BusinessMirror December 01, 2020

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GOVT LOST $213-M TAX TAKE TO FAKE TOBACCO www.businessmirror.com.ph

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Tuesday, December 1, 2020 Vol. 16 No. 54

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

A BELEN (Nativity scene) is reflected on water brought about by rain, but the bad weather has obviously not dimmed its glow. Youths belonging to the St. Catherine of Alexandria Parish Church in Gerona, Tarlac, celebrated after their Belen, made completely from recyclable materials, won in the 13th Belenismo sa Tarlac. Unlike in previous years when the Belen entries were displayed in a public plaza, the entries stayed put in their original sites, and awards were delivered directly to them to avoid crowding of people in compliance with pandemic-induced restrictions. NONIE REYES

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By Elijah Felice Rosales

HE Philippines has lost at least $213 million in taxes to the sale of fake cigarettes, according to a report, as authorities vowed to double their efforts in going after counterfeit products in spite of quarantine challenges.

An advocacy paper, titled “Tackling Illicit Trade in Asean,” reported the Philippines last year lost $213.4 million in taxes to the sale of contraband tobacco. The country recorded the fifth highest value of revenue losses from counterfeit cigarettes in Southeast Asia, and accounted for up to 6 percent of the region’s total of $3.32 billion.

Citing Euromonitor data, the report said Malaysia suffered the

largest tax leakage from the inflow of illicit cigarettes at $1.38 billion, followed by Indonesia’s $1.17 billion, Vietnam’s $289.9 million and Thailand’s $226.5 million.

The paper estimated 7.93 billion sticks of fake cigarettes circulated in the Philippine economy last year. The $213-million tax loss was computed based on the price of the most sold brand (MSB) per 1,000 Continued on A2

REACTORS and guests—led by National Artist for Literature F. Sionil Jose (middle row, left)—at the Philippines Graphic and BusinessMirror webinar on “How’s your Soul Quotient? The state of literature in the time of pandemic” share a light moment at Monday’s forum that drew over a thousand mostly student participants. Top row, from left: award-winning book author Jose “Butch” Y. Dalisay Jr., one of two reactors; Graphic/BusinessMirror publisher Anton Cabangon; BusinessMirror editor in chief Lourdes M. Fernandez, webinar host. Middle row: Sionil Jose; veteran journalist-editor and UST teacher of literature and cinema Lito Zulueta, a reactor; and film critic and BusinessMirror columnist Tito Genova Valiente, forum moderator. Above: student Janie Rivera, and educators Ruzzel Mallari and Nora Babalo.

PESO EXCHANGE RATES n US 48.1020

EXPERTS SPLIT, BUT DOF SAYS P1-B LEVEL FOR FIRB NOD DATA-DRIVEN

By Bernadette D. Nicolas & Cai U. Ordinario

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HE Department of Finance has defended the need to set the P1-billion threshold for investments that are required to get the approval of the Fiscal Incentives Review Board (FIRB) under the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. The rationale for setting the P1-billion threshold was “data driven,” Finance Assistant Secretary and spokesperson Tony Lambino told the BusinessMirror, noting that only a small portion of investments have exceeded P1 billion in recent years.

“From 2017 to 2019, only 3 out of 409, or less than 1 percent, of Peza [Philippine Economic Zone Authority] investments exceeded P1 billion. Less than a fourth of BOI [Board of Investments] investments exceeded P1 billion, based on BOI data from 2015 to 2019,” Lambino said in a message to the BusinessMirror.

This contradicts the claim made by industry groups seeking a higher threshold for FIRB vetting. They had said a “low threshold” would net so many of the small investments and worsen red tape because of another layer of review and approval.

Lambino argued that qualified investments at the P1-billion level will “likely entail a larger magnitude of tax incentives.”

“Generally speaking, the larger the investment size, the larger the tax expenditure on average,” he said.

Hence, Lambino pointed out this would need fiscal oversight via FIRB, a new body to be formed under CREATE, to be composed of the Secretaries of Finance, Trade and Industry, and National Economic and Development Authority.

Nonetheless, Lambino said the FIRB can raise the threshold based on monitoring of investment data, based on the bill that was passed in the Senate.

On concerns that the FIRB review may turn off foreign investors as this would be an “added bureaucracy,” Lambino argued there will still be “just one approval process, whether it’s the investment promotion agency (IPA) or the FIRB.

“Also, we are preparing an online system to facilitate applications and improve the ease of doing business,” he said.

Continued on A2

n JAPAN 0.4614 n UK 64.2739 n HK 6.2061 n CHINA 7.3169 n SINGAPORE 35.9372 n AUSTRALIA 35.4079 n EU 57.3232 n SAUDI ARABIA 12.8269

Source: BSP (November 30, 2020)

News BusinessMirror

A2 Tuesday, December 1, 2020

www.businessmirror.com.ph

Govt lost $213-M tax take to fake tobacco Continued from A1

sticks, at $43, and the rate slapped on the MSB, at 62.6 percent.

Using 2016 tax rates as declared before the World Health Organization (WHO), the report estimated the government charged $26.9 on the MSB per 1,000 sticks.

The paper argued that the trade of fake cigarettes is prevalent in the region, as none of the countries on this side of the world is a party to the Protocol to Eliminate Illicit Trade in Tobacco Products. The protocol requires signatories to share information and collaborate on measures to improve operations in hunting down counterfeit tobacco.

Teodoro C. Pascua, deputy director general at the Intellectual Property Office of the Philippines (IPOPHL), said the report matches government data showing the sale of fake cigarettes surges as taxes on sin products increase and authorities intensify their efforts.

In 2018 fake goods confiscated by the interagency National Committee on Intellectual Property Rights (NCIPR) jumped nearly threefold to P23.6 billion, from P8.2 billion in 2017, to post its all-time high since its formation in 2008. Counterfeit cigarettes reached P20.25 billion to account for the lion’s share of the haul.

Last year the Bureau of Cus-

Mirroring world prices, oil firms set hefty fuel hikes

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IL firms announced a hefty price hike effective Tuesday.

They will increase gasoline products by P1.15 per liter, diesel

by P1.10 per liter and kerosene by P1.10 per liter.

Seaoil, Phoenix Petroleum and Pilipinas Shell said they will adjust their pump prices at 6 am of December 1. Cleanfuel, meanwhile, will implement its price adjustment at 4 pm. Other oil firms have yet to announce their price adjustments.

Pump prices have been increasing for the past weeks as a result of the movements in the world oil prices.

On November 24, diesel price went up by P0.50 per liter, kerosene by P0.30 per liter. On

November 17, gasoline prices increased by P1.05 per liter, diesel

by P1.55 per liter and kerosene by P1.30 per liter.

Meanwhile, Laban Konsyumer Inc. (LKI) on Monday appealed to oil firms to defer their price increases, particularly for kerosene and liquefied petroleum gas (LPG).

LKI told the DOE that since a state of calamity was declared in Luzon last month, LPG and kerosene prices should not rise until December 3.

LPG prices are adjusted during the first few days of the month.

“We reiterate our public appeal for the oil companies to defer price increases for Tuesday, December 1, for the duration of the state of calamity which is 60 days,” the group said. Lenie Lectura

DOH tackles public-ride setup, holiday party issues Continued from A8

The APAT DAPAT rule, according to HPAAC, can be applied in different ways during the season, as they consist of the most important reminders and precautions that protect against Covid-19.

Celebrations consisting only of individuals in the same household can have a more relaxed application of the rule.

“We can all still celebrate this Christmas season by planning carefully and remaining vigilant in protecting ourselves and our families against Covid-19,” said Dr. Dans, who is convenor of the HPAAC. He added, “Ideally, we should all keep safe at home and just celebrate with members of our own

household. But if gatherings can’t be avoided, let us be guided by APAT DAPAT, and keep our guard up against the virus.”

Covid cases

ON Monday, the Covid cases in the country surged to 431,630 after 1,773 additional cases were logged.

As of 4 p.m. of November 30, the DOH also recorded 44 recoveries and 19 deaths.

Of the total number of cases, 5.7 percent (24,580) are active, 92.4 percent (398,658) have recovered, and 1.94 percent (8,392) have died.

Eleven laboratories were not able to submit their data to the Covid-19 Data Repository System on November 29.

toms captured a total of P9.44 billion of fake items, of which P2.67 billion came in the form of cigarettes and tobacco products.

“NCIPR, through IPOPHL’s lead, is in a position to address issues raised by that report [on illicit trade],” Pascua told the BusinessMirror. “The report matches government records that cigarette is the largest counterfeit product in the Philippines, for two years now.”

Pascua explained that law-enforcement agencies struggled to execute raids this year, as the military was pulled out of operations and reassigned to quarantine duties.

In spite of the logistical impediments, Pascua said that state forces

sustained their efforts against counterfeits even in the heat of the lockdown, when some traders tried to exploit the situation by flooding the market with contraband. As such, he concluded business will remain just the same in the Philippines, even in the region, regardless of the illicit trade situation.

E-commerce fraud

THE report also warned against the worsening of fraud in e-commerce platforms, as retailers suffer an average of $260 million in losses yearly to illicit trade online.

Indonesia, the Philippines, Thailand and Vietnam were listed as the most affected nations due

to the size of their user bases and the awareness level of consumers. The most common types of illicit trade activities in e-commerce sites include unauthorized sellers, counterfeit goods, rogue domain name registrars and false advertisements, the paper listed.

To address this, e-commerce platforms and brand owners are slated to sign a memorandum of understanding in December, Pascua disclosed.

The agreement sets up a mechanism wherein brand owners can report the promotion and sale of counterfeits to their products online; e-commerce channels like Lazada and Shopee, for their part,

are mandated to investigate and take down posts if necessary. The BusinessMirror learned designer brands Chanel and Louis Vuitton are signing the memorandum.

The report on illicit trade was published by the EU-Asean Business Council in collaboration with the Transnational Alliance to Combat Illicit Trade.

The size of the counterfeit market in Southeast Asia reached $35.9 billion in 2018, according to data from the United Nations.

Aside from the $3.3-billion tax losses on smuggled cigarettes, the region squanders $2.6 billion to fake medicines and $2.5 billion to illegal wildlife trade annually.

NBQBFs post ₧625-B net profit in H1 amid pandemic

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By Bianca Cuaresma

NVESTMENT houses and financing companies were able to turn around from losses early in the pandemic, as they reported net profits in the first six months of the year.

Data from the Bangko Sentral ng Pilipinas (BSP) show that nonbanks with quasi banking (NBQBF) functions—largely comprised of investment houses and financing companies in the coun-

try—incurred a net profit of P625 billion in end-June this year.

This is a turnaround from March’s net losses of P195 billion.

Overall, these financial institutions were able to expand their

total income during the period, thereby offsetting the larger operating expenses seen.

The operating income of NBQBFs hit P3.87 billion in endJune this year, up from March’s P1.6 billion. This more than offset the larger operating expenses of the industry during the period, which was at P2.98 billion. Their operating expenses in the previous quarter were at P1.63 billion.

Broken down, these financial institutions’ income came largely from net interest expenses at P3.43 billion during the month, while non-interest income only contributed P448 million for the quarter’s income.

For its expenses, bulk was from overhead costs at P1.89 billion.

NBQBFs also had more bad debts written off for the period.

For end-March, the total bad debts written off by these financial institutions hit P122 million.

This almost doubled by end-June at P206 million.

They also increased their provisioning for the period, from P264 million in March to P485 million in end-June.

Financing companies mostly drove the growth in the sector’s overall income during the period, comprising about 92 percent of the sector’s total income.

LAPTOPS, INTERNET LINE FOR PUBLIC SCHOOL KIDS EYED

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ENATOR Sherwin Gatchalian is pushing early passage of legislation to provide laptops with Internet connectivity to public school students.

Stressing the urgent need to pass an enabling law, Gatchalian cited findings by the Center for Educational Measurement (CEM) that showed “access to computers and Internet at home affects student performance.”

Gatchalian, who chairs the Committee on Basic Education, Arts and Culture, noted the CEM’s 2018 Program for International Student Assessment (Pisa) revealed that “around 60 percent of learners who participated in the Pisa did not have access to computers and connec-

tivity at home,” noting that “the proportion of learners without computers and Internet is much higher in the lower-proficiency groups compared to higher-proficiency groups.”

CEM’s analysis, he added, noted the results of the Pisa 2018 showing that out of 79 countries, the Philippines ranked lowest in Reading Comprehension and second lowest in Science and Mathematics.

In a statement, Gatchalian said the Covid-19 pandemic also underscored the need to “make distance learning part of the norm to avoid prolonged disruptions” to education, especially in times of calamities, emergencies and crises.

“After this pandemic, laptops and access to the Internet are basic requirements to learning. No child should be left behind simply because he or she cannot have access to gadgets and the Internet. That’s a challenge for our government,” the senator said.

He then asked: “Now, the basic question is ‘who will pay for it?’ because affordability becomes an issue and that’s what we are trying to solve right now.

I think there is no question that learners should have a laptop and access to the Internet now, not 10 or 15 years from now.

And we would like to formulate a law wherein we will give every child, every learner a laptop and

access to the Internet,” he added.

Gatchalian cited Department of Education (DepEd) data showing 87 percent of over 22 million public school learners are using self-learning modules (SLMs). But he noted the DepEd admits that the use of SLMs is costly and results in the build-up of waste, adding that the DepEd had also reported that some 3.6 million learners have access to the Internet while 1.9 million have laptops.

Moreover, despite the availability of high-quality DepEd TV episodes online, its YouTube channel only has around 59,000 subscribers, which shows the need to reach millions more, said Gatchalian. Butch Fernandez

Claudeth Mocon-Ciriaco

Experts split, but DOF says ₧1-B level for FIRB nod data-driven Continued from A1

Economists split

HOWEVER, political economist and entrepreneur Calixto Chikiamco agreed with the observation of industry groups that the P1-billion threshold is too low, adding that “forcing investors who invest beyond that amount to seek approval from the FIRB aside from the IPAs adds another uncertainty and bureaucratic layer to the process.”

“We are supposed to be simplifying government reviews and bureaucratic procedures, but getting FIRB to do another review just adds to the delay and injects more uncertainty to investors,” Chikiamco said in a message to the BusinessMirror.

He also prefers that there be no FIRB, as it adds another layer to the process. The same argument

was made by Sen. Richard J. Gordon, who cast the lone negative vote in the Senate vote on November 26.

In Chikiamco’s view, if there should be a threshold that needs to be set, it should be $100 million or P5 billion.

According to Chikiamco, raising the threshold would mean “less delay, less uncertainty, less bureaucracy for investors [with investments] below P5 billion.”

Two other economists disagree with the industry groups’ request and with Chikiamco’s view.

Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III also told this paper that this call from industry groups to raise the P1-billion threshold is already “too much.”

Raising the threshold for investments required to get the

THE rationale for setting the P1-billion threshold was “data driven,” Finance Assistant Secretary and spokesperson Tony Lambino said, noting that only a small portion of investments have exceeded P1 billion in recent years.

FIRB nod for incentives would not be inclusive, according to former University of the Philippines School of Economics (UPSE) Dean Ramon L. Clarete.

Clarete expressed concern that such a move would prevent

small and medium enterprises from accessing much-needed incentives. He said if the P1-billion floor is raised, only foreign investors would be able to access the incentives.

While some simply want to escape the scrutiny of the FIRB, Sta. Ana said what is important is the rigor of granting of the incentives, which the FIRB possesses.

“Besides, the overwhelming majority of firms applying for incentives have thresholds of below P1 billion,” he said. “It is but proper that more diligence is put in place for bigger amounts.”

Under the Senate’s version of the CREATE bill, domestic corporations with total assets, excluding land, of not more than P100 million and net taxable income of P5 million and below will enjoy an immediate 10-percentage-point reduction in the corporate income

CHIKIAMCO: “We are supposed to be simplifying government reviews and bureaucratic procedures, but getting FIRB to do another review just adds to the delay and injects more uncertainty to investors.”

tax (CIT) rate, from 30 percent to 20 percent.

All other corporations will benefit from an immediate reduction of the CIT rate from 30 percent to 25 percent.

The measure created the FIRB,

tasked to review and approve fiscal incentives for projects worth P1 billion and above.

Because of the low threshold of P1 billion, the bulk of investments will go through a longer process with the FIRB, and this is why business groups want investment promotion agencies (IPAs) to be allowed to continue approving majority of new businesses, which can only happen if a higher cap—or beyond P1 billion—for investments that must go through FIRB is set.

“Paano ’yung mga SMEs, hindi nila kaya ’yun?” Clarete told the BusinessMirror. “Very elitist ’yung approach naman nila na siyempre ’yung mga malalaki lang, mga foreign investors lang, [ang makaka-access] [Their approach is very elitist where only large firms, foreign investors can access incentives].”

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The Nation BusinessMirror

Jevilyn’s death a ‘tragedy’ in a senseless war, DND chief says Losing the young is a tragedy in itself but losing them in a senseless war being waged by the NPA against the government is an even greater tragedy.”

Defense Secretary Delfin N. Lorenzana

By Rene Acosta @reneacostaBM

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EFENSE Secretary Delfin N. Lorenzana extended his condolences to the family of Bayan Muna Party-list Rep. Eufemia Cullamat following the death of her 22-year-old daughter during a firefight between soldiers and New People’s Army’s (NPA) rebels in Surigao del Sur over the weekend.

At the same time, the defense chief called the death of Jevilyn Cullamat during the encounter between rebels and Army Special Forces in Marihatag, Surigao del Sur as a “tragedy,” and called a stop to the recruitment of children by rebels.

“Losing the young is a tragedy in itself but losing them in a senseless war being waged by the NPA against the government is an even greater tragedy,” said Lorenzana in a news statement issued on Monday.

“This killing of our youth will continue until their recruitment in or out of school is stopped. I call on all parents to be vigilant to prevent their children from being recruited,” he added.

Jevilyn perished during the 45-minute firefight in Barangay San Isidro, Marihatag, wherein three AK-47 assault rifles, an M-14 rifle, and M-653 rifle were also recovered by the soldiers.

Military forces in Agusan del Sur said

Cebu police arrest 5 workers in Bonifacio Day protest rally

By Samuel P. Medenilla @sam_medenilla

BM Jevilyn served as a medic of the Sandatahang Yunit Pampropaganda (SYP) Platoon of the Guerilla Front 19 of the NPA’s Northeastern Regional Committee (NEMRC).

The military notified Jevilyn’s family over her death before publicly releasing her killing during the encounter. Her body was eventually evacuated from the scene of the encounter.

The military said it also provided security and transportation assistance to the Cullamat family and coordinated with the nearest mortuary for the proper handling of Jevilyn’s remains.

It said the encounter with the group of Jevilyn happened after tribesmen in Agusan del Sur vowed to help the military in tracking down communist rebels in the province following the death of one of their leaders, which they reportedly blamed on the rebels.

Lorenzana called on the Makabayan bloc in the House of Representatives to stop “supporting the CPP/NPA” and “denounce the NPA, who have left a trail of death and destruction all over the country for more than 50 years.”

He said the progressive bloc must help in uniting the country.

Lorenzana also said that the death of Jevilyn “is a grim reminder of the effects of the fruitless armed conflict perpetrated” by the rebels.

Editor: Vittorio V. Vitug • Tuesday, December 1, 2020 A3

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OLICE dispersed on Monday morning an indignation rally staged by Cebu workers to commemorate Bonifacio Day and denounce what they described as the government’s alleged red-tagging activities.

In a news statement, the Council of Global Unions (CGU) said five of their members were arrested when policemen reportedly broke up the gathering.

They were identified as Dennis Derige, Myra Opada, Joksan Branzuela, Jonel Labrador and Cristito Pangan, who helped organized the Bonifacio Day rallies in Cebu to raise the grievances of workers affected by the reported job displacement in the Mactan ecozone amid the pandemic.

Quarantine violations

THE five labor leaders, who are affiliated with Sentro ng Nagkakaisa at Progresibong Manggagawa (Sentro) and Partido Manggagawa (PM) were arrested and detained for alleged violation of quarantine guidelines and disobedience.

Sentro Secretary-General Josua Mata said their members were complying with minimum health standards when they protested at the Gate 3 of the Mactan Economic Zone at 8 a.m. on Monday.

“Of course, physical distancing was severely disrupted, when the police started arresting our leaders,” Mata told the BusinessMirror in an SMS. As of this writing, it was learned that Pangan and Opada were already releasedfrompolicecustodyafterpaying a quarantine fine of P1,000 each.

Derige, Branzuela, and Labrador

are scheduled for inquest on Tuesday.

“We will be bail them out,” Mata assured.

He said their members may have been targeted for successfully holding a protest action against First Glory Apparel two days ago.

Last week, the local government in Bantayan Island in Cebu drew criticisms after it reportedly hosted a high profiled event, wherein participants allegedly violated quarantine protocols.

The Department of the Interior and Local Government (DILG) is now investigating the incident.

Escalating attacks

PM Chairman Rene Magtubo said the recent arrest of their members allegedly proved the legitimacy of their calls against the government’s anti-labor policies.

“The arrest of PM Cebu labor organizers puts a spotlight on the escalating attacks on workers’ rights in the country and adds to the unsolved killings of unionists, busting of unions and red-tagging of union activists,” Magtubo said.

The CGU demanded the government to stop red-tagging against trade unions and civil-society groups and hold accountable the people who are behind such activity.

It also called for the abolition of the Anti-Terrorism Act, as well as better protection for workers amid the pandemic.

CGU includes the International Trade Union Confederation and its local affiliates, including the Federation of Free Workers , Kilusang Mayo Uno, TradeUnionCongressofthePhilippines and Sentro; the Building Woodworkers International, among others.

PNP chief Sinas reshuffles police officials, appoints 23 to new posts

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ATIONAL Police chief Gen. Debold Sinas has named 23 police officials to new posts in perhaps one of the biggest reorganization he had implemented more than two weeks since assuming the top police post.

The revamp affected positions in the Philippine National Police’s (PNP) directorial staff, police regional offices and national support units, according to PNP spokesman

Brig. Gen. Ildebrandi Usana.

Among those who were designated to their new positions were Brig. Generals Jesus Cambay Jr. and Eliseo Cruz as deputy director of the Directorate for Integrated Police Operations Southern Luzon and director of Northern Police District, respectively.

Also, Brig. Gens. Ronaldo Genaro Ylagan and Danilo Macerin were named as directors of the Police

Regional Office 9 and Quezon City Police District, respectively.

Likewise, Sinas designated Brig.

Gens. Ronnie Montejo, Leo Francisco and Rolando Miranda as directors of the Police Regional Office 7, Manila Police District and Police Regional Office 6, respectively.

A news statement from the PNP said the movement was recommended by the Senior Officers’ Placement and Promotion Board (SOPPB) due

to the vacancies created by retiring seven senior officials who have already applied for non-duty status ahead of their retirement date.

The seven officials were identified as Major Gens. Celso Pestano and Jonas Calleja and Brig Gens. Mario Rariza Jr. Joy Runes, Restito Gatera, Edgar Monsalve and Wilfredo Cayat.

Their application for non-duty status have been approved by Sinas.

Rene Acosta

A4 Tuesday, December 1, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

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Golden Rice approval possible in 2021–GAIN

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE Golden Rice (GR2E), a vitamin A-infused staple, could secure a commercial propagation permit from regulators next year if there are no major concerns about its application, according to a Global Agricultural Information Network (GAIN) report.

“The Application to Propagate is now expected by the end of 2020.

Should regulators find no major con-

cern, its approval may come in 2021,” the report, prepared by the United States Department of Agriculture

Foreign Agricultural Service in Manila (USDA-FAS Manila), read.

The GAIN report noted that the GR2E’s application for food, feed, and processing (FFP) was approved and found safe for consumption in December 2019.

“The respective regulatory agencies of four countries, i.e., the United States, Australia, New Zealand, and Canada, have already issued the safety and nutrition approvals for GR2E,” it added.

The GR2E project of the Philippine Rice Research Institute (PhilRice), which seeks to combat vitamin A deficiency in the country, is supported by the Bill and Melinda Gates Foundation through a grant

to the International Rice Research Institute (IRRI), according to the GAIN report.

The report added that the project also received support from the Rockefeller Foundation, USAID, and the Department of Agriculture’s (DA) Biotechnology Program.

The Golden Rice project has moved one step forward from getting the vitamin A-infused staple commercialized, but proponents roughly estimate that the commodity would hit the markets not until 2023 or later. (Related story: https://businessmirror.com.ph/2020/11/23/ genetically-modified-golden-ricevariety-may-hit-phl-markets-by2023-philrice/ )

Ulysses revives opposition to ₧12-B Kaliwa Dam project

By Jonathan L. Mayuga @jonlmayuga

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ORE groups are reported to be joining a movement to oppose the construction of the P12-billion Kaliwa Dam project.

