, burning on all sides of the San Francisco Bay Area. All were started by lightning. Fire crew made progress during the weekend, which saw a welcome break in the unseasonably warm weather and little wind that allowed firefighters to increase what had been precious little containment. But the forecast late Sunday was ominous—the National Weather Service issued a “red flag” warning through Monday afternoon for the drought-stricken area, meaning extreme fire conditions including high temperatures, low humidity, lightning and wind gusts up to 65 mph (105 kph) that “may result in dangerous and unpredictable fire behavior.” Mark Brunton, a battalion chief for the California Department of Forestry and Fire Protection (Cal Fire), said while he’s confident firefighters did the most with the time they had to prepare, he’s not sure

what to expect. “There’s a lot of potential for things to really go crazy out there,” he said. The LNU Lightning Complex fire in wine country north of San Francisco and SCU Lightning Complex southeast of the city have within a week grown to be two of the three largest fires in state history, with both burning more than 500 square miles (1,295 square kilometers). The LNU fire has been the most deadly and destructive blaze, accounting for five deaths and 845 destroyed homes and other buildings. Three of the victims were in a home that was under an evacuation order. Officials surveying maps at command centers are astonished by the sheer size of the fires, Cal Fire spokesman Brice Bennett said. “You could overlay half of one of these fires and it covers the entire city of San Francisco,” Bennett said on Sunday. In Southern California, an 11-day-old blaze held steady at just under 50 square miles (106 square kilometers) near Lake Hughes in northern Los Angeles County mountains. Rough terrain, hot weather and the potential for thunderstorms with lightning strikes challenged firefighters on Sunday. Authorities said their firefighting effort in Santa Cruz was hindered by people who refused to evacuate and those who were using the chaos to steal. Santa Cruz County Sheriff Jim Hart said 100 officers were patrolling and anyone not authorized to be in an evacuation zone would be arrested. “What we’re hearing from the community is that there’s a lot of looting going on,” Hart said. He and county District Attorney Jeff Rosell expressed anger at what Rosell called the “absolutely soulless” people who seek to victimize those already victimized by the fire. Among the victims was a fire commander who was robbed when he left his fire vehicle to help direct operations. Someone entered the vehicle and stole personal items, including a wallet and “drained his bank account,” said Chief Mark Brunton, a battalion chief for the California Department of Forestry and Fire Protection (Cal Fire). “I can’t imagine a bigger low-life,” Hart said, promising to catch him and vowing “the DA is going to hammer him.” AP

ASHINGTON—President Donald J. Trump on Sunday announced emergency authorization to treat Covid-19 patients with convalescent plasma—a move he called “a breakthrough,” one of his top health officials called “promising” and other health experts said needs more study before it’s celebrated. The announcement came after White House officials complained there were politically motivated delays by the Food and Drug Administration in approving a vaccine and therapeutics for the disease that has upended Trump’s reelection chances. On the eve of the Republican National Convention, Trump put himself at the center of the FDA’s announcement of the authorization at a news conference Sunday evening. The authorization makes it easier for some patients to obtain the treatment but is not the same as full FDA approval. The blood plasma, taken from patients who have recovered from the coronavirus and rich in antibodies, may provide benefits to those battling the disease. But the evidence so far has not been conclusive about whether it works, when to administer it and what dose is needed. In a letter describing the emergency authorization, the chief scientist for the FDA, Denise Hinton, said: “Covid-19 convalescent plasma should not be considered a new standard of care for the treatment of patients with Covid-19. Additional data will be forthcoming from other analyses and ongoing, well-controlled clinical trials in the coming months.” But Trump had made clear to aides that he was eager to showcase good news in the battle against the virus, and the timing allowed him to head into his convention with momentum. He and aides billed it as a “major” development and used the White House briefing room to make the announcement. Trump also displayed some rare discipline in the evening news conference, sticking to his talking points, deferring to the head of the FDA,

Alibaba investors swap U.S. shares for Hong Kong amid crackdown

everal of Alibaba Group Holding Ltd.’s biggest investors have converted billions of dollars in US shares for Hong Kong stock in part to avoid potential US sanctions and de-listings of major Chinese technology companies. Temasek Group Holdings Pte., Baillie Gifford & Co., and Matthews Asia are among the major shareholders that have swapped stakes in the Chinese e-commerce giant to take advantage of new rules easing the switch following Alibaba’s listing in Hong Kong last year. Geopolitics is contributing to the shift, according to people familiar with the moves. “Lots of long-term fund managers, especially the ones whose fund managers are based in Asia, are switching or considering switching from ADRs into Hong Kong-listed shares,” said Nelson Yan, head of offshore capital markets investment at Creditease Wealth Management (Hong Kong) Ltd., referring to American Depositary Receipts. “Demand for these ADRs in the US is now clouded by the politics.” The Alibaba stock shifts are a sign that the Trump administration’s fierce rhetoric against Chinese tech firms is prompting investors to take steps to avoid the potential fallout. At the same time, as Chinese companies seek more dual listings in Hong Kong, the moves threaten to drain liquidity of the New York shares.

Baillie move

Baillie Gifford, whose partner and portfolio manager James Anderson told Bloomberg Television in March that Alibaba could become a $2 trillion company, swapped 10.4 million US-listed shares worth about $2.67 billion in the second quarter. That’s about a fifth of its stake, and is the biggest change since it first bought shares in 2014. The money manager, among Alibaba’s largest shareholders, converted the stock to the Hong Kong-

listed shares, according to a person familiar with the move. A spokesperson for the Edinburgh-based firm declined to comment. A spokesman for Singapore’s state-owned investor Temasek confirmed that it swapped half of its stake representing 12.1 million shares—worth about $3 billion—from the US to Hong Kong, declining to comment further. The issue has been top of mind for many institutional investors since May when the Senate overwhelmingly approved S.945—a bill that could lead to Chinese companies being barred from listing on US exchanges. Conditions include being able to certify that they aren’t under the control of foreign governments and allowing the Public Company Accounting Oversight Board to audit the business. Matthews Asia, which manages about $23.4 billion, divested almost three quarters of its US Alibaba shares in the second quarter, worth about $700 million. Much of that is now held in H-shares in Hong Kong and in its Pacific Tiger Fund, whose lead manager is Sharat Shroff. “Venue doesn’t really matter a whole lot – it’s about getting access to liquidity and it’s about getting access to the right pricing mechanism so we continue to have a position in Alibaba both through the Hong Kong listing as well as the listing in the US,” Shroff told clients in a July webcast. Keywise Capital Management, which oversees $1.5 billion for global investors including sovereign wealth funds and endowments, plans to invest in the Hong Kong shares of dual-listed Chinese companies, said founder and Chief Investment Officer Zheng Fang. The increased US scrutiny of Chinese ADRs has led to investor concerns about the potential risks of holding these securities, he said.

Stock connect

The Hong Kong shares may also get a boost

Trump reveals FDA-authorized plasma treatment for Covid-19

Ben Slaughter, a firefighter for the Boulder Creek Fire Department, gets down from a fire truck along Highway 9 while monitoring flames from the CZU August Lightning Complex Fire on August 22, in Boulder Creek, California. AP/Marcio Jose Sanchez

Tuesday, August 25, 2020

from MSCI’s plan to reduce the Chinese ADR weightings in its indexes, while raising Hong Kong stocks, he said. Once listed in Hong Kong, those companies may be included in the stock connec t scheme with China, allowing them to attrac t suppor t from mainland Chinese investors, he added. Myriad Asset Management, the hedge fund firm led by Carl Huttenlocher, also swapped most of its Alibaba ADRs for Hong Kong shares, said a person with knowledge of the matter. With more of Alibaba’s peers listed in Hong Kong, it’ll become easier to compare valuations and do hedged trades, the person said. The stock moves are already boosting Alibaba’s trading in Hong Kong. On a 50-day moving average basis, Hong Kong’s daily turnover now accounts for about 17 percent of the company’s total trading, up from a low of 13 percent in early June. The float has also risen. Alibaba’s shares trading in Hong Kong have jumped 4.3 times to 2.5 billion, according to data disclosed with the Hong Kong exchange as of Friday. Hong Kong shares now account for about 12 percent of Alibaba’s total float, compared with 2 percent before. Investors in the Hong Kong shares have been rewarded, with the stock gaining 45 percent since the November listing, compared with a 35 percent jump in the US stock over the same period in local currency terms. The Hong Kong shares may attract even more institutional investors when Alibaba joins the Hang Seng Index on September 7. “The majority of its shares are still in the US, but the relocation is already happening and that’s driven by long-term holders,” said Kenny Wen, Hong Kong-based strategist at Everbright Sun Hung Kai Co. “In the very long run, we can’t exclude the possibility for Hong Kong to become the primary listing place for Alibaba.” Bloomberg News

Stephen Hahn, and only taking three questions from reporters. The White House had grown agitated with the pace of the plasma approval. The accusations of an FDA slowdown, which were presented without evidence, were just the latest assault from Trump’s team on what he refers to as the “deep state” bureaucracy. White House chief of staff Mark Meadows did not deal in specifics, but said that “we’ve looked at a number of people that are not being as diligent as they should be in terms of getting to the bottom of it.” “This president is about cutting red tape,” Meadows said in an interview Sunday on “This Week” on ABC. “He had to make sure that they felt the heat. If they don’t see the light, they need to feel the heat because the American people are suffering.” During Sunday’s 18-minute press conference, Trump said he thought there had been a “logjam” at the FDA over granting the emergency authorization. He alleged there are people at the FDA “that can see things being held up... and that’s for political reasons.” Dr. Joshua Sharfstein said the statement, and Hahn’s silence while Trump said it, “was disgraceful.” “The FDA commissioner basically allowed the president to mischaracterize the decision and attack the integrity of FDA employees. I was horrified,” said Sharfstein, a vice dean at John Hopkins University’s school of public health who was a top FDA official during the Obama administration. “This is a promising therapy that has not been fully established,” he said. The push on Sunday came a day after Trump tweeted sharp criticism on the process to treat the virus, which

has killed more than 175,000 Americans and imperiled his reelection chances. The White House has sunk vast resources into an expedited process to develop a vaccine, and Trump aides have been banking on it being an “October surprise” that could help the president make up ground in the polls. “The deep state, or whoever, over at the FDA is making it very difficult for drug companies to get people in order to test the vaccines and therapeutics,” Trump tweeted. He continued: “Obviously, they are hoping to delay the answer until after November 3rd. Must focus on speed, and saving lives!” Earlier this month, Mayo Clinic researchers reported a strong hint that blood plasma from Covid-19 survivors helps other infected patients recover. But it wasn’t considered proof. More than 70,000 patients in the US have been given convalescent plasma, a century-old approach to fend off flu and measles before vaccines. It’s a go-to tactic when new diseases come along, and history suggests it works against some, but not all, infections. The Mayo Clinic reported preliminary data from 35,000 coronavirus patients treated with plasma, and said there were fewer deaths among people given plasma within three days of diagnosis, and also among those given plasma containing the highest levels of virus-fighting antibodies. But it wasn’t a formal study. The patients were treated in different ways in hospitals around the country as part of an FDA program designed to speed access to the experimental therapy. T hat “ex panded access” program tracks what happens to the recipients, but it cannot prove the plasma—and not other care they received—was the real reason for improvement. Administration officials, in a call with reporters on Sunday, discussed a benefit for patients who were within three days of admission to a hospital and were not on a respirator, and were given ‘high-titer’ convalescent plasma containing higher concentrations of antibodies. They were then compared to similar patients who were given lower-titer plasma. The findings suggest deaths were 35 percent lower in the high-titer group. There’s been little data on how effective it is or whether it must be administered fairly early in an illness to

UK PM urges parents to let their kids go back to school

ONDON—Britain’s prime minister is asking parents to set aside their fears and send their children back to school next month when schools in Britain fully reopen for the first time since the coronavirus pandemic shut then down more than five months ago. Prime Minister Boris Johnson said it was the government’s “moral duty” to reopen the schools as he stressed that authorities now know more about Covid-19 than they did when the country went into lockdown on March 23. Johnson’s comments came hours after Britain’s top public health officials issued a joint statement saying that children were more likely be harmed by staying away from school than from being exposed to Covid-19. “This is why it’s vitally important that we get our children back into the classroom to learn and to be with their friends,’’ Johnson said in a statement released late Sunday. “Nothing will have a greater effect on the life chances of our children than returning to school.” The statements come as parents and teachers have express concerns about reopening schools amid fears that social distancing measures won’t keep children safe. Unions have demanded that Johnson’s Conservative government make sure that social distancing measures and other protective procedures are in place to ensure the safety of students and staff. Schools across the UK closed in March as the government sought to control the spread of coronavirus. Some students were allowed to return in early June, but classes weren’t mandatory and only about 18 percent of students nationwide took part. The chief medical officers of England, Scotland, Northern Ireland and Wales said in their statement that children are less likely to catch Covid-19 than adults and they have “an exceptionally low risk’’ of dying from the disease. By contrast, they said studies show that not going to school limits children’s ability to succeed in life and may worsen physical and mental health problems. “Very few, if any, children or teenagers will come to long-term harm from Covid-19 due solely to attending school,’’ the medical officers said. “This has to be set against a certainty of long-term harm to many children and young people from not attending school.’’ Britain has the highest confirmed virus-related death toll in Europe, at 41,515 people, and Johnson’s government has been strongly criticized for not locking down sooner, not getting medical workers enough protective equipment and not properly protecting the elderly in care homes from the virus. Thousands of British travelers had to cut short vacations and rush home earlier this month after the government abruptly announced it was slapping 14-day quarantines on people returning from France. AP

make a significant difference, said Dr. William Schaffner, an infectious diseases expert at Vanderbilt University. Aiming to ward off a possible a run on convalescent plasma after the announcement, government officials have been working to obtain plasma and to team with corporate partners and nonprofit organizations to generate interest among previously infected patients to donate. Hahn, who called the development “promising,” said Trump did not speak to him about the timing of the announcement. He said “this has been in the works for several weeks.” But some health experts were skeptical. Benjamin Corb, of the A merican Society for Biochemistr y and Molecular Biolog y, called it “conspicuous timing.” “President Trump is once again putting his political goals ahead of the health and well-being of the American public,” Corb said. Rigorous studies are under way around the country, comparing similar patients randomly assigned to get plasma or a dummy infusion in addition to regular care. But those studies have been difficult to finish as the virus waxes and wanes in different cities. Also, some patients have requested plasma rather than agreeing to a study that might give them a placebo instead. For mer FDA com m issioner D r. S cot t G ot t l ieb d i s m i s s e d t he s u g g e s t io n o f a s l o w d o w n . “I firmly reject the idea they would slow-walk anything or accelerate anything based on any political consideration or any consideration other than what is best for the public health and a real sense of mission to patients,” Gottlieb told CBS’s “Face the Nation.” Trump, in news conferences, “has made all kinds of therapeutic suggestions” that have not proven to be supported by science—and are even dangerous, Schaffner said. That includes statements about the possible value of treating Covid-19 patients with ultraviolet light and disinfectant. Trump reportedly also recently became enthusiastic about oleandrin, a plant extract derived from a toxic shrub that scientists immediately warned against. But the president is perhaps best known for his early and ardent embrace of the malaria drugs hydroxychloroquine and chloroquine. AP

A6 Tuesday, August 25, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Curfew clarity

he recent easing of quarantine restrictions in Metro Manila came with a “uniform” 8 p.m. to 5 a.m. curfew that was announced by Presidential Spokesman Harry Roque without much-needed clarity and guidance. We can acknowledge the use of such curfew orders from panicky officials scrambling to contain surging Covid cases in the NCR, but Roque did not even bother to mention if there were any exceptions, say for emergencies, essential workers and essential travel—whatever these mean nowadays. Roque also made no mention about the specific penalties for violating this so-called uniform curfew. Would it be treated as a misdemeanor? Would it involve a mere citation, fine or jail time? Would the police take a compassionate, common sense approach to its enforcement? These things need to be defined clearly, because when law enforcers or even barangay officials are given discretion in applying the rules, we have seen many instances of citizens suffering from discrimination, the use of excessive force and human-rights violations. The murder of a 15-year-old girl in Ilocos Sur started from a curfew violation. Two cops accosted the victim and her cousin for being out at night, past curfew. They detained the girls then raped them. One of the girls managed to escape and filed a complaint against the cops but was killed on her way home. We’ve also seen a barangay official locking a group of curfew violators in a dog cage and posting their photo on Facebook. Unfortunately, these are not isolated incidents, which is why you cannot blame people for having certain concerns about curfew policies. It’s important for officials to provide clear communication about curfews, precisely because they are often inequitably enforced, often targeting young people and poor residents. For instance, Roque in his announcement said Manila, Muntinlupa, and Pasig were exempt from the curfew because their local governments needed to amend their respective ordinances first. And yet residents in these cities are already hearing curfew orders blaring from the megaphones of barangay officials, telling them in Filipino “It’s 8 p.m.! Do not go out!” Confusion and concern are also swirling among workers in certain industries who should be exempted from the curfew, all this because information about the rules is released in patchwork fashion, if at all. John Forbes, senior adviser of the American Chamber of Commerce of the Philippines, said there has to be an exemption for workers who work at night. The curfew would, of course, impact the BPO industry, the largest private employer in the country, with about 1.3 million employees, most of whom work in night shifts. Aside from BPO workers, curfew exemptions are also needed for healthcare personnel, of course, as well as logistics and transport workers handling essential items. Other exemptions should include journalists who work roundthe-clock, people traveling to or from airports with necessary documents and those who have to leave the house on an emergency basis. Philippine Franchise Association Chairman Richard Sanz noted that an 8 p.m. curfew may be too restrictive for food establishments and restaurants. He said: “It forces stores to close very early at 6 p.m. considering store closing/ cleaning procedures and travel time of employees going back to their homes. We hope that this can be amended to 10 p.m. to allow food businesses to serve dinner and maximize sales for the day to cover for the higher-than-normal overhead expenses during this time of pandemic. Extending the curfew to 10 p.m. will be a big help for all businesses, many of which are on the verge of folding up, but provided that all health and safety protocols and precautions are in place.” A curfew extension should also be considered for the thousands of NCR workers who go home to nearby provinces every day. But we dare ask, why impose a curfew at all? Shutting most everything down earlier means more people going out to buy necessities and do errands together during the daytime. Why foreclose that option of having a nighttime consumer population to diminish daytime crowds and also help businesses? For as long as people practice social distancing, wear masks and face shields, who cares if they go out at night or during the day? Night or day, the virus is just as virulent.

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BusinessMirror A broader look at today’s business

Full lockdowns no longer an option

I believe we can further reopen the economy even on a gradual basis. LGUs in the National Capital Region, for instance, can limit the curfew hours between 10 p.m. and 5 a.m. and further to 12 p.m. and 5 a.m. The ability of restaurants, fast-food chains and malls to hire back their employees is hampered by the current curfew hours.

