BusinessMirror February 22, 2021 by BusinessMirror

P180.7-B LOANS BACKED

Monday, February 22, 2021 Vol. 16 No. 134

P25.00 nationwide | 2 sections 18 pages |

BY PHILGUARANTEE IN ‘20

The Philippines launched its second cube satellite (cubesat) Maya-2 to the International Space Station (ISS) aboard the S.S. Katherine Johnson Cygnus spacecraft on Sunday (February 21) at 1:36 a.m., Philippine time. The feat drew praise from Science Secretary Fortunato T. de la Peña and Philippine Space Agency (PhilSA) Director General Joel Joseph S. Marciano Jr. who called it an effort to create “value in space for and from Filipinos and for the world.” In left photo, the Maya-2 Flight Model (FM), A 1U, 10x10x10-centimeter CubeSat weighing 1.3 kilograms. At center, the S.S. Katherine Johnson lifts off with Maya-2. At right, the Maya-2 engineers (from left) Mark Angelo Purio, Izrael Zenar Bautista and Marloun Sejera. IMAGE CREDITS: BIRDS-4 Project/Screenshot from NASA Live Feed/February 21/ Birds-4 project

By Bernadette D. Nicolas

PhilGuarantee President-CEO Alberto Pascual said in a report to Finance Secretary Carlos G. Dominguez III that the loans the state firm guaranteed last year exceeded its goal of P167.21 billion. Of this amount, PhilGuarantee provided guarantees to P175.1 million loans of micro, small and medium enterprises (MSMEs) under the MSME Credit Guarantee Program (MCGP). Pascual added that MCGP, which accounted for P37.73 billion of ap-

proved credit guarantee lines, will be extended until September this year to provide continuous support to affected MSMEs via available access to working capital loans under credit-risk sharing arrangements with accredited banks. “This was extended to 34 banks across the country to encourage them to continue lending to small businesses affected by the Covidinduced crisis,” Pascual said. Under the program, a total of 2,943 new MSME beneficiaries

were served and this number is expected to increase this year. PhilGuarantee made available its SME Credit Guarantee Facility to cover loans of micro and small businesses amounting to P100,000 to P50 million, and its Medium and Large Enterprises Credit Guarantee Facility to support loans above P50 million and up to P300 million. In 2020, PhilGuarantee opened over P655 billion in credit guarantee lines as the state firm supported MSMEs, manufacturing, housing, agriculture and other key sectors of the economy to help keep businesses afloat in the middle of the pandemic. Pascual also reported to Dominguez, who sits as PhilGuarantee chairman, that the state-run firm’s strong partnership with 53 banks resulted in P612.81 billion in approved guarantee facilities as of December 2020 to provide these lenders coverage against credit losses from socialized, lowand medium-cost housing loans. Of these, a total of P501.34 billion was availed of by the accredited banks. Housing loans guaranteed last

By Cai U. Ordinario

the President decide otherwise, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua just told BusinessMirror over the weekend that he would rather wait for the President to decide on the matter. Nonetheless, economists suggested another option and that is to place more regions under MGCQ to boost consumption and allow more Filipinos to go to work. This will prevent millions from falling into poverty and hunger. “If the whole country will not be placed under MGCQ, it may be good to put different parts of the country

under less restrictions and move on from there. Of course, the decision to open different parts of the country has to be carefully vetted,” Unionbank Chief Economist Ruben Carlo Asuncion told BusinessMirror. However, Asuncion said a premature lifting of quarantine standards poses a threat to Filipino’s health and livelihoods. “It would be ideal if the vaccinations are already being carried out while lifting more restrictions. It will work well with the recovery of the confidence of consumers and businesses.” Asuncion added that while

@BNicolasBM

tATE-RUN Philippine Guarantee Corp. (PhilGuarantee) guaranteed a total of P180.67 billion in loans in 2020, exceeding its target by 8 percent to help cushion the financial impact of the Covid-19 pandemic.

year by PhilGuarantee amounted to P175.71 billion, surpassing its target of P160.11 billion in 2020. This benefitted over 11,000 new housing loan borrowers last year, increasing its coverage to a total of 138,800 housing borrowers.

vaccines will start arriving in the country in the second quarter, effective coordination between and among national agencies, local governments, and the private sector would be the key to the successful administration of vaccines in the country. Foundation for Economic Freedom (FEF) President Calixto V. Chikiamco said lifting restrictions in more regions can help the economy. While waiting for the vaccines to arrive, however, the government should use the time to address vaccine administration concerns, he said.

Farm sector

As for the agriculture sector, PhilGuarantee guaranteed loans amounting to P4.25 billion in 2020, benefitting around 48,000 small farmers, fisherfolk and other agribased workers. It approved guarantee lines of P5.14 billion with 41 partner-lending institutions for this purpose. PhilGuarantee is also the administrator of the Agricultural Guarantee Fund Pool (AGFP), which provides guarantee coverage to banks, cooperatives, farmers/ people’s organizations and corporations lending to small farmers and fisherfolk. Its AGFP-guaranteed loans of P4.25 billion is 21.4 percent beyond its goal of P3.5 billion in 2020, Pascual said. Continued on A10

MAYA-2, PHL’S 2ND CUBE SATELLITE, LAUNCHED By Lyn B. Resurreccion

HE Philippines on Sunday marked another historic moment with the launching of its second cube satellite (cubesat) Maya-2 to the International Space Station (ISS) aboard the S.S. Katherine Johnson Cygnus spacecraft at 1:36 a.m. Philippine time. Sending the satellite into the ISS is the final step before the satellite reaches its targeted altitude in Low Earth Orbit, when the space station deploys it at a later date. Science Secretary Fortunato T. de la Peña said the Department of Science and Technology (DOST) is “very proud of this achievement.” For his part, Philippine Space Agency (PhilSA) Director General Joel Joseph S. Marciano Jr. said, “To do something for the first time is

great, but to be able to do it again and innovate is greater.” Marciano added in a news release, “We take pride in the launch of Maya-2, the successor to Maya-1 and the Philippines’s latest milestone in creating value in space for and from Filipinos and for the world.” The 1U cubesat, a nanosatellite with a mass of 1kg to10 kg, Maya2 was “designed and developed by Filipino scholars“ who were sent to Japan‘s Kyushu Institute of Technology (Kyutech) through the Space Science and Technology Proliferation through University Partnerships (STeP-UP) Project of the Space Technology and Applications Mastery, Innovation and Advancement (Stamina4Space) Program. See “Maya 2,” A2

MICE, weddings allowed Plan B eyed: Loosen mobility curbs in more regions in DOT-accredited hotels

@caiordinario

F the President will not approve the recommendation of the National Economic and Development Authority (Neda) to place the country under Modified General Community Quarantine (MGCQ), local economists believe “Plan B” could be to loosen mobility restrictions in more regions. Relaxing mobility restrictions by March 1 was Neda’s recommendation to the President last week. But when asked about his Plan B should

PESO exchange rates n US 48.4050

Continued on A2

By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

SSENTIAL meetings and social events will now be allowed in hotels, restaurants and other accredited meetings venues even in areas under general community quarantine (GCQ). The amended guidelines are contained in the joint memorandum circular no. 2021-001 issued by the Department of Tourism (DOT) and Department of Trade and Industry (DTI) on February 20, 2021, signed

by Tourism Secretary Bernadette Romulo Puyat and Trade Secretary Ramon M. Lopez. The joint memo, a copy of which was obtained by the BusinessMirror, does not cover quarantine hotels and facilities, which will be issued separate guidelines by the DOT and the Department of Health (DOH). Sources said the guidelines for events in quarantine hotels and facilities will likely be “stricter;” Romulo Puyat has always cited health experts who’ve said quarantine and non-quarantine guests should never mix.

n japan 0.4581 n UK 67.6702 n HK 6.2436 n CHINA 7.4598 n singapore 36.5045 n australia 37.5962 n EU 58.5313 n SAUDI arabia 12.9070

See “MICE,” A2

Source: BSP (February 19, 2021)

News

BusinessMirror

A2 Monday, February 22, 2021

CREATE positive for economy, but short-term revenue pain seen

By Bianca Cuaresma

@BcuaresmaBM

HE Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill is expected to be positive for the economy in the long run, but may bare revenue weaknesses in the short-term upon its passage, an international credit watcher said.

In its most recent credit opinion on the Philippines, Moody’s Investors Service, overall, lauded the countr y’s move to push forward the CREATE bill agenda on both houses in legislation, but warned of its short-term effects. “ T he gover n ment e x pec t s

the CREATE bill to position the Philippines to benefit from the ongoing supply chain shifts as countries reconfigure trade relationships following the coronavirus pandemic. However, as the lower corporate tax rate will be applicable once the bill is signed into law, the CREATE bill may ex-

Maya 2…

their help and cooperation in operating the satellites once deployed in orbit,” said Birds-4 Project Manager Engr. Izrael Bautista. Engr. Mark Angelo Purio, one of the Maya-2 engineers, said the development of Maya-2, and Birds-4 satellites in general, was special due to the fact that it was affected by the pandemic. “Not being able to gather physically also added to the challenges we faced during the final stages of the project as most of the work, such as troubleshooting and finalizing software and satellite assembly, were done with less people from the team,” Purio said in describing the challenges they faced. “It is such a wonderful experience to have worked with people from different backgrounds and nations. The commitment, contribution and effort each member has put on to the satellite

Continued from A1

Maya-2 was launched to the ISS with two other identical CubeSats from Japan (Tsuru), and Paraguay (GuaraniSat-1). It is part of the Northrop Grumman CRS-15 mission. All three nanosats were developed under the Kyushu Institute of Technology (Kyutech)’s fourth Joint Global Multi-Nation Birds Satellite (Birds-4) Project. After Maya-2’s launch, the team is finalizing the mission operation for the first 24 hours, first week and first month. “We are also preparing to coordinate with ground stations of the Birds network to ask for

acerbate the near-term weakness in revenue,” Moody’s said. Nonetheless, it acknowledges that “the introduction of limits to tax incentives—many of which were previously granted in perpetuity—will expand the tax base over the long-run.” Earlier this month, the Senate and the House of Representatives separately ratified the bicameral conference committee version of the bill. It now awaits the President’s signature. “The passage of the bill will facilitate both domestic and foreign investment, which helps to revive economic growth; uncertainty regarding tax incentives has been cited as a key constraint to higher FDI [foreign direct investment] inflows in recent years,” Moody’s said.

The CREATE bill seeks to cut corporate income tax from 30 percent down to 25 percent for large corporations and 20 percent for small and medium businesses. Analysts and officials have earlier said that the large corporate tax in the country, which is one of the highest in Southeast Asia, is one of the biggest reasons behind slow FDI inflow to the country compared to its peer nations. The bill also says small businesses whose gross sales do not exceed P3 million will only pay 1 percent of value-added tax (VAT), down from 3 percent. The CREATE bill also grants longer income tax holidays for businesses outside Metro Manila in the hopes of encouraging economic development and creating jobs beyond the capital region.

development are testaments that the team has made a bond,” he added. Maya-2’s other engineers are Izrael Zenar Bautista and Marloun Sejera.

projects with assistance from two Japanese universities, Hokkaido University and Tohoku University, he said. De La Peña said the succeeding microsatellites Diwata-3 and Diwata-4 and nanosatellites Maya-3 to Maya-6 “are now in various stages of development, now done completely in the Philippines.” The program, he added, “will now transition into the leadership of our newly established Philippine Space Agency. All of us should be proud of the fast progress that the Philippines has made in this area considering that we started only in 2014. There are many aspects of governance which will be assisted by space technologies.”

Philippine space program

De la Peña recalled in a press statement that since DOST started the Philippine Space Technology Development Program in 2014, the country has sent orbiting into space two microsatellites—Diwata-1 and Diwata-2—and two nanosatellites—Maya 1 and Maya-2. DOST’s Advanced Science and Technology Institute (ASTI) and the University of the Philippines Diliman’s Institute of Electrical and Electronics Engineering (UP IEEE) have been the implementors of the satellite development

More Maya cubesat launches

The Philippines expects more Maya cubesat launches in the near future with Maya-3, Maya-4, Maya-5 and Maya-6 already in their respective design and development phases under the STePUP project led by Prof. Paul Jason Co. “Maya-2 is the manifestation of our country’s commitment to build and sustain our own SSTA ecosystem,” Co said. “This is but another step in our long journey as a space-faring nation.” “Having reached the point of sending the Maya-2 CubeSat for launch, it is a proud and anxious moment not only for the STep-Up scholars, but also for the rest of the Stamina4Space Program,’’said Dr. Maricor Soriano, Samina4Space Program Leader and Project Leader of the program’s Optical Payload Technology, In-depth Knowledge Acquisition, and Localization component. “Proud, in that, after all the challenges the scholars went through, including working amid the pandemic, they passed all the qualifications for launch; and anxious, because the next step is to await signals from Maya-2 in orbit. But this is what building technology for space is really like. And we feel thankful for the opportunity to learn. Congratulations to our STep-UP scholars!” Soriano said. Like its predecessor Maya-1, which was decommissioned on November 23, 2020, Maya-2 is a technology demonstration and educational platform geared to collect data remotely by Store-and-Forward Mechanism. Aboard the 1.3 kg-satellite is a camera for image and video capture, an Automatic Packet Reporting System Message Digipeater, attitude determination and control units for active attitude stabilization and control demonstrations, Perovskite solar cells and Latchup-detection chip. Apart from the similarity of the platforms, Maya-2 was developed and improved using the knowledge gained from developing its predecessor. The development of Maya-2 under the Birds-4 Project started in 2018 and was affected by the Covid-19 pandemic. Although they faced hurdles, the team of Filipino engineers were able to power through. More than creating nanosatellites, sustaining local cubesat research and development “is important because it would potentially lead to a systems engineering mindset our researchers, and local partners that can co-develop the our space industry,” Soriano explained. “It could [also] enhance Science Technology and Engineering curricula in K-12 and higher education,” Soriano said. With the country now having its Philippine Space Agency (PhilSA), it can be confident that its space research and development activities will be sustained and built on, Marciano said. “We congratulate our Birds-4 Filipino engineers—IZ, Mark, and Marloun—and the rest of the Stamina4Space team,” Marciano said. “The PhilSA is building on your accomplishments to bridge, uplift and empower our nation through space.” Stamina4Space is funded by the DOST, monitored by DOST’s Philippine Council for Innovation, Energy, and Emerging Technology Research and Development, and implemented by DOST-Advanced Science and Technology Institute, and University of the Philippines Diliman.

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Plan B eyed: Loosen mobility curbs in more regions Continued from A1

In his view, to achieve herd immunity, at least 70 percent of the population must be vaccinated. This means, it will take time—possibly until the end of 2022—to meet that goal. “The people are suffering, businesses are closing. Elections are coming and I’m sure Duterte wouldn’t want his anointed one to run under conditions of economic depression and continuing public health crisis,” Chikiamco said.

Not child’s play Moving from one quarantine abbreviation to another should not be treated as child’s play, Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III told the BusinessMirror. Sta. Ana said “policymakers are too focused on abbreviations” which ordinary Filipinos do not understand. He said Filipinos are looking for concrete solutions on how to open the economy and flatten the curve of infections in the country. As of February 20, the country still had 34,100 active cases. Since the pandemic started, the country has had a total of 559,288 cases with the addition of 2,240 cases on Saturday. “Do not treat the opening like it’s a baby’s hand game of ‘close open’. This is serious stuff that involves the health of people. Saying ‘close open’ will not lift people’s confidence,” Sta. Ana said. “Do something concrete that spurs economic activities but which will not contradict health objectives. Do something concrete that will boost people’s confidence,” he added. Allowing large gatherings and encouraging more Filipinos to go to malls and dine in restaurants may be difficult if the main source of people’s fear, which is Covid-19, remains a reality, he said. “The people fear the virus. Get real. So contain the virus and put in concrete measures that will make people feel safe. Shifting from one abbreviation (quaran-

Mice…

Continued from A1

As per the new joint memo, “essential meetings and events shall refer to a congregation of at least two people, with or without external participants, vital to the sustenance of the operations and business interests of the organization and not for recreational or leisure purposes, such as workshops, trainings, seminars, congresses, conferences, conventions, board meetings, colloquia, conclaves, symposia, company/government recognitions, and press conferences.” Also permitted are: debut and birthday parties; wedding ceremonies and receptions, engagement parties, wedding anniversaries, family reunions, and bridal or baby showers. These events can only be held in restaurants, in general; restaurants within DOT-accredited accommodation establishments; ballrooms, function halls, and other venues within DOTaccredited accommodation establishments; mall atria; and DOT-accredited standalone venues. In a Viber message, Hotel Sales and Marketing Association president Christine Ann U. Ibarreta said,“We are happy with the DOT and DTI support to open more market segments for the hotels. We will do our part in ensuring safety and protection protocols, as well as creating promotions that are attractive and helpful to our customers.”

SSS…

Continued from A10

“For our pensioners, we suspended Acop. This covers those who were unable to comply with the program since January 2020. But your receipt of SSS pension will not be cut as long as there is a community quarantine in the country. When the entire country has been placed under new normal or all forms of community quarantine have been lifted, we will give you 60 days to comply with Acop,” Ignacio said. Currently, the only ones who need to submit Acop compliance are those with suspended pensions for non-compliance with Acop prior to the community quarantine period. According to the SSS, many members also go to its branches to follow up their registration with the Disbursement Account Enrollment Module (DAEM) on the SSS website (www.sss.gov.ph ). The SSS reminded the public that this should not be done anymore since it is already making a way to expedite the verification process of

tine) to another misses the point,” Sta. Ana said.

Boosting consumption Earlier, local economists asserted that placing the entire country under MGCQ by March will boost household consumption but not back to pre-pandemic levels. Chikiamco had said that consumption growth will return but will still be muted, especially with fears of unemployment still looming. Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang noted enough consumption demand should the country be placed under the more lenient MGCQ. Ang expects consumption spending to increase this year due to low base effects. In the second quarter, he said, household consumption spending could already be in the black. In the fourth quarter of 2020, Household Final Consumption Expenditure (HFCE) contracted 4.5 percent. It posted an average contraction of 5.6 percent in 2020. Philippine Statistics Authority (PSA) data showed HFCE started contracting in the second quarter of 2020 at 13 percent, followed by the 7.2-percent decline in the third quarter. The return of more robust household consumption is not expected for at least a year. Chua told the BusinessMirror this could happen by mid-2022. The middle of 2022 coincides with the Presidential elections. Election years, based on the country’s economic history, are boom years characterized by high GDP growth. This has been termed as the country’s boom-and-bust cycles, occurring when the economy experiences strong growth one year and weak growth the next. In the case of the Philippines, bust growth occurs during non-election years.

For essential meetings, participants can occupy up to 50 percent of the venue’s capacity up to eight hours “provided that disinfection protocols shall be implemented during breaks.” For social events, maximum venue capacity is only 30 percent, and can run up to three hours. “Only individuals with ages 15 years old and above, except those with immunodeficiency, comorbidities, or are pregnant, shall be permitted to participate in essential meetings and social events,” unless revised by the Inter-Agency Task Force on the Management of Emerging Infectious Diseases (IATF) or local government units. Also, attendees to these events shall only be from GCQ and modified GCQ areas. The guidelines allow LGUs, in which these venues are located, to impose their own stricter protocols and rules, but respecting minimum IATF and DOH-health and safety standards. A mandatory requirement is for event participants, employees of venues, and service providers to wear face shields and face masks. Other rules include body temperature checks, registration to contact-tracing apps prior to entry to the venue, one-way entrance and exit for guest flow, and designation of an isolation area for persons who feel unwell while at the event, among others. Strictly prohibited are buffet setup and condiment stations, loitering around public areas of the venue, “group activities or presentations that involve close contact such as dancing and sports,”taking out of unconsumed food, live entertainment, to name a few. pending disbursement account enrollment. “We know that many people need services provided by SSS, that’s why we continue to improve our online services. We encourage our members and covered employers to use these instead of going to our na branches,” she said. Currently, the online services available to members registered on the My.SSS member portal on the SSS website are: filing an application for Unemployment Benefit, Salary Loan and Calamity Loan; Retirement Benefit filing for qualified members; generation of Payment Reference Number (PRN) for contributions; forwarding maternity notifications for self-employed, voluntary, and Overseas Filipino Worker (OFW) members; disbursement account enrollment; contribution and loans inquiry; and Real-Time Processing of Loans PRN Inquiry, among others. Using their My.SSS web account, employers can also certify their employees’ loan and claim applications, submit employment reports, file sickness benefit reimbursement applications, edit Loan Statement and submit of electronic-Loan Collection List, and so on. Bernadette D. Nicolas

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Editor: Vittorio V. Vitug • Monday, February 22, 2021 A3

P1.2B set aside for areas hit by Auring; rescue under way

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

HE government has allocated over P1.2 billion worth of relief and financial aid as its response in areas affected by tropical storm Auring (international name: Dujuan), according to Malacañang.