Citing the potential adverse impact of large-dam construction and the recent flooding in Luzon triggered

by Typhoon Ulysses, groups opposed to the Kaliwa Dam on Sunday reiterated the call for the cancellation of the project and pushed for the protection and rehabilitation of the Sierra Madre mountain range.

Some 500 people took part in a protest action with residents of the Real, Infanta, General Nakar (REINA) towns in Quezon being joined by groups from that include bikers and riders, youth, Dumagat representatives from Quezon and Rizal, fisherfolks from SAVED Rizal, and the Urban Poor Alliance committee and other flood-affected communities in Metro Manila.

“Today we remember the flash floods and landslides in 2004 brought

by Typhoon Winnie, exacerbated by illegal logging in the Sierra Madre. This tragic event killed more than 1,500 people and caused millions worth of damages. However, our government appears to forget this tragedy with its consistent support of the Kaliwa Dam that will destroy about 300 hectares of our forest areas,” Conrad Vargas, one of the conveners of STOP Kaliwa Dam Network and the Executive Director of Save Sierra Madre Network Alliance said in a news statement.

Residents of General Nakar and Infanta in Quezon and Daraitan in Tanay, Rizal experienced up to neckdeep flooding during the onslaught of Ulysses, days before the anniversary of the deadly flash flood in 2004.

More than three weeks after Typhoon Ulysses, hundreds of families remain homeless, specifically in Daraitan, and many riverside homes in Tanay, Rizal. They fear

AN aerial view of Kaliwa Dam in Quezon province. The opposition to the controversial water resource project to supplement Metro Manila’s dwindling water supply appears to have been revived following the massive flood that inundated some parts of the province at the height of Typhoon Ulysses.

THE BUSINESSMIRROR FILE PHOTO

that they would experience worse once the dam is built.

“This early when there’s still no dam, the flooding we are experiencing is already affecting even upland barangays in Tanay, what more when the dam is constructed? This will completely submerge communities, our ancestral lands, and destroy the mountains. We are appealing to those living in the urban area to oppose the Kaliwa Dam,” Ma. Clara Dullas, of the Kababaihang Dumagat ng Sierra Madre (K-GAT) appealed.

Marcelino Tena, leader of SAGIBIN-LN, one of the indigenous groups in Quezon, for his part, likewise, expressed his opposition to the dam.

“The Kaliwa Dam will bring harm to indigenous communities because this will destroy life, the environment and our ancestral land. We don’t want this

dam because this will only be a burial ground of people, nature, culture, our rights and freedom,” he said.

“Kaliwa Dam will not only destroy our natural protection from typhoons and other disasters, it will also worsen the impacts of climate change. Climate change has significantly altered the rain patterns, to the point that it is already unpredictable. Just like what happened recently with the onslaught of five consecutive typhoons in Luzon.

Dams swell to their highest water level due to frequent extreme rainfall; thus the catastrophic water releases,” explained Ian Rivera of the Philippine Movement for Climate Justice, also one of the conveners of the STOP Kaliwa Dam Network added.

“The continuous destruction of our watersheds through large devel-

Vaccinating against corruption

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By Henry J. Schumacher

HE publication by Pfizer/BioNTech, Moderna and AstraZeneca of the interim efficacy results for their Covid-19 vaccine is making headlines around the world. People are now asking when, rather than if, a vaccine will become available so that the pandemic, badly affecting all of us, can be solved.

With government taking anticorruption more seriously now, the question comes up whether we can develop a vaccination against corruption also. We have been waiting for effective anti-corruption in government and the private sector for so long. We need vaccination against corruption now!

As I mentioned in my last column on the corruption issue, we better understand that in corruption it needs two to tango: the government official who takes and the private sector person who is ready to give.

While we always complain about the “corrupt government agencies

and their practices,” it is high time now to get the behavior of the private sector under control too.

Corruption does not stop when health is at stake. We have seen it regarding the PPEs, PhilHealth, hoarding and misappropriation of relief goods and payments, etc.

The clear unmet demand for a vaccine and the willingness to pay for “immunity” must be of deep concern for government and all of us.

The vaccine is likely to have a high “street value,” making supplies by government and the private sector attractive targets for “diversion,” unless adequate safeguards are built into supply chains.

Strong surveillance and oversight mechanisms will be needed.

To take it one step further, government and the private sector have to ensure that falsified and substandard vaccines do not get into circulation. Even when vaccines make it to public and private hospitals and clinics, opportunities for corrup-

opment projects, and the neglect and incompetence of our government to protect the environment, continue to endanger the lives of the people, particularly during climate changeinduced typhoons and other extreme weather events,” Rivera added.

Bishop Bernardino Cortez of the Prelature of Infanta reiterated that resistance to the Kaliwa Dam as a matter of survival. In light of the climate emergency, “we continue to call on the government to focus on alternative solutions and technologies—rehabilitation and conservation of Kaliwa Watershed and the Sierra Madre, reduction of non-revenue water through the repair of existing water systems, reinforcement of rainwater collection in every barangay, and sustainable and efficient water demand management system, among others.”

tion at the point of delivery, such as under-the-table payments, exist!

It is good to see that Transparency International (TI) is developing country level frameworks to ensure distribution is equitable and transparent. TI sees the need for civil society to engage with the national and local governments in the planning and monitoring of distribution. This must range from the technologically complex, using RFID tracking of vaccines, to awareness campaigns on reporting corruption. Community-led distribution monitoring will be needed.

With so much resting on the successful deployment of a vaccine, one thing is clear—it cannot go wrong!

If we can get this right, a corruption free Covid-19 distribution will not only tackle the pandemic, it will also prove that “vaccinating against corruption” can be successful!

Feedback is welcome; please e-mail me at hjschumacher59@gmail.com

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

The World

U.K. stocks up on vaccines, hopes to start coronavirus shots in days

L

ONDON—Britain said Sunday it has secured 2 m i l l i o n m o re d o s e s o f a p ro m i s i n g coronavirus vaccine as it gears up to launch within days the countr y ’s most ambitious inoculation program in decades.

T h e U K h a s h a d E u r o p e’s d e a d l i e s t coronavirus outbreak, with more than 58,000 confirmed virus-related deaths. It now hopes to hit a more positive milestone by becoming one of the first countries in the world to start vaccinating its population against Covid-19.

The UK government has agreed to buy more than 350 million doses of vaccines from seven different producers, should they prove effective, as it prepares to vaccinate as many of the country’s 67 million people as possible.

The Department of Health said Sunday it had increased its order for a vaccine developed

by US firm Moderna from 5 million to 7 million doses, enough for 3.5 million people.

The Moderna vaccine is expected to be re f e r re d s o o n to t h e U K ’s M e d i c i n e s a n d Healthcare Products Regulatory Agency, to see if it is safe and effective. Two other vaccines— one developed by Pfizer and German firm BioNTech, the other by Oxford University and AstraZeneca—are already being assessed by the regulator, the final stage before being rolled out.

Britain has ordered 40 million doses of the Pfizer/BioNTech vaccine and 100 million doses of the Oxford/AstraZeneca vaccine.

Hospitals in England have been told they could receive the first doses of the Pfizer shot as early as the week of December 7 if it receives approval, the Guardian and Financial Times reported. The US vaccination program also hopes to begin inoculating some Americans in December.

The government says frontline health care workers and nursing home residents will be the first to be vaccinated, followed by older people, starting with those over 80. The plan is to work down the age and risk groups until everyone 18 and over has been inoculated.

Peter Openshaw, professor of experimental medicine at Imperial College London, said he “wouldn’t be too surprised if an announcement would be made within the next two weeks, possibly even as early as next week.”

Non-medical staff including volunteer first-aiders are already being trained to give the shots, which will be administered at around 1,000 community vaccination centers and 40 to 50 large-scale facilities in stadiums and conference venues, according to a government

planning document.

Prime Minister Boris Johnson said officials hope to vaccinate “the vast majority of the people who need the most protection by Easter.”

Writing in the Mail on Sunday, Johnson said the roll-out of a vaccine could be “just days away.” But he said there would not be a quick end to the onerous restrictions on business and everyday life that have been imposed to curb the spread of the virus.

“There are still long weeks and months ahead before we can be completely confident that we can vaccinate enough people in the country, and thereby remove enough targets for the virus, in order to beat the disease,” he wrote.

A four-week national lockdown in England is due to end Wednesday, and will be replaced by a three-tiered system of regional measures.

The vast majority of the country is being put into the upper two tiers, meaning most people will be barred from meeting up with friends indoors, pubs and restaurants still face restrictions and everything from large weddings to choir practices are being banned.

Pfizer and BioNTech say their vaccine is 95 percent effective, according to preliminary data.

It must be stored at ultra-cold temperatures of around minus 70 degrees Celsius (minus 94 Fahrenheit). The Moderna vaccine, which also needs to be stored at freezer temperatures, was also about 95 percent effective in clinical trials, the company said.

The Oxford-AstraZeneca vaccine can be stored at conventional refrigerator temperatures, making its distribution much simpler, and is also cheaper than its main rivals. But some scientists have questioned gaps in its reported results.

Oxford and AstraZeneca reported this week that their vaccine appeared to be 62 percent effective in people who received two doses, and 90 percent effective when volunteers were given a half dose followed by a full dose. They said the half dose was administered because of a manufacturing error, and they plan a new clinical trial to investigate the most effective dosing regimen.

Full data from the Oxford-AstraZeneca trial is expected to be published soon, and may answer some of the questions about the vaccine.

Openshaw said he’d be happy to get any vaccine that is approved.

“If my GP rings me and says ‘I’ve got an approved vaccine,’ I really don’t care which one it is,” he told the BBC. AP

BusinessMirror

Tuesday, December 1, 2020

A5

Fauci: US may see ‘surge upon surge’ of virus in weeks ahead T

he nation’s top infectious disease expert said Sunday that the US may see “surge upon a surge” of the coronavirus in the weeks after Thanksgiving, and he does not expect current recommendations around social distancing to be relaxed before Christmas.

Meanwhile, in a major reversal, New York City Mayor Bill DeBlasio said the nation’s largest school system will reopen to in-person learning and increase the number of days a week many children attend class. The announcement came just 11 days after the Democratic mayor said schools would shut down because of rising Covid-19 cases.

“We feel confident that we can keep schools safe,” he said.

Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, told ABC’s “This Week” that the level of infection in the US would not “all of a sudden turn around.”

“So clearly in the next few weeks, we’re going to have the same sort of thing. And perhaps even two or three weeks down the line...we may see a surge upon a surge,” he said.

Fauci addressed the school issue, saying that spread “among children and from children is not really very big at all, not like one would have suspected. So let’s try to get the kids back, but let’s try to mitigate the things that maintain and just push the kind of community spread that we’re trying to avoid,” he said.

Fauci also appeared on NBC’s “Meet

the Press,” where he made similar remarks, adding that it’s “not too late” for people traveling home after Thanksgiving to help curb the virus by wearing masks, staying distant from others and avoiding large groups of people.

The number of new Covid-19 cases reported in the United States topped 200,000 for the first time Friday, according to data from Johns Hopkins University. Since January, when the first infections were reported in the US, the nation’s total number of cases has surpassed 13 million. More than 265,000 people have died.

Fauci said the arrival of vaccines offers a “light at the end of the tunnel.”

This coming week, the Advisory Committee on Immunization Practices will meet with the Centers for Disease Control and Prevention to discuss a rollout of the vaccine, he said.

He added that President-elect Joe Biden should focus on distributing vaccines in an “efficient and equitable way.” Fauci also said he planned to push the new administration for a rigorous testing program.

Health care workers will likely be among the first to get the vaccine, with the first vaccinations happening before the end of December, followed by many more in January, February and March, he said.

“So if we can hang together as a country and do these kinds of things to blunt these surges until we get a substantial proportion of the population vaccinated, we can get through this,” Fauci said.

Other experts agreed that the coming weeks would be difficult, especially since so many traveled over the holiday and held in-person dinners indoors.

Dr. Deborah Birx, the White House coronavirus response coordinator, said Sunday on CBS’ “Face the Nation” that Americans who traveled this past week should try to avoid people over 65. She said that those who were around others for Thanksgiving “have to assume that you were exposed and you became infected and you really need to get tested in the next week.”

Meanwhile, a busy travel weekend continued, despite warnings for Americans to stay close to home and limit their holiday gatherings.

Aside from the Thanksgiving holiday itself, anywhere from 800,000 to more than 1 million travelers made their way through US airport checkpoints on any day during the past week, according to Transportation Security Administration statistics. That’s a far cry from the 2.3 to 2.6 million seen daily last year. But it far surpasses the number of travelers early in the pandemic, when daily totals fell below 100,000 on some spring days.

More Covid-19 restrictions were in store for California starting Monday.

Los Angeles County will impose a lockdown calling for its 10 million residents to stay home. Santa Clara County, which includes San Jose, is banning all high school, collegiate and professional sports and imposing quarantine for anyone

traveling into the region from more than 150 miles away.

Back in New York, some elementary schools and pre-kindergarten programs will resume classes December 7, a week from Monday, the mayor said. Others will take longer to reopen.

The plan for reopening middle and high schools is still being developed, de Blasio said.

About 190,000 students will be eligible to return to classrooms in the first round of reopening, just a fraction of the more than 1 million total pupils in the system. The great majority of parents have opted to have their kids learn remotely by computer.

De Blasio said that many of those returning in person will be able to attend five days of class a week, up from one to three days previously.

Elementary school students attending in person will be required to undergo frequent testing for the virus. Previously, the city set a target of testing 20 percent of teachers and students in each school building once a month. Now the testing will be weekly.

The mayor said the city was doing away with its previous trigger for closing schools, which was when 3 percent or more of the virus tests conducted in the city over a seven-day period came back positive.

New York exceeded that threshold early in November, and infections have slightly worsened since then. More than 9,300 residents have tested positive for the virus over the past seven days. AP

A6 Tuesday, December 1, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Stop all logging operations in PHL

I

N a joint statement released recently, the Department of Environment and Natural Resources (DENR) and the Department of the Interior and Local Government (DILG) announced that they will work together to fight illegal logging and quarrying to protect the country’s remaining forest covers and habitats.

They better act fast. The DENR’s own records show about 47,000 hectares of forest cover are lost every year from rampant logging and lack of security in areas declared as protected wildlife sanctuaries.

In last week’s editorial “When will we ever learn?,” we noted that President Duterte’s order to go after illegal logging after the record flooding in Cagayan and Isabela is nothing new.

In 2017, expressing his anger over the unabated logging that was blamed for the massive floods that claimed lives and destroyed properties in Northern Mindanao, he ordered then Environment Secretary Gina Lopez to “stop all logging operations with no exemptions.”

The President then asked the DENR and DILG, along with the Department of Agriculture, to form a committee to create the implementing rules of a nationwide logging ban.

Similar crackdowns on illegal logging have been ordered by past administrations. In fact, the National Anti-Illegal Logging Task Force was created through Executive Order 23 in 2011 during the term of President Benigno Aquino III. So, another full-court press against illegal logging is now in the works.

But first the government must stop falling for the false dichotomy. It must stop distinguishing between illegal and legal logging. At this point no logging should be allowed. Whatever passes for legal logging is actually and very surely illegal.

Almost three decades ago, during public hearings in the Senate, then Senator Orly Mercado said there’s hardly any difference between illegal loggers and legal loggers. He said the only difference is that the so-called legal loggers have the political clout to get timber license agreements.

Indeed, for years environment groups have blamed legal logging for the denudation of Philippine forests. They say logging companies have used their legally allocated cutting permits to illegally access logs in areas outside the official limits of their permits.

Enforcing partial logging bans has actually been more difficult than enforcing total logging bans. To begin with, primary forests from which absolutely no logging must be done have not been properly or clearly identified by the government.

Also, the government does not have the manpower to monitor logging activities in restricted areas. And even if they have people in these areas, they’re usually no match to the military might big-time loggers wield.

For instance, the police team that was conducting operations against illegal logging in Cagayan last week was assaulted by timber poachers. A police officer was hurt in the skirmish.

One of the loggers who was caught after firing upon the police had an arrest record for violating the Forestry Code.

Surely, criminal loggers like him who habitually escape justice are legion. If they are bold enough to engage in gun battles against the police, then it is no wonder that many forest rangers and environmental defenders have come under deadly attacks from them in recent years.

What makes them so bold? Is it because they enjoy the protection of certain officials in government?

Is this why, even the stolen and illegally cut timber can be sold and become legally clean?

Is this why a massacre of trees can still happen today, even in forests like the Masungi Geopark in Baras, Rizal, a joint reforestation project of Masungi and the DENR, which has been declared a protected area since 2011 due to its importance as a watershed reservation?

Forest laws around the world have hardly been enforceable. This is why logging has been generally unsustainable. It is a problem deeply rooted in poverty, corruption and environmental abuse.

In pursuing logging bans, therefore, let us make no distinction between legal and illegal. A total ban is not only right but also long overdue. The bigger question, however, is whether such a ban can really be enforced. Because it has been implemented before and yet nothing has really been done.

Coming out with any kind of ban or law is one thing and having it followed is another. In the real world, implementing it has less to do with justice than with political will and strategy.

The government has not acted against rampant logging and our people have paid for this negligence with their lives.

Since 2005

BusinessMirror A broader look at today’s business

Govt-private sector alliance key to vaccine distribution Manny B. Villar

THE Entrepreneur

W

inning the war against Covid-19 in the Philippines will now hinge on the effective and timely distribution of vaccines across the nation. The government has already started detailing its distribution plan and priorities in the vaccination program, but it will need the help of the private sector as a trusted partner in eliminating the virus.

The challenges in dispensing the vaccine, as I have mentioned in this column before, are gargantuan. Vaccine czar Carlito Galvez Jr. this early has seen the formidable obstacles the government will face in getting majority of the population inoculated against the coronavirus.

Per Mr. Galvez’s initial estimate, the Covid-19 vaccination program will take three to five years given the logistical challenges and the available manpower services. He cited the Philippines’s record of managing just 5 million vaccinations annually under the normal immunization program. The current mobility restrictions in Metro Manila under the general quarantine community regime, in

addition, will pose another challenge to vaccine distribution.

I remain optimistic, however, that the nation can shorten this timeline through a trusted partnership with the private sector. Just like what they did at the outset of Covid-19 in March, private companies can help ease the burden of the government in the fight against the virus.

Private companies contributed to the immediate mass testing of the population in the early days of the pandemic. Many companies, including my Villar Group, helped in the establishments of quarantine sites and in the supply of life-saving personnel protective equipment, especially to front-line workers.

The Villar Group, in particular,

The 2021 train wreck

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John Mangun

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Y

ou know that old joke about the light at the end of the tunnel?

It is an oncoming speeding train. That train has a name: “The 2021 Express.”

The train was absolutely on schedule as the next wave of global economic chaos began in January and it is not going to get any better any time soon. If fact, it is going to get worse. If you want to see what the future holds, just look at the presidential election in the Untied States.

Well, you might say, that is just because of “Trump.” Go with that if it makes you feel any better. You would be wrong, but we all need to make through the night by whatever means necessary. The last 18 months has seen deadly riots, looting, media censorship of opposing views, and crazed political discourse on an unprecedented level.

This is the cycle: Bad economic policies leading to political upheaval, followed by economic crisis leading

to extreme political chaos. And the final piece of the puzzle is extreme economic chaos.

We call it a “cycle” because this series of events has happened throughout human history. The length of the cycle varies, whether you look at the short cycle or the long cycle.

Imperium Romanum—the Roman Empire—lasted about 500 years.

Imagine the Philippines as a relatively stable, continuous colony (or province) of Spain since the first day Ferdinand Magellan, as the first European visitor, came to the island of Limasawa in April 1521.

Every “empire” throughout history has failed and always for the same reason. Government loses the confidence of the people because of failed economic policies, which starts the cycle.

Government funding, again, will be key to the successful distribution of the vaccines. It is good to learn that our lawmakers from both houses approved the proposed P4.5-trillion national budget for 2021. I read from new reports that the new budget allocated a “huge amount in unprogrammed appropriations” for the purchase, storage and distribution of coronavirus vaccines.

led the conversion of the Philippine International Convention Center in Pasay City and Philippine Institute of Sports Multi-Purpose Arena (or ULTRA stadium) in Pasig City into temporary quarantine facilities. It donated disinfecting apparatus to a number of public hospitals in Metro Manila and hospital beds for quarantine facilities. President Duterte has acknowledged the role of the private sector in helping contain the spread of Covid-19 infections in the country.

Perhaps, we can follow the lead of the United States’ Operation Warp Speed, a public-private partnership initiated by the US government in facilitating and speeding up the development, production and distribution of Covid-19 vaccines. The

If and when the vaccine is approved, we will move from the “heroic effort” of development to the overwhelming task of distribution. Further, only about half of US adults say they would definitely or probably get a vaccine. Global surveys are nearly the same. And so far, there is no announcement of a vaccine to bring back to life 12 months of dead economies.

Unequal income distribution and increasing wealth disparity create abuses. More “bread and circuses”— and military—to keep the little people under control cost money.

Raise taxes and even the “rich” get annoyed. When taxes go too high, people leave. In Rome, the military realized that they “controlled” the government. Eventually, even the military feels it is being economically short-changed. The barbarians walk in through the gates.

The US will not recover in 2021.

The “every-state-does-its-ownthing Constitution” combined with a “lockdown-no lockdown-lockdown” pandemic response will only see the economic effects come to full bloom next year. No amount of stimulus, paid for by more and more debt,

OWS is largely instrumental in the development of at least two vaccines against the coronavirus.

The OWS and its private partners, among other things, have caused the signing of a contract to supply over 100 million pre-filled syringes for distribution across the US by the end of this year.

The US government has also begun forging partnerships with reputable pharmacies and networks on urban and regional levels to distribute vaccines. The tie-up with the drug stores, according to the US Department of Health and Human Services, covers approximately 60 percent of pharmacies throughout the 50 states, the District of Columbia, Puerto Rico and the US Virgin Islands.

The local distribution of Covid-19 vaccines, meanwhile, will require logistical support from the private sector. The government can tap local private logistics companies in storing and transporting the vaccine to the intended target population, and eventually to the rest of the nation.

The private sector admittedly has more resources in the logistics business than the government.

One multinational company has startedmakingpreparationstobuild cold storage facilities and transport the Covid-19 vaccines after the See “Villar,” A7

will stop the millions of evictions, foreclosures, and more millions of business bankruptcies.

The European Union is now desperate over Brexit, nearly begging with proposals like this: “You let us fish in your waters and we will give you...uh...something in return.” It gets worse for the EU. “Hungary and Poland have vowed to continue to veto the EU budget and the bloc’s pandemic relief fund.”

But, certainly, all my negatives are total nonsense. We have been 100 percent guaranteed positively that the Covid-19 vaccine will save the world. Except there is no approved/ authorized vaccine anywhere. But the announcement of a vaccine made Big Pharma stock prices go up.

If and when the vaccine is approved, we will move from the “heroic effort” of development to the overwhelming task of distribution.

Further, only about half of US adults say they would definitely or probably get a vaccine. Global surveys are nearly the same. And, so far, there is no announcement of a vaccine to bring back to life 12 months of dead economies.

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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How permanent establishments The Pinay cricket divas should pay their taxes Manny F. Dooc

TELLTALES

Fulvio D. Dawilan

Tax Law for Business

F

or cross-border transactions, the extent of activities, the duration of projects and the length of stay of representatives of a foreign business in a host state are among the factors that have significant impact on the taxation of those transactions in the host state. These factors are especially relevant to business entities which are residents of countries of which the Philippines has existing tax treaties, as these events may have impact on the creation of a taxable presence in the Philippines. I’m referring to the possible creation of a permanent establishment (PE) in the country.

About two years ago, I wrote in this column some concerns related to PEs. With a growing number of queries on PE registrations and compliance with tax obligations, I’d like to revive that to echo the call for the crafting of rules that would govern the registration of PEs for the payment of their tax obligations.

But what actually is PE? It is a concept in international taxation whereby a country in which a foreign entity does business has the right to impose its taxes when the situations defined in tax treaties are present. It is a presence in another country with business activities sufficient for that other country to impose tax. These business activities and presence necessary to create a PE are defined in tax treaties between the country where the entity has a residence and the country where it does business.