The World Health Organization has recognized that additional lockdowns are no longer necessary to address rising cases, especially in Europe. The head of WHO’s European branch, Hans Kluge, says with “the basic nationwide and additional targeted measures, we are in a much better position to stamp out these localized virus flare-ups.” “We can manage the virus and keep the economy running and an education system in operation,” adds the WHO official.

from its earlier estimate of 70 million to 100 million. President Duterte himself found the need to balance the country’s anti-Covid-19 health measures with the economy. He acknowledged the need to reopen further the economy as small and medium enterprises were “barely surviving.” I fully agree with his decision last week to place Metro Manila and the provinces of Laguna, Cavite, Rizal and Bulacan back to the looser general community quarantine status, where rail transit, jeepneys, taxicabs, select buses and other forms of mass transportation can partially operate again.

Manny B. Villar

THE Entrepreneur

he Philippines and the rest of the world are now in a much better position to deal with the Covid-19 pandemic. The strict lockdowns in the past contained the virus spread to a certain extent. But there is no longer a need to resort to them despite recent spikes. Localized lockdowns may be more effective without causing greater damage to the economy.

Pricing stocks

Pricing is genuinely based on the “greater fool theory,” which sounds much more offensive and rude than it truly is. You can apply that to trading baseball cards, condos, and farmland in Batangas if current income is not the investment objective. You are buying, anticipating that someone will pay you a higher price in the future.

That is how the market-pricing mechanism works, to the mutual benefit of both buyers and sellers. Over the short term, external factors can disrupt this pricing system. Weather factors can both increase and decrease expected supply, changing price discovery that can essentially be detrimental to both farmers and bakers. Farmers have no control over adjustments that bakers must make to change consumer demand. Bakers cannot fully anticipate temporary cost-push problems that farmers may encounter. However, the market-pricing mechanism will always come back to equilibrium unless “permanent” interference, most generally from government, happens. And you see it all the time. Government

user for the asset. Farmers actually grow wheat and bakers actually bake bread. Speculators, only interested in trading profits, can enter and make a short-term price fluctuation that moves in their favor. But the farmer who produces an average of 1.2 million pounds of wheat determines the general price through the market. Therefore, genuine stable market pricing does not properly function when there are few, if any, reliable end users and that includes stocks, cryptos, and most precious metal trading. Nobody bought Bitcoin to buy a sandwich at a Subway store in Buenos Aires. Even Amazon does not accept it. While the best-selling author and smartest person in the stock market has said to buy Jollibee Foods Corp. shares at P300 in January 2019, no one bought it for a share-of-the-

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OUTSIDE THE BOX

T. Anthony C. Cabangon Lourdes M. Fernandez

The Philippines also has learned its lessons from the series of harsh lockdowns imposed in Metro Manila and the rest of the nation. The economy shrank 16.5 percent in the second quarter of 2020 and many lost their jobs because people’s mobility was severely restricted. The pandemic, in addition, likely worsened the poverty problem in the Philippines and elsewhere. The World Bank has estimated that as many as 100 million people were driven back into extreme poverty

he farmer wants the price of wheat high enough so that he can make a profit. Yet he also wants the price to be low enough so that buyers will take up his entire crop production. The baker wants the price of wheat low enough so that he can make a profit. Yet he also wants the price to be high enough so that farmers will continue growing a stable supply. subsidies, in particular, where commodity producers rush to take advantage of the free money. Oversupply occurs, causing market price to drop to a level where distributors to end-users cannot make a profit. Then the government must intervene to subsidize that side of the equation. The US government subsidizes milk producers that create an oversupply, outstripping market demand. So, that excess milk is made into cheese, which the government buys. Currently, the US government has a stockpile of processed cheese of about 1.4 billion pounds or 4.25 pounds for every person. The market pricing mechanism, though, only functions properly for a commodity where there is an end-

President Duterte and the local government units wisely opted for what we may call a strict GCQ, where granular or localized lockdowns are being imposed. LGUs are now increasing their contact tracing efforts and have become more aggressive in placing more people in isolation facilities as opposed to home quarantines. We must not lower our guard despite the GCQ status—Covid-19 remains a threat and will be here for a while until a vaccine is readily available. We are still seeing a spike in Covid-19 cases mainly because of the wider testings being conducted across the capital region and the rest of the country. The Philippines, however, is not the only one with increasing cases of Covid-19. The virus is rebounding in France, Italy, Spain and Germany because of travel activities, summer holidays and parties. Italy as of Friday last week posted 845 new cases, its highest daily record since May, while France recorded 4,700 fresh infections. Spain’s daily increases exceed those of France. Latin America is faring worse. The death toll from the virus in the region See “Villar,” A7

profits P2.60 cash dividend. Buyers bought for “capital appreciation,” better called “let’s make a quick buck” trading or speculation. Therefore, pricing is genuinely based on the “greater fool theory,” which sounds much more offensive and rude than it truly is. You can apply that to trading baseball cards, condos, and farmland in Batangas if current income is not the investment objective. You are buying, anticipating that someone will pay you a higher price in the future. The pricing mechanism is simple. The price will increase—or decrease —based on the amount of money that is willing to buy and take ownership or sell and relinquish ownership of the asset. Speculative investing and buying and selling shares is easier if you realize the uncomplicated truth of following the money. Too many investors waste precious time and money trying to figure out what is going to happen in the future, like how much bread people are going to buy next year. Instead, look at what people are doing with their money right now.

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

Opinion BusinessMirror

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There’s no winning the coronavirus recovery

Joe Biden: The vaccine that America needs

By Daniel Moss | Bloomberg Opinion

any of the governments once lauded for their textbook Covid-19 responses, replete with strict lockdowns, sophisticated contact-tracing apps and clearly articulated policies, got tripped up by something in the end. In Singapore, it was an outbreak in foreign worker dorms. In South Korea, it was the premature reopening of nightclubs. Then there were other countries that did nothing glaringly wrong and still suffered. It only goes to show that there’s no winning the coronavirus recovery. Malaysia is a good example from column B. Despite doing a lot of things right, it has seen the steepest collapse of major East Asian economies, with a decline in gross domestic product of 17.1 percent from a year earlier. Malaysia moved quickly to implement tough movement control orders, while policy makers made big interest rate cuts and introduced supplementary budgets, in addition to loan moratoriums. A fairly well-developed health system managed to suppress infections: Cases numbered 9,240 as of Thursday, lower than many in the region, and there have been 125 deaths. Yet the country stands out for the depth and breadth of its contraction. Not only were exports and consumer spending holed, but also the government’s ability to put a floor under activity was barely noticeable. Bank Negara Governor Nor Shamsiah Mohd Yunus is right not to embellish the rebound that she says is under way. Her August 14 press conference discussing the second-quarter fiasco was cluttered with qualifiers and caveats describing activity now: Words like “gradual” and “cautious” were deployed liberally. Malaysians might reasonably ask: Where is the dividend for doing the right thing? For a nation that aggressively curtailed social and commercial life, the economy looks pretty grim on this side of lockdown. The contraction will still be significant this year, between 3.5% and 5.5%, the central bank reckons. Quite the contrast to the prior forecast that held out hope of at least minimal growth. Across the region, the second quarter was supposed to be the nadir. Regardless of whether clampdowns were hard or soft, irrespective of their prescience or tardiness, contractions were sharper than expected. Only the Philippines came close to Malaysia, notching a 16.5 percent drop compared with a year earlier. Thailand, often maligned for its dependence on tourism, escaped with a mild downturn by comparison. Japan, Singapore and Indonesia all took big hits, differing in magnitude. The recoveries now depend as much on the globe as homegrown initiatives. Exporters like Malaysia find their economies are waking up to a less-than-stellar world. People still seldom use the “V” letter and should

Villar. . .

Continued from A6

topped 250,000. Latin America and the Caribbean as of last Friday registered nearly 6.5 million Covid-19 cases and 250,969 deaths. Brazil is the worst affected country in Latin America with 3.5 million cases and over 112,000 deaths. It is second only to the United States as the world’s worst hit country. (The Philippines has 182,365 cases and 2,940 deaths as of Friday last week.) I believe we can further reopen the economy even on a gradual basis. LGUs in the National Capital Region, for instance, can limit the curfew hours between 10 p.m. and 5 a.m. and further to 12 p.m. and 5 a.m. The ability of restaurants, fastfood chains and malls to hire back their employees is hampered by the current curfew hours. The economy has already shown indications of bouncing back from the second-quarter slump. Balancing health and safety measures with the reopening of the economy will restore consumer and business con-

It wouldn’t be the first time Malaysia acted as a rebel in times of economic and financial distress. In the depths of the Asian financial crisis in 1998, officials defied convention by fixing the exchange rate and slapping some controls on capital. Many predicted it would end in tears, a view I concurred with at the time. We were wrong. give up on alphabet soup, period. But Malaysia could benefit from any boom in telecommunications equipment as more employees around the world work from home; the country is one of the biggest semiconductor exporters, having made a big bet on electronics manufacturing just as the age of globalization was dawning in the 1970s. Despite difficulties getting fiscal stimulus out into the real economy, Malaysian politicians have pledged to keep at it. The opposition party has even signaled its support for raising the country’s debt limit. Meanwhile, the central bank remains open to doing more: “Should there be a second outbreak, there is room for targeted policy measures to complement the ones implemented earlier,” Shamsiah said. “For example, the bank’s policy levers can be expanded or extended within this mandate.” Some have interpreted that as a veiled reference to the prospect of bond purchases to buttress an extended period of fiscal expansion. Once a no-no for serious technocrats, significant central bank buying has caught on recently in places like Indonesia and the Philippines. It wouldn’t be the first time Malaysia acted as a rebel in times of economic and financial distress. In the depths of the Asian financial crisis in 1998, officials defied convention by fixing the exchange rate and slapping some controls on capital. Many predicted it would end in tears, a view I concurred with at the time. We were wrong. Having done the hard yards on the virus and suffered economically, few can blame Malaysia for feeling shortchanged. The nation emerged from hibernation into a world whose recovery prospects are tougher than envisaged. Some kind of reinvention—monetary or otherwise—is in store. fidence. Finance Secretary Carlos Dominguez III said the nation can continue to protect lives in ways that do not prevent people from earning a living. Increased public spending, especially on infrastructure, should remain government’s priority. The economy, according to Mr. Dominguez, would have contracted further in the second quarter without increased public sector spending— especially on infrastructure, public health and social protection. The gross domestic product, he says, would have shrunk by about 2.5 percentage points more than it did in the second quarter, or 11.5 percent compared with the actual 9 percent in the January-June period. The slow but gradual reopening of the economy is an opportunity for the government the restore the millions of jobs lost at the height of the pandemic. There should be no turning back. The past rigid lockdowns that shut down businesses are a good eye-opener. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

Tuesday, August 25, 2020 A7

Manny F. Dooc

TELLTALES

inally, after several heartbreaking attempts, Joe Biden got the long-sought prize in his life-long political odyssey. His previous presidential runs in 1987 and 2007 dismally ended without even winning a single primary contest. On his first attempt, he was accused of plagiarizing a part of his campaign speech, inflating his academic performance and exaggerating youth activism. On his second attempt, Obama and Clinton largely dominated the field and he withdrew from the race after getting less than 1 percent of the votes in the Iowa caucuses. He admitted doing some dumb things in his unsuccessful presidential bids and obviously he learned his lessons well. This year, as a frontrunner, he was more disciplined—no longer the gut politician who is partial to ad-libbing and swaggering just to entertain the crowd. After initial setbacks this year, his political fortune turned around in North Carolina when he won his first primary election largely with the support of the black majority voters. And there was no turning back. He won a string of decisive primary contests leaving no chance for his closest opponent, Senator Bernie Sanders, to catch up and he clinched his party’s nomination as its official standard bearer for the 2020 presidential election. Biden is an experienced politician with a remarkable success as a member of the US Senate. He served as the US Senator representing Delaware for 36 unbroken years, one of the longest terms in that august assembly. He served as chairman of the two most powerful committees in the Senate—the Committee on Foreign Relations and the Senate Judiciary Committee. He is an expert in foreign relations and a respected law-and-order public servant, two critical issues that hounded President Donald J. Trump. Biden was the 47th Vice President of his country. If elected President, he would be the oldest American first termer to occupy the White House. He would be 78

years old on November 20, 2020, and three years older than Trump. Biden is no stranger to personal tragedy. Grief and filial loss have impelled his resolve to excel and succeed. His elder son, Beau, a former Attorney General of Delaware, died of brain cancer at 46. He was a promising public servant and a decorated military man. It was another tragic loss for Biden. His first wife, Neilia Hunter and his 13-month old daughter, Naomi, perished in a car accident in 1972, just six weeks after Biden was first elected Senator. Beau and his brother were also in the car and seriously injured but they both survived after spending months in the hospital. If not for encouragement of the elders

It’s up to every American, as aptly put by Biden, to choose between light and darkness; fact from fiction and hope over fear. November 3 is not just “a partisan moment” but also “an American moment.” No choice is clearer and more decisive to any voter who loves his country and cares for its people.

of the Democratic Party, Senators Ted Kennedy, Hubert Humphrey and Mike Mansfield, Biden would not have taken his oath of office and assumed his Senate seat. Biden then said: “Delaware can get another senator, but my boys cannot get another father.” Biden took his oath next to the hospital beds of his sons. As narrated by former presidential candidate and Obama’s Secretary of State, John Kerry, Biden once told him that tragedy involving the loss of your wife or son, creates “a black hole... in your chest, like you’re being sucked back into it…. But there comes a day when the thought of your son, daughter or wife, brings a smile to your lips before it brings a tear in your eyes.” Former President Barack Obama, endearingly said that what he admired most about Biden “is resilience, born of too much struggle, his empathy, born of too much grief.” Obama deeply acknowledged his contribution to his administration when he said: “For eight years, Joe was the last one in the room whenever I faced a big decision. He made me a better president...and he’s got the character and the experience to make us a better country.” Before he left office as Vice President, Obama conferred him the Presidential Medal of Freedom, the highest civilian decoration the US government can

BIR clarifies tax implications of travel restrictions on cross-border matters Atty. Rodel C. Unciano

Tax Law for Business

he implementation of travel restrictions as a safety measure to prevent the spread of the Covid-19 pandemic has raised concerns on the taxability of employment income of crossborder workers and the creation of Permanent Establishment (PE) of foreign enterprises in the Philippines. Under the effective tax treaties of the Philippines with other countries, the residence State has an exclusive right to tax the employment income derived by its resident taxpayers, except when the employment is exercised in another Contracting State, in which case, the latter State may tax the employment income. However, even if employment is exercised in the Philippines, the employment income will not be subject to tax in the Philippines under the following conditions: 1. The employee has not been present in the Philippines for more than 183 days (120-days in the case of Philippines-Poland tax treaty; 90 days in the case of Philippines-US tax treaty) in a year or any 12-month period, depending on the applicable tax treaty; 2. The remuneration is paid by an employer that is not a resident of the Philippines; and 3. The remuneration is not deductible against the profit of a PE in the Philippines which bears the remuneration. What would be the tax implications if the employee’s presence in the Philippines would exceed the threshold number of days in a treaty as a result of travel restrictions that prevented him from leaving the Philippines on his scheduled date of departure? Under Revenue Memorandum Circular (RMC) 83-2020, where an

individual is prevented from leaving the Philippines on his or her scheduled date of departure as a result of the travel restrictions imposed by the government, the individual will not be regarded as being present in the Philippines for tax residence purposes for the period after the scheduled day of departure. The situation will be considered as “force majeure” for the purpose of establishing the individual’s tax residence. This is on condition that the employee should leave the Philippines as soon

tax treaty. Thus, the foreign state on which the employee is a resident shall still exercise its exclusive right to tax the employment income of the employee except when the domestic company appears to be the real employer or when his remuneration is borne by a PE of the non-resident employer. What if a non-resident employee has a pending contract with her employer in her country of residence for a seven-month audit for a local client in the Philippines but due to travel restrictions, the employee was unable to fly to the Philippines on his scheduled day of departure? Will his income to be paid by the non-resident employer subject to Philippine tax? According to RMC 83-2020, the income of the non-resident employee will still be subject to tax in the Philippines. The BIR will consider circumstances that would have occurred absent such travel restrictions. What if the non-resident employee was on holiday vacation in the Philippines but unable to go back to his country of residence

In order to prove that the extended presence in the Philippines was due to Covid-related travel restrictions, the concerned individual or company shall submit to the satisfaction of the BIR relevant documents, such as authenticated sworn certification stating the relevant facts and circumstances of the bona fide presence of the employee in the Philippines, duly executed contract/s, confirmed booking or flight itinerary for the original flight, confirmed booking or flight itinerary for the re-booked flight, travel advisory on the cancellation of flight issued by the airline company, among others. as the circumstances would permit or when the travel restrictions have been lifted. Therefore, the tax residence status of a non-resident employee who is stranded in the Philippines for a certain number of days will not change even if his period of stay in the Philippines would exceed the threshold number of days under the applicable

due to travel restrictions imposed by the government on the day of his departure? Will his income to be paid by the non-resident employer during his extended stay in the Philippines subject to Philippine tax? According to RMC 83-2020, the income that the employee receives from his foreign employer is not

confer to anyone. Biden’s coronation as his party’s standard-bearer culminated last Thursday. But that is not the ultimate goal. Getting elected as his country’s 49th President will be the pinnacle of that dream. Biden is now on the cusp of achieving that political glory. A remarkable journey that took him on a daily train ride to Washington and back to his home in Wilmington just to be with his children everyday in all the 36 long years that he had served the Senate. Biden would travel four long hours each day in an Amtrak train to read his children bedtime stories each night and shared breakfast with them each morning. And yet he had done so much as one of the foremost legislators of his country, sponsoring legislative measures that had improved the lives of every American. In his own words, Biden cannot be more emphatic in describing the great significance of this forthcoming general election when he said: “This is a life-changing election that will determine America’s future for a very long time. Character is on the ballot. Compassion is on the ballot. Decency, science, democracy. They are all on the ballot. Who we are as a nation. What we stand for. And, most importantly, who we want to be. That’s all on the ballot.” It’s up to every American, as aptly put by Biden, to choose between light and darkness; fact from fiction and hope over fear. November 3 is not just “a partisan moment” but also “an American moment.” No choice is clearer and more decisive to any voter who loves his country and cares for its people. It appears that Biden is the vaccine that America needs to overcome the pandemic of hate, injustice, distrust and despair currently reigning across America.

from a Philippine source as he has only been on leave when he arrived in the Philippines. Being so, he does not have to declare his income in the Philippines. This is provided that the employee should leave the Philippines as soon as the circumstances would permit him to do so. As regards creation of PE, the effects of Covid-19 will not result in the creation of a PE if the following requirements are met: a) The nonresident foreign company did not have a permanent establishment in the Philippines before the effects of Covid-19; b) There are no other changes in the company’s circumstances save for the extended stay of its employee, partner or agent in the Philippines because of travel restrictions; and c) The employee, partner or agent should leave the country as soon as the circumstances would permit. In order to prove that the extended presence in the Philippines was due to Covid-related travel restrictions, the concerned individual or company shall submit to the satisfaction of the BIR relevant documents, such as authenticated sworn certification stating the relevant facts and circumstances of the bona fide presence of the employee in the Philippines, duly executed contract/s, confirmed booking or flight itinerary for the original flight, confirmed booking or flight itinerary for the re-booked flight, travel advisory on the cancellation of flight issued by the airline company, among others.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

A8 Tuesday, August 25, 2020

‘BSP relief not enough to boost spending for property market’

By Tyrone Jasper C. Piad @Tyronepiad

HE recent measure injecting liquidity into the real-estate sector by the Bangko Sentral ng Pilipinas (BSP) may not be enough to jump-start the spending for the industry as the economy struggles with the coronavirus pandemic. ING Bank Manila Economist Nicholas Antonio T. Mapa, in an e-mail to the BusinessMirror, said the recent BSP move was able to channel funding resources for the real-estate sector, but problems on the demand side may curtail investment still. “The problem, however, will likely be on the demand side; with the economy hard hit by the pandemic, most households and corporates will be in ‘survival mode’ and thus investments in real estate may not pick up no matter how many

times BSP adjusts the cap,” Mapa explained. The Monetary Board approved last week BSP’s amendments raising the real-estate loan limit of universal and commercial banks and thrift banks to 25 percent from 20 percent. “There is greater flexibility...for larger banks to increase lending activities for the...property sector and help stimulate more...economic activities, given the high multiplier effects of real estate on the economy,” RCBC Chief Economist

Michael L. Ricafort said. The Central Bank was aiming to push bank lending to households for purchase or construction of residential real-estate property. BSP Governor Benjamin E. Diokno said the ease in restriction translated to additional P1.2 trillion worth of liquidity for the property sector. If the 25-percent limit were maximized for the universal and commercial banks, Ricafort said an additional P642 billion worth of loans will be provided for the real-estate industry. Still, Mapa pointed out that the “real estate will contract sharply with investors and households likely conserving limited resources for operating expenses and basic goods and services.” He said it might take some time before the real-estate industry sees recovery as the economy slumps due to “depressed” income and joblessness. While UnionBank Chief Economist Ruben Carlo O. Asuncion welcomed the new policy, he also shared Mapa’s concern on demand. “Essentials have taken center stage and non-essentials, at this

point, like big-ticket items like houses, lots, condominiums, etc., have taken the back seat temporarily,” he said. “Although the demand has not evaporated altogether, it may take some time for pre-Covid levels to come back,” he said, noting that a “slight demand recovery may develop in the second half” with the easing of lockdown measures in June and July.