In a statement on Sunday, Presidential spokesman Harry Roque said the assistance for typhoon victims from Department of Social Welfare and Development (DSWD) is now ready for deployment. This is on top of the P19.5 million worth of medicine, medical supplies and health kits prepared by the Department of Health (DOH),

also for storm-hit areas. Roque issued the statement as tropical storm Auring started battering parts of Visayas and Mindanao during the weekend. “We ask the public, especially residents of affected areas, to remain vigilant, be prepared and ready for possible evacuation in case their local authorities advise

We ask the public, especially residents of affected areas, to remain vigilant, be prepared and ready for possible evacuation in case their local authorities advise them to do so as a precautionary measure.

Presidential spokesman Harry Roque them to do so as a precautionary measure,” Roque said. The National Disaster Risk Reduction and Management Council (NDRRMC) said that at least 1,241 families in Caraga have been preemptively evacuated because of the storm. The Philippine Coast Guard, Roque said, already deployed its personnel in flood-prone areas to help the rescue initiatives of con-

cerned local government units.

Rescue

THE National Disaster Risk Reduction and Management Council (NDRRMC) reported on Sunday that rescue and relief operations are being carried out for residents in Mindanao affected by flooding spawned by Auring. “Response operations are on-

going in communities affected by flooding in Surigao del Sur and several areas of Surigao del Norte,” the NDRRMC said in a brief statement, as it monitors the effect of Auring in Mindanao. Initially, at least 1,410 families in 40 barangays in Region 11 and Caraga were affected while three key roads and a bridge are impassable due to flooding, the NDRRMC said. At least 44 houses were also partially damaged in Surigao del Sur and Surigao del Norte. On Saturday, officials preemptively evacuated at least 1,241 families or 4,847 individuals in Caraga while other families living in lowlying villages and other areas that are prone to flooding and landslides are being moved out. Power supply in Surigao del Sur was cut on Sunday by the Surigao del Sur II Electric Cooperative as a precautionary move against the flooding, leaving almost all of the

province 19 towns and municipalities without power. The flooding was exacerbated by swelling rivers. The Philippine Coast Guard said that at least 771 individuals, two vessels and 280 rolling cargo were stranded in four seaports in North Eastern Mindanao while 18 vessels and five motor bancas have taken shelter against Auring’s fury. In Eastern Visayas, at least 2, 555, six vessels and 847 rolling cargo were stranded in five seaports ports while another 443 passengers, 33 vessels and 298 cargoes were also stranded in 20 seaports in Central Visayas. “The PCG has monitored a total of 4,246 passengers, drivers and cargo helpers; 75 vessels; one motor banca and 1, 804 rolling cargoes stranded in Northern Mindanao, North Eastern Mindanao, Eastern Visayas, Western Visayas, Central Visayas and Bicol region amid Typhoon Auring,” the Coast Guard said in a statement.

More Visayan Church, govt executives infected with Covid M ORE Church and government officials from the Visayas have been infected with the novel coronavirus disease (Covid-19). In a statement, the Office of the Chancellor of the Archdiocese of Cebu confirmed Auxiliary BishopEmeritus Antonio R. Rañola was

hospitalized last Friday due to severe coughing after testing positive for Covid-19. As of Saturday, Rañola's vital signs were already stable, but he remains under close medical supervision by his doctors. Aside from Rañola, other members of the Cebu clergy who were

also infected with Covid-19 are Cebu Archbishop Jose S. Palma and Fr. Russel Sungcad. Rañola is the eighth Covidinfected bishop. Besides him and Palma, the others earlier infected were: Congregation for the Evangelization of Peoples Prefect Cardinal Luis Antonio Tagle, Manila

Apostolic Administrator Bishop Broderick Pabillo, Ilagan Bishop David William Antonio, Caloocan Bishop Emeritus Deogracias Iñiguez, Lingayen-Dagupan Archbishop Emeritus Oscar Cruz, and Imus Bishop Emeritus Manuel Sobreviñas. Cruz and Sobreviñas passed away

after their infection. In a related development, Presidential Communication Secretary Martin Andanar said that Visayas Secretary Michael Lloyd Diño is now infected with Covid-19. Andanar sought prayers for Diño, who is still recovering from the infection.

“May Secretary Diño’s recovery be immediate in order for him to continue fulfilling his duties and in assisting the President and the whole Duterte administration in the fight against and recovery from the pandemic in the Visayas,” Andanar said in a statement. Samuel P. Medenilla

The Economy

A4 Monday, February 22, 2021 • Editor: Vittorio V. Vitug

BusinessMirror

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PHL sets sights on becoming PPE hub in Asia

By Elijah Felice E. Rosales

@alyasjah

HE Board of Investments (BOI) has asked Japanese manufacturers to turn the Philippines into their Southeast Asian hub for personal protective equipment (PPE) production on commitments of domestic demand, trade privileges and fiscal support.

The BOI last week presented to members of the Japan Hygiene Products Industry Association (JH-

PIA) the competitive advantages of operating a PPE factory in the Philippines. In an online briefing,

the BOI stated its desire to turn the country into a manufacturing base for PPE makers from Asian neighbors, including Japan, Malaysia, South Korea and Taiwan. Lanie O. Dormiendo, director of the BOI’s International Investments Promotions Service, pitched to JHPIA firms the growing population, labor pool and market access as benefits to investing in the Philippines. “Our country can serve both as their market and manufacturing base for exports,” she argued. “Throughout in this unprecedented global health emergency, the Philippines has proven itself as a manufacturing hub for PPE and other medical supplies vital to fighting the pandemic.”

Based on BOI records, there are now at least 300 manufacturers engaged in the production of textile and garments, and they employ more than 510,000 workers who are capable of weaving PPEs and face masks. As such, the country can now make over 80 million face masks, 10.2 million PPE coveralls and 65,700 face shields every month. Prior to the Covid-19 pandemic, the Philippines has no output at all for PPEs, and can only produce roughly 6 million face masks. Dormiendo also informed JHPIA members the government rejected any move to impose export and import restrictions at the peak of lockdowns, and even assisted foreign investors to transfer their

factories here to sustain their business operations. Dormiendo said manufacturing firms can take advantage of tax cuts provided under the second Bayanihan to Recover as One Act. The law allows manufacturers to carry over financial losses incurred in fiscal year 2020 to 2021 as a tax deduction from gross income in the next 5 taxable years. Likewise, firms bringing in raw materials and capital equipment for the production of PPEs and medical essentials are exempted from paying their import duties. For Ferdinand A. Ferrer, vice president of the Confederation of Philippine Manufacturers of PPE (CPMP), the entry of Japanese PPE makers will improve the production

capacity of local firms. The CPMP is made up of manufacturers who responded to the government’s call to retrofit their facilities to produce PPEs and face masks. “We are open to partnerships and investments from our Japanese counter parts to ex plore more opportunities and further develop our capabilities,” Ferrer said. Japan is one of the country’s largest sources of foreign capital, although the pandemic reduced investment inflows from Tokyo last year. From January to September of 2020, investments from Japan crashed more than 70 percent to P5.09 billion, from P17.33 billion during the same period in 2019.

BOI: Innovators may enjoy tax perks for new products

NNOVATORS who are targeting to introduce their products and services to the commercial market may now avail of fiscal incentives from the Board of Investments (BOI). Projects that will generate patented technologies may secure tax breaks from the BOI, as such activities are now included in the government’s Investments Priorities Plan (IPP). Under the BOI Memorandum Circular 2021-001, the commercialization of uncommercialized patents was listed as

one of the investment areas that can enjoy incentives. Based on the circular, uncommercialized patents refer to inventions, utility models and industrial designs granted letters patent or certificates of registration by the Intellectual Property Office of the Philippines (IPOPHL) but have yet to make economic gains from the innovation. Prior to registering with the BOI, applicants must submit a certified true copy of the letters patent for inventions or certificates of regis-

tration for utility models and industrial designs. Likewise, the applicant should file an affidavit that the innovation to be filed has no prior commercialization. Further, the applicant must secure a certificate from the IPOPHL proving the product or service has been posted in the IP depot for possible introduction to the market. Upon approval, the project may get up to 6 years of income tax holiday and duty exemption on imported capital equipment, spare parts and

accessories. Aside from these incentives, it will get exemption from wharfage dues; tax break on breeding stocks and genetic materials; tax credits on imported raw materials; among others. Including the commercialization of new products and services in the IPP is seen to improve the government’s program to develop the IP environment in the Philippines. IPOPHL Director General Rowel S. Barba on Sunday said the addition could propel the country in the Global Innovation Index (GII). The Philippines jumped to 50th out of 131 economies in the 2020 edition of the GII to pick up from its 54th placing in the 2019 cycle. “The move will surely reinvigorate filings activity, help the Philippines climb higher in the GII and fulfill our goal to transition to a knowledgebased economy,” Barba said.

The move will surely reinvigorate filings activity, help the Philippines climb higher in the GII and fulfill our goal to transition to a knowledge-based economy. IPOPHL Director General Rowel S. Barba Barba said the inclusion of IP activities in the IPP can be attributed to the memorandum of agreement (MOA) signed in 2019 between the IPOPHL and the BOI. The MOA was reached to work on the grant of incentives to investments made in the IP sector. Aside from the commercialization of uncommercialized patents, IP ac-

BM tivities covered by the IPP include the publication of original books and the putting up of business incubators. “We will continue work in adding more IP-generating activities in the next IPPs,” Barba said. “We hope we can succeed so we can drive more socially relevant and industrially useful IP products and processes into the market.” Elijah Felice E. Rosales

Govt urged to expand Covid-19 testing, support schemes By Cai U. Ordinario @caiordinario

HILE the Duterte administration has been “proactive” in responding to the pandemic, much needs to be done to expand testing and address gaps in social assistance, according to the Asian Development Bank (ADB). In a project report titled “Covid-19 Active Response and Expenditure Support (CARES) Program Monitoring Report,” ADB said more needs to be done in addressing the impact of the lockdowns on the economy. Under the CARES program, ADB has approved $1.5 billion in countercyclical support for the Philippines to mitigate the impact of the pandemic. The Asian Infrastructure Investment Bank (AIIB) has also provided $750 million through its Covid-19 Crisis Recovery Facility while the Japan International Cooperation Agency (JICA) has set aside $459 million under its Covid-19 Crisis Response Emergency Support Loan. “A greater focus is needed on large-scale testing for Covid-19, tracing, and treatment as the economy further reopens. Proven strategies to deliver measures effectively and efficiently should be prioritized,” ADB said. “Successful programs need to be scaled up, corrective actions deployed swiftly, and outreach to the vulnerable, including workers and businesses in the informal economy, expanded.” In terms of testing, ADB recommended that efforts must be exerted to facilitate the access of laboratories to equipment and supplies. Some laboratories lacked extraction kits and reagents, among others. As of January, ADB said 49 laboratories still have pending license applications. The Manila-based multilateral development bank said the licensing of Covid-19 testing labora-

tories must be accelerated. ADB said around 170 laboratories using RT-PCR technology and 50 laboratories used GeneXpert. This has enabled the government to identify hotspots and implement targeted quarantines or lockdowns. The report stated that the average number of daily tests conducted for the week of January 24-30, 2021 was 35,535, with a positivity rate of 5.51 percent. “Despite the increased number of licensed laboratories capable of conducting over 40,000 tests a day, the actual number of tests being processed is lower. Problems encountered by the laboratories include lack of testing equipment and supplies (e.g., extraction kits, reagents) and procurement issues,” ADB said. Further, ADB said priority should be given to the National ID and to efforts that digitize processes to simplify the distribution of subsidies. These will help address gaps in social assistance. Closing gaps in social assistance will also help millions of Filipinos who were rendered jobless by the lockdowns implemented to prevent the spread of Covid-19. ADB noted that unemployment rate rose to a record high of 17.6 percent in April 2020 before slowing to 10 percent in July and 8.7 percent in October 2020. This meant that 3.8 million people were jobless and another 5.7 million people were underemployed or were looking for additional work in October. Further, the labor force participation rate has fallen sharply, suggesting that some laid-off workers may have become discouraged and have given up looking for jobs. “Vulnerable workers, especially women engaged in precarious employment, are experiencing income declines, which in time may lead to increasing child la-

bor,” ADB said. Efforts to fast-track the Philippine Identification System (PhilSys), ADB said would facilitate the opening of bank accounts by the “unbanked” segment of the population. This could bring financial relief to jobless Filipinos, including those looking for higher and better sources of income. Turning to digital platforms, ADB said, would also allow the government to improve social amelioration assistance as well as subsidies for micro, small, and medium enterprises (MSMEs). The report stated that documentation requirements, face-to-face loan applications and fees worth 4 percent to 8 percent of loan amounts slowed the access of MSMEs to financial support. Going digital would also allow the government to address education and learning programs. This includes establishing internet hubs in barangays, leasing digital devices to students, and/or providing temporary free internet data packages. ADB expressed concern that low enrollment and high dropout rates became prevalent due to the pandemic. Citing government data, ADB said total enrollment in kindergarten-to-grade-12 (K-12) schools declined by 3.8 million or 14 percent to 23.2 million in the school year (SY) 2020–2021 from 27 million in SY2019–2020. The report also indicated that drop-off cuts were seen in elementary enrollment to 11.5 million from 13.3 million and junior high school enrollment to 7.5 million from 8.5 million. ADB said the CARES program aims to mitigate the adverse impacts of Covid-19 on the population’s health, incomes, and economic opportunities. The objective of the project is to manage the spread of Covid-19 and contain poverty by implementing measures to combat the pandemic.

Agriculture/Commodities BusinessMirror

www.businessmirror.com.ph

Editor: Jennifer A. Ng • Monday, February 22, 2021 A5

BUSINESSMIRROR FILE PHOTO

Chicken egg output hits record high in 2020

By Jasper Emmanuel Y. Arcalas @jearcalas

HE entry of new players in the local layer industry allowed the country’s chicken egg production to rise to an unprecedented level last year, according to data from the Philippine Statistics Authority (PSA). PSA data showed that chicken egg output in 2020 grew by almost

4 percent to 605,786.16 metric tons (MT), or about 12.721 billion pieces. Last year’s output was 22,552.16 MT higher than the previous record production of 583,234 MT in 2019. Philippine Egg Board Association (PEBA) Chairman Gregorio San Diego said the industry underwent “big expansion” as some of the hog raisers affected by African swine fever (ASF) shifted to

chicken egg production. “There is a big expansion in the layer industry, more so this year. Marami kasi pumasok, a lot of them are hog farmers affected by ASF,” San Diego told the BusinessMirror. He noted that demand was “okay” for the most part of last year and the impact of the increase in production was only felt toward the end of 2020. “The increase in supply was already felt toward the end of the

year as was reflected in the reduction of egg prices.” PSA data showed that the average farm-gate price of chicken eggs in the fourth quarter of 2020 declined by 1 percent to P5.62 per piece from P5.68 per piece in the same period of 2019. PSA data also showed that the average farm-gate price of chicken eggs in December declined by 2.1 percent to P5.64 per piece f rom P5.76 recorded in the same month of 2019. As of January 1, the country’s chicken layer population expanded by 4.19 percent to a record-high of 42.928 million birds, from 41.202 million birds posted in the same period a year ago, PSA data showed. The BusinessMirror reported last year that Filipinos were forced to find alternative livelihoods to earn and survive the pandemic and egg reselling in their communi-

NIA bans another construction firm for breach of obligation

QC govt, DA distribute urban aquaculture starter kit to 2 barangays

HE National Irrigation Administration (NIA) said it has blacklisted Green Asia Construction and Development Corp. as the construction company failed to comply with its contractual obligations. NIA said the issuance of the blacklisting order was pursuant to Section 69 (Imposition of Administrative Penalties) of Republic Act (RA) 9184 (GovernmentProcurementReformAct)andupon thefindingsandrecommendationsoftheContract Termination Review Committee (CTRC) in its Resolution of Termination. The order is relative to the termination of Contract No. CMIPP2-C-U4R. NIA said the contractor is suspended/ disqualified from participating in all government procurement for 1 year, starting February 8, until February 7, 2022. In addition, the agency said it also forfeited the Performance Security of Green Asia Construction in the amount of P89,079,094.22. “The blacklisting was made as a penalty to the contractor’s failure to fully and faithfully comply with contractual obligations without valid cause or non-compliance to any written lawful instruction of the procuring entity or its representative(s) pursuant to the implementation of the contract,” the NIA said. “The contractor also incurred a negative slippage of at least 15 percent, a ground for termination of contracts under Annex I of the Revised Implementing Rules and Regulations of RA [Republic Act] 9184.” This is not the first time NIA issued blacklisting orders to erring contractors. Aside from

O beef up food security and provide livelihood to residents, the Quezon City government and the Department of Agriculture (DA) have turned over urban aquaculture starter kits to 60 identified beneficiaries from Barangay Bagong Silangan and Payatas today. Mayor Ma. Josefina Belmonte, Agriculture Undersecretary for Fisheries Marie Natividad-Caballero and Bureau of Fisheries and Aquatic Resources (BFAR) National Director Eduardo Gongona attended the ceremonial turnover and stocking of fingerlings at Pinagbuklod Area 5 in Sitio Veterans. The project will provide a total of 60 units of filtration system, 10,000 pieces hito and 9,000 pieces tilapia fingerlings including one cycle of feeds that will serve as a starter kit for the beneficiaries, who are mostly hog raisers that lost their livelihood to African swine fever (ASF) in 2019. “We must put empty pigpens and vacant lots to good use by turning them into fish pens and backyard fishponds where we can grow tilapia and hito,” said Belmonte in a statement. “Through this, we could provide livelihood to our hog raisers who lost their primary source of income because of ASF.” Belmonte said urban aquaculture will help boost local food supply in the city amid the pandemic. Under this project, vacant and abandoned pigpens of ASF-affected hog raisers will be converted into fish tanks suitable for tilapia and hito culture.

Green Asia Construction, just two weeks ago, NIA banned 3 contractors for breach of obligation. These construction firms are MAC Builders for the P730.945-million Malinao Dam Improvement Project in Pilar, Bohol under Contract No. R7-MDIPD-C-2R; ITP Construction Inc./ Guangxi Hydroelectric Construction Bureau Co., Ltd. (Consortium) for the P5.863billion Balog-Balog Storage Dam in San Jose, Tarlac under Contract No. R3-BBMPIID-C-6; and Premium Megastructures Inc. for the P273.508-million Bonot-Bonot Earthfill Dam in the municipality of Buenavista in Bohol under Contract No. SRIPD-C-27R. The 3 blacklisted contractors are barred from participating in all government procurement for the period of one year from January 28, 2021 to January 27, 2022. Collectively, a total of P2,149,531,571.44 of performance securities will be collected from these 4 contractors in favor of the government. Aside from RA 9184, NIA also cited as the legal basis of the decision were Presidential Decree 1870, series of 1983, authorizing the government’s take over by administration of delayed infrastructure projects or awarding of the contract to other qualified contractors; RA 11032 or Ease of Doing Business and Efficient Government Service Delivery Act of 2018; and NIA Memorandum Circular 86 series of 2018. NIA Top Management Officials, headed by Administrator Ricardo R. Visaya, made an assurance that the agency does not tolerate corruption and collusion in project implementation.

