BusinessMirror February 08, 2021

DTI PINS HOPES ON FRESH, WIDER U.S.-PHL GSP DEAL

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Monday, February 8, 2021 Vol. 16 No. 120

P25.00 nationwide | 2 sections 20 pages |

JAN PRICE SURGE NOT STAGFLATION, BUT RISKS ABOUND—EX-BSP EXEC

By Bianca Cuaresma @BcuaresmaBM

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ESPITE surging above the government’s threshold for the year at a time of economic recession, the recent inflation acceleration is transitory and can’t be considered “stagflation” at this point, according to a former Bangko Sentral ng Pilipinas (BSP) senior official.

In a response to the BusinessMirror’s queries, former BSP deputy governor for the Monetary Stability Sector sector Diwa Guinigundo said the upside surprise to price growth pushed some economists to raise concern, but inflation at this point is generally expected to revert to normal in the next few months.

“I don’t think we are in stagflation at this point. We are in probably prolonged economic slowdown because A BILLBOARD announcing construction of a high-end mixed commercialresidential facility encloses a parking lot on Urban Avenue in Makati City, as buildings on the financial district's Buendia Avenue are seen in the background. Most experts say fears of stagflation—a situation of economic contraction along with runaway inflation—are premature, but stress that government must move swiftly to ensure business recovery while a massive vaccine drive curbs the spread of the Covid-19 pandemic. BERNARD TESTA

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By Elijah Felice E. Rosales

@alyasjah

HE Philippines stands to lose nearly $2 billion worth of shipments if the country loses its trade incentive from Washington, as the government hopes Democrats would set aside their critical view of President Duterte in favor of economic cooperation.

Estimates by the Department of Trade and Industry’s Export Marketing Bureau (EMB) showed the Philippines may have to cut its exports to the United States by $1.87 billion if it loses its preferential

treatment. The Generalized System of Preferences (GSP) granted by the US to developing nations, including the Philippines, expired on December 31 of last year.

As such, GSP beneficiaries are wait-

PESO EXCHANGE RATES n US 48.0650

ing for the US Congress to pass a new bill that would reactivate the trade privilege for another three years.

According to the EMB, the Philippines was the fifth top beneficiary of the US GSP in 2019, and it posted a utilization rate of 74 percent of the mechanism. The GSP allows Manila to export a total of 5,057 products, or close to half of the 10,600 US tariff lines, to the US market at zero or reduced tariff rates.

Most of Philippine exports that employ the GSP are leather products, such as trunks, suit cases, vanity cases, executive cases, brief cases, school satchels and spectacle cases.

Lopez: Renew, expand

LOOKING forward, the EMB hopes American legislators expand the list of products authorized to use the GSP to include footwear. Trade Secretary Ramon M. Lopez himself said he expects the US Congress to renew the GSP, as well as improve the export categories under it.

“We are hopeful that the next US Congress will expand its coverage, to include footwear, in the next GSP reauthorization,” EMB said in an email to the BusinessMirror. “All countries with GSP are expecting a renewal of the GSP. We hope it would be again for three years or more,” Lopez told reporters last Friday.

Continued on A5

of the pandemic-induced scarring.

Due to base effects, it is likely we could show some modest positive output growth this year and the next, but to say we could recover pre-pandemic growth levels this year or early next year might indeed be a little ambitious,” Guinigundo told the BusinessMirror.

“Yes, inflation for January 2021 at 4.2 percent exceeded the Government target of 2 to 4 percent but this is essentially supply- driven and is expected not to persist,” he added.

Stagflation is an economic term used when an economy is experiencing a relatively consistent high rate of price increases coupled with a stagnation in economic conditions, usually seen through high unemployment rates or contraction in a country’s gross domestic product (GDP).

Continued on A2

Experts list what to track, tools to keep ready as ‘S’ word follows inflation data

By Cai U. Ordinario @caiordinario

& Jovee Marie N. dela Cruz

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@joveemarie

ITH the economy still in recession and millions still looking for jobs, the recent spike in inflation in January sounded off alarm bells for what could be a very bad economic omen: stagflation.

However, local economists interviewed by the BusinessMirror disagree with this saying that without runaway inflation, or inflation rates of above 50 percent, there could be no stagflation.

Still, most experts interviewed

agreed on the need to track the risks that could fan more inflation upticks this year, including global oil markets.

They also pulled out possible tool kits for the government, stressing the need to move fast on the vaccine rollout in order to hasten economic recovery but pouring in more assistance to hard-hit sectors.

The Bangko Sentral ng Pilipinas (BSP) earlier dismissed the 4.2-percent inflation in January, despite being a two-year high, as temporary. While economists agreed with the Central Bank, they said this did not mean the economy is now in the clear.

Continued on A4

n JAPAN 0.4554 n UK 65.7241 n HK 6.1998 n CHINA 7.4266 n SINGAPORE 35.9553 n AUSTRALIA 36.5246 n EU 57.5002 n SAUDI ARABIA 12.8143

Source: BSP (February 5, 2021)

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A2 Monday, February 8, 2021

Hotels to DOT: Events will boost revenues Continued from A12

Staycation hotels are still registering “minimal occupancies....

Food and beverage business is not yet 100-percent operational.”

The group recommended health and safety guidelines to ensure that quarantine and banquet/MICE guests don’t interact in quarantine hotels such as: separate elevators and entrances, separate floors/ wings for room accommodations for events that require rooms, restrictions on what spaces banquet guests can go to within the hotel, among others.

According to Ibarreta, the association “spoke with the Bureau of Quarantine, and they said [our proposal] was okay provided there is no mixing of [banquet and quarantined] guests. They drafted the guidelines to be signed by DOT and DOH [Department of Health].”

Despite the ongoing pandemic, quarantine hotels had been receiving inquiries “for about 50 to 200 persons for weddings and small meetings,” she said.

The iconic Makati Shang, which previously had been a quarantine hotel for returning Filipinos and expats during the pandemic before being allowed to offer staycations, closed its doors on February 1, citing “continued low business levels.” (See, “Another Covid victim: Makati Shang closes doors in February,” in the BusinessMirror, January 20, 2021.)

‘No excess alcohol for socials’

Among HSMA’s proposed guidelines include using a “maximum 50-percent capacity in function rooms for both socials and MICE,” with strict social distancing of one meter between each attendee and table setup of at least two meters apart.

The group also proposed that socials and weddings don’t go beyond three hours, while MICE events that go more than two hours, “must have outdoor breaks,” in which time their conference rooms will be thoroughly sanitized.

For socials, only sit-down service, or managed buffets, will be allowed, emphasizing, “No excess alcohol be served to avoid rowdy behavior,” and bearing in mind local government regulations on alcohol consumption for such events.

Quarantine hotels under the HSMA last year also appealed to the DOT to allow them to offer staycations. This was firmly turned down, however, by Tourism Secretary Bernadette Romulo Puyat, who said, “The medical experts in the IATF say it’s not safe to mix [both quarantine and staycation] guests.” (See, “Hotels offering staycations can’t offer quarantine space,” in the BusinessMirror, October 15, 2020.)

The HSMA position paper and proposed guidelines were discussed by members and their senior hotel managers with DOT officials on February 5.

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‘Slim’ chance of BSP policy rate hike on stagflation fear W

By Tyrone Jasper C. Piad @Tyronepiad

ITH the Philippine economy showing signs of stagflation, there’s a chance, albeit slim, that Bangko Sentral ng Pilipinas (BSP) may resort to hiking policy rates down the road despite the ongoing slowdown in business activities.

Rizal Commercial Banking Corp.

(RCBC) Chief Economist Michael L. Ricafort, in an interview with the BusinessMirror, said while the early signs of stagflation— inflation spike converging with economic contraction—were seen, these are but temporary, given that commodity prices rose with the damage caused by recent typhoons and the impact of African Swine Fever (ASF).

The price increases, he said, can still be addressed by non-monetary measures.

The Philippine economy declined by 9.5 percent on average last year after plunging in all quarters.

In addition, consumer price growth reached 4.2 percent in January, higher than the BSP forecast.

Meanwhile, De La Salle University (DLSU) economist Maria Ella C. Oplas told this newspaper that contraction in gross domestic product (GDP) was expected, given the

economic slump due to pandemicinduced lockdown measures. Oplas was also “hesitant” to categorize the Philippines as an economy in recession-inflation, sharing Ricafort’s sentiment on the recent uptick in consumer price growth.

Still, should there be “secondround inflation effects,” the RCBC economist said that these “could result in some changes/tightening in monetary policy to better manage actual inflation as well as inflation expectations, particularly some upward adjustment in the local policy rate from the record low of 2 percent.”

The potential policy rate hike would then increase the key shortterm interest rate benchmarks that are used to price both deposits and loans, Ricafort added.

‘Slim’ possibility

While rate cuts are likely off the table for now, Bank of the Philippine Islands (BPI) Lead Economist Emilio Neri Jr. said there is also a “slim” possibility that BSP will consider hiking interest rates, especially if inflation remains elevated.

BPI forecasts inflation to settle at 4.3 percent this year, which is above the government’s full-year target band of 2.0-4.0 percent.

“However, if fiscal stimulus can

complement monetary easing, BSP can hike rates with minimal interruption on the growth recovery, and may limit the damage on markets especially when carried out with credibility,” he said in a recent research note.

Should the Central Bank hike policy rates, it would be the first time in a year after cutting by 200 basis points in 2020 to boost liquidity in the financial system.

Continued lending

For Oplas, it may be counterintuitive to hike policy rates given that households and companies of varying sizes need access to affordable financing to recover. “I lean on maintaining the low interest rate rather than increasing it to lower inflation,” she explained.

If the economy indeed is in stagflation already, the DLSU economist stressed that loans are needed to fund the recovery of various sectors, especially the micro, small and medium enterprises (MSMEs).

Higher cost of borrowing may hamper recovery, she added.

But access to financing is not enough to alleviate the economy, Oplas stressed, adding that rollout and inoculation of Covid-19 vaccine is a must to spur business activities.

“We need to still focus on being productive,” she said. “Kasi even if pahiramin natin nang pahiramin ang MSMEs, if the economy is closed paano sila kikita [Even if the banks continued to lend to MSMEs, their operations will not yield profits if the economy remains closed].”

With this, she said banks will find it even more difficult to collect payments from their borrowers, resulting in bad loans.

While the BSP has injected much needed liquidity in the economy, demand for loans has remained anemic, Neri noted.

“We also reiterate our view that monetary policy has done so much already, and overdependence on it will likely provide marginal benefits,” he said. “Interest rates have been low for many months, and yet loan growth continues to slow down and may soon plateau.”

The outstanding loans of universal and commercial banks contracted by 0.7 percent in December 2020, the first in 14 years. Bank lending growth slowed down because financial institutions were risk averse amid the pandemic, BSP said.

Addressing inflation

To prevent BSP from hiking policy rates, Ricafort said inflationary pressures should be addressed.

Consumer price growth in January was mainly driven by food prices, particularly pork, along with agricultural products, the RCBC economist noted.

These can be tamed through non-monetary measures such as increasing local production and importation of food and other agricultural products to boost the supply side, he said. The 60-day price control on pork and chicken, Ricafort said, can also ease overall inflation.

With this, Ricafort said it would be helpful for the banks and financial institutions to provide more credit facilities to related sectors so they can fund their supply chain.

The Central Bank is set to have its first monetary policy meeting on February 11.

JAN PRICE SURGE NOT STAGFLATION, BUT RISKS ABOUND—EX-BSP EXEC Continued from A1

Concerns about the Philippine economy hitting stagflation started to emerge on Friday, after the Philippine Statistics Authority (PSA) announced that inflation hit a two-year high rate of 4.2 percent in January.

This is in the midst of a weak economic backdrop as the country’s economic story has largely been on recession in 2020, as the Philippines reels from the containment measures used to curb the Covid-19 pandemic.

Out of a deep hole Guinigundo’s view is shared by Moody’s Analytics chief Asia Pacific economist Steve Cochrane, saying the Philippines’s numbers may look bad at the moment but are expected to recover in the coming months.

In his response to BusinessMirror ’s queries, Cochrane said supply-driven shortages—which are largely the cause of the January 2021 inflation surge—are “bound to happen” as pent-up demand is released into an economy coming off of quarantine.

He also said that while unemployment still has a long way to go to return to its prepandemic rate of about 5 percent, it is edging down.

“Stagflation is defined by a persistent period of high inflation, slow economic growth and high unemployment. The economy right now is quite dynamic and does not fit any of these criteria.

The economy is emerging from the external shock of the Covid-19 pandemic that caused recession in the first half of 2020.

The economy is growing its way out of that deep hole.

It is not fully recovered, but it is on its way,” Co-

chrane told the BusinessMirror.

The international think tank’s economist further explained: “There is no guarantee that inflation will not accelerate as the economy recovers. Indeed, monthly inflation may be volatile as demand improves in the coming year. But domestic production will also increase and should eventually catch up with improving demand.”

Among the other reasons behind Cochrane’s view that “stagflation” is not hitting the Philippine economy yet is the breakdown of the inflation components in January.

“When one looks at the core consumer price index [CPI], which excludes selected food and energy items, ‘core inflation’was up just 3.4 percent in January, which is largely unchanged over the past year,” Cochrane said.

“For lower income households that spend a high share of income on basic food items, inflation is low. The price index for rice is reported up by 0.1 percent, the same as December; and for milk, cheese and eggs the rate is 1.7 percent, also unchanged,” he added.

Things to track Asked what metrics the Philippines should be looking for and what policy measures should be in place to prevent the economy from sinking into “stagflation,” Guinigundo told the BusinessMirror: “There is a mounting risk, however, that if the economic lockdown continues and production is more durably constrained and monetary policy remains excessively easy, high inflation could be entrenched far longer than necessary. This is a possibility even if domestic demand continues to be restrained if the global economy recovers faster than ours and oil prices continue to climb.”

As such, the former central banker said it would be “very helpful” for fiscal policy to remain expansionary for the time being.

“Given the dynamics of inflation

and growth today, monetary policy might have to do more monitoring than more easing because the last thing we want to trigger is financial stability problems. Regulatory support and moral suasion for banks to be less cyclical are more useful during these times,” Guinigundo said.

Aside from the widely expected growth points of exports, remittances and business process outsourcing (BPO) receipts in the coming months, Guinigundo said high frequency data should be monitored including mobility indicators of Google, Apple and Waze; manufacturing activities based on Purchasing Managers Index (PMI); government and private surveys on business and consumer sentiments; as well as the stock and bond price indices.

Earlier this month, BSP Governor Benjamin Diokno said they are starting to adopt so-called user-based “mobility indicators” to track economic activity in the country, especially in relation to preCovid levels.

An early assessment from the BSP using Apple mobility data showed that the Philippines is among the slowest in the Asean-5 to regain its mobility in 2020.

As of December, the Philippines has the lowest mobility indicator followed

by Singapore and then Thailand. Malaysia, Vietnam and Indonesia are already back to pre-Covid mobility levels.

The Philippines’s PMI, meanwhile, recorded strong growth in the first month of the year to hit 52.5, signalling a “solid uptick” in business conditions in the country, according to economists. This is the strongest performance of the manufacturing sector in 25 months.

“The overriding imperative is, therefore, pandemic mitigation: to flatten the curve through the usual health protocols and for the long run, mass vaccination. This is the fundamental prerequisite before we see a complete restoration of public confidence and get the economy going again,” Guinigundo said.

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DPWH completes ₧96-M river wall in Bukidnon city

Business leaders prod govt to give new round of ‘ayuda’

By Elijah Felice E. Rosales @alyasjah

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THIS photo courtesy of the Department of Public Works and Highways (DPWH) shows the river wall in Barangay Poblacion, Valencia City, Bukidnon. PHOTO BY DPWH

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AZARD to properties, as well as businesses, are now avoided with the recentlycompleted flood-control mitigation structure in Barangay Poblacion, Valencia City, Bukidnon, the Department of Public Works and Highways (DPWH) said.

Public Works and Highways Secretary Mark A. Villar was quoted in a statement as saying that the P96-million flood-control project is “a part of the long-term flood risk management measures near Pulangi River, providing a sense of security to the locals.”

The newly built 410-meter river wall stretches along Pulangi River

located at Purok 17A has a width of 17 meters and an elevation up to 5 meters from lowest ground level to prevent the overflowing of river waters.

“The areas near Pulangi River, considered a major tributary of Mindanao, are susceptible to flooding including residential and agricultural lands. The construction of river wall offers peace of mind for people living in Barangay Poblacion,” Villar was quoted in the statement as saying.

The river wall project also comes with a ditch canal and a 2.25-meter concrete pavement, which will serve as a walkway along the river, the DPWH said.

Popcom to launch activities to protect teenage mothers

By Cai U. Ordinario @caiordinario

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HE Commission on Population and Development (Popcom) and the Department of Social Welfare and Development (DSWD) are crafting a new social protection program to support teenage mothers and their children.

Popcom Executive Director and Undersecretary of Population and Development Juan Antonio Perez III told the BusinessMirror that the program will be rolled out toward the end of the year.

Initially under the program, teenage mothers and their children will receive education, welfare, health, and family development assistance.

The program will be focused on families of minor girls. “[The] Popcom is setting aside at least P5 million to develop the program over the next few months, but DSWD will set aside the bulk of the fund for its implementation once the program is finalized,” Perez told the BusinessMirror in an interview last Sunday.

“Other agencies will be asked to contribute to its implementation, such as alternative learning systems of DepEd [Department of Education] or DOH [Department of Health] programs for young parents,” he added.

Perez said the new social protection program will be included in the programs offered by the DSWD. It will also be similar to the ones offered to older persons and victims of disasters.

The decision to create the program stemmed from the increasing trend in teenage pregnancies nationwide. The latest data from the Philippine Statistics Authority (PSA) indicated the trend continues.

PSA data showed that births among girls ages 15 years old and below increased 7 percent compared to 2018. Popcom said in a statement that this is the ninth consecutive trend of increase since 2011.

The Popcom also noted this increasing trend of younger girls giving birth has been observed in the last 11 years, as one out of every 10 pregnancies in the country has consistently been among teenagers during the same period.

In 2019, the PSA said that 2,411 girls (considered as very young adolescents aged 10 to 14) gave birth; almost seven every day. This was a three-fold increase from 2000, when only 755 from the said age group gave birth.

Overall, the number of Filipino minors who gave birth in 2019 increased to 62,510. This number was slightly higher than the 62,341 minors recorded in 2018.

One in three births among minors occurred in the three contiguous regions of Calabarzon (8,008), the National Capital Region (7,546) and Central Luzon (7,523).

Outside Luzon, the highest number of minors who gave birth were in Cebu/Central Visayas (4,541), Northern Mindanao (4,747), as well as the regions of Davao (4,551) and Cotabato (3,394).

Editor: Vittorio V. Vitug • Monday, February 8, 2021 A3

HE government may need to distribute another round of social amelioration to poor families to improve consumption, or else they would fail to keep up with the surge in food prices, business leaders pitched on Sunday.

Industry leaders polled by the BusinessMirror called on policymakers to roll out another round of stimulus funds to subsidize the poor’s purchase of their basic needs, particularly food. Likewise, they said the government needs to reopen the economy to near full capacity to allow workers to return to their respective jobs.

Without these moves, they warned the country may fall into stagflation as cautioned by experts and lawmakers following the release of official data reporting the economy’s decline last year of 9.5 percent and inflationary spike in January to 4.2 percent.

The External Relations Department of the International Monetary Fund in 1976 defined stagflation as “the coincidence of large wage and price increases with reduced [economic] activity.”

For George T. Barcelon, private sector representative at the Legislative Executive Development Advisory Council, the country can avoid sinking into a stagflation by extending direct cash to the poorest of the poor. He argued this would work both

cause they are losing the market. ways for the government, by increasConsumption is weak. You can ing the buying power of consumers, help the MSMEs by stimulating and allowing them to cope with the the economy, and you do that by cost increases. removing the restrictions first, and “The government has to roll out giving money to the buyers second,” another round of ‘ayuda,’ or SAP Barcelon told the BusinessMirror. [social amelioration program]. It’s Sergio R. Ortiz-Luis Jr., president obvious the poor can no longer take of the Philippine Exporters Confedthe heat of the price increases. If the eration Inc., insisted on the business government sees there is a need for sector’s plea to reopen the a proper action to take, it economy to its full capacity. has to issue another round EXCLUSIVE As much as the unemployof SAP,” Barcelon told the ment figures are improving, BusinessMirror. he said millions of Filipinos remain The government at the height jobless in a time of economic decline, of the lockdown measures last year and this thwarts the country’s chancdistributed stimulus funds of up to es of bouncing back this year.

P8,000 to families affected by the Based on the Labor Force Survey, mobility restrictions. Barcelon prothe jobless rate in October jumped to posed allocating P100 billion in the 8.7 percent, from 4.6 percent during third Bayanihan to Recover as One the same month last year.

Act, which is awaiting action in ConHowever, this is the lowest figgress, to be handed out to the poorest ure recorded since April of last year, of the poor. when the unemployment rate shot Barcelon said the priority in the up to 17.6 percent on the shutdown first quarter should be to avoid a of Luzon due to the contagion. As of double digit contraction in GDP perOctober, at least 3.8 million Filipinos formance, and this can be avoided by are unemployed, most of them situmaking sure consumption would at ated in Metro Manila, Ilocos Region least rebound from January to March. and Southern Tagalog.

Further, the industry leader “The improvement is there, but explained it’s no longer enough that the government is providmuch needs to be done. The reopening the micro, small and medium ing should be carried out in rapid enterprises (MSMEs) with loans succession to reverse our losses last to refresh their capital. He said year,” Ortiz-Luis said. “Even in emloans extended to MSMEs would ployment, our figures are improving eventually run out; the long term compared to the height of the Covid solution, he suggested, is boosting lockdowns, but millions have yet to the purchasing power of buyers. return to work because the govern“MSMEs are closing down bement is failing in its balancing job.”

Govt identifies who would get vaccinated first

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O be able to reduce Covid-19 morbidity and mortality, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) said that vulnerable groups like senior citizens and those with comorbidities are the next priority for vaccination, following the adaptation of the prioritization framework and criteria of the Interim National Immunization Technical Advisory Group (NITAG) in allocating first tranches of vaccines against Covid-19 that will arrive in the country.

“Of course, our goal with the vaccination is to vaccinate every Filipino as directed by the President,” Health Undersecretary Francisco T. Duque III said.

“However, we recognize that we are working under the context of limited global supply of the Covid-19 vaccine, which is why the IATF has resolved to adopt this prioritization framework to ensure that those who have the highest risk of exposure and death will be protected from the disease.”

With aims of reducing Covid-19 morbidity and mortality, preserving health-system capacity, protecting the populations most at-risk to the disease, slowing down Covid-19 transmission rate and minimizing social and economic disruptions,

We are not excluding senior citizens and those with comorbidities, including the immunodeficient. In fact, they are included among the priority groups to be vaccinated.

@sam_medenilla

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fact, they are included among the priority groups to be vaccinated,” Duque added. “However, due to their risk, they must first be clinically assessed before getting vaccinated.”

With the forthcoming vaccines from Covax, the DOH chief said that they have to be strategic in distributing the limited supply of vaccines to ensure that we will maximize our resources and minimize potential losses. “[We are already organizing this], with the vaccine cluster, [so that our actions, from national to local implementing units when it comes to vaccination, would be harmonized],” Duque said in a mix of English and Filipino.

He also encouraged the priority groups to get the earliest available vaccines. Claudeth Mocon-Ciriaco

First batch of human trafficking victims from Syria coming home

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HE Department of Foreign Affairs (DFA) announced last February 6 that the first batch of six Filipina “wards from the Philippine Embassy shelter in Damascus are finally coming home.”

“The Filipinas departed Syria [last] Thursday evening (February 4) and are scheduled to arrive at the NAIA [Ninoy Aquino International Airport] [last] Saturday afternoon (February 6) after a layover in Abu Dhabi, United Arab

Emirates,” the DFA added.

“All repatriates are victims of human trafficking and were illegally hired to work in Syria from being tourists in Dubai,” the DFA said. “The first batch of repatriates is among the 38 Filipinas currently housed at the Philippine Embassy shelter in Damascus. They are all undocumented workers in Syria who ran away from their employers due to harsh working conditions.”

The DFA said the department, through its Office of the Undersecretary

for Migrant Workers’ Affairs and the Philippine Embassy in Damascus, coordinated with the Inter-Agency Council against Trafficking (IACAT) led by the Department of Justice to assist the repatriates in the filing of criminal complaints against human traffickers who victimized them in their home provinces, in Dubai and in Syria. The victims have prepared their complaintaffidavits at the shelter in Damascus with the assistance

of the Philippine Embassy.

“The Department lobbied hard with the Syrian authorities and employers to secure exit clearances for the repatriates,” the DFA said.

It added it is using its assistance to national fund and the legal assistance fund “to continuously assist the remaining wards with their ongoing court cases including making representations with Syrian immigration for the grant of exit visas for their eventual repatriation to the Philippines.”

“The Department’s

Catholic bishop seeks ‘fairness’ in Palawan vote

By Samuel P. Medenilla

Health Secretary Francisco T. Duque the resolution prioritizes frontline workers in the national and local health facilities.

The framework further lists vulnerable groups—like senior citizens and those with comorbidities—as the next priority for vaccination. It also provides for sub-prioritization based on risk exposure or mortality risk and the process f low that citizens will undergo in the vaccination program.

The IATF resolution also provides that exclusion criteria for each vaccine (i.e. possible contraindications such as severe allergic reactions) shall be considered in the vaccination of the priority populations.

“We are not excluding senior citizens and those with comorbidities, including the immunodeficient. In

Ortiz-Luis criticized policymakers for the numerous times they failed to communicate in terms of decision making. He cited, for one, the resolution to lower the minimum age restriction in areas under modified general community quarantine, which was later on recalled by President Duterte on concerns that it may cause the spread of the new Covid-19 variant.

Florian Gottein, executive director for the European Chamber of Commerce of the Philippines, added the government should abandon, for now, its preference for foreign loans and state funds in financing its social programs, and must involve private firms in expediting the construction of public infrastructure.

“As state resources are currently stretched, it is indeed high time for a strengthened public and private partnership in various areas such as infrastructure,” Gottein said. “Furthermore, smooth and speedy rollout of the immunization program is also critical in stabilizing the current situation, and in ensuring that the majority of sectors are up and running again on all cylinders.”

Marikina Rep. Stella Luz A. Quimbo has warned the economy may sink into stagflation as seen in its decline of 9.5 percent last year combined with the burst in food prices, especially on pork and chicken, in January. Quimbo proposed passing a third Bayanihan law that would allocate funds to farmers, hog growers and livestock producers to keep prices and supply steady.

augmentation team is, likewise. departing Manila [this] week to reinforce its current measures to ensure the safety and wellbeing of Filipino victims of trafficking currently staying in the Embassy’s shelter,” the DFA said. “The augmentation team shall render humanitarian assistance and facilitate the repatriation of all the remaining distressed Filipino wards in the Embassy shelter and any other distressed Filipino national in Syria.”

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HE Apostolic Vicariate of Puerto Princesa called for a “fair presentation” of both pros and cons of the proposal to divide Palawan into three separate provinces so voters will be able to make right decision on the issue.