No asset bubble

Mapa said the BSP move to widen real-estate exposure of the banks will not induce a real-estate bubble or “where market value or price on paper far outpaces actual value or capacity to generate income.” He said prices for real estate are likely to fall or remain flat. Ricafort agreed, saying that the real-estate prices are “going through a healthy dow nward correction.” This, after the “the upward trend...in prices over the past [three to four years], largely brought about by the increase in POGO [Philippine Offshore Gaming Operators] offices and workers into the country during the period.” Asuncion, meanwhile, clarified

that “asset bubbles normally occur during an economic upturn when everything is going well and high, and it normally does not exist in a downturn.” The BSP earlier said that the property market is shielded from an asset bubble, noting that prices were parallel with the market fundamentals. Diokno even said before that the property prices were supported by office demand from POGOs, traditional firms and business-process outsourcing companies. In addition, the BSP also required the said banks to conduct real estate stress tests, assuming a 25-percent write-off real-estate exposure on both solo and consolidated basis. The banks should still have a 10 percent capital adequacy ratio and 6 percent common equity tier 1 capital ratio. These are soft limits to ensure that banks can still manage risks related to real-estate exposure. According to BSP data, the bank s and tr ust depar tment registered real-estate exposure of P2.49 trillion in 2019. Of this amount, P2.17 trillion is for the real-estate loans; the rest, realestate investment.

DOH logs 4,686 new Covid cases

TOTAL of 4,686 conf i r med c a ses were logged by the Department of Health (DOH) on Monday, bringing the total number of infections in the country to 194,252. Of the 4,686 reported cases based on total tests done by 95 out of 109 current operational laboratories, 4,045 (86 percent) occurred within the recent 14 days (August 11 to 24, 2020). The top regions with cases in the recent two weeks were National Capital Region (NCR) with 2,242 or 55 percent, Region 4A (723 or 18 percent), and Region 3 (285 or 7 percent). There were 729 recoveries and 13 deaths. This brings the total number of recoveries to 132,042 while the death toll stood at 3,010. Of the 13 new deaths, 6 (46 percent) happened in August, 6 (46 percent) in July, and 1 (8 percent) in June. Deaths were from NCR (8 or 62 percent) Region 4A (2 or 15 percent), Region 7 (1 or 8 percent), Region 5 (1 or 8 percent), and Region 11 (1 or 8 percent). Meanwhile, Health Undersecretary Maria Rosario Vergeire has emphasized that the process of tagging time-based recoveries through the agency’s “Oplan Recovery,” reported every Sunday, only applies to mild and asymptomatic confirmed cases but does not apply to severe and critical cases, nor for immunocompromised patients. Vergeire also highlighted the importance of following healthy coping mechanisms while in isolation. She also clarified that there is no need to get tested after carefully observing the 14-day isolation period and after being assessed as recovered by a physician. Claudeth Mocon-Ciriaco

A Philippine flag hovers a homeless family on Delpan Bridge in Manila. The government has allocated P6 billion for “individuals in crisis” and other programs of the Department of Social Welfare and Development in its P165-billion Bangon Fund. BERNARD TESTA

PhilHealth insists: No cover-up try, despite ‘leak’

M B AT T L E D Ph i l i p p i ne Hea lt h Insurance Cor p. (PhilHealth) assured authorities on Monday it stands ready to provide the necessary documents they will need in their investigation after it debunked allegations of a “cover-up” through the leak incident in its Region 1 office in Dagupan City. In a statement on Monday, PhilHealth OIC President and Chief Executive Officer Arnel F. de Jesus reiterated that the documents are intact and vowed to cooperate with investigating authorities. “As to the presence of NBI agents in the head office, the Agency fully understands their concern to protect essential documents needed by the Task Force PhilHealth in their investigation. PhilHealth assures them that these documents are intact and will be made available to them,” de Jesus said. PhilHealth issued the statement after senators expressed suspicion that the “leak ” at the agency’s Region 1 building was intentionally done to destroy evidence. PhilHea lth insisted that a heavy downpour had caused the leak, but it said all documents were accounted for and no critical equipment suffered damage from the incident. “Reports that circulated citing that the affected areas are the IT and Accounting Sections which are both located at the ground floor are false. Footage that circulated showing the leaks affecting computers and printers was at the Benefit Administration Section, which is located at the mezzanine. PRO 1’s IT personnel have acted swiftly to save the said equipment. Nevertheless, all electronic data are secured in its data centers owing to the electronic filing of claims,” it said. While it said the Philippine National Police, Bureau of Fire Protection, Criminal Investigation and Detection Group, and the National Bureau of Investigation have initially looked into the incident, PhilHealth’s regional office is also conducting parallel investigation and is coordinating with the NBI to secure a copy of their own report to the Department of Justice. PhilHealth has also appealed to the public to refrain from speculating so as not to cause undue public concern. Bernadette D. Nicolas

‘PHL protest fine, but let’s avoid war trap’ By Butch Fernandez @butchfBM

MID continuing tension between China and the Philippines over the former’s muscle-flexing in disputed territory, lawmakers hailed the consistent diplomatic protests by Manila, saying this was necessary to prove that it never slept on its rights. However, one of them cautioned against any other move that could draw the country into geopolitical machinations by certain US forces to “concoct” a war overseas as President Trump struggles in his reelection campaign. Recalling the truism that discretion is the better part of valor, Sen. Imee Marcos said: “In the run-up to a bitter US election in November, there are extreme partisans concocting the outbreak of war in some distant, isolated nether region overseas. Scuttle-

butt has it that wartime presidents always win; therefore a war is now needed to win.” Marcos was among senators whose comments were sought on the view of noted constitutionalist Fr. Ranhilio Aquino that President Duterte’s repeated public comments that China “is in possession” of the South China Sea, including the West Philippine Sea, might eventually harm Manila’s position in international venues. Fr. Aquino had said in a radio interview on Monday that, while he noted “the courage of [DFA Secretary] Teddy Boy Locsin” in consistently filing diplomatic protests against Beijing’s aggressive acts, occasional statements by Duterte about China being “in possession” was unnecessary. Perhaps, Fr. Aquino suggested, the impact of this could be blunted by a congressional resolution denying China has, in fact, possession of

disputed territory. Sought for comment, Sen. Aquilino Pimentel III, pointed out, however, that “possession is not a matter of battle of words or resolution. It is a matter of control, including ‘constructive’ control.’” Pimentel acknowledged that the West Philippine Sea and the South China Sea are both “too wide to be actually controlled because no population can live on sea. Hence, no need for a debate on who has control.” Pimentel, who chairs the Senate foreign relations committee, noted that “the situation on the ground [sea] will determine control.” T he senator sug gested that the Duterte government should “strengthen our navy and coast guard so we can conduct patrols of our own sea and EEZ [exclusive economic zone] and enforce our laws within our territorial and EEZ limits.

“Also, we, through the Department of Foreign Affairs, should educate our people and the world about the ruling of the arbitral tribunal on the SCS/WPS,” Pimentel said. “The more people who understand the ruling and its logic/reasoning, then the bigger chance that people get to see the correct legal picture.”

Caution vs saber-rattling

For her part, Senator Marcos also supported the DFA’s consistent protests against Beijing’s incursions —the latest being last August 21, after Chinese forces seized fishing equipment of Filipinos at Panatag Shoal. However, in a Viber message to BusinessMirror, Marcos also noted that certain forces in America may be riding on tensions in the Asia Pacific, and saber-rattling to stir conflict, given historical trends of wartime presidents winning reelection.

“I am deeply concerned about these machinations and pray that the utmost discretion and prudence shall be exercised in the South China Sea. Above all else, the Philippines must not become that lightning rod for war, and at no point should Filipino lives be put in harm’s way,” said Marcos. On Friday, the Department of Foreign Affairs (DFA) issued what it said was its 60th diplomatic protest against China’s moves to assert ownership in the troubled seas, where its nine-dash line claim imposes a footprint over 80 percent of the area. The Permanent Court of Arbitration (PCA), in response to a case filed by Manila, had said in July 2016 that such nine-dash line claim has no historical or legal basis. It also declared Scarborough Shoal (Panatag) as a historic fishing area for various nationalities in the region, and said China cannot claim it as its own.

Companies BusinessMirror

www.businessmirror.com.ph

Tuesday, August 25, 2020

SMC fast-tracking Skyway Extension project

By Lorenz S. Marasigan

strictions brought on by the lockdown, we’ve had to make a lot of adjustments. But we are on track to deliver the entire northbound section of the Skyway Extension by end of this year,” Ang said. T he compa ny i n it i a l ly i ntended to complete the section by July this year, but due to the lockdown, the conglomerate was forced to push the construction schedule back. “When we open this northbound section, motorists will enjoy smoother and faster trips from Calamba going to Makati and other parts of Metro Manila,” he said. “By improving traffic flow and reducing congestion, this project will also help in accelerating trade and tourism, particularly south of Metro Manila. That is something we need to further help our economy during this pandemic,

@lorenzmarasigan

iversified conglomerate San Miguel Corp. (SMC) said on Monday it is on track to meet its target of completing the northbound section of the Skyway Extension by December, with its chief saying that construction works are “at an accelerated pace.” SMC President Ramon S. Ang said currently, the company is working on the section that runs from the Soldiers Hills area to the Sucat Mainline Toll Plaza. He also expressed confidence that with the

fast-tracking of the construction works, his group will be able to deliver its commitments despite delays brought about by the pandemic. “Because of the delays and re-

Photo from www.sanmiguel.com.ph

and after it.” Ang noted that his group will have to close the northbound Skyway on-ramp section before Sucat in the vicinity of Amkor Anam, starting August 24 to implement board piling works. Currently, of the 92 bored piles northbound, 85 have already been completed. Fabrication of other components such as unibridge and concrete slabs is ongoing. With the closure, northbound Class 1 vehicles may continue to access the steel ramp towards the elevated section of the Skyway. All Class 2 vehicles including buses and vans meanwhile should take the At-Grade section. The entire Skyway Extension project is expected to be delivered by middle of next year, when the southbound section, from Sucat to Soldiers Hills, has been completed.

House grants Dito franchise to operate DOTr to craft policy By Jovee Marie N. Dela Cruz @joveemarie

he House of Representatives on Monday approved on third and final reading a franchise bill allowing the Dito Telecommunity Corp. to complete its rollout and establish and install a telecommunication system nationwide. Voting 240 affirmative, 7 negative and zero abstention, lawmakers approved House Bill 7332, which grants the franchise of the DennisUy led Mislatel consortium, or the Dito Telecommunity Corp. Dito Telecommunity is composed of Chelsea Logistics and Infrastructure Holdings Corp., Udenna Corp, and China Telecom. The bill, which was authored by House Committee on Legislative Franchises Chairman Franz Alvarez and Valenzuela Rep. Weslie Gatch-

Takeda to sell consumer unit to Blackstone

akeda Pharmaceutical Co. agreed to sell its Japanese consumer health-care business for 242 billion yen ($2.3 billion) to Blackstone Group Inc., which plans to take the over-the-counter medication unit public in about five years. For the drugmaker, the sale represents another piece of its plan to dispose $10 billion in assets after its $62 billion mega-acquisition of Shire Plc last year. The unit, which sold for a lower price than expected likely due to the impact of the coronavirus pandemic on its finances, could benefit from the government’s push to curb health-care costs, including in prescription medicine. But it’s been losing ground to rivals in Japan in recent years and the Blackstone takeover could help rejuvenate the seller of household brands like Alinamin energy drinks and Benza Block cold medication. Blackstone aims to invest 50 billion yen into the business, with a goal of exiting the investment in about five years by taking the company public, said Atsuhiko Sakamoto, a senior managing director at the asset manager, in an interview with Bloomberg on Monday. It has a three-year plan to strengthen the business’s Asia sales through its networks in Taiwan, China and Thailand, and to develop and launch new products based off its already-popular offerings, he said. “It has lost some market share in recent years due to lack of investment and new products. We want to put it on track for self-sustaining growth,” Sakamoto said.

Pretax gain

The unit generated revenue of 60 billion yen in the 2019 financial year, Takeda said in a statement. The company plans to record a pretax gain of about 140 billion yen when the deal closes, which is expected by March 31 next year. For Takeda, the deal brings it close to its goal of $10 billion in asset disposals, as Japan’s largest drugmaker attempts to shed some of the $31 billion in debt that the Shire acquisition added to its balance sheet. Before the Blackstone sale, the company had announced six deals valued at up to $8 billion since April 2019. Although the deal will contribute to Takeda’s deleveraging, the primary goal of the sale was to help the consumer business find a new way to succeed, said Corporate Strategy Officer Milano Furuta in a call with reporters Monday. Bloomberg News

alian, grants the 25-year franchise application of DITO to construct, install, establish, operate, and maintain wired and/or wireless telecommunications systems in the country. The bill prohibits the grantee to lease, transfer, sell, or assign the franchise, rights, or privileges or its controlling interest without the approval of Congress. Under the bill, the grantee shall be mandated to conform to the ethics of honest enterprise, operate its stations in a satisfactory manner at all times, and to extend its services in compliance with the Free Mobile Disaster Alerts Act. The bill also gives the President of the Philippines the right to temporarily take over and operate the stations or facilities of the grantee, to temporarily suspend the operation of any station or facility in the interest of public safety, security and public

welfare, or to authorize the temporary use and operation thereof by any agency of the government in times of war, rebellion public peril, calamity, emergency, disaster or disturbance of peace and order. It also requires the grantee to offer to Filipino citizens at least 30 percent of its outstanding stock in any security exchange in the Philippines or through other methods of encouraging public participation by citizens and corporations operating public utilities as allowed by law. The bill also mandates the grantee to ensure that at least 60 percent of its employees are regular employees and in no case shall the percentage of contractual employees, job orders, casuals, talents and independent contractors combined, exceed 40 percent of its total workforce, and to include in its annual report to Congress the number of its regularized

employees and secure a compliance and clearance certificate from the Department of Labor and its relevant attached agencies. It requires the grantee to submit an annual report to the Congress of the Philippines on its compliance with the terms and conditions of the franchise and its operation on or before April 30 of every year. The bill imposes a fine of P1 million per working day of noncompliance with the reportorial requirement of Congress. On July 8, 2019, President Duterte awarded Dito Telecommunity the permit to operate as the country’s third telco provider. On November 19, 2018, it was given the status of new major player in the telco industry by the National Telecommunications Commission. Dito Telco earlier said it aims to begin commercial operations in March next year.