Farmers in Davao rice-growing areas get cash aid from govt

S part of its key programs to help the rice farmers in the region who are affected by the Rice Tariffication Law (RTL), the Department of Agriculture-11 (DA-11) has distributed P5,000 cash card to 1,803 rice farmers in various rice-growing municipalities in the region. The said cash assistance is a continuation of the Rice Farmers Financial Assistance (RFFA) distribution in partnership with the LandBank of the Philippines (LBP) which started in 2020 with 13,609 Davao rice farmer-beneficiaries already received their cash aid amounting to P68-million that year alone. DA-11 Regional Executive Director Ricardo M. Oñate Jr. said in a statement that it is timely for rice farmers to receive the assistance in this time of health emergency to help augment their financial expenses this cropping season. “Unlike other crops, rice farming is both financial and labor intensive as our farmers

need to start anew every planting season,” he said. Identified farmers listed in the Registry System for Basic Sector in Agriculture (RSBSA) are those tilling up to a 2-hectare rice farm and were affected by the low buying price of palay in 2019. Evelyn Basa from DA-11 Rice Banner program said that the RFFA is not a loan program but an unconditional cash assistance for rice farmers to revive and support in paying for the agricultural inputs. “For this year, DA-XI and the LBP have released P9-million to 1,197 rice farmerbeneficiaries in Davao del Norte, 442 farmer-recipients in Davao Oriental, 113 farmers in Davao de Oro, and 51 in Davao del Sur. We are closely coordinating with other municipalities to fast track the distribution to help our rice farmers this cropping season,” Basa said. She said some distribution activities scheduled were delayed due to the strict

health and safety protocol in various municipalities in the region amid the Covid-19 pandemic. “While we want to fast track the distribution, we are also adhering to the quarantine protocol and closely coordinating with the LGUs to ensure everyone’s safety,” she said. Meanwhile, DA-11 Regional Director Oñate expressed his gratitude to the Municipal Agriculture Officers in the local government units for preparing the venue in adherence to the health and safety protocol set by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases. He also said another set of cash aid distributions will be launched at the end of the month dubbed RFFA2, which will benefit more rice farmers across the region. Aside from the cash assistance, DA-11 said it is continuously distributing free high quality rice seeds, fertilizers and agri-machinery to rice farmers in the Davao region.

ties, such as subdivisions or online, was one such fallback. The apparent shift was also caused by the need to have a stockpile of food, especially during the height of lockdowns imposed by the government to curb the spread of Covid-19 in the country, PEBA President Irwin M. Ambal said. (Related sto-

ry: https://businessmirror.com. ph/2020/08/17/good-disruptionmore-people-buy-eat-eggs/). The rise of egg resellers, San Diego said, was able to offset the loss of the layer raisers’ hotel, restaurant and industrial (HRI) markets. HRI accounts for 25 percent to 30 percent of the layer industry’s market.

Monday, February 22, 2021

The World BusinessMirror

2 Myanmar protesters killed by police fire, several injured

ANDALAY, Myanmar— Riot police in Myanmar shot dead two anti-coup protesters and injured several others on Saturday, as security forces increased pressure on popular revolt against the military takeover. One of the victims was shot in the head and died immediately during the latest rally in the second-largest city of Mandalay, according to Frontier Myanmar, a news and business magazine. Another was shot in the chest and died en route to a hospital. Several other serious injuries were also reported. The shootings occurred near Mandalay's Yadanabon dock, where tear gas, rubber bullets, water cannons and slingshots were used on protesters earlier Saturday. The Irrawaddy news website also confirmed the deaths on social media. At least five people were injured by rubber bullets and were carried away in ambulances, according to an Associated Press journalist who witnessed the violence. Some 500 police and soldiers descended on the area after dock workers joined the national civ il disobedience movement, refusing to work until the military junta that seized power in a Feb. 1 coup reinstates the democratically elected gover nment led by Aung San Suu Kyi. Protesters and residents fled the neighborhood amid the violence and security forces chased

after them. There were reports of sounds that resembled gunfire. A group of journalists also was forced to flee after being hit with tear gas and slingshot projectiles. Earlier in the week in Mandalay, security forces cracked down on state railway workers in a similar fashion. Across Myanmar, protests showed no signs of slowing down despite the crackdown— including a sixth consecutive night in which the Internet was cut for many hours. Demonstrators also gathered in Yangon, the biggest city, chanting and holding placards and images of Suu Kyi, who remains under house arrest. Singapore, which together with Myanmar is part of the 10 -member A ssociat ion of Southeast Asian Nations, condemned the use of lethal force as "inexcusable." "We strongly urge the security forces to exercise utmost restraint to avoid further injuries and loss of lives, and take immediate steps to de-escalate the situation and restore calm," the Ministry of Foreign Affairs said, adding: "If the situation continues to escalate, there will be serious adverse consequenc-

Red Cross workers carry a man on a stretcher in Mandalay, Myanmar on Saturday, February 20, 2021. Security forces in Myanmar ratcheted up their pressure against anti-coup protesters Saturday, using water cannons, tear gas, slingshots and rubber bullets against demonstrators and striking dock workers in Mandalay, the nation's second-largest city. AP Photos

es for Myanmar and the region." On Sunday, Facebook announced it took down the page run by the Myanmar military information unit "for repeated violations of our community standards prohibiting incitement of violence and coordinating harm." Earlier Saturday, protesters paid tribute to a young woman who died a day earlier after being shot by police during a rally in the capital, Naypyitaw. An impromptu memorial created under an elevated roadway in Yangon attracted around 1,000 protesters. A wreath of bright yellow flowers was hung beneath a photograph of Mya Thwet Thwet Khine, who was shot on Feb. 9, two days before her 20th birthday. Her death on Friday was the first confirmed fatality among thousands of protesters who have faced

off against security forces since top military commander Senior Gen. Min Aung Hlaing took power. Protesters at t he memor ia l chanted and held up signs that read "End the dictatorship in Myanmar" and "You will be remembered Mya Thwet Thwet Khine." The supporters also laid roses and rose petals on images of the woman. US State Department spokesman Ned Price offered his government's condolences and reiterated calls on the military to refrain from violence against peaceful protesters. Security forces have been relatively restrained so far in confronting protesters in Yangon, but appeared to be toughening their stance in areas where there is less media presence. The junta detained Suu Kyi and prevented Parliament from con-

vening, saying elections in November were tainted by voting irregularities. The election outcome, in which Suu Kyi's party won by a landslide, was affirmed by an election commission that has since been replaced by the military. The junta says it will hold new elections in a year's time. The US, British and Canadian governments have imposed sanctions on the new military leaders, and joined other nations in calling for Suu Kyi's administration to be restored. The coup was a major setback to Myanmar's transition to democracy after 50 years of army rule. Suu Kyi came to power after her National League for Democracy party won a 2015 election, but the generals retained substantial power under the constitution, which was adopted under a military regime. AP

Thailand’s prime minister survives no-confidence vote

ANGKOK—Thailand's prime minister survived a no-confidence vote in parliament on Saturday amid allegations that his government mismanaged the economy, bungled the provision of Covid-19 vaccines, abused human rights and fostered corruption. Nine other ministers also survived the vote. It marked the second no-confidence test that Prime Minister Prayuth Chan-ocha's government has faced since taking office in July 2019, following a contested election after Prayuth seized power in a 2014 coup as the army chief. In February last year, he and five Cabinet ministers easily defeated a no-confidence vote in the lower house. In the latest motion, Prayuth's government was also criticized for misusing its power to promote police officials and for establishing a cyber unit to attack government critics on social media, among other complaints. But a more serious allegation was that Prayuth has deepened divisions in society by using the monarchy as a shield against criticism of his government. A student-led protest movement has campaigned since last year for Prayuth and his government to step down. They want the constitution to be amended to make it more democratic, and for the monarchy to be reformed to make it more accountable. "The biggest fault of Prayuth is that he does not understand the principles of the constitutional monarchy," said Pita Limjaroenrat, leader of the opposition Move Forward Party. "He used the monarchy to protect himself whenever he was criticized or opposed. This is an evil action, making him no longer qualified to be prime minister," he said. His accusation refers to the enforcement of Article 112 of the criminal code, also known as the lese majeste law. Prayuth said in June last year that King Maha Vajiralongkorn had expressed his wish for the government not to use the law against defaming the monarchy to prosecute pro-democracy protesters. Thanathorn Juangroongruangkit, a popular

Thailand Prime Minister Prayuth Chan-ocha smiles in parliament after a no-confidence vote against him was defeated in Bangkok, Thailand on Saturday, February 20, 2021. Prayuth survived a no-confidence vote Saturday in parliament amid allegations that his government mismanaged the economy, bungled the provision of Covid-19 vaccines, abused human rights and fostered corruption. AP Photo/Sakchai Lalit

politician who was forced out of parliament last year, was charged last month with lese majeste for alleging that the government's procurement of Covid-19 vaccines was late and inadequate, and that there was possible favoritism in the awarding of the main contract. The criticism relates to the monarchy because most of the vaccines that Thailand has ordered are to be produced by Siam Bioscience, a private Thai company owned by the king. The monarchy is widely considered an untouchable bedrock of Thai nationalism. The lese majeste law allows anyone to file a complaint with the police, with convictions carrying jail terms of up to 15 years per offense. According to Thai Lawyers for Human Rights, at least 59 people, including several minors, were summoned under the law between November and February. Four well-known protesters—including human rights lawyer Arnon Nampa, student leader Parit Chiwarak, and political activists Somyos Prueksakasemsuk and Patiwat Saraiyaem—were prosecuted under the law and on sedition charges earlier this month. Their lawyer requested bail, but the court denied it. Prayuth said the debate in parliament was "a good opportunity for both sides to do something

together for our country and people. And I am ready to clarify every allegation." Of the 487 lawmakers, 277 are part of the ruling coalition and 210 are with the opposition. The censure motion would have required a simple majority, or 244 votes, to pass. Prayuth received 272 votes, with 206 voting no-confidence and three remaining silent. On Saturday evening, around 1,000 protesters staged a rally outside the gate of the parliament building, where speakers took turns denouncing the vote results, saying they were hosting their own version of the censure debate. Some attendees held signs criticizing the government and the monarchy. "We knew what the result of the vote would be, but we are not upset because at least the opposition parties had a chance to expose the government's wrongdoings so that the whole country would know the truth," said Jaruwan Bungasaree, a 68-year-old protester. "They spoke out against the corruption and did a good job," she added. Police said earlier that they would deploy more than 10,000 officers in Bangkok over the weekend to control the crowds and maintain law and order. Police vehicles, including water cannon trucks, were dispatched near the parliament building. AP

Editor: Angel R. Calso

Taiwan sees fastest growth since 2014 amid global chip shortage

aiwan’s economy will probably grow at its fastest pace in seven years in 2021, the government said, forecasting that a global scramble for semiconductors will deliver a boost to the island’s exports. Gross domestic product will likely expand 4.64 percent in 2021, the statistics bureau said Saturday, compared to a forecast of 3.83 percent made late last year. Officials also revised up fourth-quarter GDP expansion to 5.09 percent. The government more than doubled its estimate for 2021 export growth to 9.58 percent from 4.59 percent. While Taiwan’s projected growth for this year lags the global average of 5.4 percent, based on a Bloomberg survey of economists, it is coming off a higher base after having been one of the few significant economies to register an expansion last year. The government pointed to increased demand for Taiwan’s semiconductors as a key reason it upgraded the 2021 forecasts. Given the leading position of the island’s main chip manufacturers, the strong external demand will boost exports, Tsai Yu-tai, director of the statistics department of the Directorate General of Budget Accounting and Statistics, said at a briefing following the release of Saturday’s data. “We upgraded our export outlook after taking January export data into consideration, plus the fact that Taiwanese businesses with facilities in China are investing more at home, and the changes in the global supply and demand,” Tsai said. “We expect this year’s export growth to be the strongest since 2017.” Overseas demand has helped fuel an appreciation of more than 7 percent in the Taiwan dollar versus the greenback over the past 12 months. Officials also warned that exporters and policy makers should be prepared for further gains to come. “Our trade surplus was $58.8 billion last year,” said statistics chief Chu Tzer-ming. “We expect it to be $63.9 billion this year. This might lead to pressure on the Taiwan dollar to appreciate. Everyone should watch out for this.” US President Joe Biden’s top economic adviser, Brian Deese, earlier this week sought the Taiwanese government’s help in resolving the chip shortage that’s hindering US automotive manufacturing. His appeal followed earlier pleas from Japanese and European officials for Taiwan’s help in ensuring supply. The world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co., plans to increase capital expenditure this year to as much as $28 billion to help address the shortage. Taiwan’s economic outlook has also been bolstered by its largely successful handling of the Covid-19 pandemic. The island has registered just nine deaths and fewer than 1,000 cases since the beginning of the outbreak. This allowed it to avoid the strict lockdowns that brought many other economies to a halt. With a few exceptions, Taiwanese businesses, offices and schools stayed open throughout the year, and there was a boom in domestic travel as people opted to vacation at home rather than head overseas. However, Taiwan has so far struggled to secure enough vaccines to inoculate its more than 23 million people. Health officials say vaccinations will likely only start in June, leaving the island facing the possibility of being left behind as business and travel elsewhere bounce back from the pandemic. Bloomberg News

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Monday, February 22, 2021

Russia reports to WHO first cases of H5N8 bird flu strain in humans

ussia said it found the world’s first cases of the H5N8 strain of avian influenza in humans though the virus isn’t yet spreading between people.

Authorities have sent information on the seven cases detected in workers at a poultry farm in southern Russia to the World Health Organization, Anna Popova, the country’s public-health chief, said in televised comments on Saturday. “It is not transmitted from person to person. But only time will tell how soon future mutations will allow it to overcome this barrier,” she said. The discovery of this strain now “gives us all, the whole world, time to prepare for possible mutations and the possibility to react in a timely way and develop test systems and vaccines.” The affected workers at the poultry farm, where an outbreak among birds was reported in December, had mild cases and have recovered, Popova said. “They were asymptomatic and no onward human-to -human

Argentine health minister fired after Covid-19 vaccine scandal

rgentine President Alberto Fernandez fired his health minister in an attempt to defuse a scandal over government allies having received preferential access to Covid-19 vaccinations. Gines Gonzalez Garcia resigned on Friday at Fernandez’s request after reporter Horacio Verbitsky told a radio station that he’d received a vaccine at the Health Ministry following a personal request to the minister. Local newspaper Clarin reported that other government allies had also received vaccines ahead of schedule. Gonzalez Garcia faced criticism as Argentina struggled to seal vaccine contracts, and the pace of inoculations runs well below the government’s target. The minister made other missteps, including dismissing concern about the virus in early 2020 and projecting multiple times that cases would fall, only to see them surge after a strict lockdown. The minister also battled with Pfizer Inc. over legal terms for vaccine doses, and was unable to secure an agreement. Carla Vizzotti, the top deputy at the ministry, was named the new health secretary. As secretary of health access, Vizzotti recently traveled to Russia to pick up the first batch of Sputnik V vaccines for Argentina, and led most of the ministry’s press conferences on Covid developments. G o n z al e z G ar c ia’s f i r i n g f o llow s similar scandals in the region. In Peru, former head of state Martin Vizcarra was among 487 people to receive the Sinopharm vaccine before it was available to the public. In Brazil, President Jair Bolsonaro’s administration drove out two health ministers over pandemic policy disagreements. As of the latest official data Wednesday, Argentina has administered 633,637 total doses of the Russian vaccine, well below the target of 10 million the government set for the end of February. Argentina had reported over 2 million total Covid-19 cases and 51,000 deaths by Friday evening. Bloomberg News

In this Tuesday, February 16, 2021, file photo, Maria Pineda warms up in her car outside her home in East Austin, Texas, during a power outage caused by a winter storm. Pineda said her home has been without power since early Monday morning. Jay Janner/Austin American-Statesman via AP

Bodies of people likely frozen to death found in Texas homes

Animal rights activists wearing poultry masks attend a rally calling for the suspension of culling poultry as a preventive measure against the spread of avian influenza and demanding to use the vaccination measures against AI to help prevent the outbreak of avian influenza in Seoul, South Korea, January 25, 2021. The signs read: “Stop the slaughter.” AP Photo/Lee Jin-man

transmission was reported,” the WHO said in an e-mailed statement. “If confirmed, this would be the first time H5N8 infects people.” The swift identification of the strain means work can start on development of testing to detect new infections and on potential vaccines, Rinat Maksyutov, head of the Vektor research center, which made the finding, told state television. In November, Vektor reported that a new H5N8 flu strain was circulating in 15 Russia regions among poultry and wild birds, but

was not considered dangerous to humans, the Interfax news service reported. In 2012, health officials investigated a strain of bird flu that killed hundreds of wild ducks in southern Russia’s Krasnodar region for potential risks to humans. More than 2 million ducks and other poultry were slaughtered in France as of the end of January due to outbreaks of avian flu or as a preventative measure, the country’s agriculture ministry reported. There have been 862 laboratory-confirmed cases of human

infection with the H5N1 strain of avian flu including 455 deaths since 2003 in 17 countries, the WHO said in a December 9 report. Six of 14 cases of H5N6 avian flu in humans reported since 2014 were fatal, the WHO said in a post dated November 2016. “ T hough human infections with A[H5] viruses are rare and generally occur in individuals exposed to sick or dead infected birds [or their environments], they can lead to severe illness or death in humans,” the WHO said on its website. Bloomberg News

What’s safe after vaccination? Don’t shed your face mask yet

ou'r e fully vaccinated against the coronavirus— now what? Don't expect to shed your face mask and get back to normal activities right away. That's going to be a disappointment, if not a shock, to many people. In Miami, 81-year-old Noemi Caraballo got her second dose on Tuesday and is looking forward to seeing friends, resuming fitness classes and running errands after nearly a year of being extremely cautious, even ordering groceries online. "Her line is, 'I'm tired of talking to the cats and the parrots,'" said her daughter Susan Caraballo. "She wants to do things and talk to people." But the Centers for Disease Control and Prevention hasn't yet changed its guidelines: At least for now, people should follow the same rules as everybody else about wearing a mask, keeping a 6-foot distance and avoiding crowds—even after they've gotten their second vaccine dose. Vaccines in use so far require two doses, and experts say especially don't let your guard down after the first dose. "You're asking a very logical question," Dr. Anthony Fauci, the top US infectious disease expert, responded when a 91-year-old California woman recently asked if she and her vaccinated friends could resume their mah-jongg games. In that webcast exchange, Fauci only could point to the CDC's recommendations, which so far are mum about exceptions for vaccinated people getting together. "Hang on," he told the woman, saying he expected updates to the guidelines as more people get the coveted shots. What experts also need to learn: The vaccines are highly effective at preventing symptomatic Covid-19, especially severe illness and death—but no one yet knows how well they block spread of the

coronavirus. It's great if the vaccine means someone who otherwise would have been hospitalized instead just has the sniffles, or even no symptoms. But "the looming question," Fauci said during a White Hou se coron av i r u s response briefing last week, is whether a person infected despite vaccination can still, unwittingly, infect someone else. Studies are underway to find out, and hints are starting to emerge. Fauci pointed to recent research from Spain showing the more coronavirus an infected person harbors—what's called the viral load—the more infectious they are. That's not surprising, as it's true with other illnesses. Some preliminar y findings from Israel have suggested people infected after the first vaccine dose, when they're only partially protected, had smaller viral loads than unvaccinated people who got infected. That's encouraging if the findings hold up. Israel has vaccinated a large fraction of its population and scientists worldwide are watching how the outbreak responds as those inoculations increase. Also critical is tracking whether the vaccines protect against new, mutated versions of the virus that are spreading rapidly in some countries, added Dr. Walter Orenstein, an infectious disease expert at Emory University. He's been vaccinated and is scrupulously following the CDC guidelines. There are practical reasons. "It's hard to tell who got vaccinated and who didn't if you're just walking around the grocery store," noted University of Pennsylvania immunologist E. John Wherry. And experts like Wherry get asked, repeatedly: Yes, there are rules for being in public, but what's safe for Grandma to do at home, with family or close friends, after she's vaccinated? Not everyone's immune system is boosted equally from vaccines —

so someone with cancer or the frail elderly may not get as much protection as a robust 70-something. But most people should feel "more confident about going shopping, for example, or going to see your grandkids, or giving your daughter a hug," Wherry said. That's because the chances of a fully vaccinated person getting seriously ill, while not zero, are low. "Friends coming over for dinner, we should still try to follow the guidelines," Wherry added. "You never know who is compromised, where the vaccine may not work as well." What if the fully vaccinated are exposed to someone who's infected? The CDC did recently ease those rules: No quarantine as long as the vaccinated person shows no symptoms and it's been at least two weeks but not longer than three months since their second dose. Getting on an airplane? Vaccinated or not, the CDC still urges essential travel only. International travel is an even tougher prospect. Expect countries that already have different quarantine and test requirements to come up with varying post-vaccination guidelines— especially since multiple types of vaccines, some better proven than others, are used around the world. There's also the concern about carrying those worrisome mutations from one country to another. Stay tuned for updates to the advice as more people get vaccinated. Meanwhile, don't underestimate how important it is for the vaccinated to feel less anxiety as they run errands or go to work while still following the public health measures, said Dr. Luciana Borio, a former Food and Drug Administration scientist. Even with a trip to the grocery store, "there was always this anxiety about, 'Was that the contact that's going to make me infected?'" Borio said. "That is a very powerful change in one's living situation." AP