The Philippines has concluded more than 40 tax treaties with other countries, most of which have been adopted based on the UN Model Tax Convention. These treaties govern the right of the parties to impose taxes on the income derived by residents of the other country within its border. In most of these treaties, a PE is described as a fixed place of business in the Philippines in which the business of a foreign enterprise is wholly or partly carried on. A PE can be created due to the presence of a place of management; a branch; an office; a factory; building sites, construction or assembly projects that last for a defined period; the presence of employees, agents or representatives in the Philippines for defined number of days and depending on the extent or nature of activities pursued in the Philippines; etc. Presence of these gives our tax authority the right to tax foreign entities on their business income derived from the Philippines that are related to those presence or activities.

But how are the obligation to pay tax by these PEs implemented?

In the case of a branch of a foreign corporation, which is also a PE, its registration and the procedures for the payment of its taxes are similar to domestic corporations. This is so because a branch is required to be registered with and obtain a license to transact business from the Philippine Securities and Exchange Commission (SEC). It is also required to register with the tax bureau and comply with all the filing and reportorial requirements with the said office, including the payment of its own taxes.

What about the other types of PEs? There are a number of business activities which involve one-time projects and/or which are relatively of limited or short-term duration, yet long enough to breach the threshold provided in the treaty for the creation of PE. The extent of the activities and the duration of business and other considerations usually do not warrant the registration with the SEC. With business presence in the Philippines and deriving income from the country, should they not be allowed to register only for taxation purposes and allow them to pay their taxes like any other registered taxpayer?

Apparently, there is no prescribed procedure for that. The absence of procedures for the registration of PEs for tax purposes results in the treatment of PEs as non-resident foreign

corporations, whereby their taxes are paid through the final withholding taxes. In one case, the Tax Court declared that a foreign corporation with a PE is still treated as NRFC for income taxation purposes. The Court took note of the fact that the foreign corporation was not issued a license to transact business in the Philippines by the SEC and neither was it registered with the Bureau of Internal Revenue and paid its taxes.

Accordingly, payment of its taxes through the final withholding tax system was proper.

A foreign corporation, however, that is doing business in the Philippines, is considered a resident. The Tax Code itself provides that definition. As a PE is doing business in the Philippines, it is embraced within the definition of a resident foreign corporation. It should be allowed to pay its taxes as a resident foreign corporation, which is allowed to compute taxes based on net income as in the case of any other corporate taxpayer.

And it is not only the Tax Code that allows the payment of taxes

by RFCs based on net income. Tax treaty provisions provide that in the determination of the business profits of PEs, there shall be allowed as deductions ordinary and necessary expenses which are reasonably allocable to such profits, including executive and general administrative expenses, whether incurred in the state in which the PE is situated or elsewhere. This means that PEs should be allowed to claim deductions for expenses that are incurred in earning the income of the PE. To collect tax based on the gross amount through the imposition of final withholding tax negates this treaty commitment. Besides, the imposition of final withholding tax normally serves as deterrent for the successful conclusion of a contract with foreign providers.

To sum it up, a foreign entity with a PE is considered to be doing business in the country. It thus falls within the definition of a resident foreign corporation, and not a non-resident foreign corporation.

As such, the more proper mode of paying its tax is through the filing of its own tax return, like any other resident foreign corporation. A PE should be able to register with the tax authority so that it can comply with its tax obligations. To be able to do so, there should be uniform guidelines for the registration of PEs and payment of their taxes.

And that is not only for compliance with the Tax Code provisions and tax treaty commitments. Requiring the PEs to register as taxpayers may even be beneficial on the part of the tax authority. This would allow it to impose other taxes, such as the applicable business taxes and withholding taxes and allow it to exercise its review powers.

The author is the Managing Partner of DuBaladad 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 fulvio.dawilan@bdblaw. com.ph or call 8403-2001 loc 310.

T

he game was invented in England in 1611 and became the UK’s national sport in the 18th century. It became so popular that international matches were played in 1844. Many countries have formed their national teams to compete against each other.

The game quickly spread across the British colonies. Cricket was introduced to the territories and their subjects by the British military officers and men who fervently played the game in foreign places where they were posted. It was brought to the West Indies and India via the same route. The British East India Company mariners and servicemen played the game in the colony and the natives got enamored with it. India, Pakistan, Myanmar, Sri Lanka, Nepal, and the other countries in the region are now among the leading exponents of the sport.

Cricket crossed the Atlantic in the 17th Century where it is still popular in Canada and in South America.

However, it did not gain a strong following in the United States where football, baseball and basketball are the prime sports. Several South American countries like Brazil, Argentina, Mexico, Chile, and Peru have adopted the sports. Practically, the game acquired adherents in countries under the British Dominion regardless of geography. Up to now, cricket is passionately played in Australia, New Zealand and South Africa. Cricket grounds still abound in Hong Kong, Singapore and Malaysia, which still regard the game as a favorite pastime. Together with Australian football, cricket is considered as Australia’s national sport.

Cricket was originally known as a “boys’ game” until the English women embraced the game as their sport as well. The first women’s cricket match was played in Surrey in 1745 and the game has not looked back af-

ter that. The rules or laws of the game are complicated. To the uninitiated, the rules of the game are difficult to comprehend. The International Cricket Council is the governing body of the game. It currently has 105 member-nations representing five regions of the world, and is responsible for the staging and conduct of all ICC-sanctioned events. It counts among its members three countries in Southeast Asia—Singapore, Malaysia and Thailand.

Despite its popularity in many countries, only 15 countries are actively taking part in international competitions. It is not even an Olympic sport due to lack of participants.

It was only played once at the 1900 Summer Olympics in Paris where only Britain and France took part. It is regarded among the richest sports in the world since it is expensive to maintain the sports. It cannot be self-sustaining and independent like other sports since the game is not well patronized. Cricket is recog-

Tuesday, December 1, 2020 A7

With very little professional coaching and training time, the SSC Divas won the championship in the HK Development League two times in a row and has remained unbeaten in the ongoing main division tournament this year. For the team members, playing cricket provides an escape from the dreary and weary life as a domestic helper in HK, away from their family. nized as an elitist sport. It belongs to the upper class. It was a sport played by the aristocrats in England and in the colonies. It is not generally accessible to so many people. There are stiff requirements to play the sport.

Yet, surprisingly, Pinay domestic workers in Hong Kong have taken a strong liking for the game. In a report published by the AFP News, a sturdy group of Pinay domestic helpers have formed a cricket team called the SSC Divas. Most Pinays are familiar with the sport of baseball or softball, which is popular in Philippine schools, that somehow requires the same set of skills as in cricket.

While they have no actual background of cricket, the Pinays have been following the game in local TV sports where the game has a regular programming while tending to their household chores. They become well versed in the intricacies and rules of the sport and accustomed to the acumen of the players. With very little professional coaching and training time, the SSC Divas won the championship in the HK Development League two times in a row and has remained unbeaten in the ongoing main division tournament this year. For the team members, playing cricket provides an escape from the dreary and weary life as a domestic helper in HK, away from their family. The AFP wire quoted one Filipina player saying that playing the game

“is very relaxing, it makes my day worthwhile. It’s good to be active and you forget all stress and troubles and everything.” The team gets moral support from their kababayans who crowd the game outside the sports field in Happy Valley where the matches are held. The die-hard followers picnicked in the area to cheer their compatriots as they walloped their opponents.

As reported by a director of the HK Cricket Club, “They get one day off a week, and what do they do?

They come and sit and watch, cheer along, train whenever they can. It’s pretty impressive.”

I recall when I was working as an expat in a multinational company in HK more than three decades ago. We were the only Filipino family residing in a well-appointed flat located high up in a residential condominium building overlooking the harbor.

There were, more or less, 50 Pinay domestic helpers working in the building. Every Christmas when my family and I spent the holidays in Manila, our Filipina compatriots would borrow my flat so that they would have a place to celebrate Christmas and New Year. We would gladly leave them the key and when we got back we always found our place spotlessly clean with some Filipino preserved delicacies and sweets placed around our Christmas tree. Giving them the space where they could gather during the most important date in Christian calendar is the closest thing they could celebrate Christmas with their family.

Maybe the Philippine Olympic Committee should take their cue from the Pinay domestic workers.

Our professional sports leaders should unite instead of engaging in political wrangling, which only fosters disunity as we had witnessed during their recently concluded election.

A successful US missile intercept ends the era of nuclear stability

By Andreas Kluth | Bloomberg Opinion

served through the macabre reality of mutual assured destruction, or MAD. No nation will launch a first strike if it expects immediate retaliation in kind. A different way of describing MAD is mutual vulnerability.

If one player in this game-theory scenario suddenly gets a shield (these American systems are in fact called Aegis), this mutual vulnerability is gone. Adversaries, in this case mainly Russia but increasingly China too, must assume that their own deterrent is no longer effective because they may not be able to successfully strike back.

For this reason defensive escalation has become almost as controversial as the offensive kind. Russia has been railing against land-based American interceptor systems in places like Eastern Europe and Alaska. But this month’s test was the first in which a ship did the intercepting.

This twist means that before long the US or another nation could protect itself from all sides.

This new uncertainty complicates a situation that was already becoming fiendishly intricate. The US and Russia, which have about 90 percent of the world’s nukes, have

ditched two arms-control treaties in as many decades. The only one remaining, called New START, is due to expire on February 5, a mere 16 days after Joe Biden takes office as president. The Nuclear Non-Proliferation Treaty, which has for 50 years tried to keep nations without nukes from acquiring them, is also in deep trouble, and due to be renegotiated next year. Iran’s intentions remain unknown.

At the same time, both the US and Russia are modernizing their arsenals, while China is adding to its own as fast as it can. Among the new weapons are nukes carried by hypersonic missiles, which are so fast that the leaders of the target nation only have minutes to decide what’s incoming and how to respond. They also include so-called tactical nukes, with “smaller” (in a very relative sense) payloads that make them more suitable for conventional wars, thus lowering the threshold for their use.

The risk thus keeps rising that a nuclear war starts by accident, miscalculation or false alarm, especially when factoring in scenarios that involve terrorism, rogue states or conflicts in outer or cyberspace. In a sort of global protest against this insanity, 84 countries without nukes have signed a Treaty on the Prohibition of Nuclear Weapons, which will take effect next year. But neither the nine nuclear nations nor their closest allies will ever sign it.

Instead, the existing nuclear powers will interpret news of successful interceptor tests as an impetus for a new arms race. They will make even faster missiles with more decoys and countermeasures, new warheads for more flexible uses in a greater variety of strategic scenarios, and of course their own shields.

This must stop. And the bestplaced world leader to take the initiative in halting the madness is the incoming US president. Upon taking office, Biden should immediately propose that the US and Russia roll over New START for another five years to buy time. He should simultaneously invite China and the other nuclear powers to the table.

The first goal should be a declaration by all nine that their nukes have the sole purpose of deterrence and will never be used aggressively.

They should also give new assurances of security and help to non-nuclear nations, and create new communications protocols for crises. And yes, they must now agree to limit and monitor not only each other’s offensive weapons but also their defenses.

The era of MAD and mutual vulnerability was terrifying but in a surreal way also stable. The coming era of questionable deterrence and asymmetric vulnerabilities will be less stable and therefore even more frightening. Biden will have much in his inbox come January. He better make sure arms control isn’t at the bottom.

hospitals, drug stores and public health centers.

In this connection, I’m glad to disclose that the Villar Group, like some private companies, is purchasing vaccines that have passed successful clinical trials abroad for donation to the government and our frontliners, and for distribution initially to employees in my organization. My group has the capability to store and warehouse delicate vaccines before they are transported to the beneficiaries.

Help from the private sector

is, indeed, coming. The private sector, gaining from the experience in the early stages of the pandemic, knows better now how to deal with the health crisis and avoid the hiccups that temporarily delayed the response to the health crisis.

Government funding, again, will be key to the successful distribution of the vaccines. It is good to learn that our lawmakers from both houses approved the proposed P4.5-trillion national budget for 2021. I read from new reports that

the new budget allocated a “huge amount in unprogrammed appropriations” for the purchase, storage and distribution of coronavirus vaccines.

The Philippines by far has contained Covid-19 infections to less than 2,000 cases a day. We as a nation will ultimately defeat the virus through trust, unity and a productive partnership between the government and the private sector.

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his month, an intercontinental ballistic missile was fired in the general direction of the Hawaiian Islands. During its descent a few minutes later, still outside the Earth’s atmosphere, it was struck by another missile that destroyed it.

With that detonation, the world’s tenuous nuclear balance suddenly threatened to come out of kilter. The danger of atom bombs being used again was already increasing. Now it’s grown once more.

The ICBM flying over the Pacific was an American dummy designed to test a new kind of interceptor technology. As it flew, satellites spotted it and alerted an Air Force base in Colorado, which in turn communicated with a Navy destroyer positioned northeast of Hawaii. This ship, the USS John Finn, fired its own missile, which, in the jargon, hit and killed the incoming one.

At first glimpse, this sort of technological wizardry would seem to be a cause for not only awe but also joy, for it promises to protect the US from missile attacks by North Korea, for example. But in the weird logic of nuclear strategy, a breakthrough intended to make us safer could end up making us less safe.

That’s because the new interception technology cuts the link between offense and defense that underlies all calculations about nuclear scenarios. Since the Cold War, stability—and thus peace—has been pre-

Villar. . .

Continued from A6

successful trial of several drug candidates. Handling the vaccines is an intricate operation. The drug must be transported and stored in very low temperatures ranging from -20 to -80 degrees centigrade. I’m sure logistics companies are now making preparations to upgrade their vans that will fetch the vaccines from ports or airports to cold storage facilities, and finally to

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

A8 Tuesday, December 1, 2020

FDA key to govt-biz vaccine buy MOA with AstraZeneca

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HE memorandum of agreement (MOA) of the government and pr ivate sec tor w it h d r ug maker AstraZeneca, which was signed last week, may be voided if its novel coronavirus disease (Covid-19) vaccine does not get the approval of the Food and Drug Administration (FDA).

The Department of Health (DOH) made the statement on Monday after it was announced that AstraZeneca is now applying to hold the phase 3 of its clinical trial here in the country.

“That is a possibility because it means there was a violation in the agreement,” Health Secretary Francisco T. Duque III said during an interview with PTV on Monday.

In the MOA, he said AstraZeneca agreed to go through stringent evaluation to conduct its phase 3 trial here in the country, wherein its vaccine will be tested on thousands of Filipinos.

Last Friday, at least 33 private companies and the government signed an agreement with AstraZeneca for the purchase of 2.6 million doses of its Covid-19 vaccine, which it is developing with the University of Oxford.

Health officials, however, assured the public the vaccine will still be reviewed by the vaccine expert panel (VEP) and FDA before it can be locally used.

Ph i l ippi ne Cou nc i l for Health Research and Development (PCHRD) Executive Director Jaime Montoya, who is a member of the VEP, said AstraZeneca has signed a confidentiality data agreement to allow the VEP to review the data of its phase 1 and phase 2 of its clinical trial.

He noted this is part of its application, which was filed only last November 20, to conduct a local clinical trial.

AstraZeneca is currently eyeing to expand its clinical trial after it acknowledged there was a “manufacturing error” in its clinical trial in the United Kingdom and Brazil.

Because of the error, some participants of the trial did not receive the intended amount of the vaccine they should get.

Montoya said they will be waiting for AstraZeneca to officially publish the result of the said clinical trial before they could determine if it has any implication on the efficacy of its vaccine.

Samuel P. Medenilla

Comelec exec backs Sotto bid to keep AES track-record rule

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By Samuel P. Medenilla

@sam_medenilla

N official of the Commission on Elections (Comelec) on Monday rejected the attempt to remove prior track record for companies, which will be bidding for contracts related to automated election system (AES).

In her Twitter account, Comelec Commissioner Rowena Guanzon warned the proposal will diminish public trust in the outcome of the next elections if implemented.

“It is very risky if you waive bidding requirement of prior track record. [The] worst case scenario [if it its implemented]: chaos nationwide, allegations of fraud, and no credible elections,”

Guanzon said.

The poll official issued the statement after Senate President Vicente Sotto III said he is now investigating an alleged attempt to insert a provision in the 2021 national budget authorizing Comelec to disregard the prior track record requirement.

Sotto explained the proposal is not likely to be included in the 2021 General Appropriations Act (GAA) since it is legally questionable.

He maintained that the 2021 GAA, which is a general law, cannot amend the Automated Election Law, which is a special law.

Section 12 of the Automated Election requires companies to have prior experience of providing service or products before they are allowed to participate

Overseas Filipinos not keen on Christmas homecoming A

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

NUMBER of overseas Filipinos will likely stay put wherever they are this Christmas, despite Manila now allowing balikbayans to come home for the holidays beginning December 7.

Many are doing so out of sa fet y a nd hea lt h concer n s, the added expense in traveling during the pandemic, although others may travel home due to family obligations such as weddings or funerals.

Los A ngeles-based g raphic designer Chet Vergara told the BusinessMirror, “As much as I want to return for a visit, the situation here and the logistics make it really difficult. Los Angeles has imposed new lockdowns, including a ban on non-essential travel and a 14-day quarantine upon return.”

He added: “ T he RT-PCR test here is around $150 -$200 [if you don’t have insurance]. Cathay Pacific requires passengers to take the test 72 hours before the outbound f light. And there’s the 16-hour f light!” Vergara chooses to f ly v ia Cathay because the route w ill take him from L A X to Cebu, where his family resides, w ith a layover in Hong Kong.

Dennis Serfino, a nurse practitioner in Jacksonville, Florida, said he wouldn’t be visiting Manila this Christmas, “ but most likely in the summer [July and August 2021] assuming I and the rest of the family have been vaccinated by then.” He plans to visit his older brother who still lives in Quezon City. But a vaccine is a non-negotiable condition for him to f ly home— “vaccine first”—considering the large number of Covid-19 cases in the Philippines.

As of November 30, the Philippines has recorded Covid-19 infections at 432,057, with deaths at 8,413.

As a nurse practitioner, he has seen up close how Covid-19 patients have suffered. He noted, “Positive cases, hospitalizations, and deaths in the state have steadily been on the rise since October, after plateauing for several weeks following the summer surge. No additional restrictions are in place, however, to stop the spread of the virus.”

With over 13.4 million Covid-19 infections in the US, and deaths recorded at 267,000, some

government officials and tourism stakeholders are suggesting a test-before-travel policy for homecoming Filipinos or balikbayans. (See, “Concern raised on arriving ‘balikbayan’ and Covid risks,” in the BusinessMirror, November 30, 2020.)

For her part, Sonora Ocampo, an external communications manager for a telco in Sweden, said, “We hope to visit the Philippines again after the pandemic, or when the situation has significantly improved.” Despite the distance, she said she was in close touch via regular Zoom chats with her family here, which includes her father, former Rep. Satur Ocampo and his wife Bobbie Malay, and her siblings. “So we can also celebrate Christmas online,” said the younger Ocampo.

Long-time London resident Peps Villanueva of Crystal Travel Philippines said, “As of the moment, our bookings are mostly Filipinos who need to be there for weddings, death, illnesses, etc.”

However, Cov id-19 an xieties have kept their usual clients from booking any trips to the Philippines, such that their agency’s sales have been lower by about 50 percent, considering the time of the year. “Sales are very down, hence, we are all still in furlough. People are mostly staying home.”

Most of the bookings their agency are getting are for threeto-four week visits. “We book [our clients’] flights plus their quarantine hotels if needed, but Covid tests are done at the airport [Ninoy Aquino International Airport] upon arrival. Sometimes, hotels are booked by relatives in the Philippines.”

Villanueva underscored that upon the balikbayan’s return, he would have to quarantine at home for 14 days, “with random track and trace checks” by the Nationa l Hea lth Ser v ice, the government-funded health care and medical services provider in the UK. Constant and repeated appeals by overseas Filipinos have persuaded both the Department of Foreign Affairs and Department of Tourism (DOT) to strongly recommend the reopening of the Philippines to balikbayans and their foreign spouses and children. The DOT said there are over 10 million Filipinos living and working overseas.

in the bidding of AES-related contracts.

Guanzon lauded Sotto’s position and hoped he will push through with his probe on the matter. “[It is] good that Sotto is looking at an attempt to insert in the GAA power of GAA to waive bidding requirement of suppliers’ prior successful track record in automated election,” Guanzon said.

Comelec has already started the bidding process for the refurbishment of its 97,345 units of vote counting machines (VCM), which it is eyeing to use in the 2022 National and Local elections.

Among the requirements for parties bidding for the P660-million contract is that they should have already entered into a similar contract within the last 10 years.

DOH tackles public-ride setup, holiday party issues

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HE Department of Health (DOH) on Monday assured the public that the InterAgency Task Force (IATF) will address the complaints that physical distancing and other health protocols are not taken seriously in public transport.

Health Undersecretary Maria Rosario Vergeire said that their attention was a lso ca l led by the public and some members of the media who obser ved the v iolations.

Vergeire said they “relayed the concern to the IATF and flagged the concerned government agencies.” “[The] government has to do something also,” Vergeire said during the Healthcare Professionals Alliance Against Covid-19 (HPA AC) virtual press conference, stressing that the government should set an environment wherein the public can strictly comply.

She then reminded people of the “7 Commandments” of the Department of Transportation for passengers, drivers and operators while aboard public transportation.

These are: 1. Wear face mask and face shield; 2. No talking, and answering calls; 3. No eating; 4. Proper ventilation needed; 5. Frequent disinfection should be observed; 6. Sy mptomatic passenger should not be allowed; and 7. Appropriate physical distancing must be followed.

Christmas celebration

During the virtual press conference, HPAAC members Drs. Antonio Dans, Carmela Kasala, Anna Ong Lim, Aileen Espina, and Lei Camiling Alfonso suggested a set of safety regulations to follow during holiday celebrations this year.

To guide Filipinos, HPA AC’s main suggestion to Filipinos was to observe the “APAT DAPAT” rule, or four things to remember to keep families Covid-free. APAT stands for: A–Air circulation P–Physical distancing A–Always wear face mask and face shield T–Thirty minutes interaction or less.

Continued on A2

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, December 1, 2020

B1

‘SMEs must have access to other sources of funding’

By VG Cabuag

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@villygc

HE capital market can become one of the funding sources for small and medium enterprises (SMEs) in the country, but it should not be their sole source of funds, an official of the Securities and Exchange Commission (SEC) said.

Vicente Graciano P. Felizmenio Jr., director of the SEC’s Markets and Securities Regulation Department, said the recent move of the Philippine Stock Exchange (PSE) to reform its listing rules to accommodate SMEs is critical, especially when many banks and other lending institutions—the traditional sources of funds SMEs­—start to become stricter in lending to smaller entities due to heightened economic risks caused by Covid-19.

“Capital market-based financing can complement or supplement the traditional source of financing for our recipes, but it should not be made as a substitute,” Felizmenio said in an online forum by the Financial Executives of the Philippines.

He said the agency recently had

a collaboration with some of the nongovernment organizations and SMEs themselves to come up with a solution to “promote a holistic approach to regulation” of these businesses that make up almost all of the enterprises in the country.

He said there products and processes should be standardized for SMEs that take out loans or undertakes any fund-raising activity.

SMEs should not be treated like the conglomerates that have deep pockets and can abide by the more stringent rules.

“To the SME-focused financial institutions including the investment houses, I hope they can carve out their processes to accommodate the SME. Their rules must be cleaned first before they can focus on lend-

ing to the SMEs,” he said.

The SEC itself is in the process of reviewing the registration statement to tailor fit the document with the capacity of the SMEs. The registration statement is the primary document needed whenever a company wants to become a listed company or any funding activity. It is usually handled by investment banks.

PSE President Ramon S. Monzon, meanwhile, said that the SEC's move will be cost efficient for the SMEs as this will remove expensive legal fees and other charges since the process is standardized.

The PSE is also in the process of tweaking its rules to make the equities market an attractive avenue which would allow SMEs to raise cash. The said changes needed the approval of the SEC. One of the changes being proposed by the PSE is the introduction of the sponsored listing, whereby an accredited investment bank or any institution will become a sponsor for the company from its initial public offering (IPO) phase up to three years after listing. This is aimed at ensuring that the company remains compliant with listing and continuing listing rules and disclosure rules for publicly-listed companies.

“The listing sponsor will be re-

quired to provide guidance including business and compliance advisory services and ensure for three years after listing,” Monzon said.

For sponsor accreditation, the PSE is requiring the sponsor to at least have 5 years experience in a leading role in IPOs or significant corporate finance transactions.