Bishop Socrates C. Mesiona, the Vicar Apostolic of Puerto Princesa, issued the statement before the conduct of the plebiscite on March 13, 2021, for the ratification of Republic Act (RA) 11259, or the “Act Dividing the Province of Palawan.”

Mesiona addressed the appeal to the media and government “so the public will be able to have informed and principled decision on the matter.”

The bishop said beginning last year, they already encouraged parishes in Palawan to conduct townhall meetings so those in favor and against the division of province could present their position.

The Catholic Bishops Conference of the Philippines-National Secretariat for Social Action (CBCPNASSA) expressed its concern over the possible impact of the division of Palawan into three separate provinces to its environment and indigenous communities.

“We are one with the civil society organizations, the local Catholic Churches in Taytay and Puerto Princesa, and the people of Palawan, in the call to re-examine the scientific, cultural and moral foundations of the law, above all economic and political gains of the proponents and their business allies,” CBCP-NASSA Vice Chairman Bishop Gerardo A. Alminaza said.

For its part, the provincial government of Palawan backed the separation that, it said, would allow local government units (LGU) to better micro-manage services for constituents.

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‘Bayanihan 3’ bills filed, seen to revive economy

By Jovee Marie N. Dela Cruz @joveemarie

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O provide additional mechanisms to accelerate economic recovery, the leadership of the House of Representatives seeks the passage of P420 billion “Bayanihan to Arise As One Act” or the Bayanihan 3.

Speaker Lord Allan Jay Q. Velasco and Marikina Rep. Stella Luz A. Quimbo said they filed House Bill (HB) 8628 to further help stimulate the country’s economy that has crawled into recession.

Quimbo believes the Bayanihan 3 “is a big help to avoid stagflation,” which she defines as the combination of a stagnant economic output and rising inflation. The lawmaker added that stagflation arises when

the country has both stagnation or economic contraction and unemployment and inflation.

Velasco said the Bayanihan to Heal As One and Bayanihan to Recover As One were “not sufficient for the genuine economic recovery of the country.”

Breakdown

THE breakdown of the proposed P420-billion appropriation under Bayanihan 3 is as follows:

P52 billion for subsidies to small business for wages and other worker-related expenses;

P100 billion for the capacitybuilding of businesses in “criticallyimpacted” sectors;

P108 billion for additional social amelioration to impacted

households through programs of the Department of Social Welfare and Development;

P70 billion for the provision of assistance and capacity-building to farmers, livestock producers and fishermen;

P30 billion for the implementation of unemployment assistance and cash-for-work programs under the Department of Labor and Employment;

P30 billion for Internet allowance to primary, secondary and tertiary students and teachers in public and private educational institutions;

P5 billion to the Department of Public Works and Highways for the rehabilitation of typhoon-affected areas. These include the repair, reconstruction and/or construction of

flood control works, roads, bridges, public buildings and other damaged public works, “to be distributed proportionately” among provinces and cities affected; and

P25 billion to the Department of Health for the procurement of Covid-19 medication and vaccines and to finance logistics, information awareness campaigns and other related operational expenses.

Significantly declined

CITING recent data from the Philippine Statistics Authority, Velasco said that the Philippine economy contracted by 9.5 percent overall in 2020, the worst performance in the nation’s post-war history.

This contraction, he added, is significantly deeper than the predicted

contraction of 4.5 percent to 6.6 percent, which became the basis of the Development Budget Coordination Committee (DBCC) for the 2021 National Expenditure Program.

“Given that actual economic output in 2020 was far below what was assumed for budget purposes, and further losses may still be incurred as the Covid-19 pandemic is expected to prevail well into the current fiscal year, an additional economic stimulus package is needed to help the government meet its recovery targets for the year,” Velasco pointed out.

The lawmaker added that “uncertainty is the primary effect this pandemic has on every aspect of our lives.”

Faced with continued risk and uncertainty, Velasco said household

consumption has significantly declined, contributing as much as 5.7 percent to the total 9.5 percent annual reduction in output in 2020.

“Government must therefore take the lead to promote business and consumer confidence and social welfare.

Increased, well-targeted spending is a vital step to achieving these goals,” Velasco said.

Third proposal

HB 8628 is the third “Bayanihan” (solidarity) 3 proposal in the lower chamber. One of the proposals includes the P247-billion “Bayanihan to Rebuild as One Act” (HB 8059) forwarded by Majority Leader Martin G. Romualdez, Albay Rep. Jose Ma. Clemente S. Salceda and AambisOwa Rep. Sharon S. Garin.

Experts list what to track, tools to keep ready as ‘S’ word follows inflation data

“Inflation is considered runaway in stagflation [which] means difficult to control. In our case, I don’t think we can call our situation stagflation,” Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang told the BusinessMirror.

“The current inflation pressure is supply-driven since demand is subdued. So hopefully, if you are able to address the agricultural chokes, you can tame it [inflation],” he added.

Unionbank Chief Economist Ruben Carlo Asuncion also thinks it’s too early to say the economy is experiencing “stagflation.”

Asuncion said the inflation spike was caused by domestic food supply challenges that “can be addressed quickly by decisive and proper policies.”

National Economic and Development Authority (Neda) Undersecretary for Policy and Planning Rosemarie G. Edillon said she would “side with BSP” on not characterizing the situation as stagflation, “because the inflation numbers during stagflation would have to be in the high double digits. We’re nowhere there.

This would be in the early 80s.”

Foundation for Economic Freedom President Calixto V. Chikiamco held the same view as the BSP and the economists.

Chikiamco also blamed the inflation spike on the price shocks emanating from the 2020 last-quarter typhoons and the African Swine Fever (ASF), which affected pork production.

Oil, too

DE La Salle University economist Maria Ella Oplas listed another factor: oil prices, noting that the international oil market was affected by developments in the United States.

Last week, CNN reported that the US government “imposed a 60-day suspension of new oil and gas leasing and drilling permits on federal lands.” US President Joe Biden also ordered a moratorium on new oil and gas leases.

A Bloomberg report on Sunday said “Brent crude prices are testing [the] $60 a barrel, a level not seen in more than a year.”

“We do not have control over oil prices and the result of the typhoons on our goods. The situation in the international oil market is a scary thing that we have to watch out for. If we don’t do anything about it, that will become a big problem.

That will lead to more affected industries and higher prices,” Oplas said, partly in Filipino.

However, former Philippine Economic Society President and BPI

Lead Economist Emilio S. Neri Jr. told BusinessMirror the economy may already be showing signs of mild stagnation.

Neri said the era of high doubledigit inflation may have already ended in the 1970s and 1980s when inflation targeting was not yet being done by the BSP. He added however that, as Oplas flagged, oil prices could increase inflation in the coming months. Neri expects oil prices to increase by 200 percent in April 2021 compared to April 2020.

Neri added that prices could remain elevated because ASF is not going away any time soon. Also, damage from the lockdowns may keep various services expensive as they try to eke out modest profits.

These services include transportation, still suffering from the sharp decline in the number of passengers.

“Stagflation is just a combination of economic stagnation—negative GDP change—and rising prices. Last time I looked, we had both,” Neri said.

“If we see lower inflation in the second half of 2021, then we can say we are out of stagflation. I guess what matters is how it affects the ordinary Pinoy—job opportunities are scarce and cost of living is higher—their economic conditions have deteriorated,” Neri said.

Quimbo, Salceda: Not there yet, but . . .

MEANWHILE, two of the most vocal economists in the House of Representatives agreed with the view that the country “is not there [stagflation] yet” but advised the government to act fast using the “inflation tool kit” to save the economy.

House Economic Recover y Cluster chairperson Stella Luz Quimbo of Marikina and Joey Sarte Salceda of Albay both agreed that”stagflation” or the stagnant economic output and the rising inflation can be avoided with quick but right government actions focusing on the agriculture sector.

“Stagflation arises when we have both stagnation [economic contraction and unemployment] and inflation. PSA reported a 9.5-percent GDP contraction for 2020 and 4.2 percent inflation for the month of January, up from 3.5 percent in December.

Perhaps BSP [Bangko Sentral ng Pilipinas] considers only inflation well above 4 percent as a “problem” given that the inflation target is 2 to 4 percent for 2021 to 2022,” said Quimbo, who was the first to warn about the possibility of stagflation.

“But what economists like myself are seeing is that a relative price shock in an important sector such as food can spill over into other sectors and become a problem of general inflation,” Quimbo told BusinessMirror.

According to Quimbo, the driver of food inflation is not transitory and it is brought about by supply shocks such as African swine fever and typhoons as well as chronic problems that have always threatened local supply, especially unfair pricing at the farm-gate level by traders, and rampant smuggling

because of poor enforcement and excessive tariff levels.

For Salceda, “It’s a problem for economic policymakers because the usual levers of fiscal and monetary policy have tradeoffs. For example, if we lower interest rates to enable growth, we also help accelerate price increases. If you have these three problems happening in scale all at the same time, you are in a bind as a policymaker,” he said.

Origins

FORMER Socioeconomic Planning Secretary Dante B. Canlas explained the term stagflation was coined when, in the 1970s, the US was trying to get the economy out of high unemployment using “expansionary macroeconomic policies.” The attempt backfired since it did not lead to economic recovery but to inflation.

He said the US experience led to a “re-examination of the standard ‘Phillips Curve’ among academic economists.” Stagflation goes against the Phillips Curve.

The Phillips Curve, created by New Zealand-born economist Bill Phillips in the 1950s, illustrated an inverse relationship between inflation and unemployment.

This meant that when inflation is high, unemployment is low and when inflation is low, unemployment is high. This assumed that when more people are employed, there is greater demand for goods, thus, higher prices; and when few are employed, demand is dampened and prices remain low.

“In the US context, the economy eventually got out of the so-called stagnation, but the traditional approach to business cycles based on the Phillips Curve has undergone modifications and extensions. The US experience ushered in new theories about business cycles, both real and monetary. Many business-cycle models today incorporate, for instance, rational expectations,” Canlas explained.

1973 oil shock

CHIKIAMCO said stagflation occurred after the 1973 oil price shock.

However, he said the world recovered through tight money policy coupled with deregulation.

Ang said the last time the Philippines experienced significantly high inflation while it was in recession was during the 1983-1985 crisis.

At that time, inflation was above 40 percent and peaked at 63 percent in September 1984.

Edillon clarified that in 1984, average inflation rate was 50.3 percent while GDP growth contracted 7 percent. In 1985, inflation rate was at 23.1 percent while GDP declined 6.9 percent.

“There were a lot of crises at the time; we were able to recover by instituting a number of radical political and economic reforms. I would say the most important economic reform was creating an independent monetary authority,” Edillon told BusinessMirror.

C a n l a s, however, sa id t he country’s economic history after World War II did not show any

episode of stagflation.

In an e-mail to the BusinessMirror, Canlas said the 1984-1985 recession lasted for only two years and was the worst, with a cumulative 11-percent decline in real GDP. Other instances when GDP contracted after 1985—the aftermath of the 1990 earthquake, the 1997 Asian Financial Crisis, and the 2008 Global Financial Crisis—were “all shallow” and would not be classified as stagflation.

“In the Philippines, policymakers must consider the unique features of the current contraction. What is feared is secular stagnation, an absence of an economic recovery across time,” Canlas said.

“The current funk stems from an absence of confidence on the part of market agents that the Covid-19 pandemic will be contained anytime soon. A delayed government vaccination plan is not helping at all,” he explained.

Wage hike, subsidy—Ibon

WITH high inflation, Ibon Foundation Inc. recommended that the government implement a wage increase and provide cash subsidies.

Ibon said these will not only help Filipinos cope with high prices but also stimulate the Philippine economy. It recommends a subsidy of P10,000 per month for the poorest 75 percent or about 18 million families or P540 billion for three months.

Currently, Ibon said, the real value of the P537 NCR minimum wage is just P434 as of December 2020 and is not keeping up with the rising cost of living, said the group.

“New cash subsidies and a wage hike are imperative in spurring household spending. Alongside building domestic capacity to combat the pandemic and boosting small businesses and agriculture, these will be crucial in enlivening the economy and even in tempering inflation,” Ibon said.

However, for economists such as Oplas, the primary antidote to the country’s economic ills is to start opening up the economy, starting with a fast vaccine rollout.

Allowing businesses to open, as recommended by Neda and the rest of the economic team, would lead to millions getting employed. This will drive household spending and boost the economy.

Oplas added the BSP should also consider venturing into expansionary monetary policy, including lowering the reserve requirement to encourage economic activities.

Price cap not proper

CANLAS said, however, that the recent decision to place a price ceiling on selected pork and chicken products “is not the proper policy since doing so causes those food items to supply cutbacks by producers.”

Rep. Quimbo thinks similarly.

“Unfortunately, the proposed price freeze is too simplistic and ineffective. It will only further exacerbate the shortage of supply by discouraging local suppliers,” Quimbo said. “[The] best way to get out of

continued from a1

stagflation is appropriate coordination of fiscal and monetary policies. Price controls may help to keep general prices stable, but may not be enough to address run away prices,” Asuncion said.

“Supply issues should also be addressed. A good example was when rice prices in 2018 started to rise and was addressed with policies to address its prices,” he added.

Ultimately, Ang said, only a combination of solutions are suited to problems like stagflation and the recession.

One solution cannot be used to combat several obstacles such as low absorptive capacity; digital governance gaps; and the continuing lack of confidence in the economy.

The government, he said, was correct in passing the Bayanihan 1 and 2, as these primed the economy, a badly needed move at this time. “ The solutions are not one time. They need a combination of short-term and medium-term policies for both fiscal and monetary sides,” Ang said.

Last Friday, expensive food, particularly pork products, caused the country’s inflation rate to post a twoyear high in January, the Philippine Statistics Authority (PSA) reported, but the Central Bank eased fears that it was teetering on stagflation.

On Sunday, Salceda said: “[However] I don’t think we’re in a stagflation just yet. You have to remember that low growth in the country is not due to some cyclical reason or some commodity shock, but because of Covid-19 alone. We have to accelerate the vaccine rollout for sure so we can return to more normal levels of output,” he added.

Tool kit

BOTH Salceda and Quimbo said the government should spend more, especially for cash aid to farmers, hog raisers, and livestock producers so that supply shocks are addressed. The Department of Agriculture’s flagship project Plant, Plant, Plant should also be implemented quickly.

“One government program that could address these three problems all at the same time is the rapid implementation of “Plant, Plant, Plant.” You will remember that last month, I already warned the government that prices may hit us hard, so we have to invest in food supply. Investments in agriculture create jobs, improve output, and lower price pressures. It is one of those rare economic instruments that achieves all three,” said Salceda.

“I would remind them [government officials], however, that aggregate numbers do not always reflect the extent of misery of those whose means fall below the average. While good aggregate numbers work in business, we in policymaking have a responsibility to protect those whose misery the numbers may obscure. Inflation, unemployment, and low growth definitely hit the poor harder, so we must always take not the aggregate or average view, but the view of the vulnerable,” Salceda added.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, February 8, 2021 A5

‘Food supply woes to put pressure on inflation’

By Jasper Emmanuel Y. Arcalas @jearcalas

I

NFLATION would accelerate in the coming months as the government is ill-prepared to deal with the country’s food supply problems, according to the Philippine Chamber of Agriculture and Food Inc. (PCAFI).

PCAFI President Danilo V. Fausto issued the statement after the Philippine Statistics Authority (PSA) said on Thursday that the inflation rate rose to a 2-year high in January. Inflation in January reached 4.2 percent mainly due to expensive food, particularly pork products, according to data from the PSA. Fausto said foresight and proper planning could have prevented high prices, particularly that of pork.

One of the culprits of the woes currently plaguing consumers, he said, is the lack of a sound government data system, which was mandated by Republic Act 8178, or the Agricultural Tarrification Act. The lack of accurate and reliable data, he said, makes it difficult for

A VENDOR sells longganisa, chicken, beef and pork at a local wet market in Commonwealth, Quezon City. BUSINESSMIRROR FILE PHOTO

the government to make an informed policy decision to address problems hounding the agricultural sector.

He said this oversight has resulted

in disputes over pork supply and demand in the country.

Fausto also said the government’s lack of foresight in addressing the

African swine fever (ASF) problem as early as 2019 has also exacerbated the food supply woes.

The PCAFI chief said the decision

Agri agencies to create food safety units

A

GRICULTURE Secretary William D. Dar has ordered the attached agencies of the Department of Agriculture (DA) to allocate funds for the implementation of food safety measures next year to protect human, plant and animal health.

Dar issued Memorandum Order (MO) 11 that instructed the establishment of food safety units and inclusion of a food safety line budget in the DA central office, regional field offices (RFOs), food safety regulatory agencies (FSRAs) and support agencies.

Dar’s latest MO covers the DA central office, RFOs, Bureau of Animal Industry, Bureau of Fisheries and Aquatic Resources, Bureau of Plant Industry, and the National Meat Inspection Service.

The Fertilizer and Pesticide Authority, National Dairy Authority, Philippine Coconut

Authority and Sugar Regulatory Administration are required to follow the order as well.

The DA’s support agencies, such as the Agricultural Training Institute, Bureau of Agriculture and Fisheries Standards and the Food Development Center, are covered by the MO. Under the MO, the above-mentioned government entities shall include “food safety budget items” starting fiscal year 2022 “in accordance with the provisions of Section VI of the Department Order 7 Series of 2018.”

“The DA Planning and Monitoring Service is also directed to supervise the annual budget preparations for Food Safety, ensure compliance and inclusion of this in the DA submission to the Department of Budget and Management,” Dar said in his order issued recently.

The concerned agencies are instructed to

create their respective food safety units to be headed by the designated food safety local person, who shall be in direct supervision of the head of the said agency.

The identified food safety local persons shall be part of the DA’s Food Safety Focal Group, according to the MO. Under the MO, the DA central office shall “oversee the planning and implementation and provide directions for food safety-related plans, programs, activities of the agencies as mandated under the Food Safety Act of 2013.”

The DA will “provide policy recommendations to the management to address issues and gaps upon consultation with offices in the agency working on food safety.”

The DA will also conduct periodic review of the food safety plans and programs of its attached agencies. Jasper Emmanuel Y. Arcalas

Proposal allowing commercial vessels in municipal fishing grounds opposed

By Jonathan L. Mayuga

@jonlmayuga

V

ARIOUS stakeholders on Friday rejected the proposal to allow commercial fishing vessels to go fishing within the 15-kilometer municipal fishing ground due to its potential adverse impact on the environment and the livelihood of municipal fishermen.

In particular, they rejected House Bill (HB) 7583 filed by Cebu Rep. Pablo John F. Garcia which seeks to allow commercial fishing between 10.1 to 15 kilometers inside the 15-kilometer municipal fishing ground.

They said municipal fishing grounds are already overfished and allowing commercial fishing in municipal fishing grounds will further deplete the country’s fish stocks. Commercial fishing vessels are often accused of using destructive fishing methods that would threaten coastal and marine ecosystems.

More importantly, they said municipal fishers cannot compete with commercial fishing vessels, adding to the fact that municipal fishing grounds are already running out of commercially-viable fish to catch.

Oceana Philippines Vice President Gloria

Estenzo Ramos said during an online press conference that commercial fishers and municipal fishers cannot co-exist.

She said the proposed measure, if enacted, “will only give additional ground for additional conflict” between commercial fishers and municipal fishers.

The current law on fisheries, the Amended Fisheries Code or Republic Act (RA) 10654, she said, has introduced “crucial” policy reform needed by the fisheries sector.

“Right now, the law is fine. RA 10654 is not even mentioned in HB 7583. The law states the policy reform. Crucial is the vessel monitoring system that is supposed to be implemented. This is a policy issuance, science-based and participatory fisheries management system. We are closer to the reforms being sought under RA 10654.”

Oceana, an international ocean conservation advocacy nongovernment organization, is pushing for the implementation of the vessel monitoring system and the fisheries management system.

She said a commercial fishing company is pushing for the enactment of the amendatory bill to escape implementation of

the vessel monitoring system and fisheries management system that will protect fisheries area and favorably lean toward municipal fishing.

Wilfedo Campos, a marine science and fishery expert from the University of the Philippines-Visayas said the country’s fishing grounds are already overfished and fish stocks are already depleted.

“To sustain fish catch year after year, we must let other fish spawn so that the following year, we will have fish to catch,” he said.

He said the combined catches of the sector will reach its ceiling, if one sector like commercial fishing sector is allowed to go to areas closer to the shore. Commercial fishers will increase their catch, but this could put municipal fishers at a disadvantage.

“Within just weeks or months [of commercial fishing in municipal waters], municipal fishers will be displaced,” he warned.

“The spirit of the Fisheries Code is very clearly, gives preference to the smaller fishermen. If we will amend the provision of the law that is not consistent with the spirt of the law, then little by little, we attack the spirit of the law.”

DTI pins hopes on fresh, wider US-PHL GSP deal continued from a1 However, the Philippines may face a legislative challenge in its bid to have its GSP renewed on political differences between the Duterte administration and the Democratic Party.

Last year six Democratic senators appealed before the Office of the US Trade Representative (USTR) to suspend the Philippine GSP over Duterte’s human-rights record. They said extending the trade incentive in the face of extrajudicial killings under Duterte could be mistaken for condoning the bloodshed.

The Democratic Party, where US President Joseph R. Biden is a member of, controls ma-

jority of the House of Representatives and holds a split control of the Senate.

In spite of the Democratic takeover in the White House and Capitol, the Philippine government expects its US counterpart to look beyond their political disputes in these trying times. For one, Manila is trying to arrange a free trade agreement (FTA) with Washington, although negotiating a new FTAs appears to be out of Biden’s priorities as he looks to resolve domestic issues first.

Last year, bilateral trade between the Philippines and the US took a dive of almost 17 percent to $16.34 billion, from

$19.63 billion in 2019.

Exports to the US slipped more than 16 percent to $9.7 billion, from $11.56 billion, while imports dropped roughly 18 percent to $6.63 billion, from $8.07 billion. According to the EMB, majority of American firms transacting with Philippine manufacturers operate below their usual capacity, as they face difficulty in sanitizing their facilities and allowing all of their workers to return.

The US is close to breaching 27 million Covid-19 cases, with close to 462,000 deaths, to lead all countries on both number of infected persons and fatalities.

of the government to impose price ceilings would only worsen the supply problem as hog raisers would be discouraged to restock given their difficulty in complying with the mandated price cap.

Compounding the food supply problem, he said, is the increase in chicken prices. He noted that the current price of a day-old chick is around P50 each, while the farm-gate price of broiler is at P130 per kilogram.

Fausto said the government should hike its investments in the livestock and poultry sectors considering that the two sectors contribute about a third of total agricultural output.

He noted that the livestock and poultry subsector receives only about 3 percent of the DA’s annual budget.

The Department of Agriculture (DA) said, however, that it is now taking steps to revive the hog sector and boost the supply of pork, particularly in the National Capital Region. Agriculture Secretary William D. Dar said he met with hog producers from the Soccsksargen region to discuss collaborative ac-

tions in line with the “whole of nation” strategies.

Dar said hog producers have committed to transport hogs from Mindanao, Visayas, and some parts of Luzon, including Batangas to be delivered to Metro Manila markets and sold at the ceiling price imposed

by Executive Order (EO) 124.

The DA said in a statement that Dar together with Agriculture Undersecretary for Livestock William Medrano and Region 12 Executive Director Arlan Mangelen, led the send-off of two trucks containing 130 heads of live hogs each, weighing a total of 26.4 metric tons, on February 6.

On Monday, representatives from DA are set to have a dialogue with the raisers of Luzon for the possible transport of hogs from San Jose, Batangas.

The DA said Clinton Edward Ang, president of the South Cotabato Swine Producers’ Association said that his group is willing to work with DA, in the transport and delivery of live hogs and carcasses to Luzon, initially at 10,000 hogs a week.

A6

Monday, February 8, 2021

BusinessMirror

www.businessmirror.com.ph

www.businessmirror.com.ph

BusinessMirror

Monday, February 8, 2021 A7

A8

The World BusinessMirror

Monday, February 8, 2021

Editor: Angel R. Calso

grow for US to rely on rapid Myanmar junta blocks Internet Calls Covid-19 tests to fight pandemic access as coup protests expand W

in this image from video, a crowd of protesters march in Yangon, Myanmar on Saturday, February 6, 2021. The military authorities in charge of Myanmar broadened a ban on social media following this week’s coup, shutting access to Twitter and Instagram, while street protests continued to expand Saturday as people gathered again to show their opposition to the army takeover. AP Photo

Y

ANGON, Myanmar—Myanmar’s new military authorities appeared to have cut most access to the Internet on Saturday as they faced a rising tide of protest over their coup that toppled Aung San Suu Kyi’s elected government.

Nu me rou s I nt e r ne t u s e r s noted a slow disappearance of data services, especially from mobile service providers, that accelerated sharply late Saturday morning. Broadband connection also later failed, while there were mixed reports on whether landline telephone service and mobile voice connections were still working.

Netblocks, a London-based service that tracks Internet disruptions, said Saturday afternoon that “a near-total Internet shutdown is now in effect” in Myanmar, with connectivity falling to just 16 percent of normal levels.

The broad outage followed Friday's military order to block Twitter and Instagram because some people were trying to use the platforms to spread what authorities deemed fake news. Facebook had already been blocked earlier in the week—though not completely effectively.

The communication blackout is a stark reminder of the progress

Myanmar is in danger of losing after Monday’s coup plunged the nation back under direct military rule after a nearly decade-long move toward greater openness and democracy. During Myanmar's previous five decades of military rule, the country was internationally isolated and communication with the outside world strictly controlled.

Suu Kyi’s five years as leader since 2015 had been Myanmar's most democratic period despite the military retaining broad powers over the government, the continued use of repressive colonialera laws and the persecution of minority Rohingya Muslims.

The blockages are also adding greater urgency to efforts to resist the coup. In one of the largest protests so far, about 1,000 people—factory workers and students prominent among them— marched down a main street in Yangon, the country’s biggest city, and were met by more than 100 police in riot gear.

They shouted "down with dictatorship" and other slogans, marched with their hands in the air and flashed three-fingered salutes, a symbol of defiance adopted from protesters in neighboring Thailand. There was no violence reported.

Similar-sized demonstrations took place in at least two other areas of the city. At Yangon's City Hall, protesters presented flowers to police, some of whom carried assault rifles.

Other reports that slipped through the communications blockade said protests were held in other cities, including Mandalay, the second largest.

Telenor Myanmar, a major mobile operator, confirmed it had received Friday's order to block Twitter and Instagram. In a statement, Twitter said it was "deeply concerned" about the order and vowed to "advocate to end destructive government-led shutdowns."

"It undermines the public conversation and the rights of people to make their voices heard," its spokesperson said.

Since the coup, social-media platforms have been major sources of independent news as well as organizing tools for protests.

Amnesty International called the shutdown “a heinous and reckless decision” at a time when Myanmar was coping with the coup, years of civil conflict and the Covid-19 crisis.

Those opposed to the coup and the arrests of activists and politi-

Chinese whistleblower doctor honored on death anniversary

W

UHAN, China—The message was tucked into a bouquet of chrysanthemums left by a mourner at the back of Wuhan Central Hospital to honor a Chinese whistleblower doctor who died from the coronavirus a year ago. It was simply the number of a Bible verse: Matthew 5:10.

“Blessed are those who are persecuted because of righteousness, for theirs is the kingdom of heaven,” the verse reads.