ALLAS—With the snow and ice clearing in Texas after days of unusually cold temperatures, bodies are being found of people who likely froze to death as they struggled to stay warm after electricity was cut to millions of homes. Of the around 70 deaths attributed to the snow, ice and frigid temperatures nationwide, more than a dozen were people who perished in homes that had lost their heat, and most of those were in Texas. They include an 11-yearold boy who died in his bed in Conroe, near Houston, and two older men found dead in their homes in the small West Texas town of Buffalo Gap in Taylor County. Taylor County Sheriff Ricky Bishop said his office received many calls in recent days asking for checks on friends or family members who may be suffering due to the power outages. "I can think of probably one point in one hour we probably got 10 of those calls," said Bishop, adding that some of the county's roads were covered in 4-foot (120 centimeter) deep snow drifts. Hypothermia can set in if the body loses heat faster than it can produce it and if it falls below about 95 degrees Fahrenheit. Normal body temperature is around 98.6 degrees. "After hours and hours, it leads to a very dangerous condition," said Dr. Robert Glatter, an emergency physician at Lenox Hill Hospital in New York City. Matt Zavadsky, a spokesman for Fort Worth area ambulance provider MedStar, said most of the hypothermia calls they received were from people in their own homes, where temperatures had dipped to 50 degrees or lower. MedStar reached a peak on Wednesday with 77 hypothermia calls, Zavadsky said. Some people reported numb hands and feet, while others had more severe symptoms. "You had people who had been so cold for so long that they were shivering uncontrollably, they may have had a decreased level of consciousness, which is not uncommon when you are in hypothermia for a prolonged period of time," he said. Some who were transported to hospitals had reached the point they were no longer shivering, "which is a very bad sign," Zavadsky said. At first, the body will try to generate

heat by shivering and boosting its heart rate. But if internal temperatures keep dropping, "those things start to slow down," said Dr. Jeff Pothof, an emergency room doctor at UW Health in Madison, Wisconsin. The body will restrict blood circulation to extremities to maintain blood in the core and keep internal organs warm. Left untreated, hypothermia begins to affect the brain, making it hard to think clearly or move easily. "You might not understand exactly what's going on," Potfhof said. "And that's a vicious cycle because you can't take the action you need to." Some of the older people who died in Texas were found outside their homes. It wasn't immediately clear what prompted them to go outside. Poor circulation eventually prevents the heart, brain, and other vital organs from functioning, leading to death. About 32 people die from the cold annually in the US, according to the National Weather Service. Extended nighttime lows in the single digits—as experienced by Texans this week—can be especially dangerous, Glatter said, since body temperatures naturally dip overnight. "It can creep up on you," he said, especially if confusion has begun to set in. "Your ability to think clearly is not as good, so it's likely people won't pick up on those signs and symptoms." Babies, children and seniors are at the highest risk for hypothermia because of poor circulation and temperature regulation. Those with heart problems, asthma, emphysema, chronic lung disease, diabetes and tobacco use are also vulnerable. Some strategies for staying warm can be more hazardous than helpful. Bundling up too much under blankets or layers of clothing can be dangerous if it leads to excessive sweating, which can pull heat away from the body. And during weather-related power outages, people might use propane heaters, run generators or burn charcoal or wood indoors—all of which can lead to dangerous fires or deadly carbon monoxide poisoning. "These are all setups for disaster," Glatter said. AP

Mexico’s coronavirus czar tests positive for Covid-19

exican Deputy Health Minister Hugo LopezGatell, known as the nation’s coronavirus czar, has tested positive for Covid-19, according to a tweet. Lopez-Gatell says he’s dealing with mild symptoms that began Friday, and he plans to continue working from home for now. Lopez-Gatell speaks regularly at press conferences on Covid developments, including Mexico’s vaccine strategy, and oversaw President Andres Manuel Lopez Obrador’s recent recovery from the virus. Mexico’s Covid czar got embroiled in controversy earlier this year when he took a vacation to the beach resort of Huatulco despite urging citizens to stay at home. Lopez Obrador defended him amid the criticism. According to official data, Mexico has reported over 2 million total cases and nearly 180,000 deaths. Some of Mexico’s most prominent people have contracted and

In this July 13, 2020 file photo, Assistant Health Secretary Hugo Lopez-Gatell speaks during a press conference at the Palacio Nacional in Mexico City. Lopez-Gatell, the official leading Mexico’s response to the new coronavirus pandemic, tweeted on February 20, 2021, that he had light symptoms of Covid-19 on Friday night and an antigen test came out positive. AP Photo/Marco Ugarte

recovered from Covid, including the billionaire businessman Carlos Slim, Latin America’s richest man. Bloomberg News

Monday, February 22, 2021 • Editor: Angel R. Calso

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editorial

‘Real fiscal stimulus’

omplaints about Philippine government spending during the pandemic are valid. However, those pushing for a particular political or ideological agenda are distorting the reality.

“Expansionary fiscal stance more urgent than ever. Easing restrictions will not spur recovery without a real fiscal stimulus.” Government spending tends to shoot up in the second quarter and is lowest in the fourth quarter. This is due to the budget process as well as the timetable of specific projects, particularly for infrastructure. For example, in the last quarter of 2016, government spending was about P180 billion. In the second quarter of 2016, spending was just over P220 billion, and in the second quarter of 2017, the amount was P270 billion. It is fine to complain about how government spends the revenues it takes from us. But that initially does not seem to be the thrust of the current complaints. One think-tank wrote: “The group pointed out how the record 9.5 percent contraction of the economy in 2020 was substantially due to how the Philippine government refused additional spending last year.” The truth is that government spending has increased substantially. “In the first 11 months of 2020, it only spent P3.69 trillion, which is just an 11.6-percent increase from the same period in 2020 [and] lower than the average 12.9-percent increase in spending over the period 2017-2019.” Note that the argument is that the growth rate of government spending is not as high as in the past, not that the actual amount of spending is lower. This follows the rule of using data that makes your argument look good even if that data is not the most complete. During the last quarter of 2019—pre-pandemic—the Philippine government spent P280 billion, with the highest spending in 2019 during the second quarter at P330 billion. This is the data of quarterly government spending for 2020. First quarter 2020: the government spent P580 billion. Second quarter spending jumped to about P850 billion. For the third and fourth quarters, about P600 billion was spent every three months. While “normal” government spending continues under all situations, we can assume that at least a substantial portion of the spending increase in the second quarter year-on-year of P270 billion was pandemic-related. “The government still refuses to spend on any real fiscal stimulus.” There are many ways of “fiscally stimulating” an economy from lowering taxes to keeping more money in the private sector—a liberal’s worst nightmare—to spending for economic value-added projects like seaports and bridges. Virtually always, the “progressive” solution is direct or indirect cash payments to individuals, which certainly has its place in any stimulus program. The group presents a relatively comprehensive fiscal stimulus program, including monthly cash payments, “emergency wage relief,” cash-for-work programs, zero/low interest rate and collateral-free loans for informal earners and domestically oriented MSMEs, agricultural/fisheries support, and distance education spending. The details are thoughtful and provide a reasonable framework. However, the cost analysis by the group puts the price tag at P1.3 trillion. The total planned budget for 2021 is P4.5 trillion, so this is an increase of 30 percent. The government budget deficit for 2020 was at least P1.1 trillion. The group proposes “P1 trillion in emergency bonds and other government securities, P391.9 billion in immediate revenues from progressive taxes especially a wealth tax, and at least P333 billion more from a land value tax.” Ultimately, it always comes down to which entity can allocate economic resources better: Government or the people. Your money; your choice.

Read this before your next Zoom meeting Atty. Jose Ferdinand M. Rojas II

RISING SUN

lmost a year into the quarantines, we have become so used to doing almost everything online—from shopping to ordering meals and having reunions with friends and family to conducting business or work meetings. I would like to focus on the latter today, to share with you some favorite observations I have gathered in the past year. There have been too many boring Zoom meetings wherein presenters talk endlessly or circuitously or read through lengthy notes or slides with 10 bullet points. According to experts, the sweet spot is anywhere from 7 to 15 minutes—the human brain can maintain focus for 7-minute blocks, as a matter of fact. One can squeeze all the important points into two 7-minute time periods, as long as the speaker is well prepared. Sometimes, the meeting mod-

erator or lead cannot continue the task —perhaps because of unstable Internet connection or some other reason. Especially for important meetings, it is crucial to appoint a co-host who can sub in case of technical problems. A separate person should be assigned to monitor and respond to chat comments or questions—imagine how challenging it would be for the emcee to both host and monitor the chat box at the same time! This person can also

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be in charge of muting the mics of participants who have forgotten to do so, especially if the noise is disruptive. There are aspects about face-toface meetings that can be carried over to online or virtual meetings. One of those is the presence of a secretary who can keep track of the time, collect materials and files, take down minutes, take charge of recording and filing the meeting, and manage access to important information. There are certain organizations or hosts who require participants to have their video on at all times. According to them, it increases per-

Road safety is the LTO’s reason for being

Since 2005

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There are aspects about face-toface meetings that can be carried over to online or virtual meetings. One of those is the presence of a secretary who can keep track of the time, collect materials and files, take down minutes, take charge of recording and filing the meeting, and manage access to important information.

Thomas M. Orbos

STREET TALK

rowned out in all of the noise that erupted against the motor vehicle inspection program of the Land Transportation Office is the fact that the LTO primarily exists to take care of our road safety. Think about it—all the core activities of the agency, be it the registration of vehicles, issuance of driver’s licenses, the enforcement of traffic rules and regulations, the rest of its regulatory functions are at their very core geared toward ensuring the safety of the public and upholding the needed accountability to ensure such safety. And assuring the roadworthiness of vehicles is in line with this mandate. To let go of roadworthiness will be to let go of road safety. LTO will then be nothing more than a moribund agency if it cannot guarantee the roadworthiness of vehicles on our roads. Do not get me wrong. There is no question that the concerns raised against the program are valid and should be checked and corrected. The President, senators and congressmen were on the right track raising the red flags. The testing fees need to be justified and, moreover, sensitive to the public in these difficult times. Integrity issues such as the program’s accreditation process need to be overcome. Any whiff of corruption must be dealt with, and rightly so. The issue of delegated authority needs to be clarified well, although there are similar accreditation practices in other government regulatory

offices. On the strictness of the standards and why many cars fail the tests, this should not even be argued. Why do these vehicles fail the tests in the first place? Then we need to ask what happens if we let go of roadworthiness inspection. Will the present emission testing, with its own issues of integrity, suffice? Have we forgotten the many instances when emission tests were found to have been forged? And for every accident on the road, can we honestly believe that it was because of human error? Don’t we remember the many jeepneys with no headlights on at the darkest of nights, or the many

For all that is said and done, the complaints against the MVIS program can be addressed and resolved: Strengthen the accreditation process. Make it stricter and more transparent. Bring down the fees of the roadworthiness tests. Take out re-testing fees.

innocent lives lost caused by a passenger bus that lost its brake? How about the many cases of overloaded trucks that break down and cause traffic gridlocks for hours in many of our roads? While we complain about our neighbor’s loud karaoke singing, why do we ignore the noisy mufflers of vehicles, causing harmful pollution in the air that our children breathe? We will have to live with being, at the very least, accessory to this if we allow letting go of the inspection. For all that is said and done, the complaints against the MVIS program can be addressed and resolved: Strengthen the accreditation process. Make it stricter and more transparent. Bring down the fees of the roadworthiness tests. Take out re-testing fees. I gathered that the group of MVIS private operators who now worry about their investments after responding to the government’s call for this program, have brought down their price by more than half. Bring it even further down for public transport. Let government subsidize that as part of its public transport modernization

sonal connection. However, studies done by Yale University, Purdue University and the Massachusetts Institute of Technology found that turning off the camera during video meetings helps reduce a person’s carbon footprint (of the call) by about 96 percent. So, if you’re not the one presenting or speaking, it’s definitely more responsible to turn that cam off. Going back to sleep-inducing presentations and meetings, Gartner Research has found that a minute of video is worth 1.8 million words. Even if that is just an approximation, the point is that you can create a more interesting and powerful presentation or meeting if you can replace some of the words with pictures and video. As we become more used to hosting and participating in virtual/ Zoom meetings, we gain more confidence and knowledge on how we can do it more effectively. Zoom is a blessing—it definitely helps us go on with our lives, continue to learn and make a living, and connect with others despite the pandemic.

program. Why not have tests once every two years instead of one? Or base it on mileage and age of vehicles? Why not study present complementing redundancies of the MVIS and motor vehicle insurance processes that can bring the fees down? On the issue of delegated authority, let LTO be given the necessary funds not just to purchase the proper equipment but also to professionally train and maintain the personnel necessary for the program. Let us improve the process but let the inspection remain. This will ensure the safety of everyone on the road. By doing so, we stand by LTO’s reason for being. And road safety should remain as the primordial reason of its existence, more than anything else. Note: While the battle on this was raging, one man stood out— Assistant Secretary Edgar Galvante. Without hesitation, he has taken the bullet and the wrath of many people against his men and his agency, in defense of the program. Fortunate are the soldiers who see their commanding officer in front of the fight. Truly an officer and a gentleman. 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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Toward digital success in the new normal

Gladiators in a good fight Siegfred Bueno Mison, Esq.

THE PATRIOT

Dorelene V. Dimaunahan

DEBIT CREDIT Conclusion

he Bureau of Internal Revenue (BIR) first introduced eBIRForms in September 2013. From then on, there arose a shift to digital payments and improvements of the accounting process, but this time, done digitally. The introduction of accounting software, applications and other online tools is definitely helping businesses, regardless of size, as they improve productivity and their organization. To maximize the advantages of technology, it is essential to undergo regular training or continuous learning because it is only through these methods that business owners, accountants and other professionals will be able to optimize these digital tools. Training must be a balance of know-how in both technology and compliance, most especially since there are regular changes in legislation and standards. The advantages of digital accounting tools include reliability (accuracy in numbers and computations as a result of cloud computing), cost-effectiveness (ease of reconciliation and linkage to bank accounts) and efficiency (digitization of documents and calendar management). On another note, it is important to take caution when it comes to the use of digital tools. There’s the risk of potential hacking and misuse of information.

Thus, business owners must make sure to diligently protect any and all financial information. Another issue is hardware malfunction due to virus or lack of maintenance. It is important for both business owners and accountants to keep up to date with technological advances in order to respond to market conditions and clients’ needs. In today’s world of digitization, technological innovation is paving its way in how accounting is done. Business models are evolving to include digital transformation in both accounting and finance. Dorelene Dimaunahan is an entrepreneur, educator of the country’s top universities, a host and an author. She is also a Certified Franchise Executive, Certified Management Accountant and a Certified Human Resources Practitioner. This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@gmail. com.

he enigmatic men-at-arms in ancient Rome’s most infamous form of entertainment were called Gladiators. Lured by the thrill of battle and the roar of the crowd, these men got fed and trained, and sweat blood to fight other contestants (even animals) to the death. Their profile normally involves conquered peoples and slaves, but the demographics changed. Historians reveal that these combatants eventually consisted of despondent ex-soldiers, some were upper-class aristocrats, others were knights, and a few were politicians raring to showcase their warrior pedigree. And they all fought for glory and prize money. Our very own Supreme Court magistrates, in their role as members of the Presidential Electoral Tribunal, were swept into a gladiatorial bout in resolving the electoral protest lodged by former Sen. Bongbong Marcos against winning Vice-Presidential candidate Leni Robredo. As magistrates are expected to be locked in combat against each other due to their different backgrounds, diverse personalities, distinct educational milieu, and political patronage, they were all on one side, this time around, against a much bigger foe. Using legal precepts and jurisprudential principles as their swords, spears, and shields, the gladiators in robes acted in unison, quite surprisingly, to fight a formidable monster called “disparagement of the rule of law.” In a spectacle that stretched for nearly five years, the Supreme Court magistrates legally confirmed the victory of the sitting Vice President and legally sealed the electoral defeat of the former Senator. For others, the decision was

about Robredo defeating Marcos, again. For me, the victory should be credited to the judiciary, which managed to hoist the values of impartiality and justice. Working against some distracting moves such as the move to inhibit Justice Leonen and some accusations of personal biases, the Supreme Court Justices were not deterred from pursuing a greater cause. It took a long time but the gladiators collectively successfully defended the subtle attack against the rule of law, in an amazing display of legal combat fought, not in the Colosseum in Rome, but in the largest Hall of Justice in the country. Fighting not for glory or prize money like the Roman gladiators did, the Justices fought a “good fight” as they acted in rare unanimity. While all 15 members of the Supreme Court agreed to dismiss the entire electoral protest, perhaps the laurel that crowns such an accomplishment can be found in the accolades proffered by Malacañang, notwithstanding

Making peace with nature is possible, if we start now By Inger Andersen

ven amid a pandemic, 2021 can go down as the year we made peace with nature and set the planet to healing. As Covid-19 upends our lives, a more persistent crisis demands urgent action on a global scale. Three environmental crises—climate change, nature loss, and the collapse of nature, and the pollution of air, soil and water add up to a planetary emergency that will cause far more pain than Covid-19 in the long-term. For years, scientists have detailed how humanity is degrading Earth and its natural systems. Yet the actions we are taking—from governments and financial institutions to businesses and individuals—fall far short of what is needed to protect current and future generations from a hothouse Earth, beset by mass species extinctions and poisonous air and water. In 2020, the UN Environment Programme (UNEP) announced that, despite a dip in greenhouse gas emissions caused by the pandemic, the world is still headed for global warming of more than 3°C this century. This month, the Dasgupta review reminded us what UNEP has long warned: the per capita stock of natural capital—the resources and services nature provides to humanity—has fallen 40 percent in just

over two decades. And we know that a staggering 9 out of 10 people worldwide breathe polluted air.