The 5-year rule can be shorted to three years if at least two of its key personnel have at least 5 years of experience in a leading role in IPOs, or significant corporate finance transactions, Monzon said.

“The exchange will take into account the experience of qualified personnel on an individual basis.

And last requires professional indemnity insurance will be required from sponsor for the listing in post listing,” he said.

“Sponsors responsibility will be to assess the applicants’ financial conditions, viability of the business, future prospects suitability of directors and officers, and other due diligence information."

At the moment, there are only 7 listed SME companies in the PSE from the 272 total public companies.

The number of listed SMEs pales in comparison with Indonesia's 367 out of the 668 listed firms, Malaysia's 170 out of 937 public companies, Thailand's 175 out of 734 listed firms and Singapore’s 217 out of 703 entities.

Govt urged to tweak renewables policy

By Lenie Lectura @llectura

A

C Energy Philippines Inc. concurred with the proposal of the National Renewable Energy Board (NREB) to adjust the minimum level of electricity contracted from renewable energy (RE) developers.

AC Energy President Eric Francia said that if necessary adjustments are to be made then the country could hit its target of sourcing 35 percent of power from renewables by 2030.

“At the current level of RPS [Renewable Portfolio Standard], which is at 1-percent annual increment, we will not get to the 35 percent share of RE output by 2030. We are currently at 21 percent. If we are serious to be at 35 percent, we agree with NREB that the one percent increment must go up to 2.5 percent by 2023 or 2024.

ShopBack rewards PHL customers

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EWARDS and pre-shopping platform ShopBack reported that it awarded around P3.5 million in cashback to its users during the “11.11 mega sale,” with the top cash earner receiving P41,201 on the same day.

ShopBack Philippines Country General Manager Prashant Kala said the number of Filipino shoppers going online during the latest online sale event grew nine times compared to the total traffic of an average day.

“The results of this year's 11.11 sale just proves that in times of uncertainty, consumers rely even more on mega sale events to access deals and discounts for essential items, fashion goods, groceries, and food delivery,” he said.

“We understand that the effects of the pandemic are lasting and would ultimately shape how we live our lives in the years ahead."

Per the company’s data, consumers flocked to Shopee, Lazada, and Zalora to hunt online mainly for health and beauty, food, and fashion products. It was also shown that shoppers looked out for these top five brands: FoodPanda, Zalora, NordVPN, Nike, and Agoda.

“The trend of our users purchasing health products; such as vitamins and supplements, food, and sports goods, online is reflected in the top categories and top brands as Filipinos continue to spend time at home and observe social distancing,” Kala said. Roderick L. Abad

That will be a forcing mechanism to purchase more RE output in the market,” said Francia.

RPS requires distribution utilities (DUs) to source 1 percent of their power supply from eligible RE sources such as biomass, waste-toenergy technology, wind energy, solar energy, run-of-river hydroelectric power systems, hydroelectric power systems, ocean energy, and geothermal energy.

The RPS level is currently set at 1 percent.

NREB Chairman Monalisa Dimalanta proposed to keep that level at 1 percent for 2020 to 2022 then increase it to 2.52 percent moving forward.

“But after 2022, we have to start increasing that level to what we have computed. If we increase it to 2.52 percent all the way to 2023 to 2040, it will take us to a 37.3-percent

RE share by 2030 and by 2040 that share is actually going to be almost 56 percent of our supply mix,” she said earlier.

NREB’s proposal, however, has yet to reach the Department of Energy (DOE). “[NREB] has yet to present to the DOE Secretary. It has to go through the RPS composite team as well,” Energy Assistant Secretary Redentor Delola said in a text message.

In 2019, the share of RE in the country’s generation mix stood at 20.8 percent from 23.38 percent in 2018. Coal continues to dominate the mix at 54.6 percent , followed by gas at 21.1 percent and oil at 3.5 percent.

The country’s RE goals have yet to be fully achieved after 10 years since Republic Act 9513 or the Renewable Energy Act was enacted.

Francia said the company’s RE future projects are in line with the

RPS policy. He, however, is concerned about the delays related to the bidding process, which could also delay the commercial operation of the power facilities.

“My concern is that the delayed green field bidding process also delayed the building of the next scale power plants and that may put us at risk in the next three or four years.

Right now, no one can tell how the rebound will look like. We might be surprised.

The advantage of RE is you can do it chunk by chunk, in a measured manner, and not always a billiondollar decision. You can build them in phases. The power plants should be ready by 2023 because we believe by 2023 or 2024 incremental demand will come back. As such, my hope is that over time, government will increase [the RPS level],” said Francia.

Think tank: Data protection is business enabler

By Rizal Raoul Reyes @brownindio Correspondent

A

THINK tank said the current environment will force companies to adapt to the demands of enhancing and providing convenience to consumers.

“Executives and organizations must adopt a holistic approach to governance, risk management and compliance, specifically in the area of privacy and data protection with the earnest intent to innovate and grow.

Organizations that build a culture of privacy and data protection, including compliance, will be able to create a competitive advantage putting the health and safety of its customers in the digital sphere,” Edwin Concepcion, Straits Interactive country manager for the Philippines, told the BusinessMirror in an email interview.

On the issue of data security and data privacy, Concepcion said they have observed that the top management of several organizations are committed to abide by privacy and data protection. However, Concepcion said the pandemic has caused strains in business operations.

“Sadly, data protection is put on the back burner due to the many priorities of the company and focus on health and safety."

Concepcion said it is important for organizations to understand the rationale of privacy and data protec-

tion. When companies have a clear knowledge of data protection principles, Fernandez said, they can work on its purpose and translate the requirements into its data processing information lifecycle.

Information lifecycle is the collection, use, disclosure/disposal and storing of personal data. He said the rules in personal data processing or the information lifecycle can be embedded into practical standard operating procedures that enhance business operation activities efficacy and can provide tangible benefits.

“Organizations and business leaders need to have some paradigm shift and look at privacy and data protection as a business enabler especially in the turbo accelerated digital transformation induced by the pandemic. Most organizations look at data protection as another compliance activity that does not provide concrete business impact,” said Concepcion.

He said organizations should also put in place a data protection management program that is appropriate to their business operations and that identifies and mitigates privacy and data protection risks.

“Implementing a data protection management program does not have to be costly. And it can have the added benefit of identifying ways of improving, including streamlining, business processes—resulting in a better customer experience and lower operating costs.”

Universal Studios to open Nintendo park in February

UK bans installation of Huawei 5G gear

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HE United Kingdom will ban the installation of 5G equipment from China’s Huawei Technologies Co. by the end of next September.

The restriction, first reported by Bloomberg last Monday, is part of an “initial” 250 million-pound ($333 million) package of measures brought in to diversify Britain’s wireless supply chain announced by the Department for Digital, Culture, Media and Sport.

The stricter rules may also help fend off a challenge from lawmakers in the ruling Conservative Party seeking even tighter restrictions on the Chinese network equipment maker.

British ministers announced in July that Shenzhen-based Huawei would be banned from Britain’s next-generation mobile networks in 2027, with purchases barred from January 2021. To comply with those rules, phone companies would have had to stop adding Huawei components eventually, but the new ban may accelerate their plans to overhaul systems. Maintaining existing equipment will be allowed.

The crackdown followed a push by the United States for allies to exclude Huawei on the grounds it was an unacceptable security threat, which the

company denies. In January, British officials said Huawei could play a limited role with manageable risks. They since reversed that stance and backed a ban following US sanctions introduced in May, saying the American squeeze on Huawei’s silicon supply chain meant its security could no longer be guaranteed.

Telecommunications carriers like BT Group Plc will now be reliant on a duopoly of Nokia Oyj and Ericsson AB, and those Nordic companies have already won big contracts in the wake of the Huawei ban. To help cut that dependency, the government will start a National Telecoms Lab by 2022 to research security and increase compatibility between vendors, as well as fund trials with potential challengers like Japan’s NEC Corp. to make it easier for competitors to enter the market. Setting out a path to phase out older 2G and 3G technology would also speed up the diversification process, according to the government’s statement.

Carriers will be banned from outsourcing service management to Huawei from April 2021 apart from in limited circumstances, the government said. A consultation on rules for

the fixed broadband network is also underway.

The UK will consider commercial incentives to help operators diversify, according to the 5G supply chain strategy published Monday. Officials will work with “like-minded countries” to stimulate demand, as the UK only accounts for 2 percent of vendors’ global revenues, it added.

The Nokia and Ericsson duopoly “represents an intolerable resilience risk and absent intervention it is unlikely that the market will diversify,” so “measures will need to be taken to address barriers to entry such as aggressive commercial practices, closed interfaces and control over standards setting bodies,” said the statement.

The study said the global ‘radio access network’ market for crucial equipment like antennas is 80 percent made up by Nokia, Ericsson and Huawei, with another 11 percent sold by China’s ZTE Corp, another vendor deemed “highrisk” by the UK, and 5 percent by Korea’s Samsung Electronics Co Ltd. The document name-checked new potential alternatives including NEC, Fujitsu Ltd, Parallel Wireless Inc and Mavenir Systems Inc. Bloomberg News

THE attraction of Super Mario Kart at Super Nintendo World. BLOOMBERG NEWS

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NIVERSAL Studios Japan plans to open its $580 million Nintendo attraction on February 4, finally debuting a longdelayed effort to introduce Mario and other beloved characters to realworld theme park visitors.

Super Nintendo World, built on the existing Universal Studios Japan site, is envisioned as a life-sized replica of Nintendo Co.’s most popular games with rides, shops and walkthrough activities. One of the first attractions will be a Mario Kart ride inside a recreation of Bowser’s Castle.

Borrowing an idea from the Super Mario franchise, visitors can collect virtual coins by wearing a dedicated wristband as they explore the area and interact with park features via a Switch console.

The showcase is one of the largest projects ever conceived by the Osaka-based amusement park operator, which invested more than 60 billion yen ($578 million). It was originally slated for a summer opening but got postponed during

the pandemic. Its kick-off could still get pushed back, as Japan grapples with a fresh outbreak and Osaka, where the park is located, becomes one of the nation’s worst-affected cities.

A lot is riding on Super Nintendo World as the theme-park industry struggles with falling revenue and Japan debates whether to promote domestic tourism. Walt Disney Co. is cutting jobs while Comcast Corp.’s NBCUniversal, the owner of the Osaka park, is suspending plans to open another Nintendo area within its Orlando location. Universal Studios Japan is also operating at half its full capacity to help curb the spread of the virus.

The project, which licensed characters from Nintendo, is part of efforts by the Kyoto-based games company to broaden its franchises beyond console players. Movies, merchandise stores and smartphone apps are all designed as a hook to lure new users to buy game-dedicated machines and software. Bloomberg News

B2

Companies BusinessMirror

Tuesday, December 1, 2020

PSE STOCK QUOTATIONS

November 27, 2020

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

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

44.9 45.2 45.85 45.85 44.85 44.9 4,400 197,945 -143,975 103.3 104 105.5 105.5 103.3 103.3 12,211,250 1,266,381,129 -227,837,527 82.7 83 88 89 83 83 79,392,190 6,668,544,307.50 -174,829,844 25.8 25.95 25.5 25.95 25.5 25.95 190,600 4,933,230 756,780 11.6 11.62 11.48 11.64 11.44 11.62 276,200 3,182,594 137,260 47.55 47.95 46.7 47.95 46 47.95 11,923,100 562,880,300 -6,333,225 9.59 9.85 9.88 9.88 9.85 9.85 1,200 11,826 29.95 30 30.2 30.4 29.7 29.95 279,400 8,389,965 -1,206,110 53.1 53.4 53.35 53.4 53.35 53.4 1,130 60,328 18.42 18.7 18.9 19.1 18.32 18.7 13,300 249,456 30,206.00 123 124.5 121 124.5 118 124.5 1,360,790 165,497,452 58,572,573 66.7 66.9 66.6 66.9 66 66.85 29,770 1,985,992.50 6,630 0.93 0.96 0.93 0.93 0.93 0.93 21,000 19,530 27.7 28 28 28.3 27.65 28 20,200 559,065 4 4.05 4.01 4.07 4 4.05 65,000 261,820 8,000 6.93 7.44 6.88 7.44 6.88 7.44 3,900 28,512 1.34 1.38 1.32 1.38 1.28 1.38 132,000 176,860 0.34 0.35 0.33 0.35 0.33 0.34 1,390,000 466,600 67,000 732 799 733 733 731 731 60 43,930 0.66 0.67 0.66 0.68 0.64 0.68 842,000 557,310 -20,480 158.2 159 158.1 160 157.5 159 2,850 450,978 -340,476 2,000 2,080 2,000 2,000 2,000 2,000 700 1,400,000 1,370,000

INDUSTRIAL AC ENERGY 6.23 6.24 6.1 6.39 6.02 6.24 69,247,700 432,433,772 26,478,098 ALSONS CONS 1.41 1.43 1.43 1.43 1.41 1.43 1,183,000 1,680,670 2,860 25.75 26.2 27 27 25.75 25.75 16,539,500 430,954,625 -269,082,350 ABOITIZ POWER 0.285 0.29 0.305 0.315 0.285 0.29 70,070,000 20,917,550 40,050 BASIC ENERGY FIRST GEN 28.4 29.35 28.65 29.35 28 29.35 2,058,900 60,229,090 22,451,965 FIRST PHIL HLDG 66.1 66.2 65.6 67 65.6 66.2 25,530 1,694,553 -776,953.00 281.6 287 287 294.8 281.6 281.6 1,149,750 325,617,980 -72,634,506 MERALCO 14.8 14.98 15.34 15.4 14.8 14.8 4,529,100 67,861,580 -17,990,108 MANILA WATER PETRON 4.07 4.27 4.01 4.27 4 4.27 12,411,000 51,844,660 31,868,450 3.42 3.49 3.41 3.49 3.34 3.49 69,000 235,680 17,050 PETROENERGY 12.7 12.78 12.6 12.86 12.5 12.8 48,100 612,480 PHX PETROLEUM PILIPINAS SHELL 19.74 19.76 19.6 19.86 19.6 19.76 4,965,800 98,159,494 -50,315,542 SPC POWER 10.78 10.8 10.7 10.8 10.7 10.8 303,300 3,266,234 -998,728 8.69 8.7 8.55 8.85 8.52 8.7 1,493,600 12,928,688 -955,830.00 AGRINURTURE 3.25 3.26 3.19 3.3 3.15 3.26 2,225,000 7,219,540 123,760 AXELUM BOGO MEDELLIN 76.4 84.8 76.3 76.3 76.3 76.3 30 2,289 CNTRL AZUCARERA 15.98 16 15.98 17.8 15.32 15.98 52,600 873,446 17.54 17.7 17.52 17.7 17.5 17.54 1,098,900 19,315,508 2,123,468 CENTURY FOOD DEL MONTE 5.6 5.88 5.6 5.88 5.51 5.88 219,000 1,243,749 -610,400 DNL INDUS 7.03 7.05 7 7.08 6.91 7.05 5,431,300 38,272,231 416,223 10.04 10.08 10.06 10.08 10 10.08 1,516,200 15,259,694 -885,056 EMPERADOR 67 67.35 67.5 67.95 67 67.35 676,310 45,547,239 -33,932,363 SMC FOODANDBEV ALLIANCE SELECT 0.67 0.69 0.67 0.69 0.67 0.69 110,000 74,070 FRUITAS HLDG 1.5 1.52 1.5 1.53 1.48 1.52 12,581,000 18,936,340 323,430 51.7 52.4 52 52.95 51.5 51.7 10,920 565,734.50 GINEBRA JOLLIBEE 188.9 189 189.7 194.3 189 189 1,719,420 325,406,330 -46,399,591 LIBERTY FLOUR 65.2 70 70.05 75 61.65 65.2 18,160 1,232,861.50 7.92 8.99 8.2 8.99 8.2 8.99 600 5,157 MACAY HLDG MAXS GROUP 7.47 7.48 7.21 7.47 7.11 7.47 793,300 5,844,680 3,460,501 MG HLDG 0.17 0.18 0.18 0.181 0.16 0.18 1,520,000 264,410 -17,500 SHAKEYS PIZZA 8.23 8.24 8.01 8.23 7.95 8.23 262,100 2,124,994 14,325 1.32 1.33 1.32 1.33 1.29 1.32 8,879,000 11,563,520 -657,390 ROXAS AND CO 4.75 4.8 4.75 4.75 4.7 4.7 13,000 61,300 -18,930 RFM CORP ROXAS HLDG 1.86 1.89 1.86 1.86 1.86 1.86 15,000 27,900 14,880 0.114 0.12 0.12 0.12 0.12 0.12 10,000 1,200 SWIFT FOODS UNIV ROBINA 142 142.1 145.1 145.1 141.2 142 4,999,020 710,418,293 -142,574,266 VITARICH 0.9 0.91 0.89 0.92 0.87 0.91 4,855,000 4,353,280 VICTORIAS 2.5 2.52 2.5 2.52 2.5 2.52 7,000 17,560 53.5 54.35 54.45 54.45 53.8 53.8 500 27,075 CONCRETE A CONCRETE B 52.15 55.2 55.2 55.2 55.2 55.2 20 1,104 CEMEX HLDG 1.64 1.65 1.65 1.69 1.63 1.64 9,659,000 15,982,400 -394,430 DAVINCI CAPITAL 5.19 5.38 5.21 5.38 5.15 5.38 102,900 534,440 14.9 15.4 14.9 15.4 14.5 15.4 853,800 12,892,684 661,768 EAGLE CEMENT EEI CORP 8.02 8.05 7.7 8.2 7.7 8.02 1,706,400 13,672,315 -1,008,337 HOLCIM 6.86 6.9 6.63 6.95 6.47 6.9 3,287,200 21,817,911 -326,182 9.47 9.53 9.15 9.63 8.82 9.47 8,415,200 77,461,583 2,366,972 MEGAWIDE 8.99 9.06 9 9.1 8.9 9.06 24,800 224,069 PHINMA TKC METALS 0.84 0.86 0.87 0.87 0.84 0.86 122,000 104,790 6,090 VULCAN INDL 1.04 1.05 1.02 1.04 1 1.04 1,610,000 1,652,710 1.91 1.95 1.9 1.93 1.89 1.93 492,000 930,500 CROWN ASIA EUROMED 2.62 2.65 2.56 2.67 2.48 2.65 1,962,000 5,074,950 -53,000 PRYCE CORP 4.85 4.86 4.8 4.86 4.7 4.86 174,000 838,890 -242,500.00 22.9 23.2 22.8 23.2 22.8 23.2 358,700 8,247,100 410,400 CONCEPCION 2.61 2.62 2.6 2.69 2.6 2.62 8,844,000 23,429,080 -1,495,610 GREENERGY INTEGRATED MICR 7.3 7.39 7.06 7.39 7 7.39 341,600 2,459,274 IONICS 1.05 1.07 1.1 1.1 1.03 1.05 1,114,000 1,174,610 5.14 5.39 5.2 5.39 5.13 5.39 7,700 39,584 PANASONIC SFA SEMICON 1.53 1.55 1.56 1.56 1.5 1.53 760,000 1,157,190 -9,300 CIRTEK HLDG 6.79 6.8 6.5 6.85 6.41 6.79 3,218,500 21,616,426 346,463

HOLDING & FRIMS ABACORE CAPITAL 0.62 0.63 0.62 0.64 0.61 0.63 9,900,000 6,158,790 -412,940 ASIABEST GROUP 8.72 9.27 9.49 9.49 8.68 9.36 119,800 1,059,228 107,610 823.5 828 824.5 847.5 812 823.5 1,111,390 913,990,860 -129,002,980 AYALA CORP 42.2 42.35 44.3 44.45 42.2 42.2 10,004,500 424,376,730 -117,232,775 ABOITIZ EQUITY ALLIANCE GLOBAL 9.7 9.8 9.49 9.8 9.35 9.8 6,465,000 62,511,663 15,067,066 AYALA LAND LOG 3.12 3.14 3.04 3.14 3.03 3.14 2,532,000 7,868,400 2,241,850 6.3 6.4 6.38 6.38 6.3 6.3 30,700 193,870 38,220 ANSCOR 0.69 0.7 0.68 0.72 0.68 0.7 1,213,000 830,510 ANGLO PHIL HLDG ATN HLDG A 1.03 1.04 0.96 1.05 0.96 1.03 27,471,000 27,746,820 1.02 1.03 0.97 1.04 0.97 1.03 2,011,000 2,040,520 -1,285,710 ATN HLDG B 5.5 5.77 5.5 5.77 5.47 5.77 7,849,900 44,435,820 -467,242 COSCO CAPITAL DMCI HLDG 5.54 5.6 5.5 5.6 5.45 5.6 11,073,200 61,457,842 38,871,655 FILINVEST DEV 9.16 9.28 9.08 9.44 9.08 9.16 15,100 139,179 -51,380.00 0.21 0.226 0.21 0.21 0.21 0.21 50,000 10,500 FORUM PACIFIC GT CAPITAL 580 584 578 603 574 580 574,670 334,597,060 -255,125 HOUSE OF INV 3.93 4.2 3.93 3.93 3.93 3.93 7,000 27,510 JG SUMMIT 65.65 66.3 66.05 67.15 65.1 65.65 10,901,120 715,925,064 -99,378,443 4.99 5.17 4.41 5 4.41 4.99 52,700 251,025 1,000 JOLLIVILLE HLDG KEPPEL HLDG A 5.01 5.29 3.51 5.72 3.51 5.05 5,640,000 26,057,860 LODESTAR 0.81 0.83 0.84 0.85 0.81 0.82 616,000 503,600 3.08 3.13 3.11 3.14 3.08 3.08 1,635,000 5,080,150 -2,232,880 LOPEZ HLDG 13.18 13.2 13.3 13.38 13 13.2 2,652,000 34,885,194 -9,612,188 LT GROUP MABUHAY HLDG 0.52 0.54 0.54 0.54 0.52 0.54 235,000 124,200 MJC INVESTMENTS 1.81 1.89 1.88 1.89 1.88 1.89 23,000 43,300 4.1 4.12 4.2 4.23 4.1 4.1 92,748,000 381,244,960 -26,875,950 METRO PAC INV 4.01 4.13 4.2 4.2 4 4.01 85,000 350,450 PACIFICA HLDG PRIME MEDIA 0.88 0.91 0.93 0.94 0.83 0.91 541,000 476,880 1.15 1.2 1.17 1.17 1.15 1.15 150,000 173,150 56,350.00 SOLID GROUP 271 287 288 288 271.2 287 330 91,244 SYNERGY GRID SM INVESTMENTS 970 981 1,011 1,023 970 970 1,203,935 1,174,993,270 -506,175,032.50 SAN MIGUEL CORP 127.8 128 127 130 126.9 128 138,190 17,698,274 -910,329 0.7 0.71 0.71 0.71 0.7 0.7 279,000 197,890 -7,610 SOC RESOURCES 141.1 142.9 143 143 140.5 142.9 620 87,578 TOP FRONTIER WELLEX INDUS 0.223 0.232 0.224 0.232 0.222 0.232 880,000 201,920 0.17 0.172 0.163 0.175 0.163 0.17 2,340,000 389,840 ZEUS HLDG