A year ago on Sunday, Dr. Li Wenliang died from the virus first detected in this Chinese city. A small stream of people marked the anniversary with visits to the hospital on Saturday, some leaving flowers.

The 34-year-old ophthalmologist was one of eight whistleblowers who local authorities punished early on for “spreading rumors” about a SARS-like virus in a social media group. His situation, eventually made public in media reports, made him a potent symbol for the perils of going against official messaging in China.

The Chinese public embraced Li, whose presence online had painted a picture of an ordinary person. His wife was pregnant and he was soon to be a father. He sent the "rumor" because he wanted to warn others.

The public also watched as he fell ill with the disease he was warning them about, eventually worsened, and died.

Li’s death was initially reported by Chinese state media on the night of February 6, 2020,

but the outlets quickly withdrew their reporting. Some hours later, in the early morning of February 7, Wuhan Central Hospital announced his death.

Chinese people grieved his death, online and offline. Mourners brought flowers to the hospital, while online some people were furious and demanded for freedom of speech— posts that were quickly censored.

Li’s death seemed to raise a challenge to the central government, as public anger swelled.

“A healthy society should not have just one type of voice,” Li had said in an interview with the Chinese business magazine Caixin last year.

Central government authorities conducted an investigation in Li's death, concluding that the officer who punished the doctor should be reprimanded. One police officer was given a demerit, while another was given an official warning, state media later reported.

At the conclusion of the investigation, authorities published a Q&A, in which they noted: “Li was a Communist Party member, not a so-called ‘person who was against the system’”. It said those who labeled him that way were "enemy forces.“ Since then, the epidemic has largely been controlled within China's borders, and the narrative has shifted to one of triumph.

China just released a film—“Days and Nights in Wuhan”—that celebrates China's official line that the measures it took, including the

unprecedented lockdown it imposed on the city, bought precious time for the world to prepare for the pandemic.

That victorious narrative has been underscored more by the devastation the pandemic has wreaked in many other countries. However, many have questioned China's response to the virus and its level of transparency during the initial weeks.

It wasn't until last month that China finally allowed a WHO team into the country to investigate the pandemic.

Wuhan for the most part has returned to normal, with shopping malls and streets crowded, and there is little visible evidence of the suffering the city went through. Still, a few of its residents mourn quietly.

Li's death is still a sensitive topic, and his family has refrained from giving media interviews. While his Weibo profile has been left up, there has been no large scale public memorial.

The person who left the flowers and Bible verse Saturday declined to be interviewed, saying it was inconvenient.

Another couple that laid down a bouquet at the front of the hospital was told by plainclothes security to bring their flowers to the back of the building, where there was a garden.

A small collection of bouquets, some with messages tucked deep in the flowers, had been laid there by Saturday evening.

"Thank you Dr. Li Wenliang," read one. AP

cians have also been gathering at night at windows and on balconies around Yangon, banging on pots and pans.

On Friday, nearly 300 elected lawmakers from Suu Kyi’s National League for Democracy party who met in an online meeting declared themselves as the sole legitimate representatives of the people and asked for international recognition as the country’s government.

They were supposed to have taken their seats Monday in a new session of Parliament following November elections when the military announced it was taking power for a year.

The military accused Suu Kyi and her party of failing to act on its complaints that last November's election was marred by fraud, though the election commission said it had no found no evidence to support the claims.

Suu Kyi and President Win Myint are also under house arrest and have been charged with minor offenses, seen by many as merely providing a legal veneer for their detention.

In addition to the 134 officials and lawmakers who were detained in the coup, some 18 independent activists were also held, said the Assistance Association for Political Prisoners in Myanmar. Some have been since released.

The office of Australia’s foreign minister said in a statement Saturday that the government was “deeply concerned about reports of Australian and other foreign nationals being detained arbitrarily in Myanmar.”

The statement said the government was concerned in particular about one Australian who was detained at a police station. The statement did not provide details on the identities of those being held or the reasons for their detention.

I n N e w Yo r k , U N S e c r e tary-General Antonio Guterres pledged on Friday that the United Nations will do everything it can to unite the international community and create conditions for the military coup in Myanmar to be reversed.

Guterres said Christine Schraner Burgener, the UN special envoy for Myanmar, had a first contact with the military since the coup and expressed the UN’s strong opposition to the takeover. AP

ASHINGTON—When a Halloween party sparked a Covid-19 outbreak at North Carolina Agricultural and Technical State University, school officials conducted rapid screening on more than 1,000 students in a week, including many who didn’t have symptoms.

Although such asymptomatic screening isn’t approved by regulators and the 15-minute tests aren't as sensitive as the genetic one that can take days to yield results, the testing director at the historically Black college credits the approach with quickly containing the infections and allowing the campus to remain open.

“Within the span of a week, we had crushed the spread. If we had had to stick with the PCR test, we would have been dead in the water,” said Dr. Robert Doolittle, referring to the polymerase chain reaction test that is considered the gold standard by many doctors and Food and Drug Administration regulators.

With President Joe Biden vowing to get elementary and middle school students back to the classroom by spring and the country's testing system still unable to keep pace with the spread of Covid-19, some experts see an opportunity to refocus US testing less on medical precision than on mass screening that they believe could save hundreds of thousands of lives. As vaccines slowly roll out, they say the nation could suppress the outbreak and reopen much of the economy by easing regulatory hurdles to allow millions more rapid tests that, while technically less accurate, may actually be better at identifying sick people when they are most contagious.

“Our whole testing approach, which has failed, has tried to tackle this pandemic as though it’s a bunch of little medical problems,” said Dr. Michael Mina, a Harvard University testing specialist. “Instead, we need to take a big step back and say, “Wait, this isn’t a lot of medical problems, it’s an epidemic.

And if we resolve the epidemic, we resolve the medical problems.‘” The US reports about 2 million tests per day, the vast majority of which are the slower, PCR variety. The initial tests developed to detect Covid-19 all used the cutting-edge technique, which quickly became the standard at US hospitals and labs. It also became the benchmark for accuracy at the FDA, which has greenlighted more than 230 PCR tests but only about a dozen rapid tests. Priced as low as $5, the quick tests look for viral proteins, which are generally considered a less rigorous measure of infection.

The FDA said in a statement it supports “innovation in testing” and “has not hesitated” to make rapid tests available.

But most experts agree that the current US system, which relies heavily on lab testing, is still incapable of containing the virus that is killing more than 3,000 Americans per day and has pushed the country's death toll to nearly 460,000.

Compounding the problem is that an estimated 40 percent of people infected don't develop symptoms. It’s among these silent spreaders that Mina says rapid tests have the clear advantage over lab tests. With its

medical precision, he argues that the PCR test continues to detect Covid-19 in many people who have already fought off the virus and are no longer contagious. The rapid test, while less sensitive, is better at quickly catching the virus during the critical early days of infection when it can spread explosively through communities.

“This isn’t a clinical test—it’s a public health screening test,” Mina said.

The case for widescale rapid testing is getting a boost from universities and school systems that have used the approach to stay open through the latest waves of the pandemic. And proponents point to apparent success stories like the small European nation of Slovakia, which saw infections drop after screening two-thirds of its roughly 5 million people with the tests.

But many lab specialists worry about vastly expanding the use of rapid tests, which are more prone to false results, and have never been used at the massive scale being proposed.

“There’s a lot of people trying to portray things as black and white, and there’s a lot of gray here, unfortunately,” says Susan But lerWu, of the University of Southern California’s Keck School of Medicine.

She points out that testing campaigns in Slovakia, the UK and elsewhere have been paired with strict lockdown orders. Without such measures in the US, critics say there is no way to predict whether people who test positive will self-isolate.

That’s a particular worry with proposals from Mina and others to blanket the US in millions of rapid, home tests that would allow people to regularly screen themselves without medical supervision.

“I want to believe in people making good decisions when left to their own devices,” said Butler-Wu. “But the fact that we are where we are right now really shows you people don‘t make good decisions when left to their own devices.”

One area where consensus may be emerging is in public schools, where many parents and districts are eager for a return to in-person instruction. Biden has proposed spending $50 billion to vastly expand rapid testing as part of his push to return most K-8 students to classes within his first 100 days.

One of his first executive orders called for using the Defense Production Act to scale up supplies needed for rapid tests. And key members of his administration, including the new surgeon general and head of the Centers for Disease Control and Prevention, vigorously support a revamped testing strategy focused on such screening. This week, the White House said it enlisted six manufacturers to mass produce the tests, with the goal of providing 60 million by the end of the summer.

Biden's team has been in discussions with the nonprofit Rockefeller Foundation, which has outlined a plan to use 300 million tests per month to return most US students to the classroom beginning in March.

The initial results from a new pilot study in six city school systems give an early glimpse of the potential opportunity and pitfalls. AP

Italy‘s Draghi wins support of two rival parties for new government

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ILAN—Italian Premier-designate Mario Draghi on Saturday secured preliminary support from two key parties for forming a new government that will decide how to spend more than 200 billion euros ($240 billion) in European Union funds to help relaunch Italy's pandemicravaged economy.

The populist 5-Star Movement and the right-wing League both signaled support for a Draghi-led government, saying they were ready to put aside bitter rivalries for the good of the country and increasing the potential for a broad-based government of national unity.

Draghi, 73, the former president of the European Central Bank, completed a first round of talks with political parties this week.

Another round is expected early next week on potential Cabinet ministers and a synthesis from Draghi of his vision for the new government. He also is expected to meet with unions, business lobbies and other members of civil society.

Italy‘s president tapped Draghi this week to form a government after the resignation of ex-Premier Giuseppe Conte, who lost support of a small but key coalition party. Before Saturday, Draghi already lined up the support of the Democratic Party, former Premier Silvio Berlusconi‘s Forza Italia, former Premier Matteo Renzi's Italy Live, and the small Free and Equal party.

After their meetings with Draghi, both 5-Star Movement leader Vito Crimi and League

In this July 4, 2013 file photo, President of European Central Bank Mario Draghi smiles during a news conference in Frankfurt, Germany. Italy’s weary president on Wednesday, February 3, 2021, tapped “Super Mario,” arguably the world's most famous Italian, to resolve a festering political crisis that threatens the ability of the eurozone's third-largest economy to manage the coronavirus pandemic and recover from the worst recession since World War II. AP Photo/Michael Probst

leader Matteo Salvini spoke about acting in the interest of Italy, the first Western nation to be struck hard by the coronavirus. With the economic fallout of the pandemic still being tallied, both acknowledged they would have to put aside political rivalries and betrayals in order to do so.

“We won‘t forget the acts committed by some political forces, who are present in our memories and in our political committees,” Crimi said, in what appeared to be a reference to Renzi yanking Italy Alive‘s support

from Conte's governing coalition and triggering its collapse.

Likewise, Salvini, a former interior minister in Conte's first government, noted that he would be sitting alongside politicians who voted to lift his parliamentary immunity so he could be put on trial in Sicily for not allowing migrant rescue ships disembark in Italy when he was minister.

"We are ready to overcome everything in the interest of the country," Crimi said of the 5-Star Movement, which was the top vote-getter in the last parliamentary election in 2018 and a key element of both Conte governments, the first with the right-wing League and the second with the left-wing Democratic Party.

Salvini's move to support Draghi puts him at odds with the far-right Brothers of Italy party and its leader, Giorgia Meloni. She said Friday that she would remain in opposition.

Salvini cited the weight of the EU recovery funds needed to relaunch the Italian economy after a national lockdown and subsequent public health restrictions.

“I would rather be in the room where it is decided if the money is used well or not, instead of being on the outside,” he said.

Crimi said that Italy would be judged by its European partners on how it spends the considerable funds, and that the 5-Stars want to guarantee the money will be distributed “with honesty, transparency and in the exclusive interest of citizens’ well-being.“ AP

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Monday, February 8, 2021

A9

How Donald Trump’s second impeachment trial will work

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ASHINGTON—Former President Donald Trump's historic second impeachment trial begins on Tuesday, forcing the Senate to decide whether to convict him of incitement of insurrection after a violent mob of his supporters laid siege to the US Capitol on January 6.

While Trump's acquittal is expected, all 100 senators will first have to sit at their desks and listen to hours of graphic testimony from House Democrats about the riots, which left five people dead. The House impeached Trump on Jan. 13, one week after the violence.

A look at the basics of the upcoming impeachment trial:

How does the trial work?

The Constitution says the House has the sole power of impeachment while the Senate has the sole power to try the individual on the charges. The person being impeached—who can be the president, the vice president or any civil officer of the United States—can be convicted by two-thirds of the senators present.

The House appoints managers as prosecutors who set up on the Senate floor, along with the defendant's lawyers, to present their case. The prosecutors and Trump's defense team will have a set amount of time to make arguments, and then senators can ask questions in writing before a final vote.

The chief justice of the United States normally presides over the trial of a president, but because Trump has left office, the presiding officer will be Sen. Patrick Leahy, D-Vt., who is the ceremonial head of the Senate as the longest-serving member of the majority party.

Once the senators reach a final vote on the impeachment charge—this time there is just one, incitement of insurrection—each lawmaker will stand up and cast their vote: guilty or not guilty.

How long will the trial last?

Unclear. The Senate has to agree to the rules of the trial, and party leaders are still working out the details.

Trump's first impeachment trial, in which he was acquitted on charges that he abused power by pressuring Ukraine to investigate now-President Joe Biden, lasted almost three weeks. But this one is expected to be shorter, as the case is less complicated and the senators know many of the details already, having been in the Capitol during the insurrection.

And while the Democrats want to ensure they have enough time to make their case, they do not want to tie up the Senate for long. The Senate can-

not confirm Biden's Cabinet nominees and move forward with their legislative priorities, such as Covid-19 relief, until the trial is complete.

Why try Trump when he is out of office?

Republicans and Trump's lawyers argue that the trial is unnecessary, and even unconstitutional, because Trump is no longer president and cannot be removed from office. Democrats disagree, pointing to opinions of many legal scholars and the impeachment of a former secretary of war, William Belknap, who resigned in 1876 just hours before he was impeached over a kickback scheme.

While Belknap was eventually acquitted, the Senate held a full trial. And this time, the House impeached Trump while he was still president, seven days before Biden's inauguration.

If Trump were convicted, the Senate could take a second vote to bar him from holding office again.

Democrats feel that would be an appropriate punishment after he told the angry mob of his supporters to "fight like hell" to overturn his election defeat.

Democrats also argue that there should not be a "January exception" for presidents who commit impeachable offenses just before they leave office.

They say the trial is necessary not only to hold Trump properly accountable but also so they can deal with what happened and move forward.

"You cannot go forward until you have justice," said House Speaker Nancy Pelosi this week. "If we were not to follow up with this, we might as well remove any penalty from the Constitution of impeachment."

How is this trial different from Trump’s first trial?

Trump's first trial was based on evidence uncovered over several months by the House about a private phone call between Trump and the president of Ukraine, as well as closed-door meetings that happened before and afterward. Democrats held a lengthy investigation and then compiled a report of their findings.

In contrast, the second trial will be based almost entirely on the visceral experience of a riot that targeted the senators themselves, in the Capitol building. The insurrectionists even breached the Senate chamber, where the trial will be held.

The fresh memories of January 6 could make it easier for the House impeachment managers to make their case, but it doesn't mean the outcome will be any different. Trump was acquitted in his first trial a

Where did coronavirus come from?

Investigator foreshadows fresh clues

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cientists probing the origins of the coronavirus are wrapping up a lengthy investigation in China and have found “important clues” about a Wuhan seafood market’s role in the outbreak.

Peter Daszak, a New York-based zoologist assisting the World Health Organization-sponsored mission, said he anticipates the main findings will be released before his planned Feb. 10 departure. Speaking from the central city of Wuhan, where Covid-19 mushroomed in December 2019, Daszak said the 14-member group worked with experts in China and visited key hot spots and research centers to uncover “some real clues about what happened.”

Investigators want to know how the SARS-CoV-2 virus—whose closest known relative came from bats 1,000 miles away—spread explosively in Wuhan before causing the worst contagion in more than a century.

Daszak said the investigation heralds a turning point in pandemic mitigation.

“It’s the beginning of hopefully a really deep understanding of what happened so we can stop the next one,” he said over Zoom late Friday. “That’s what this is all about—trying to understand why these things emerge so we don’t continually have global economic crashes and horrific mortality while we wait for vaccines. It’s just not a tenable future.”

Worldwide, Covid-19 has caused more than 105.7 million infections and 2.3 million deaths.

The WHO was asked in May to help “identify the zoonotic source of the virus and the route of introduction to the human population, including the possible role of intermediate hosts.”

Lab theory

The lack of a clear pathway from bats to humans has stoked speculation—refuted by Daszak and many other scientists—that the virus might have escaped from the Wuhan Institute of Virology, a maximum bio-containment laboratory studying bat-borne coronaviruses.

Scientists visited the lab and asked Shi Zhengli, who has collected and analyzed these viruses for more than a decade, about the research and the earliest known coronavirus cases.

‘Whole gamut’

“We really have to cover the whole gamut of key lines of investigation,” Daszak said. “To be fair to our hosts here in China, they’ve been doing the same for the last few months. They’ve been working behind the scenes, digging up the information, looking at it and getting it ready.”

The work has been “collaborative,” with Chinese counterparts helping mission investigators dig deeper for clues, he said.

“We sat down with them every single day and went through information, new data, and then said we want to go to the key places,” the British scientist said. “They

asked for a list. We suggested where we should go and the people we should meet. We went to every place on that list and they were really forthcoming with that.”

Daszak is one of 10 independent experts assisting the WHO mission. The agency also has five staff members participating, and the UN’s Food and Agriculture Organization and the Paris-based World Organization for Animal Health have two each.

Joining threads

Mission delegates worked in three groups that focused on the potential involvement of animals, the epidemiology or spread of the disease, and the findings from environmental sampling. Genetic sequencing data are helping investigators identify threads linking the information across patients and wildlife, Daszak said.

“My feeling is we will be able to say something of some value at the end of this trip—quite a lot of value, but I don’t want to get into what that’s going to be or which way it points,” he said, adding that the group’s findings are confidential until they are released publicly.

Daszak, who was focused on the animal side, said his trip to the Huanan fresh produce market in central Wuhan was especially useful.

The so-called wet market sold mostly seafood, as well as meat that included freshly prepared wildlife. It was a focus early in the outbreak, when cases occurred among workers and shoppers, suggesting it might have been where the virus jumped from animals to humans.

‘Important clues’

Subsequent research found earlier cases among people not linked to the market, undermining that theory. Investigators looked further and found “important clues” about the market’s role, Daszak said, declining to elaborate.

“Right now, we’re trying to tease everything together,” he said. “We’ve looked at these three strands separately. Now we’re going to bring it together and see what everything tells us.”

While the food market was shuttered and cleaned almost immediately after cases were recognized, “it’s still pretty intact,” Daszak said. “People left in a hurry and they left equipment, they left utensils, they left evidence of what was going on, and that’s what we looked at.”

Scientists in China who took environmental samples inside the market identified sites where traces of SARSCoV-2 were detected, he said. Investigators also benefited from greater understanding of Covid-19.

“We know now what we didn’t know then -- that for every sick case, there were others that were asymptomatic or difficult to distinguish from a cold or cough,” Daszak said. “And so it’s not unexpected that there would have been other cases other than ones that got into hospital.

But how many others, when did this start? That’s the sort of thing we’re still working on.” Bloomberg News

year ago Friday with only one Republican, Utah Sen. Mitt Romney, voting to convict, and there may not be many more guilty votes this time around.

In a test vote January 26, only five Senate Republicans voted against an effort to dismiss the trial—an early indication that Trump is likely to be acquitted again.

What will Trump’s lawyers argue?

Beyond the constitutionality of the trial, Trump's lawyers say that he did not incite his supporters to violence and that he did nothing wrong. "It is denied that President Trump ever endangered the security of the United States

and its institutions of Government," they wrote in a brief for the trial. "It is denied he threatened the integrity of the democratic system, interfered with the peaceful transition of power, and imperiled a coequal branch Government."

Trump's lawyers also say he was protected by the First Amendment to "express his belief that the election results were suspect."

There was no widespread fraud in the election, as Trump claimed falsely over several months and again to his supporters just before the insurrection. Election officials across the country, and even former Attorney General William Barr, contradicted his claims, and dozens of legal challenges to the

election put forth by Trump and his allies were dismissed.

What would acquittal mean for Trump?

A second impeachment acquittal by the Senate would be a victory for Trump—and would prove he retains considerable sway over his party, despite his efforts to subvert democracy and widespread condemnation from his GOP colleagues after January 6.

Still, acquittal may not be the end of attempts to hold him accountable. Sens. Tim Kaine, D-Va., and Susan Collins, R-Maine, floated a censure resolution after last month's vote made clear that Trump was unlikely to be convicted. AP

A10 Monday, February 8, 2021 • Editor: Angel R. Calso

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editorial

Battle of the giants: India vs. Twitter

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little background: The Indian Agriculture Acts of 2020, often referred to as the Farm Bills, are three acts initiated by the Parliament of India in September 2020.

From PRS Legislative Research (an Indian “think-tank”): “In 2017, the central government released model farming acts. The Standing Committee on Agriculture, however, noted that several reforms suggested in the model acts had not been implemented by the states. In particular, the Committee found that the laws that regulated Indian agricultural markets were not being implemented fairly and honestly or serving their purpose.”

In the Indian state of Punjab, small protests started in August 2020.

After the passage of the acts, more farmers and farm unions across India joined the protests against the reforms.

This is not the place, nor do we have the expertise to judge the merits of the laws or the protests. “Agricultural experts” and high-school graduate and high school non-graduate, respectively, Greta Thunberg and Rihanna, did lend their wisdom to the issue.

Naturally, as a CNN headline pointed out, “Rihanna’s call to support Indian farmers quickly embraced by other celebrities,” because why not.

After all, the Washington Post newspaper called Narendra Modi’s government “right-wing, religiously-tinged populism.” Modi’s current approval rating as of January 2021 is over 75 percent approve; 20 percent disapprove.

Unfortunately for Ms. Thunberg, Twitter can sometimes be confusing, as we all know, posting something completely unintentional. In one of her “I still #StandWithFarmers” tweets, she inadvertently posted a “tool kit.”

From DW Akademie: The “toolkit” document shared by Thunberg encourages people to sign a petition that condemns the “state violence” against the protesters and mentions different Twitter hashtags to support the protests. Additionally, it asks for people worldwide to organize protests near Indian embassies or local government offices on the 13th and 14th of February. Oops.

The Indian government is not happy. “India’s Ministry of Electronics and Information Technology directed Twitter to block around 250 tweets and accounts that were using a hashtag to make what it alleged were false, intimidatory and provocative tweets.” Twitter then blocked access to dozens of accounts in India to comply with a “legal demand.” But then Twitter suddenly became a beacon of “free speech,” unblocking those accounts.

The government responded by issuing a notice to Twitter, warning that failure to comply may prompt penal action against Twitter.

Reuters.com puts it this way: “The stakes are high in a country of 1.3 billion where it [Twitter] has millions [75 million] of users and is ardently used by Modi, his cabinet ministers and other leaders to communicate with the public.” Twitter’s Indian Public Policy Director (read lobbyist) Mahima Kaul jumped ship and immediately resigned. Unlike Twitter CEO Jack Dorsey, Ms. Kaul has to live there.

In January, Twitter purged more than 70,000 US accounts “to protect the conversation on our service from attempts to incite violence, organize attacks, and share deliberately misleading information.” The Indian government wants the accounts blocked because they “have been found to be instigating people to commit cognizable offenses in relation to public order and security of the state, for promoting fake and provocative content, and to prevent incitement to the commission of these cognizable offenses.”

Neither India nor Twitter is backing down. Amazon’s Jeff Bezos just resigned as CEO to “to pay more attention to his other interests, including space exploration.” Will Twitter CEO Jack Dorsey follow Bezos’ lead to pay more attention to his other interests, including regular ice baths, and driving fast cars?

Words and sounds can heal Atty. Jose Ferdinand M. Rojas II

RISING SUN

T

he pandemic has not been easy on all of us, especially on those who are vulnerable, mentally and emotionally challenged, stressed out, or suffering from loss or disappointments. Sometimes, personal efforts are enough to overcome the difficulties, but there are times when outside interventions may offer some form of relief.

It’s a good thing that there are organizations or groups that offer free or very affordable programs to support the abovementioned sector. The Cultural Center of the Philippines’ Intertextual Division, the Freelance Writers’ Guild of the Philippines (FWGP), Oyayi Sound Healing by Yeyette San Luis, and V432 Wellness and Online Healing Community are just a few of these groups.

On February 10, CCP and FWGP are going to run a free online program called Write Side Up! It’s an event on

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guest speakers and their respective topics are: Maria Fatima Villena (Preliminary Research on Writers’ Mental Health), Dr. Ellay Nadera (The Practice of Mental Wellness Especially for Writers and Artists, with Q&A portion), Ramil Gulle (To Break Away: Writing Exercises to Help Calm the Mind), Imelda Morales (Writing as Meditation), Anna Felicia Sanchez (How to Survive through Writing and Reading), and Dr. Vim Nadera (Arterapiya). The event will be moderated by Hark Herald

Sarmiento and Ina Avellana Cosio.

On February 14, Valentine’s Day, the Philippines’ 1st Sound Healing Festival will happen from 11:30 a.m. to 5 p.m. Dubbed Taginting, this event is organized by Oyayi Sound Healing by Yeyette San Luis and V432 Wellness and Online Healing Community. Interested parties may reserve their slots for P600 each through @tagintingsoundhealing on Facebook.

Local sound healers and musicians who will celebrate the World Sound Healing Day via this online event are the following: Juariza Aparis (Gong Sound Healing), Abe Alcala (Harp Therapy), Yeyette San Luis (Crystal Bowl), Waway Saway (Katyapi), and the group of Joy Jacinto, Arianne Olegario, Kaye Tamayo, Anna Famorca, and Tonette Asprer (Himalayan Singing Bowls). It’s a wholesome event that couples, families, and groups of friends can enjoy together on Valentine’s Day—from the comfort of home.

Give yourself a special gift by signing up to soak up some positive feelings and helpful knowledge from these online events.

What is wrong with the Motor Vehicle Inspection System?

Since 2005

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writing and mental health to be held from 9 a.m. to 5 p.m. via the Facebook pages of the following: CCP, CCP Intertextual Division, and FWGP. The National Book Development Board and Filipinas Copyright Licensing Society Inc. will also stream the event on their social-media channels.

If you are a writer who is stressed out, depressed, or anxious; or a nonwriter suffering from the same emotional issues and would like to learn how to use writing as a form of selfcare, then this event is for you. The

On February 10, CCP and FWGP are going to run a free online program called Write Side Up! It’s an event on writing and mental health to be held from 9 a.m. to 5 p.m. via the Facebook pages of the following: CCP, CCP Intertextual Division, and FWGP. The National Book Development Board and Filipinas Copyright Licensing Society Inc. will also stream the event on their socialmedia channels.

Thomas M. Orbos

STREET TALK

T

here is nothing wrong with the Motor Vehicle Inspection System or the MVIS. Technically and legally, or MVIS that is now being implemented by the Land Transportation Office has the needed legal and technical basis for it to be made mandatory for all motor vehicle registrations. And yet, a month after its awaited implementation, all sorts of complaints and opposition coming from various sectors have unified into one voice that has reached the chambers of Congress, begging for its suspension, if not a review.