Air pollution

Finding answers to such daunting problems is complex. It takes time. But experts have developed solutions. The economic rationale is clear. And the mechanisms and institutions to implement them are already in place. There are no more excuses. This year, the UN will bring governments and other players together for crunch talks on climate action, biodiversity and land degradation. Covid-19 has delayed these summits and complicated their preparation. Again, this is no excuse for inaction. These summits must show that the world is finally serious about tackling our planetary emergency. To guide decision-makers toward the action required, the UN has released the Making Peace with Nature report. The report pulls together all the evidence of environmental decline from major global scientific assessments, with the most advanced ideas on how to reverse it. The result is a blueprint for a sustainable future that can secure human well-being on a healthy planet. Our environmental, social and economic challenges are interlinked. They must be tackled together. For example, we cannot achieve the Sustainable Development Goals, includ-

ing ending poverty, by 2030 if climate change and ecosystem collapse are undermining food and water supplies in the world’s poorest countries. We have no choice but to transform our economies and societies by valuing nature and putting its health at the heart of all our decisions. If we did this, banks and investors would stop financing fossil fuels. Governments would shift trillions of dollars in subsidies to naturepositive farming and clean energy and water. People everywhere would prioritize health and well-being over consumption and shrink their environmental footprint. There are signs of progress, but the problems are escalating faster than our responses. We all need to not step up, but leap up, in 2021. The number of countries promising to work toward net-zero emissions stands at 126. The ask is for all countries to deliver stretched nationally determined contributions ahead of the climate COP and immediately kickstart the transitions to net-zero. At the climate COP, governments must also finally agree on the rules for a global carbon trading market. The $100 billion that developed countries promised to provide every year to help developing nations cope with the impacts of climate change must finally flow. As we also seek to agree an ambitious post-2020 biodiversity framework that ends fragmentation of

our ecosystems, the ask for us is to feed the world without destroying nature, felling forests and emptying our oceans. We can create an amazing economy by moving to circular economic systems that reuse resources, reduce emissions and weed out the chemicals and toxins that are causing millions of premature deaths—all while creating jobs. Addressing our planetary emergency is a whole-of-society effort. But governments must take the lead, starting with a smart and sustainable recovery from the Covid-19 pandemic that invests in the right places. They must create opportunities for future industries that generate prosperity. They must ensure that transitions are fair and equitable, creating jobs for those who lose out. They must give citizens a voice in these far-reaching decisions, even if it is virtual. We can do it. The pandemic has shown humanity’s incredible ability to innovate and respond to threats, guided by science. In the three planetary crises of climate change, nature loss and pollution, we face an even greater threat than Covid-19. This year, we must make peace with nature and, in every subsequent year, we must make sure that this peace lasts.

Inger Andersen is the Executive Director of the UN Environment Programme.

A 2020 winner in Asia’s stock market is now the biggest loser By Moxy Ying & Youkyung Lee Bloomberg Opinion

hile technology stocks continue to front Asia’s equity rally, one hot sector from 2020 has fallen to the bottom of the leaderboard: health care. Essentially flat year-to-date, a gauge of the sector is the worst-performing in Asia, lagging the region’s benchmark by eight percentage points. It is on track to underperform the MSCI Asia Pacific Index for a third straight month, the longest losing streak in three years. A growing expectation of a return to normal for the global economy has caused investors to abandon defensive

bets made during the pandemic, such as health care—the second-best performer last year. Energy shares have staged a comeback on the rebound in crude prices, while financials have strengthened thanks to the rise in bond yields. “The market is reflecting re-opening and recovery expectations, which is supportive of cyclical sectors rather than health care,” said Kieran Calder, head of Asia equity research at Union Bancaire Privee Ubp SA. Hefty valuations are also a concern, according to Calder. The industry gauge is trading just below 30 times forward earnings, the highest among all sectors, according to data compiled by Bloomberg. The benchmark is on just 18 times.

Fading retail frenzy

A fading retail frenzy in markets like South Korea has also played a role in the health care sector’s recent weakness. Shin Poong Pharmaceutical Co., a company that is developing a Covid-19 treatment, has slumped 36 percent this year after amateur investors helped it surge 1,600 percent in 2020. Celltrion Pharm Inc., another vaccine-related stock, has fallen 32 percent after rallying more than 500 percent last year. “One of the prominent features of the South Korean stock market is retail investors actively trading stocks and strong herd behavior,” said Seo Sang-Young, a market strategist at Kiwoom Securities. “Unless there is additional events or earnings improve-

ments, such as new drug developments for pharma or bio companies, stocks tend to go back to where they came from.”

Teflon tech

Conversely, strength in technology stocks has extended into the new year, with a gauge of communication services names the top winner in Asia. Some of the lockdown winners that provide exposure to long-term growth themes in countries like China will continue to outperform, according to Stephen Kam, head of product management for Asia ex-Japan Equities at Schroders. “Tech hardware is one such industry, as people continue to work from home through 2021,” Kam wrote in a recent note.

Monday, February 22, 2021

Using legal precepts and jurisprudential principles as their swords, spears, and shields, the gladiators in robes acted in unison, quite surprisingly, to fight a formidable monster called “disparagement of the rule of law.” President Duterte’s publicly known preference for Mr. Marcos. From this latest achievement, I see that hope can still be accessible, not only in our justice system but also in our country in general. As a lawyer, I still believe that most judicial decisions coming from the lower courts to the Supreme Court are embedded with much legal wisdom. However, in my short litigation experience, I saw a few counsels win cases based on “who they know” and not “what they know.” My courtroom career was cut short on purpose as I witnessed an apparent erosion of righteousness from litigants, practitioners, and judges alike. But with a candle of optimism, the Justices as premier gladiators in the legal profession demonstrated how the noble fight of upholding the rule of law can be won despite challenging circumstances. In our earthly world filled with personal struggles and toils, we can fascinatingly draw a stirring metaphor of the Olympic contests for a prize from the Bible—the metaphor which the Apostle Paul loved so well through an exhortation in 1 Timothy 6:12, thus, “Fight the good fight of the faith. Take hold of the eternal life to which you were called and about which you made the good confession in the presence of many witnesses.” For believers, the fight really means to exercise discipline, patience, endurance, and perseverance in life, like

any athlete in any sport. For me, to fight the good fight of faith means to remain true to His word even in the face of opposition and adversity. In my 16 years in public service, I kept on fighting the good fight by finding joy and contentment in what God has given me rather than lust for power and money. I can say the same thing for my father and my older brother who rendered a total of 74 years of military service, with careers beyond reproach, living within the means of respectable public servants. The gladiators in robes fought the good fight of faith in resolving this electoral protest as their collective action exhibited a godly character under hostile circumstances. Taking a cue from our justices of the Supreme Court, we can and should pursue the real prize of eternal life by fighting the good fight of faith. And like the famous men-at-arms of ancient Rome who fought to the death, we shall be “faithful unto death,” hopeful in the promise found in the Bible in James 1:12 that says, “Blessed is the one who perseveres under trial because, having stood the test, that person will receive the crown of life that the Lord has promised to those who love him.” By faith, gladiators we have become. In life and in death, gladiators we all are! 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.

The risks of climate change not to be ignored By Reynaldo A. De Dios

he planet faces a catastrophic rise in temperature that can cause flooding that will have cascading effects on water availability and food production around the world. In particular, climate change will cause droughts in large sections of the globe, threatening biodiversity and food security for billions of people. The Philippines is among the countries most affected by typhoons, which cause strong winds, heavy rainfall, floods and landslides. The 2015 Paris Agreement calls for capping global warming at well below 2 degrees Celsius above the pre-industrial level. Unfortunately, the United Nations World Meteorological Organization (WMO) confirmed the fact that 2020 was one of the warmest years on record. In fact, the world is experiencing unprecedented weather extremes in every region and every continent. This has caused the melting of land ice on Antarctica, Greenland and mountain glaciers resulting in the rise of the average global sea level by 3.5 centimeters. It is common knowledge that the Philippines faces an average of 20 tropical typhoons every year, and in the past 20 years, the country experienced 317 extreme weather events, according to a Manila-based international policy group whose objective is to advance resilience and low carbon development. In 2019, the major causes of extreme weather damage were strong winds, heavy rainfall, floods and landslides. A recent report of German think thank Germanwatch indicated that globally since 2000, more than 480,000 people were killed, and in terms of the adverse effects on the economy, the total damage was estimated at $2.5 trillion. The likelihood that developing countries will be particularly affected is a fact. What compounded the situation was the coronavirus pandemic, which made it more difficult to cope with the various types of risks caused by climate change. The private sector in the Philippines is starting to do its part in mitigating climate change. Some banks have of late suspended the financing of investments in coalmines and in

companies that generate power using coal and fossil fuels as these cause carbon emissions. An overlooked risk of climate change is its effect on the health of the population as soaring pollution levels can cause exposures to various ailments such as lung diseases, strokes and heart diseases. Still another danger of climate change is the safety of food and water supplies by fostering organisms that eventually can cause food poisoning and microbial contamination of drinking water. Extreme weather events can also spawn epidemics in areas where people can’t avoid walking through dirty floodwaters. The foregoing is just a limited summary of the health risks linked to global warming. Recognizing the vital importance of protecting the environment, the Philippines, in partnership with the United States Agency for International Development (USAID), agreed to promote sustainable use of natural resources, expanding access to renewable energy and reducing risks from natural disasters. It is anticipated that this partnership with the support of adequate financial resources will aid greatly in ensuring the success of this bilateral agreement. President Duterte recently committed to take measures to further mitigate the impact of climate change. Furthermore, prominent private individuals like former US Vice President Al Gore and teenage activist Greta Thunberg are constantly advocating the grave importance of action against climate change, which is not to be ignored as it threatens humanity. The author is the Editor of Insurance Philippines magazine.

A10 Monday, February 22, 2021

SSS TO CLIENTS: FOLLOW TRANSACTION NUMBER CODING; AVOID COVID

TATE-RUN pension fund Social Security System (SSS) discouraged members, claimants, and employers (ER) from going to select SSS branches nationwide without following the number coding system that they are strictly implementing to contain the spread of Covid-19. SSS said it is implementing a number coding system for some transactions that may be conducted in their branches. These include payment of contributions and loans; compliance with the SS Number Application conducted online (such as personal appearance); pick-up of Unified Multi-Purpose Identification (UMID) Card; displaying or submitting original documents to support claim applications; and using the E-Center Facility for those without a computer or home internet, and other justifiable reasons. “We are asking for everyone’s cooperation in the steps we are taking in our branches in order to curb the spread of Covid-19. We are strictly implementing these, so if you go to your branch outside your prescribed transaction day you will not be allowed entry,” said SSS President and CEO Aurora C. Ignacio in a statement in Filipino. Members, claimants, and employers will just need to look at the last number of their SSS or ER ID to know when are they allowed to conduct the transaction on SSS branches. This includes all branches in the National Capital Region (NCR); Antipolo, Masinag, Cainta, San Mateo, Tanay, Baguio, Dagupan, Bacoor, and Biñan branches in Luzon; Cebu, Lapu-Lapu, Bacolod, and

Iloilo-Central branches in the Visayas; and Cagayan De Oro and Davao branches in Mindanao. Under the number coding system, those who have 1 or 2 as their last number on their SSS or ER ID may go to SSS branches on Mondays, those with 3 or 4 should go on Tuesdays, those with 5 and 6 are assigned to go on Wednesdays, those with 7 or 8 on Thursdays and those with 9 or 0 on Fridays. For those with Funeral or Death Benefit Claim, the basis of their SSS number is that of the deceased member. Should the due date of the member or employer’s transaction fall on a holiday, they can proceed on the next working day. If there is a system downtime, the SSS branch will set an appointment to members, claimants, or employers who are in line or they can also wait until the system becomes operational again. As for those transactions that are not mentioned, SSS said drop boxes outside the said branches are available wherein members, claimants or employers can leave envelopes containing the necessary documents for the transaction. They need to write their name, transaction type, and contact number on the envelope. If necessary, they will be given an appointment by the SSS branch to process their transaction. Ignacio added that transactions like Annual Confirmation of Pensioners’ Program (Acop), and UMID Data Capture have been suspended since March 2020. See “SSS,” A2

PHL rice imports fall 34% to 3-year low in 2020–PSA By Jasper Emmanuel Y. Arcalas @jearcalas

HE country’s rice imports last year fell by 34.14 percent to a three-year low of 2.062 million metric tons (MMT) from the recordhigh 3.131 MMT recorded in 2019, latest Philippine Statistics Authority (PSA) data showed.

Preliminary full-year trade data released by the PSA showed that the total value of rice imports last year also declined by 25 percent to $810.233 million from $1.079 bil-

lion in 2019. Historical PSA data showed this is the lowest rice imports both in terms of volume and value since the 890,100.932 MT imported volume worth $338.808

million recorded in 2017. PSA data showed that Vietnam remained as the country’s top source of imported rice. Rice imports from Vietnam, which accounted for 85 percent of total volume last year, reached 1.768 MMT, 22.35 percent lower than the 2.277 MMT in 2019, based on PSA data. Myanmar overtook Thailand last year as the second-top rice exporter to the Philippines as it accounted for 7.66 percent of total imports last year, according to PSA data. T he Philippines imported 158,073.648MTofricefromMyanmar last year, which was 31 percent lower than the 228,913.384 MT recorded imports in 2019, PSA data showed. The BusinessMirror earlier reported that rice importers only brought in less than half of the 4.5

MMT volume of rice that they applied for, based on Bureau of Plant Industry (BPI) data obtained and analyzed by this newspaper. BPI data showed that 217 rice traders, cooperatives, farmers’ associations and firms obtained 5,331 sanitary and phytosanitary import clearance (SPS-IC) to import 4.588 MMT of rice last year. However, BPI data showed that only 193 qualified importers imported rice using 2,785 SPS-ICs, representing a total volume of 2.079 MMT, which is 45.31 of the total applied volume last year. The Department of Agriculture (DA) earlier said the country’s rice imports this year could decline by 15.5 percent to 1.69 MMT due to the projected record-high palay harvest of 20.48 million.

GSIS hit by 40% dip in net income to ₧63B By Bernadette D. Nicolas @BNicolasBM

TATE pension fund Government Service Insurance System’s (GSIS) net income dived by 40 percent to P62.76 billion last

year from P104.95 billion in 2019. Based on its 2020 unaudited financial statement, its total income grew by 4.19 percent to P350.45 billion from P336.36 billion. On the other hand, its total expenses surged by 24.3 percent to P287.59 billion from P231.32 billion in 2019. The BusinessMirror tried to reach GSIS for comment on the reason for the decline in net income, but it has yet to get a response, as of press time. Meanwhile, GSIS’s total assets

inched up by 6.74 percent to P1.42 trillion from P1.33 trillion in 2019. The House Public Accounts panel is set to begin its probe on the financial status of GSIS in connection with the proposed hike in member contribution. This, after House Committee chairman Probinsyano Ako Rep. Jose Singson Jr. lamented that GSIS officials were “unable to respond satisfactorily to queries from committee members as to the financial status of the firm.”

During the same meeting, GSIS chief legal officer Lucio Yu Jr. also said the firm has considered increasing the contributions of its members but as a “last resort.” GSIS manager Jenny Lobas also said the insurer’s fund life would last until 2044 based on cash flow projections, benefits, contribution rates and other factors. Both Singson and Kabayan Rep. Ron Salo pointed out GSIS’ actuarial life was 10 years shorter than that of the Social Security System (SSS).

PMVIC group eases public fears on fees, accountability

HE Vehicle Inspection Center Operators Association of the Philippines Inc. (Vicoap) assured the public on Sunday that it puts a premium on transparency and accountability, saying that all its members adhere to government rules on compliance and proper accreditation. Sunday saw the group issuing a statement “to shed light on some concerns raised” regarding the accreditation process for Vicoap members to operate as private motor vehicle inspection centers (PMVIC). “Our compliance with government rules, regulations, policies, and procedures, particularly the Facebook Live proceedings, started and have continued from the very first day we heeded our national leaders’ call to improve road safety in the country, and we did so without hesitation,” the statement read. It added that it has also “wholeheartedly welcomed” procedures like drawing lots and coin tosses in the award of accreditation as a “matter of fairness and equal opportunity.” “As far as launching and establishing the PMVICs, all of us in Vicoap have followed and obeyed ev-

Loans… Continued from A1

As program manager of the Electric Cooperative-Partial Credit Guarantee Program (ECPCGP), PhilGuarantee also guaranteed in 2020 a total of P625 million in commercial loans of 16 electric cooperative-borrowers to help finance their respective power distribution system upgrades and cut systems losses. In partnership with local government units (LGUs) and cooperatives, the staterun firm has also supported the Credit Surety Fund which will allow it to invest equity to guarantee cooperative loans. To further support the government’s

ery requirement and submitted the necessary documents to be given the authority and trust to conduct the road safety test rules on every vehicle who came to us,” the statement read. The group added that all 80 members have submitted to the Department of Transportation (DOTr) and the Land Transportation Office (LTO) all documents required for the accreditation, including the following: the names of the owners and their board members, Security and Exchange Commission (SEC) and/or registration numbers in the Department of Trade and Industry, and the dates of incorporation/registration, among others. “Should additional documents or further clarification be required of us, we will promptly submit or answer these,” the statement read. The Senate is calling for the investigation and inquiry of the PMVICs, with one senator calling the new process for evaluating vehicles “problematic and burdensome.” “Transparency through technology is a key pillar of Vicoap and it is one of the principles upon which we exercise the mandate given to us. Beyond the diagnostic element of

our mandate, Vicoap also believes that it is through full and radical transparency that we can demonstrate not only our commitment to ensuring road worthiness, but also our commitment to serving the people, thereby earning their full trust and confidence,” the statement read. Vicoap said its members currently operate at a loss, after they agreed to lower their fees from as much as P1,800 to as low as P300, or similar to the charge of private emission testing centers. “Public service and road safety were the reasons why we recently lowered our testing fees and waived our retesting fees, in response to government requests as well as the clamor of a people struggling financially because of the pandemic. Again for those reasons, we welcome any other opportunity to collaborate with the government and its agencies to realize our joint vision for the country,” the group said. PMVICs are established to evaluate the roadworthiness of vehicles that ply the country’s roads. They go beyond the checking of emissions by assessing more than 70 components of vehicles. Lorenz S. Marasigan

Covid-19 response programs, he said PhilGuarantee also implemented a 60day grace period for the payment of the premium on renewal of guarantee coverage for housing loans worth a total of P7.2 billion. Likewise, PhilGuarantee provided a 60-day grace period for all existing, current and outstanding loans in the agriculture sector, which benefited 3,527 small farmers and fisherfolk; and a 60-day grace period under its housing programs and those with restructured accounts, which was availed of by 191 borrowers. The state-run firm also waived penalties amounting to P56.9 million for its housing guarantees covering 51,084 loans in line with the provi-

sions of the Bayanihan to Heal as One Act (Republic Act or RA 11469) and the Bayanihan to Recover as One Act (RA 11494). Pascual vowed that PhilGuarantee will continue expanding its credit guarantee support to key economic sectors and essential industries such as export, trading, health, manufacturing, renewable energy and commercial agriculture this year. PhilGuarantee also aims to speed up its digital transformation and modernization initiatives, dispose of its bigticket nonperforming assets in 2021, and comply with good governance standards, which include the renewal of its International Organization for Standardization (ISO) 9001 certification.

www.businessmirror.com.ph

Companies BusinessMirror

Monday, February 22, 2021

‘Decline in SM cinema, event ticket sales hurts local govts’

By Bernadette D. Nicolas

@BNicolasBM

ocal government units (LGUs) suffered an estimated 85-percent drop, or P320.92 million, in amusement tax revenue from SM Prime Holdings as of September last year, as cinema and event ticket sales plummeted due to Covid-19-induced lockdowns.

Moreover, the figure provided by the NTRC also does not yet include information from other cinema proprietors, which were also affected by the lockdown. For Metro Manila alone, 150 cinemas are owned by SM while 283 other cinemas are owned by other malls. “Hence, the inclusion of information from other cinema proprietors, which also stopped operations during the lockdown, would mean a significant decrease in the amusement tax collection,” it said. Like the local amusement tax revenue, NTRC is expecting the national amusement tax take to decline because of the pandemic, noting that cockfighting events were also cancelled. Given the financial impact of Covid-19 pandemic on tax revenue, NTRC said LGUs must find and explore other means to increase their revenue sources such as the imposition of local amusement tax. For instance, NTRC said local amusement tax may be “broadened to include places that may be considered as place of amusement.”

Since the pandemic suspended or cancelled most, if not all, entertainment shows and programs, the think tank said LGUs can look into tapping online streaming shows as sources of amusement tax revenue. “People are advised to stay at home and limit leaving their residences and avoiding populated areas. Their constant seclusion encourages people to access video streaming sites as a form of entertainment. The case of Chicago may be taken into consideration in studying the feasibility of imposing local amusement tax on video sites and subscription channels,” it said. NTRC also urged Congress to review the Local Government Code to “align the limitations and taxing powers of LGUs to modern business models.” “For instance, expanding the coverage of local amusement tax may be explored by policymakers to provide additional revenue to LGUs. Expanding the local amusement tax coverage will give sufficient leeway for the local Sanggunian to explore other activities that may be covered by the local amusement tax,” it said.