PROPERTY ARTHALAND CORP 0.65 0.66 0.66 0.66 0.64 0.65 1,240,000 805,880 AYALA LAND 37.65 38 37.7 38 36.7 38 41,245,100 1,557,528,935 -46,190,930 1.22 1.23 1.24 1.24 1.2 1.22 619,000 749,870 337,400 ARANETA PROP 27.35 27.4 27.25 27.5 27.15 27.35 844,500 23,099,440 8,483,000 AREIT RT BELLE CORP 1.6 1.62 1.6 1.62 1.6 1.6 101,000 162,000 -9,600 A BROWN 0.86 0.87 0.87 0.88 0.86 0.86 1,581,000 1,377,810 0.8 0.81 0.82 0.83 0.8 0.81 51,000 41,380 CITYLAND DEVT CROWN EQUITIES 0.151 0.154 0.158 0.158 0.152 0.154 2,710,000 417,240 CEBU HLDG 6.08 6.1 6.08 6.1 6.08 6.1 2,200 13,378 4.99 5 4.94 4.99 1,806,000 8,997,170 -4,990 CEB LANDMASTERS 4.99 5 0.445 0.455 0.465 0.465 0.445 0.455 18,350,000 8,275,350 222,400 CENTURY PROP CYBER BAY 0.35 0.355 0.355 0.355 0.35 0.355 800,000 282,950 DOUBLEDRAGON 14.64 14.7 14.6 14.88 14.52 14.7 3,462,700 50,944,642 -1,923,262 5.98 5.99 5.88 6 5.88 5.99 195,900 1,165,045 DM WENCESLAO EMPIRE EAST 0.325 0.33 0.33 0.33 0.315 0.33 840,000 272,000 EVER GOTESCO 0.084 0.087 0.085 0.087 0.085 0.085 270,000 23,190 FILINVEST LAND 1.1 1.14 1.11 1.14 1.09 1.14 34,650,000 39,050,410 29,425,930 0.89 0.9 0.89 0.9 0.87 0.89 915,000 814,720 22,250 GLOBAL ESTATE 8990 HLDG 8.57 8.88 8.96 8.96 8.55 8.88 25,000 218,816 PHIL INFRADEV 1.62 1.63 1.64 1.68 1.56 1.63 2,535,000 4,081,390 74,740 0.73 0.74 0.7 0.74 0.7 0.74 241,000 171,370 21,900 CITY AND LAND 3.83 3.85 3.76 3.83 3.7 3.83 34,894,000 133,028,090 -2,543,800 MEGAWORLD MRC ALLIED 0.53 0.54 0.54 0.54 0.51 0.54 86,272,000 45,480,090 -1,061,820 PHIL ESTATES 0.425 0.43 0.415 0.43 0.415 0.43 250,000 105,050 1.36 1.37 1.39 1.39 1.35 1.37 340,000 460,350 PRIMEX CORP ROBINSONS LAND 16.62 16.98 16.82 17.02 16.52 16.62 167,398,500 2,786,814,146 -784,467,398 PHIL REALTY 0.27 0.28 0.285 0.285 0.265 0.28 2,690,000 722,450 -15,900 1.55 1.57 1.55 1.58 1.55 1.55 117,000 181,380 ROCKWELL SHANG PROP 2.73 2.74 2.71 2.74 2.71 2.74 90,000 244,940 -81,900 STA LUCIA LAND 2.03 2.08 2.05 2.1 2.02 2.08 495,000 1,020,020 SM PRIME HLDG 36 36.2 36.2 36.75 35.65 36 64,400,700 2,317,549,535 -230,999,175 4.73 4.85 4.9 4.9 4.7 4.75 88,000 421,180 9,520 VISTAMALLS 1.68 1.71 1.67 1.71 1.63 1.71 3,757,000 6,272,240 8,250 SUNTRUST HOME VISTA LAND 4.54 4.75 4.42 4.75 4.4 4.75 9,619,000 44,860,120 15,124,930

SERVICES ABS CBN 11.78 11.86 12.14 12.14 11.46 11.86 248,000 2,913,670 GMA NETWORK 5.7 5.72 5.63 5.73 5.63 5.72 313,200 1,778,926 12.8 13.18 12 14 12 13.2 10,500 134,450 MLA BRDCASTING GLOBE TELECOM 1,948 1,950 2,000 2,014 1,948 1,948 532,510 1,041,018,245 -250,359,915 PLDT 1,314 1,320 1,296 1,320 1,296 1,314 385,735 505,293,075 -46,933,245 APOLLO GLOBAL 0.051 0.052 0.053 0.053 0.051 0.052 56,490,000 2,890,480 -6,120 15.52 15.9 15.9 15.9 15.34 15.9 3,768,600 58,802,202 -6,172,926 CONVERGE 4.38 4.45 4.22 4.47 4.21 4.38 131,000 568,010 -88,040 DFNN INC DITO CME HLDG 6.34 6.35 6.25 6.4 6.23 6.35 11,292,700 71,560,552 -1,025,125 1.38 1.4 1.38 1.38 1.38 1.38 4,000 5,520 IMPERIAL ISLAND INFO 0.115 0.117 0.12 0.12 0.115 0.117 2,080,000 241,190 JACKSTONES 1.83 1.89 1.97 1.97 1.79 1.9 212,000 392,000 NOW CORP 4.36 4.37 4.32 4.43 4.27 4.37 5,052,000 22,054,980 3,810,320 0.295 0.3 0.305 0.305 0.295 0.3 6,900,000 2,065,400 TRANSPACIFIC BR PHILWEB 2.93 2.94 2.95 2.95 2.88 2.93 720,000 2,090,300 142,190 2GO GROUP 9.16 9.2 9.18 9.2 9.15 9.2 42,200 387,202 CHELSEA 5.35 5.36 5.37 5.4 5.31 5.35 1,370,500 7,335,880 -442,968.00 46.95 47 48.25 48.5 45 47 1,245,600 59,102,725 -16,460,755 CEBU AIR INTL CONTAINER 116.6 116.8 117 117 115.1 116.8 5,251,080 611,848,877 -201,191,768 LBC EXPRESS 15.5 15.7 15.88 15.88 15.7 15.7 1,100 17,326 0.98 1.04 1.04 1.04 0.98 0.98 81,000 79,440 LORENZO SHIPPNG MACROASIA 8.15 8.16 7.6 8.2 7.2 8.15 11,153,700 87,204,245 -732,371 METROALLIANCE A 2.14 2.19 2.14 2.2 2.13 2.14 573,000 1,238,270 METROALLIANCE B 2.14 2.35 2.08 2.17 2.08 2.16 18,000 38,720 7 7.29 7.25 7.57 7 7.29 104,100 748,139 10,890 PAL HLDG 1.65 1.67 1.65 1.69 1.6 1.67 3,009,000 4,934,080 389,320 HARBOR STAR ACESITE HOTEL 1.4 1.42 1.42 1.42 1.42 1.42 200,000 284,000 0.038 0.039 0.037 0.04 0.036 0.039 250,300,000 9,683,900 590,900 BOULEVARD HLDG 1.73 1.81 1.82 1.82 1.82 1.82 5,000 9,100 DISCOVERY WORLD WATERFRONT 0.66 0.67 0.63 0.68 0.63 0.67 12,601,000 8,235,820 20,580 IPEOPLE 9 9.17 9.17 9.17 8.5 9 128,400 1,152,054 1,069,934 0.405 0.41 0.41 0.41 0.405 0.41 6,880,000 2,789,550 -324,400 STI HLDG 4.43 4.5 4.57 4.57 4.38 4.5 208,000 921,840 BERJAYA BLOOMBERRY 8.6 8.9 8.8 8.9 8.55 8.9 6,615,400 58,548,117 19,899,655 2.09 2.1 2.06 2.09 2 2.09 218,000 440,830 PACIFIC ONLINE LEISURE AND RES 1.85 1.86 1.86 1.92 1.83 1.85 415,000 769,720 18,400 PH RESORTS GRP 3.02 3.03 3 3.06 2.94 3.03 11,761,000 35,296,080 -3,750 PREMIUM LEISURE 0.415 0.42 0.41 0.42 0.405 0.415 11,960,000 4,920,650 143,150 6.9 6.95 6.71 6.95 6.71 6.95 4,200 28,914 PHIL RACING ALLHOME 8.12 8.52 8.1 8.52 8 8.52 2,570,300 21,703,758 16,116,759 METRO RETAIL 1.63 1.64 1.57 1.63 1.57 1.63 2,186,000 3,526,090 35,640 PUREGOLD 42.1 42.15 43 43 42.05 42.15 2,900,700 122,312,775 -35,131,360 67.6 68 68 68.15 67.45 68 298,200 20,244,185 1,192,387.00 ROBINSONS RTL PHIL SEVEN CORP 108.8 109 109.9 110 109 109 7,100 776,068 -673,397 SSI GROUP 1.71 1.72 1.71 1.74 1.65 1.72 6,915,000 11,725,440 -2,971,490 17.7 18 16.8 18 16.7 18 6,705,100 117,509,892 67,488,804 WILCON DEPOT 0.385 0.4 0.39 0.4 0.39 0.4 920,000 361,450 APC GROUP EASYCALL 7.6 7.77 7.77 7.8 7.51 7.77 28,800 220,699 GOLDEN BRIA 430 448 425 449 425 448 2,275,810 978,678,250 -215,000 4.4 4.8 4.5 4.5 4.35 4.35 20,000 88,450 IPM HLDG PAXYS 2.26 2.34 2.34 2.49 2.26 2.26 50,000 118,560 PRMIERE HORIZON 0.7 0.71 0.68 0.72 0.66 0.7 85,152,000 59,004,720 504,700 4.98 5 5.2 5.2 4.98 4.98 48,900 246,560 12,500 SBS PHIL CORP

MINING & OIL

ATOK 9.08 9.14 8.95 9.15 8.95 9.14 40,500 369,213 1.79 1.8 1.76 1.8 1.73 1.79 15,005,000 26,590,590 -314,390 APEX MINING 0.0009 0.001 0.001 0.001 0.0009 0.001 2,623,000,000 2,602,700 75,200 ABRA MINING ATLAS MINING 5.5 5.54 5.4 5.6 5.4 5.5 395,000 2,173,975 -16,200 COAL ASIA HLDG 0.305 0.31 0.34 0.35 0.305 0.31 17,650,000 5,820,700 2.4 2.48 2.48 2.49 2.26 2.4 216,000 524,600 48,000 CENTURY PEAK 8.43 8.51 8.51 8.51 8.35 8.51 13,900 117,473 DIZON MINES FERRONICKEL 2.09 2.1 1.99 2.17 1.96 2.1 11,441,000 23,638,770 -2,625,710 0.26 0.265 0.26 0.265 0.255 0.26 90,000 23,250 GEOGRACE LEPANTO A 0.156 0.157 0.145 0.157 0.145 0.156 68,180,000 10,344,570 LEPANTO B 0.154 0.155 0.145 0.155 0.145 0.154 4,350,000 659,280 MANILA MINING B 0.0099 0.01 0.011 0.011 0.01 0.01 24,900,000 260,100 1.26 1.27 1.35 1.39 1.26 1.27 16,051,000 21,167,800 -406,340 MARCVENTURES 2.89 2.9 2.83 3 2.83 2.89 959,000 2,790,660 28,900 NIHAO NICKEL ASIA 4.55 4.56 4.6 4.63 4.52 4.55 6,229,000 28,328,050 15,114,950 OMICO CORP 0.37 0.385 0.37 0.37 0.37 0.37 180,000 66,600 0.69 0.71 0.71 0.73 0.69 0.72 3,862,000 2,715,250 ORNTL PENINSULA PX MINING 4.7 4.76 4.66 4.8 4.57 4.7 1,773,000 8,295,370 424,970 SEMIRARA MINING 12.38 12.4 12.16 12.48 12.16 12.4 3,940,900 48,853,222 21,707,920 0.0051 0.0053 0.0051 0.0052 0.0051 0.0052 13,000,000 67,100 UNITED PARAGON ACE ENEXOR 8.1 8.15 8.02 8.22 7.85 8.1 256,300 2,069,151 PHILODRILL 0.0081 0.0084 0.0082 0.0084 0.0081 0.0082 57,000,000 468,200 PXP ENERGY 12.96 12.98 12.22 13.12 12.2 12.98 5,254,700 67,449,770 -2,312,560

PREFFERED HOUSE PREF A 100 101.2 100.2 100.2 100 100.2 1,600 160,120 AC PREF B1 513 515 515 515 515 515 500 257,500 500 502 510 510 499.2 502 1,240 619,560 AC PREF B2R CPG PREF A 101.6 102 102 102 102 102 5,000 510,000 DD PREF 101 103 101 101 101 101 9,380 947,380 GTCAP PREF B 1,029 1,032 1,029 1,029 1,029 1,029 550 565,950 100.6 100.9 101 101 101 101 2,000 202,000 MWIDE PREF MWIDE PREF 2B 100 100.9 101 101 101 101 9,630 972,630 PNX PREF 3B 100.7 105 102 105.4 100.6 105.4 4,080 412,866 992 997 994 997 993 997 1,290 1,282,210 59,580 PNX PREF 4 1,020 1,035 1,035 1,035 1,035 1,035 50 51,750 PCOR PREF 2B PCOR PREF 3A 1,067 1,068 1,067 1,068 1,067 1,068 5,010 5,345,680 SFI PREF 1.6 1.7 1.6 1.6 1.6 1.6 6,000 9,600 78.15 78.4 78 78.4 78 78.4 11,690 912,231 -830,700 SMC PREF 2C 75.75 76 76 76 75.75 75.75 8,150 617,496.50 SMC PREF 2E SMC PREF 2F 77.6 78.75 77.55 77.55 77.55 77.55 3,000 232,650 SMC PREF 2G 75.85 76 76 76 76 76 1,850 140,600 76.1 76.2 76.1 76.2 76.1 76.1 22,100 1,681,885 SMC PREF 2J

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.7 12.02 11.9 11.9 11.5 11.7 170,000 1,990,686 140,800 GMA HLDG PDR 5.46 5.49 5.5 5.5 5.46 5.46 103,700 567,980 129,130

WARRANTS LR WARRANT 1.01 1.03 1 1.05 1 1.03 212,000 214,240 -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 14.92 14.96 14.48 15 14.24 14.92 485,200 7,153,596 -66,222 ITALPINAS 3.01 3.02 2.88 3.05 2.81 3.01 7,787,000 22,812,690 72,400 6.13 6.15 6.1 6.15 5.86 6.15 56,400 340,572 KEPWEALTH MAKATI FINANCE 2.17 2.45 2.17 2.17 2.17 2.17 1,000 2,170 MERRYMART 6 6.01 5.9 6.02 5.7 6.01 37,206,100 221,428,703 -5,815,386

EXHANGE TRADE FUNDS

FIRST METRO ETF 103.1 103.3 104.7 104.7 103 103.1 32,020 3,310,142 67,214Í

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SC favors PMDC in legal tussle with Apex Mining

T

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court (SC) has issued a ruling giving government-owned Philippine Mining Development Corp. (PMDC) preferential mining rights over areas in Davao de Oro, formerly known as Compostela Valley.

In a 27-page decision penned by Associate Justice Jean Paul Inting, the Court’s Second Division reversed and set aside the decision issued by the Court of Appeals (CA) in 2014 which favored local mining firm Apex Mining Co. in its legal dispute with PMDC. Instead, the SC reinstated the October 28, 2009 decision of the Mines Adjudication Board of the Department of Environment and Natural Resources which held that PMDC, as a trustee of the mineral prop-

erty of North Davao Mining Corp.

(NDMC), has prior and preferential rights over areas covered by its application for financial and technical assistance agreement (FTAA) filed on January 8, 1996.

“Thus, the Court held that the CA erred in concluding that the FTAA application should not be considered as the State’s intention to explore, develop and utilize the country’s natural resources,” the SC said.

“To insist that the government should enter into a specific min-

eral agreement under RA [Republic Act] 7942 [Philippine Mining Act of 1995] would be a direct affront to its power to fully control and supervise the exploration, development, and utilization of the country’s mineral resources.

Ultimately, it amounts to depriving the State of its ownership of all natural resources,” it added.

The SC said the findings of the panel of arbitrators (POA) and Mines Adjudication Board (MAB) should be respected by the parties as it was reached after a meticulous evaluation of the records of the evidence presented by the parties.

The POA, as affirmed by the MAB, declared that NDMC had a valid and existing mining claims over the contested areas in the province.

The SC held that Apex, not being a holder of existing mining claims and lease/quarry applications over the contested areas prior to the effectivity of RA 7942 cannot be granted a preferential right to enter into any mode of mineral agreement under Section 113 of RA 7942.

It noted that NDMC filed its FTAA

application on January 8, 1996 while Apex filed its application for mineral production sharing agreement (MPSA) on April 21, 1996 and on July 26, 1996.

The CA, according to the SC, gravely erred in ruling that Apex should be given priority as its MPSA applications were filed earlier than the FTAA application of NDMC. It said the appellate court failed to take into consideration MAB’s findings that prior to the effectivity of RA 7942, it was NDMC, not Apex that had valid and existing mining claims over the contested areas, as evidenced by mining lease contracts in 1965 and 1978 and lode lease application from 1982 to 1988.

Thus, the SC pointed out that under Section 19 (c) of RA 7942, areas covered by valid and existing mining rights are already closed to mining applications.

The High Tribunal held that the CA erred in concluding that that NDMC abandoned its mining claims by failing to file a “mineral agreement application” before September 15, 1997 as required by the law.

Govt seeks comments on draft CSP rules

By Lenie Lectura @llectura

T

HE Department of Energy (DOE) is soliciting comments from industry stakeholders on a draft circular (DC) that seeks to amend some provisions of the Competitive Selection Process (CSP) policy.

“The DOE, through the Electric Power Industry Management Bureau, hereby requests interested parties and stakeholders for comments and recommendations on the draft DC entitled ‘Amending Certain Provisions of and Supplementing DC201802-0003 on the CSP in the Procurement by the Distribution Utilities of Power Supply Agreement for the Captive Market,’” it said.

The agency will hold three public hearings on December 1, 3 and 7 before participants turn in their comments not later than December 15.

The draft circular focuses on three issues: exemption of embedded generators with maximum cap of one megawatt (MW); introduction of other alternative mode of procurement; and prescribed documentary requirements for CSP exemption.

Among the three, the provisions on the treatment of unsolicited proposals could raise issues among distribution utilities (DUs) and bidders.

DOE Electric Power Industry Management Bureau director Mario Marasigan, however, assured that the proposed amendments are meant to “fast-track CSP process and ensure timeliness of procurement.”

The DOE has prescribed requisites for unsolicited proposals. It states that a DU shall consider such proposal by a power generation company (GenCo) only when there is no on-going CSP; the

power supply agreement (PSA) will not result in over contracting; the contracted capacity shall not exceed 10 percent of the DU’s peak demand; the proposed generation cost must not be higher than the lowest ERC approved generation rate; and the proposal involves no subsidy.

If these are met then the DU will evaluate the proposal within 14 days from the time the DU acknowledges it. If the DU accepts the proposal then it shall submit this to the DOE. After which, the unsolicited proposal would be declared as the original proponent and the DU will then commence the preparation of the bid terms and documents.

The DOE said that if an unsolicited proposal is accepted, this shall be subjected to either a Swiss Challenge or Best and Final Offer System (BAFO).

Under the Swiss Challenge, other GenCos shall have 60 days to offer their bids. If the counter proposal is better, the original proponent shall have the right to match it within 30 days.

In case the original proponent fails to match it, the PSA will be awarded to the comparative proponent. If the original proponent matches the price proposal, the PSA shall be immediately awarded.

If the DU receives more than one unsolicited proposal, it could reject all proposals or bid out the requirement as a solicited proposal.

BAFO, meanwhile, is determined by multiple rounds of tendering, in which the original proponent is given the advantage of automatically participating in the final round.

In the first round, bids will be evaluated and ranked. If the original proponent has the lowest bid, the PSA shall be awarded to it. Otherwise, the lowest bidder is selected in the first round.

Taiwan’s GlobalWafers in talks to buy Siltronic

T

AIWAN’S GlobalWafers Co. said it’s in advanced talks to acquire Siltronic AG, a German manufacturer of silicon wafers, for 3.75 billion euros ($4.5 billion), adding to a record year for deals in the global semiconductor industry.

GlobalWafers plans to make an offer at 125 euros a share, a 10-percent premium to Siltronic’s closing share price on Friday. Silitronic said its executive board considers the offer “attractive and appropriate,” and added that its largest shareholder, Wacker Chemie AG, which has a 30.8-percent stake, is prepared to sell at the same price.

“The merger would create a leading player in the wafer industry,” Siltronic said in the statement, adding the deal would prohibit job losses in Germany until the end of 2024.

Siltronic shares rose as much as 12 percent in early trading on Monday, their biggest intraday gain since March. GlobalWafers shares were up 9.8 percent in Taiwan. It said the deal is subject to regulatory conditions and it can give no assurance a final transaction will occur.

“The deal may fail due to anti-trust review, but if a merger is approved, this will be benefi-

cial to GlobalWafers’ shareholders,” said Richard Hsia, an analyst at Fubon Securities Investment Services Co., in a Monday note.

The combined company would be the world’s largest silicon wafer maker by revenue, with a market share of 32 percent to 35 percent, said Hsia.

The takeover would mark the end of a disposal process from wafers for Wacker Chemie, the company majority-owned by billionaire Chairman Peter-Alexander Wacker, which began with Siltronics’ public listing in 2015, 11 years later than first planned. Wacker at the time retained a majority holding in Siltronics, which it subsequently reduced, the remainder of which it now seeks to divest at a time analysts predict wafer prices to rise with the market potentially facing supply shortages.

The proposed deal would be GlobalWafers’ largest ever, and one of the biggest in the chip industry this year. It suggests the companies are looking beyond the pandemic to a return to normal business. Siltronic shares have climbed 48 percent this quarter, driven by expectations that clients will increase purchases of its epitaxial wafers and polished wafers. Bloomberg News

After which, the lowest bidder and the original proponent shall proceed to the second round and provide their best and final offers. The bidder with the lowest offer shall be awarded the PSA.

MUTUAL FUNDS

The Manila Electric Co. (Meralco) is preparing its comments and will submit to the DOE any concerns for consideration. It will also participate in the public consultations, it added.

November 27, 2020

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D

PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC. -A 221.61 -11.09% -8.23% -2.41% -12% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 1.2719 -13.4% -7.29% 0.91% -7.97% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 3.0705 -17.26% -11.93% -4.1% -16.52% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7824 -11.61% -8.3% N.A. -12.87% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. -A 0.7411 -11.5% N.A. N.A. -12.74% FIRST METRO SAVE AND LEARN EQUITY FUND,INC. -A 4.8069 -8.5% -6.6% -2.36% -9.79% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A,4 0.745 -11.68% -8.76% N.A. -12.72% MBG EQUITY INVESTMENT FUND, INC. -A 94.92 -13.11% N.A. N.A. -8.04% PAMI EQUITY INDEX FUND, INC. -A 45.5107 -10.14% -6.08% -0.84% -11.25% PHILAM STRATEGIC GROWTH FUND, INC. -A 476.9 -9.58% -5.98% -1.47% -10.49% PHILEQUITY ALPHA ONE FUND, INC. -A,D,5 1.0445 N.A. N.A. N.A. 1.4% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.1342 -11.23% -6.45% -0.97% -11.87% PHILEQUITY FUND, INC. -A 33.6203 -10.38% -5.98% -0.41% -11.29% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.8877 -11.26% N.A. N.A. -12.81% PHILEQUITY PSE INDEX FUND INC. -A 4.6522 -9.7% -5.7% -0.14% -10.94% PHILIPPINE STOCK INDEX FUND CORP. -A 778.23 -9.5% -5.6% -0.25% -10.75% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.709 -17.5% -9.15% -4.06% -16.73% -1.88% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.5295 -15.11% -7.8% -16.15% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8911 -9.77% -5.92% -0.35% -10.96% UNITED FUND, INC. -A 3.2317 -10.44% -5.11% 0.22% -11.54% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 104.5473 -9.33% -5.31% 0.53% -10.61% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.168 17.66% 1.02% 5.28% 13.57% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $1.6077 19.88% 8.82% N.A. 16.61% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC. -A 1.6374 4.53% -3.7% -1.38% 4.77% ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.2264 1.38% -2.79% 0.45% 2.08% FIRST METRO SAVE AND LEARN BALANCED FUND INC. -A 2.5818 -0.75% -1.9% -1.25% -1.89% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A,1 0.1952 -14.76% N.A. N.A. -14.57% NCM MUTUAL FUND OF THE PHILS., INC. -A 1.9439 -0.28% -0.26% 1.53% -0.9% PAMI HORIZON FUND, INC. -A 3.7234 -0.85% -1.21% 0.71% -1.73% PHILAM FUND, INC. -A 16.6514 -0.87% -1.28% 0.63% -1.82% SOLIDARITAS FUND, INC. -A 2.0582 -2.79% -2.46% 0.4% -3.01% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.5136 -7.93% -3.83% -0.6% -9.06% SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A,D 1.0046 0.2% N.A. N.A. -1.09% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A,D 0.9287 -5.49% N.A. N.A. -6.79% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A,D 0.9113 -6.99% N.A. N.A. -8.25% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.8703 -9.85% -4.69% -1.41% -10.72% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES 2.66% 1.99% 2.46% COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03914 2.57% PAMI ASIA BALANCED FUND, INC. -B $1.1232 11.94% 1.92% 4.54% 10.99% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $4.3591 13.7% 6.45% 6.71% 11.47% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A,3 $1.1994 7.62% 3.54% N.A. 6.26% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC. -A 369.86 3.77% 3.21% 2.76% 3.33% ATRAM CORPORATE BOND FUND, INC. -A 1.8978 -1.53% 0.14% 0% -0.22% COCOLIFE FIXED INCOME FUND, INC. -A 3.2092 3.22% 4.61% 4.86% 2.93% EKKLESIA MUTUAL FUND INC. -A 2.2915 3.59% 2.87% 2.36% 3.06% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC. -A 2.4488 4.5% 3.41% 2.08% 3.8% PHILAM BOND FUND, INC. -A 4.6281 6.79% 4.4% 3.07% 5.84% PHILAM MANAGED INCOME FUND, INC. -A,6 1.3163 5.4% 4.41% 2.55% 4.74% PHILEQUITY PESO BOND FUND, INC. -A

3.9774 5.83% 4.4% 2.83% 4.99% SOLDIVO BOND FUND, INC. -A 1.0363 8.67% 3.89% 2.53% 7.47% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.1892 5.09% 4.7% 3.47% 3.69% SUN LIFE PROSPERITY GS FUND, INC. -A 1.7442 4.05% 3.98% 2.82% 2.53% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. -A $482.27 3.32% 2.68% 2.92% 2.97% ALFM EURO BOND FUND, INC. -A Є218.54 -0.49% 0.79% 1.14% -0.57% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.2677 5.35% 3.78% 2.96% 5.01% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0265 2.71% 1.96% 1.75% 2.71% PAMI GLOBAL BOND FUND, INC -B -0.31% 0.32% 0.85% -0.16% $1.0918 PHILAM DOLLAR BOND FUND, INC. -A $2.5268 5.44% 3.99% 3.63% 5.13% PHILEQUITY DOLLAR INCOME FUND INC. -A $0.0620814 2.96% 2.61% 2.29% 2.95% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $3.2165 1.58% 2.15% 2.63% 1.3% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC. -A 129.53 3.29% 3.35% 2.54% 2.94% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.047 1.84% N.A. N.A. 2.02% SUN LIFE PROSPERITY MONEY MARKET FUND, INC. -A 1.2944 2.64% 3% 2.62% 2.32% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.0515 1.54% 1.72% N.A. 1.27% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A,D,7 1.0923 N.A. N.A. N.A. N.A. PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM GLOBAL MULTI-ASSET INCOME FUND INC. -B,D,2 $0.97 -2.02% N.A. N.A. -2.02%

A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. D - IN NET ASSET VALUE PER UNIT (NAVPU).