What gives?

From an existentialist point of view, motor vehicle use leads to wear and tear that cannot be taken lightly. More than 10,000 Filipinos die every year because of road accidents due to unroadworthy vehicles.

Respiratory illnesses due to the carbon emissions from motor vehicles is the 3rd leading cause of deaths in the country. We are not even talking about our right as citizens to be provided efficiently clean and safe public transport. Hence, the need to require the periodic technical and unbiased inspection; and better with the least human intervention—that is the MVIS. This 70-point inspection, with minimal human intervention, covers all aspects of vehicle roadworthiness to include, smoke emission, brakes and suspension, light luminescence and even engine noise decibel level—a relief when you

think of the noisy mufflers that we have come to accept as normal. On a legal note, the process stands on solid ground with several department and agency directives based on national legislation covering several presidential administrations.

Why then the noise of dissent?

There are many concerns being raised, from exorbitant fees, strict standards, consistency of tests, choice of operators and issues relative only to specific motor types such as motorcycles and trucks. And these can all be summed up and grouped as follows: 1) Integrity questions on the MVIS to include the standards being adapted, and the selection process of operators; the questions on the 2 ) MVIS inspection process itself to include how it is conducted, the passing/ failure rates, and the inspection fees; and 3) Why now when

And maybe the only way to proceed and resolve all these concerns is a genuine engagement of those in government involved in the program with these sectors that want their questions to be answered. This is their primordial responsibility as public officials, especially for a game changing program such as the MVIS: To explain, listen, and if need be, adjust exhaustively.

there is a pandemic and when there are other more pressing concerns to be attended to?

We also need to look at where the noise is coming from. From an initial impression, it would seem that the noise is all over. Dissecting it further, the source of dissent comes from: 1) The motoring community, correctly wary of new procedures and fees; 2) and those who are affected commercially to include displaced businesses such as the emission centers whose services are already incorporated in the MVIS process. The rest of the noise are those reacting to it, primarily our legislators and local government officials, who are only after the best interests of their constituents, with some very much aware of the backlash come election time. And lurking in the grey area are the questions on connivance and corruption, as well as the purported lack of public consultation.

From this point of inference, it would seem that the problem, grave

as it looks like, can be and should solvable. Some of the complaints raised can be resolved by mere clarification. Others will need minor policy adjustments. Still some are sector specific interests that need to be addressed. Motorists need to be convinced of its necessity, made confident of the results and agree on the fees. Displaced businesses casting doubt on the integrity of the one taking over their revenue streams will have to be convinced on the processes applied.

And maybe the only way to proceed and resolve all these concerns is a genuine engagement of those in government involved in the program with these sectors that want their questions to be answered. This is their primordial responsibility as public officials, especially for a game changing program such as the MVIS: To explain, listen, and if need be, adjust exhaustively. Transparency and clarity must be accepted as continuing tasks in government. There can never be enough of these. But that should not be a problem for a good program such as the MVIS. Unless there are gray areas that need to be cleared and corresponding adjustments made, there should be no reason in the efforts to move this forward.

Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He is an alumnus of Georgetown University and the MIT Sloan School of Management. He can be reached via e-mail—tmo45@ georgetown.edu /thomas_orbos@sloan.mit.edu

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Managing the risks of a business enterprise

Eng Bee Tin

ilipino-Chinese in this country usually send tikoy and hopia to friends and relatives during Chinese New Year. My favorite hopia (“good pastry” in Chinese) comes from one deli chain in Binondo, Manila founded way back in 1912. This company struggled amid the competition in the 1970s but made a comeback, living up to its name. While the words Eng Bee Tin are associated with this successful pastry company, they actually mean “forever, excellent, treasure” in the Fukien dialect.

While the words Eng Bee Tin are associated with this successful pastry company, they actually mean “forever, excellent, treasure” in the Fukien dialect. I am not an endorser of Eng Bee Tin although I confess that I always bring their products to the US as pasalubong. But I decided to write about Eng Bee Tin as I ponder what can be “forever, excellent, treasure” in our lives as we welcome 2021—the Year of the Ox in the Chinese calendar.

legacy we will leave behind—what we want our children and the next generation to remember us for. In the United States, after a mob stormed the US Capitol to disrupt a ministerial Congressional process of certifying Biden’s Electoral College victory over Trump, several key officials resigned from their posts as their way of protesting against the act or omission of erstwhile President Donald Trump during the siege. Similarly in the Philippine setting, Socioeconomic Planning Secretary Ernesto Pernia resigned from his influential post in Neda “due partly to personal reasons and partly to differences in development philosophy” as regards the government response to the crisis brought by the coronavirus. Early last year, Department of Information and Communications Technology Undersecretary Eliseo Rio Jr. also resigned out of frustration and supposed differences in the handling of confidential funds in the DICT. Resignation is one of the most difficult things to do in one’s career.

While resigning sounds far better than being fired in your résumé, there are important steps to take if one is to resign with class or honor.

After all, the world is small enough

that paths can cross again in the future. Once you firm up your resolve and decide to leave your job, effective communication is crucial. Best not to announce your resignation when you are filled with emotion. At the same time, best to be truthful yet be upbeat knowing that the team left behind will feel the impact of your absence. I am not fully aware of the circumstances behind the resignation of Pernia and Rio. What I can say, though, is that both were public servants considered excellent in their respective fields and opted to leave their offices despite the tempting appeal to stay in powerful government positions.

I can say the same thing with Mayor Benjamin Magalong, who, after admitting some lapses in following quarantine restrictions, voluntarily resigned from his contract tracing czar post in the Inter Agency Task Force. During the Aquino administration, Magalong was widely believed to be tapped to be the next Chief of the organization he served for many years—a dream that most Academy graduates can only dream of. However, Magalong was not reportedly selected as he stood against political pressures and came up with a transparent and truthful investiga-

By Reynaldo A. De Dios

T

he original concept of risk management was to protect corporate assets and earnings as well as to mitigate liability suits. But there was not much emphasis on what follows when a disaster occurs.

While business interruption insurance may indemnify the insured for specific indirect loses such as additional expenses and loss of income, it was the realization that getting back to business as soon as possible was of utmost concern to the corporation. Thus the next step in the evolution of risk management was Enterprise Risk Management (ERM). Traditionally, financial risk was the responsibility of the Chief Financial Officer. Risks associated with the firm’s production processes were managed by operational management and personnel risks were managed by human resources.

Whereas the previous focus of the risk management function was to reduce the cost of risk such as premium expenses and to ensure adequate coverage of all hazard exposures affecting corporate assets and liability suits, the question now asked is: “How can we holistically manage the corporation’s risks such that the overall risk profile is better positioned for maximizing the value of the enterprise?” Subsequently, the old concept of risk management was restructured to the collective management of financial, operational and strategic risks. In other words, it was deemed necessary to identify, assess, manage and monitor an organization’s business opportunities and risks.

With its wider scope of responsibility in the corporate hierarchy, a new type of risk manager was needed

and in 1993, General Electric created the position of Chief Risk Officer (CRO) dedicated exclusively to overall corporate risk management, and reporting to the CEO and/or Board of Directors.

Here in the Philippines, a few conglomerates and banks have recently appointed CROs. At this juncture, allow us to provide some details of the risks that will be encountered. The CRO will have to determine the causes for any decline of corporate earnings, the adequacy of the protection measures for assets and employees as well as the causes of liability suits.

On the financials, the CRO would be concerned with the depreciation of foreign exchange rate, including interest rate risk and credit risks in the event of default by customers.

To put it mildly, the CRO will have to look into every aspect of how the enterprise is managed.

Globalization is now a fact of life whilst information technology has advanced so rapidly that the demand is instant communication and service. The world now faces a new risk environment, thus the CRO will also have to consider the external risks as follows: Global Warming or Climate Change; Supply Chain/Outsourcing Risk; Pandemic or Bird Flu Risk; Cyber Security Risk; Reputation Risk; and finally, Longevity Risk.

The author is a Risk and Insurance Management Consultant and the Editor of Insurance Philippines.

Monday, February 8, 2021 A11

Siegfred Bueno Mison, Esq.

THE PATRIOT

F

I am not an endorser of Eng Bee Tin although I confess that I always bring their products to the US as pasalubong. But I decided to write about Eng Bee Tin as I ponder what can be “forever, excellent, treasure” in our lives as we welcome 2021—the Year of the Ox in the Chinese calendar.

Note that like most of the Filipino Chinese in the Philippines, I am 12.5 percent Chinese, having a paternal grandparent who was 100 percent Chinese, from Fujian province.

“Forever” denotes a state or condition that will outlast the present times. What can endure forever and be perpetually remembered can be memorialized in a monument, a street name, or even the name itself.

For instance, the name of the first President of the Commonwealth of the Philippines is immortalized in Quezon Memorial Circle, Quezon Avenue, and Quezon Province.

“Excellent” connotes superiority or perfection as compared to a universal standard. On the other hand, “treasure” stands for something of great value, which can be subjective as what is precious to one may not be as precious to others.

Taken together, “forever, excellent, treasure” can be akin to the

tion of the Mamasapano massacre, which inevitably implicated some powerful people in government.

Someone else ended up being the Chief of the PNP as Magalong opted to stay true and remain honorable to his oath as public servant.

For those who knew or have heard of these few good men—Pernia, Rio, and Magalong—they will certainly associate these names with honor or delicadeza, at least. In the process, these men exemplified what the Bible tells us in Romans 2:7, which says, “To those who by persistence in doing good seek glory, honor and immortality, he will give eternal life.” With patient continuance, public servants like Magalong who persevere in doing good works seem to be disposed to obey the Law of God. They seek glory not for themselves but for the faith they represent. They understand the temporal nature of power and influence as they have willingly given up their government positions.

Glory and honor and immortality are three words that denote happiness in Heaven—expressions that describe of a state of things beyond the grave. These are the standards we aspire for to be considered excellent in what we do on Earth and be remembered for them—“forever, excellent, treasure.”

In greeting my fellow FilipinoChinese “Kung Hei Fat Choi,” may I ask—what is your Eng Bee Tin? A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission.

For questions and comments, please e-mail me at sbmison@gmail.com.

Clubhouse app offers Chinese rare Biden’s dilemma in virus aid fight: Go big or go bipartisan glimpse of censor-free debate

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he US app Clubhouse erupted among Chinese social-media users over the weekend, with thousands joining discussions on contentious subjects such as Taiwan and Xinjiang undisturbed by Beijing’s censors.

On the invite-only, audio-based social app where users host informal conversations, Chinese-speaking communities from around the world gathered to discuss China-Taiwan relations and the prospects of unification, and to share their knowledge and experience of Beijing’s crackdown on Muslim Uighurs in the far west region of Xinjiang.

Open discussion of such topics is off limits in China, where heavy government censorship is the norm.

Unfavorable comments or articles are rapidly removed on platforms such as Tencent Holdings Ltd.’s WeChat and Sina Corp.’s microblogging platform Weibo.

As of Sunday, Clubhouse was accessible in mainland China without needing a VPN, which is commonly used to bypass the so-called Great Firewall and access foreign Internet services from Gmail to Twitter. Clubhouse, backed by California-based venture firm Andreessen Horowitz, has skyrocketed in popularity following its debut in March 2020 after attracting high-profile users such as Elon Musk and Oprah Winfrey.

Since Clubhouse so far is only accessible on Apple Inc.’s iPhone and users must have a non-Chinese Apple account, the app has only gained traction among a small cohort of educated citizens, according to Fang Kecheng, a communications professor at the Chinese University of Hong Kong.

“I don’t think it can really reach the general public in China,” he said.

“If so, it will surely get blocked.”

Clubhouse did not respond immediately outside of business hours to an e-mailed request for comment on Chinese user requirements, content related to the country and if the government had reached out to it.

On Friday night, a room attracted more than 4,000 people from both

By Alexandra Jaffe & Jonathan Lemire | Associated Press

sides of the Taiwan Strait to share their stories and views on a range of topics including uniting the two sides.

In another room on Saturday, several members of the Uighur ethnic community now living overseas shared their experience of events in Xinjiang, where China has rolled out a widely criticized re-education program that saw an estimated 1 million people or more put into camps. US Secretary of State Antony Blinken agreed with the Trump administration’s move to call China’s actions “genocide.” China has defended the policies, saying they are necessary to fight terrorism. Some Clubhouse participants in the Xinjiang chat said they had lost contact with their family members and hadn’t returned home for at least four years.

“Thanks to Clubhouse I have the freedom and the audience to express my opinion,” a Finland-based doctor and activist who goes by Halmurat Harri Uyghur told Bloomberg News.

“The app is beneficial to me, providing a platform for dialog between Uighurs and Chinese where I can tell my story.”

While most discussions were polite—in line with Clubhouse’s aim to provide an alternative to the toxicity of other social media platforms— some couldn’t hide their distrust and dismissed the views shared by some of the Xinjiang participants.

There were also “silent rooms” including one to mourn the one-year anniversary of the death of Li Wenliang, the Wuhan doctor who was reprimanded by police when he tried to warn peers that a new pathogen was circulating, and who later died from Covid-19.

Another room popular with Chinese speakers discussed sexuality, while others kept the discussion to relatively “safe” topics such as books and music. The voice of “official China” wasn’t completely absent from Clubhouse: One room was dedicated to rebroadcasting Xinwen Lianbo, the country’s prime-time news program aired by the state-backed channel CCTV. Bloomberg Opinion

W

ASHINGTON—President Joe Biden’s push for a $1.9 trillion Covid-19 relief bill is forcing an internal reckoning that pits his instincts to work toward a bipartisan deal against the demands of an urgent crisis and his desire to deliver for those who helped elect him.

His bipartisan bona fides have been a defining feature of his political career, first as a Senate deal-maker, later as he led legislative negotiations for the Obama administration when vice president and finally during his successful 2020 campaign.

But the scope of the multiple crises confronting the nation now, along with the lessons Democrats learned from four years of Republican obstructionism during Barack Obama presidency, seem to be pushing Biden toward quick action on the coronavirus aid bill, even if Republicans get left behind.

“I have told both Republicans and Democrats that’s my preference: to work together. But if I have to choose between getting help right now to Americans who are hurting so badly and getting bogged down in a lengthy negotiation or compromising on a bill that’s up to the crisis, that’s an easy choice,” Biden said Friday. “I’m going to help the American people who are hurting now.”

So far, the administration has proceeded on two parallel tracks.

One featured a public show of trying to reach across the political aisle, with bipartisan rhetoric and a White House invitation for Republican senators. Their housewarming gift was a proposal more than $1 trillion short of what Biden wanted.

At the same time, Biden has insisted on the need for a sizable package to address the deadly pandemic.

The administration has encouraged Democratic senators to be prepared to go it alone, to ready a plan that combines money to address the virus and vaccines with money to fulfill a progressive agenda that includes a higher federal minimum wage.

Not out of the realm of possibil-

ity is a third option—having even one or two Republicans sign on to the bigger bill, giving it a veneer of bipartisanship. But it’s more likely that the White House will need to choose between the two extremes.

That could send a clear signal about Biden’s governing priorities and potentially set a template for how he will navigate a deeply polarized Washington going forward.

“President Biden’s got some pretty big tests in front of him when it comes to domestic policy. He is someone who prides himself on his deal-making skills and yet he may have to take a page out of the LBJstyle playbook and jam some things through both the House and the Senate to get anything done,” said Jim Manley, a longtime aide to former Senate Majority Leader Harry Reid, D-Nev. For Biden, working with Republicans is as much a point of personal pride as it is good politics.

He is known for his love of schmoozing and personal outreach to lawmakers after 36 years in the Senate and eight more working with Capitol Hill as vice president. He frequently spoke about bipartisanship during the campaign, and that political brand helped him win 62 percent of moderates and 8 percent of Republican voters in November, according to data from AP VoteCast, a survey of more than 110,000 voters nationwide.

If Biden loses that moderate profile—and the goodwill from Republicans who’ve known him in the past as an honest dealmaker—there’s a risk, Manley said, that “it’s going to poison the well for the future.”

GOP Sen. Rob Portman of Ohio, one of the lawmakers invited to

meet with Biden at the White House, warned as much during a floor speech this past week.

“If we can’t come together as Republicans and Democrats, as we have proven we can, time and time again over the last year, what can we come together on?” Portman asked.

“Wouldn’t it make it harder for us then to find that common ground on things like infrastructure investments, on things like retirement security?” But Democrats say they have learned some key lessons from Obama’s first term about bipartisanship in the face of crisis.

Biden was tasked with steering the White House’s overtures to Congress in dealing with the financial meltdown. For months, Biden focused his efforts on his former GOP colleagues, in the end to get the backing of just three Republicans.

The process of securing the $787 billion package—aid broadly credited for helping boost an economy in free fall—left a bad taste for the Obama-Biden White House. The package drew withering criticism from most on the right for being too big. Many in the Democratic Party have come to believe it was too small, a missed opportunity to not just help the economy but also reinvent it.

“The lesson from the Great Recession is that without sustained economic relief, the recovery will take longer, unemployed workers will experience more pain, and already historic levels of inequality will worsen,” said Chris Lu, a deputy labor secretary under Obama.

Democrats also say they will not be burned again by expectations for bipartisanship that proved to be naive during the Obama years.

Austan Goolsbee, a former chair of the Council of Economic Advisers, said one of the other lessons of those negotiations was that “Republicans are going to argue against Joe Biden if he does anything at all.”

“Everyone believed at that time that if the economy struggled, we could come back” and pass additional aid, Goolsbee said. But Republicans

were staunchly opposed to Obama’s agenda throughout his eight years in office. The prospect that they will again refuse to work with Biden should make him go big while he still can, in Goolsbee’s view.

“If there is a hyperpartisan gridlock environment in Washington, that ought to make you doubly careful about trimming your own wings out of the gate,” he said.

Facing economic storm clouds, Biden has told aides he will not settle for a too-small bill in the name of token bipartisanship.

He has made clear he values bipartisan support, has courted Republicans and has signaled a willingness to trim the overall price tag somewhat. He would prefer a traditional deal that crosses the aisle.

But he insists he will not budge on delivering $1,400 stimulus checks to individuals, believing that reducing the amount would be a broken promise and could undermine his credibility with the public early in his term.

Moreover, Democrats have pointed to the stimulus checks as a winning issue in the pair of Georgia runoff races in January that gave their party control of the Senate.

And many progressives, already wary of Biden’s moderate instincts, have made clear they do not want the president to compromise on liberal promises to woo Republicans likely to consistently oppose him.

Moderate Democrats in the Senate have also shown broad support for the bill and this past week all voted in favor of using a legislative maneuver that would allow the bill to pass with only Democratic votes.

It was an implicit endorsement of a go-big strategy that could give Biden cover in pursuing a bill without Republican votes.

Sen. Angus King, a Maine independent who caucuses with Democrats, said that while “I generally tend to be concerned about budgets and budget deficits,” the spending in the Covid-19 relief package “is justified and important.”

A12 Monday, February 8, 2021

Hotels to DOT: Events will boost revenues

By Ma. Stella F. Arnaldo

S

@akosistellaBM Special to the BusinessMirror

POOKED by the recent closure of the Makati Shangri-La Manila, hotels are now appealing to the Department of Tourism (DOT) to allow them to hold banquet events to help boost their revenues.

The request was made by the Hotel Sales and Marketing Association Inc. (HSMA) which includes quarantine and staycation hotels.

A copy of their position paper, dated February 6, 2021, and addressed to DOT Undersecretary for Legal and Special Concerns Edwin Enrile, was obtained by the BusinessMirror.

“We are appealing for reconsid-

eration to allow MICE, socials and wedding events in both quarantine and staycation hotels that [have] established health and safety protocols in place [on] the premise that quarantine guests are not allowed to use the same entry/exit points, public area/s and venues that are being used by MICE [Meetings, Incentives, Conferences, Exhibitions] and social event guests,” said the

position paper signed by HSMA Director of Education Loleth So and HSMA President Christine Ann U. Ibarreta.

The 150-strong association of hotel sales and marketing professionals noted that hotels have been “practicing and implementing strict sanitation protocols with government-issued guidelines... our number one priority.”

Financial woes continue

They underscored, however, the continued financial hardships of most hotels, even though many of them host quarantine guests. “Note that the occupancy levels may be high for some hotels but...rates extended to this market segment is way below the usual rate—some [hotels] almost just break even.”

Continued on A2

www.businessmirror.com.ph

Companies BusinessMirror

Monday, February 8, 2021

B1

SEC rolls out tougher rules to fight money laundering

T

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) is implementing stricter anti-money laundering measures in the stock market by requiring the disclosure of the identity of the beneficial owners of shares.

The new anti-money laundering rules are included in its SEC Memorandum Circular No. 1, Series of 2021, or the Guidelines in Preventing the Misuse of Corporations for Illicit Activities through Measures Designed to Promote Transparency of Beneficial Ownership.

The measures include a prohibition on the issuance of bearer shares and a requirement for the mandatory disclosure of the identity of the beneficial owners, or persons who ultimately own or effectively control

corporations.

“Arrangements that allow shareholders or members to hide their identity expose corporations to the risk of being misused for illicit activities such as money laundering and terrorist financing,” SEC Chairman Emilio B. Aquino said.

“The newly issued guidelines will provide the commission with adequate, accurate, and timely information to combat such unlawful activities, while cementing our commitment to international standards

and best practices against money laundering and terrorist financing.”

The guidelines provide that no corporation or entity shall issue, sell or offer for sale or distribution bearer shares, as well as bearer share warrants, where the name of owners are neither reflected on the physical stock certificate nor recorded in the stock and transfer book of the issuing corporation. The guidelines further require corporations other than publicly listed companies to disclose and record in their stock and transfer book the alienation, sale or transfer of shares of stock, the date, by whom and to whom made within 30 days. Otherwise, the transaction shall not be binding on the issuer.

No dividends shall be paid to any person or entity unless the name appears in the records of the corporation as the owner of the concerned shares of stock, except for dividend payments made by publicly listed companies to the PCD Nominee or any similar entity authorized to act as depository and custodian of shares for purposes of trading in the stock exchange and operating under

the same rules.

The guidelines also require newly registered corporations to disclose the identity of the persons on whose behalf they were registered and the nominators, principals of nominee incorporators, first directors, trustees and shareholders within 30 days from receipt of their certificates of registration.

Those who will violate the new rules may be fined P5,000 to up P2 million, plus up to P1,000 for each day of continuing violation but not exceeding P2 million; face suspension or revocation of their certificate of incorporation; and face other penalties that the SEC may impose.

The guidelines adopt the recommendations in the Mutual Evaluation Report issued by Financial Action Task Force (FATF) in October 2019.

The FATF recommended that the Philippines introduce measures to ensure that bearer share warrants, nominee directors and nominee shareholders are not misused for money laundering and terrorist financing.

Exec: PAL sole local airline that can airlift vaccines from EU, US

BusinessMirror file photo

By Recto L. Mercene @rectomercene

Sunlight Air expands ‘travel bubbles’ F

By Ashley Manabat Correspondent

C

lark International Airport—The hottest months of the year are fast approaching, but the usual vacations and travels will not happen this year as the Covid-19 pandemic rages on.

People will continue to seek refuge in their homes and many countries have closed their borders to prevent the spread of the virus.

Sunlight Air’s travel bubble, however, offers domestic travelers a glimmer of hope. The company on Friday inaugurated here its travel bubble package’s new route: Clark-Busuanga.

“We are starting our Clark operations today. We are trying to make tourism possible again,” said Ryna Brito, CEO and accountable manager of Sunlight Air. “Given the movement of flights now and seeing how empty this airport is, maybe we’ll start with having once a month flight from Clark and then we’ll see if tourism picks up again, we can keep adding more flights,” she said prior to the formal cutting of the ribbon

Pamintuan is new chair of CDC board

A

ngeles City Mayor Edgardo Pamintuan has been appointed as chairman of the Clark Development Corp.’s (CDC) board of directors, according to CDC President and CEO Manuel R. Gaerlan.

Gaerlan also said he welcomes the appointment of Pamintuan as chair and the appointment of retired Lt. General Emmanuel Salamat as director.

“His chairmanship will be a big boost to the vision we have set forth for the corporation. Mr. Pamintuan is a dedicated and experienced public servant who has served in various capacities in local government, as a cabinet member and presidential adviser, and in international panels and undertakings,” he said. Gaerlan noted that Pamintuan was instrumental in opening the access to the Clark Freeport Zone and other centers of economy by helping create connectivity to the major thoroughfares like the North Luzon Expressway (NLEx), Subic-Clark-Tarlac Expressway (SCTEx), South Luzon Expressway (SLEx), the Tarlac-Pangasinan-La Union Expressway (TPLEx), the Cavite Expressway (CavitEx).

“We also welcome the appointment of retired Lt. General Emmanuel Salamat to the CDC Board.

Our new director is a member of PMA class 1985, a former Commandant of the Philippine Marines and Commander of the AFP Northern Luzon Command. He is a brother at arms and a mistah.”

Photo shows Nica Natanawan, Sunlight Air accounting manager; Shirley Ng, Sunlight Air legal counsel; Noemi Julian, Clark Development Corp. Tourism Head; Ryna Brito, CEO of Sunlight Air; Bi Yong Chungunco, LIPAD CEO; and Carolina Uy, DOT-3 regional director cutting the ribbon during the formal launch of Sunlight Air’s new travel bubble route. Photo by Ashley Manabat

for its inaugural flight to Busuanga.

Brito said, “travel bubble basically is taking you from your home to SETIR [Sunlight Eco-Tourism Island Resort in Busuanga, a sister company of Sunlight Air] as seamless as possible.”

“We are making travel possible again. So,

from your house to go to your destination, that’s a bubble,” she said. “You don’t have to go through any external travels to get to the resort.”

“So, for example from Clark, you take the aircraft to Busuanga. From there, you will be picked up by a private vehicle and

then a private speed boat that will take you to the resort.”

Brito said Sunlight Air is working with other partners in Busuanga. Currently, it is in the process of finalizing a contract with Club Paradise.

“Sunlight Air will be taking you to Club Paradise through a travel bubble also. So, what we do is we create packages so that when you pay, everything is already included like a roundtrip air fare, accommodations, and even dining credits.”

Clark-Busuanga starts at P31,000 per person for 4 days and 3 nights with free breakfasts and one meal ticket plus dining credits.

“Also, the reason why we are called travel bubble and the reason why we create seamless travel experiences is because we have partners with accredited clinics—if you need to get tested before your flight, we can just send a med-tech representative to your house, so it won’t be too bothersome for you,” she said.

“We want to take away the hassle when travelling. People shy away from traveling because there are too many requirements.”

CIAC marks 26 years, spells out reorg

C

LARK FREEPORT—An executive of the government-run Clark International Airport Corp. (CIAC) confirmed the agency’s reorganization plan as it marks 26 years of managing the Clark civil aviation complex.

“We’re commemorating CIAC’s 26th anniversary today [Monday] and it is but an opportune time to reorganize and sharpen our execution to further develop prime government lands of the aviation complex and contribute to the national economy,” Aaron Aquino, CIAC president, said.

The reorganization plan was approved on October 28, 2019 by the agency’s board of directors, headed by its chairman, Transportation Secretary Arthur Tugade.