Using data from SM Prime Holdings’ financial reports, state-run National Tax Research Center (NTRC) estimated that total amusement tax collected by LGUs from SM Cinema and event ticket sales as of the third quarter of last year plunged to P55.47 million, from P376.39 million in the same period in 2019. The total price of SM Cinema tickets includes a 10-percent amusement tax as well as cultural tax and other applicable ordinances of the concerned LGUs. “Due to the suspension of cinema

operations from the first quarter of 2020, cinema and event ticket sales dropped by 74.62 percent, from P4.14 billion in the third quarter of 2019 to P0.61 billion in the third quarter of 2020,” NTRC said in its journal titled “Impact of the Coronavirus Disease of 2019 Pandemic on Local Amusement Tax Collection of Local Government Units in the Philippines.” However, NTRC said mall amusement taxes do not comprise the whole amusement tax collection in the Philippines.

AllDay to open first branch in Cebu

SEC to allow online submission of documents

illar-led AllDay Supermarket said it will open by the end of the month its first branch in Cebu in keeping with its goal of expanding its brand in the country. The first Cebu branch will be built in Starmall Talisay, a bustling commercial hub. The arrival of AllDay Supermarket in Cebu also completes the Villar-led All Value retail ecosystem, pioneered in the city by sister brand AllHome. “We are extremely happy to complete the Villar group’s All Value ecosystem in the city of Talisay. AllDay provides the community with the best possible supermarket experience,” said Manuel B. Villar Jr., chairman of All Value, the supermarket’s parent company. “Soon, the market of Talisay will come to experience the convenience and synergy of having everything you need for your home and family in one-stop.” Established in 2014, AllDay is a brand developed by the Villar group, composed of a supermarket, mini-mart and convenience store chain, to compete head-on with the foreign brands that flocked the country during that time. “AllDay stores take great pride in elevating the grocery experience,” Camille Villar, AllDay director, said. “Our beautif u l stores, unmatched inter nationa l goods selection, and our international Gastroville food hubs and our Paluto food service that redefines cooking and eating the freshest are sure to delight the Talisay community.” AllDay Supermarket’s opening in Talisay is the chain’s first for 2021, and kicks off an aggressive push to expand its store network. “Our opening in Talisay is the first of many in 2021, and we are truly excited to bring an elevated grocery experience not only to Cebu, but to many more locations this year,” Benjamarie N. Serrano, AllDay President, said. VG Cabuag

By VG Cabuag @villygc

he Securities and Exchange Commission (SEC) will allow corporations and partnerships to file required documents, such as financial statements and other annual reports, via e-mail to limit its face-to-face interaction with the public. The SEC released for public comment the draft memorandum circular providing for the schedule and procedure for the online submission of annual reports. The agency will roll out the system in time for this year’s filing season that starts sometime before or after the April 15 tax submission deadline of the Bureau of Internal Revenue for many companies. Initially, corporations may use the system for their annual financial statements, general information sheet, sworn statement for foundation, general form for financial statement and special form for financial statement. The system will also accept submissions of several affidavits for non-operation and for the non-holding of annual meeting. The initiative operationalizes some sections of the Revised Corporation Code of the Philippines, the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, among other government initiatives. To use the new system, corporations, partnerships and their authorized filers are required to enroll in the online submission facility by accomplishing the online application

form and submitting the required documents. The SEC will require a corporation or partnership enrolling in its system to submit a board resolution authorizing its representative to file reports on behalf of the corporation or partnership, and a special power of attorney from the authorized filer/representative to file reports for and on behalf of the corporation or partnership. In addition, the corporation or partnership will have to submit a copy of its submission of email addresses and cellular phone numbers or its accomplished GIS using the 2020 version, as required by SEC Memorandum Circular 28, Series of 2020. The enrollment period will open tentatively on March 15. The SEC will require all stock corporations, including the branch offices, representative offices, regional headquarters and regional operating headquarters of foreign corporations, to submit their reports using the system starting this year. Nonstock corporations, meanwhile, will still have the option to submit their reports over the counter this year. By 2022, the SEC will require all nonstock corporations to enroll in and submit their reports through its system. Once enrolled, the authorized filer of a corporation or partnership may start submitting reports through its new system. The SEC will no longer require the submission of the hard copies of the reports. The will specify the format of the reports for submission. For the GIS, for instance, a filer must submit the accomplished but unsigned

form saved as a multipage portable document format (PDF), as well as the high resolution scan of the signed and notarized document saved as a multipage PDF. The SEC will review the quality of the image of the reports submitted. Once the reports have passed quality assurance, the filer will receive a QR code indicating the final acceptance of the reports. Once transmitted to the concerned department, non-confidential reports will be made available on an online portal for public use. The SEC will no longer accept submissions made through email, mail or courier, and provide drop boxes in its offices once its new system goes live. All corporations shall submit the GIS within the 30 days following their respective annual meetings. For their audited financial statements (AFS), corporations whose fiscal years ended on December 31, 2020 must observe a specific deadline of submission depending on the last numerical digit of their SEC registration or license numbers. Corporations whose fiscal year ends on a date other than December 31 should file their AFS within 120 days from the end of their fiscal year. Meanwhile, publicly listed companies and other issuers of securities should file their AFS within 105 days after the end of their fiscal years. The public have until February 26 to submit their comments and inputs.

Morgan Stanley upgrades RCBC ESG rating

IZAL Commercial Banking Corp. (RCBC) is now among the top 50 banks across the world based on the latest report by the Morgan Stanley Capital International (MSCI). The Yuchengco-led bank said in a recent statement that it was given a “leader” ranking by Morgan Stanley, which is equivalent to “AA,” in its recent Environmental, Social and Governance (ESG) Ratings report. This is an upgrade from an “A” rating or “average” ranking in 2019. The improvement in rating placed the bank at the top globally out of the 192 financial institutions reviewed under the MSCI rating system. Citing the MSCI report, RCBC said that the upgraded rating was supported by its “robust consumer protection programs, sound data privacy and security measures, training of employees in the proper handling of data to preempt risks, and its strong endeavors to attract and retain talent formed part of the reasons for the rating upgrade.” The ESG metric focuses on six key areas, including financing environmental impact, governance, access to finance, privacy and data security, human capital development, and consumer financial protection. The Yuchengco-led bank also noted that it received the highest ESG rating of “AA” among its global peers in the same benchmark, outpacing China Construction Bank

Corporation, JP Morgan Chase & Co., China Merchants Bank Co. Ltd., Bank of America Corporation, and Industrial and Commercial Bank of China Limited. RCBC Chief Risk Officer and Risk Management Group Head Juan Gabriel R. Tomas IV said the rating upgrade shows that the bank has remained steadfast in protecting its customers. “RCBC will continuously improve systems and processes to ensure the highest level of security and diligence to help mitigate risks posed on the financial assets of our clients,” Tomas added. In January to September 2020, the bank saw its net income slide by 11.3 percent to P4 billion from P4.5 billion year-on-year on the back of increased provisions for potential loan losses. Loan loss buffer for the first nine months of last year stood at P7.22 billion, or 38.6 percent higher than P5.21 billion in 2019 in the same period. This, as its loan portfolio—net of interbank loans—rose by 8.6 percent yearon-year to P445.23 billion for the same period. As of end-September 2020, bank assets stood at P731 billion. Capitalization for the period reached P99.49 billion, translating to capital adequacy ratio and common equity tier 1 of 15.8 percent and 12.4 percent, respectively. Tyrone Jasper C. Piad

Accor to open Sofitel Cebu City in 2025 By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

ORLDWIDE hospitality group Accor appears on track with its expansion in the Philippines with the recent signing of Sofitel Cebu City, slated to open in 2025. In a news statement over the weekend, Garth Simmons, Accor’s chief executive officer for Southeast Asia, Japan and South Korea, said: “We are extremely pleased to be expanding our footprint in Cebu with the signing of Sofitel Cebu City. Our partners’ commitment to a long-term partnership with Accor in these difficult times demonstrates the trust and the confidence they have in our group, the popularity of our brands across various segments, our proven track record of operational excellence and the relationship-driven approach and flexibility towards owners and investors.” Accor’s partner in this 195-room luxury hotel is Cebu Landmasters Inc., a leading real property developer in Visayas and Mindanao. For his part, Company CEO Jose Soberano III, said, “We believe that Cebu is a destination with enormous potential. Sofitel Cebu City will ensure that we can offer both corporate and leisure travelers a luxury offering in the central business district of this prosperous port capital.” He added, “We are confident that the hotel’s excellent array of entertainment amenities and business offerings will ensure that Sofitel Cebu City becomes a hub of hospitality in this key destination. We are very happy and proud that we can partner with Accor as top and renowned hotel operator for this exciting project.” He expressed confidence in the “longevity of the tourism industry and its future success as the world returns to travel following this challenging period.” The company’s other hotels include Citadines in Cebu City, Radisson Red in Mandaue, Lyf Cebu City, Citadines Paragon in Davao City, and Citadines Bacolod City.

Cebu Landmasters began as an affordable housing developer in 2003 then went on to build mixeduse projects, office buildings and condominiums in the mid-2000s. It ventured out of Cebu in 2018 with its MesaVirre Garden Residences in Bacolod City. Meanwhile, Sofitel Cebu City will include two restaurants, a lobby lounge, an executive floor lounge and a rooftop bar. It will also feature a business center, fitness center, swimming pool and spa, as well as a host of meeting rooms and ballrooms. Located in the Cebu Business Park, the hotel will become part of the landmark mixed-use tower designed by SOM, one of the world’s leading architecture, interior design, engineering, and urban planning firms. In an earlier interview with the BusinessMirror, Accor executives said it has a recovery plan for the Philippines “which will be focused on the domestic market and our [food and beverage] offerings in the first phase of recovery, local regional markets in Asia in the second phase, and long-haul markets in the third phase.” Sofitel Cebu City joins a pipeline of 17 committed projects across the country which will see an extensive array of internationally renowned hospitality brands arrive for the first time, such as Banyan Tree, Angsana, MGallery, Swissôtel, and ibis Styles. Just last December, Accor signed Pullman Manila at Primex Tower in Greenhills, San Juan, slated for completion in 2023. The 200-room hotel is a project with Primex Realty Corp. From a current portfolio of eight hotels with 2,363 rooms, Accor will expand to 23 hotels with over 6,300 rooms by the year 2025. (See, “Accor tapping domestic travelers for initial PHL recovery plan,” in the BusinessMirror , May 4, 2020.)

Accor is one of the leading international hotel operators in the Philippines with 5,000 hotels and residences across 110 destinations. It operates five hotels in Metro Manila which welcomed over five million visitors in 2019.

Companies BusinessMirror

Monday, February 22, 2021

mutual funds

February 19, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 218.08 -8.07% -9.29% -2.04% -4.02% ATRAM Alpha Opportunity Fund, Inc. -a 1.3297 6.74% -6.24% 4% 1.27% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0071 -9.3% -13.22% -3.62% -4.02% Climbs Share Capital Equity Investment Fund Corp. -a 0.7699 -6.69% -7.98% n.a. -4.23% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7016 -12.22% n.a. n.a. -5.39% First Metro Save and Learn Equity Fund,Inc. -a 4.7311 -5.67% -7.34% -1.15% -4.25% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7031 -11.74% -10.56% -6.36% -7.46% MBG Equity Investment Fund, Inc. -a 101.58 6.57% -4.66% n.a. -0.35% PAMI Equity Index Fund, Inc. -a 44.8627 -6.43% -7.38% -0.46% -4.24% Philam Strategic Growth Fund, Inc. -a 469.22 -6.44% -7.26% -1.1% -4.04% Philequity Alpha One Fund, Inc. -a,d,5 1.0513 7.01% n.a. n.a. -4.19% Philequity Dividend Yield Fund, Inc. -a 1.1316 -6.68% -6.71% -0.33% -3.13% Philequity Fund, Inc. -a 33.4673 -6.07% -6.66% 0.31% -3.75% Philequity MSCI Philippine Index Fund, Inc. -a 0.8711 -9.19% n.a. n.a. -4.59% Philequity PSE Index Fund Inc. -a 4.5906 -6.07% -6.95% 0.25% -4.19% Philippine Stock Index Fund Corp. -a 768.02 -5.87% -6.84% 0.16% -4.19% Soldivo Strategic Growth Fund, Inc. -a 0.6949 -9.91% -10.42% -3.54% -3.34% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4723 -10.94% -8.99% -1.39% -4.18% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8788 - 6.16% -7.13% 0.01% -4.24% United Fund, Inc. -a 3.2072 -6.95% -5.88% 1.01% -3.37% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 103.0705 -5.89% -6.62% 0.88% -4.17% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.3654 34.59% 6.69% 11.94% 13.51% 12.19% n.a. Sun Life Prosperity World Voyager Fund, Inc. -a $1.802 25.44% 7.72% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6581 8.49% -3.46% -0.5% -0.63% ATRAM Philippine Balanced Fund, Inc. -a 2.2244 6.72% -3.17% 0.86% -2.67% First Metro Save and Learn Balanced Fund Inc. -a 2.5519 0.24% -2.68% -0.13% -2.86% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1926 -10.54% n.a. n.a. -3.02% NCM Mutual Fund of the Phils., Inc. -a 1.9379 0.85% -0.78% 1.7% -1.33% PAMI Horizon Fund, Inc. -a 3.6889 0.51% -1.73% 0.86% -2.62% Philam Fund, Inc. -a 16.5084 0.56% -1.81% 0.8% -2.53% Solidaritas Fund, Inc. -a 2.0472 -0.72% 0.6% -2.24% -3.03% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4859 -5.51% -4.63% -0.42% -2.44% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9948 1.22% n.a. n.a. -2.72% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9156 -3.25% n.a. n.a. -3.54% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8977 -4.54% n.a. n.a. -3.79% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8661 -5.84% -5.27% -1.04% -2.43% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03859 -1% 3.36% 1.75% -1.35% 5.34% PAMI Asia Balanced Fund, Inc. -b $1.2116 16.7% 4.38% 7.65% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.7664 18.09% 9.14% 10.13% 5.62% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2264 8.34% 4.85% n.a. 2.02% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.62 3.53% 3.26% 2.71% 0.15% ATRAM Corporate Bond Fund, Inc. -a 1.9046 -0.18% 0.43% 0.17% 0.23% Cocolife Fixed Income Fund, Inc. -a 3.2178 2.57% 4.31% 4.66% 0.1% Ekklesia Mutual Fund Inc. -a 2.2924 2.47% 2.83% 2.1% -0.16% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4411 3.26% 3.3% 2.02% -0.49% 4.96% Philam Bond Fund, Inc. -a 4.6183 5.24% 2.72% -0.35% Philam Managed Income Fund, Inc. -a,6 1.3204 5.08% 4.39% 2.69% -0.06% Philequity Peso Bond Fund, Inc. -a 3.971 4.82% 4.39% 2.59% -0.75% Soldivo Bond Fund, Inc. -a 1.0319 6.27% 4.25% 2.22% -0.97% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1986 3.51% 4.67% 3.1% -0.23% Sun Life Prosperity GS Fund, Inc. -a 1.745 2.63% 3.92% 2.46% -0.57% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $484.6 2.74% 3.13% 2.74% 0.15% ALFM Euro Bond Fund, Inc. -a Є219.52 -0.7% 1.08% 1.29% 0.16% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2437 2.31% 3.58% 2.46% -2.87% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.15% 2.11% 1.51% -1.13% PAMI Global Bond Fund, Inc -b $1.0815 -2.43% 1.12% -0.05% -1.02% Philam Dollar Bond Fund, Inc. -a $2.5184 2.55% 5.13% 3.07% -0.68% Philequity Dollar Income Fund Inc. -a $0.0625689 2.85% 3.3% 2.33% 0.4% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1887 -2.27% 2.75% 1.83% -1.08% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 130.09 2.92% 3.34% 2.58% 0.22% First Metro Save and Learn Money Market Fund, Inc. -a 1.0491 1.72% n.a. n.a. 0.1% Sun Life Prosperity Money Market Fund, Inc. -a 1.2989 2.28% 2.94% 2.6% 0.18% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.054 1.37% 1.78% n.a. 0.15% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1974 n.a. n.a. n.a. 6% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 -1% 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."

CA reverses SEC ruling on takeover of TMC By Joel R. San Juan @jrsanjuan1573

HE camp of former Health Secretary Alfredo Bengzon has lost its grip on The Medical City (TMC) after the Court of Appeals set aside the decision issued by the Securities and Exchange Commission (SEC), which nullified the majority company shares acquired by rival shareholders. In a 43-page decision issued last February 1, 2020, the CA’s Special Fifteenth Division partly granted the consolidated petitions filed by Fountel Corporation and Felicitas Antoinette, Inc. (FAI), led by the family of Jose Xavier Gonzales, and Viva Holdings (Philippines) Pre. Ltd., Viva Healthcare Ltd. seeking the reversal of the SEC’s August 13, 2020 decision. The appellate court gave merit to the argument of the petitioners that the supposed fraudulent practices committed against the board of directors of Professional Services Inc. (PSI), the operator of The Medical City (TMC), is an intra-corporate dispute that falls outside the SEC’s jurisdiction. The SEC, in its August 13 decision, declared that all shares that had been issued to and paid for by both Gonzales and Viva Holdings, a foreign investment fund, way back in 2013 were null and void, and that all shares that Gonzales and Viva had subsequently acquired from other shareholders or subscribed to from the company had to be returned as treasury shares. These shares could then be sold to “any person who intends to buy the same.” “This Court finds that the complaint of respondent Bengzon and other stockholders in PSI with the SEC alleging fraud in the acquisition of shares by petitioners, who are also stockholders of PSI and seeking the nullification of said acquisition in the nature of intra-corporate dispute and falls within the jurisdiction of the Regional Trial Court,” the CA said in setting aside the SEC’s decision. The appellate court noted that Section 5.2 of the Securities Regulation Code (SRC) has trans-

ferred to RTC the jurisdiction to decide cases involving devices or schemes employed by or any acts, of the board of directors, business associates, its officers or partners, amounting to fraud and misrepresentation. Furthermore, the CA ruled that the SEC does not have the power to declare the increase of the shares of Fountel, FAI and Viva as null and void, or to divest persons of their property by mere administrative action. While under Section 5.1 of the SRC gives SEC jurisdiction and supervision over all corporations, associations and partnerships which have been granted franchises and permits to operate by the government, it does not mean that it has the power to nullify private transactions including purchases of shares in a corporation. Consequently, the CA said SEC erred in declaring null and void the share acquisitions of Fountel, FAI and Viva beginning August 1, 2013 as well as their subscriptions from increases in authorized capital stock and issuance of the unissued shares. Likewise, the CA nullified the SEC decision that cancels petitioners’ PSI shares from the stock and transfer book and allocation of the same for any person who intends to buy the same. However, while the CA declared that the case constitutes intra-corporate dispute which belongs to the trial court, it held that the SEC still has administrative and regulatory jurisdiction in determining if there are administrative violations committing and imposing fines and penalties provided by the SRC. Thus, it said the SEC was correct in holding that Fountel, FAI and Viva were administratively liable for violation of Section 18 or SRC-Implementing Rules and Regulations (IRR) which covers reportorial obligation to be filed by any person who acquires the beneficial ownership of more than five percent of securities. Thus, the CA imposed on the petitioners to pay a fine of 2 percent of the amount of each transaction or P20,000 per transaction whichever is higher plus P200 per day of delay from August 1, 2013 until fully paid.