SEAF invests in local accounting firm By Roderick L. Abad @rodrik_28 Contributor

he SM A L L Enter pr i se Assistance Funds (SEAF) announced that it has invested in CloudCfo, a technology-driven provider of outsourced accounting, bookkeeping and finance services for local startups and small and medium enterprises (SMEs) in the country. SEAF said the investment—its second in the Philippines—was made by the SEAF Women’s Opportunity Fund (SWOF). According to SEAF Senior Managing Director Jennifer Buckley, this initiative is "exciting" because it will help develop the entrepreneurial ecosystem in the country. “SMEs are an important lever in the country’s broad-based economic development and poverty eradication. We are impressed by the strong expansion of its customer base, particularly among women entrepreneurs, while exhibiting solid retention metrics,” she said. CloudCfo plans to use the investment at an undisclosed amount to grow faster across three key business areas—investment in technology, further development of its in-house expertise and staff, as well as the expansion of its services within the market. CloudCfo Founder and Chief Executive Officer Mickael Cardoso Das Neves said the benefits of technology for accounting have become "evident" since the Covid-19 pandemic hit worldwide. Neves said businesses have been taking advantage of cloud account-

Photo from www.cloudcfo.ph

ing solutions to reduce disruption and maintain oversight and management across their accounting, finance and compliance functions. “We expect this trend to continue as more and more businesses transition to digital,” he said, adding that they are already prepared as more and more accounting firms veer away from their traditional business model. “Through the integration of cloud accounting software and online solutions with robust financial controls and processes, we are providing a service for clients that does not currently exist in the Philippines. This is Accounting 2.0.” The company provides an endto-end accounting service that allows clients to monitor and manage their finances from any location. Recently, CloudCfo developed its ow n process management platform that enables and drives accountability, consistency and transparency across a firm’s finance department. It offers this channel to clients, free of charge, as part of its service. SEF Investment Director Rowena Reyes said “SEAF sees great potential in CloudCfo and particularly how it [sic] embraced a culture

of lifelong learning, enabling employees’ professional and personal development.” She added that their partnership with CloudCfo will “support the development of its proprietary technology and the expansion of its presence in the Philippines to accommodate its growing workforce.” Based in Mandaluyong City, CloudCfo currently employs 45 employees and services over 100 companies in various industries, including technolog y, e-commerce, finance and lending, restaurants, hotels, manufacturing, business services and retail. The company offers a full range of accounting, bookkeeping, tax compliance and financial reporting services—all performed entirely online and are fully enabled by cloud technology. Global investment management group SEAF targets both financial returns and significant social impact by providing capital, capacity building, and a global network to support SME expansion. SWOF is investing up to $2 million per investment in growthoriented, women-led businesses in Vietnam, the Philippines, and Indonesia.

for cashless payment in PHL expressways

he Department of Transportation (DOTr) has created a working group that will create “new processes and procedures” for the implementation of cashless and contactless transaction in expressways. Transportation Secretary Arthur P. Tugade said included in the attached agencies involved in this initiative are the Toll Regulatory Board (TRB), the Land Transportation Office (LTO), and the Land Transportation Franchising and Regulatory Board (LTFRB). They have three months to complete the said policy. “We carry with us the burden of ensuring that our transport facilities will not be a transmission vector of the disease, while at the same time, providing an efficient system of public transport. With both tasks at hand, there is a need to strike a balance. Requiring contactless transactions is one of our ways of doing it,” Tugade said. Each agency, he said, has a specific task for the formulation of the new policy. The TRB, for instance, will promulgate rules and regulations requiring concessionaires and operators of toll expressways to fully transition

to an electronic toll collection system. The LTO will submit a study exploring ways and means to allow for a full cashless and contactless System along expressways; while the LTFRB will monitor the compliance of all Public Utility Vehicles (PUVs) on the mandatory use/ installation of electronic tags or use of other cashless systems in their units. “We understand that it will not be easy for everyone at the onset. If there will be initial inconveniences, let us look forward to the long-term benefit of it,” he said. Tugade explained that shifting the cashheavy toll collection to cashless and contactless technology will “complement other health protocols now being enforced by the government, such as physical distancing, as it aims to limit human intervention and remove the traffic queuing and congestion at the toll plazas.” The policy will cover all existing and future expressways. Currently, expressways offer motorists various modes of payment for their toll. These include cash, tap-and-go payments, and RFID. Lorenz S. Marasigan

Companies BusinessMirror

Tuesday, August 25, 2020

PSE STOCK QUOTATIONS

August 24, 2020

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

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

44.75 87.05 63.3 20.45 8.26 34.05 17.1 19.78 48.15 94.7 16.2 96 53.9 0.83 20.9 0.59 2.54 0.96 0.28 0.62 155.1 1900

45 87.2 64 20.55 8.27 34.3 17.46 19.8 48.95 106 16.26 96.95 54 0.85 21.65 0.6 2.63 0.99 0.29 0.63 156 1915

44.9 90 63.5 20.5 8.2 34.7 17.46 20.2 48 94 16.42 96.5 53.95 0.84 22.35 0.54 2.52 0.99 0.29 0.64 158 1915

45 90 64 20.55 8.28 34.9 17.46 20.2 48 94.5 16.42 97.45 54 0.85 22.35 0.6 2.54 0.99 0.29 0.64 158 1915

44.55 87.05 62.3 20.4 8.17 34.05 17.46 19.68 48 94 16.2 95.15 53.6 0.83 20.7 0.54 2.52 0.99 0.28 0.63 155 1915

45 87.05 64 20.55 8.26 34.05 17.46 19.78 48 94.5 16.2 96.95 54 0.84 20.9 0.6 2.54 0.99 0.28 0.63 156 1915

5200 4976520 1479170 75700 803100 4583400 100 89400 100 110 22400 255320 69260 291000 2100 185000 13000 1000 830000 4000 1410 10

232680 435378178.5 93959087.5 1549820 6611683 156997595 1746 1770874 4800 10390 365438 24573582.5 3732814 244150 45105 102440 32780 990 239500 2550 221555 19150

85445 -245892921 1647732.5 -508810 -551294.9996 -84775395 -738128 -324787.9997 -3615505.5 -2545669 2900 -630 157500 -

INDUSTRIAL AC ENERGY 2.76 2.77 2.77 2.8 2.75 2.77 5422000 14,981,880( 1.27 1.28 1.28 1.29 1.25 1.28 2792000 3543870 ALSONS CONS ABOITIZ POWER 25.7 25.9 25.8 26 25.65 25.7 976300 25123105 0.157 0.16 0.16 0.16 0.156 0.16 350000 55060 BASIC ENERGY FIRST GEN 23.65 23.7 23.75 23.75 23.5 23.65 888700 21033240 FIRST PHIL HLDG 60.7 60.8 60.7 61 60.7 60.7 61110 3709494 270 270.8 272 272 267.2 270 359330 96832216 MERALCO MANILA WATER 13.48 13.5 13.7 13.8 13.4 13.5 1234700 16764828 3.08 3.09 3.1 3.12 3.07 3.09 402000 1243610 PETRON 3.12 3.3 3.16 3.3 3.15 3.3 31000 97860 PETROENERGY PHX PETROLEUM 11 11.2 11.2 11.2 11 11.2 27000 301000 17.24 17.3 17.2 17.3 17.06 17.3 612600 10573170 PILIPINAS SHELL SPC POWER 8.3 8.4 8.35 8.4 8.27 8.4 37000 309357 7.75 7.83 7.8 7.83 7.58 7.83 92300 715658 AGRINURTURE 2.37 2.39 2.4 2.4 2.37 2.37 1627000 3858980 AXELUM CNTRL AZUCARERA 11.32 11.38 11.4 11.4 11.3 11.3 4200 47780 16.36 16.38 16.26 16.5 16.26 16.38 2009400 32939454 CENTURY FOOD 4.9 5 5 5 4.85 4.9 36000 177010 DEL MONTE DNL INDUS 4.9 4.91 5.06 5.06 4.91 4.91 868600 4,290,241( 10 10.08 10.1 10.1 9.87 10.08 525451500 5202011945 EMPERADOR SMC FOODANDBEV 66.2 67.35 66.3 67.5 66.2 67.35 266200 17916442.5 ALLIANCE SELECT 0.66 0.67 0.66 0.67 0.65 0.67 385000 253130 1.16 1.18 1.17 1.19 1.15 1.18 5037000 5864930 FRUITAS HLDG GINEBRA 36.5 39.45 39.45 39.45 39.45 39.45 600 23670 141 141.2 139.6 141.5 139.6 141.2 462920 65219719 JOLLIBEE 36.1 43 43 43 43 43 100 4300 LIBERTY FLOUR MACAY HLDG 7.95 8.01 8.7 8.7 7.95 7.95 90200 735183 4.74 4.8 4.8 4.86 4.74 4.8 110000 524950 MAXS GROUP MG HLDG 0.13 0.138 0.131 0.131 0.13 0.13 210000 27500 5.56 5.57 5.5 5.7 5.5 5.57 264700 1466129 SHAKEYS PIZZA 1.28 1.29 1.3 1.3 1.23 1.28 9135000 11636190 ROXAS AND CO RFM CORP 4.31 4.44 4.44 4.44 4.44 4.44 1000 4440 0.105 0.11 0.11 0.11 0.11 0.11 100000 11000 SWIFT FOODS 140 140.2 137.2 140 136.8 140 1727900 240065474 UNIV ROBINA VITARICH 0.77 0.78 0.78 0.78 0.77 0.77 504000 388410 52.3 54.95 54.95 54.95 54.95 54.95 10 549.5 CONCRETE B CEMEX HLDG 1.36 1.37 1.3 1.38 1.26 1.37 33406000 44361950 DAVINCI CAPITAL 3.55 3.9 3.91 3.91 3.51 3.51 26000 94580 10.3 10.5 10.5 10.5 10.3 10.48 627100 6575294 EAGLE CEMENT EEI CORP 5.32 5.33 5.42 5.42 5.31 5.32 613500 3283169 5.2 5.24 5.26 5.3 5.05 5.24 1337200 6879917 HOLCIM 6.29 6.3 6.37 6.4 6.25 6.3 1105600 6975209 MEGAWIDE TKC METALS 0.66 0.68 0.64 0.68 0.64 0.66 66000 42700 0.74 0.75 0.75 0.75 0.74 0.74 107000 79400 VULCAN INDL CHEMPHIL 117 139.8 115 116 115 115 330 38070 1.93 1.94 1.93 1.93 1.91 1.93 34000 65570 CROWN ASIA 1.89 1.9 1.9 1.94 1.9 1.9 63000 120080 EUROMED LMG CORP 4.5 4.96 4.52 4.52 4.51 4.51 10000 45120 3.85 3.89 3.85 3.89 3.85 3.89 4000 15440 MABUHAY VINYL PRYCE CORP 4.05 4.1 4.05 4.06 4.05 4.05 11000 44570 CONCEPCION 18.62 19 19 19 18.52 19 534600 10157352 1.77 1.79 1.79 1.81 1.75 1.79 4670000 8344010 GREENERGY INTEGRATED MICR 4.82 4.88 4.8 4.89 4.78 4.88 90000 434600 0.97 0.98 0.98 0.98 0.96 0.98 169000 163630 IONICS 4.25 4.59 4.64 4.64 4.64 4.64 1000 4640 PANASONIC SFA SEMICON 1.38 1.39 1.43 1.43 1.34 1.39 2893000 3995690 5.69 5.7 5.7 5.79 5.68 5.7 493800 2821971 CIRTEK HLDG

2,047,110.0001) -5216180 268400 -10918 -23455072 2715972 -461720 1149184 233313 -1042820 -1648046 -19550 1,387,316.9997) -2563072 11909732.5 6500 43060 25777596 -16040 62190 244576 -1330200 50333633 7074520 -1409482 2345675 -336097 -2900806 26880 22940 -3840 4050 -0 100870 19620 -142539

HOLDING & FRIMS ABACORE CAPITAL 0.465 0.475 0.475 0.475 0.465 0.465 4010000 1883200 7.86 8.23 7.85 8.5 7.85 8.22 327400 2581747 ASIABEST GROUP AYALA CORP 732 743 730 744 721 743 182320 134369535 48.65 49.7 49.8 50 48.65 48.65 799500 39055505 ABOITIZ EQUITY ALLIANCE GLOBAL 6.1 6.11 6.2 6.2 6 6.1 9084900 55256095 AYALA LAND LOG 1.71 1.75 1.74 1.75 1.71 1.75 401000 693930 6.32 6.49 6.47 6.5 6.3 6.3 24900 160058 ANSCOR ANGLO PHIL HLDG 0.51 0.52 0.51 0.51 0.51 0.51 44000 22440 0.55 0.56 0.56 0.56 0.54 0.56 1354000 744310 ATN HLDG A 0.56 0.59 0.56 0.59 0.55 0.59 89000 50040 ATN HLDG B COSCO CAPITAL 5 5.01 5.01 5.1 4.99 5 878400 4397319 3.88 3.89 3.91 3.97 3.84 3.88 3671000 14202740 DMCI HLDG FILINVEST DEV 8.6 8.74 8.6 8.6 8.6 8.6 100 860 3.03 3.77 3.79 3.8 3.79 3.8 3000 11380 FJ PRINCE A 399.8 400 408 408.8 400 400 400170 160348728 GT CAPITAL HOUSE OF INV 2.86 2.96 2.97 2.97 2.9 2.9 12000 35220 61.9 62 63.05 63.05 61.75 62 2261610 140342906 JG SUMMIT 0.59 0.6 0.59 0.61 0.58 0.59 205000 122670 LODESTAR LT GROUP 8.42 8.43 8.45 8.55 8.4 8.43 1128500 9519339 0.51 0.55 0.56 0.56 0.56 0.56 10000 5600 MABUHAY HLDG METRO PAC INV 3.2 3.21 3.2 3.23 3.18 3.21 15190000 48759300 PACIFICA HLDG 2.88 3.04 2.88 3.04 2.88 3.04 3000 8800 0.98 1.01 1.02 1.02 1.02 1.02 2000 2040 SOLID GROUP SM INVESTMENTS 883 889 890 890 872 883 618730 546002290 99.8 100 102.9 102.9 100 100 87300 8777297 SAN MIGUEL CORP 0.67 0.68 0.68 0.68 0.68 0.68 15000 10200 SOC RESOURCES WELLEX INDUS 0.182 0.197 0.183 0.197 0.182 0.197 200000 36610 0.146 0.15 0.151 0.151 0.146 0.146 510000 74510 ZEUS HLDG

-370500 2355000 -28221965 -10511160 -14254020 461750 -600988 -3057330 -121950526 -35220 -76046382 -1130973 -17340420 55908240 -4582518 -

PROPERTY

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

0.51 30.6 0.98 25.65 1.35 0.81 0.8 0.12 5.7 4.99 0.355 0.255 15.08 5.95 0.26 0.092 0.92 0.77 7.89 1.01 0.7 3 0.249 1.18 14.66 0.228 1.52 2.66 1.74 30 3.71 1.18 3.13

0.52 30.75 1.02 25.7 1.37 0.82 0.81 0.125 5.95 5.01 0.36 0.265 15.1 6 0.265 0.093 0.93 0.81 7.9 1.02 0.74 3.02 0.25 1.22 14.8 0.233 1.58 2.74 1.84 30.5 3.81 1.2 3.15

0.52 31.3 1.03 26 1.34 0.85 0.81 0.12 5.95 5.01 0.36 0.25 15.46 5.95 0.27 0.088 0.93 0.8 7.95 1.01 0.7 3.07 0.246 1.24 14.78 0.233 1.52 2.71 1.73 30.95 3.71 1.21 3.18

0.52 31.3 1.03 26 1.37 0.87 0.81 0.125 5.95 5.01 0.36 0.27 15.46 6 0.27 0.089 0.94 0.81 7.95 1.03 0.7 3.07 0.25 1.24 14.94 0.233 1.52 2.74 1.84 31.1 3.71 1.21 3.2

0.51 30.5 1 25.65 1.34 0.8 0.81 0.12 5.95 4.98 0.355 0.25 15.1 5.93 0.25 0.088 0.92 0.77 7.89 0.99 0.7 2.99 0.246 1.16 14.64 0.233 1.52 2.71 1.73 30 3.66 1.16 3.08

0.52 30.6 1 25.7 1.37 0.81 0.81 0.125 5.95 5.01 0.355 0.27 15.1 5.95 0.265 0.089 0.93 0.77 7.9 1.01 0.7 3 0.249 1.22 14.8 0.233 1.52 2.74 1.84 30 3.7 1.2 3.15

568000 13466000 59000 2616100 304000 5171000 117000 140000 600 962300 2160000 340000 457000 645900 230000 590000 6360000 510000 17600 2621000 40000 16064000 12600000 228000 1244600 50000 8000 561000 5000 11518300 10000 1423000 2000000

294160 413534060 59190 67404640 412590 4229590 94770 16900 3570 4811916 767450 85200 6926486 3843200 58050 52060 5897470 400240 139099 2633960 28000 48310620 3138680 271310 18401918 11650 12160 1526910 8760 348764315 36820 1691080 6250050

26000 -159237185 -50000 -50530770 -14110 15970 3600 -6406498 -1887900 11865 11010 -31078830 -3943936 -53060490 -8470 -2571790

SERVICES ABS CBN 7.28 7.29 7.28 7.34 7.27 7.29 159600 1162067 5.01 5.03 5.1 5.1 4.98 5.01 637300 3194871 GMA NETWORK MANILA BULLETIN 0.395 0.4 0.395 0.4 0.395 0.4 100000 39750 12 12.4 12.12 12.46 11.8 11.8 11500 138732 MLA BRDCASTING GLOBE TELECOM 2100 2114 2128 2128 2098 2100 38440 80817030 PLDT 1385 1400 1385 1400 1368 1400 120560 167422220 0.052 0.053 0.054 0.054 0.052 0.053 2440000 129490 APOLLO GLOBAL DFNN INC 3 3.08 3.1 3.11 3 3.08 100000 307150 3.19 3.2 3.15 3.22 3.15 3.2 14315000 45684650 DITO CME HLDG 1.23 1.37 1.22 1.22 1.22 1.22 6000 7320 IMPERIAL ISLAND INFO 0.07 0.071 0.074 0.074 0.071 0.071 530000 37690 1.6 1.64 1.6 1.6 1.6 1.6 21000 33600 JACKSTONES NOW CORP 2.3 2.31 2.25 2.32 2.25 2.3 10547000 24149740 TRANSPACIFIC BR 0.175 0.177 0.175 0.18 0.175 0.177 2620000 463520 1.89 1.9 1.91 1.91 1.89 1.9 401000 761870 PHILWEB 2GO GROUP 8.5 8.6 8.62 8.8 8.5 8.6 10400 89193 15.72 16.76 16.76 16.78 16.76 16.76 6800 113980 ASIAN TERMINALS 3.25 3.26 3.33 3.33 3.24 3.26 353000 1152580 CHELSEA CEBU AIR 37.15 37.3 39 39 37.15 37.3 243400 9164440 107.4 107.5 107.3 109 106.1 107.5 2006670 215460085 INTL CONTAINER LBC EXPRESS 15 15.38 15.4 15.4 15.38 15.38 4300 66184 4.99 5 5.1 5.1 4.9 5 1017500 5057292 MACROASIA 1.61 1.63 1.62 1.62 1.57 1.61 200000 318410 METROALLIANCE A PAL HLDG 5.95 6 5.95 5.95 5.94 5.95 24200 143803 0.86 0.87 0.92 0.92 0.86 0.86 634000 553300 HARBOR STAR 1.13 1.19 1.14 1.14 1.13 1.13 7000 7920 ACESITE HOTEL BOULEVARD HLDG 0.029 0.03 0.03 0.03 0.029 0.03 48100000 1404200 0.37 0.39 0.375 0.39 0.37 0.39 240000 89900 WATERFRONT CENTRO ESCOLAR 6.3 6.5 6.3 6.49 6.3 6.49 800 5059 FAR EASTERN U 562 580 555.5 589.5 555.5 589.5 40 23240 0.31 0.315 0.3 0.31 0.3 0.31 3290000 1006100 STI HLDG BERJAYA 2.14 2.17 2.14 2.17 2.14 2.17 2000 4310 6.05 6.08 6.21 6.21 6.01 6.08 3333700 20335976 BLOOMBERRY 1.97 2 2 2 2 2 50000 100000 PACIFIC ONLINE LEISURE AND RES 1.23 1.27 1.29 1.29 1.22 1.22 49000 60070 2.16 2.42 2.42 2.42 2.42 2.42 3000 7260 MANILA JOCKEY PREMIUM LEISURE 0.285 0.29 0.295 0.295 0.285 0.29 12990000 3703850 ALLHOME 6.1 6.11 6.1 6.2 6.1 6.11 2192600 13413169 1.44 1.45 1.43 1.45 1.43 1.44 762000 1096700 METRO RETAIL PUREGOLD 51 51.05 51 51.45 50.65 51.05 3354660 171015543.5 66.5 67.05 66.35 67.05 65 67.05 720260 47494767 ROBINSONS RTL 122.1 125 125 125 125 125 33990 4248750 PHIL SEVEN CORP SSI GROUP 1.03 1.04 1.05 1.05 1.03 1.03 1096000 1135190 15.52 15.68 15.9 15.9 15.52 15.52 459100 7179730 WILCON DEPOT APC GROUP 0.295 0.305 0.295 0.305 0.295 0.295 530000 159450 6.22 6.25 6.26 6.26 6.22 6.25 13600 84946 EASYCALL 285 299 299.2 299.2 299 299 70 20936 GOLDEN BRIA PAXYS 2.04 2.24 2.05 2.05 2.05 2.05 80000 164000 0.242 0.243 0.23 0.242 0.225 0.242 48800000 11479700 PRMIERE HORIZON