From the original 335 employees, 120 personnel remained at CIAC after the operations and maintenance of the Clark International Airport were privatized in August 2019, leaving CIAC’s major functions to include lease of land, structures, and spaces for potential investors and businesses involving aviation, aviationrelated services, and aviation-related logistics activities.

Former President and now Presi-

dential Adviser on Clark Flagship Projects Gloria Macapagal Arroyo, in a meeting with Aquino late last year, advised the CIAC to shift from a mere real estate developer to “being the most competitive service and logistics center in the Southeast Asian region.”

CIAC’s streamlining is expected to strengthen the agency’s commercial, engineering and corporate management teams in developing a globally-competitive aviation complex surrounding the airport and in pushing for the service and logistics center vision, Aquino noted.

The reorganization plan is awaiting endorsement from the Bases Conversion and Development Authority (BCDA), CIAC’s parent company, and the Department of Transportation which exercises policy and operational supervision over CIAC, before being submitted for final approval by the Government Commission for Government-Owned or Controlled Corporations.

“As the world continues to adjust to the pandemic economy, the (reorganization) plan will set into motion our blueprint—to further align the organization with our strategic direction aimed at airport

infrastructure and aviation complex development, technological deployment, and the adaptation to the new normal,” Aquino said.

“The current pandemic may not be an opportune time to say all these but, again, the situation won’t deter us in saying we’re looking forward to future investments and that our energies and resources at CIAC are fixed on bouncing back better, creating an investment haven and a great place at the aviation complex to do business,” Aquino said.

CIAC was incorporated in 1994 as a wholly-owned subsidiary of the Clark Development Corp., pursuant to Executive Order (EO) 192, with the primary purpose of operating and managing the Clark Civil Aviation Complex.

After subsequent executive orders in the past, CIAC was later transformed in 2008 from a subsidiary of CDC to a subsidiary of BCDA and made subject to the policy supervision of Department of Transportation under EO 716 which provides that CIAC shall exercise jurisdiction over the 2,200-hectare aviation complex along with approximately 166.9 has. within the Clark Industrial Estate 5.

lag carrier Philippine Airlines (PAL) said it remains the only air carrier that can airlift the Covid-19 vaccine in large quantities from sources in Europe or the United States.

“We are the only airline that can take the vaccine from the continental sources in Europe and the US and take them in large enough quantities that satisfy the maximum safety limits on the carriage of dry ice (CO2),” said PAL President and COO Gilbert Santa Maria in a television interview.

He added that PAL can carry these same vaccines from their continental location “to whatever airport in the Philippines that is most suitable.”

Santa Maria said PAL can fly from Spain to Cebu to carry Moderna vaccines direct to Visayas and Mindanao.

“We can fly from Spain direct to Davao to bring the Moderna vaccines there. If it’s AstraZeneca sourced out of Belgium, we can do the same.

That’s our capability. We are the only airline in the Philippines with the ultra long-haul, wide-body aircraft.”

Santa Maria added, “PAL can take whatever is shipped directly to Manila by the vaccine manufacturer. It will be broken down in bulk by the shipper, put in cold storage and then sent around the country in a timely manner.”

“We have multiple options for aircraft. We can take the medium wide-body, the A330s. We can take our narrow body A320/A321s. We can also take our turboprop.”

He said PAL is the only company that has the Dash8 turboprop plane, which can fly as fast as jets and take the cargo from Manila to a secondary airport “or to an island destination that has an airport or fly to an airport and from there, fly out using smaller aircraft.”

Team PAL

“Handa na po namin gawin ‘yan.

Pinagpaplanuhan na namin ‘yan.

[We are ready, we have planned for it],” he added, saying the PAL team has been part of the cold chain logistics team organized by vaccine czar, Secretary Carlito Galvez, for the distribution of vaccines.

The Philippines will receive its first shipment of Covid-19 vaccine in mid-February, Health Secretary Francisco Duque said during a press conference at a cold-chain facility in Pasay City on Friday.

Galvez told a Senate hearing in January that “the first shipment of Covid-19 vaccine is expected to arrive on February 20 “and mass inocula-

tion could start within days.”

He told the Senate Committee of the Whole, which held an inquiry on the government’s Covid immunization program, that vaccination could start by the third week of February or first week of March.

Galvez estimated that at least 2 million Filipinos would have received Covid-19 shots by April.

Approved vaccines

The Council on Foreign relations said several vaccines have been approved for general or emergency use in countries including China, Russia, the United Kingdom, and the United States.

Close to a dozen vaccines—including ones by Pfizer and BioNTech, Moderna, and Sinopharm—are already being distributed to tens of millions of people.

Vaccines go through rigorous testing for safety and effectiveness before they are approved for public use, a process that typically takes years As of February 2021, over 100 million doses had been administered worldwide. Several countries, such as Israel and the United Arab Emirates, are making swift progress immunizing their citizens, while the vast majority have either vaccinated only small fractions of their populations or are yet to start.

Meanwhile, Customs Commissioner Rey Leonardo instructed airport customs district collector Mimel Talusan to ensure enough personnel to facilitate the arrival of Covid-19 vaccines and at the same time balance the need to protect the country’s borders against unregistered imports.

Talusan said airport customs continues the profiling of importers of medicines, suppliers and shippers for physical examination and X-ray to ensure no fake vaccines or medicine pass thru the premier airport.

She said all government in-coming vaccines will have an advance admission of documents with free arrival assessment after dealing with representatives from the Department of Health with the approval from the Food and Drug Administration (FDA).

“We will not entertain private importations of vaccine for Covid-19 to ensure no fake vaccine will be release in any customs warehouses,” she told BusinessMirror.

Talusan instructed the Customs Intelligence and Investigation Services, customs police and Customs Anti-Drug Task Force to beef up monitoring efforts to prevent the bogus vaccines from entering the customs warehouses.

B2

Companies BusinessMirror

Monday, February 8, 2021

PSE STOCK QUOTATIONS

February 5, 2021

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

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

43.4 109 83.65 24.1 10.1 47.15 11.12 21 25.55 55 17.3 128.5 74.8 0.99 4.07 0.59 3.89 1.52 0.42 0.69 151.5 2,100

44.5 109.1 83.95 24.5 10.14 47.45 11.26 22.7 25.6 55.75 17.9 129.6 74.95 1 4.09 0.6 3.9 1.57 0.44 0.7 152.9 2,148

44.9 106 83 24.1 10.22 46.75 11.3 22.65 25.8 55 17.9 129 74 0.95 3.93 0.6 3.77 1.51 0.42 0.67 151.6 2,100

44.9 109 84 24.15 10.28 47.45 11.3 22.65 25.8 55 17.9 131 75 1.01 4.09 0.6 3.91 1.63 0.45 0.7 153.7 2,100

43.4 105.4 83 24.05 10 46.65 11.26 22.65 25.45 55 17.9 127 74 0.93 3.91 0.55 3.68 1.51 0.395 0.67 151.3 2,100

44 109 83.95 24.1 10.1 47.45 11.26 22.65 25.55 55 17.9 128.5 74.95 1 4.09 0.6 3.89 1.58 0.44 0.7 152.9 2,100

66,500 2,887,150 2,733,290 295,557,766 3,144,190 263,308,664.50 33,700 812,160 570,700 5,794,768 4,744,200 223,448,155 10,900 122,770 3,800 86,070 401,200 10,240,755 600 33,000 200 3,580 927,940 119,794,035 13,770 1,028,746 459,000 449,060 763,000 3,052,440 111,000 65,400 271,000 1,039,230 471,000 729,200 1,650,000 711,100 70,000 47,920 3,000 455,987 130 273,000

INDUSTRIAL

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

7.22 1.29 25.85 1.1 30 75.55 292.6 15.48 3.6 3.78 12.08 21.3 10.1 7.28 3.44 13.74 17.92 9.04 7.16 9.99 68 0.63 1.47 54.2 183.7 34.05 7.47 6.61 0.445 7.15 1.18 4.61 1.62 0.161 145.5 0.94 52.55 56 1.4 7 13.5 7.56 6.26 7.34 9.99 1.31 2.57 1.81 2.24 4.68 4.57 5.85 20.6 2.92 12.42 1.2 5.75 1.48 7.06

7.23 1.3 26.25 1.11 30.05 76 293.8 15.52 3.61 3.93 12.1 21.4 10.22 7.29 3.57 14 17.96 9.05 7.17 10.02 68.5 0.64 1.48 54.5 184 34.5 8.18 6.63 0.45 7.17 1.19 4.73 1.74 0.162 146.5 0.95 54.7 59.7 1.41 7.01 13.7 7.6 6.29 7.35 10 1.32 2.58 1.85 2.25 4.89 4.66 6 20.8 2.94 12.44 1.21 6.2 1.49 7.09

7.21 1.29 25.65 1.14 30 75.55 288 15.28 3.58 3.78 11.9 21.1 10.18 7.17 3.59 14 17.82 8.6 7.19 10.02 68 0.62 1.47 54.25 181 34 8.18 6.62 0.43 7.12 1.18 4.74 1.61 0.173 144 0.9 53.05 56 1.36 6.65 13.4 7.32 6.17 7.46 9.99 1.22 2.52 1.84 2.23 4.68 4.67 5.92 21 2.9 13.1 1.25 5.75 1.5 7.42

7.45 1.31 26.25 1.17 30.05 75.8 293.8 15.58 3.62 3.93 12.08 21.4 10.26 7.35 3.59 14 17.92 9.05 7.19 10.02 68.5 0.64 1.48 54.5 184.9 34 8.18 6.65 0.5 7.3 1.21 4.74 1.61 0.182 146.5 1.02 53.05 56 1.43 7.3 13.5 7.95 6.33 7.46 10 1.4 2.82 1.86 2.29 4.68 4.67 6 21 2.99 13.1 1.25 6.2 1.5 7.49

7.06 1.28 25.6 1.09 29.35 75.5 285 15.22 3.58 3.78 11.7 21 10 7.06 3.28 14 17.22 8.58 7.07 9.9 67.3 0.62 1.42 54 180.9 34 8.18 6.61 0.42 7.12 1.13 4.74 1.61 0.16 141.5 0.9 53 56 1.36 6.65 13.4 7.32 6.16 7.28 9.99 1.21 2.36 1.8 2.23 4.68 4.67 5.8 20.6 2.84 12.42 1.21 5.75 1.47 7.06

7.22 1.3 26.25 1.11 30.05 75.55 293.8 15.52 3.6 3.93 12.08 21.4 10.1 7.29 3.57 14 17.92 9.04 7.16 10.02 68.5 0.64 1.48 54.3 184 34 8.18 6.63 0.45 7.17 1.18 4.74 1.61 0.162 146.5 0.94 53 56 1.4 7 13.5 7.6 6.26 7.35 10 1.31 2.57 1.8 2.25 4.68 4.67 6 20.6 2.94 12.42 1.21 6.2 1.48 7.06

55,156,000 677,000 1,086,500 141,557,000 2,448,000 47,500 440,100 499,500 897,000 34,000 127,200 210,800 162,200 2,285,700 4,012,000 200 1,011,500 139,000 850,400 320,900 267,500 72,000 13,176,000 41,510 1,188,550 1,400 3,600 141,400 376,670,000 74,600 8,426,000 9,000 1,000 163,360,000 1,579,620 25,641,000 1,910 100 7,757,000 1,495,400 11,600 1,213,600 735,300 1,292,400 38,500 1,495,000 91,756,000 35,000 148,000 6,000 2,000 155,300 77,200 13,670,000 1,685,700 284,000 200 1,089,000 5,457,700

121,790,386 2,549,101.50 -4,820 -2,581,500 -16,057,115 112,600 -3,412,875 -9,879,810 740 -15,360 -98,062 273,000

400,059,298 873,860 28,130,510 160,048,210 73,052,525 3,589,472.50 128,397,392 7,671,238 3,219,940 130,740 1,521,320 4,466,015 1,647,614 16,369,925 14,027,760 2,800 17,945,530 1,220,061 6,085,691 3,201,948 18,273,570 45,060 19,108,140 2,251,560.50 217,524,714 47,600 29,448 936,299 171,502,900 535,254 9,903,370 42,660 1,610 27,527,800 227,713,131 24,869,950 101,236.50 5,600 10,815,110 10,448,672 155,700 9,288,585 4,621,682 9,465,297 384,856 1,950,990 237,560,980 64,650 331,970 28,080 9,340 915,040 1,608,380 39,779,500 21,369,242 346,600 1,195 1,618,270 39,037,108

12,832,139 13,000 -299,680 911,090.00 50,031,295 -2,905,654.50 -8,560,340 684,130 146,840 -7,560 -203,548 1,757,215 -110,298 3,580,853 378,650 4,465,740 178,000 -477,509 -161,024 -3,039,225.00 21,630 1,729,866 -2,037,706 -312,690 -8,422,600 -97,580 -709,640 -160,520.00 39,128,956 25,360 -3,521,490 8,196 -507,745 -1,653,274 -4,586,337 -5,200 1,412,030 -9,000 49,740 -218,400 -674,730 -272,232 25,150 -728,796

HOLDING & FRIMS ABACORE CAPITAL 1.26 1.27 1.2 1.32 1.17 1.26 131,617,000 165,616,340 ASIABEST GROUP 8.38 8.7 8.35 8.97 8.31 8.38 88,800 777,648 AYALA CORP 788.5 800 780 800 776.5 800 222,230 175,404,235 43.4 44.8 43.45 44.8 42.55 44.8 1,001,200 44,149,975 ABOITIZ EQUITY 9.98 10 10 10 9.9 10 3,383,300 33,713,179 ALLIANCE GLOBAL 3.1 3.11 3.1 3.11 3.08 3.1 1,366,000 4,239,430 AYALA LAND LOG ANSCOR 6.72 6.91 6.94 6.94 6.93 6.93 3,600 24,964 ANGLO PHIL HLDG 0.9 0.91 0.92 1.05 0.9 0.9 39,210,000 37,459,310 ATN HLDG A 0.84 0.85 0.86 0.86 0.84 0.85 949,000 807,310 0.84 0.87 0.87 0.87 0.87 0.87 1,000 870 ATN HLDG B COSCO CAPITAL 5.2 5.24 5.27 5.27 5.16 5.2 8,902,100 46,465,509 DMCI HLDG 5.3 5.32 5.36 5.36 5.24 5.3 2,942,700 15,536,087 FILINVEST DEV 8.9 9.09 9.11 9.11 8.9 9.09 9,900 88,572 GT CAPITAL 536 538 520 540 520 538 113,450 60,647,750 3.53 3.7 3.79 3.85 3.7 3.7 30,000 113,190 HOUSE OF INV JG SUMMIT 66 67 65 67 63.95 67 1,888,600 123,692,950.50 4.63 5.13 4.54 5.18 4.54 5.18 200 972 JOLLIVILLE HLDG LODESTAR 1.44 1.45 1.64 1.64 1.43 1.45 52,762,000 80,083,170 LOPEZ HLDG 3.73 3.74 3.75 3.8 3.72 3.74 1,971,000 7,366,500 14.96 14.98 14.4 14.96 14.06 14.96 5,543,000 80,699,086 LT GROUP 0.53 0.54 0.53 0.54 0.53 0.54 33,000 17,510 MABUHAY HLDG MJC INVESTMENTS 1.89 2.02 1.98 2.03 1.98 2.02 3,000 6,030 METRO PAC INV 4.25 4.26 4.25 4.26 4.2 4.25 20,738,000 88,006,980 PACIFICA HLDG 4.75 4.92 4.8 4.99 4.73 4.75 79,400 381,867 PRIME MEDIA 0.89 0.9 0.89 0.9 0.89 0.9 251,000 224,400 1.19 1.22 1.28 1.28 1.2 1.2 191,000 234,810 SOLID GROUP SYNERGY GRID 312 325 325 325 320 320 570 184,990 SM INVESTMENTS 1,034 1,039 1,029 1,046 1,010 1,039 402,375 415,870,385 SAN MIGUEL CORP 128 128.9 128.9 128.9 127 128.9 162,660 20,831,982 SOC RESOURCES 0.77 0.81 0.81 0.81 0.81 0.81 101,000 81,810 140 142 136 142 136 142 5,720 801,588 TOP FRONTIER 0.226 0.24 0.24 0.24 0.24 0.24 1,000,000 240,000 WELLEX INDUS ZEUS HLDG 0.233 0.239 0.22 0.25 0.22 0.239 2,300,000 540,360

-2,155,230 665,610 14,208,265 -1,590,105 15,700 -61,040 -833,598 -6,578,911 -5,454 -1,445,550 2,463,636.50 -250,400 -4,533,700 -30,900,326 -11,167,350 20,399,745 5,102,615 -749,788 -6,600

PROPERTY ARTHALAND CORP 0.69 0.7 0.68 0.7 0.68 0.7 364,000 252,530 AYALA LAND 39.45 39.95 38.9 39.95 38.3 39.95 8,962,300 353,033,275 ARANETA PROP 1.28 1.35 1.28 1.28 1.28 1.28 239,000 305,920 32.6 32.75 32.45 32.75 32.45 32.6 766,300 25,023,890 AREIT RT 1.62 1.68 1.6 1.62 1.59 1.62 516,000 828,960 BELLE CORP 0.95 0.96 0.94 0.97 0.93 0.96 2,101,000 2,000,120 A BROWN CITYLAND DEVT 0.78 0.81 0.79 0.81 0.78 0.78 97,000 76,320 CROWN EQUITIES 0.15 0.151 0.152 0.153 0.149 0.15 3,750,000 565,540 CEBU HLDG 5.75 5.89 5.89 5.89 5.75 5.89 11,300 66,515 5.08 5.1 5.08 5.1 5 5.1 295,000 1,483,524 CEB LANDMASTERS 0.425 0.43 0.415 0.43 0.4 0.43 29,820,000 12,368,050 CENTURY PROP CYBER BAY 0.355 0.365 0.37 0.375 0.355 0.365 860,000 316,600 DOUBLEDRAGON 14.94 14.96 14.7 15.22 14.56 14.96 2,550,700 38,178,654 DM WENCESLAO 6.99 7 6.92 7 6.7 7 255,700 1,761,977 0.305 0.31 0.31 0.31 0.295 0.305 980,000 296,900 EMPIRE EAST EVER GOTESCO 0.092 0.095 0.1 0.1 0.095 0.095 1,190,000 114,920 FILINVEST LAND 1.19 1.2 1.2 1.21 1.18 1.2 16,493,000 19,717,260 GLOBAL ESTATE 0.88 0.9 0.89 0.9 0.88 0.9 634,000 564,610 8990 HLDG 7.55 7.68 7.7 7.7 7.52 7.55 144,600 1,094,816 1.41 1.42 1.36 1.42 1.34 1.41 3,667,000 5,083,290 PHIL INFRADEV 3.02 3.05 - - - - - - KEPPEL PROP CITY AND LAND 0.7 0.72 0.72 0.72 0.69 0.72 23,000 16,290 MEGAWORLD 3.97 3.99 3.96 4 3.92 3.99 16,946,000 67,124,110 MRC ALLIED 0.485 0.495 0.5 0.5 0.48 0.49 59,270,000 29,192,350 PHIL ESTATES 0.4 0.425 0.4 0.4 0.4 0.4 100,000 40,000 - - - - - - - - PRIMETOWN PROP PRIMEX CORP 1.27 1.31 1.3 1.31 1.26 1.31 190,000 240,280 ROBINSONS LAND 19.58 19.6 19.9 19.92 19.4 19.6 2,144,500 42,126,906 PHIL REALTY 0.3 0.31 - - - - - - ROCKWELL 1.44 1.45 1.54 1.55 1.45 1.45 2,589,000 3,772,330 2.6 2.64 2.6 2.65 2.6 2.64 2,801,000 7,384,800 SHANG PROP 2.17 2.19 2.19 2.24 2.15 2.2 854,000 1,862,740 STA LUCIA LAND 37.4 38.35 37 38.35 36.55 38.35 5,785,000 218,352,560 SM PRIME HLDG VISTAMALLS 4.01 4.06 4.05 4.05 4 4.05 17,000 68,740 SUNTRUST HOME 1.85 1.87 1.88 1.88 1.8 1.87 994,000 1,841,190 VISTA LAND 4.3 4.32 4.34 4.34 4.28 4.32 722,000 3,109,130

64,839,980.00 -275,200 -21,051,905 -726,990 66,920 49,288 -2,027,750 -13,669,986 47,600 -703,750 15,400 -205,390.00 -26,731,230 -362,650 -24,170,438 233,250 894,400 -297,340 6,429,105 -229,570 -66,020

SERVICES ABS CBN 12.7 12.84 12.88 12.88 12.7 12.8 86,100 1,097,150 GMA NETWORK 6.34 6.35 6.3 6.45 6.3 6.35 1,620,000 10,293,452 MANILA BULLETIN 0.47 0.49 0.475 0.52 0.47 0.485 4,130,000 2,023,650 2,026 2,028 2,012 2,040 2,010 2,026 43,245 87,561,870 GLOBE TELECOM 1,370 1,379 1,370 1,398 1,370 1,370 168,595 232,090,905 PLDT 0.202 0.203 0.205 0.207 0.197 0.203 1,228,760,000 247,870,280 APOLLO GLOBAL CONVERGE 17.18 17.2 17.5 17.6 17.06 17.2 16,544,800 286,141,388 DFNN INC 5.06 5.07 5.08 5.1 5 5.07 668,100 3,377,979 DITO CME HLDG 14.54 14.56 14.1 14.6 13.84 14.54 58,104,400 827,444,188 1.9 1.99 1.9 1.99 1.9 1.99 68,000 131,540 IMPERIAL ISLAND INFO 0.181 0.182 0.161 0.183 0.155 0.182 118,460,000 20,613,000 JACKSTONES 2.01 2.06 2 2.1 2 2.01 19,000 38,900 NOW CORP 3.41 3.44 3.49 3.55 3.38 3.44 2,924,000 10,069,310 TRANSPACIFIC BR 0.375 0.38 0.385 0.385 0.36 0.38 25,630,000 9,590,100 2.72 2.76 2.72 2.87 2.7 2.72 731,000 2,017,800 PHILWEB 8.56 8.58 8.45 8.6 8.3 8.58 9,400 78,916 2GO GROUP 14.62 15.4 14.7 14.7 14.7 14.7 800 11,760 ASIAN TERMINALS CHELSEA 4.51 4.55 4.57 4.63 4.5 4.51 1,541,000 6,971,920 CEBU AIR 48 48.05 47 48.8 47 48 716,900 34,434,950 123.6 124 124.9 126 123 123.6 736,300 91,268,281 INTL CONTAINER 16.5 16.58 15.6 16.5 15.6 16.5 104,200 1,714,412 LBC EXPRESS 5.46 5.48 5.6 5.61 5.41 5.46 1,508,400 8,322,298 MACROASIA METROALLIANCE A 3.05 3.07 2.95 3.09 2.8 3.07 2,844,000 8,373,410 METROALLIANCE B 3.14 3.23 2.65 3.14 2.65 3.14 8,000 24,070 PAL HLDG 6.47 6.5 6.66 6.66 6.47 6.47 11,700 76,118 1.44 1.45 1.46 1.48 1.42 1.44 1,051,000 1,517,240 HARBOR STAR 1.53 1.55 1.53 1.53 1.46 1.53 28,000 42,560 ACESITE HOTEL DISCOVERY WORLD 4.42 4.5 4.18 4.9 4 4.5 3,889,000 17,311,700 WATERFRONT 0.54 0.56 0.55 0.57 0.54 0.55 8,307,000 4,591,220 FAR EASTERN U 551 569 550 550 550 550 1,130 621,500 8.07 8.1 8.06 8.06 8.05 8.05 41,800 336,746 IPEOPLE STI HLDG 0.395 0.4 0.395 0.395 0.39 0.395 5,980,000 2,357,350 4.18 4.38 4.2 4.4 4.16 4.38 45,000 191,920 BERJAYA BLOOMBERRY 7.77 7.8 7.99 7.99 7.71 7.8 2,554,500 19,920,195 PACIFIC ONLINE 2.05 2.1 2.1 2.1 2.05 2.05 42,000 86,950 LEISURE AND RES 1.7 1.74 1.73 1.75 1.68 1.74 181,000 309,700 2.72 2.73 2.72 2.81 2.67 2.73 7,224,000 19,835,090 PH RESORTS GRP 0.46 0.465 0.455 0.465 0.455 0.46 4,640,000 2,140,350 PREMIUM LEISURE PHIL RACING 6.5 6.6 6.5 6.5 6.5 6.5 5,000 32,500 ALLHOME 8.45 8.6 8.6 8.6 8.46 8.6 111,300 952,150 METRO RETAIL 1.45 1.46 1.43 1.46 1.43 1.45 1,215,000 1,760,690 38.5 38.6 38.75 38.75 38.1 38.6 1,634,500 63,067,410 PUREGOLD 58.15 58.2 57.6 58.55 57.5 58.2 2,075,930 120,693,810.50 ROBINSONS RTL 100 104 100 110 100 100 1,709,790 175,965,560 PHIL SEVEN CORP SSI GROUP 1.36 1.37 1.38 1.39 1.34 1.37 2,165,000 2,955,410 WILCON DEPOT 17.94 17.96 17.98 17.98 17.96 17.96 881,500 15,834,600 0.45 0.46 0.45 0.46 0.45 0.45 2,100,000 955,600 APC GROUP EASYCALL 7 7.2 6.91 7.26 6.9 7.18 26,600 187,554 437 446 438 440.4 438 440.4 960 421,680 GOLDEN MV IPM HLDG 4.8 5.25 5 5.25 5 5.25 16,000 80,250 PRMIERE HORIZON 2.52 2.54 2.56 2.64 2.45 2.52 134,121,000 342,208,880 SBS PHIL CORP 4.66 4.95 4.61 4.95 4.31 4.95 18,000 84,690

35,674,470 13,591,935 5,809,950 -114,100,132 822,678 2,215,930 -140,770 309,440 -70,050 -98,130 30,959.00 -730,760 -4,188,890 1,260,743 16,320 -440,013 -153,100 7,400 -78,400 -1,757,750 -5,324,734 45,690 -177,450 -158,384 -750,030 -15,162,755 -41,767,321 897,533 -150,640 11,304,194 21,600 -3,675,100 -