STOCK-MARKET OUTLOOK Last week

Share prices fell last week with the main index falling below the 7,000-point level again, as investors shrugged off the government’s plan to place the entire country under modified general community quarantine (MGCQ) starting March. The benchmark Philippine Stock Exchange index (PSEi) fell 64.60 points to close at 6,926.41 points. The main index was mostly down during the week, falling the most on Thursday before recovering by the end of the week. It was a busy week of trading for the first 3 days of the week with value of trade reaching as much as P19.18 billion. Average daily value of trade for the week was at P14.69 billion, while foreign investors, who now remained at the sidelines with just 15 percent of the total market activity, were still net sellers at P2.83 billion. Most of the subindices were down, led by the broader All Shares index that fell 23.96 points to close at 4,199, the Financials index rose 14.42 to 1,471.50, the Industrial index lost 71.91 to 8,963.93, the Holding Firms index was down 17.58 to 7,187.40, the Property index plunged 107.16 to 3,445.68, the Services index shed 20.32 to 1,479.37 and the Mining and Oil index gained 280.40 to 9,396.67. For the week, losers edged gainers 130 to 108 and 17 shares were unchanged. Top gainers were Prime Media Holdings Inc., Greenergy Holdings Inc., Republic Glass Holdings Corp., Crown Asia Chemicals Corp., PTFC Redevelopment Corp., and Marcventures Holdings Inc. Top losers were Discovery World Corp., Da Vinci Capital Holdings Inc., Vulcan Industrial and Mining Corp., Abra Mining and Industrial Corp., Makati Finance Corp. and Asiabest Group International Inc.

This week

Share prices may rise during the week, but trading will still be volatile as investors will watch out for the earnings of listed conglomerates. It will again be a four-day trading week as February 25 is a public holiday for the Edsa Revolution anniversary. “Earnings announcements are the ultimate breeding ground for volatility and profittaking. Further add the fact that finds are expected to window-dress their month-end portfolios within the next few sessions, truly (this) week will be interesting, at least on a volume perspective,” broker 2TradeAsia said. It sees immediate support for the main index at 6,850 and resistance up to 7,100 points. Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said many investors will also monitor the government’s decision on the quarantine measures of the country by March. “The local bourse may rise if the government decides to shift the remaining areas in the country under GCQ, primarily Metro Manila, to MGCQ, together with plans on how to mitigate the spread of Covid-19 amid the further reopening of the economy. Positive developments with respect to the Philippines’ efforts to obtain Covid-19 vaccines are also seen to boost market sentiment.”

Stock picks

Philstocks said investors should watch the stock of First Gen Corp. and AC Energy Corp. on expectations that the country may see a rebound in demand for energy particularly from the commercial and industrial space. “Within the industry, those which are heavily investing in natural gas and renewable energy are seen with bright prospects amid the government’s initiative to shift more energy dependence from coal-based production to the aforementioned sources,” it said. For First Gen, the broker said its share price is still undervalued as it is just trading at 7.88 times at the close of last year, or below its 2015-2019 average of 9.48 times. It gave a target price for the stock at P34.95 apiece. First Gen shares closed Friday at P30 apiece. It also advised to monitor AC Energy as the company is active in raising capital primarily to expand its renewable energy portfolio and reach its target of 5,000 megawatts capacity by 2025. “For this 2021, it is aiming to expand its renewables capacity to 2,500 MW. This will include 900 MW of renewable energy capacity coming from the infusion of AC Energy International’s assets to the company, expected to be carried out this year.” AC Energy shares closed last week at P7.80 apiece. VG Cabuag

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

February 19, 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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

43.45 108.1 84.35 24.05 10.3 50.1 10.82 26.2 54.35 17.32 128 73.85 1.1 3.93 0.57 3.53 1.51 0.44 821 0.77 148.5 2,100

44.45 108.5 85.9 24.1 10.32 50.35 11 26.25 54.85 17.42 129.1 74 1.13 3.95 0.6 3.6 1.54 0.445 999 0.8 149 2,190

43.35 107.3 84 24 10.4 50.5 10.8 26.45 54.3 17.5 128.9 72.5 1.14 3.95 0.57 3.59 1.56 0.465 810 0.81 149.5 2,100

43.35 108.5 85.9 24.1 10.4 51 10.8 26.45 54.35 17.5 129.1 74.2 1.14 3.95 0.57 3.62 1.56 0.465 810 0.81 149.5 2,100

43.35 106.5 83.7 23.9 10.2 49.6 10.8 26.15 54.3 17.3 126.5 71.55 1.07 3.93 0.57 3.53 1.49 0.43 810 0.75 149 2,100

43.35 108.5 85.9 24.05 10.3 50.1 10.8 26.25 54.35 17.32 129.1 74 1.1 3.95 0.57 3.59 1.51 0.44 810 0.8 149 2,100

100 4,335 1,919,890 206,690,388 3,160,410 268,706,550.50 73,000 1,748,395 230,000 2,365,564 7,308,920 368,528,636 3,800 41,040 298,600 7,844,365 1,930 104,895 84,900 1,470,896 308,260 39,487,054 180,930 13,218,078 587,000 647,670 243,000 957,100 18,000 10,260 93,000 334,350 493,000 750,090 1,380,000 609,850 460 372,600 157,000 126,700 18,970 2,826,756 120 252,000

-18,310,643 94,170,558 -608,265 -162,216 -227,762,935.50 -3,006,480 -654,580 -11,975,255 -1,817,041.50 224,510 -21,500 372,600 1,720,950 252,000

INDUSTRIAL AC ENERGY 7.79 7.8 7.89 8.12 7.75 7.8 71,756,000 571,112,873 1.34 1.36 1.38 1.4 1.33 1.34 2,754,000 3,730,910 ALSONS CONS 25.9 25.95 25.4 25.95 25.25 25.95 1,268,000 32,570,265 ABOITIZ POWER 1.26 1.27 1.18 1.29 1.17 1.27 346,095,000 425,986,950 BASIC ENERGY 29.9 30 30.05 30.1 29.8 30 1,165,500 34,922,405 FIRST GEN 74.85 75 75.7 75.7 74.8 75 166,000 12,480,672.50 FIRST PHIL HLDG 282 283.8 285.4 288.8 282 282 263,810 74,804,090 MERALCO 3.68 3.69 3.74 3.74 3.69 3.69 1,244,000 4,609,910 PETRON 3.85 3.97 3.9 3.9 3.85 3.85 5,000 19,350 PETROENERGY PHX PETROLEUM 12.56 12.74 12.72 12.74 12.56 12.74 33,500 421,884 21.8 21.9 22 22 21.8 21.8 245,700 5,372,820 PILIPINAS SHELL SPC POWER 10.12 10.22 10.14 10.22 10.1 10.22 176,000 1,784,282 AGRINURTURE 7.1 7.18 7.25 7.25 7.09 7.18 3,144,600 22,717,561 AXELUM 3.37 3.43 3.47 3.47 3.37 3.43 704,000 2,401,000 CNTRL AZUCARERA 13.9 14.02 14.02 14.02 14 14.02 20,600 288,682 17.7 17.76 17.3 17.78 17.28 17.76 938,300 16,606,742 CENTURY FOOD DEL MONTE 8.8 8.95 9 9 8.64 8.95 340,900 2,960,780 7.16 7.25 7.3 7.31 7.14 7.25 396,600 2,853,015 DNL INDUS 9.94 10.1 9.99 10.1 9.92 10.1 403,400 4,045,701 EMPERADOR 67.55 68.2 68.45 68.45 67.5 68.2 266,150 18,082,848 SMC FOODANDBEV 0.64 0.65 0.64 0.65 0.62 0.65 657,000 414,820 ALLIANCE SELECT 1.52 1.53 1.57 1.59 1.52 1.52 21,809,000 33,761,140 FRUITAS HLDG 52.5 52.9 52.9 53 52 52.9 46,530 2,459,094.50 GINEBRA 179.5 179.9 179.4 180 179.4 179.9 1,172,520 210,820,809 JOLLIBEE 35.75 36.75 38.5 38.5 35.5 35.5 5,600 205,265 LIBERTY FLOUR 7.42 8.09 7.8 8.09 7.8 8.09 10,200 79,609 MACAY HLDG MAXS GROUP 6.59 6.6 6.67 6.67 6.59 6.6 474,500 3,134,257 MG HLDG 0.39 0.395 0.39 0.41 0.38 0.39 37,710,000 14,734,100 SHAKEYS PIZZA 7.5 7.55 7.4 7.5 7.39 7.5 139,500 1,045,530 ROXAS AND CO 1.14 1.15 1.14 1.18 1.14 1.15 1,027,000 1,189,240 ROXAS HLDG 1.75 1.78 1.75 1.75 1.75 1.75 33,000 57,750 SWIFT FOODS 0.142 0.143 0.148 0.148 0.14 0.142 25,060,000 3,577,290 UNIV ROBINA 135.4 135.5 136 138 135.4 135.4 1,418,740 193,096,339 VITARICH 0.91 0.92 0.91 0.92 0.91 0.92 1,682,000 1,538,570 2.25 2.28 2.25 2.28 2.25 2.28 5,000 11,340 VICTORIAS 52.05 53.35 53.35 53.35 53.35 53.35 270 14,404.50 CONCRETE A 55.2 58.8 56 56 55.2 55.2 690 38,191 CONCRETE B 1.41 1.42 1.43 1.43 1.4 1.41 3,710,000 5,232,620 CEMEX HLDG 6.5 6.52 6.4 6.7 6.3 6.5 3,872,600 25,168,303 DAVINCI CAPITAL 13.3 13.32 13.24 13.74 13.24 13.32 46,600 622,268 EAGLE CEMENT 8.54 8.56 8.73 8.73 8.51 8.54 446,000 3,805,983 EEI CORP 6.39 6.4 6.47 6.47 6.3 6.4 429,000 2,728,385 HOLCIM MEGAWIDE 7.52 7.53 7.6 7.6 7.48 7.52 1,168,600 8,777,449 PHINMA 10.9 10.96 10.8 10.98 10.8 10.84 49,300 536,206 1.4 1.43 1.45 1.46 1.35 1.4 1,288,000 1,809,770 TKC METALS 2.95 2.96 3.55 3.58 2.82 2.95 87,688,000 270,296,960 VULCAN INDL CROWN ASIA 2.18 2.2 1.99 2.21 1.99 2.2 3,525,000 7,612,210 EUROMED 2.22 2.23 2.29 2.29 2.19 2.23 151,000 333,470 PRYCE CORP 5.4 5.45 5.6 5.6 5.31 5.4 120,100 647,458 CONCEPCION 20.55 20.65 20.8 20.8 20.6 20.65 86,400 1,782,870 GREENERGY 4.2 4.21 4.44 4.45 4 4.2 45,452,000 190,465,030 14.8 14.84 14.5 14.96 14.36 14.84 3,684,100 53,989,172 INTEGRATED MICR 1.3 1.32 1.34 1.38 1.27 1.3 3,531,000 4,677,540 IONICS 5.65 6.09 6.09 6.09 5.57 5.65 4,600 27,346 PANASONIC 1.59 1.6 1.69 1.69 1.59 1.6 6,930,000 11,227,770 SFA SEMICON 6.8 6.81 6.92 6.98 6.8 6.81 3,493,900 24,020,710 CIRTEK HLDG

-2,665,749 -1,620.00 -640,860 9,312,010 20,727,190 -5,226,293.50 -40,396,230.00 73,080 -7,700 -217,020 487,742 17,299,618 635,330 1,991,922 935,982.00 -779,184 -267,220 -7,186,578.50 -32,500 801,520 2,116,443.50 -1,805,124 19,830 42,800 90,724 392,070.00 -29,750 6,440.00 -39,241,985 138,160 103,384.00 495,116 1,111,649.00 4,722 -414 -2,189,920 -2,200,000 -10,950 -247,535 -1,314,820.00 -3,404,920 -1,049,408 -27,000 193,200 311,146

HOLDING & FRIMS ABACORE CAPITAL 1.23 1.24 1.17 1.27 1.15 1.24 93,483,000 115,309,850 7.88 7.9 8.07 8.07 7.88 7.9 20,300 161,891 ASIABEST GROUP 788 797 773.5 797 770.5 797 292,560 228,847,355 AYALA CORP 43 43.6 42 43.6 42 43.6 1,593,700 68,981,050 ABOITIZ EQUITY 10.14 10.4 10.24 10.46 10 10.4 6,818,900 69,391,654 ALLIANCE GLOBAL 3.11 3.12 3.12 3.13 3.05 3.11 1,218,000 3,776,550 AYALA LAND LOG 7.41 7.44 7.43 7.44 7.1 7.41 22,100 163,171 ANSCOR 0.9 0.91 0.92 0.92 0.89 0.9 4,356,000 3,921,750 ANGLO PHIL HLDG 0.91 0.92 0.91 0.94 0.9 0.91 5,189,000 4,743,610 ATN HLDG A ATN HLDG B 0.91 0.92 0.91 0.92 0.9 0.92 621,000 563,120 5.27 5.34 5.25 5.35 5.24 5.34 454,400 2,407,260 COSCO CAPITAL DMCI HLDG 5.25 5.3 5.25 5.3 5.24 5.3 2,412,200 12,730,222 FILINVEST DEV 8.95 8.97 8.91 8.97 8.91 8.95 131,300 1,174,766 FORUM PACIFIC 0.241 0.246 0.246 0.246 0.23 0.241 800,000 186,900 GT CAPITAL 567.5 570 570 573 550 570 177,800 99,705,130 HOUSE OF INV 3.63 3.68 3.8 3.8 3.63 3.63 585,000 2,159,720 JG SUMMIT 65.05 65.15 63.85 65.05 62.5 65.05 2,929,320 187,249,472 1.63 1.64 1.78 1.82 1.58 1.63 63,977,000 105,426,450 LODESTAR 14 14.2 13.96 14.22 13.72 14 3,445,000 48,108,180 LT GROUP 0.58 0.59 0.52 0.6 0.51 0.59 9,641,000 5,542,610 MABUHAY HLDG 1.88 2.22 2.2 2.22 2.2 2.22 43,000 95,060 MJC INVESTMENTS 4.19 4.2 4.17 4.2 4.16 4.2 17,373,000 72,805,740 METRO PAC INV 5.04 5.15 5.2 5.2 5.01 5.04 72,000 364,371 PACIFICA HLDG 2 2.03 1.82 2.24 1.82 2 31,567,000 64,525,480 PRIME MEDIA 3.1 3.4 3.05 3.7 3.05 3.5 308,000 977,780 REPUBLIC GLASS 1.24 1.26 1.31 1.31 1.24 1.26 258,000 323,740 SOLID GROUP SYNERGY GRID 312 317 317 317 317 317 50 15,850 1,055 1,065 1,038 1,074 1,038 1,065 432,240 459,494,805 SM INVESTMENTS SAN MIGUEL CORP 126 126.1 126 126 125.1 126 112,670 14,151,422 SOC RESOURCES 0.81 0.82 0.83 0.83 0.8 0.81 846,000 685,980 TOP FRONTIER 139 141.6 135.4 141 135.4 141 352,360 49,296,982 WELLEX INDUS 0.236 0.25 0.232 0.25 0.232 0.25 110,000 25,700 0.241 0.242 0.25 0.25 0.241 0.242 5,070,000 1,232,280 ZEUS HLDG

11,466,140 -22,978 -50,375,600 -3,192,295 -33,218,696 712,360 -6,170 -529,936 -4,009,202 519,040.00 94,300 -23,619,410 -296,650 -34,031,587.50 -9,298,180 -13,488,328 -43,090 -7,748,770 1,888,260 -341,160 254,303,785 -8,129,569 28,350 -43,710 4,960

PROPERTY ARTHALAND CORP 0.66 0.68 0.68 0.69 0.66 0.68 504,000 340,570 38.95 39 38.95 39.4 38.15 39 7,749,200 301,595,945 AYALA LAND 1.36 1.44 1.34 1.45 1.34 1.36 271,000 383,130 ARANETA PROP 34.4 34.45 34.5 34.9 34.1 34.45 679,900 23,397,320 AREIT RT 1.68 1.69 1.67 1.68 1.63 1.68 142,000 236,270 BELLE CORP 0.93 0.95 0.98 0.98 0.93 0.93 3,934,000 3,725,930 A BROWN 0.15 0.152 0.152 0.154 0.15 0.152 3,050,000 463,280 CROWN EQUITIES 5.44 5.8 5.61 5.8 5.6 5.8 60,800 352,294 CEBU HLDG 5.34 5.35 5.25 5.39 5.22 5.35 1,722,100 9,159,443 CEB LANDMASTERS CENTURY PROP 0.41 0.415 0.42 0.43 0.41 0.415 31,300,000 13,016,500 CYBER BAY 0.345 0.35 0.35 0.35 0.345 0.345 1,170,000 403,800 DOUBLEDRAGON 15.14 15.26 15.5 15.52 14.74 15.26 3,508,400 52,848,332 DM WENCESLAO 6.72 6.85 6.9 6.9 6.7 6.85 59,300 398,806 0.29 0.295 0.295 0.295 0.29 0.29 1,710,000 496,950 EMPIRE EAST 0.089 0.093 0.091 0.094 0.09 0.093 1,950,000 177,060 EVER GOTESCO FILINVEST LAND 1.15 1.16 1.16 1.16 1.15 1.16 9,599,000 11,085,530 GLOBAL ESTATE 0.9 0.91 0.9 0.9 0.9 0.9 993,000 893,700 7.46 7.75 7.5 7.6 7.45 7.6 72,200 542,326 8990 HLDG 1.49 1.5 1.57 1.58 1.45 1.5 3,998,000 6,046,580 PHIL INFRADEV 0.74 0.75 0.74 0.75 0.74 0.75 67,000 49,610 CITY AND LAND 3.86 3.89 3.88 3.89 3.82 3.89 15,228,000 58,852,760 MEGAWORLD 0.53 0.54 0.55 0.56 0.53 0.54 55,366,000 29,996,770 MRC ALLIED 0.43 0.435 0.41 0.43 0.41 0.43 150,000 63,200 PHIL ESTATES 1.48 1.49 1.5 1.55 1.48 1.49 1,412,000 2,114,280 PRIMEX CORP 19.22 19.24 19.22 19.26 19.04 19.24 3,777,500 72,332,858 ROBINSONS LAND PHIL REALTY 0.305 0.31 0.305 0.305 0.305 0.305 70,000 21,350 ROCKWELL 1.46 1.47 1.43 1.47 1.43 1.47 487,000 712,660 SHANG PROP 2.69 2.7 2.7 2.7 2.65 2.7 85,000 226,670 STA LUCIA LAND 2.11 2.14 2.18 2.19 2.11 2.14 414,000 883,250 35.75 35.8 36 36.15 35.55 35.75 15,706,700 562,393,320 SM PRIME HLDG VISTAMALLS 3.98 4.07 4 4.06 4 4 62,000 248,870 1.85 1.86 1.9 1.92 1.84 1.85 6,108,000 11,438,250 SUNTRUST HOME PTFC REDEV CORP 40.05 48 52.3 52.3 48 48 1,000 51,870 4.21 4.25 4.25 4.26 4.18 4.23 2,060,000 8,678,180 VISTA LAND

13,400 -74,185,490 6,700 -12,551,455 -6,700 39,600 16,820 -506,860.00 155,100 31,050.00 -6,419,510 67,500 -2,128,690 -515,700 668,500 47,360 -18,576,650 25,510 748,900 -23,168,638 21,350 -20,580 90,100 -238,823,045 -109,290 -3,613,690