-37504000 53883880 5300 -6200 282010 453240 -3820 850 93856 -3429155 -69609285 -747079 39798 4410 -594750 -9615886 19949.9999 -9249917 -633700 -44601697.5 22123433 6250 -246480 -1697296 -164000 -134000

MINING & OIL ATOK 7.61 7.93 7.66 8.1 7.52 7.92 20800 159204 19010 APEX MINING 1.58 1.59 1.6 1.6 1.56 1.58 4117000 6509160 199700 0.0009 0.001 0.0009 0.001 0.0009 0.001 687000000 628100 9000 ABRA MINING ATLAS MINING 2.85 2.9 2.94 2.96 2.85 2.9 716000 2081510 -88050 BENGUET A 2.29 2.34 2.26 2.35 2.16 2.34 413000 941820 2.14 2.31 2.17 2.35 2.12 2.34 212000 462040 2260 BENGUET B COAL ASIA HLDG 0.193 0.197 0.191 0.199 0.191 0.194 890000 174890 1820 7.6 7.66 7.62 7.68 7.42 7.66 30400 231718 DIZON MINES 1.17 1.18 1.11 1.2 1.11 1.17 78835000 89193100 -62348630 FERRONICKEL GEOGRACE 0.236 0.238 0.239 0.239 0.236 0.236 60000 14260 0.145 0.146 0.143 0.145 0.141 0.145 14490000 2073160 LEPANTO A LEPANTO B 0.143 0.145 0.145 0.145 0.145 0.145 180000 26100 0.0095 0.0099 0.0095 0.0096 0.0093 0.0095 58000000 548100 MANILA MINING A 0.01 0.011 0.01 0.01 0.01 0.01 41000000 410000 MANILA MINING B MARCVENTURES 0.93 0.95 0.9 0.96 0.9 0.93 1851000 1728060 2.03 2.04 1.94 2.06 1.91 2.03 2165000 4331410 -80330 NIHAO 3.06 3.07 2.97 3.08 2.96 3.07 12356000 37632080 322380 NICKEL ASIA OMICO CORP 0.38 0.385 0.38 0.38 0.38 0.38 80000 30400 0.58 0.6 0.57 0.6 0.57 0.6 843000 494460 1770 ORNTL PENINSULA PX MINING 3.28 3.31 3.31 3.33 3.28 3.28 1720000 5666990 1659470 SEMIRARA MINING 9.43 9.44 9.49 9.56 9.41 9.44 3157100 29841142 -4937007 0.0051 0.0052 0.0053 0.0053 0.0049 0.0051 46000000 232600 UNITED PARAGON ACE ENEXOR 5.55 5.7 5.7 5.8 5.55 5.7 26600 152165 0.0086 0.0089 0.009 0.009 0.009 0.009 4000000 36000 ORNTL PETROL A 0.0086 0.0089 0.0086 0.0086 0.0086 0.0086 7000000 60200 -51600 ORNTL PETROL B PHILODRILL 0.0099 0.01 0.01 0.01 0.0095 0.01 81000000 796120 5.62 5.63 5.63 5.69 5.61 5.62 451300 2537864 -39310 PXP ENERGY PREFFERED AC PREF B1 512 515 511 511 511 511 50 25550 102.2 102.3 101 102.2 101 102.2 39570 4040032 CPG PREF A DD PREF 100.7 103 100.6 103 100.6 100.7 25040 2521120 402400 105 105.5 105.5 105.5 105.5 105.5 6000 633000 FGEN PREF G MWIDE PREF 100 101 100 100.1 100 100 108280 10830038 1000 PNX PREF 3A 97.5 100 99.05 99.05 97.5 97.5 16920 1651350 99.1 100 101.1 102.9 99.05 100 32520 3241184 PNX PREF 3B PNX PREF 4 947 950 950 950 930 950 21250 20167880 285000 1030 1060 1030 1030 1030 1030 1030 1060900 PCOR PREF 2B 1062 1063 1060 1062 1060 1062 7825 8300500 PCOR PREF 3A PCOR PREF 3B 1070 1090 1070 1070 1070 1070 250 267500 1.4 2 1.35 1.35 1.35 1.35 1000 1350 SFI PREF SMC PREF 2C 78 78.1 78.1 78.1 77.9 78 43350 3383210 75.15 75.5 75.5 75.5 75.15 75.5 804780 60760540 SMC PREF 2D 75.5 76.85 75.45 75.45 75.3 75.3 92500 6967975 SMC PREF 2E SMC PREF 2G 75.75 76.6 75.7 75.7 75.7 75.7 8000 605600 78.5 78.85 78.3 78.5 78.3 78.5 910500 71292250 39250 SMC PREF 2I PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 6.86 6.99 6.99 6.99 6.86 6.86 19000 130366 4.73 4.8 4.75 4.75 4.73 4.73 204000 968440 GMA HLDG PDR WARRANTS LR WARRANT 0.62 0.63 0.62 0.63 0.62 0.63 32000 19950 SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.04 13.18 13.5 13.56 13 13.04 597300 7857890 -836350 1.8 1.81 1.8 1.83 1.77 1.8 1036000 1866140 ITALPINAS KEPWEALTH 5.18 5.29 5.17 5.18 5.17 5.18 19300 99931 3.2 3.21 3.25 3.25 3.16 3.21 23137000 74519910 -3161840 MERRYMART XURPAS 0.54 0.55 0.56 0.56 0.54 0.55 1410000 769960 95160 EXHANGE TRADE FUNDS FIRST METRO ETF 90 91 91.65 91.65 90 90 29640 2686031.5 145141.5

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Megaworld hastens digital shift of business processes

By VG Cabuag

@villygc

egaworld Corp., the property development arm of businessman Andrew Tan, said it will accelerate the implementation of its digitalization efforts across its businesses as the company navigates the so-called new reality.

Tan, which established the company 31 years ago, said he believes that the company can recover immediately from the pandemic starting next year but only after the vaccines for the Covid-19 is found. “We will also continue to implement enhanced safety measures in

our developments, particularly our malls and office spaces, to ensure that our guests and tenants are safe and protected,” Tan said during the company's stockholders' meeting that it conducted online. "Through all these, we will always ensure that the communities we

build will contribute to the creation of a safe, secure, and sustainable tomorrow for everyone.” He said the company’s strong financial standing puts it in an “exceptionally good position" to weather the crisis and take advantage of the opportunities that will arise once recovery begins. “The crisis also served to highlight the value of our offerings.” He did not state details as to how the company will carry out such task. Megaworld has earlier established its venture capitalist Agile Digital Ventures, and its first company to support a delivery firm that aims to connect its retailers and small and micro enterprises in its shopping malls to customers. “Internally, the company will continue to fast-track the shift to full digitalization of its business processes, particularly in sales and

marketing, customer services, property and building management, and finance,” the company said. Megaworld’s Executive Vice President Kevin Andrew L. Tan said the company will preserve its cash by temporarily deferring some of its projects and streamlining its operations. “This tried and tested strategy has allowed Megaworld to weather five major crises since it was incorporated 31 years ago, namely the coup attempts in the early 1990s, the July 1990 Luzon earthquake, the 1991 Mt. Pinatubo eruption, the 1997 Asian Financial Crisis and the 2007 global financial crisis,” he said. The company is slashing its capital expenditure by almost half this year to P36 billion, from the previous P60 billion, which will be spently mostly for its office and mall projects that are already committed for completion this year.

UnionBank, GoBear offer new loan products

nion Bank of the Philippines announced it now allows consumers to borrow via an e-commerce platform. The Aboitiz-led bank recently announced that it has teamed up with the Singapore-headquartered GoBear Insurance Broker (SG) Pte. Ltd. to create new digital loan products. “The collaboration comes amid the significant impact of the current pandemic on the personal finances of Filipinos, limiting their capacity to buy big-ticket items such as work from home essentials and supplies,” UnionBank said. While online transactions soared in the past few months, UnionBank noted that financial institutions have become more conservative in providing loans given the current uncertainties amid the pandemic. Credit card is not an option for everyone, the bank added, noting that only 1.9 percent of the e-commerce customers own one. This is where the partnership fills the gap for loan access, according to Unionbank. “The combined expertise of UnionBank and GoBear was used to develop new loan products that will be available in Lazada, one of the leading e-commerce platforms in the Philippines,” the bank added.

“We need to have a different approach to lending if we are to do our part in helping more Filipinos get access to much-needed loans,” according to Manuel G. Santiago Jr., UnionBank’s chief mass market and financial inclusion executive. “By combining the traditional strengths of a bank with that of a fintech’s [financial technogy], we are now in a position to meet this growing need by filling in the gaps.” GoBear Chief Lending Officer Mike Singh welcomed the partnership, saying it would be “gamechanging” because of they are bringing in “sophisticated data-driven underwriting and a servicing capability with real financial scale to the market.” Singh was the previous chief executive of end-to-end consumer lending firm AsiaKredit. The company was recently bought by GoBear as it expands its alternate consumer lending services. UnionBank digital product business head Harvey Libarnes, meanwhile, said that the agreement can reach many customers and offer one of the lowest available rates for borrowings. The bank said it has been launching several banking initiatives since

‘Iloilo City needs modern power distribution system’ By Lenie Lectura @llectura

he Iloilo Economic Development Foundation (ILEDF) said Monday that the lack of a stable power supply in the past years has lured away potential investors. ILEDF Executive Director Francis Gentoral said the efforts of former Iloilo distribution firm Panay Electric Co. (PECO) were not enough to meet world-class standards that could have made power rates more competitive and acceptable to new businesses. “Though PECO initiated some improvements, still they were not enough, not at par with the standards and requirements set to attract investments,” said Gentoral. The ILEDF said the city needed a utility firm with “a demonstrated capability, track record, and financial capability to operate and maintain a distribution utility for a fast-growing metropolis; make significant investments in infrastructure; systems and technology; and human resources;

and maintain a long-term commitment to Iloilo.” Gentoral is hoping that the entry of the new power utility More Electric and Power Corp. (MORE Power) would modernize the city’s power distribution system. He also urged residents to support MORE Power’s P1.8-billion investment project. MORE Power’s entry in Iloilo City last March brought down power rates to below P9 per kilowatt hour, the first time that the city’s power rates fell below P10 per kwh for two decades. He said Iloilo city’s business sector is hoping the Supreme Court would not hinder the city’s progress by rendering a decision that could impact on the future of a modern, worldclass power distribution system for the entire Iloilo region. “ILEDF calls for unity in the face of the global health crisis and for PECO to accept the thing it can no longer change in order for the whole of Iloilo City to move forward and level up as envisioned by the city government,” Gentoral said.

the pandemic forced the public into a new normal. Among these are beefing up its mobile and web platforms to offer more digital banking services. In the first semester, the Aboitizled bank saw its net income drop by

mutual funds

6 percent to P4.5 billion from P4.79 billion a year ago for the same period. Topline figures, meanwhile, surged 55 percent to P22.1 billion year-onyear on the back of improved net interest income and higher trading gains. Tyrone Jasper C. Piad

August 24, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 197.51 -23.48% -10.59% -5.28% -21.57% ATRAM Alpha Opportunity Fund, Inc. -a 1.0235 -33.85% -13.97% -4.89% -25.94% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.6378 -34.26% -15.44% -7.69% -28.29% Climbs Share Capital Equity Investment Fund Corp. -a 0.6785 -28.77% -12.32% n.a. -24.44% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6868 -20.32% n.a. n.a. -19.13% First Metro Save and Learn Equity Fund,Inc. -a 4.2528 -21.15% -8.89% -4.71% -20.18% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6657 -23.18% -11.6% n.a. -22.01% MBG Equity Investment Fund, Inc. -a 78.26 -34.32% n.a. n.a. -24.18% PAMI Equity Index Fund, Inc. -a 39.6345 -23.43% -9.23% -4.2% -22.71% Philam Strategic Growth Fund, Inc. -a 426.23 -21.16% -8.43% -4.29% -20% Philequity Alpha One Fund, Inc. -a,d,5 0.8846 n.a. n.a. n.a. -14.12% Philequity Dividend Yield Fund, Inc. -a 1.0074 -23.11% -8.81% -3.91% -21.72% Philequity Fund, Inc. -a 29.6018 -23.06% -8.33% -3.57% -21.89% Philequity MSCI Philippine Index Fund, Inc. -a 0.7849 -23.62% n.a. n.a. -22.91% Philequity PSE Index Fund Inc. -a 4.0457 -23.01% -8.66% -3.44% -22.55% Philippine Stock Index Fund Corp. -a 676.34 -22.89% -8.67% -3.63% -22.44% Soldivo Strategic Growth Fund, Inc. -a 0.6056 -33.54% -12.89% -7.75% -28.87% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.131 -27.11% -10.03% -4.82% -25.61% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7751 -23.12% -8.86% -3.65% -22.55% United Fund, Inc. -a 2.8299 -23.57% -7.75% -3.07% -22.54% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 90.817 -22.76% -8.22% -2.81% -22.35% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0537 13.22% 0.5% 2.81% 2.46% 17.14% 8.57% n.a. 9.22% Sun Life Prosperity World Voyager Fund, Inc. -a $1.5058 Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5741 -6.3% -4.2% -3.09% 0.72% ATRAM Philippine Balanced Fund, Inc. -a 2.0611 -10.78% -4.72% -1.64% -5.5% First Metro Save and Learn Balanced Fund Inc. -a 2.4121 -8.99% -3.24% -2.47% -8.34% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1842 n.a. n.a. n.a. -19.39% NCM Mutual Fund of the Phils., Inc. -a 1.836 -6.08% -1.53% -0.05% -6.4% PAMI Horizon Fund, Inc. -a 3.4992 -8.04% -2.54% -1.16% -7.65% Philam Fund, Inc. -a 15.5781 -8.57% -2.85% -1.34% -8.15% Solidaritas Fund, Inc. -a 1.9139 -10.87% -4.07% -1.32% -9.81% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2738 -15.93% -5.03% -2.58% -15.26% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9435 -7.64% n.a. n.a. -7.11% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8441 -16.33% n.a. n.a. -15.29% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8168 -18.76% n.a. n.a. -17.76% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8091 -18.72% -6.05% -3.5% -17% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03925 2% 3.03% 1.99% 2.75% PAMI Asia Balanced Fund, Inc. -b $1.0492 1.5% 3.2% 3.68% 8.06% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.1319 10.15% 6.04% 5.2% 5.66% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1652 4.78% 3.26% n.a. 3.23% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 368.34 4.19% 3.19% 2.6% 2.91% ATRAM Corporate Bond Fund, Inc. -a 1.9499 1.98% 1.03% -0.04% 2.52% Cocolife Fixed Income Fund, Inc. -a 3.1986 4% 4.92% 5.03% 2.59% Ekklesia Mutual Fund Inc. -a 2.3159 4.34% 3.13% 2.39% 4.16% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.462 4.81% 3.61% 2.02% 4.36% 4.713 8.93% 4.83% 2.85% 7.78% Philam Bond Fund, Inc. -a Philam Managed Income Fund, Inc. -a,6 1.3108 5.81% 4.38% 2.46% 4.3% Philequity Peso Bond Fund, Inc. -a 3.9615 5.82% 4.39% 2.29% 4.57% Soldivo Bond Fund, Inc. -a 1.0464 9.63% 4% 1.93% 8.51% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2 5.55% 5.1% 2.88% 4.04% Sun Life Prosperity GS Fund, Inc. -a 1.7601 4.67% 4.5% 2.38% 3.47% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $478.24 3.33% 2.57% 2.81% 2.11% ALFM Euro Bond Fund, Inc. -a Є217.05 -1.36% 0.72% 1.08% -1.25% 2.67% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2394 3.72% 3.07% 2.69% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.32% 1.96% 1.66% 2.71% PAMI Global Bond Fund, Inc -b $1.0921 -1.13% 0.34% 0.51% -0.14% Philam Dollar Bond Fund, Inc. -a $2.5083 3.91% 3.86% 3.41% 4.36% Philequity Dollar Income Fund Inc. -a $0.0610817 1.67% 2.11% 1.95% 1.3% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2321 1.85% 2.25% 2.63% 1.79% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.78 3.48% 3.27% 2.49% 2.34% First Metro Save and Learn Money Market Fund, Inc. -a 1.0442 2.31% n.a. n.a. 1.74% 2.91% 3.04% 2.61% 1.82% Sun Life Prosperity Money Market Fund, Inc. -a 1.288 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0474 1.58% n.a. n.a. 0.88% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.0297 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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Banking&Finance BusinessMirror

RCBC offshore bonds lure Asian, European investors

izal Commercial Banking Corp. (RCBC) saw the order book for its US dollar bond offering reach as much as $825 million, with most transactions coming from Asia. In a statement Monday, the Yuchengco-led bank said it had issued its debut offshore Additional Tier 1 (AT1) offer. It is a 6.50-percent “Reg S issuance” with initial size of $300 million. Investors have seen the growth of the market for Reg S bonds―debt papers that require less-stricter disclosure from the issuer―as Asians, particularly the Chinese, have become wealthier. Bulk or 79 percent of the investors that purchased RCBC’s bonds came from Asia. The balance was accounted for by European accounts. Majority of the investors were asset managers (59 percent), followed by hedge funds (17 percent) and private banks (24 percent). Credit Suisse was the sole global coordinator and sole bookrunner of the transaction. RCBC said it is allocating proceeds of the offering to fund its asset growth and other general corporate matters and to maintain enough reserves above the minimum requirements by the Bangko Sentral ng Pilipinas. “The AT1 securities, which feature a permanent write-down mechanism under non-viability event, are expected to be rated Ba3 by Moody’s,” RCBC said. On August 18, Moody’s Investors Service has assigned a Ba3(hyb) rating to RCBC’s proposed US dollar, perpetual, non-cumulative and

subordinated AT1 capital securities. In a statement, Moody’s has said the rating “is three notches below the bank’s Baseline Credit Assessment (BCA) and Adjusted BCA of baa3, reflecting Moody’s assessment of higher expected losses in light of a mandatory and/or discretionary coupon suspension on a noncumulative basis, the contractual principal write-down feature and the issuance’s subordinated claim in liquidation.” The Yuchengco-owned bank, to recall, launched two local bonds offerings, proceeds of which were earmarked for asset growth, maturing obligations and other general corporate matters. RCBC listed its P7.05-billion fixed-rate bonds in the Philippine Dealing and Exchange Corp. (PDEx) in April, noting that a strong demand from investors allowed its offering to be oversubscribed by more than two times. Last month, the bank listed with PDEx another bond offering whose order book reached P16.6 billion or more than five times the minimum issue size of P3 billion. The listed bank saw its net earnings surge 17 percent to P3.1 billion in the first half from P2.66 billion last year on the back of higher trading gains, which rose by 80.3 percent to P5.9 billion. Provision for potential losses increased by 94 percent to P5.2 billion as of end-June from P2.68 billion year-on-year. The bank reported total assets of P767 billion as of December 31, 2019, according to Moody’s. Tyrone Jasper C. Piad

How do you achieve work-life balance?

first heard of the term work-life balance when I was a high-school student. Our school’s guidance counsellor told us during a career orientation seminar, that college and life after will be challenging. And above most things, it’s important to maintain proper work-life balance. He emphasized that it’s not good to spend too much time working. And we better make sure that we likewise spend time on enjoying life, specifically by pursuing personal interests and nurturing relationships with family and friends. It was great advice. That’s why I still remember it today… even if I don’t believe in it anymore. Yes, I don’t really buy the concept of having worklife balance anymore. Because for me, there’s only life, and the goal is to live it to the fullest. I believe those who are consciously trying to achieve work-life balance are people who don’t find real joy in their work. For them, work is just a means to make a living and earn money. Thus, to counter the stress and anxiety of work, they struggle to maintain an equilibrium by trying to spend as much time on enjoying life.