MINING & OIL

ATOK 7.07 7.1 6.8 7.12 6.8 7.07 570,100 3,965,921 -81,140 APEX MINING 1.53 1.54 1.56 1.57 1.53 1.53 5,441,000 8,420,520 217,690 0.0058 0.0059 0.006 0.0061 0.0058 0.0058 10,564,000,000 62,444,000 -346,000 ABRA MINING 5.72 5.75 5.85 5.85 5.72 5.72 881,200 5,075,352 8,008 ATLAS MINING 3.05 3.15 3.15 3.15 3.05 3.15 26,000 80,850 BENGUET A COAL ASIA HLDG 0.3 0.305 0.315 0.315 0.305 0.305 860,000 263,950 CENTURY PEAK 2.8 2.82 2.83 2.83 2.82 2.82 17,000 48,090 DIZON MINES 8.81 8.99 8.8 9.17 8.8 8.99 22,900 204,003 2.57 2.59 2.63 2.64 2.53 2.58 4,873,000 12,577,210 858,240 FERRONICKEL 0.4 0.41 0.41 0.42 0.39 0.41 8,810,000 3,575,300 -340,300 GEOGRACE LEPANTO A 0.152 0.154 0.16 0.164 0.15 0.152 46,310,000 7,158,210 LEPANTO B 0.154 0.16 0.165 0.165 0.153 0.16 8,010,000 1,245,690 MANILA MINING A 0.01 0.011 0.011 0.011 0.01 0.011 122,700,000 1,263,200 0.01 0.011 0.01 0.011 0.01 0.011 73,400,000 805,000 -2,200 MANILA MINING B 1.44 1.45 1.4 1.45 1.4 1.45 2,601,000 3,725,800 -35,910 MARCVENTURES 2.64 2.7 2.71 2.74 2.63 2.7 97,000 259,720 NIHAO NICKEL ASIA 5.33 5.35 5.3 5.36 5.2 5.35 8,163,700 43,454,279 -764,011.00 OMICO CORP 0.42 0.44 0.455 0.455 0.42 0.44 200,000 87,500 1.1 1.11 1.08 1.11 1.03 1.11 5,553,000 6,070,590 3,300 ORNTL PENINSULA 4.2 4.24 4.26 4.3 4.18 4.24 2,560,000 10,826,920 -414,450 PX MINING 12.8 12.84 12.68 12.86 12.66 12.8 953,800 12,198,428 1,511,790 SEMIRARA MINING UNITED PARAGON 0.011 0.012 0.013 0.014 0.011 0.012 3,826,800,000 46,527,500 455,700 ACE ENEXOR 18.82 19 18.9 20.2 18.62 18.82 880,300 16,819,516 45,232 ORNTL PETROL A 0.014 0.015 0.014 0.015 0.013 0.014 563,600,000 7,808,300 0.014 0.015 0.015 0.015 0.013 0.014 21,600,000 303,700 ORNTL PETROL B PHILODRILL 0.014 0.015 0.015 0.016 0.014 0.015 1,403,000,000 20,531,800 304,000 9.28 9.5 9.43 9.55 9.25 9.5 683,600 6,409,670 681,390 PXP ENERGY

PREFFERED ALCO PREF B 102 102.4 102.4 102.4 102 102 290 29,620 AC PREF B2R 512 515 512 512 512 512 5,800 2,969,600 DD PREF 101.5 102.4 101.5 101.5 101.5 101.5 5,000 507,500 502 504.5 504 504.5 504 504.5 2,000 1,008,060 GLO PREF P GTCAP PREF B 1,030 1,031 1,030 1,030 1,030 1,030 2,350 2,420,500 MWIDE PREF 101.1 101.2 101.2 101.7 101.2 101.2 10,410 1,053,597 1,017 MWIDE PREF 2A 98.7 101 100 100 100 100 500 50,000 PNX PREF 3B 106 106.7 106 106 106 106 4,820 510,920 PNX PREF 4 1,006 1,010 1,009 1,010 1,006 1,010 1,045 1,051,500 1,094 1,095 1,094 1,094 1,094 1,094 100 109,400 PCOR PREF 3A SFI PREF 1.74 1.99 1.75 1.75 1.74 1.74 38,000 66,450 SMC PREF 2C 79.1 79.35 79.4 79.4 79 79.35 460 36,483.50 SMC PREF 2E 76.2 77 77 77 77 77 1,900 146,300 SMC PREF 2F 77.85 79.1 78 78 77.5 77.5 41,000 3,182,855 75.6 76.95 76.95 76.95 76.95 76.95 900 69,255 SMC PREF 2G SMC PREF 2I 76.95 78.5 78.5 78.5 76.9 76.9 206,330 15,922,847 SMC PREF 2J 76.25 76.3 76.2 76.25 76.2 76.25 7,870 599,944 SMC PREF 2K 76.25 76.4 76.25 76.25 76.25 76.25 50,300 3,835,375

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.5 12.76 12.5 12.76 12.32 12.5 47,500 593,920 8,482 GMA HLDG PDR 6.22 6.35 6.26 6.35 6.03 6.35 468,300 2,933,260 1,476,280

WARRANTS LR WARRANT 0.91 0.93 0.89 0.91 0.89 0.91 48,000 43,540 -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 22.1 22.2 20.4 22.75 20 22.2 1,676,700 36,357,100 -204,960 ITALPINAS 3.12 3.15 3.05 3.26 3 3.12 2,049,000 6,404,840 6,370 KEPWEALTH 6.01 6.1 6.1 6.1 6.01 6.1 10,900 65,914 6.79 6.8 6.7 6.91 6.55 6.79 12,384,600 83,680,893 -134,288 MERRYMART

EXHANGE TRADE FUNDS

FIRST METRO ETF 104.5 105.6 104.2 105.6 103.1 105.6 20,620 2,158,716 61,952

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LBC Express acquires Covid vaccines for entire work force

C

By VG Cabuag

@villygc

ourier LBC Express Inc. said it acquired Covid-19 vaccines in coordination with the government from various manufacturers and hopes to give these to some 10,000 of its employees.

“With the upcoming arrivals of the Covid-19 vaccines from various manufacturers, LBC looks forward to ensuring its entire work force the much-needed and much-anticipated vaccinations. This in turn, can likewise reassure its millions of customers across the nation of

safe, reliable remittance, as it has been for the last 70 years,” the company said.

During the past few months of the pandemic LBC said it has been continuously operating its courier, cargo, and logistics businesses, as well as its money services in more

STOCK-MARKET OUTLOOK Last week

Share prices recovered last week with the main index returning to the 7,000-point level as optimism returned to the market after Congress passed the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. The benchmark Philippine Stock Exchange index (PSEi) gained 406.56 points to close at 7,019.18 points.

The main index was up for most of the week, with Monday having the biggest gain of 202.14 points and on Friday when it rose 115.43 points despite the announcement of a higher inflation rate for January at 4.2 percent, which breached the central bank’s target range.

Foreign investors were again net sellers at P2.6 billion but average value of trade for the week remained high at P9.09 billion.

All other subindices ended in the green, with some almost reversing its losses the previous week led by the All Shares index that rose 209.47 points to close at 4,216.80 points, the Financials index gained 72.28 to 1,450.63, the Industrial index climbed 544.22 to 9,171.22, the Holding Firms index surged 423 to 7,165.39, the Property index increased 227.90 to 3,600.77, the Services index added 47.55 to 1,497.82 and the Mining and Oil index soared 624.43 to 8,812.25.

For the week, winners edged losers 191 to 50 and 13 shares were unchanged.

Top gainers were United Paragon Mining Corp., Vulcan Industrial and Mining Corp., Abacore Capital Holdings Inc., Island Information and Technology. Inc., ACE Enexor Inc. and Metro Alliance Holdings and Equities Corp. A and B shares.

Top losers were Atlas Consolidated Mining and Development Corp., F and J Prince Holdings Corp. A, Jolliville Holdings Corp., Ginebra San Miguel Inc., ATN Holdings Inc. B and Pacifica Holdings Inc.

This week

Trading is seen to move sideways this week, as prices may go down due to profit-taking.

It will be a 4-day trading week as Friday is a public holiday to celebrate the Chinese New Year.

“Catalysts that may tilt the local market’s bias to the upside include the Malacanang’s signing of the CREATE bill, as well as narratives that would point to the availability of a Covid-19 vaccine and further easing of social restrictions in the Philippines soon. Investors are also expected to look towards the upcoming foreign direct investment data and the policy rate decision from the Bangko Sentral ng Pilipinas next week for clues on the local economy,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

He said the PSEi may test the 6,900 level but if the level holds, the main index is seen to trade with the 6,900 level as its support, and the 7,150 to 7,200 range as its resistance.

Meanwhile, 2TradeAsia said the main index may have recovered to the 7,000-point level but it will be tested when corporates start reporting their 2020 figures starting next week. Globe Telecom Inc. is the first company that will announce its figures next week.

Stock picks

Broker Regina Capital Development Corp. advised to buy the stock of Puregold Price Club Inc. as it was able was able to post a “stellar” performance and continued to work on its bullish expansion plan even during a health crisis.

“However, for fourth quarter of 2020, we expect sales to post modest improvements and see its SSSG [same store sales growth] to revert to positive territory at the height of the holiday season. On an annual perspective, its year-on-year growth might be more tamed in the last quarter of 2020 considering fourth quarter of 2019 to be highbased and spendable income of the public amid pandemic was more strained,” it said.

It gave a fair value price on the stock at P55.

Puregold shares closed Friday at P38.60 apiece.

Meanwhile, it advised to trade the range on the stock of AC Energy Corp. as the stock fell during last week’s trade despite its Indicators are bullish on the stock.

“But take note that its bullishness is showing deteriorating signs. Immediate support level patiently sits at P6.51, with resistance at P7.84.”

AC Energy shares closed last week at P7.22 apiece. VG Cabuag

than 1,500 branches throughout the country.

Millions of customers whose physical movements have been restricted due to various quarantine regulations have been utilizing LBC’s services to send and deliver their essentials, as well as muchneeded medications and other life-saving items during this time of crisis.

LBC said it has also been providing its employee base with regular and continuous Covid-19 testing for all, providing safety gear/PPE and disinfection through fumigation and ultraviolet emitting machines in all facilities and on all cargo, continuous shuttling services for employees and easy access to doctors, medical assistance both for onsite and work-from-home

mutual funds

staff. Despite the challenges of various lockdown scenarios in 2020, LBC said it maintained all employment and did not downsize its work force. Workers also received various types of paid leaves, including home quarantine leaves and continuous health monitoring using the company’s medical team.

Some company facilities have been converted into lodging spaces for employees, and provided personal beds, linens, vitamins, hygiene kits and personal disinfection materials; and cafeteria operations to provide food. LBC has also provided a mental health counseling hotline for employees, available round-the-clock for anyone needing psychological and emotional support during the quarantine period.

February 5, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 219.36 -6.68% -9.75% -1.5% -3.46% ATRAM Alpha Opportunity Fund, Inc. -a 1.3017 4.95% -7.79% 4.55% -0.86% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0264 -8.13% -13.58% -2.67% -3.4% Climbs Share Capital Equity Investment Fund Corp. -a 0.77 -6.27% -8.41% n.a. -4.22% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7058 -10.37% n.a. n.a. -4.83% First Metro Save and Learn Equity Fund,Inc. -a 4.7802 -3.68% -7.85% -0.61% -3.26% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.712 -9.54% -10.9% -6.13% -6.29% MBG Equity Investment Fund, Inc. -a 97.64 3.22% -6.85% n.a. -4.22% PAMI Equity Index Fund, Inc. -a 45.2461 -4.47% -7.84% 0.2% -3.42% Philam Strategic Growth Fund, Inc. -a 472.07 -4.76% -7.78% -0.58% -3.46% Philequity Alpha One Fund, Inc. -a,d,5 1.0562 7.63% n.a. n.a. -3.75% Philequity Dividend Yield Fund, Inc. -a 1.1374 -4.9% -7.27% 0.33% -2.64% Philequity Fund, Inc. -a 33.6922 -4.19% -7.12% 0.96% -3.1% Philequity MSCI Philippine Index Fund, Inc. -a 0.8791 -6.96% n.a. n.a. -3.71% Philequity PSE Index Fund Inc. -a 4.6281 -4.08% -7.42% 0.95% -3.4% Philippine Stock Index Fund Corp. -a -7.29% 0.9% -3.39% 774.45 -3.86% Soldivo Strategic Growth Fund, Inc. -a 0.6965 -9.17% -11.11% -3.15% -3.12% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5064 -9.15% -9.33% -0.62% -3.24% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.886 -4.17% -7.6% 0.72% -3.45% United Fund, Inc. -a 3.2267 -5% -6.27% 1.47% -2.78% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 103.9264 -3.86% -7.08% 1.63% -3.37% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.3199 35.49% 4.05% 11.13% 9.73% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7364 25.28% 9.15% n.a.

3.8% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.646 8.54% -4.41% -0.38% -1.35% ATRAM Philippine Balanced Fund, Inc. -a 2.2409 8.26% -3.37% 1.56% -1.95% First Metro Save and Learn Balanced Fund Inc. -a 2.5712 1.73% -2.92% 0.21% -2.12% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1941 -10.06% n.a. n.a. -2.27% NCM Mutual Fund of the Phils., Inc. -a 1.9449 1.8% -1.21% 2.05% -0.97% PAMI Horizon Fund, Inc. -a 3.7125 2.04% -2.24% 1.2% -2% Philam Fund, Inc. -a 16.6066 1.93% -2.26% 1.13% -1.95% Solidaritas Fund, Inc. -a 2.0531 0.22% -3.32% 0.91% -1.96% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.506 -4.25% -4.95% 0.05% -1.88% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.0053 3.01% n.a. n.a. -1.69% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9227 -1.25% n.a. n.a. -2.79% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.905 -2.52% n.a. n.a. -3.01% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8693 -4.65% -5.74% -0.63% -2.07% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.0389 0.26% 3% 1.89% -0.56% PAMI Asia Balanced Fund, Inc. -b $1.2189 21.02% 3.5% 7.76% 5.97% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6374 17.78% 6.89% 9.44% 2.76% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2123 8.58% 3.57% n.a.

0.85% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.47 3.71% 3.24% 2.75% 0.11% ATRAM Corporate Bond Fund, Inc. -a 1.9041 -0.1% 0.34% 0.15% 0.2% Cocolife Fixed Income Fund, Inc. -a 3.2186 2.79% 4.36% 4.72% 0.12% Ekklesia Mutual Fund Inc. -a 2.2977 3.09% 2.84% 2.29% 0.07% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4501 3.95% 3.38% 2.13% -0.13% Philam Bond Fund, Inc. -a 4.6397 6.15% 4.74% 2.83% 0.11% Philam Managed Income Fund, Inc. -a,6 1.3233 5.72% 4.48% 2.74% 0.16% Philequity Peso Bond Fund, Inc. -a 3.9861 5.95% 4.48% 2.75% -0.37% Soldivo Bond Fund, Inc. -a 1.0397 7.56% 4.22% 2.41% -0.22% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2049 4.27% 4.64% 3.36% -0.03% Sun Life Prosperity GS Fund, Inc. -a 1.7505 3.46% 3.9% 2.78% -0.26% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $484.71 3% 2.95% 2.79% 0.17% ALFM Euro Bond Fund, Inc. -a Є219.36 -0.48% 0.94% 1.26% 0.08% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2721 4.99% 4.13% 2.9% -0.65% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 1.54% 1.97% 1.59% -0.75% PAMI Global Bond Fund, Inc -b $1.0906 -1.61% 1.01% 0.18% -0.19% Philam Dollar Bond Fund, Inc. -a $2.5277 3.7% 4.48% 3.23% -0.31% Philequity Dollar Income Fund Inc. -a $0.0626601 3.26% 3.26% 2.41% 0.55% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.207 -1.09% 2.53% 2.01% -0.51% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 130 3.02% 3.32% 2.58% 0.15% First Metro Save and Learn Money Market Fund, Inc. -a 1.049 2.15% n.a. n.a.

0.09% Sun Life Prosperity Money Market Fund, Inc. -a 1.2984 2.38% 2.95% 2.61% 0.14% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0535 1.39% 1.78% n.a.

0.1% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1595 n.a. n.a. n.a. 2.65% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 0% n.a. n.a. 1.02%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

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

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Banking&Finance

2 online-payment firms clear infringement raps

By Joel R. San Juan @jrsanjuan1573

T

HE Manila City Prosecutor’s Office has junked the criminal complaint by TouchPay brand-owner Manila Express Payment Systems (Meps) Inc. for alleged utility-model infringement and unfair competition filed against officers of two online payment and processing firms.

In a 10-page resolution, Assistant City Prosecutor Robert G. Indunan held that the complaint was prematurely filed against the officers of BTI Payments Philippines and Electronic Transfer Advance Processing Inc. (eTAP).

Indunan noted that under Section 76 (Civil Action for Infringement) of Republic Act (RA) 8293, a criminal action for infringement can only be lodged if an infringement is repeated by the infringer or by anyone in connivance with him after the finality of the judgment of the court against the infringer.

Section 76 of RA 8293 (An Act of Prescribing the Intellectual Property Code of the Philippines and Establishing the Intellectual Property Office) provides for civil action for infringement.

“In this case, the instant criminal action for infringement was lodged for the first time sans any final court judgment for infringement against herein respondents,” the resolution read.

“Thus, the instant criminal complaint is deemed to have been prematurely filed, for which herein respondents cannot as yet be indicted for infringement of a utility model,” it added.

With regard to the unlawful competition charges, MEPS accused the respondents of “palming off”—misrepresenting someone else’s goods or services as one’s own in business—or

passing by eTAP’s “Pay&Go” automated payment terminal (APT) as MEPS’ TouchPay automated payment machine (APM).

However, the prosecutor held that the evidence presented by the complainant were not sufficient to warrant the filing of unfair competition against the accused before the trial court.

It noted that the physical appearance of eTAP’s Pay&Go APT is different from MEPS’s TouchPay APM. “The complaints sent via email anent ETAp’s Pay&Go APT and MEPS’ TouchPay have not clearly shown that the end consumers were misled or deceived as to the machines that they were using,” the resolution said.

Indunan further held that the subject of the complaint is the items seized by the National Bureau of Investigation-Intellectual Property Rights Division (NBI-IRPD) resulting from search warrants.

However, the officers of the NBIIRPD failed to execute affidavits to confirm the items confiscated, the resolution read. It added the officers also failed to show that the confiscated machines, when operated, exhibited an imitation of the utility-model flow similar to that of MEPS’s.

“Verily, the evidence adduced is insufficient to indict herein respondents for unfair competition,” the resolution stated.

The complainant has alleged that there was a confusing similarity in the general appearance of the BTI, eTAP and TouchPay machines.

The complainant also alleged there was intent to deceive the public and competitors.

This resulted to the issuance of a search warrant executed by the NBIIPRD whose members confiscated two BTI machines from Manila in July last year.

Perspectives Cloud-based e-mail–opening the front door to attacks

C

LOUD-based e-mail, most notably Microsoft Office 365, has changed the way organizations implement e-mail services, offering much needed flexibility to businesses enduring today’s disruptive pandemic.

Cloud-based e-mail is available for employees from outside the corporate network, requires no patching and is readily scalable. But the convenience of e-mail everywhere comes at a price: access is also convenient to today’s crafty hackers—anywhere, anytime.

The fact that attackers need only credentials to compromise e-mail accounts has given rise to large-scale business email compromise attacks. After compromising a single business e-mail account through credential harvesting websites, credential stuffing or password spray attacks, attackers can exploit the trust and familiarity of colleagues and supply chain partners to harvest additional credentials or request fraudulent transactions.

Beware. Attackers have become extremely creative, utilizing mailbox rules and scripted searches to streamline their quest for new targets and exploitation opportunities.

Key steps to help foil attackers

THE most common cloud-based e-mail services come with a suite of authentication and monitoring capabilities as add-ons, which can help security teams to be equally creative in foiling attackers. Monitoring rules can effectively detect

malicious activity. However, they should be carefully maintained to limit false positives. n Enable multi-factor authentication. MFA forces the attacker to compromise the second form of authentication. Be aware that some sophisticated attacks are requesting the current token code to log into a fake website that is immediately used to log into the actual Office365 account. n Enforce conditional, IPbased MFA for access to cloudbased e-mail services. We see clients implementing IP-based restrictions suffering far fewer e-mail related compromises. A secondary option is to only allow email access from within the corporate network, while this removes the benefit of a globally accessible e-mail, it still reduces risk. n Set up, monitor and respond to suspicious activity alerts. These can include alerts for impossible travel (a user logging in from two geographic areas within an impossible timeframe); new inbox rules created on a user’s account; and excessive failed log ins indicating a potential brute force attempt.

The excerpt was taken from “KPMG Thought Leadership, Securing the cloud—the next chapter.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent memberfirms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more information on KPMG in the Philippines, you may visit www.kpmg.com.ph

BusinessMirror

Monday, February 8, 2021

B3

Govt borrowed, got ₧819.38B from foreign sources in 2020

T

By Bernadette D. Nicolas

@BNicolasBM

HE Department of Finance (DOF) said it borrowed and secured grants for a total of $17.06 billion, roughly P819.38 billion, from foreign lenders in 2020 in a bid to plug the record-high P1.38-trillion fiscal deficit that the Philippine government incurred as the economy was crippled by “poor governance” against the Covid-19 pandemic.

Finance Undersecretary Mark Dennis Y.C. Joven said in a statement that the bulk of the total external financing or around $15.44 billion (about P741.58 billion) is for the emergency requirements requested by the national government presumably for the a response to the pandemic. Joven said the remaining $1.62 billion (about P77.8 billion) is for other initiatives like infrastructure projects.

“Because of a higher emergency funding requirement, the amount of external financing in 2020 increased by 75.43 percent year-on-year,” he explained.

Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo has written in a column that “It is about time we stopped blaming the lockdown for the deepest recession we suffered in decades. The lockdown is simply the result of poor governance of our public health system.”

Joven, who heads the DOF’s International Finance Group (IFG), added the amount also represents an overall 33-percent expansion of the external borrowing program from 2016 to 2020.

He said in a report that the DOF secured $7.73 billion (45.3 percent) from multilateral lenders, $2.86 billion (16.7 percent) from the Philippines’s bilateral partners and $6.47 billion (37.9 percent) from commercial markets.

Of the total external financing secured last year, Joven said $14.52 billion was contracted for budget support to help cover a deficit that hit 7.6 percent of gross domestic product (GDP).

The Bureau of the Treasury has yet to release the official full-year budget deficit data before the end of this month.

Meanwhile, the remaining $2.54 billion came in the form of project loans negotiated by the IFG to support key government projects that will be implemented over several years starting 2020.

Out of the $14.52 billion in budgetary support financing, $12.18 billion was already disbursed as of end-December 2020, according to the statement.

The budgetary support financing secured by DOF last year was comprised of $8.05 billion in Official

An unidentified rider on a bicycle passes by the Department of Finance building. Finance Undersecretary Mark Dennis Y.C. Joven said in a statement the government borrowed nearly P1 trillion last year as the Philippine economy crawled into a recession because of a “poor governance” against the Covid-19 pandemic, according to Bangko Sentral ng Pilipinas Deputy Governor Diwa C. Guinigundo.

Development Assistance (ODA), according to Joven. He added that another $6.47 billion was from funds raised in the overseas bond markets.

Aside from loans, the IFG also processed grants and technical assistance amounting to $859.53 million last year, of which $26.74 million is intended for government spending for a “Covid-19 response.”

In 2020, the IFG also facilitated the provision of various donations, such as testing kits, masks, personal protective equipment (PPEs), ventilators, face shields, and others, from China, according to Joven.

There is also a pending $77.38 million from an Agreement on Economic and Technical Cooperation that the DOF signed recently with the China International Development Cooperation Agency (Cidca) may be fully or partially used for government’s “Covid-19 response.”

Joven said the amount and its use is still “subject to discussions with the Chinese government.”

For this year, Joven said they are aiming to secure a total of $23.71 billion in external financing to cover the budget deficit and fund priority projects. He noted that $8.06 billion (34 percent) will be contracted

for budget support purposes while $15.65 billion (66 percent) will be used to fund government projects.

Government’s hunt for funds from foreign sources is hinged on its expectation this year’s budget deficit would further widen to P1.78 trillion or 8.9 percent of the country’s GDP. “We are planning to source a total of $7.67 billion in loans and grants from multilateral institutions, $10.54 billion from our bilateral partners; and raise $5.5 billion from the commercial markets this year,” Joven said.

In securing financing from external sources, Joven said the DOF has always maintained “its bias towards cheaper and multilateral loans.”

“The government has consistently availed debt for budget support, recognizing that program loans and global bonds provide more flexibility in terms of utilization,” he said.

In 2020, the government posted a record-high outstanding debt of P9.795 trillion and a 14-year-high debt-to-GDP ratio of P54.5 percent.

This came a year after the country recorded an outstanding debt level of P7.73 trillion as it snatched a historic low debt-to-GDP ratio of 39.6 percent.

Fintech firm opens PHL-Canada remittance channel

By Tyrone Jasper C. Piad @Tyronepiad

F

INANCIAL technology (fintech) player Telcoin Pte. Ltd. recently launched a digital remittance window—which leverages on its blockchain-supported platform—between Canada and the Philippines.

Telcoin teamed up with GCash, which is operated by Globe Fintech Innovations Inc. (Mynt), in offering the service. The mobile wallet service provider has more than 33 million users in the Philippines.

“The opening of Telcoin’s inaugural remittance corridor marks the company’s first step toward offering users a suite of digital finan-

cial products leveraging blockchain technology and digital assets,” the fintech firm said in a recent media statement.

Telcoin said it is aiming to offer lower cost for international money transfers by transacting through mobile money providers.

Citing data from Global System for Mobile Communications Association, the fintech player noted there are over 1 billion active mobile money accounts across 95 countries, with annual remittance value of $7.3 billion.

Telcoin is targeting to charge 2.5 percent or less to complete remittance transaction using any mobile device, which is lower than the 7-percent global average cost.

For the fourth quarter of last year, World Bank reported that the average cost of money transfers from Canada to the Philippines was 4.92 percent.

“Telcoin’s strategy of direct connections with telecom and mobile money partners will enable us to rapidly scale, keep costs low, and ensure the health and safety of our users thanks to the contactless nature of transacting on mobile and not at a physical shop,” Paul Neuner, the fintech company’s CEO, said.

Filipinos receive approximately $2.8-billion worth of remittances from Canada annually, the company said.

Based in Singapore, Telcoin is li-

censed as a major payment institution. This, in addition to being registered as a money service business in Canada and Australia.

Employing compliance-first approach when penetrating new markets, the firm is in the process of securing approval from central banks for its remittance services in other jurisdictions.

“We intend to become a household name in the Philippines, putting more money back in our users’ pockets when they need it most,” Neuner was quoted in the statement as saying.

Apart from GCash, the fintech company also has collaboration with other electronic wallet service platforms in Africa and Asia.

Triple jobless insurance amount sought from SSS

By Jovee Marie N. dela Cruz @joveemarie

A

MID widespread joblessness due to the economic recession, another lawmaker has filed a bill tripling the amount of unemployment insurance that laidoff workers can claim from the Social Security System (SSS).

In House Bill (HB) 8594, Surigao del Sur Rep. Johnny Ty Pimentel said he filed the bill to expand the benefits and compensation of the workers in private sector.

“Our current circumstances present a more difficult reality for workers whose employment was severed due to pandemic-induced economic regression,” Pimentel said.

Under the bill, dislocated workers can claim unemployment ben-

efits equal to 50 percent of their monthly salary for a maximum of six months granted through a onetime payment.

At present, the subsidy is equal to 50 percent of the monthly salary for a maximum of two months. “[The] bill seeks to give more meaning to social security and to the mandate of the 1987 Constitution for the State to afford full protection to labor,” Pimentel said. “We have to guarantee households income security and safeguard them against distress when breadwinners lose their jobs through no fault of their own.”

Once the bill is enacted, a displaced worker who used to earn P15,000 per month can claim P45,000 in unemployment benefits.

Currently, the worker can claim only P15,000.

The bill seeks to amend Republic Act 11199 or the Social Security Act of 2018. Under the law, the unemployment insurance is a cash grant and not a loan. It does not have to be repaid.

The benefit is paid to covered employees, including household staff and overseas Filipino workers, who lost their jobs due to retrenchment or downsizing, closure or cessation of operation, installation of laborsaving devices, redundancy or similar reasons.