1 - LAUNCH DATE IS SEPTEMBER 28, 2019. 2 - LAUNCH DATE IS NOVEMBER 15, 2019. 3 - ADJUSTED DUE TO STOCK DIVIDEND ISSUANCE LAST OCTOBER 9, 2019.

4 - RENAMING WAS APPROVED BY THE SEC LAST OCTOBER 12, 2018 (FORMERLY, ONE WEALTHY NATION FUND, INC.). 5 - LAUNCH DATE IS DECEMBER 09, 2019.

6 - RE-CLASSIFIED INTO A BOND FUND STARTING FEBRUARY 21, 2020 (FORMERLY A MONEY MARKET FUND). 7 - LAUNCH DATE IS JULY 6, 2020.

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

latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

Bank redoubling efforts to meet digital demand

By Tyrone Jasper C. Piad @Tyronepiad

S

ecurity Bank has been upgrading its online platforms amid the surge in demand for digital banking during this pandemic, its president said.

Security Bank President and CEO Sanjiv Vohra said in an online forum last week that bank has been “redoubling” its efforts to improve customer experience.

“In order to keep up with the increasing demands for online banking, we are implementing a series of upgrades and enhancements on our digital banking platforms to improve your overall banking experience,” Vohra said.

For example, he said that both retail and business clients can open an account without going to the physical branches because it can be hosted via Skype.

The customers can also continue to transfer funds, through InstaPay, to other participating banks and emoney issuers without charge until the end of the year.

The bank, in addition, is also allowing sending and receiving cash even to those who do not have bank accounts with its eGiveCash feature.

In September, the bank reported that online money transfers rose significantly during the pandemic.

Security Bank reported that its online fund transfer grew by over 300 percent year-on-year in 2020.

To note, overall online banking us-

age surged by 170 percent between March 17 and August 31.

At the same time, the bank has also projects to support the medical institutions, business, and students amid the pandemic.

Vohra said Security Bank, along with the Philippine Red Cross, helped build a molecular lab for Covid-19 testing and donated three negative pressure ambulances.

The bank supported the funding for the treatment of indigent Covid-19 patients in Saint Luke’s Medical Center’s Convalescent Plasma Treatment.

It teamed up with educational institutions such as Singapore’s 88Tuition and Edukasyon.ph to make e-learning more accessible in the Philippines.

The bank also partnered with Sprout Philippines to offer free human resources and payroll solutions, extending aid to companies of all sizes.

In the first nine months, the listed bank saw its net profits fall by 13 percent to P6.7 billion from P7.7 billion year-on-year due to elevated provisions for potential credit losses.

Security Bank earmarked a loanloss buffer of P21.1 billion for January to September, which is markedly higher compared to P1.8 billion in the last year.

The bank registered a 5-percent uptick in its capitalization at P124 billion in the first three quarters.

Total assets, however, declined by 19 percent to P651 billion.

When is the best time to start a business?

W

hen it comes to starting a business, we all get several windows of opportunity.

Our life is full of instances and scenarios when becoming an entrepreneur is just one step ahead, and all you need to do is take that leap of faith.

So when did these windows of opportunity occur and when will they happen again in your life? I’ve listed them down below along with select stories from ordinary individuals who took the chance, started a business, and succeeded.

When you’re still a kid You don’t have big responsibilities yet, and your innocent view of the world is an ingredient for creativity and big ideas.

Nick D’Aloisio was 12 years old when he taught himself how to make a mobile app. His news aggregator app Summly was eventually bought

by Yahoo! for $30 million. He became a millionaire at the age of 17.

When you graduate from school You’ve spent years learning, now it’s time to use and apply what you’ve learned.

When you break up with someone It will be easier to get over someone if you’re busy doing something productive. Trust me on this one.

When you get your first job Time to learn and hone your leadership and management skills. You’ll need them in running your business.

Meanwhile, start saving money from your salary to fund your first venture.

When you get sick and have to stay home It’s a great time to reflect and think about your passions in life. You may be lying in bed, but your mind can work and brew a business idea.

When you quit or lose your job Finally, you have all the time to focus on starting your own business.

Jason Spencer lost his job when his company went bankrupt. With no savings and a family to support, he knew he needed to act fast. A couple of years after, his Internet marketing business Tribe.ly, is generating almost $20,000 in revenue every month.

When you get a new job Cashflow is no longer a problem.

You can now eat 3 times a day while you work on your business during weekends. It’s possible and financially practical—start a business while keeping your day job.

Fitz Gerard Villafuerte

personal finance When you just bought a new car You’ve got your dream car, now it’s time to build your dream business.

When you get married Now you have a business partner you can trust and who’s probably willing to work as hard as you.

When you just got kids Start a business now, so you can eventually help and teach your child how to become an entrepreneur someday.

When you just moved to a new home If you were able to afford a house, then you can certainly afford to save money to use as business capital. It’s now time to do just that.

When things are stable and you’re just doing fine Because there’s not much stress in your life, it will be easier to plan and start a business.

When you just retired from being an employee You’ll eventually get bored sitting at home and doing nothing. Start a business and leave a legacy.

Colonel Harland Sanders, at the age of 65, took his $105 from his Social Security check and began selling franchises of Kentucky Fried Chicken.

He died 25 years later as a billionaire and leaving an entrepreneurial story that will be retold for generations.

When is the best time to start a business?

The window of opportunity to start a business is always open. Sometimes it’s wide and accessible, other times it’s just a small gap and you need to push the panes and unroll the blinds to see the whole view.

Every life event, whether positive or negative, can be turned into an opportunity to develop, plan, and start a business. So don’t wait for that perfect timing, because that rarely comes.

Fitz Villafuerte is a registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 87th RFP program this January 2021. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

Tuesday, December 1, 2020 B3

EXCLUSIVE

Govt gross borrowings hit all-time high in 10 months

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By Bernadette D. Nicolas

@BNicolasBM

overnment’s gross borrowings from January to October has breached the all-timehigh nominal P3-trillion borrowing program this year, data from the Bureau of the Treasury (BTr) showed.

For the 10-month period this year—a period that more or less spans the months of Covid-19-induced lockdowns—gross borrowings amounted to P3.22 trillion, more than three times as much as the P967.556 billion posted in the same period last year.

However, National Treasurer Rosalia V. De Leon was quick to clarify that the government has not yet breached the P3-trillion borrowing program since they have already paid some of it.

“We did not breach since gross [borrowings] counted P300-billion BSP [Bangko Sentral ng Pilipinas] advances, which we paid already,

and P80 billion plus from switch program,” De Leon said in a message to BusinessMirror.

Sought to clarify how much is the government’s gross borrowings as of end-October, De Leon said it is P2.8 trillion.

Nonetheless, the BTr data showed the bulk of P3.22-trillion gross borrowings were sourced locally.

Gross domestic borrowings have risen nearly four-fold to P2.65 trillion during the January to October period this year compared to last year’s P673.805 billion.

The government was able to borrow mostly from the local debt market through short-term borrowings

from BSP (P840 billion), Retail Treasury Bonds (P827.107 billion), Fixed Rate Treasury Bonds (P561.907 billion) and Treasury Bills (P420.309 billion).

On the other hand, gross foreign borrowings for the same period almost doubled to P574.435 billion from last year’s P293.751 billion.

The government borrowed money from foreign lenders through program loans (P364.642 billion), global bonds (P118.735 billion), Euro bonds (P67.329 billion), and project loan (P23.729 billion).

Government’s gross borrowings for the month of October also jumped more than 13-fold to P663.212 billion from P50.273 billion posted in the same month a year ago.

Broken down, gross domestic borrowings for the same period surged to P639.043 billion, equivalent to more than 13 times as much as P47.528 billion in October 2019.

Meanwhile, gross foreign borrowings for October this year grew nearly ninefold to P24.169 billion from P2.745 billion in the same month last year.

Given the revenue hit, the government ramped up its borrowing program from P1.4 trillion to P3 tril-

lion this year to cover the expected doubling of the budget deficit as well as to fund its spending requirements for the Covid-19 response. For next year, the government is also set to borrow another P3 trillion.

The government has also yet to release the data on the national government’s outstanding debt as of endOctober but as of end-September, the country’s debt stock soared 18.5 percent to P9.37 trillion from P7.9 trillion as of end-September 2019.

By the end of this year, the national government expects its outstanding debt to reach P10.16 trillion, up by 31.42 percent from last year’s amount.

The Development Budget Coordination Committee (DBCC) earlier said it expects the country’s debtto-GDP ratio this year to increase to 53.91 percent of gross domestic product—a level it has not seen in over a decade—from a record low of 39.6 percent of GDP last year.

As revenue collections are down amid the pandemic, the DBCC projects the country’s budget deficit to more than double to 9.6 percent of GDP or P1.815 trillion from only 3.4 percent of GDP or P660.2 billion last year.

HK gets 1st rate swap tied to UN Sustainable Goals

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ew World Development Company Ltd. and DBS Group Holdings Ltd. have completed Hong Kong’s first interest rate swap linked to United Nations sustainable development goals.

The derivative transaction is designed to provide a hedge against interest rate risk related to the Hong Kong developer’s HK$1 billion ($129 million) 5-year sustainability-linked loan from the Singaporebased bank, the companies said in a statement. That loan closed in November 2019.

Financial structures linked to sustainability are increasingly in the spotlight globally. The deals incentivize borrowers to meet certain sustainability targets, with borrowing costs increasing if they

A junk boat rides on Hong Kong water. The former British colony has seen the completion of Hong Kong’s first interest rate swap linked to United Nations sustainable development goals. Bloomberg News

don’t. Earlier this month, Singapore unveiled a program to boost access to green and sustainability-

JPMorgan doubling SG bankers for rich chinese

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PMorgan Chase & Co. plans to double the number of private bankers serving Chinese clients from Singapore over the next two years, signaling its ambition to tap growth from Asia’s secondlargest wealth market.

The US bank currently has more than a dozen relationship managers serving Chinese residents and those on the mainland from the city-state, said James Wey, the new head of Southeast Asia private banking. “With rapid wealth creation in China, there is a need for insightful advice around how to manage the new-found wealth,” he said in an interview.

JPMorgan, ranked seventh among private banks in Asia excluding onshore China, competes with Credit Suisse Group AG and Morgan Stanley in attracting Chinese entrepreneurs who become billionaires after listing their companies’ stocks.

Singapore is popular among the world’s rich to park funds, buy property and set up family offices. While the New York-based bank has a large team of wealth managers in Hong Kong, Singapore is the only Asian center where clients can book assets.

“Singapore is a natural hub for wealth management because of the very clear and investor-friendly

regulation,” Wey said. “The wealthy, not just from China, but all over the world, view the country as a stable hub.” The China team is the latest addition to JPMorgan Private Bank in Singapore, which has traditionally focused on local clients and those in Indonesia and has more than 50 relationship managers, Wey said.

Last week, Wey also announced plans to merge the team serving the Indian diaspora with those handling Singapore residents, effective from December 1, he said.

Faster growth

While the private bank will expand all of its teams in Singapore, the rate of growth for the China group will be faster given that it’s the smallest and was set up less than two years ago, he said.

“Many large Chinese companies are using Singapore as their international headquarters,” Wey said when asked about target clients. “With that come a lot of senior people who have concentrated wealth holdings. They look at how to build that in a smart way for generations to come.”

Among major Chinese firms building up in Singapore are Tencent Holdings Ltd., Alibaba Group Holding Ltd. and ByteDance Ltd. Bloomberg News

linked loans.

Such structures aren’t without skeptics. A new type of bond that

penalizes issuers for failing to meet social and environmental goals is raising concern among some investors in Japan that buying the debt may not be all that ethical. Read more about that here.

New World is eligible to receive sponsorship from DBS to support social innovation projects if they successfully generate at least eight business-to-business integration opportunities that contribute to the UN goals, adopted in 2015.

The deal also adds to a growing list of new ESG-related structures in Asia recently. Earlier this month, Goodman Interlink Ltd. signed the Asia-Pacific region’s first green interest-rate swap deal, totaling HK$590 million with Credit Agricole-CIB. Bloomberg News

Dutch lender to cut jobs as investment bank dips

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BN Amro Bank NV plans to cut about 2,800 jobs over four years as the Dutch lender retreats from large parts of its investment bank and further scales back its international presence.

The company is targeting costs of as much as 4.7 billion euros ($5.6 billion) by 2024, a reduction of about 700 million euros. The workforce will shrink by about 15 percent, with most reductions to start in 2022, Chief Executive Officer Robert Swaak said in an investor update on Monday.

In August, Swaak announced plans to cut a third of the lender’s business with corporate clients, dropping company finance outside of Europe and exiting trade and commodity financing altogether. ABN Amro posted losses in the first half after taking hits on individual corporate clients before returning to profit in the third quarter.

While the bank stuck with its policy of paying out at least 50 percent of profit in dividends, it said shareholder remuneration above that will now be done via share buybacks rather than the dividend payments it has made in previous years. ABN Amro said its CET1 ratio needs to be higher than 15 percent before it considers share buybacks.

Its “disappointing” that the bank decided to add a buffer of 2 percent-

age points over its 13 percent CET1 ratio target before considering extra shareholder payouts, said Mediobanca analyst Robin van den Broek said by email.

ABN Amro fell as much as 6 percent in Amsterdam trading and was down 5 percent as of 9:22 a.m. The stock has declined by 44 percent this year.

Costs are expected to rise to 5.3 billion euros next year from 5.1 billion euros in 2020 “due to an increase in regulatory levies, anti-money laundering costs and strategic investments,” the bank said. It sees about 300 million euros in strategic investments and a restructuring provision of around 150 million euros through 2023. In August, the bank estimated cost cuts of about 800 million euros over the four-year period.

ABN Amro said it aims to have a return on equity of 8 percent by 2024 and 10 percent in the longer term, though that’s subject to interest rate normalization, it said. That’s more cautious than its previous target of 10 percent-13 percent without caveats.

While the threshold for buybacks “makes sense” the bank might be better served looking for bolt-on acquisitions “or indeed a merger with Volksbank to follow the Spanish domestic M&A path,” KBC analyst Jason Kalamboussis said in a note. Bloomberg News

B4

Tuesday, December 1, 2020 • Editor: Gerard S. Ramos

Art

BusinessMirror

www.businessmirror.com.ph

with other sculptures that reflect what has often gleaned in my work: warmth, love—love between mother and child, between a couple, love of God. I often keep my artworks untitled because I like to give the viewer or the buyer the freedom to define it as they see it.”

This, of course, is not del Rosario’s first exhibit.

She has had her share of solo and group shows— at the Cultural Center of the Philippines, which named her as one of the top top 100 women artists in 2015; Oakwood Premier, Manila Diamond Hotel, ArtistSpace in Ayala Museum, and Art Asia Gallery— although her intrinsic humility might have never allowed her youth to dream of such lofty dreams.

After her Fine Arts studies at the University of Santo Tomas, del Rosario went on to work as a komiks illustrator for a variety of publications, including Liwayway, and later stumbled into jewelry design for a famous jeweler. “It was completely happenstance.

I had become bored with my work as a komiks illustrator, and a friend who was a jewelry designer urged me to take over her work for this famous local jewelry company, because my friend was going to relocate abroad. As artists, we always like taking on a challenge, and so I did.”

It was as a jewelry designer that del Rosario made her first conceptual crosses—and the rest, as they say, is history.

“The continuing popularity of the cross, whether as jewelry or as sculpture, is most likely on account of our Catholic religion,” the artist said. “Even though I have long transitioned into creating sculptures from designing jewelry, I still keep getting requests and commissions to do crosses. Sometimes you feel like

Anita del Rosario: The ways of the cross T HE coronavirus pandemic brought much of the world to a stand still earlier this year, with governments issuing lockdowns that forced many people to shelter in place, and economies everywhere grinding to a halt.

Though no less severely impacted, with the closure of museums and art galleries during the first wave of the pandemic, including the most famous ones in the world such as the Louvre, art—always vital to a nation’s identity and existence—found ways to remain in the fabric of everyday life, like the YouTube videos of theater artists performing famous pieces from musicals to bring cheer to families and individuals locked down in their homes. Or the film and TV companies creating locked-in bubbles so that work can resume on productions that had been put on hold. The visual arts community devised their own ways to continue not only to create and but also to showcase their works—in virtual exhibits, in sociallydistanced in-person shows, or a hybrid of both.

Now on its 12th year, ManilART, the national art fair, returns from December 9 to 13 with the theme “2020 Vision for a Future Reimagined,” to be held at the SMX Convention Center, SM Aura Premier, Taguig City. Yes, it will be an on-site affair with the organizers putting in place strict safety protocols to ensure that it does not turn into a “superspreader” event: two days will be allotted to invitational VIP previews with timed entrances and contactless registration, and the three days devoted to the general will have similar safety measures.

For art aficionados, ManilART should be a nice way to cap what can only be described as—to borrow a phrase made famous by England’s Queen Elizabeth II—annus horribilis.

Fittingly, one of the artists showcased in this year’s ManilART is Anita del Rosario, an artist whose abstractions of the cross in both jewelry and sculpture not only have earned her a loyal patronage among art connoisseurs but also should be nothing less than

By Eugenia Last

z

CELEBRITIES BORN ON THIS DAY: Vance Joy, 33; Sarah Silverman, 50; Nestor Carbonell, 53; Bette Midler, 75.

Happy Birthday: Look, see and do. Take action, and focus on your pursuits. Handle relationships with enthusiasm, support and the desire to work as a team player. The contributions you make this year will enrich your life and your relationships with the people you love.

Uncertainty will lift when someone reveals a secret. It’s time to embrace new beginnings and build a brighter future. Your numbers are 9, 17, 22, 27, 31, 35, 42.

a

ARIES (March 21-April 19): Learn from the best, and don’t hold back if someone gets in your way. Stand up and push forward. Building character is essential in order to find out what you are capable of doing. Look over your options, and negotiate on your behalf. HHHH

b

TAURUS (April 20-May 20): Consider where information comes from before you pass it along. Facts matter, and getting to the bottom of a pending situation will depend on what’s real.

The decisions you make can influence a meaningful relationship. HHH

c

GEMINI (May 21-June 20): Set a high standard.

Speak up and share your intentions, philosophy and plans. Pay attention to the response you receive, and address sensitive issues with compassion and understanding. Don’t let a change someone makes dismantle your goals. Be true to yourself. HHH

d

CANCER (June 21-July 22): Take care of personal matters before someone steps in and takes over. Change may not be welcome, but it’s best to handle such issues yourself to avoid unnecessary repercussions. Personal improvement is favored and will encourage a romantic gesture. HHH

e

LEO (July 23-Aug. 22): Lend a helping hand, and someone will offer the same courtesy.

Protect against illness or injury. Taking an unnecessary risk will be costly. Put your heart and soul into doing a good job and making a memorable impression. HHHH

you want to take on other themes, but then you are challenged to reimagine the symbol—and that in itself continues to be very exciting.”

Anita del Rosario’s sculptures and other artworks will be on view at the SMX Convention Center in SM Aura Premier from December 9 to 13. Apart from the on-site aspect of ManilART, there will also be an online edition so that art aficionados can enjoy a full, 360-degree photographic walkthroughs in the safety of their homes.

For preregistration and contactless entry, more information is available at www.manilartfair.com/visit. n

‘SiningSaya,’ the Art+History Children’s Workbook for A Cause

a balm given the turmoil and tragedies that have defined the year about to come to pass.

Among the eagerly anticipated sculptures that del Rosario will showcase at ManilART are, of course, her crosses. “Initially, I was thinking of showing something else than the cross for the art fair because, as an artist, you always want to challenge yourself and create something that isn’t expected of you,” the artist said on a recent early afternoon at her studio in Greenhills, San Juan. “But given the times, and also given what is expected of me, there will be crosses in the artworks that I will be showing at the fair, along

Today’s Horoscope

WITH the advent of virtual learning in the new normal, parents and children are coping by exploring other activities that will soften the effects of stress and fatigue of online learning.

SiningSaya, the SiningSaysay Exhibit Children’s Workbook, is an activity book that will cushion the effects of the pandemic to children. SiningSaya contains fun and challenging activities for kids that will deepen their knowledge of Philippine history and culture.

The workbook—a supplement to Gateway Gallery’s SiningSaysay: Philippine History in Art exhibit at Araneta City (www.gatewaygallery.aranetacity.com)—tells the past of the Filipino through images and tasks. Aside from the tasks for kids, it also contains the images of the paintings of SiningSaysay made by University of the Philippines artists led

by National Artists BenCab and Abdulmari Imao.

By availing SiningSaya at P200, the purchase will support the victims of Typhoon Ulysses. The proceeds will be donated to Operation R.E.A.C.H. (Relief Efforts of Araneta City to Help) to help the affected families to recover. The promotional offer in ongoing until December 4.

The 24-page workbook was created for children and teens. It is a project of the J. Amado Araneta Foundation, curated by Gateway Gallery, and designed and printed by Adarna House. It is available at the Gateway Gallery kiosk at the Gateway Mall Activity Center, weekdays, from 2 to 5 pm.

f

VIRGO (Aug. 23-Sept. 22): Sit tight, listen and assess what’s going on around you before you decide to make a move. A positive change to how well you get along with a friend or relative will improve your day. Share a special moment with someone you love. HH

g

LIBRA (Sept. 23-Oct. 22): Follow your heart and intuition. Take action, make a statement and do your best to bring people together.

Problems will arise if you let someone put unreasonable demands on you. HHHHH

h

SCORPIO (Oct. 23-Nov. 21): Opportunities will come and go. It’s up to you to take advantage of what’s going on around you.

Start the process, and tie up loose ends before you end up in a position that leaves you at a disadvantage. Put uncertainty to rest. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Spend time fixing up your surroundings and nurturing meaningful relationships. An enthusiastic approach to fact-finding will help eliminate any misconception you have about someone who is elusive or secretive. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Visualize what you want to accomplish, and make alterations that will help you achieve your goal. Look for an opportunity, and seize the moment. Leave nothing to chance, and success will follow. HHH

k

AQUARIUS (Jan. 20-Feb. 18): Show passion in all you pursue, and progress will follow.

Refuse to let others sway you in a direction that benefits them instead of you. It’s what you do, not what you say, that will count today. HHHHH

l

PISCES (Feb. 19-March 20): Call in favors, and ward off an emotional altercation. Getting your responsibilities out of the way will leave time to enjoy the rest of your day. A gift or offering is apparent if you do the right thing. HH Birthday Baby: You are ambitious, playful and adventuresome.