How I see work-life balance today

I began changing how I think about work-life balance when I heard an analogy about it from an entrepreneur, who was speaking during a business event many years ago. He told us to imagine sitting at a table, and in front of us is a big bowl with a scoop of ice cream and a scoop of mud. For him, that’s what work-life balance looks like. Work is that scoop of dirt. While life, is that scoop of ice cream. And no matter how balanced you make it, that bowl would still be disgusting. He says that even if there were two scoops of ice cream and just half a scoop of dirt, he still won’t eat it. He advises that if life serves you this bowl, then it’s a sign that you need to rethink your life. When you find yourself worrying about having work-life balance, don’t look for ways to achieve that equilibrium. Instead, you should focus on addressing the root causes why you feel the need to have work-life balance.

Fitz Gerard Villafuerte

personal finance

Living the most out of life

I believe that happiness and selffulfillment comes from overcoming challenges, from enduring hardships and from solving difficult problems. Maybe that’s why I find video games so rewarding. It tests my abilities to win over increasing levels of difficulty. In the same light, maybe that’s why I find my work rewarding, because it challenges me. It’s not a soul-crushing and repetitive job that I need to escape from by watching TV at home and going out every weekend. In fact, I spend most weekends still “working” but not because I have to but because I genuinely enjoy it. More importantly, I recognize that I have a lot of interests and I also cherish my family and friends. They’re also my sources of happiness and fulfillment. And that’s why I make time for them, too. For me, there’s nothing to balance… only days to fill. I don’t think about work-life balance… I only think about life and how I can fill it with the things that bring me joy–work, hobbies, family, friends and everything else.

How do you achieve work-life balance?

The answer is you don’t. Or more accurately, you shouldn’t be thinking about how to achieve work-life balance. Instead, you should focus on how to attain a fulfilled life. And for me, this means finding work that’s meaningful and challenging, pursuing your many interests, nurturing your relationships with family and friends and experiencing that unique fulfilment, which comes from helping others. Fitz Villafuerte is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 85th RFP program this September 2020. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Tuesday, August 25, 2020 B3

Treasurer shrugs off rates uptick on ‘prudent pause’

By Bernadette D. Nicolas

@BNicolasBM

ational Treasurer Rosalia V. De Leon shrugged off the increase in the rates across all tenors of government debt papers auctioned off last Monday following the “prudent pause” in monetary policy. De Leon said the uptick in the rates was “very insignificant.” She added the auction results were already expected. De Leon said she sees the rates going “sideways or [a] tad higher” after the decision by monetary authorities to keep rates steady.

Indeed, while the rates were higher than those in the previous auction, these were still lower than secondary market benchmark rates. Despite these, the Bureau of the Treasury still fully awarded P20 billion in Treasury bills (T-bills). The auction was oversubscribed

more than 2.5-times the offering as tenors attracted total bids of P50.2 billion. The 91-day T-bills capped at an average rate of 1.131 percent, 1.3-basis point (bps) higher than the previous rate of 1.118 percent. Total tenders for the security amounted to P12.178 billion, more than double the P5-billion offer. On the other hand, the 182-day T-bills fetched a higher average rate of 1.407 percent, a 1.9-bps increase from the previous 1.388 percent. Total bids for the tenor reached P11.661 billion, more than twice the P5-billion offer. Lastly, the 364-day T-bills posted an average rate of 1.751 percent, 0.6-bps up from 1.745 percent in the previous auction. The longer-tenor security enjoyed a strong demand attracting P26.438 billion in tenders,

equivalent to more than twice the P10-billion offer. For this month, the Treasury has programmed to borrow P170 billion from the local debt market. The government’s borrowing spree is expected to fund spending requirements as well as to plug a yawning budget deficit. As tax collections were down during the lockdowns, the Development Budget Coordination Committee (DBCC) is projecting the country’s budget deficit to more than double to 9.6 percent of gross domestic product, or P1.815 trillion, from only 3.4 percent of GDP or 660.2 billion last year. The DBCC also expects the country’s debt-to-GDP ratio this year to increase to 53.91 percent from a record-low of 39.6 percent last year.

Bill lifting bank secrecy up for plenary approval By Jovee Marie N. dela Cruz @joveemarie

he House Committee on Ways and Means on Monday endorsed for plenary approval the Department of Finance-endorsed Tax Amnesty and Transparency Act of 2020, which also seeks to lift bank secrecy for fraud cases. Albay Rep. Joey Sarte Salceda, the panel chairman, said the substitute bill was unanimously approved by members of the committee. Salceda said this bill seeks to generate substantial revenue and provide the government flexibility in collecting taxes while encouraging errant taxpayers to settle their liabilities. House Committee on Ways and Means Vice Chairman Sharon S. Garin of AAMBIS-OWA said eligible companies and individuals may receive a reprieve to settle tax dues should the proposed tax amnesty measure be enacted into law. According to Garin, the expected gains upon the enactment of the measure shall be appropriated for Covid-19 response. Garin maintained that the bill aims to encourage voluntary compliance by simplifying requirements. She added it also seeks to improve revenue administration by organizing the database of the Bureau of Internal Revenue (BIR). Upon the enactment of the bill, a general tax amnesty for one year on all unpaid revenue taxes shall be granted to availing taxpayers based on total assets declared in their Statement of Total Assets (STA) as of December 31, 2018. A taxpayer can opt to settle a rate of 3 percent upon submission of pertinent documents, subject to an examination by the Commissioner of Internal Revenue for a period of one year from the payment of the amnesty tax. The taxpayer may also opt not to have the supporting documents examined, by settling to a higher rate of 20 percent. The bill also specifies the immunities and privileges taxpayers can enjoy upon availing the tax amnesty, which includes confidentiality and non-use of information and data in the STA. A penal provision has also been incorporated in the bill for the unlawful divulgence of said information. The immunity, however, excludes withholding tax agents who failed to remit withheld taxes. It also excludes taxpayers with cases pending in appropriate courts falling under the jurisdiction of the Presidential Commission on Good Government, with unexplained wealth under Republic Act (RA) 3019 and crime of plunder under RA 7080, violations of the Anti-Money Laundering Act, tax evasion under Chapter 2, Title 10 of the National Internal Revenue Code, as amended, and felonies under Chapters 3 and 4 of Title 7 of the Revised Penal Code. It also excludes taxpayers with delinquencies, assessments and tax cases that have become final and “executory.”

The bill also penalizes the unlawful divulgence of information of the availing taxpayers including all the submitted documents relating to availing any of the tax amnesties.

Bank secrecy

The bill provides authority to the BIR to inquire into and receive information

on a bank deposit account and other related data held by financial institutions on a specific taxpayer. On February 14, 2019, President Duterte signed the Tax Amnesty Act on February 14, 2019, granting Estate Tax Amnesty and Tax Amnesty on Delinquencies. However, the Chief Executive vetoed Title 3, or the Gen-

eral Tax Amnesty (GTA) Act by virtue of RA 11213. The veto was issued until Congress lifts bank secrecy for fraud cases, provide a provision for the automatic exchange of information and include safeguards to ensure that asset or net worth declarations are truthful.

Tuesday, August 25, 2020 • Editor: Gerard S. Ramos

Home BusinessMirror

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Today’s Horoscope

HOMEOWNERS can transform an ordinary looking landscape with some imagination, design, and perhaps the help of a local agriculture extension service, landscape professional or private nursery.

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Blake Lively, 33; Tim Burton, 62; Elvis Costello, 66; Sean Connery, 90. HAPPY BIRTHDAY: Positive change is heading in your direction. Be open to suggestions, but only follow through with the ideas and plans that you feel passionate about. You are in control, so don’t give the throttle to someone else. Be the one to come up with a plan and to follow through. Love, romance and success are all waiting for you; follow your heart. Your numbers are 6, 19, 25, 27, 32, 36, 41.

MARTHA BENEDICT/ KATHARINE PINNEY VIA AP

ARIES (March 21-April 19): Meditate, retrace your steps or talk to a trusted friend about something that has been weighing on your mind. Assess your situation, and break away from whatever is holding you back. Get rid of what you no longer need. HHHHH

TAURUS (April 20-May 20): Pay close attention to your relationships. Someone will disappoint you if you put too much faith in him or her. Take control, and dictate what you want to happen. If you exude confidence, you will come out on top. HHH

Simple design steps can take your garden to the next level

By John Raby The Associated Press

HARLESTON, West Virginia—The flower beds are finished, the vegetables are growing, and yet something could be missing from the backyard landscape: That “wow” factor. Adding a personal touch to the lawn and garden doesn’t have to be complicated or break the family budget. Homeowners can transform an ordinary looking landscape with some imagination, design, and perhaps the help of a local agriculture extension service, landscape professional or private nursery. “A garden is really never finished,” said Jonathan M. Lehrer, chairman of the Department of Urban Horticulture and Design at Farmingdale State College on Long Island, New York. “Sometimes the most difficult thing is kind of taking that plunge and deciding you’re going to develop an area or start a project.” Some ideas that gardeners can use to start taking their yards to another level: THE STARTING POINT AN arbor, pergola, lattice—even posts with netting wrapped around them—will grab attention, especially at a yard’s entrance. It also adds height where homeowners normally think only about length and width, Lehrer said. Adding clematis, climbing roses or honeysuckle along them will provide long periods of blooms. Arbors decorated with lights can also define garden rooms and set up views to the space beyond, inviting exploration, said Katharine Pinney, a landscape contractor and designer in Los Angeles. “Use them to lead your visitor through the garden,” Pinney said. THE PATHWAY TO SUCCESS A PATH with mulch, gravel, brick, pavers or flagstone with edging will encourage a stroll. Pinney said the simpler the path’s route, the better. But Lehrer suggests avoiding a straight, linear

pathway. “Trying to use more curves, twists and turns, that kind of adds the illusion of a longer length than it might be, that mystery of what might be around the next corner,” he said. Pinney said the choice of pavers should reflect the architectural style of the house. But mixing materials, such as brick and flagstones, adds visual interest. “In short, use your imagination!” Pinney said. Placing decorative pots loaded with flowers along the way will create a focal point and add color. PLACES TO REST BENCHES and tables are a must for homeowners wanting to make their yards a hangout. Having limited room shouldn’t be a deterrent. Pinney said she designs numerous small gardens because the old bungalow neighborhoods in her area have narrow but deep lots. “Dividing that narrow space into rooms makes the garden seem larger,” she said. Pinney and Lehrer suggest building a fire pit, a cooking area, or a place for dining or simply to enjoy morning coffee. GET PERSONAL PINNEY suggests incorporating items that reflect the homeowner’s personality. One of her clients loved wine and held tastings with friends. Pinney said she planted wine grapes for the customer and used old wine bottles from restaurants to border a path. Old brick from another customer’s 1920s bungalow was incorporated into the border of an outdoor groundcover “rug.” “A homeowner should think about what would make the garden a reflection of their personality and interests,” Pinney said. Due to the coronavirus pandemic, Lehrer added, “I’ve seen people that are not going to be going to the beach. “So they’re creating pool areas, adding inexpensive holiday lights and lanterns and bringing music outside.” TIMBERRR! LANSCAPING timbers can create tiered walls and stairs to bridge elevation levels in the backyard while

creating more planting beds in between. They’re also great for creating individual planters. Timbers are available in both natural and synthetic types. Pinney said treated lumber secured with timber screws is best for terraces, but not for vegetable gardens. AGREE TO TREE DEPENDING on the climate and sun requirements, consider planting small trees along the edges. Japanese tree lilacs and crape myrtles provide vibrant summer color. Trees with spring blooms include redbuds, white and pink dogwoods, flowering crabapples, ornamental pears and star magnolias. To get the earliest spring blooms, consider planting forsythias. For northern climates, Lehrer strongly suggests the cornelian cherry dogwood. It has yellow flowers in the spring and red cherry-like fruit in late summer and early fall. The leaves turn red and orange in the fall, and as the tree ages, the outer bark peels, revealing a orange-brown color. “It’s a four-season plant that is extremely tough,” he said. WINGED FRIENDS A BIG garden bonus is a visit from a butterfly or hummingbird. Plants that produce nectar and pollen can lure them in. The 4-H Children’s Garden at Michigan State University includes a butterfly house that is open in the spring. Education coordinator Jessica Wright said attracting butterflies means having compatible plants for the caterpillars they begin as. These can include fennel, dill and milkweed. Other flowering plants can act as butterfly magnets. Among the plants that attract hummingbirds are bleeding hearts, cardinal flower, impatiens and petunias. Both butterflies and hummingbirds are drawn to bee balm, butterfly bushes and zinnia. Birds and butterflies do require water, so consider adding feeders or a bird bath. “The interaction with nature is the next level,” Wright said. “It’s great to see them enjoying your garden, as well.” n

GEMINI (May 21-June 20): Taking a risk or making an unexpected change will not go over well with the people close to you. Walk away from people who prompt you to do things you shouldn’t. Truth matters; don’t believe everything you hear. HHH

CANCER (June 21-July 22): Use your persuasive powers to get others to think your way. A last-minute arrangement to do something with someone you enjoy working with will help you get ahead. Generosity and thoughtfulness will pay off. HHHHH

LEO (July 23-Aug. 22): Plan to improve your surroundings or take care of unfinished chores. Set a strict budget, and do the work yourself to avoid falling behind financially. If possible, work extra hours to subsidize unexpected costs. HH

VIRGO (Aug. 23-Sept. 22): Speak your mind. You may not like every response you receive, but it will help you put things in perspective and head in a direction that makes life easier. Trust and believe in your ability to excel. Romance is favored. HHHH

LIBRA (Sept. 23-Oct. 22): If you shirk your responsibilities, someone will overreact and make life miserable. Take care of business, and the freedom to do something you prefer will result. If you stretch the truth, expect to be caught and questioned. Play it safe. HHHH

SCORPIO (Oct. 23-Nov. 21): Let your emotions dictate what you do next. Once you share your thoughts, you will have a better idea of where you stand and what’s possible. Change is good, and you should welcome any opportunity that comes your way. Worry less and do more. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Keep moving, and do your best to avoid emotional situations that put you in a vulnerable position. Expect someone to leave you with added responsibilities. Don’t evade issues; deal with matters swiftly to avoid repercussions. HHH

CAPRICORN (Dec. 22-Jan. 19): Do what makes you happy, and enjoy the people you like being around most. How you handle personal and professional affairs will encourage you to make healthier and more productive moves. HHHH

AQUARIUS (Jan. 20-Feb. 18): Size up whatever situation you find yourself facing, and make adjustments to counter any negativity that comes your way. Focus on your strengths, and work on your weaknesses. HHHH

PISCES (Feb. 19-March 20): Stay mellow. If you overreact or let uncertainty get to you, it will be challenging to handle the emotional fallout. Focus on what you know, what you want and how best to reach your objective. Self-improvement is favored, and romance is encouraged. HH BIRTHDAY BABY: You are precise, opportunistic and ambitious. You are resourceful and dependable.