SSS members may avail of the benefit as long as they have paid at least 36 monthly contributions, 12 months of which should be in the 18-month period immediately preceding the month of involuntary separation.

According to Pimentel, the econo-

my continues to shed jobs on account of the national and health crises.

Last week alone, PAL Holdings Inc. confirmed reports its unit, flag carrier Philippine Airlines, is laying off 2,100 employees or 35 percent of its workforce by mid-March.

Earlier, Marikina Rep. Stella Luz A. Quimbo filed HB 7028 or “An Act Instituting a National Unemployment Insurance Program” as millions of Filipinos lost their jobs as the economy contracted to its lowest rate since the Marcos dictatorship.

According to Quimbo, the Philippines needs a national unemployment insurance program that is capable of inter-temporal risk pooling that can protect workers even during a period of massive unemployment caused by a general economic downturn.

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Help your team beat

work-from-home burnout D

By Bobbi Thomason

bilities (as most of them currently are). Flexibility can bring a bit of sanity and comfort and become a competitive advantage for an organization.

espite the appeal of turning our calendars to 2021 and putting 2020 behind us, the new year has not immediately swept away our “new normal.” Zoom meetings, remote classrooms and virtual offices will continue for some time.

in the labor force in November 2020 than a year earlier. When women are pushed out of the work force, it harms not only progress toward gender equality, but also their families, who rely on their income, and their country’s economic growth.

Covid-19 is also having a disproportionate impact on people of color, including in the workplace. For example, Black and Latino workers are more worried than white workers about their employment. Their concern is well-founded: People of color are at greater risk of losing their jobs not only because they tend to work in industries with high risks of layoffs like retail and hospitality, but also because most companies put them at the top of their layoff lists.

Some experts project that the remote work trend is here to stay: Many employees are expected to remain remote workers in the post-pandemic world. Leaders have a responsibility to consider the experience of their workers most affected by work-from-home burnout and to create an inclusive remote culture that can benefit the entire organization.

By Ketut Subiyanto | Pexels.com

Though critical to surviving the crisis, the adjustments we have had to make are taking a toll on employees, particularly women, people of color and those with caregiving responsibilities. Indeed, burnout—defined as “chronic workplace stress that has not been successfully managed”—is at an all-time high.

Given the fact that mothers, more often than not, are shouldering the increased responsibilities of caring for children throughout the pandemic, it comes as little surprise that 9.8 million working mothers in the U.S. are suffering from burnout. In fact, working mothers are 28 percent more likely to experience it than working fathers. While research shows that nearly 100 percent of managers rate themselves as supportive of employees with families, only half of their subordinates agree.

Pandemic fatigue can result not only in low productivity, anxiety and stress for workers; it’s also a contributing factor in the exodus of women from the work force fueled by Covid-19. According to the Bureau of Labor Statistics, there were over 2 million fewer women

Pay attention to time and mental breaks

There are three steps you can take to protect employees from burnout—during and after the pandemic:

Check in on your employees

Not all employees are going to let you know how they’re doing and what they need. For example, research finds that minorities are generally reluctant to share information about themselves at work. Furthermore, Black women are more likely to experience invisibility at work, which means that even when they do speak up, their comments are less likely to

be remembered. But it’s not only women’s concer ns whom you should be attuned to; research, including my own, has found that even men hesitate to express the need for family accommodations with their employers. Creating an inclusive remote culture starts with hearing out all employees, then making fair and appropriate accommodations. The simple act of communicating in and of itself can relieve ambiguity and anxiety.

Offer flexible—not just remote—work when possible

Working from home doesn’t

necessarily include f lexibility.

Some companies, for example, insist that workers continue to be at their computers during regular work hours, just as they were in their physical offices before the pandemic. Plus, the average workday is almost an hour longer than it was before the pandemic. While some tasks and decisions need to be completed synchronously, leaders should consider whether all tasks and decisions need to happen this way. Allowing for some asynchronous collaboration will give employees the flexibility to manage their multiple responsi-

Rotating meetings between times that are convenient (and inconvenient) for each location is a best practice for globally distributed teams, so that no one group gets the luxury of the 11 a.m. meeting or the headache of the 11 p.m. meeting each time. Even if your team is all in one time zone, you may want to borrow this practice.

Also, while working from home may make it seem like employees are always available, it’s important that they schedule time to be “off.” Taking breaks and switching tasks not only recharges us, it also improves creative thinking and reduces burnout. Leaders have an opportunity to encourage all employees to take recovery time, especially during these periods when workers’ struggles might not be readily apparent.

The pandemic has followed us into 2021, and remote work is expected to remain a norm both during and after it. Employers increasingly have the responsibility to ensure their employees’ wellbeing and to take proactive steps to make operational changes. By paying attention to those workers most susceptible to pandemic fatigue and burnout, leaders can build better organizations for all of their employees.

Bobbi Thomason is assistant professor of applied behavioral science at Pepperdine Graziadio Business School.

When every employee is a risk manager

By Kurt Meyer, Anette Mikes & Robert S. Kaplan

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ost companies consider their primary risk management tools to be compliance programs, internal controls and audits. While reducing the incidence of ethical, reporting and compliance violations is important, such a narrow focus prevents the risk m a nagement f u nct ions f rom helping companies manage a much larger and ever-widening universe of risks.

Swissgrid, the electricity network operator for Switzerland, offers a case study in how to expand a company's horizon when it comes to risk management.

Swissgrid convenes recurring and highly interactive risk workshops for each business unit, for the executive team and for the board. At the workshops, participants review previously identified risks, as well as newly identified ones. They appraise each risk, using well-structured scales, and set priorities among them for resources and actions that reduce each risk's likelihood and impact.

T he company supplements these meetings with a low-threshold issue-reporting app, called RiskTalk. The app makes it easy for employees to report, anonymously if they wish, any issue or hindrance that could adversely af-

fect a corporate strategic or operational priority such as safety. The tool channels employees’ observations and concerns up to a triage team of a dozen Swissgrid managers who ensure that no emerging issue remains unnoticed.

These two risk management processes have been embraced and sustained by Swissgrid senior management even after their founder, the first chief risk officer, left the organization. Several key features explain the success of the company's approach:

It makes efficient use of everyone’s time

All risk processes and tools deployed by Swissgrid are designed to minimize the burden on senior line managers. Risk officers, embedded within each business unit, decide on the frequency of workshops for their units. Most business units run semiannual workshops, but the corporate unit runs only an annual workshop since most corporate risks, such as legal and regulatory matters, evolve slowly over time. The embedded risk officers continually update their risk assessments though face-to-face discussions with managers in their unit and based on the issues percolating upward from front-line employees using RiskTalk.

The app itself was designed to minimize users’ time. Employees, in less than a minute, can submit

a message that is geotagged and date-stamped, and they have the option to attach a photograph of a potentially dangerous situation.

Employees can use natural language rather than risk management jargon, and are not required to classify or set a priority for the problems they report.

It directs managers’ attention toward risks most relevant to them

RiskTalk is designed to enable quick action as it relates to what is most relevant for the firm’s operational and strategic priorities, including safety, service delivery, process excellence and cost efficiency. The app prompts users to tag the reported issue with the priority most likely to be affected.

With the priorities tagged, executives and board members can see how many issues related to a certain priority remain outstanding, prompting a follow-up question, such as, “If safety is our No. 1 priority, why have three safetyrelated issues gone unresolved for six months?”

The deployment of the RiskTalk app and the associated triage team was motivated by extensive academic research about human-made disasters. Those caused by a single human error are rare; most can be attributed to organizational risk management failures, including normalization

of deviance and groupthink. The issues reported in RiskTalk are sometimes so inconspicuous, even trivial, that many managers instinctively overlook or ignore them. Sw issgrid compensates for humans’ behavioral biases to underestimate the likelihood and consequences of unusual events by asking its dedicated triage team to be deliberately worried, even paranoid, about all possible downstream consequences from any reported event. The triage team is encouraged to connect the dots between seemingly isolated events to imagine the root causes of anomalies that in isolation look like independent failures.

It creates psychological safety for risk discussions

Psychological safety around risk reporting is, as a solid body of research indicates, essential to the speak-up culture that is the oxygen of risk management. Before the two risk management processes were introduced, Swissgrid was prone to the natural organizational tendency of “shooting the messenger” of bad news. The risk processes helped to change the culture and make it safe for front-line employees and middle managers to raise risk concerns. Since their introduction, no manager or frontline employee has been chastised or punished for reporting a problem, fault or mistake.

It enables resources to be allocated according to specific needs

Information from risk workshops and RiskTalk enable line managers to get the resources they need for risk mitigation. Risk management workshops conclude with agreements about risk prioritization, risk mitigation actions, risk ownership and resource allocation. Risks that cut across various functions are evaluated from the perspective of each unit, generating transparency about a team's role in risk mitigation and its consequent need for resources.

The triage team also addresses issues revealed by the app from a resource perspective. If the skills and financial resources are already available to address a particular risk, the team mobilizes an immediate response. Issues that require higher-level authorization or additional training and resources are placed on the agenda of upcoming departmental or executive-level risk workshops.

Establish the tone at the top for risk visibility and accountability

The chief risk officer convenes and facilitates a semiannual executive risk workshop for business unit heads and the CEO. At the workshop, executives make a presentation about their units' risk profile, followed by questions and requests for clarifications. The

meetings create visibility for the risks that are reported by individual business unit, but that might also be faced by others. Requiring busy executives to spend two days discussing risks sends a powerful signal about the importance of risk management—and line executives’ ownership and accountability for risks. After each executive risk workshop, the chief risk officer prepares a report for the audit committee of the supervisory board, which it then shares and discusses with the entire board.

Identifying and managing strategic and emerging risks is very different from managing the audit and compliance functions. Risk identification, assessment and mitigation require a continuous flow of information and monitoring by managers up, down and across the organization. Thanks to its new approach Swissgrid has successfully transformed its risk management function from an exercise in checking boxes to a bona fide management process that employees, managers and executives all embrace as part of their everyday lives.

Kurt Meyer is a strategic risk adviser to AXA. Anette Mikes is an associate professor at Oxford’s Saïd Business School. Robert S. Kaplan is the Marvin Bower professor of leadership development at Harvard Business School.

www.businessmirror.com.ph

Style

BusinessMirror

Editor: Gerard S. Ramos

• Monday, February 8, 2021

B5

7th Filipino Footwear Design Competition: Gaining a foothold in the global marketplace

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ilipinos are fabled for handcrafting beautiful things. Like in fashion design, the footwear industry has its fair share of excellent practitioners. At the 7th Filipino Footwear Design Competition(FFDC), seven finalists showcased their entries in a virtual setting to an impressed panel of judges composed of Department of Trade and Industry National Capital Regional Office Regional Director Marcelina Alcantara, SoFa Design Institute Executive Director Amina Aranaz-Alunan, Charter International President Joey Enriquez, Philippine Footwear Federation Inc. Board of Director/Otto Shoes’ Monica Samson-Escano, and designer Zarah Juan.

DTI’s Marcelina Alcantara, in her message, assured that they will continue working with stakeholders for whatever is better for the footwear and leathergoods industry: “Please remember also that our commitment to you doesn’t end with this activity; rather, this is just a part of the long-standing partnership between institutions.”

Philippine Footwear Federation Inc. Director General Roger Py stated: “As one of the founding members of FFDC, it has always been my mission for Filipino Creativity to be celebrated not just here but also around the world. I’m glad that despite the challenges brought on by the pandemic and recent catastrophes, we are still able to push through and uphold the continuity of our craft. Truly, it is admirable that creativity stands strong amid any circumstance. I’m glad that as leaders, creatives and makers, we have proven the potential of our local footwear industry.”

Besides the privilege of representing the Philippines in the next International Footwear Design Competition in China, there are cash prizes: P10,000 for the grand winner, P7,000 for the first runner-up, and P4,000 for the second runner-up.

The grand winner is Carla Apostol, for her entry called “Sierra.” Apostol has certificates in accessories design at Istituto Marangoni (Milan, Italy) and leather technology at Polimoda Institute (Florence, Italy) and a master’s degree in Shoes and Bags Collection Design from Polimoda Institute (Florence, Italy). She also served as assistant designer at Carla Sorrenti (Florence, Italy) and at 3.1 Phillip Lim (New York, USA).

Here are the finalists and their entry descriptions: n Mark Boni R. Marter (Neil & Marter), 27, Antipolo-Marikina. I learned how to make shoes just this January 2021. I was hands-on in making my entry, including the pattern making and cutting of each piece. When I was designing my entry, news came out about the modernization of jeepneys.

The shoes are inspired by the Philippines’ “King of the Road,” commonly referred to as Dyip, which symbolizes the resilience and artistic nature of the

Filipinos. My entry is also inspired by our Bayanihan spirit. n Ivan Cedric Fabia (Ivan Fabia), 22. As an industrial designer, I am always curious on experiencing new things. This is my first time to design a shoe and I am blessed with this opportunity.

From the far lands of the west to the nearby shores of the east, this shoe is a celebration of influences that narrates the culture of the Philippines as a melting pot. A fusion of vibrant traditions and diverse influences from all over the world.

A showcase of Filipino world-class art, talent and culture, “Hibla Habi” is a bespoke, handcrafted shoe woven from a thousand stories with fibers from abaca, rattan, buri and tikog (the art of paghahabi), heels made of wood carved from experience (the art of paglililok) and a toe cap ornamented with brogue patterns resembling the art of pagbabatok that brings

the message of one sun, one moon for one Earth— harmony and unity for everyone. n Therese Paman (Reese Paman), 23. I have no shoe-making experience, or at least nothing related to fashion. I took up industrial design at the College of Saint Benilde. I usually focus on form and material exploration.

“Kalinaw” is a Filipino word that stands for tranquility/serenity. My design was brought about by the idea that we define ourselves or look at things always as just “one thing or the other,” never both or more. I wanted my design to show what “both or more” looks like.

The form takes inspiration from different bodies of water which represents how nature can be forceful but gentle, dynamic but calm, beautiful but subtle.

Dualities that somehow fit together. Going with this thought process made me realize that when we choose

to acknowledge both sides (or all sides), we reach an equilibrium, or a feeling that I know to be peace, tranquility. Thus, the name Kalinaw. n Michael Joseph Bawar, 35, Sta. Maria, Bulacan.

I took up shoe-making workshops at Vapor Studios in Makati after college.

A “love letter to the fashion and design industry in the form of a shoe” is what best describes my piece.

“Awit ng Mananahi” was named after a popular kundiman by National Artist for Music Levi Celerio and features a base inspired by the lowly bakya (wooden clogs) and heels resembling spools made of repurposed lauan (Philippine mahogany) and santol (cotton fruit) wood.

Through my shoes “Awit ng Mananahi,” I hope to give emphasis on the contribution of workers in the design industry and highlight the hands that do the work. I believe my piece is Filipino as it celebrates Philippine iconography and culture (something I always incorporate whenever I work on a design), while at the same time it’s also global with the message it conveys. Wearable, yes, may not be for everyday, but if you want to make a statement why not? I’m actually in the process of designing a more relaxed version but still maintaining most of the aspects of the shoes. n Janreyk Paler (Janra), 24, second runner-up.

“Osang-Queen of the Road” is a reflection of a rare jeepney but more than that, the story of the design was influenced by my parents. My father was a jeepney driver and my mother used to be a barker.

My mother Osang is the most special woman to me, that’s why I designed this as a symbol of gratitude to her sacrifices. In my work, I used metal sheets as my primary materials and some parts of the jeepney we commonly see. I wanted to emphasize the rawness of my materials to make it stand out and be different.

I wanted to promote in my piece that you have to go out of your comfort zone and make the impossible possible. n Joel Wijangco, Malabon, first runner-up.

“Sister Favorite” is inspired by and dedicated to my sister, who is a brave and strong woman. It’s made of unconventional materials such as resin, rubber, plastic, metal, etc. It’s a custom piece. At its heart, it is a very Filipino heart. Other than love of family, there’s also our love for food. n Carla Apostol, 30, grand winner. The overall visual of “Sierra” is informed by nature. Black smooth calf from volcanic rocks, white crocembossed leather from ice and snow, mahogany suede from wood, and a monochromatic snakeskin make up the upper. Accents come in antique brass hardware, roughly cut raw amethyst and freshwater pearls. Organic forms inspired the floral cutouts, pleating that resembles waves and sand dunes, and of course bringing into play the human form through the body-conscious lacing and front cut-out which would have otherwise been covered by a conventional boot. In addition, I added a contrasting flair with an angled, exaggerated outsole, and a geometric block heel.

I focused on the craftsmanship that would be required to execute a design like “Sierra” effectively.

I knew I had sketched out a challenging piece, so Zapateria was the perfect studio and mentor to work with, as their technical experience and passion brought my design to life with the utmost integrity. n

A fresh appraisal on the power of makeup THIS is the year that we can flout makeup rules. With brow bars and salons inaccessible to most of us for most of the last 10 months, we’ve finally seen less of the Instagram brow trend. We’ve also seen looks that are more authentic and not just for social media. For Spring Summer 2021, MAC Cosmetics’ makeup references are “relatable, accessible, inspirational and desirable.”

“Beauty feels less generationally divided now,” said Lyne Desnoyers, executive director of makeup artistry at MAC. “There are as many Gen-Zers as 50-year-olds choosing to style themselves with a stripped-back bare face or really embrace their creative color. This ageless thing is really important. Whether you are into highly creative ‘fashion’ makeup or straight-up beauty looks, your choice should be honored, cherished, nurtured and respected, whatever your age,” said MAC Senior Artist Keri Blair.

There is less obsession about being perfect so goodbye (for now) to Instagram brows.

What we’re seeing are four trends that perfectly encapsulate our new realities: Natural, Glam, Blur and DIY. NATURAL “THIS is about makeup that doesn’t look like makeup but is very groomed,” said Terry Barber, director of makeup artistry at MAC. Skin on camera now plays a key part in the way that we do our makeup.

“It’s lighting, it’s lifestyle. It’s our new reality of constantly being in front of a screen,” said Desnoyers.

“Our need for connection on screens means we want skin that feels fresh and filtered. Cameras and lighting affect everything,” said Blair.

The skin is enhanced, not covered in foundation. Skin looks healthy and clean but not necessarily flawless.

n Glam Essentials: Clear Lipglass, MAC Lash, Dazzle Eye Shadow Extreme and Matte Lipstick

n Natural Essentials: Mineralize Skinfinish Natural, Prep+ Prime Fix+, Mineralize Blush and Glow Play Lip Balm GLAM We’re all wearing masks when we’re out of the house so it’s all about the eyes. So where do we turn to for eye makeup inspiration? For the Glam trend, MAC points to the 1960s, 1970s and the supermodel side of the 1990s—elegant shadows, stretched lashes and beautiful brows.

“The color palette, shape, texture and the attention to details of these decades is here but now it is completely decluttered,” said Lyne Desnoyers.

The key development in eye dressing right now is that they’re briefer, lighter and less concerned about looking luxurious. Brows are a “personal identifier,” said MAC Senior Artist Fatima Thomas. “Open up the brow so that it has a streamlined look that is more like an eyebrow than a drawing.”

“I like to feel the hairiness of a brow now, so it’s got texture rather than a flat blockiness to it,” said makeup artist Steve Huynh.

BLUR THIS look is all about soft focus beauty mostly using MAC’s Powder Kiss products. “Powder Kiss Eye Shadows almost work like a blush...they are finer and skin-like, beautifying rather than theatrical; this allows makeup wearers to be more adventurous with color because they are so flattering and easy to apply,” said Barber.

Beauty is much more forgiving right now.

“At its most natural, this is as close to makeup reflecting real life as you can get, imitating blood under the skin, a light shadow under the eyes...all the very small tweaks that again have a range. It can also be pushed to sophisticated versions that come with layering several colors in an ombre,” said Desnoyers. n Blur Essentials: Powder Kiss Lipstick, Strobe Cream, Powder Kiss Liquid Lip Colour and Glow Play Blush DIY “THIS individualistic and expressive direction is about seeing makeup as a delightful accessory instead of a curative necessity,” said Thomas. It’s all about inclusion, diversity and celebrating differences. Desnoyers said this is makeup that “is still about choosing a feature and pushing it to the max with a painterly approach of playing with proportion and color and in a highly individual way.”

“Sometimes people don’t apply makeup to make themselves look prettier. It’s a style thing. This type of makeup is so completely self-owned,” said Barber. n DIY Essentials: Art Library Palette in It’s Designer, Brushstroke Liner, Powder Blush and Lip Liner

FOR Spring Summer 2021, MAC Cosmetics’ makeup references are “relatable, accessible, inspirational and desirable.”

FROM top (first row): Carla Apostol’s “Sierra;” Joel Wijangco’s “Sister’s Favorite;” Janreyk Paler’s “Osang: Queen of the Road,” (second row) Mark Marter’s “Dyip;” Ivan Fabia’s “Hibla Habi;” Therese Paman’s “Kalinaw;” Michael Joseph Bawar’s “Awit ng Mananahi” PHOTO by Dems Angeles

B6 Monday, February 8, 2021

Megaworld harnesses the power of digital platforms and technologies for contact-free mall experience

CDO Foodsphere, Inc. launches vaccine information campaign

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DO Foodsphere Inc. launched a vaccine information campaign for its employees to help them prepare for the upcoming national vaccine rollout that is expected to happen early this year.

To get reliable and credible news, the company brought together medical experts to lead brief sessions on the virus update, vaccine development, and the vaccination process.

“We understand the sentiment of some of our people on the safety of the various COVID-19 vaccines that are being made available to Filipinos,” said Jerome D. Ong, President and CEO of Foodsphere.

“It is hard to decide if there is no one there who can provide you with real information directly that is why we decided to do an information campaign internally,” he said.

Foodsphere organized a learning session called “Handa Ka Na Ba Sa Bakuna?” for company executives.

The panel of medical experts and researchers who led the sessions included Dr. Cynthia P. Saloma, Executive Director of the Philippine Genome Center; Dr. Nina Gloriani, Chair of the DOST Expert Vaccine Panel on COVID-19 Vaccine Clinical Trials and Member of the WHO Scientific Steering Committee for COVID-19 Solidarity Vaccines Trial; and Dr. Reynaldo Mariano, President and CEO of the Center for Health Services Inc. and an infectious disease specialist.

Each speaker gave a 30-minute talk, followed by question-and-answer towards the end of the virtual session. The activity

allowed the participants to get answers on common questions brought by the varying news on vaccines and the emerging variants of the virus.

“What CDO Foodsphere is doing is a good practice to help make the general population appreciate the vaccine program. It is always good to begin with the leaders, so that the rest can follow,” said Dr. Gloriani.

Dr. Saloma said: “It is always good to have a holistic approach on information.

To be able to appreciate the vaccine program, we first need to understand the virus and how it is developing over time.

Through this, we will all understand that the effective way to prevent the further spread and mutation of the virus is to continue practicing the minimum health standards, and we need to get vaccinated.”

“We have more than 10 years of experience in corporate vaccination and wellness. We have been doing up to 2,000 per day vaccinations every summer months for different companies. Our personnel have been working closely with the Department of Health in getting training for the vaccine rollout,” said Dr. Mariano.

CDO Foodsphere said that with vaccines expected to arrive as early as February, it is important that people understand the importance of getting immunized.

“If convincing everyone begins with a simple information campaign, then by all means, I would like to encourage other companies and organizations to do the same,” Ong said.

Safer and Easier Shopping at Home with Megan

JEROME D. Ong, President and CEO of CDO Foodsphere

Foodsphere, one of the leading food companies in the Philippines, has been operating for over 45 years. It is the maker of known brands such as San Marino, CDO Karne Norte and Danes Cheese.

In November last year, CDO Foodsphere was one of the first companies that secured the initial 2.6 million doses of the COVID-19 vaccine AstraZeneca, which was made possible through the tripartite agreement with private donors led by Go Negosyo founder Joey Concepcion, AstraZeneca and the Philippine government.

The effort has multiplied since then, with local government units joining the common goal of a sustainable immunization program by securing close to 17 million doses for millions of Filipinos.

Enjoy your date at home with a Valentine picnic basket from Holiday Inn and Suites Makati

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T’S the love month and Valentine’s Day is just around the corner.

Indeed, let love surprise you as you enjoy a romantic date right at your home. Holiday Inn and Suites Makati is making it extra special and exciting as you spend Valentine’s Day right at the comfort of your own home with

the multi-course prix fixe menu for Valentine’s Day in a cute picnic basket.

It’s a perfect time to celebrate the love month that don’t require leaving the house for a complete, hassle-free Valentine’s Day date. The Valentine’s Day picnic basket will set the mood for a romantic date anywhere, anytime

with a multi-course meal of Prawn Bisque Soup, Caesar Salad, Chicken Fricassee, Beef in Red Wine, Potato Puree, Tarte Au Pomme for dessert and a small bottle of red wine for Php 2,250 nett, good for two persons.

Rate is inclusive of movie popcorn, picnic basket, starch plates and cutleries. Available from February 12 to 14, 2021.

Want a sweet treat this Valentine’s day? Avail of the unique Cookie Cake heart at Php 700 nett and mini Love Cakes for a box of 3 at Php 495 nett. These delectable treats will surely make your heart smile. For this month, Holiday Inn and Suites Makati usher in the Year of the Ox with sumptuous meals for the Chinese New Year! Choose from the lucky lunar Lauriat meals at Php 395 nett. Available for the whole month of February for take-out and delivery.

To know more about the promos and offerings, visit www.makati. holidayinn.com or call +632 7506 8132 or Viber +63 917 5968897 and like and follow us in Facebook and Instagram at HolidayInnMakati.

#WeDontStop Creating campaign inspires the youth to pursue their passions and chase their dreams

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HE GOMO x DBTK collection Charge Forward was conceptualized with the powerful message that no challenge or setback is too big to overcome. The collection features three brand new tee-shirt designs, the “Script Skid Tee”, “Charge Tee”, and “Powerhouse Tee”. A sticker pack was also created featuring the unique designs of the collection.

Fashion-forward Filipino brand Don’t Blame the Kids Apparel Co. or DBTK is a lifestyle and clothing brand that started as a passion project for brothers Vince and Emil Javier in 2012. Since its launch, the label has gained a large following with its unique designs and the positive and goaloriented messages of encouragement embedded in every collection. Their message is simple – don’t blame the kids for following their passions and being true to themselves.

The brand wants to be a guidepost to constantly remind the kids to “dream big, start small”; and to enjoy the process of trial and error until the desired outcome is achieved.

Together Gomo and DBTK collaborated on a capsule

tee-shirt collection featuring stylish and youthful designs highlighting their shared message of youth empowerment. Available on January 30, the exclusive collection will be available on the dbtk.co website, the label’s flagship store in Project 8 Quezon City, and their satellite store at the Ronac Art Center in San Juan.

“The partnership between Gomo and DBTK is a perfect fit,” said Eric Tanbauco, Head of Gomo. “Our brands cater to the tech-savvy digital youth who are passionate and purposeful. We share the vision of inspiring and empowering them to pursue their dreams and do what they love. The stylish collection created

by DBTK encompasses this message with the perfect combination of art and fashion.”

“2020 was a challenging year but we found ways to continue doing what we love. In 2021, we want to go even further and we encourage everyone to charge forward and pursue your passions,”Tanbauco added.