You are emotional and passionate.

‘doubleheader’ by david poole The Universal Crossword/Edited by David Steinberg

ACROSS 1 The “D” in CD-ROM 5 Ergo 9 Slightly open 13 State whose name contains a greeting 14 Stage in a lunar cycle 15 Bahama ___ (rum cocktail) 16 Early bird’s target 17 Step after “lather” 18 A party to 19 Saltshaker’s companion 22 Wolfs down 23 Curiosity rover’s org.

24 Usually endangered marine reptile 29 Was hurtful, like criticism 32 Mutated gene 33 Box on stage?

35 Fa-la link 36 Dangerous game of chance 40 Wedding vow 41 It’s game 42 Tenth first family 43 Religious subgroups

6 Sources of valuable metal 4 48 Mars : Romans :: ___ : Greeks 50 Butterfingers’ utterance 51 Like a zebra, or two words that can precede the starts of 19-, 24-, 36and 46-Across 56 Auctioneer’s cry 57 Set straight 58 Move like molasses 60 An athlete may take one in protest 61 Gets into shape, with “up” 62 Writer/director Ephron 63 Does some sums 64 LAX guesstimates 65 Movie critic’s assignment?

DOWN 1 Wall Street index, with “the” 2 Funny Face flapjack chain 3 Beget 4 Participates in a triathlon, say 5 Intense longing 6 Put up, as Christmas lights 7 Global power that broke up in 1991 8 Welcome at the door

9 Surrounded by 10 Novelist who created Elizabeth Bennet and Emma Woodhouse 11 Love, in Lima 12 Sought office 14 Condition before staining, perhaps 20 St. ___ Girl beer 21 Rapper Lil ___ X 24 Bollywood wraps 25 Get away from 26 Otherwise known as 27 Slow, musically 28 Mopey music genre 30 ___ Dame 31 Sharon of Cagney & Lacey 34 Disparaging remarks 37 Persistently criticize 38 Kind of node or gland 39 Features of “G’day” and “cap’n” 44 Sports team deals 45 Brief moment, briefly 47 Places to warm up after skiing 49 Footwear for a Senator 51 007

2 Much of the time 5 53 Jazz singer Simone 54 ___ one’s own horn 55 Cornell University cofounder Cornell 56 Reggae relative 59 Musician’s gift

Solution to Friday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, December 1, 2020

B5

Life’s inevitable cycles FROM left: Martin Nievera, Tanya Garcia and Allan Paule

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OMETIMES, we just find ourselves making a full circle. In recent weeks, we encountered a few celebrities who returned to a place where they felt comfortable, happy and at home.

After 38 years, singer Martin Nievera found himself coming home to Vicor Music, the very first recording label he signed up with in 1982.

Nievera released a total of six albums with the label, before spreading his wings to explore other career opportunities.

Most memorable were Nievera’s signature songs like “Be My Lady,” the MetroPop Festival competition winner “Pain,” “Each Day With You,” “Please Don’t Throw My Love Away,” and the now classic “Ikaw ang Lahat sa Akin.”

The original Vicor Music was established more than 50 years ago, by Viva top honcho Vic del Rosario and his cousin, Orly Ilacad. “Martin will be the momentous start of greater things to come for the Vicor label. We are all excited for fresh collaborations and we have great plans for Martin and his music,” beamed del Rosario. For his part, Nievera says he is beyond delighted. “I share music history with Vicor, my home for many, many years when I was starting my music career. I think I was just around 19 then, fresh from the United States. I am really excited and looking forward to see what we could create together.

It feels great to be back home.”

Actress Tanya Garcia, who married politicianactor Mark Lapid is also back in front of the GMA cameras after six years in hiatus. “I focused on raising

my children and strengthening the foundations that keep our family strong and happy. While I was absent from acting, my husband was active as an actor for some time as a cast member of Ang Probinsyano.”

Garcia started her stint with GMA back in 2000, and she even had a love team with Dingdong Dantes for a few years. In 2007, while doing Super Twins, she got pregnant with her first child so she had to stop.

Garcia returned in 2011 and worked until 2014. Her last show was titled Strawberry Lane.

Today, Garcia is locked-in somewhere in the province of Batangas working on her character in the new GMA series Babawiin Ko ang Lahat. “Nakaka-miss, that’s why I said yes when this new show was offered.

It feels good to be back after six years.”

Veteran actor Allan Paule continues to be one of the busiest character actors even during the pandemic.

Despite his busy schedule, he couldn’t let the chance pass when he was offered an important role in the movie Anak ng Macho Dancer.

In 1988, Paule was launched to stardom in the controversial Lino Brocka film Macho Dancer, pitting talents with now Bulacan Gov. Daniel Fernando who incidentally took home the Gawad Urian best actor for this movie. Paule played the role of a poor teenager from the province who was dumped by his American military lover after his tour of duty, and is forced to embrace the underground world of go-go boys in the

Ynna Asistio gets role of a lifetime via ‘Ang Daigdig Ko’y Ikaw’

BY LEONY R. GARCIA YNNA ASISTIO gets her biggest break as a lead actress in Eagle Broadcasting Network’s upcoming romance drama series Ang Daigdig Ko’y Ikaw, which starts airing on November 28 at Net25.

She is paired for the first time with Geoff Eigenmann under the direction of award-winning director Eduardo Roy Jr., who is known for quality movies which include Quick Change, Pamilya Ordinaryo, Last Fool Show, Lola Igna and Fuccbois.

The actress is thankful to Net25 for entrusting to her the role of Reina, the only daughter of the wealthy owners of a hotel where Romer (Eigenmann) works as a young bellboy.

A modern-day romance, Ang Daigdig Ko’y Ikaw was borrowed from the title of an old movie in the 1960s that starred real-life couple Fernando Poe Jr. and Susan Roces. But the story of the series is not in any way similar to the movie. It actually mirrors real-life drama under the new normal. The series starts when the government declares a nationwide lockdown due to the pandemic, imposing community quarantines when Romer and Reina reunite, freeing themselves from the past to fight for their love.

Providing the scenic background is the Las Casas Filipinas de Acuzar, a resort in Bagac, Bataan, with a vast collection of restored Spanish-Filipino houses intricately curated into a world-class historical haven.

Ynna practically grew up right in the public eye as a teen busting out dance moves on GMA. In between, she would either be guesting or starring on different shows and soaps of her home station. Soon the young actress would be longing for a big project that would hone her acting ability, push her to stardom and cement her place in the industry.

GEOFF EIGENNMAN and Ynna Asistio

Then came Net25’s offer for her to star in its first romantic soap.

“Bigla akong nabigyan ng ganito...kaya ina-advise ko sa lahat na huwag lang silang mag-give up, maghintay lang.

Kasi ’pag si God na ang gumawa ng way, in His time, lahat tama,” the, 29-year old actress said during the media call held at the INC Museum in Quezon City on November 10.

“A lot of people didn’t have work during the pandemic, so I am lucky I was offered this series by Net25. This is a very big opportunity for me, and I am very blessed that Net25 had that trust in me,” Ynna added. Director Roy, who is also handling his first soap, has good words for Ynna, as well.

“Ynna is the type of actress whose charm grows on you. At first, she may seem ordinary but when she acts, you can feel the charm, especially if you take pains to guide her acting. She definitely can act. Just give her time to shine and she will,” he said.

The new TV drama is supported by a mix of fresh and veteran supporting actors in the industry that includes: Tanya Gomez, Richard Quan, Shiela Marie Rodriguez, Arielle Roces, AJ Muhlach, Anna MabasaMuhlach, Manolo Silayan, Jiro Custodio, Paulyn Ann Poon, Myrna Villanueva Tinio and Jellex David, with the special participation of Elizabeth Oropesa.

Aside from Ang Daigdig Ko’y Ikaw, Net25 also introduced its new shows including: Happy Time (noontime show), Kesayasaya! (musical sitcom), UNLAD: Kaagapay sa Hanapbuhay (agricultural and livelihood), Tagisan ng Galing Part 2 (talent search competition), and Himig Ng Lahi Season 3 (musical program).

The new invigorated station also welcomed the new addition to its roster of news anchors: Binibining Pilipinas International 2019 Emma Tiglao and Vic Lima for Mata Ng Agila (prime-time news), Miss Global beauty queen CJ Hirro for Eagle News International (English newscast), and host Apple David for Pambansang Almusal (morning prime time).

In the pipeline are Relax Ka Lang (morning magazine show) and Parak (docudrama). Under the banner of EBC Films, the movie arm of EBC, The Jukebox King: Life Story of Victor Wood, starring Martin Escudero, is currently filming.

Net25 has also relaunched its new logo that conveys strength, uniqueness, power, and bravery in facing the global pandemic manifested in its vision to bring the truth to the world and serve relevant content that inspires in these interesting times.

big city, lured by his roommate-buddy, played by Fernando.

“I am just happy that I was able to make my schedule work to be able to accommodate this new movie, where I will play the father of the lead character, also a macho dancer,” Allan said. The new movie is directed by Joel Lamangan and it will launch a new discovery by the name of Sean de Guzman, a member of the sing and dance boy group Clique V. Martin Nievera, Tanya Garcia and Allan Paule all believe that things unfold at the right time and they all completely embraced life’s inevitable cycles, looking forward to making more full circles in the future. ■

UK judge refuses Johnny Depp permission to appeal libel ruling LONDON—A judge has refused Johnny Depp permission to appeal against a British court’s ruling that he assaulted ex-wife Amber Heard.

Earlier this month a High Court judge rejected Depp’s claim that a newspaper had committed libel when it called him a “wife-beater.” Judge Andrew Nicol said the article in The Sun was “substantially true.”

Depp is seeking to overturn the judgment. But in a setback for the Pirates of the Caribbean star, Nicol denied permission to appeal, saying “I do not consider that the proposed grounds of appeal have a reasonable prospect of success.”

In a ruling made public on Wednesday, the judge also ordered Depp to make an initial payment of almost £630,000 ($840,000) to News Group Newspapers, publisher of The Sun, to cover its legal fees.

Depp can still apply directly to the Court of Appeal, and has until December 7 to do so.

The judge’s main ruling came after a three-week trial in which Depp and Heard gave conflicting accounts of their brief, tempestuous marriage.

In the wake of the decision, Depp said he was leaving the Fantastic Beasts film franchise after studio Warner Bros. requested his resignation.

Depp is also suing Heard for $50 million in Virginia over a Washington Post op-ed essay that she wrote about domestic violence. The essay talks about her experience being abused but does not name Depp. The trial is due to be held next year. AP

Three GMA execs join International Emmy Awards jury GMA Network executives Marissa L. Flores, Jose Mari R. Abacan and Roxanne J. Barcelona were tapped anew to be part of the 48th International Emmy Awards jury.

Out of four Philippine representatives, the three GMA officers were invited as Final Round jurors at the International Emmy Awards which held its firstever virtual awarding ceremonies on November 23. The prestigious award-giving body, traditionally held in New York City, celebrates the best in global television with over 1,000 TV producers from around the world showcasing their programming.

GMA Senior Vice President for News and Public Affairs Marissa L. Flores was one of the judges for the News and Current Affairs categories. Flores is at the helm of the network’s formidable News and Public Affairs group, which has consistently delivered for Filipino viewers all over the world.

Joining the esteemed panel of jurors for the Comedy

Category was GMA First Vice President for Program Management Jose Mari R. Abacan, who has been sharing his expertise with the Emmys since 2007.

Instrumental in GMA becoming the pioneer in introducing Koreanovelas, Lakorn, Turkish and Indian series in the country, he also oversees all program acquisition initiatives from foreign producers.

GMA Vice President for Worldwide Division Roxanne J. Barcelona, on the other hand, was a judge in the finals of the Drama Category in this year’s Emmys. Barcelona, with over three decades of industry experience, heads the worldwide distribution of GMA’s drama and entertainment programs. Under her leadership, the network is recognized as the primary source of Filipino content which is seen in over 26 countries and in four continents.

Notably, the International Emmys also

tapped GMA News top anchor Jessica Soho during the First Round judging. The multi-awarded broadcast journalist hosts the network’s top-rating program Kapuso Mo, Jessica Soho and anchors GMA News TV’s flagship newscast State of the Nation with Jessica Soho.

Descendants of the Sun The Philippine Adaptation director Dominic Zapata and program head writer John Roque were likewise part of the 2020 First Round Jurors. The International Emmy Awards is an annual event organized by the International Academy of Television Arts and Sciences. It is a membership-based organization of leading media and entertainment figures from all sectors of television including Internet, mobile, and technology.

FROM left: Jose Mari Abacan, Jessica Soho and Marissa Flores

B6 Tuesday, December 1, 2020

Cloud technology best bet for PH businesses Diabetics are vulnerable to a host of other diseases: Know the facts, step up and act

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MIDST the pandemic, there is another disease that has gone under the radar and is silently affecting millions of people— diabetes. Described as a chronic, noncommunicable disease, diabetes is a major public health problem globally and persons afflicted with it are also vulnerable to a host of other diseases such as hypertension, chronic kidney disease, and COVID. “Last year, there were 463 million adults living with diabetes globally.

That’s 1 out of 11 people who have the condition,” said Sanofi Philippines Country Lead, Amal Makhloufi Benchouk.

More alarmingly, the International Diabetes Federation (IDF) reports that a further 232 million people remain undiagnosed, with the majority of them believed to have type 2 diabetes. In the Philippines alone diabetes is one of the leading causes of death and places a heavy burden for many families who are living with disease.

“There are about 3.7 million diabetic Filipinos, and this number is expected

to double in the next 5 years,” Amal shared. “Only 34% are diagnosed, 27% are treated, and only 11% are on insulin. Among those treated, less than 50% are able to manage or control their disease. Globally, 1 life is lost every 7 seconds because of diabetes and its complications.”

Among other factors such as diet and lifestyle, Makhloufi stresses that there is a distinct lack of awareness and understanding on diabetes which has led to its widespread prevalence in recent years. To address this, Sanofi Philippines hosted Healthier/PH sessions: Step Up For World Diabetes Day, a virtual media event which featured a multi-disciplinary panel to tackle the issue of diabetes and educate the public on managing the disease.

Speakers during the online panel include fitness expert, Jinoe Gavan of Takbo.ph, who shared simple at-home workout tips to keep active during quarantine. Social enterprise Gising Gising, represented by Bianca Dualan, RND, was also present during the talk and educated the audience on the

proper nutrition and diet for regulating sugar levels, which is essential in managing diabetes.

Another way to describe diabetes is a lifestyle disease. And to raise further awareness on the impact of the disease and promote healthier lifestyles, Sanofi Philippines launched the Step Up For World Diabetes Day Virtual Run 2020.

This virtual running event was launched on November 14 and runs through December 15, and was initiated in partnership with Takbo.ph.

For Tiktok Virtual Run Challenge Register on #StepUp4WDD Virtual Run via https://app.takbo.ph/all-races/ step-up-virtual-run-2020 Post a video while running on TikTok and tag 5 of your friends to join.

Use this caption upon posting: I pledge to #StepUp4WDD in the fight against diabetes. I challenge @name1 @ name2 @name3 @name4 @name5 to join.

Use the following hashtags upon posting: #WorldDiabetesDay #SanofiPH #PanatangSanofi #DiabetesYourType For more information, log on to Takbo.Ph.

Human resources experts, professionals hold virtual PMAP Job Outsourcing and HR Upskilling Summit 2020

At the first PMAP virtual summit (top row, from left:) Louisa Mila Echevarria, President, PMAP; Haidee Enriquez from PMAP-Palawan; Michelle Guce, 2018 PMAP VP (bottom row, from left) :Grace Sorsogon, SVP and Managing Director, John Clements Consultants, Inc.; Ellen Fullido, Board Secretary, PMAP; Renato L. Serapio, HRM Consultant and Executive Coach.

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R experts and professionals recently gathered together online for People Management Association of the Philippines (PMAP) Job Outsourcing and HR Upskilling Summit 2020, the first PMAP's virtual event. The summit brought together experts to share how people management practices have adjusted and adapted during these challenging times and how employees can remain employable amidst uncertainties and disruptions brought about by the global pandemic.

Haidee Cabanag Enriquez, Chief People Officer of Sitel PHANZ and

President of PMAP-Palawan Chapter, opened the session by highlighting the continuing growth and employment prospects in the IT-BPM sector, citing a report by a leading online job board showing that more than 40% of the job openings available in the Philippines were in the IT-BPM sector. She further shared about the industry’s shift from traditional jobs involving simple, entrylevel, process-driven tasks to mid- and high-skilled jobs requiring experience, abstract thinking, situational responses and autonomy.

Enriquez also emphasized the importance of soft skills in the ever-

changing world of work, citing learnability, cognitive flexibility, critical thinking and analysis, creativity and innovation and complex problem solving as critical competencies.

“Due to the current challenges, ensuring employability and futureproofing jobs has become more important than ever,” shared Enriquez. Her tips? “Drive your own development, continue to expand your network, be “in the know” and think and experience global”.

The summit, attended virtually by HR professionals and people managers across industries and prospective applicants, also discussed the role of leadership in the new normal and highlighted job opportunities in different sectors.

“This virtual employment summit is a first for PMAP and part of our commitment to help upskill not just HR practitioners but also the broader labor force,” said Louisa Mila Echevarria, PMAP President. “We’ve created several webinars to help displaced workers and have invited experts to share their insights. There is so much uncertainty but there is also a lot to be hopeful and optimistic about, so we look forward to more events like these for the remainder of the year.”

The PMAP is the country’s premier association of HR leaders dedicated to excellence in people management.

Enriquez was recognized as PMAP’s People Manager of the Year in 2017.

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S the battle against COVID-19 continues, Philippine businesses still struggle against double-digit GDP contractions. While restrictions are slowly being lifted to stimulate economic activity, the pandemic has made clear who its first casualties are – on-premise businesses.

“When the pandemic hit, businesses, regardless of size, scrambled to find ways to keep their operations up and running even when they’re on lockdown,” said Jonathan Que, Country Manager of eCloudvalley, recently awarded as Amazon Web Services (AWS) Consulting Partner of the Year. “Today, businesses that are on the Cloud, regardless of size, remained agile despite the drastic changes the pandemic brought. In the meantime, some of the biggest companies that have huge investments on on-premise or traditional setups are still struggling with scaling down their businesses, as well as downtime that leads to customer complaints.”

With thousands of customers across the region and with every employee being AWS cloud certified, eCloudvalley is an AWS premier consulting partner, the top tier recognizing partners with the highest level of competencies and higher number of customer references. A big part of their success stems from eCloudvalley’s strategy of working backwards from the customer. By understanding the customer and identifying their business’ pain points, they are able to more effectively find solutions to help customers in their journey to the cloud.

“On the surface, companies’ biggest challenges revolve around not being able to work in their offices and being able to keep their operations up 24/7 outside of that office,” Que said. “But there are three underlying problems that the pandemic has exacerbated for Philippine companies – overhead costs, availability, and

scalability. All these can be addressed if businesses are able to operate in the Cloud.”

The biggest advantage that Cloud technology can offer during the pandemic is scalability. As businesses slow down, businesses can also scale down their usage of Cloud technology only to what is needed, inevitably bringing down their costs to keep their operations running.

With Cloud, the investment in technology happens in parallel to what the business needs. This proved to be crucial during the pandemic when it drastically cut economic activity, essentially cutting down business operations. At the same time, since Cloud technology allows remote access and management, operations become available 24/7 even when mobility is limited during lockdowns and quarantines.

“Many businesses in the Philippines are still running traditionally and the transition to cloud is seen as a drastic change they need to adopt emotionally and culturally,” he said. “This is understandable given the legacy of onpremise operations, but those who have migrated to the Cloud prior to the pandemic are faring better during this ordeal. And we’re not just talking about the large tech companies in the country – this is true even for innovative SMEs, which makes up 60% of our customers base.”

With the pandemic projected to continue until 2021, Que urges businesses to start considering their transition to Cloud to survive even post-pandemic.

Share the joy of the season with food options by Seda BGC

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OLIDAY season 2020 may be a different kind of celebration this year, but Seda BGC continues to honor tradition with irresistible Food-to-Go options, whether for your own celebration at home or in the work place, or the traditional gift-giving. Choose from a bounty of delectable treats. You’ll find something suitable for everyone – from family and friends to others you may want to share the joy of the season with.

Sweeten up the holiday table with our bestselling signature artisanal ham boasting of a juicy, meaty interior and exterior glazed with honey. Minimally-processed and free of harmful chemicals, this Seda BGC original is a great idea for a corporate giveaway, too.

Family dinners are hassle-free with our Carvings and Food Trays for up to 10 persons.

The carvings range from Roasted Turkey, Porchetta and Roast Beef to Baked Whole Salmon; while food tray choices include Prawns Thermidore, Paella Valenciana, and Pork Baby Back Ribs as well as traditional Filipino fiesta favorites like Crispy Pata, Rellenong Manok and Kare-Kare.

Searching for the perfect present for the boss? How about Food Gift Boxes with your choice of carving; Hampers inclusive of our signature honey-glazed ham, banana cake and other sweet treats; or a Grazing Platter consisting of Italian salami, parma and farmer’s ham, cheeses, and other savory small bites.

More ideas – heavenly goodies for everyone to enjoy! Stollen, fruitcake, food for the gods, gingerbread houses, banana bread as well as cookies, pralines, macarons, special ensaymada and mouth-watering cakes – it’s a wonderland of treats that brings unbridled Christmas cheer!

Spread joy, hope and the magic of the season! For orders, menus and other inquiries, call Seda BGC at 7945 8888 | 8588 5700 or email dining.bgc@sedahotels.com.

Diwatang Maria soars high amid the pandemic

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IWATANG Maria Corporation, the maker of premium organic soap Diwatang Maria, held its virtual press conference on November 20 to announce the company’s milestones that were achieved during the past months, overcoming the challenges brought by the pandemic.

Company president and CEO Ma. Concepcion ‘Macon’ Macalintal shared with the attendees the little triumphs of the company over the past months that she see will eventually help Diwatang Maria realize its goals for the brand.

According to Macalintal, Diwatang Maria started to push the brand to the market only a couple of weeks before the lockdown, which became the biggest hurdle for Diwatang Maria to move and market the products.

“No one was prepared for the lockdown and who would have thought that we will witness a global pandemic and economic crisis that we are facing now. But we are blessed to experience little successes amid all these trials that everyone is facing,” she said.

“I have so much faith in the ingenuity of Filipinos and I love our culture of Diwatas so I named the products after the three Filipina Diwatas. I quit my career because I know in my heart I have good products to offer and I want to reach out to many people who are depressing over their skin conditions, which I was in the same position before. I was dreaming big – to sell products that are also environment friendly but very good for the skin.”

One of the risks she took was to ‘label’ her products as organic and eco-friendly but should still be affordable.

“I believe that one of our successes is being able to offer premium organic soaps and at the same time package them in environment-friendly materials and sell at a reasonable price.”

“On our 2nd anniversary last September, we launched our Bayanihan Program, which was aimed at getting at least 200 resellers by offering them a reseller kit that only cost P1632, inclusive of 15 soaps and sample soaps.”

Macalintal stressed that the Bayanihan Program was to help those who are looking for livelihood while in quarantine.

Pushing the product a little bit more, those who have tried the soaps from other countries also started to partner with Diwatang Maria.

“This year, Diwatang Maria reached the shores of the Bahamas, Singapore and the United Kingdom. We also have orders from other continents but we will accommodate

them next year, since our goal for 2020 is to penetrate the Philippine market better this last quarter of 2020.

In the face of the pandemic Diwatang Maria is also thankful for another milestone, which she knows will open more doors for the brand. “A couple of months ago, one of the best news we received this year was when All Day Supermarket accepted Diwatang Maria. Then came another great feat – SM Kultura and Sesou will now offer Diwatang Maria soaps in their stores.

Diwatang Maria looks forward to a better 2021.

Currently, its premium organic soaps are also available in Shopee and Lazada and other online stores and social media platforms; however, the company is looking at bigger distribution channels since the demands from consumers nationwide are also getting bigger.

Diwatang Maria will also be launching new product line following the same branding and carrying Filipino names.

“We have several projects in the pipeline to support our small entrepreneurs to earn while at home. Next year we will be offering new products that will benefit many people who have sensitive skin concerns,” Macalintal said.

She hopes to inspire other entrepreneurs not to give up and to persevere more. “I know it is hard, actually really hard to see if whatever we are doing will eventually lead us to success, there will be days that we want to give up and there will be days that things look okay…we just need to focus on our goal, and that is to succeed,” she quipped.