‘second shift’ BY KEVIN CHRISTIAN The Universal Crossword/Edited by David Steinberg

ACROSS 1 Team 6 Big bash 10 “Float like a butterfly” boxer 13 1/16 of a pound 14 Colored part of the eye 15 Story line 16 Movie candy option 19 Luigi, to Mario, briefly 20 1/10 of a dollar 21 Business connections 22 Part of QED 24 Heterogeneous group, metaphorically 29 U-Haul competitor 31 Texter’s “That’s shocking!” 32 Wall Street debut 33 The law’s “limb” 37 43,560 square feet 38 Life’s original source 41 Risque 42 Tied, as roller skates 43 Hurricane center 44 Tip location 45 Stop texting back, slangily

49 Volcanic output 54 ___ code (number written in parentheses) 55 Canoeing need 56 Crushed Oreos, in some desserts 58 Scottish headwear 59 Possible movie date destination 64 Castaway’s place, maybe 65 Auditioner’s goal 66 Lythgoe of So You Think You Can Dance 67 Word after “Arbor” or “Labor” 68 Actor Wilson 69 Macbeth’s title DOWN 1 Melancholy 2 Limestone source 3 Sell off in large quantities 4 “Macbeth” part 5 Proof of ownership 6 “I want that now!” 7 The Little Mermaid mermaid 8 Rapper ___ Wayne 9 Inquire 10 Hot cider seasoning

1 Texter’s “That’s hilarious!” 1 12 ___ Always Sunny in Philadelphia 15 Hunger symptom 17 Not bright 18 Microsoft search engine 23 Tube in London? 25 Joe of baseball fame 26 “Grr!” 27 Grand Ole ___ 28 “Little piggy” 30 Turn to mush, say 34 The Dark Knight director Christopher 35 Tree knot 36 Grey’s Anatomy network 37 First Greek letter 38 “Hold the ___” (deli request) 39 Brit’s popsicle 40 Used a shovel 41 “Everybody Hurts” band 44 Ryan of Boston Public 46 Taco shell brand 47 Certain sailors 48 “Hot” Mexican food 50 London gallery 51 “Rolling in the Deep” singer

52 Female fox 53 Shape of a parenthesis 57 Hue 59 Prefix for “western” 60 Fourth country? 61 No amateur 62 Like a pitch between the ankles and knees 63 Medical reseach org. Solution to Friday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, August 25, 2020

Arnell’s daughter Pia makes his world more beautiful ARNELL and Pia Ignacio

ELLEN DeGENERES

3 PRODUCERS EXIT DEGENERES’ SHOW AMID WORKPLACE COMPLAINTS

LOS ANGELES—Three producers of The Ellen DeGeneres Show have exited amid allegations of a dysfunctional workplace that harbored misbehavior including sexual misconduct and racially insensitive remarks. Executive producers Ed Glavin and Kevin Leman and coexecutive producer Jonathan Norman have “parted ways” with the long-running day-time series, a spokesman for producer Warner Bros. said in a statement on Monday. An internal company investigation of claims about the show was prompted by a BuzzFeed News report in July based on 36 interviews with ex-staffers, who complained about or said they witnessed improper and unfair treatment. Most of the allegations were tied to executive producers and senior managers, including Glavin, Leman and Norman, BuzzFeed News said. The people making the claims against them were not identified. A representative for Leman didn’t immediately respond to a request for comment on Monday. Representatives for Glavin and Norman couldn’t immediately be found. In statements to BuzzFeed News after the July 30 story was published online, Leman denied “any kind of sexual impropriety” and Norman said he categorically denied the accusations. DeGeneres informed staff of the shake-up on Monday in a videoconference call, according to Variety, which first reported the development. She said she found claims about the show’s environment to be “heartbreaking,” the trade publication said, citing unidentified sources. The comedian and host had sent a memo to her staff after last month’s BuzzFeed article, recalling her early promise of ensuring a workplace where “everyone would be treated with respect.” Something changed, she said, “and for that, I am sorry.” The show debuted in 2003. In a separate July statement, Warner Bros. said parent company WarnerMedia’s investigation revealed what it called “some flaws in the show’s daily management.” Although not all of the allegations were corroborated, the studio said it was “disappointed that the primary findings of the investigation indicated some deficiencies related to the show’s day-to-day management.” No details were specified at the time, and Warner Bros. had no further comment on Monday beyond confirming the producers’ departures. AP

E first met Sofia (Pia) Ignacio when she was in preparatory school, almost two decades ago. Pia is the darling daughter of celebrity host, actor and former government official Arnell Ignacio. Pia is now 24, a business management graduate, exploring the world on her own as a writer but still very much a daddy’s girl. Her father goes live regularly on social media to talk about anything that catches his fancy, mostly about the current state of the pandemic and other subjects of interest, and Arnell would mention his daughter Pia from time to time—what she is busy with, how she is coping, and how proud he is of Pia. I checked on Pia recently without Arnell’s knowledge and delved deeper into what occupies her young life during these extraordinary times. “Other than working as a writer for the company I am connected with, I decided to go into selling stuff, mostly items that I personally like and frequently use,“ she shared, adding, “It is important to not be idle especially during quarantine when movement is generally limited. Especially for the youth, we have to keep busy and be productive.” Pia sells coffee beans and coffee grounds online. “I love freshly brewed coffee, and I always start my day with it. I thought: Why not explore being a reseller of my favorite coffee brand, 1740 Coffee, a company that sources its coffee from different areas in the Philippines, which gives livelihood to many coffee farmers.” She is putting her business learnings to good use this early. “I am aware that competition is fierce especially during these times. It seems that everyone I know is selling something, so it is important to know your target market. Food and items that fall into the daily consumption essentials are the most practical to sell, but then you also have to consider other factors like price, accessibility, delivery and overall benefits.” Pia started selling to people she knew personally. She also joined her village’s social-media page. “It’s a good excuse to connect with my friends and neighbors even for only a few minutes.” “I also started helping my dad in his new business

venture,” she volunteered. Arnell recently got a franchise of Sabon Depot and opened his branch in Cainta. The soap depot is a one-stop shop for affordable dishwashing liquid, fabric conditioner, bleach, car shampoo—anything that cleanses, sanitizes and washes off dirt to maintain hygiene. It is interesting to know that Pia feels that her relationship with Arnell has now evolved. “I’d say we are both more mature now. He’d usually rant from time to time, and I would offer him insights from my generation’s point of view. We also respect each other’s quirks. I appreciate that he treats me like an adult.” Pia shared that she still cuddles up to her dad and would ask him to get some things for her. “I’m still very much daddy’s little girl, his only one, and I know he likes making me happy, too.”

15 years of bringing Filipinos all over the world closer to home FOR 15 years, GMA’s flagship international channel GMA Pinoy TV has continuously provided viewers abroad the best of Filipino programming, at the same time helping Pinoys connect with their roots wherever they are. “This August, GMA Network celebrates 15 years of GMA Pinoy TV (www.gmapinoytv.com), our first international channel. It is our hope to continue bringing Filipinos abroad closer to home through our award-winning news and public affairs programs, as well as our top-notch entertainment shows that are proudly Filipino. We at GMA remain steadfast in delivering Serbisyong Totoo to our Kapuso abroad especially during these challenging times,” said GMA Network Chairman and CEO Felipe L. Gozon. The network’s flagship international channel was initially launched in Guam, Japan and the US mainland in 2005. GMA Pinoy TV’s launch was a tremendous success especially in Northern California that partner-carrier Comcast recorded the highest call volume within 48 hours of its launch and generated the most customer sales in its first 30 days of launch in the San Francisco Bay Area. At about the same time, GMA Pinoy TV was launched nationwide in the US mainland and Hawaii by DirecTV and opened the door for millions of Filipino-Americans to subscribe to GMA programming. The successful debut in those three key areas has paved the way for GMA Pinoy TV to reach more Filipinos. Extending GMA’s global presence even further, the flagship channel was launched in the Middle East and Europe via partner-carrier Orbit (now OSN) in 2008. In the same year, GMA also introduced its second international channel, GMA Life TV, and a third one, GMA News TV International, in 2011. Fifteen years later, GMA Pinoy TV, along with its two additional international channels, is now available in 104 countries across different territories. GMA Pinoy TV was instrumental in bringing Filipino communities closer through its exciting

events that allowed Pinoys to bond with the network’s biggest stars from their favorite shows. Year after year, various GMA artists brought cheer to Pinoys in different countries and they were all out, be it in singing or dancing, comedy or drama, playing basketball, or even feasting on well-loved Filipino dishes. Some of the sought-after GMA artists who added excitement to events abroad were the Eat Bulaga host, the phenomenal tandem of AlDub, the Encantadia cast, Willie Revillame and the Wowowin gang, and many more talented GMA personalities. In addition to GMA Pinoy TV’s strong lineup of programming and events, it has also produced innovative content and creative marketing campaigns that have earned the nod of various award-giving bodies over the years, including in the New York-

based National Association for Multi-Ethnicity in Communications’ Excellence in Multicultural Marketing Awards. GMA Network First Vice President and Head of International Operations Joseph T. Francia expressed his gratitude to the GMA Pinoy TV team and to all the fans abroad who supported them through and through. “We are very much blessed to be celebrating our 15th anniversary with Filipinos all over the world. Without the unwavering support of our subscribers, partners, and carriers, and the entire team’s effort and dedication, we would have not reached this far. Amid everything that is happening around, we assure that GMA Pinoy TV will be with our Kapuso abroad, especially as most of them stay safe at home,” said Francia.

Over the years, Pia realized that her dad gives the most spot-on pieces of advise. “There’s a lot he shares with me, but he has always instilled in me to listen to elders, especially to him. Papa is like a fortune teller, he can always tell you what can go wrong, and he is almost always right. I listen to him a lot and I do not let my ambition nor my impulses get in the way anymore.” I’ve known Arnell for a long time now, and I admire his wit, maturity, sincerity, generosity and wisdom. Aside from his sharp sense of humor, he also knows how to make himself laugh and enjoy life. He is also a wonderful conversationalist. He once told us that Pia is his world. Arnell Ignacio’s world is indeed more beautiful now because he has raised Pia very, very well. n

Venice Film Festival to require face masks during screenings ROME—The Venice Film Festival, the first major inperson cinema showcase of the Covid-19 era, is requiring participants to wear face masks during screenings and take a coronavirus test if they are arriving from outside Europe. According to guidelines published on Thursday, fans and the general public will be kept away from the red carpet during the September 2 to 12 festival, and moviegoers will have to buy tickets and reserve seats online to ensure every other seat is left vacant. Nine gates set up at various points around the Venice Lido will take temperatures of moviegoers and media, and stars will have transport and red carpet arrivals arranged by festival organizers to prevent crowds from forming even within official delegations. Festival-goers attending indoor events will be tracked to guarantee contact tracing if necessary. The film festival will be the first in-person movie event since the pandemic began and it is one of the first major international events that Italy is hosting after becoming the onetime Covid-19 epicenter in Europe. After getting infections under control with a strict, 10-week national lockdown that ended in May, Italy is now dealing with a rebound in cases as a result of summer vacation travel. The Toronto and New York film festivals that follow Venice will be largely virtual this year, and the Telluride festival has been reborn as a drive-in series in Los Angeles. In Italy, moviegoers must wear face masks to enter movie theaters but can remove them once seated. Biennale organizers, however, are requiring masks indoors and out as well as throughout the screenings. In addition, anyone arriving from outside Europe’s open-border Shengen area must take a virus test before arriving and will be tested again courtesy of the Biennale once in Venice, the guidelines said. Biennale organizers said the guidelines were worked out with local health care officials. AP

B6 Tuesday, August 25, 2020

Empire East posts Php2.4B in reservation sales amidst quarantine

Experience home at Park Inn by Radisson North EDSA

Park Inn by Radisson North EDSA’s guestroom

EARCHING for the perks of a hotel that offers the flexibility of home? Seek no further as we offer you our In-Residence Package: the services and amenities of a hotel combined with space and convenience of a home. If you’re looking to stay in the city for 30 nights or more, Park Inn by Radisson North EDSA is the perfect serviced residence for you as it provides facilities that enable you to stay in your routine while away from home. Each long staying guest can have the exclusive access not only to our hotel amenities but also to our personalized home comfort privileges such as grocery shopping service- to help fill out your food commodity list, access to the common pantry – to assist you immediately in reheating your

favorite meal, complimentary parking, housekeeping, transportation, laundry services massage services and more. The pandemic has brought unprecedented human challenges. One of these is the transportation service going to work. In relation, Park Inn by Radisson North EDSA is now open and offering its 'work from home' feel exclusive to long-staying guests through converting guest rooms into private offices. Moreover, transforming function rooms as shared co-working spaces with flexible work arrangements. If you spend a couple more months, the hotel delivers everything Quezon City has to offer right at your disposal. It’s the proximity to the major sites and straightforward access to commercial hubs that set Park Inn by

Radisson North EDSA apart. This includes direct access and connectivity to SM North EDSA shopping complex; in just a short ride gives you easy access to roadways going to fundamental establishments and prominent locations. We pledge to provide you with a healthy and secure atmosphere during your stay with us. Our team implements cleanliness and disinfection system in collaboration with SGS to guarantee your health and peace of mind from check-in to check-out. In-Residence package room rates start at P1,100 with the following benefits: • Welcome pack with snacks, bathroom amenities, and hygiene kit • One car parking slot • Complimentary high-speed internet access • 20% discount on food and beverage • Access to common pantry • Use of hotel gym and swimming pool • Once a week grocery assistance • Once a week room cleaning and sanitation services On top of its main inclusions, guests who wish to stay may avail exclusive and special rates with the following inclusions: • Breakfast for Php 250 per person • Laundry rate of Php 350 nett (for 5pcs) • 10% discount on transportation services • 15% discount on massage service For reservations and more information, call (02) 7944-1888 or email reservations.northEDSA@parkinn.com.

Tudor’s naval heritage T

HE TUDOR collection has a selection of models that celebrate the brand's memorable heritage as a supplier of divers' watches to some of the largest navies in the world over the past six decades. This story dates back to the mid-1950s: 1954, to be precise. That was the year that TUDOR presented its first divers' watch, reference 7922, one of the first professional instruments aimed specifically at this emerging discipline. TUDOR's typical combination of a robust, technical product, positioned at an accessible price, made this divers' watch the ideal option for any organisation carrying out large-scale underwater activities. The French navy was one of them. Building on the recent innovations of a small group of officers with a passion for underwater exploration, it had the benefit of a unique expertise concentrated at the GERS (Groupement d’Étude et de Recherche Sous-marine – Underwater Study and Research Group). It was this organisation that contacted TUDOR in 1956 to evaluate the suitability of the brand's models for equipping the French navy's combat swimmers. What followed was over half a century of TUDOR watches on the wrists of divers from the largest navies in the world. Today, the TUDOR collection comprises a number of references whose aesthetics allude to this heritage, with models either directly inspired by divers' watches famously used by military divers, or presenting an allegory of life at sea.

Black Bay Fifty-Eight "Navy Blue", The "French Navy" Blue

For vintage watch enthusiasts, blue TUDOR divers' watches are inextricably linked to the French navy. In the mid-1970s, this institution, which had trusted TUDOR to deliver robust, technical watches for nearly 20 years, opted for blue. For several years, the brand had offered a blue alternative to the classic black dial typical of the divers' watches of the time. This feature, coupled with the specific inscriptions engraved on the back (M.N. together with the last two digits of the year of issue), which evoked a life of aquatic adventure, made these watches, dubbed "TUDOR MN", extremely popular among collectors. It is to these models, and this period, that Black Bay Fifty-Eight "Navy Blue" alludes. In addition to the matte navy blue colour of its dial and bezel, this model also adopts the proportions of this generation of watches. With its 39-millimetre diameter, it is ideal for narrow wrists, for those who prefer a smaller watch and, of course, for vintage enthusiasts. Its configuration on a fabric strap, also in navy blue and woven in France using traditional techniques, is the strongest visual evocation of the famous "TUDOR MN"s. These watches were in fact delivered to the French navy without TUDOR bracelets and were then fitted with various types of fabric straps, particularly woven ones.

Black Bay P01, The Prototype Spirit

The 1960s will go down in history as a period of heightened innovation, culminating in the conquest of the moon. At that time, watchmaking generally and TUDOR

in particular were experiencing the same creative impetus, of which the "Commando project" is the greatest example. In 1967 the brand, which had been supplying the American navy with divers' watches since the second half of the 1950s, began developing a technical model to replace the Oyster Prince Submariner 7928 reference supplied at that time. This new watch needed to meet a set of specifications laid down by the American government and incorporated the results of the latest research into functionality and ergonomics carried out by the brand's engineers. A development phase was launched, resulting in the production of prototypes, as well as a patent for a hitherto unseen function. "Commando" was the code name of this ambitious project that was perfectly in tune with the zeitgeist. The Black Bay P01 model – meaning Prototype 1 – is directly inspired by a prototype developed as part of this study and preserved within the TUDOR archives. Half a century later, this series brings to life its unique functional appearance, where function and innovation took priority over any consideration of the watchmaking aesthetics in fashion at that time. Produced in a contemporary spirit, while at the same time retaining the principle of the winding crown at 4 o'clock, as well as the prominent lug covers of the 1960s model, the Black Bay P01 tells a story that was hitherto little known in TUDOR's naval history. In the end, the US Navy chose to equip its divers with a simpler TUDOR model, the Oyster Prince Submariner 7016, and the "Commando" project was halted at the prototype stage.

Black Bay Fifty-Eight, Diving Into The 1950S

With its proportions, overall shape, gold accents on the dial, and red triangle on the rotating bezel, the Black Bay Fifty-Eight is probably the TUDOR model closest, in terms of aesthetics, to the brand's first divers' watches and the first models adopted by the French and US Navies in the second half of the 1950s. At the time, one particular reference had been chosen by the two organisations, the famous 7924,

now known among collectors as the "Big Crown" due to its prominent winding crown, a strengthened version of TUDOR’s regular winding crown to be able to offer waterresistance to 200 metres for the first time. Without being a faithful reproduction of this reference, the Black Bay Fifty-Eight model interprets its spirit, evoking the aesthetics of the pioneering years of autonomous diving. In its configuration with a fabric strap, it recalls the military divers' custom of wearing their watches on different types of straps or belts, sometimes taken from other field equipment (see Black Bay Bronze).

Black Bay Bronze, An Allegory of Life at Sea

The Black Bay Bronze model does not allude to any particular watch in TUDOR's naval history. Rather, it presents a number of aesthetic nods to the rustic nature of life at sea and makes reference to anecdotes about the way generations of sailors have used TUDOR watches. Starting with its fabric strap: following a parachuting incident during which a member of the French navy's diver-paratrooper unit was momentarily left dangling from the plane door by his fabric watch strap, the group decided to produce their own, more supple bracelets using elastic straps recycled from the emergency opening system of the rescue parachutes they used at that time. This strap presented a central yellow stripe, which is now found on the fabric strap of the Black Bay Bronze model. In the same spirit, the bronze used for the model's case, a high-performance cupro-aluminium alloy widely used in naval engineering for submerged parts and required to demonstrate a high level of resistance to corrosion, further evokes naval activity. The nature of this metal guarantees the development of a subtle and unique patina to match its user’s habits. The overall visual effect is of a rich, patinated object that might have battled the waves of the seven seas for years on a sailor's wrist, and which is "made" for him and his lifestyle.

T the height of the COVID-19 global pandemic, topnotch residential developer Empire East Land Holdings, Inc. has once again proven that it can withstand an unprecedented crisis by delivering an astounding reservation sales worth PHP 2.4 billion amidst the strict lockdown implemented by the national government since mid of March 2020. When the entire Luzon was placed under Enhanced Community Quarantine (ECQ), business operations of most companies across different industries were put to a halt. Just like other establishments, the head office of Empire East in Uptown Bonifacio, Taguig City, as well as its showrooms in seven (7) major shopping malls in Metro Manila, six (6) project sites and three (3) regional satellite offices, were all forced to close on March 17 as directed by the authorities. Despite this abrupt closure of venues for client negotiation, the operations of the company did not cease as employees continued to work remotely from their homes and sales partners have intensified their online selling efforts. The Empire East sales force, composed of in-house salespersons, accredited brokerages and international sales partners, have realized the potential of the digital marketplace and that in the middle of a health crisis where the safety of their prospect buyers and themselves should be of utmost priority, online selling is the best strategy. Utilizing their social media and other digital platforms, they have been maximizing the opportunities to tap clients who spend a prolonged time surfing online while under home quarantine. To augment the online selling activities of its sales force, Empire East provided e-flyers, project videos and virtual showrooms where aspiring homebuyers can visualize model units through 3D animation. The company also fully digitalized its reservation process from filling out of digital reservation forms, emailing of documentary requirements, and convenient

payment options. Reservation fees as well as monthly amortizations and down payments can be paid by clients through online bank deposit, digital bank app bills payment, or credit card payment in partnership with Aqwire. The 2.4-billion-peso reservation sales record for the first three months and half of the imposed lockdown is made up of approximately 600 condominium units closed through online selling, with large volume of sold units coming from its pre-selling developments, namely Empire East Highland City in Pasig-Cainta, The Paddington Place in Mandaluyong City, and Mango Tree Residences in San Juan City. Other sales were delivered from the company’s ready-for-occupancy projects and developments nearing completion such as Kasara Urban Resort Residences and The Rochester, both in Pasig City, Covent Garden in Santa Mesa, Manila, Little Baguio Terraces in San Juan City, Pioneer Woodlands in Mandaluyong City, and The Cambridge Village in Pasig-Cainta. Following the relaxation of community quarantine measures in Metro Manila in early June, some of the company’s showrooms have already resumed operations under strict safety protocols. The Empire East sales force will continue to embrace the new normal in conducting their career and in offering high quality homes to aspiring owners and investors. To know more about Empire East’s sustainable communities, follow @empireeast in Facebook, Instagram, Twitter and YouTube. You may also visit www.empire-east.com or call (02) 8810-3333.