“We love Gomo's message of breaking free and not

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EGAWORLD Lifestyle Malls has accelerated its adoption of a contactless mall experience with the introduction of new innovations designed to boost customer safety and provide a seamless and contact-free mall experience.

Harnessing the power of digital platforms and technologies, Megaworld Lifestyle Malls aims to enhance key experiences along the customer journey by minimizing physical interactions and reducing handling of cash and touching of surfaces - from parking to product selection to payment and delivery.

stopping no matter how big the challenges are,” said Vince Javier, co-founder and creative director, DBTK. “It fits perfectly with the DBTK mantra of pursuing your dreams and making them come true.

This collection features bright and vibrant colors and strong design elements to highlight the importance of being passionate and boldly charging ahead in the pursuit of what we love.”

To learn more about Gomo, check out the website at gomo.ph.

MEGAWORLD Lifestyle Malls has introduced a personal shopper service that offers a onestop solution to the most common shopper woes. Shoppers can conveniently shop from home and start by simply browsing gift options and products using the Megan microsite at https://megan.megaworldlifestylemalls.com. After choosing their products or gift items, customers can connect with a personal shopping butler and place their orders by calling the Megaworld Lifestyle Malls Hotline at 8-462-8888 or through Whatsapp of Viber at 0999-369-9760. Shoppers can pay for their purchase through bank transfer or through PayMaya and GCash.

Health Declarations Made Easier with Safety on Track

MEGAWORLD Lifestyle Malls is eliminating one of the most common pain points of the customer journey with its Safety on Track contact tracing platform. The technology provides guests with a much safer, convenient and contactless method of checking in and filling up Health Declaration Forms. With just a one-time sign-in thru a QR scan, guests can enjoy an all-access pass to all of its retail stores, restaurants and services without having to fill up a health checklist every time they enter an establishment.

Hassle-free and Contactless Parking

MEGAWORLD Lifestyle Malls has introduced a new contactless QR parking ticketing system, which greatly reduces the need for shoppers to touch contact points while parking their vehicle. Mall-goers can simply pull up to the ticket machine at the parking entrance, wave their hand at the sensor and wait for the machine to dispense a ticket imprinted with a QR code. Upon exit, guests can drive to the booth, scan the QR code on their ticket and wait for the machine to display their parking fees. Guests can then pay the parking fees thru GCash.

The All-New Megaworld Lifestyle Malls App

THE new Megaworld Lifestyle Malls aims to empower shoppers by providing convenience, connectivity and safety right at their fingertips through its customerfriendly features. The new app includes a virtual shopping directory, which gives users access to a complete list of shopping, dining, entertainment and service partners in all 20 Megaworld Lifestyle Malls across the country.

The directory contains store locations and merchants’ contact details, which can come in handy for users looking to place advance orders for pickup or delivery. The new app also sports an indoor navigation feature designed to help mall guests in quickly and safely finding their way around the mall. The new Megaworld Lifestyle Malls app will also keep users in the loop on the latest happenings at their favorite Megaworld Lifestyle Mall through real-time updates on events, store promos and the latest movie schedule at Megaworld Cinemas.

For more information, visit megaworldlifestylemalls.com or call the hotline at 8-462-8888.

The world’s most comprehensive indoor air monitor launches affiliate program in Lazada

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HE world’s most comprehensive indoor air monitor, uHoo, has partnered with Lazada to launch its sponsored affiliate program for bloggers and influencers. Online content creators are now able to make additional income through Lazada’s affiliate program with a 7% commission when they refer to a uHoo unit purchase.

In these unprecedented times brought about by the pandemic, indoor air quality has been meticulously scrutinized as one of the standards of health and wellness.

Apart from social distancing measures, mask wearing and general hygiene, the invisible war of maintaining healthy air quality can be quite tedious. uHoo makes the invisible

visible by quantifying the indoor air through 9 different parameters. With an average of a 4-star ratings on Amazon and 4.5 to 5 stars on Best Buy, Home Depot, Lowe’s and Wayfair, uHoo has been a CES 2020 Innovation Award Honoree because of its role in helping you “see” the air around you, allowing you to take steps to minimize risks for infections and complications. uHoo is present in over 40 countries, with strong demand from private homes, governments, schools, hospitals, hotels, malls, kitchens, and offices in North America, Europe, and Asia.

To apply for the affiliate program, simply visit Lazada’s sponsored affiliate site. uHoo retails at P18,500.00 per unit through Lazada.

Search for “uHoo sensor” to start monitoring your air at home.

Reach your summit with Alpina watches

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LPINA is the watch for the adventurer who seeks thrilling sports on land, sea and air. Established in 1883, this Swiss brand has retained its core philosophy of providing the best watches for extreme environmental conditions.

Its precise and sturdy timepieces, used by military aviators during World War I, are now highly-collectible editions which fetch good prices at auctions.

In 1926, Alpina was the first to issue an international watch guarantee, as a testament to its high standards and proved to be a great marketing tool to assure customers of value for money. As proof of the brand’s dominance of the watch market, it was sold by 2,000 dealers all over Europe.

It continued its successful run with the introduction of the legendary Alpina 4 in 1938, which is so called because of its four features: antimagnetic, antishock, water resistant, and protected by a robust case and a stainless steel bracelet.

With the arrival of the game-changing timepiece, it became the preferred watch of professionals and sportsminded extreme adventurers, whose ethos is captured in its contemporary tagline “Reach Your Summit”.

In the late 1960s, it plunged into deep waters with the Alpina Diver 10 Seastrong, a professional diver’s watch with two crowns, with the other one for decompression time.

The brand was acquired by Frederique Constant in 2002, and reentered the market when with a line of sport watches exhibited at the Baselworld International Watch fair the following year. A succession of strong editions followed, all catering to the extreme sports niche.

In 2006, Alpina moved unveiled the variant that would put them back in the map, the Avalanche Extreme, which was followed by similar models made for various sports. But it would be another diver’s watch, though, that would bolster the brand’s resurgent image.

In celebration of World Ocean Day, the Swiss brand recently unveiled the Alpina Seastrong Diver Gyre Automatic in partnership with Gyre Watch which uses earth-friendly recycled materials. It features a casing

made of 70% plastic culled from the ocean and 30% fibreglass for reinforcement. Likewise, the two-tone NATO strap is composed of recycled plastic bottles.

With the Alpina Gyre, the brand encourages environmental sustainability and exploration of nature.

It released a limited edition of 1,883 to mark the watchmaker’s founding year, with three styles for men and two for women.

Apart from its environmental advocacy, it announced its partnership with the Geneva-based No Difference Association, which helps people with disabilities achieve their dreams, especially in the field of sports.

Despite changing times and ownerships, Alpina remains anchored on its DNA of providing the best timepieces for extreme outdoor adventures and for people who love excellence, style, and precision.

Alpina Watches’s latest collection is available at SM City North Edsa North Towers Bridgeway, or visit Tempus stores at The Podium and SM Mall of Asia. #AlpinaWatches #Watch2021 #Tempus #TheWatchStore #AlpinaGyre

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, February 8, 2021 B7

Making sense of multichannel choices O

PR Matters

By Ritzi Villarico-Ronquillo, APR, IABC Fellow

ing dirty shoes and pants ( “Mis zapatos y mis pantalones estan sucios.”—Spanish for “My shoes and my pants are dirty.”) meant you were in touch with realities and got to know what mattered to co-workers.

N January 28, 2021, Ipra Philippines, a chapter of the London-based International Public Relations Association, launched its webinar series titled “CommuniTalks.”

Its first session “Communication in 2021 and beyond,” featured Ipra President Philippe Borremans, and four Ipra Philippines speakers tackling different PR topics. The highly rated virtual session was attended by a global audience from the US, Africa, Europe and Asia Pacific.

My talk was “Communication Transformed: Your Niche in the Multichannel World.” It covered the reality of having many channels we can tap into today for our programs, and considerations when choosing from among these channels. The purposive choices we make in our media mix, platforms and content, take on an even greater importance to define our unique brand and find our niche.

That in turn, can deliver results and make sure that what we do contributes substantially and sustainably to the bigger campaign, the larger picture, the macro reason for being, for which the channels were chosen.

Eight tip

HERE are eight tips that may help: 1. CORE. Go back to your core, your strengths, your identity, your reason for being. Be clear about your uniqueness and ethics.

2. SEGMENT. Know your audience in great depth and be where they are. Consider that not everyone is a digital native.

3. ASSESS. Take stock of your resources and the multiple channels.

4. COMPOSE. Have clear, crisp, consistent messages that resonate with the defined audience.

5. FIT. Find the channel fit.

Choose well, choosing what delivers the results that meet stakeholders’/target audiences’ needs and/or wants.

6. AUTHENTIC. Be authentic because virtual has leveled the playing field. Anyone can now create content.

7. RESEARCH. Speak with data and research-based insights.

8. ECOSYSTEM. Channel choosing and mix is part of the communication ecosystem.

An array of channels

TODAY we have the legacy or traditional media of radio, TV, print, film; the new media of mobile, online, social and digital; and inperson events and other touch points that we hope to have again when the pandemic ends.

Newer and faster communication channels will always arise, creating many more choices for us as communicators and PR professionals. We are not obliged to use all the channels just because.

Audience preferences change, resources may decrease, so we must make purposive choices with agility and innovativeness.

When the pandemic hit, virtual and remote channels took the driver’s seat. In-person events stepped back. Professionals, institutions and businesses found out that it was an advantage to already have reliable online platforms before the pandemic hit, for faster turnaround and response time for business continuity.

Initial trends

IN the Philippines in January 2020, just before the pandemic broke loose, a study (https://datareportal.com /reports/dig ital2020-philippines) showed that the top three social-media platforms among 16 to 64 year old socialmedia platform users were: (1) Facebook, (2) Youtube, and (3) Facebook Messenger, with (4) Instagram and (5) Twitter following behind. These platforms were also the top 3 in the third quarter of 2019.

However, by the third quarter of last year, with the pandemic raging globally, the trends being

Campaign Spotlight: Jollibee reminds everyone to #FindStrengthInLove in latest Kwentong Jollibee Valentines Series

MANILA, PHILIPPINES—Jollibee is proving yet again that love reigns in February with the latest Kwentong Jollibee Valentines series in collaboration with McCann Worldgroup Philippines and Unitel X Straightshooters. This year, they bring back Pepe Diokno, director of “Date” and “Apart,” and Ianco de la Cruz, director of “Vow” and #CoupleGoals.

Antoinette Jadaone, director of blockbuster That Thing Called Tadhana, also joins this year’s edition.

Her film, “LDR,” explores the reality of most relationships that were tested during the quarantine.

Jadaone redefined LDR to mean “lockdown relationship,” a status for everyone whose relationship underwent months of physical distance.

With an overarching theme to “Find Strength in Love,” this year’s episodes are nothing short of charming, relatable, and like their predecessors, grounded on truth well told.

Arline Adeva, assistant vice president and head of Brand Communications, PR and Digital Marketing at Jollibee Foods Corp., shared the insights behind the episodes this year.

“In every Kwentong Jollibee story, we try to impart the very powerful

tracked, though these may not yet have been fully published, showed (1) Messenger overtaking Facebook for the top spot, followed by (2) Facebook and (3) Youtube, with (4) Google and (5) Gmail in fourth and fifth spots, respectively. And that social media, messaging and online video calls were consistently the top 3 activities, in that order.

The social-media users surveyed were from 16 to 24 years old, spanning Baby Boomers to Gen Z, combining both digital immigrants and digital natives. n Digital immigrants—Traditionalists and Baby Boomers (56 years old and older)—will be more adept with legacy media. n Digital natives (25 years old and younger) who are the Millennials or Gen Y, and the Gen Z, iGen or Centennials, are those born with the Internet and digital. They are the “always on” generation, especially with the latter’s proficiency in multitasking. n Gen X (around 45 to 56 years old) would be what I call a cusp, listed under digital immigrants but born in the Internet times.

Research

THE more we know about them through research such as through data analytics, immersion and interaction with the target audience, the better.

Research gives us insights into their social-media behaviors and essence na kung baga may mapupulot ka ring aral or inspiration.”

In every Kwentong Jollibee, we try to impart the very powerful essence of sharing life lessons or inspiration. Now on its fifth year, Kwentong Jollibee Valentines Series has indeed become a tradition.

“February is not the same without Kwentong Jollibee.”

Storytelling during a pandemic

The three directors also shared their thoughts on how well the series will resonate in a time of pandemic.

“During the pandemic, mas naintensify yung feelings of wanting to connect and reconnect together that’s why we watched a lot of series during the lockdown, nauso yung BL (Boys’ Love) and I think it will have that effect… Parang art kept us alive in these times.”

On this, Adeva made a strong

platform use that can determine the channels we will choose. Back to the January 2020 results, socialmedia user-respondents spent an average of three hours a day on social-media, with each person having an average of nine socialmedia sites.

And in a day, nine hours and 45 minutes were spent on the Internet, three hours and 53 minutes were for social media, and three hours and 49 minutes were spent watching TV. And then, let’s not rule out that media that has converged into a smartphone that we can’t leave home without. Our Gen Z’s preschoolers and even toddlers naturally gravitate to it and effortlessly and quickly learn to handle and navigate it.

Let’s see in next months how media usage and preferences will go in 2021.

Returning to choosing our channels, foremost to consider are what fits, what works and where stakeholders will get their information. Can I sustain the online platform or page that I have started? Do we need all these? Who will manage the backend? Are my message and channel too intrusive?

Are they appropriate and timely?

Does the message uphold diversity, equality and inclusion? What do I want to achieve with this multichannel mix?

An equation to consider

DO consider this equation when point that anchored back to their theme, “When love is present, so is strength.” This was echoed by Jadaone who said, “Any kind of story that uplifts us, that makes us smile is a welcome kind of story.”

While love is expected of every Valentines series, the LDR director added that what made the difference this year is that Jollibee adapted to the climate and conditions happening around and the kinds of relationships that have transpired of current.

“Kwentong Jollibee is always inspired by real life stories pero ngayon, more than ever, I think all three stories will be very relatable kahit na wala kang LDR, kahit na wala kang self-love, or kahit di ka makarelate dun sa “Hero” story.

Video on-demand on the rise

Unlike the ones before it, one

choosing channels: With your purposive intent, you assemble your communication ingredients of key messages, measurable objectives, strategies and tactics and desired results.

Think of your strengths and core, your resources and limitations; and align these with your deep knowledge of your target audience including their media use, exposure, preferences and frequency. Know where they are, and when. These can help you arrive at the impactful channel choice and mix.

Knowing our core means a real, honest acknowledgment of who we are and what it is for which we stand. For institutions, it is their vision, mission, objectives and values as their reason for being. These define and guide us in picking our battles and making our decisions.

Immersing and knowing what’s on the ground is important. My previous company in the energy industry espoused integrity, quality, productivity, teamwork and malasakit (concern, empathy, solicitousness), training us in what the quality movement would say “Go to the gemba,” (a Japanese word referring to the shop floor) where the action is and where value is created.

In my other previous company that was into manufacturing, we were all expected and required as corporate leaders to do plant walkbys to know firsthand what the actual work conditions were. Havunique thing about the Valentines series is the restrictions in the technical aspect of shooting. Even from Jollibee’s side, Adeva shared that they had to brainstorm with the agency earlier than usual.

Fortunately, because of the collaborative ecosystem that Kwentong Jollibee has developed, the films have resulted into a sought-after, refreshing snippets of love and life in general.

“The brand is very happy to have carried this on,” Adeva added while expressing gratitude to have worked with creative teams and talented directors. On his part, de la Cruz expressed that Kwentong Jollibee Valentines series is still relevant just from the mere kilig that he felt upon watching his fellow directors’ spots.

“I’ve never saw their films, Pepe and Tonette, before the screening and when I saw it kinilig ako eh so

Change is constant. Our niche is defined by the choices we make.

No niche is too small if it is yours, per Seth Godin, and may I add, if it is effective.

I believe that in choosing media channels, major ingredients of an effective communication plan, no channel is too old if it is relevant to your target audience, sustainable and effective.

It’s got to make sense to you, to your target audience, to your client or organization. It’s got to fit. It’s got to be sustainable. And most of all, it’s got to deliver results. Let’s choose our media channels well.

Let’s keep on tracking and learning about it.

PR Matters is a roundtable column by members of Ipra Philippines, the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Ritzi VillaricoRonquillo, APR, IABC Fellow is a Consultant, Coach and Speaker on Business Communication and Strategic Public Relations with 40 years of experience in leading internal and external communication and PR in corporate, communities, academia and associations.

PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@ gmail.com. yun pa lang I think it’s proof na I think everybody is looking for that kilig factor so I think it’s still very timely.”

“Every KJ is a different experience. Actually, I’m very happy with the story I got this year because it is light,” Diokno said whose 2017 films “Date” and “Vow” have become tearjerkers for fans and regular viewers alike.

Sharing her insight from a marketing point of view, Adeva added, “One of the things why we continue this type of content is because it’s a fact that video-on-demand continues to be on the rise so there will always be hunger and interest for content like this.”

But more than that, the team said that the series is not just something for people to binge-watch but to send a powerful message as to say: “Now more than ever, there’s always a time for kwentong Jollibee.”

Sports BusinessMirror

This time is ours— Tolentino

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HILIPPINE Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino believes country’s mission to win its first-ever Olympic gold medal will be accomplished in Tokyo.

“The time is now,” said.

So far, only four Fipino athletes have qualified for the Tokyo Olympics set from July 23 to August 8. They are world chapion gymnast Carlos Yulo, pole vaulter Ernest John “EJ” Obiena and boxers Eumir Felix Marcial and Irish Magno.

Close to 50 more athletes in various sports will vie in Olympic qualifers spread out from April to June.

The Philippines started participating in the Olympics in 1924 and grabbed 10 medals— three silvers and seven bronzes.

“I believe that we are in the best position to win that Olympic gold,” said Tolentino, also the PhilCycling president.

On the potential cancellation of the Olympics because of escalating Covid-19 cases in Japan, Tolentino said he never entertained that thought.

“I am a positive person. The Olympics will happen, the International Olympic Committee, and the host country [Japan] will make it happen,” Tolentino said. “We only have one plan and that is to win a gold medal in the Olympics. There’s no Plan B so let’s not even think that it won’t push through.”

“These are the Olympics where the Philippines has a high probability of winning a gold medal—or even more,” he added.

The Tokyo organizers released what they called a playbook on protocols for the Games to all national Olympic committees. Josef Ramos

B8

| Monday, February 8, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

THE Chiefs’ quarterback Patrick Mahomes (left) and the Buccaneers’ Tom Brady speak during Opening Night for the Super Bowl 55. AP

EJ GOING OK E

By Josef Ramos

RNEST JOHN “EJ” OBIENA is now eating, sleeping and breathing Olympics.

The Tokyo Olympics-bound Obiena is locked and loaded for his third competition for the year in Dortmund, Germany, on Monday, a good two days after winning gold at the Internationales Stadionfest (ISTAF) Indoor Athletics in Berlin where he set a new Philippine record and personal best of 5.80 meters.

And the Dortmund PSD Bank Indoor Athletics would be one of several warmup tournaments programmed to have him peak for the July 23 to August 8 Tokyo Games.

“It’s one competition at a time, you win in a field of 10 with world champions and Europeans

and everything—that’s the confidence booster,” Obiena told BusinessMirror on Sunday.

“Just being consistent and being able to perform under pressure is something that I get from all these competitions.”

His tour of Germany included a competition last week in Karsruhe City where he leapt to 5.62 meters, landing him in fifth place but good enough for him to reset the national record a first time.

German Torben Blech also cleared 5.80 meter in his second attempt, thus giving Obiena the gold in Berlin. Another German, Oleg Zernikel, did 5.72 meters to clinch the bronze medal in the 10-athlete field.

“I will compete in all competitions and try to win them all,” Obiena, 25, said. “Why bother going to a competition just to be second, third

Serena, Novak, Rafa chasing history WILLIAMS

DJOKOVIC

NADAL

or fourth?

Everybody, everybody who is going to the Olympics is aiming for that gold.”

“Who wants it most on that day will be basically the guy who will get it,” he stressed.

Obiena made himself busy in pandemicstricken 2019. He participated in eight competitions highlighted by a gold medal at the 59th Ostrava Golden Spike in the Czech Republic with his 5.74-meter effort.

His harvest for the year consisted of two gold, two silver and three bronze medals.

“I don’t know how many competitions I will

F

ORGET about aces or double-faults, winners or unforced errors: The statistic that has come to mean the most in tennis these days is “Grand Slam titles won.”

Which is why so much attention will be paid to Rafael Nadal, Novak Djokovic and Serena Williams at the Australian Open.

Play begins at Melbourne Park on Monday, with Williams and Djokovic among those on the

Storylines galore as Brady, Mahomes command stage

S

ERNEST JOHN “EJ” OBIENA is having fun winning gold in Germany. ISTAF FB

join prior to the Olympics,” said Obiena, who bared experiencing minor back spasm.

“But its manageable,” he said.

Obiena continues to train under world renowned Ukrainian Vitaly Petrov and remains based in Italy. schedule and Nadal’s first-round match set for Day 2. Each match for each member of that trio is a possible step on the way to some history.

“People love records, don’t they?” said Chris Evert, an 18-time major champion who now is an ESPN analyst. “I, for one, think that too much is made of Grand Slam wins.”

This is Nadal’s first chance to grab sole possession of the men’s mark for most Grand Slam singles titles. He pulled even with Roger Federer at 20 by winning the French Open in October, beating Djokovic in a lopsided final. (Federer is still sidelined after two knee operations).

A second Australian Open trophy also would allow Nadal to become the first man in the Open era to win each Grand Slam tournament at least twice. He has 13 championships at Roland Garros, four at the US Open, two at Wimbledon.

He still would have work to do to catch Williams: She already has 23 Slam singles titles (plus 14 in doubles and two in mixed doubles), the most by anyone in the Open era. Only one player owns more: Margaret Court, with 24—11 after professionals were admitted to major tournaments.

“It’s definitely on my shoulders and on my mind,” Williams said about 24. “I think it’s good to be on my mind. I think it’s a different burden, I should say, on my shoulders, because I’m used to it now.” AP

OMEONE will make history Sunday in a Super Bowl so filled with storylines it would fill a season of TV programming.

Tom Brady, already the true Game of Thrones king, going for a seventh ring.

Patrick Mahomes, the apparent heir to the quarterbacking summit, seeking a second in a row with Kansas City—something no team has done since Brady led New England to the double in the 2003 and ’04 seasons.

Brady, 43 is in his 10th National Football League (NFL) title game, but with a new outfit, the Buccaneers—who happen to call Tampa home. Yes, Tampa, Florida, where the Super Bowl is being played this year. Pirates of the Caribbean make port: No host team has ever played in the big one in its home stadium.

“There’s a lot that comes along with the Super Bowl,” says Rob Gronkowski, the three-time champion tight end who came out of retirement to reunite with Brady. “There’s a lot that comes along with this week. I’ve been there before. I’ve experienced it all before. But just having it at home, cutting out the travel, knowing where you can stay, where your friends can stay, where you family can stay, it just makes it a lot easier to have it at your home stadium, big time.”

Add in two sixty-something head coaches, Kansas City’s Andy Reid and Tampa Bay’s Bruce Arians, both offensive masterminds as comfortable with today’s high-scoring, creative NFL attacks as all those kid coaches who are all the rage.

“There’s nobody that would ever say a bad thing about BA [Arian], he’s just so endearing to everybody and I think everyone wants to win for him,” Brady says of Arians, the kind of praise the quarterback rarely used about his previous head coach.

“He’s got almost like a father figure kind of role in the building and it’s because everyone loves him so much,” Chiefs unanimous All-Pro tight end Travis Kelce says of Reid. “He’s got an unbelievable way of getting the best out of everybody that is relating to all different aspects and all different forms of life.” AP

Time to talk Rick Olivares bleachersbrew@gmail.com

Bleachers’ Brew THE United Kingdom, reeling from Brexit and the new Covid-19 strain, organized Time to Talk 2021 last February 4.

On that day, the British government encouraged discussion about mental health that has been highlighted all the more in this pandemic.

The theme for this year’s event was dubbed, “The Power of Small,” where people were encouraged to engage in small pockets of talks in every walk of life.

One of them—although a bit more on a macro level given who it is—Crystal Palace Football Club’s Andros Townsend was featured in the Premier League’s #Staywell Hub talking about the need to connect and engage in small discussion with loved ones, friends, or even people you don’t know.

In the talk, Townsend encouraged discussion, “The best advice I can give anyone who may be struggling with mental health would definitely be to speak to somebody, anybody, it doesn’t have to be a professional. It can be a family member, a friend, a colleague, anybody, anybody who will listen to you.”

Since the pandemic struck, I have lost a classmate and two work colleagues to the virus with a number of friends afflicted. The survivors have all spoken of the fear and mental anguish of being stricken by the virus.

During this time, I also lost three family members and four friends and classmates to natural causes. And I have a friend and an acquaintance who committed suicide within 40 days of each other.

Now, the last two are alarming.

One didn’t send any signals while the other one did. Both were not in any form of financial trouble although the former was embroiled in some controversy.

Depression and suicide is something that I know all too well. I battled it before including one extended bout with all sorts of crazy things running in my head.

But I came away from it much stronger. Not so with two others who were a part of my old life.

Pre-pandemic, I lost two people close to me.

One was a part of my circle of friends while another was a young kid who played for me when I was coaching our subdivision basketball team in inter-village play.

The first was going through family problems as a junior in college while I was in my first year of working. I thought it was enough to listen and to give advice. Apparently, not. But what do you

know at 22 years of age, right?

One time, this friend of mine tried to jump off a balcony, but I grabbed him in time. I punched him in the gut that caused him to lose his breath.

My friends and I sternly told him off and told him to hang in there. But I was so angry at him that I didn’t speak to him for two weeks. When next we spoke, he actually bade goodbye moments before he took his life.

That incident scarred me deep inside for years.

Then the second incident happened.

The other person was this kid abandoned by his mother at a young age and handed over to relatives who didn’t treat him as family. As a result, he was a bit wild.

When he got around to playing for me as a young teen, I benched him. Only because he refused to play defense. One time, he cussed me out and pulled a knife on me. I kicked him off the team and reported him to his foster parents.

About a week later, he tearfully came over to apologize. We talked and mended fences. And he became a huge part of my team in the two years I coached the team (we lost in back-to-back finals all with the final play) as a three-point specialist with a much-improved mania for defense.

When I moved to the United States about a year later, he was so forlorn.

He fell into this drunken stupor and unruly behavior. It was while I was abroad that he ended his life.

I oft think about both of them and wonder if they’d be alive today if I did more. Friends tell me not to heap that guilt on myself. But I do think about it. More so since this pandemic happened and I see more people afflicted with depression and taking their lives.

The aforementioned two recent incidents involved a friend and an acquaintance who went down that path; the former I was in touch with about other matters three days prior to his deed. I must say that he sounded to be in good spirits.

Obviously not. It has been barely a month and I still shake my head at the thought.

So I have re-doubled my efforts to engage in small talk. In this time, I’ve also counseled a number of my students dealing with depression in this time. I must say, it has helped them cope tremendously.

I am glad to help. Especially in this most difficult time. However, much work remains to be done.

We must continue to engage in conversation.