For more details, visit www.diwatangmaria.com or like FB/IG: diwatangmariaph.

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

Support Bambol, stop ‘sports politics’–Mikee

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ITH next year’s Tokyo Games being trumpeted as the country’s best chance to win its first-ever Olympic gold medal, Deputy Speaker Mikee Romero (1-Pacman Party-list) on Monday called on all sports leaders and stakeholders to give newly-elected Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino all the support he needs to realize that long-cherished dream.

On a day the country celebrated the birth anniversary of revolutionary hero Andres Bonifacio, Romero said it’s high time to revolutionize Philippine sports and make a difference in the international competitions especially the Olympics.

“First of all, I would like to congratulate my good friend, Cong. Bambol, for securing a full four-year term this time. It’s a tough job being the president of POC but I know he can handle it being a seasoned leader both as sportsman and politician,” said the former amateur basketball godfather.

Tolentino, who represents Cavite’s Eighth District in the House of Representatives, beat archery chief Clint Aranas, 30-22, in a hotlycontested elections last Friday for his first four-year term.

But to make the Olympic dream a reality, Romero urged everybody to unite and put an end to “sports politics” which has stunted the growth of some sports.

“We have to plan and work as one because the coming Tokyo Games is really our best chance.

No more politics in sports because it destroys the three values of Olympism which are excellence, friendship and respect,” Romero said.

“It’s best that they work with Cong. Bambol for the sake of Philippine sports,” added Romero who noted the support of Filipinos working in the vibrant city of Tokyo will greatly impact the performance of Filipino athletes.

The cycling chief, however, will have his hands full next year.

Besides the Olympics that was rescheduled in July because of the Covid-19 pandemic, the national athletes will also vie in the 31st Southeast Asian Games in Vietnam, the Fourth Asian Youth Games and Sixth Asian Beach Games in China and the Sixth Asian Indoor and Martial Arts Games in Thailand.

“With so many international tournaments next year, I hope our elite athletes will be given the right training so Cong. Bambol will need the financial support from the government and private sectors,” said Romero, who is one of the primary movers behind the Philippine National Federation of Polo Players.

Marcial in forum

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OKYO OLYMPICS-BOUND Eumir Marcial and Manny Pacquiao (MP) Promotions President Sean Gibbons grace the webcast edition of the Philippine Sportswriters Association (PSA) Forum straight from Los Angeles.

Marcial and Gibbons are expected to talk about the preparations for the 25-year-old Filipino boxer both for his professional debut and campaign in next year’s Tokyo Olympics.

Hall of Fame trainer Freddie Roach, who is overseeing the training of Marcial at the Wild Card gym in Hollywood, has also been invited in the 10 a.m. weekly session.

San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. are presenting the public sports program that is powered by Smart with Upstream Media as official webcast partner.

The Forum is livestreamed via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and also shared by Radyo Pilipinas 2 Facebook page.

BusinessMirror

Tuesday, December 1, 2020 B7

P900-M FUNDS FOR TOKYO, MAJOR EVENTS SOUGHT T

By Josef Ramos

Deputy Speaker Mikee Romero calls for genuine unity in sports.

Sports

HE fresh hope brought by the newly-elected officers of the Philippine Olympic Committee (POC) carried a potential P900 million budget for Filipino athletes’ preparation and participation in four major international competitions, including the rescheduled Tokyo Olympics.

POC President Rep. Abraham “Bambol” Tolentino said both the House of Representatives and the Senate are amenable to the P900 million budget that is over and above the traditional budget from general appropriations that is allocated for the Philippine Sports Commission.

“Through our lobby, with my brother Senator Francis ‘Tol’ Tolentino and Senate Majority Leader Miguel Zubiri, the Senate has included a budget of P900 million-plus for our international activities next year,” Tolentino told the press conference last Friday immediately after being declared winner in the POC elections at the East Ocean Restaurant in Parañaque City.

“The PSC had no budget for next year’s [international] activities but after the final approval of the Senate version aside from the House version, I think P900 million has been already added,” he said.

“So I am confident all the activities next year from the Tokyo Olympics, Asian Indoor Martial Arts Games, Asian Beach Games, Asian Youth Games and the 2021 Vietnam Southeast Asian Games are covered,” he said.

Tolentino, also the PhilCycling president, was primarily responsible for reverting the allowances of national team

members to 100 percent after they were cut in half because of the Covid-19 pandemic. The package also included a P5,000 pandemic financial assistance for each member of the national team.

Zubiri, who heads the Philippine Eskrima Kali Arnis Federation (PEKAF), confirmed on Monday his support to the additional budget for the international competitions.

“Absolutely, the more funds that we can give, the better. I fully support the additional funding for the PSC to provide the POC and the NSAs [national sports associations] assistance for all the international and regional meets this coming year,” Zubiri said.

Besides Zubiri, Senators Sonny Angara, Pia Cayetano, Christopher “Bong” Go and Manny Pacquiao are supporting the additional budget.

The Asian Indoor and Martial Arts Games are set from May 20 to 30 in Bangkok while the Asian Beach Games are scheduled from April 2 to 10 in Sanya, China. The Asian Youth Games are from November 20 to 28 Surabaya, Indonesia, after the Vietnam SEA Games from November 21 to December 2.

The Tokyo Olympics, on the other hand, are set from July 23 to August 8.

REP. ABRAHAM “BAMBOL” TOLENTINO says Congress is supportive of the Filipino athletes’ international campaign in 2021.

ROY DOMINGO

Muaythai backs program vs violence

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HE Muaythai Association of the Philippines (MAP) has another major task to accomplish besides maintaining a competitive national team—assist society against gender violence.

Secretary General Pearl Managuelod told BusinessMirror that MAP has been actively involved in the”No to Gender-Based Violence” program aimed at protecting women and children in sports against violence.

“We strongly support anti-Gender Based Violence [GBV] movements and we uphold the Bawal Bastos sa Sports law,” said Managuelod, 42, a newly elected member of the executive board of the Philippine Olympic Committee.

Managuelod said the MAP aims to help guarantee a safe environment for the women and children who are actively into sports.

“We are currently revising our policies to safeguard women and youth stakeholders. We are also working closely with our international

TNT Tropang Giga’s Ray Parks Jr. is all set for a slam against Ginebra’s Arvin Tolentino.

PARKS DOUBTFUL FOR GAME 2

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NT Tropang Giga tries to level its Finals series with Barangay Ginebra San Miguel in Game Two of the Philippine Basketball Association Philippine Cup on Wednesday most probably without one of head coach Ferdinand “Bong” Ravena’s main man Bobby Ray Parks Jr. Parks sustained a left calf strain injury in Game 1 and is a doubtful starter for the 6:30 p.m. game at the Angeles University Foundation gym.

“Ray-Ray is doubtful in Game 2. He has a strained left calf injury,” said Ravena, adding it’s the same injury that sidelined Parks in TNT’s first game inside the Clark bubble last October 11 against Alaska which it won, 100-95, behind Roger Pogoy’s career-high 45 points.

Parks owns front-running numbers in the conference and is leading with 38.3 statistical points on solid averages of 22.5 points, 8.1 rebounds, 3.1 assists and 1.3 steals after semifinals.

With or without Parks in Game Two, Ravena asked his players to double up in their effort especially in the rebounds department if they want to fight back from their 94-100 overtime loss in Game One.

COSTLY POSTPONEMENT

A man wearing a mask walks on a pedestrian bridge over the train tracks in Tokyo as a large display of Tokyo Olympics and Paralympics are seen in the background. Organizers of the delayed Games are declining to confirm widely circulated reports in Japan that the costs of the one-year postponement will be about $3 billion. AP

“We have to do the little things like boxing out and getting those rebounds,” said Ravena, referring to Ginebra’s 60 rebounds against his team’s TNT’s 41 (19-10 offensive rebounds) in Game One. “We were out-rebounded and we’re hoping to resolve that.”

Ravena said Ginebra is not unbeatable.

“It’s not one-sided or should I say just the breaks of the game. We can even the series and that’s the goal for now,” said Ravena, who drew 20 points from Parks in Game One. Josef Ramos

federation [International Federation of Muaythai Association] and local chapters to align our bylaws and localize the policies” she said.

“And we also want to use Muaythai to empower the women and youth against GBV,” said Managuelod, whose father, General (Retired) Lucas Managuelod is the president of the association.

Managuelod also said she is taking timeout to savor her victory in the POC elections but vowed to buckle down to work when their term in office starts in January 1.

“I’m giving myself some time to relax,” she said. “I am very happy with the results knowing that we have the majority [executive board] and that we can finally start working on unity and bipartisanship.”

Like all other combat amateur sports in the country, muaythai remains banned and Managuelod said all they could do is to wait for a decision from the Inter-Agency Task Force on the Management of Emerging Infectious Diseases. Annie Abad

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

SPORTS WITHOUT BORDERS

Mobile legend for a legend BEFORE a diamond stone becomes a faceted gem, it goes through a lot of pressure and a lot of cutting.

Such is Manny Pacquiao, a diamond stone when he started out in professional boxing.

Pacquiao went through a lot of pressure before he took up the sweet science and nothing adds more pressure than poverty. Where to get your next meal? Where to get the money to get for your after that? Living by hand to mouth existence.

The cuts didn’t just literally come from head butts and punches but figuratively from bullies and people who didn’t have faith in him, who didn’t believe in him, and because of all that pressure and cuts, you have the only eight division world champion in the history of boxing. Pacquiao has also won 12 major titles.

Usually, a movie is made or a documentary is produced or a book is written about a professional athlete but for Manny, a mobile video game.

Mike Ochosa, boxing analyst and President of OMG Inc. told me how the whole idea got started.

“I first shared the idea to Manny almost two years ago thinking that his story has to be told to everyone who needs to hear,” Ochosa said. “But, instead of a book, a movie or a documentary, the best platform to reach the youth and generations to come is through a mobile game.”

“Manny eventually gave me his blessings and approval so that is how OMG Inc. was born,” he added. “The process was really trying to get Manny to say ‘yes’ to developing it, and later on, to launching it.”

“This is about his life story. Rather than make a book or a film, this platform will reach out to younger people, because people will be able to use this wherever you are,” he said.

Last November 27, I was invited to a media roundtable to discuss the process that came about from the concept of the game to its technical ins and outs.

A Manny Pacquiao project of this magnitude and effort has to be all-Filipino on all levels so game developer Ranida Games led by its CEO Ben Banta, stepped up to turn an idea into reality.

The game will be formally launched in 2021.

It covers the life of Manny Pacquiao as he fights and punches his way through bad guys and societal ills like poverty, bullying and lack of opportunity for the marginalized sector.

By Manny’s story being told to the youth and the next generation of Filipinos, his legacy will carry on.

Lascuña eyes sweep of PGT Riviera titles

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ULLY recharged coming off a three-week break, Tony Lascuña sets out for the last of the two-tournament Philippine Golf Tour (PGT) restart, confident of pulling off the same kind of success he produced in the International Container Terminal Services Inc. (ICTSI) Riviera Invitational Challenge at Riviera’s Couples course in Silang, Cavite.

The multi-titled Lascuña stalked the leaders in the first two rounds, made his move in the pivotal third day to wrest control then cruised to a four-stroke win over Ira Alido and Rupert Zaragosa in a victory that was more than a triumph of the spirit for the veteran campaigner whose work ethics, sheer determination and will power remain the envy of his peers and

inspiration for the Tour’s rising stars.

He also makes it a point to share his expertise with the young and old alike, squeezing out precious time to teach at Manila Southwoods’ driving range in between training and practice rounds.

“I love to teach and the sport just continues to grow and grow through the years with more and more youngsters willing to learn and become good, strong players someday,” Lascuña said.

But a tougher challenge awaits the fourtime PGT Order of Merit winner in next week’s ICTSI Riviera Championship where the title chase is expected to be a lot of more exciting and unpredictable since it will be held at the

more demanding Langer layout of Riviera.

The P2.5 million event gets under way December 8 with practically the same Couples field vying in the 72-hole championship capping the two-tournament PGT’s restart after the country’s premier circuit went on an eightmonth hiatus due to pandemic.

The upcoming event, however, will see the likes of Alido, Zaragosa, along with Justin Quiban, Fidel Concepcion, Michael Bibat, Albin Engino and Gerald Rosales, all pumpedup not just to stop Lascuña’s sweep bid but also to fuel their own respective drive in the event put up by ICTSI to likewise help provide something for the pros for the coming holidays.

Angelo Que and Miguel Tabuena, both former Philippine Open champions and two of the country’s top players, are also raring to redeem themselves from a fourth and tied for seventh place finishes, respectively, at Couples.

The duo, however, will have to tone down their power to achieve driving and shot accuracy and consistency required on a tight, hazardladen layout as the par-71 Langer.

But there sure are some holes that would need to be attacked although it goes with the risk of falling into bunkers and hazards that come into play in most holes, especially if the wind come into play.

Also out for a fightback are Dutch Guido Van der Valk, former OOM titlist Jobim Carlos, Korean Park Jun Sung, Zanieboy Gialon, Dino Villanueva, Rico Depilo, James Ryan Lam, Jhonnel Ababa, Rey Pagunsan and Jay Bayron.

Like in the PGT start, all players will return to a set of rules and safety protocols, including swab tests and restricting the players’ movements inside the tournament hotel and venue. For details, visit www.pgt.ph.

Sports BusinessMirror

B8 Tuesday, December 1, 2020

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

CLASH OF HEADS CAUSE OF CONCERN L

ONDON—The sound of the thud from a clash of heads just added to concern.

The game was only five minutes old at the Emirates Stadium when Wolverhampton forward Raul Jimenez and Arsenal defender David Luiz collided while jumping for the ball.

The emptiness of the Emirates Stadium— with fans still excluded until next week due to the pandemic—made the troubling sound all the more audible.

Concerns grew as Jimenez appeared motionless and was eventually wheeled off the field with an oxygen mask on.

“I knew straight away that something was wrong,” Wolves manager Nuno Espirito Santo said. “Everyone called ‘red, red,’ which means it’s a bad situation. You see the panic in their eyes.”

By the time the Premier League game ended—with Wolves beating Arsenal, 2-1— there was a more encouraging update from the London hospital with Jimenez said to be conscious and talking.

One of the lingering concerns, though, was why a bandaged and bloodied Luiz played on until the interval at a time when there is growing scrutiny into the long-term impact of head injuries. Trials of concussion substitutes are only due to begin in 2021.

Arsenal maintained that Luiz never lost consciousness.

“They have some tests they have to do before they put him back on the pitch, and then David was just concerned about the cut, nothing else,” Arsenal manager Mikel Arteta said. “They will continue to do some checks in the next few hours but he was fine.”

The result was not fine for Arteta, with Arsenal languishing in 14th place and eight points off the lead after 10 games. That leader, unusually, is Tottenham, which drew 0-0 at Chelsea on Sunday.

Another former Premier League champion avoided a day as miserable as Arsenal’s.

Manchester United fought back from two goals down to win 3-2 at Southampton.

The manager said that Jimenez is in good hands, but “we are worried, we are worried.”

After the match, Wolves captain Conor Coady also said everyone was hoping for a quick recovery for Jimenez.

“It was a tough thing,” Coady said, adding that asking about Jimenez was the first thing the players did at halftime. “He’s with the right

ARSENAL’S David Luiz holds a towel on a cut to his head following a clash with Wolverhampton Wanderers’ Raul Jimenez. AP

Lionel Messi wears the red-and-black of Diego Maradona’s jersey from his stint at Newell’s Old Boys. AP

people. We’re just praying.”

Underscoring the seriousness of the incident, Coady said he was very close to the collision and that he knew immediately that it was bad.

“He was on his side,” he said, referring to the significance of keeping his airway open. “I think it was important he was kept on his side.”

Earlier, the club released a statement on its Spanish language Twitter feed.

“We want to thank everyone for their messages of support for the injury to @Raul_Jimenez9,” Wolves said. “Our medical team is closely monitoring the situation. As soon as we have official information, we will release it through our official channels.”

Coady had tried to lift his teammates’ spirits and yelled out, “Come on boys, focus,” before play resumed with Luiz staying on the field for

MOORE’S LPGA STORY RESONATES B

ELLEAIR, Florida—Haley Moore will never forget the shot. It was in April 2019 when she stood on the 16th tee at Augusta National, home of the Masters, 156 yards from the flag with a short iron in her hands and watched the ball take flight.

It landed a few yards to the left of the hole on the sharply sloped green and gravity did the rest, the ball eventually rolling to a stop close enough for a tap-in birdie. Moore smiled on her entire walk to the green, the fans who lined all sides of the hole roaring in delight and appreciation.

No bullies were in sight.

“It was pretty iconic,” Moore said.

So is her story.

Moore is a 22-year-old Ladies Professional Golf Association (LPGA) Tour rookie from Southern California. She made the winning putt in a playoff to clinch the 2018 NCAA championship for Arizona and qualified for the inaugural Augusta National Women’s Amateur last year. She also has struggled with weight issues and self-esteem for much of her life.

Bullies would call her fat, take her belongings, damage her personal property.

Moore doesn’t hide from those moments or the pain they caused—or still cause. Instead, she talks about her story openly, sharing what she went through and how it didn’t stop her from achieving the goal of playing on the LPGA Tour.

Her reason is simple: She thinks she can help others.

“Today, people are still struggling with being bullied by people,” Moore said. “And some of the people being bullied, they really haven’t been able to turn their life around. I think just telling my story, what I did and how I overcame it, I think I can try to turn that life around.

Bullying is something that should never be allowed—and I want to put a stop to it.”

She knows that is probably a futile quest.

There’s always going to be someone with a snide remark as she walks past, someone with an insult on social media. But she also knows

that she’s helping people just by being strong enough to tell her tale.

Golf became her refuge after tagging along with some family members to a driving range one day. Before long, she was hooked, winning youth tournaments and escaping antagonists at school by practicing long hours.

John Daly, the two-time major winner, has tweeted at Moore and given her words of encouragement. And LPGA veteran Brittany Lincicome said she’s rooting for Moore as well.

“I am so grateful that she told her story,” Lincicome said last week as she watched Moore finish a practice round. “A lot of people go through things and they kind of keep it in sometimes, but I am so grateful that she told her story. She got it out there. It’s definitely going to help a child overcome something and even adults can go through things like kids can.”

Moore isn’t where she wants to be yet in golf; her rookie year has been filled with ups and downs.

She’s played in 11 LPGA events so far this season, breaking par in just six of 30 rounds and earning $20,686—good for 124th on the season money list and not exactly the type of checks that pros are hoping to cash.

Enter Brian Speciale into her story.

Speciale and his brother, Michael, came up with an idea a few years ago for an oversized sweatshirt made from the same material used to make blankets. With that, their company— The Comfy—was invented. They got a break when their idea got backing on “Shark Tank,” the show that can vault entrepreneurs into the big time. And around the middle of last year, after Moore went public with her bullying story, Speciale just happened to find it online.

“I didn’t know anything about Haley, but just reading her story, seeing the struggle that she’s gone through for so long, and then seeing her out there you know basically putting that stuff behind her or off to the side and trying to succeed at professional golf, I was like, ‘Wow, that’s pretty amazing,’” Speciale said. “So, my brother and I, we just decided that if the opportunity ever presented

itself where we can help someone like Haley to live her dream, we were going to do it.”

Once the company started to grow, The Comfy made Moore an offer for both financial backing and clothes to wear on the course. She doesn’t need to worry about how to pay for flights and hotels for now; all she needs to worry about is her game.

The LPGA is helping Moore get her story out there, and it is resonating.

Moore and her mother, Michele, were at a golf course a few months back on a Saturday morning for breakfast and happened to be standing not far from where kids were warming up for a junior tournament. A mother and daughter approached.

the entire first half, including 10 minutes of injury time.

But Luiz was substituted after the interval, with Rob Holding coming on for him.

Arteta said Luiz never lost consciousness and that he took the player off at halftime because of his nasty cut.

Wolves won the match 2-1 and moved up to sixth place. AP “They had recognized Haley and just started talking,” Michele Moore said. “Loved her story.

They didn’t ask us a whole lot about bullying.

They recognized her and loved her story. They felt she was inspiring.”

And to Moore, those are the moments that feel as good as those roars at Augusta National did. She’s working on her game. She’s working on her fitness. She tries desperately to avoid sweets. It’s all a work in progress, but unlike those days back in school where her backpacks would get stolen and filled with water, she knows people are rooting for her.

“I think it’s really shifted a lot,” Moore said. “Especially through social media, I’ve had messages from people reaching out saying how they are inspired by my story. I want to share my story because I’ve come so far from it and I feel like if I share what I did and how I overcame it, I think it can really motivate anybody.” AP

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Investigators search doctor’s office, probing Maradona death

UENOS AIRES, Argentina—Argentine police searched the home and office of one of Diego Maradona’s doctors on Sunday, taking away medical records as part of investigations into the death of the 60-year-old soccer star that caused a wave of grief across the country.

Neurologist Leopoldo Luque told reporters after the searches that he had given investigators all of the records of his treatment of Maradona, as well as computers, hard drives and cellphones.

Weeping at times, he insisted he defended his treatment of the troubled soccer star, who died Wednesday of a heart attack following a November 3 brain operation.

“I know what I did. I know how I did it.... I am absolutely sure that what I did the best for Diego, the best I could.”

Luque said he was not Maradona’s chief physician, but part of a medical team.

Court investigators have been taking declarations from Maradona’s relatives, according to a statement from the San Isidro prosecutor’s office, which is overseeing a probe into the medical attention Maradona received prior to his death, which caused an enormous outpouring of emotion across Argentina and among soccer fans worldwide.

Tens of thousands of weeping fans lined up to file past Maradona’s coffin, with lay in state at the presidential palace, before his burial on Thursday.

Maradona had suffered a series of medical problems, some due to excesses of drugs and alcohol. He was reportedly near death in 2000 and 2004.

Luque said he was a difficult patient and had kicked the doctor out of his house several times.

“Diego did what he wanted,” Luque said.

“Diego needed help. There was no way of getting through to him.”

MESSI PAYS TRIBUTE TO MARADONA

HALEY MOORE walks to the tee on the first hole during the first round of the recent Pelican Women’s Championship in Belleair, Florida. AP

WITH his country and the world of soccer in mourning for Diego Maradona, Lionel Messi found his own way to mark the passing of the only Argentine player to rival his own greatness on the field.

Messi paid tribute on Sunday in Barcelona, when he stripped off his Barcelona top to reveal a shirt honoring Maradona after he scored the final goal in a 4-0 rout of Osasuna.

Messi celebrated his powerful strike from outside the box by taking off Barcelona’s blueand-burgundy to reveal the red-and-black of

Maradona’s jersey from his stint at Newell’s Old Boys. Messi then blew a kiss with both hands to the sky as he looked upward.

After the game, Messi posted a photo of his tribute alongside an older image of Maradona in the same shirt, adding the message “Farewell, Diego” in Spanish.

“It was a great moment,” said Barcelona manager Ronald Koeman. “First, for the goal that Leo scored and then for the gesture he had for the death of Diego Maradona. He had surely been thinking of what he would do. For me, it was a great moment in every way.”

Messi played for Newell’s before he joined Barcelona at age 13. Maradona played five matches for Newell’s near the end of his playing career that made him a legend in his home country. In an interview with Argentine television TyC in 2013, Messi said that when he was a young boy he went to the stadium for Maradona’s debut for Newell’s in 1993.

Messi had kept his head bowed during the minute of silence before kickoff in the Spanish league game at the empty Camp Nou for Maradona, who died of a heart attack on Wednesday at age 60. Maradona played for Barcelona from 1982-1984.

“We have lost Diego, a world idol,” Barcelona’s Brazil forward Philippe Coutinho said. “Everyone admired him and we will all miss him. [Messi’s] tribute was beautiful.”

Coutinho also scored for Barcelona, along with Martin Braithwaite and Antoine Griezmann.

Considered by many as the best player in his generation—and one of the greatest ever—Messi has been judged, especially back home, by how his career compares to that of Maradona.

Messi shares the lower center of gravity, the supreme dribbling skills and the ability to score eye-popping goals as Argentina’s other great No. 10. But while his life focused on football and family has kept him well clear of the addictions that ruined Maradona’s health, Messi has never been able to reproduce the 1986 World Cup trophy Maradona led his country to, coming closest in 2014 when a Messi-led Argentina lost in the final to Germany.

The win was only Barcelona’s second in seven league matches. It left the team in seventh place with two games in hand.

Second-place Atlético Madrid is nine points ahead of Barcelona. AP