NVP1WORLD announces awardees for frontline heroes, outstanding individuals in various fields

VP1WORLD Entertainment LLC produces an annual awarding ceremony honoring topnotch individuals in four categories that matter most to company president and main entertainer, Nick Vera Perez. "We call them, the 4 Great Pillars of NVP1WORLD’s Foundation: Love, Music, Humanitarianism and Nursing. All these four can be interchanged, intertwined and even combined in a single individual awardee, Nick said, who himself embodies said traits of the honor being given. This year's award focuses on the heroes of today and tomorrow with the theme “overcoming depression over and over again," said Nick who is acknowledged to be the 'Total International Entertainer' in the music industry. The unveiling of names of official honorees on August 7 got a great wave of positive reactions and created lifestyles of positivity. The honorees are: 1.) Nancy Loo - Woman Legion of Honor, 2.) Marlon Garzo Saria, Ph.D. - Man Legion of Honor, 3.) Louise Perry, CRNA - Distinct Woman of Honor. (She will also serve as the guest speaker the virtual show and award's night in October.) They will be joined by: 4.) Mark Roscoe Distinct Man of Honor, a multi-Emmy Award winner, fashion icon and an Attorney-at- Law, 5.) Via Times News Magazine / CPRTv - Best FIl-Am Chicago Media 2020, 6.) Carmelita Ico - Pastor Philip Tan, Sr. Lifetime Achievement Award 2020, 7.) HongNing Restaurant & Grille - Best Fil-Am Restaurant in Illinois 2020, 8.) Mr. And Mrs. Bimbo Mills - Distinct Couple of the Year 2020, 9.) Regine Velasquez - Outstanding Extreme Vocals 2020, 10) Ms. Shyla K - Most Promising Talent 2020, 11.) Davin Arielle - BreakThrough Talent 2020, 12.) SOHI ( Seeds of HOPE International) Humanitarian Group of the Year 2020, 13.) Marell Hazel Garcia RN, BSN, MS - Nurse Executive of the Year 2020, 14.) Ronald Abad

- Outstanding Production Director 2020, and 15.) Roldan Frias Castro, Outstanding Media in Entertainment (Philippines) 2020. The hero awardees, FRONTLINE HERO 2020, are: 16.) Krystal Horton (Virginia, USA), 17.) Shawnte Peterson (VA,USA), 18.) Monica Watkins (VA, USA), 19.) Luz Elena Rivera (VA, USA), 20.) Paul Schirmer ,DC (VA,USA), 21.) Gemma Roculas (Florida, USA), 22.) Emeliza Olavide (KSA), 23.) Bernold Vergara (DUBAI), 24.) Alice Almendral, MD (NYC,USA), 25.) Melette Fanunal (Philippines), 26.) Throy Catan, (Philippines), 27.) Blessie Cirera (Philippines), 28.) Joewild Ilagan (Philippines), 29.) Noel Lasala, MD (Chicago, IL), 30.) Olive DP (WA, USA), Rowena Chua (Philippines), k32.) Tequila Rogers (IL,USA), 33.) David Kulik (IL,USA), and 34.) Martha Delgado (IL,USA). The NURSE OF THE YEAR 2020 award goes to: 35.) Betty Hill-Wilson, RN (IL,USA), 36.) Christy Orsby, RN (IL,USA), 37.) Joy Soriano, RN (IL, USA), 38.) Cristina Sales, RN (IL,USA), 39.) Myra Jung, RN ( IL, USA), 40.) Claudia Gomez, RN (IL, USA), 41.) Sue NicklesLucente, RN (IL,USA), 42.) Ana Profeta, RN (IL, USA), 43.) Marlowe Gujil, RN (IL, USA), 44.) Marin Yumang, RN (WI, USA), 45.) Nikki Schnegelsberg, RN (IL,USA), 46.) Judith Hotovy , RN (IL, USA), 47.) Sherry Briick, RN (IL,USA), 48.) Marijessie Rizo-Guzman, RN (IL,USA), 49.) Kayla Marie, RN (IL,USA), 50.) Courtney Horvat, RN (IL,USA), 51.) Paulina Wojniki, RN (IL,USA), 52.) Adianalyn Sappayani, RN (IL,USA), 53.) Tracey Sunde, RN (IL,USA), 54.) Rommel Yarcia, RN (IL,USA), and 55.) Patty Gasienica, RN (IL,USA). This year's event will take place virtually for an hour long show with guest singers performing. Rozz Daniels, Irelyn Arana, Shyla K and Davin Arielle sings, while some performers from Manila join in. Save that date! It's Saturday, October 24, 2020 at 8PM (USA time) or Sunday, October 25 at 9AM (Philippine Time).

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

In search of homegrown world-class goalkeepers Editor’s note: BusinessMirror Sports is publishing articles from your not-so-regular contributors who, because of the Covid-19 pandemic lockdown, are trying their hand at sportswriting.

By Rely San Agustin

eil Etheridge, Roland Mueller and Michael Falkesgaard. The three are the Philippines’s top goalkeepers in the past decade. Their achievements go unnoticed with all three born and raised in Europe where they received world class training since their youth. Their success begs the question—could a keeper born and raised in the Philippines secure a spot at the top? What will it take to produce our very own and compete on the world stage? One thing is certain, the development of Filipino goalkeepers today has massively evolved. Etheridge, Mueller and Falkesgaard all played in Europe—the former being a legitimate English Premier League player. All three are on the national team program. But one homegrown goalkeeper has made waves not only domestically, but also abroad. He is Patrick Deyto, who local football fans first saw with De La Salle then Pachanga, Green Archers United, Global Cebu, Davao Aguilas, Stallion and the Azkals. Now, he mans the sticks for Suphanburi in the Thai League. Deyto though is the only homegrown player playing abroad. How much has changed? Training, for one, was as simple as it could be. Growing up, there was no way you could get your hands on experienced goalkeeper coaches. One simply joined in on field player training, both on the technical and tactical side. The highlight of one’s training was shooting exercises. There never was any proper training on catching, diving or even positioning for the ball. If there’s one thing past keepers learned from all this, it developed them to trust their own instincts—not to mention additional learnings in the form of GK 101 books and videos. The situation improved in the late 1990s when the Philippine Football Federation hired its first legitimate goalkeeper coach, Per Henrikson. Every training session with Henrikson lasted only an hour, but it was intense and very scientific—the kind of training that you see only on videos. It was an eye-opening experience for the keepers and the federation—and a realization that a goalkeeper coach is an essential part of the coaching staff. Today, all efforts are geared towards producing capable goalkeeper coaches in the country and every team now has one. Former national keepers—such as Noel Marcaida and Southeast Asian Games legend, Melo Sabacan—are licensed goalkeeper coaches and have dedicated their lives to producing exceptional homegrown players. The Fifa and Asian Football Confederation conduct annual licensing and refresher courses to further educate and develop coaches. Taking this a step further, local goalkeeping academies have sprouted in the past 10 years—the Philippine Goalkeeping Academy in 2013 and the NE1 GK School bannered by Etheridge and GKMarks headed by former Kaya-IloIlo Football Club Coach Noel Marcaida, who once played for the national team. Previously, Marcaida was the PFF’s goalkeeping technical director and a top level instructor. He continues to run his academy and provides keeper training in these challenging times. Given his passion and dedication to the craft and noteworthy credentials, Marcaida emerges as the right person to lead all goalkeeping development efforts in the country. With programs in place and current goalkeepers getting the most advanced training that is at par with training abroad, the next step is to produce top-class home-grown goalkeepers. In the youth level, notably in the University Athletic Association of the Philippines, the level of goalkeeping has vastly improved. Keepers are more developed and tactically sound. This is the end goal—to produce local Etheridges, to have more keepers like a Deyto playing abroad and or be like Mike Casas, who shows no sign of retiring and will continue to compete at a very high-level. Deyto or Casas filling the No. 1 spot for the Azkals will be a testament that the program works. n Rely San Agustin is the president and CEO of Real Sports Authority, a domestic sports marketing outfit whose portfolio includes the National Basketball Association and football

and other sports events. He was a member of the Ateneo football team that won the 1996 UAAP crown. He has had stints with Union Football Club in the United Football League. SOPHIA POPOV’S winner’s check of $675,000 is more than six times her entire career earnings before Sunday.

Sports BusinessMirror

Tuesday, August 25, 2020 B7

RAPTORS, CELTICS WIELD BROOM L

AKE BUENA VISTA, Florida—The defending champion Toronto Raptors and Bostin Celtics brought out the broom, the Utah Jazz moved on the verge of advancing further in the season and the Dallas Mavericks—behind Luka Doncic’s game-winning stepped back three-pointer—leveled their series on Sunday. With Kyle Lowry limping off the floor in the first quarter, the Raptors unleashed the best bench effort in National Basketball Association history. Norman Powell scored 29 points, fellow reserve Serge Ibaka added 27 points and 15 rebounds and the Raptors steamrolled into the Eastern Conference semifinals by routing the Brooklyn Nets, 150-122, to complete a fourgame sweep. The Raptors got 100 points off their bench, most in any game since official starters began being tracked in 1970-71, according to Elias. No bench had scored more than 94 in the regular season or 86 in the postseason. “I think we just have confidence in each and every one of us that step on the floor and we work on offense,” Powell said. “I don’t think it really matters who’s in the game.” The Raptors lost Lowry to a foot injury in the first quarter but the defending champions had more than enough depth and power left to wrap up the first sweep in franchise history and set up a series with the Boston Celtics. Pascal Siakam had 20 points and 10 assists for the Raptors. They upped their record to 11-1 in the bubble and made it clear it won’t be easy to knock them off their spot atop the NBA. Kemba Walker scored 32 points and Boston pulled away in fourth quarter to also sweep Philadelphia, 110-106. Jayson Tatum added 28 points and had a playoff careerhigh 15 rebounds for Boston, which advances to the Eastern

Conference semifinals and a meeting with the Toronto Raptors. Boston’s win marks the first sweep in 15 playoff series meetings between the teams. It also is the third straight season that Philadelphia has failed to advance past the second round. Donovan Mitchell scored 18 of his 51 points in the fourth quarter and the Utah Jazz withstood a 50-point night from Jamal Murray to beat the Denver Nuggets, 129127, for a 3-1 lead in the series. Mitchell was 15 of 27 from the floor and went 17 of 18 from the free throw line. The 23-year-old Mitchell scored 57 points in Game One. He’s averaging 39.5 points in the series. Doncic’s deep shot at the buzzer capped a triple-double as the short-handed Mavericks beat the Los Angeles Clippers, 135-133, in overtime to even the playoff series at two games apiece. Doncic finished with 43 points, 17 rebounds and 13 assists for his second straight triple-double. “We know this kid has got a flair for the dramatic,” Mavericks Coach Rick Carlisle said. “He’s a guy that lives for these moments.” To think, Doncic was a game-time decision due to the left ankle he hurt in Game Three. But once he stepped on the floor, he knew he would give it a go. And once crunch time hit, the ankle wasn’t even a thought. “One of the best feelings I’ve ever had as a player,” Doncic said about the winner. “Just something special.”

RAMIREZ: ATHLETES’ LIVES IMPORTANT, NOT MEDALS P

HILIPPINE Sports Commission (PSC) Chairman William Ramirez took to writing his disappointment and frustration over the alleged Covid-19 pandemic protocols violations committed by two collegiate squads. Like a father dishing out pieces of advice to his children, Ramirez bordered on pinning the responsibility over the alleged breach to the two teams’ elders. “Being a 70-year-old teacher and sportsman, I cannot help but mull over this issue. And this is what I wish to share with you who are in or plainly love sports,” Ramirez said in a statement worth of a prominent page in his journal. “ This issue brought to fore one glaring reality that we face in the field of sports, as in all other aspects of life—moral challenges.” The University of Santo Tomas (UST) men’s basketball team were reported to have returned to training in the Growling Tigers Head Coach Aldin Ayo’s hometown in Sorsogon City, while the National University women’s volleyball squad did the same in the school’s facility in Calamba, Laguna. Both are now under investigation upon the prodding of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases, which still prohibits training and games for team sports—including all other indoor games—while the Covid-19 pandemic persists.

PBA brass in forum

HILIPPINE Basketball Association Chairman Ricky Vargas and Commissioner Willie Marcial will grace the online Philippine Sportswriters Association (PSA) Forum on Tuesday. Vargas and Marcial will discuss the anticipated return to training of the league’s 12 teams as well as the possible resumption of the season this year.

ORTON, Massachusetts—Dark clouds gathered. Thunder rumbled. Lightning flashed on the horizon. Just as unsettling was seeing Dustin Johnson in complete control of his game with a performance worthy of his return to No. 1 in the world. He was as close to unbeatable as he has ever been. Johnson capped off his dominant week at The Northern Trust with an eight-under 63, finishing with a tap-in birdie in the dark following a storm delay for an 11-shot victory at the TPC Boston. It was the largest margin of victory since Phil Mickelson won by 13 at the TPC Sugarloaf in 2006.

“Without passing judgment, this situation brings to mind a silent but equally worth noting implication. Does winning always mean everything else takes second place? Are we so focused on winning that we are ready to compromise important matters like the safety of the youth we are supposed to guide?” Ramirez said. “Is the athletic development and achievement, or team readiness more paramount that overstepping bounds, compromising one’s safety or putting your team credibility on the line takes a back seat?” he added. Ramirez said that as an elder and leader in Philippine sports, he has a vision for virtues and values to be given equal weight as winning in sports programs. “In this vision, I see partners in local government units, sports officials and schools—where discipline and character are nurtured outside the home,” he said. “It is for this reason that the issue, for me, is much bigger than sports. It touches on a sensitive facet of our society that questions our priorities.” Ramirez reiterated the PSC’s authority to oversee all sports activities during the pandemic. The sports agency is a lead member of a tripartite group created by the IATF that includes the Games and Amusements Board and the Department of Health.

The forum—presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant, and the Philippine Amusement and Gaming Corp. and Powered by Smart with Upstream Media as webcast partner—will start at 10:30 a.m. The weekly public sports program is aired live via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and shared by Radyo Pilipinas 2 Facebook page.

THE Raptors’ Norman Powell shoots a three-point basket against the Nets’ Garrett Temple. AP

“We are bound by duty to ensure that governmentimposed safety protocols are observed, for the safety of our athletes, and the community they move and live in,” he stressed. Ramirez said the PSC is strict in practicing what it preaches in the pandemic. “We made every effort to send home every one of our more than 1,600 national athletes home. Their safety weighs more than any color of honor that continued training may produce. As one famous movie line goes, we live to fight another day,” he said. “I believe this sets the tone for all other teams to follow. Safety is priority. Your life, dear athletes, is more important than any medal could ever equal,” he added. Ramirez admitted that government may not be able to monitor all activities, violations or actions, but sent a strong message that “as citizens, we are all equally responsible for what we do and what we ask others to do for a cause or intention.”

DUSTIN JOHNSON finishes at 30-under 254, making him only the third player in Professional Golfers Association Tour history to finish at 30 under or better. AP

Johnson wins by 11 strokes, back to No. 1 “The best I’ve ever seen him look,” said Claude Harmon III, his swing coach, as he stood off the 18th green that was partially illuminated by the video board that flashed the scores of this astounding feat. Johnson hit every green in regulation Sunday, and missed only three greens over his last 54 holes. His final 54 holes were rounds of 60-64-63. Johnson finished at 30-under 254, making him only the third player in Professional Golfers’ Association (PGA) Tour history to finish at 30 under or better. He missed the record by one shot set by Ernie Els in 2003 at Kapalua. Jordan Spieth also was 30 under at Kapalua in 2016. Johnson at least holds the record on the mainland.

Popov, ranked 304th, wins first major ROON, Scotland—Sophia Popov marked her ball a few inches from the hole on the 18th green, pulled the brim of her cap over her face and began to cry in the arms of her caddie. The realization had finally hit her. Against all

Doncic’s theatrics helped the seventhseeded Mavericks post their biggest playoff comeback win, overcoming a 21-point, second-quarter deficit. Their previous best was 19 against the Spurs in San Antonio during Game Five of the 2003 Western Conference Finals. AP

the odds, she was about to become a major champion. Moments later and still wiping away tears, Popov tapped in the putt to complete a two-stroke victory at Royal Troon and another fairy-tale story at the Women’s British Open. Ranked No. 304, Popov, 27, had never won a senior

“I knew I was playing well and I knew the guys were going to shoot low,” Johnson said. “I was trying to get to 30 under.... I’ve never shot 30 under in four rounds. Just something that I wanted to do.” That was about the only competition he faced. Harris English figured that out early when he trailed by five shots at the start of the final round, shot 32 on the front nine and fell seven shots behind. Johnson won for the 22nd time in his career, and he never made it look easier. He said his game felt as good as the spring of 2017, when he won three straight tournaments—Riviera and two World Golf Championships—to first reach No. 1. AP professional event before. She lost her card on the Ladies Professional Golf Association (LPGA) Tour at the end of last year and only qualified for the British Open via a top-10 finish two weeks ago at the Marathon Classic, which she was playing only because higher-ranked players couldn’t attend due to Covid-19 restrictions. The Philippines’ Dottie Ardina closed out with her week’s best 71 that went with earlier efforts of 78, 73 and 76 to wind up tied for 64th place with 298. AP

Vincent Juico @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS

Bursting their bubble OVER the long weekend, and boy, must’ve been a really long weekend for both the University of Santo Tomas (UST) men’s basketball team and the National University (NU) women’s volleyball squad as allegations of training in a bubble outside Metro Manila surfaced. As of this writing, concerned government agencies are waiting for the result of UST’s internal investigation and NU reportedly will release a statement on the issue. Unfortunately, the victims here are the young men and women student athletes. Were they forced to join the training bubble? Were they threatened with losing their scholarship? Was the mental health of these kids taken into consideration? How long did they allegedly train in a bubble? Two or three months? That’s a lot of time and a long time to be away from their families. Who authorized it? Who’s idea was it? I’ve spoken and gotten the thoughts of decorated and veteran sports journalists on this subject and they’re one in saying that, if there was a training bubble then laws were broken and the lives of all the persons present at the training bubble were put in danger against a deadly disease that has infected as many as 190,000 and killed 3,000 of our countrymen. Were there guidelines and protocols agreed upon among the eight University Athletic Association of the Philippines member-schools? Was there a penalty clause for violation of these guidelines? The person or persons responsible for this may be facing possible prison sentences as a result of the transgression. It is unfair to the other UAAP schools which ordered their student athletes to stay at home and sent training programs by their respective strength and conditioning coaches—everything to be accomplished at home. Was there testing performed on these kids to make sure they’re not infected? How often was the testing? The next several days will reveal a lot of what transpired in Sorsogon for UST and in Laguna for NU. I fervently hope that the athletic future of these young men and women that is the bubble, didn’t burst.