SERVICES ABS CBN 12.28 12.3 12.46 12.46 12.28 12.3 132,500 1,633,340 7.19 7.2 6.86 7.2 6.86 7.19 2,637,700 18,602,870 GMA NETWORK 0.49 0.495 0.475 0.48 0.475 0.48 130,000 61,850 MANILA BULLETIN 10.5 11.2 10.8 11.2 10.8 11.2 300 3,310 MLA BRDCASTING 2,030 2,048 2,030 2,048 2,020 2,048 28,930 58,961,930 GLOBE TELECOM 1,345 1,349 1,350 1,360 1,335 1,345 143,605 193,015,650 PLDT 0.275 0.28 0.29 0.295 0.27 0.275 1,551,270,000 436,043,800 APOLLO GLOBAL 18.18 18.2 18.24 18.26 18.02 18.2 6,701,400 121,776,394 CONVERGE 5.1 5.19 5.31 5.32 5.06 5.1 1,629,500 8,357,701 DFNN INC DITO CME HLDG 17.92 17.94 17.84 17.96 17.6 17.94 21,781,600 388,705,522 ISLAND INFO 0.176 0.179 0.184 0.184 0.176 0.176 28,060,000 5,009,540 JACKSTONES 2.1 2.13 2.13 2.13 2.1 2.13 73,000 154,050 3.12 3.14 3.1 3.18 3.06 3.12 4,109,000 12,886,360 NOW CORP TRANSPACIFIC BR 0.52 0.53 0.52 0.55 0.51 0.53 102,144,000 53,938,070 PHILWEB 2.6 2.65 2.62 2.7 2.54 2.65 636,000 1,658,510 2GO GROUP 8.37 8.7 8.5 8.7 8.35 8.7 33,500 284,128 ASIAN TERMINALS 14.74 15.52 14.74 14.74 14.74 14.74 600 8,844 4.36 4.38 4.4 4.41 4.35 4.36 1,243,000 5,426,040 CHELSEA 50 50.05 48.65 50.2 48.65 50 1,649,300 82,330,275 CEBU AIR 120 120.5 120 122.7 120 120 1,255,810 151,713,034 INTL CONTAINER 16.5 16.6 16.5 16.6 16.02 16.6 84,500 1,393,994 LBC EXPRESS 5.59 5.6 5.55 5.65 5.51 5.59 1,075,500 5,992,147 MACROASIA 3.03 3.05 3 3.05 2.96 3.03 854,000 2,560,330 METROALLIANCE A 6.28 6.3 6.42 6.46 6.3 6.3 81,200 515,777 PAL HLDG 1.38 1.39 1.38 1.4 1.35 1.38 758,000 1,039,230 HARBOR STAR 1.46 1.48 1.48 1.48 1.48 1.48 18,000 26,640 ACESITE HOTEL DISCOVERY WORLD 4.64 4.7 5.29 5.3 4.6 4.64 5,287,500 25,847,957 GRAND PLAZA 10.22 10.9 10.9 10.9 10.9 10.9 100 1,090 0.55 0.56 0.56 0.56 0.54 0.56 6,177,000 3,370,220 WATERFRONT IPEOPLE 8.3 8.59 8.11 8.3 8.11 8.3 600 4,885 0.4 0.405 0.41 0.41 0.4 0.405 3,390,000 1,371,150 STI HLDG BERJAYA 4.43 4.59 4.5 4.5 4.41 4.43 19,000 84,450 7.55 7.68 7.68 7.75 7.54 7.68 3,351,300 25,655,487 BLOOMBERRY PACIFIC ONLINE 2.09 2.14 2.06 2.09 2.06 2.09 55,000 113,630 1.72 1.75 1.73 1.73 1.73 1.73 49,000 84,770 LEISURE AND RES 2.15 2.18 2.4 2.4 2.12 2.15 747,000 1,622,470 MANILA JOCKEY 2.62 2.63 2.6 2.67 2.52 2.62 6,446,000 16,650,020 PH RESORTS GRP 0.485 0.49 0.485 0.495 0.475 0.485 5,890,000 2,854,600 PREMIUM LEISURE 6.6 6.7 6.5 6.6 6.5 6.6 3,000 19,550 PHIL RACING 8.2 8.3 8.3 8.3 8.2 8.3 883,300 7,283,732 ALLHOME 1.41 1.43 1.43 1.43 1.41 1.41 1,239,000 1,754,570 METRO RETAIL 37.75 37.8 37.9 37.9 37.5 37.8 1,265,300 47,721,715 PUREGOLD ROBINSONS RTL 57 57.35 58.45 58.45 57 57 756,010 43,241,932.50 PHIL SEVEN CORP 103.7 105 104 105 103 104 382,300 39,678,300 SSI GROUP 1.38 1.39 1.42 1.42 1.38 1.39 2,314,000 3,232,780 WILCON DEPOT 17.92 18 17.96 18 17.92 18 1,528,400 27,468,282 APC GROUP 0.43 0.44 0.435 0.44 0.41 0.43 6,040,000 2,545,450 EASYCALL 6.9 7.17 6.9 7.17 6.8 7.17 77,100 525,503 GOLDEN MV 435.4 446 435.4 446 435.4 446 1,060 469,586 5.05 5.15 5.15 5.15 5 5.05 8,100 40,955 IPM HLDG 2.2 2.37 2.2 2.2 2.2 2.2 26,000 57,200 PAXYS 2.9 2.91 2.63 2.9 2.54 2.9 209,621,000 574,000,620 PRMIERE HORIZON 4.6 4.72 4.56 4.56 4.55 4.55 10,000 45,580 SBS PHIL CORP

11,283,610 -85,053,705 2,188,100.00 -17,296,490.00 -475,561 -9,891,200 168,900 29,580 -858,070 -18,550 31,780 -156,770.00 30,689,040 -16,504,781 -11,620 146,437.00 25,470 -9,590 196,900 388,800 -264,700 -4,148,629 13,840 17,280 2,202,540 334,150 -1,738,621.00 -612,920 -14,414,040 -19,558,521 167,827 -851,360.00 10,208,708 45,600 8,160 11,690,590 -

MINING & OIL

ATOK 7.8 7.96 7.75 8.25 7.63 7.8 1,073,800 8,541,744 -13,479 1.56 1.58 1.56 1.59 1.55 1.56 3,294,000 5,152,350 144,320 APEX MINING 0.0042 0.0043 0.0044 0.0045 0.0041 0.0043 11,529,000,000 49,118,700 -125,100 ABRA MINING 6.4 6.42 6.4 6.42 6.4 6.42 767,900 4,922,771 -172,800 ATLAS MINING 2.8 2.9 3.01 3.01 2.9 2.9 112,000 326,560 BENGUET A 2.84 2.87 2.9 2.9 2.87 2.87 19,000 54,630 -8,660 BENGUET B 0.35 0.355 0.345 0.36 0.335 0.355 3,020,000 1,057,000 3,450.00 COAL ASIA HLDG 2.78 2.81 2.75 2.81 2.75 2.8 258,000 720,300 322,050 CENTURY PEAK DIZON MINES 11.88 12.06 12 12.88 11.88 11.88 208,900 2,597,766 2.99 3 3.07 3.19 2.98 3 36,572,000 112,563,340 3,619,010 FERRONICKEL GEOGRACE 0.53 0.54 0.61 0.63 0.51 0.53 42,842,000 23,934,850 63,900 LEPANTO A 0.16 0.161 0.157 0.164 0.156 0.16 33,070,000 5,321,760 0.158 0.16 0.158 0.164 0.158 0.158 1,940,000 309,950 LEPANTO B 0.01 0.011 0.01 0.011 0.01 0.011 148,700,000 1,506,700 MANILA MINING A 0.01 0.011 0.01 0.011 0.01 0.01 9,100,000 92,100 11,000 MANILA MINING B MARCVENTURES 1.69 1.71 1.76 1.8 1.68 1.71 3,416,000 5,901,840 -143,210 2.82 2.9 2.8 3.2 2.8 2.9 847,000 2,500,050 112,400 NIHAO 5.85 5.86 5.76 5.9 5.75 5.85 33,671,700 196,275,082 85,095,518 NICKEL ASIA 0.485 0.49 0.48 0.495 0.48 0.49 1,610,000 788,250 OMICO CORP 1.14 1.15 1.13 1.18 1.12 1.14 4,082,000 4,661,540 1,120 ORNTL PENINSULA 4.71 4.74 4.65 4.81 4.57 4.74 2,666,000 12,529,650 -184,850 PX MINING 12.68 12.7 12.84 12.86 12.58 12.68 980,100 12,442,298 -3,173,996 SEMIRARA MINING 0.0094 0.0095 0.0096 0.0098 0.0094 0.0094 137,000,000 1,305,000 9,600 UNITED PARAGON 20.85 21 21.2 22 20.7 21 212,800 4,523,390 -71,065 ACE ENEXOR 0.013 0.014 0.014 0.014 0.013 0.013 157,900,000 2,134,400 ORNTL PETROL A ORNTL PETROL B 0.013 0.014 0.013 0.014 0.013 0.013 44,700,000 583,100 -304,200 PHILODRILL 0.014 0.015 0.014 0.015 0.013 0.014 988,300,000 13,833,400 278,600 PXP ENERGY 9.62 9.68 9.75 9.75 9.61 9.62 564,600 5,440,563 -574,156.00 PREFFERED HOUSE PREF B 100.8 101 100.5 100.8 100.5 100.8 40,390 4,065,464 101 101.5 101.5 101.5 101.5 101.5 5,300 537,950 HOUSE PREF A 512 526 512 512 512 512 100 51,200 AC PREF B2R 101.5 102 101 101.5 101 101.5 4,010 407,010 DD PREF 1,002 1,030 1,002 1,002 1,002 1,002 2,000 2,004,000 GTCAP PREF A 1,029 1,035 1,035 1,035 1,035 1,035 10,195 10,551,825 GTCAP PREF B 101 101.9 101.9 101.9 101.9 101.9 90 9,171 MWIDE PREF 99 100.5 100.4 100.4 100.4 100.4 100 10,040 10,040 MWIDE PREF 2A 104 104.5 104.5 104.5 104.5 104.5 810 84,645 PNX PREF 3B PNX PREF 4 1,001 1,011 1,005 1,005 1,000 1,001 1,040 1,040,100 1,014 1,050 1,050 1,050 1,050 1,050 70 73,500 PCOR PREF 2B 1.71 1.8 1.58 1.81 1.58 1.81 6,000 9,920 SFI PREF 79 79.8 79 79 79 79 1,040 82,160 SMC PREF 2C 76.1 77.9 76.2 76.2 76 76 13,200 1,003,488 SMC PREF 2E 78 79.3 79.25 79.3 79.25 79.3 71,200 5,645,364.50 SMC PREF 2F 77 79 79 79 79 79 375,000 29,625,000 SMC PREF 2H 78 78.5 77.5 78.5 77.5 78.5 637,100 49,697,610 SMC PREF 2I 76.2 77 77.1 77.2 76.2 76.2 50,910 3,908,305 -45,720 SMC PREF 2J 76.5 76.75 76.5 76.5 76.3 76.5 17,700 1,351,190 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 11.8 12.1 11.8 12.1 11.8 11.8 700 8,410 -1,180 6.84 6.85 6.72 6.84 6.65 6.84 941,900 6,375,499 -1,075,605 GMA HLDG PDR WARRANTS LR WARRANT 0.85 0.86 0.86 0.87 0.86 0.86 118,000 101,520 - SMALL & MEDIUM ENTERPRISES ALTUS PROP 20.65 21 21.35 21.35 19.4 21 451,000 9,040,689 3,935 3.03 3.04 3.05 3.05 3.01 3.04 1,497,000 4,528,240 ITALPINAS 5.91 5.95 5.9 5.95 5.9 5.9 3,900 23,025 KEPWEALTH 2.65 2.7 2.72 2.75 2.65 2.67 204,000 546,590 MAKATI FINANCE 7.05 7.06 7.16 7.2 6.94 7.05 20,777,800 146,692,625 -5,493,431 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 104.2 104.5 104.4 104.4 103.3 104.2 13,630 1,417,120 3,060

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Banking&Finance BusinessMirror

Salceda defends CREATE perks for local oil refineries

By Jasper Emmanuel Y. Arcalas

@jearcalas

OUSE Committee on Ways and Means Chairman Rep. Joey Sarte Salceda stood pat on the last-minute insertion of tax breaks for domestic oil refineries in the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill for a “fairer” petroleum industry environment. Salceda issued a statement over the weekend explaining the inclusion of a provision that exempts local petroleum refineries from paying taxes and duties on crude oil imports as response to recent criticism by the Action for Economic Reform (AER). Salceda argued that local refineries are at a disadvantage against direct importers as they have to pay value-added tax (VAT) twice, while both players are eligible for tax and non-tax incentives under free port zones. “Direct importers do not create refining jobs in the Philippines. Refiners do. It’s easier to smuggle if you’re a direct importer, because there is no fuel marking at the free port zones where they usually have their terminals. It’s harder, if not impossible, to smuggle if you’re a refiner, because you are checked at the crude importation stage, and at the point of removal from the refinery,” he said.

“Under the old system, both direct importers and refiners could qualify for tax and non-tax incentives under our free port zones, even if only refining creates domestic value-added, invests in technology, and creates manufacturing jobs. This is obviously unfair,” he added. Furthermore, Salceda said claiming of input VAT credits for domestic refiners is also a burden since “the money passes through tax administration” with refiners having “to wait for years to claim credits that at any time reaches P7 billion to P10 billion.” “Direct importers do not have that problem. It’s unfair when any business has billions of its own money help up, while its competitors do not have to,” Salceda said. “As a result, it has become more attractive to import than to generate value-added and create jobs here,” he added. Salceda said what they did in the

CREATE bill was adopt the common practice in Singapore, Malaysia, India, Thailand and other neighboring countries which is only taxing petroleum once it is refined.

Economic sense

“I said no to any proposal from stakeholders and colleagues alike to give revenue-negative exemptions for the industry. There were proposals on property tax exemptions and withholding tax. I turned them all down. But I could not say no to proposals that make economic sense,” Salceda added. Salceda noted that the crude oil refining industry contributes around 5 percent to 6 percent of the country’s total gross value added in the manufacturing sector. “Shift demand to direct importation and we lose this value-added nearly entirely. I’ve heard various arguments and accusations against our position, but nobody has answered this question: can we afford to lose 5 percent to 6 percent of GVA during the year of our worst GDP performance?” he pointed out. Salceda emphasized that the “fairer amendments” to CREATE on crude oil refining “will not hurt” the country’s revenues. “In fact, we introduced a provision that disallows direct importers from availing of tax incentives under CREATE. This will help close the alleged smuggling loopholes in our free ports. We also empowered the Secretary of Finance to outright close any enterprise caught smuggling using our free ports and ecozones. These provisions will help, not hurt our revenues,” he said.

Perspectives Uncertainty creates planning

‘T

HIS too shall pass.” This sentiment seems particularly apt when talking about the disruptions the world has faced over the past year. Much like during other epoch-defining events (like the Second World War), the future of the world remains shrouded in a veil of deep fog. Planning for the future has never been more challenging. What we do know, however, is that the current disruption will pass; the fog will lift. What we do not know is the extent or permanency of the disruption’s impact. How will the way people travel and vacation change? Will they continue to avoid social interactions in favor of digital experiences? How must infrastructure adapt in order to support potential new ways of living and working? When building assets with lifecycles that span decades, this level of short to mid-term uncertainty and reduced forward visibility can be particularly challenging. Being able to understand user trends is important for making the right infrastructure investment decisions, but those trends are now in flux. And being able to distinguish the permanent changes from the transitory is not easy. We may all agree that we should “build back better,” but what exactly does that mean? And what investments will allow us to achieve that goal? In an effort to answer these questions, infrastructure planners have been considering a bewildering range of different scenarios on their long term planning (Transport for London, for example, agreed to a wide-ranging review of their future financial position and financial structures in return for nearly US$2.2 billion of

subsidy from the UK Government in May 2020). Scenarios under consideration have ranged from the potential for a continued shift in the value proposition of cities (see Trend 2: Cities rethink their value proposition, for more on this) through to what might be required to support a remarkably strong rebound. The problem is that one scenario may suggest a reduction in mass transit investment while another will point to a return to previous demand trajectories requiring significant capacity enhancements. And both seem just as plausible. What do you do? The temptation may be to wait until more certainty can be found. But that will only exacerbate the infrastructure deficit and leave countries and jurisdictions with suboptimal infrastructure to support society and drive economic growth. Waiting, therefore, is not a viable option. Choosing the right actions for the future, however, requires strong vision, leadership and—ultimately—consensus. In the absence of clarity, infrastructure owners and planners are now trying to identify “no regret” investments that align to their existing long-term plans but allow for increased flexibility and agility to meet the rapidly evolving needs of business and society. Over the coming year, we expect infrastructure planners, operators and developers to start looking for ways to enable a much more nimble and flexible approach to infrastructure planning, development and delivery. This will be particularly difficult in today’s highly-politicized 24/7 media environment. Traditional approval structures and processes will be challenged.

Indeed, our view suggests that the infrastructure sector will need to get used to operating within a more dynamic and evolving environment. As we first suggested back in 2016, infrastructure owners and planners will want to learn lessons from the technology sector where the leaders continuously reinvent, recalibrate and refocus based on evolving market conditions; translating that mentality into a world of real, fixed assets may be a challenge, however. Don’t expect the fog of uncertainty to dissipate in 2021 (it may get even thicker). But do expect to see infrastructure owners focus on enhancing asset utilization and optimizing performance as a way to better “sweat” their assets. At the same time, infrastructure planners will also need to focus much more on leveraging technology (such as using digital twins to support better planning through simulations), data and analytics (leveraging Internet of Things technologies for better operations and maintenance, for example) and decision-making tools. Doing so will help infrastructure planners them get more from their assets and to enable them to better navigate uncertainty and prepare for a future characterized by changing dynamics, risks and opportunities.

The excerpt was taken from “KPMG Thought Leadership, A balancing act: Privacy, security and ethics.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent memberfirms affiliated with KPMG International Ltd., 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.

Salceda said he “strongly disagrees” with AER’s statement that the inclusion of the above-mentioned provisions were “an emotional response.” “Ultimately, it is the President who will decide what happens next, now that CREATE is on his desk. That is why I sent him an economic analysis on the merits of these provisions, not an emotional appeal. I hope he decides fairly,” he said. Last week, the AER said the lastminute insertion of the tax breaks for oil refineries by the congressional conference committee is seen to be a “futile policy” as local refineries are not economically viable. Lamenting the manner of the provisions’ inclusion in the final version of the CREATE bill as “highly questionable,” AER recalled that these provisions were not included in either the Senate or the House versions of the bill. The AER noted that the last remaining oil refinery in the Philippines, the Petron refinery in Bataan, has been suffering from weak margins and temporarily closed down in January, prompting Salceda to rue that if the Petron refinery were to close down, “our country would be exposed to a national security threat and become dependent on imports.”

Monday, February 22, 2021

BPI asset mgt subsidiary gets market share boost By Tyrone Jasper C. Piad @Tyronepiad

HE asset management subsidiary of Bank of the Philippine Islands (BPI) grew its market share last year after nearly doubling its total assets under management (AUM). In a recent statement, BPI Investment Management Inc. (BIMI) noted that its market share in the mutual fund industry rose 54 percent last year from 35 percent in 2019. This, as it recorded 96-percent growth in its business last year despite the economic slowdown brought about by the lockdown measures amid the pandemic. BIMI attributed this mainly to the assumption of the Philam Asset Management Inc.’s mutual funds and 24-percent growth in its retail business. As of the first week of February, BIMI reported that its total AUM reached P202 billion already. BIMI President Martin Enrile said that the “solid performance amid market volatility and economic uncertainty due to the Covid-19 pandemic is a testimony to our hard-earned reputation of providing stable investment outlets under various market conditions.” For this year, the mutual fund manager is optimistic that economic activities and consumer mobility will find their way back to pre-pandemic levels due to the

vaccine rollout. “Backed by an institution that has seen all kinds of crises in its 169-year history, BIMI is wellpoised to take advantage of a much more favorable investment environment with its fortified sales resources, system upgrades, timely marketing activities, and product launches suited to the rapidly changing needs of the investing public,” he added. Last month, BIMI announced its partnership with asset manager BlackRock Inc. in launching a feeder and income-paying mutual fund. The feeder fund will invest at least 90 percent of its assets to BlackRock Global Fund Multi-Asset Income Fund, allowing local investors to access offshore securities, including equities, bonds and alternative investments. BIMI said that the unit holders can expect regular and consistent dividend income per month. Parent firm BPI registered net income of P21.4 billion last year, a 25.7-percent decline from P28.8 billion in 2019, due to loan loss provisions growing by fivefold. Revenues, however, rose by 10.5 percent to P101.9 billion. As of end-December 2020, BPI grew its total assets by 1.3 percent to P2.2 trillion. Total capitalization stood at P279.8 billion, with common equity tier 1 ratio and capital adequacy ratio reaching 16.2 percent and 17.1 percent, respectively.

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How to Encourage Employees to Speak Up When They See Wrongdoing

6. Motivate with stories of courage

By Nuala Walsh

When leaders or the media celebrate stories of ordinary people who do the right thing, it reduces employees' fear of being negatively labeled. Accordingly, companies should highlight both employees who have had the courage to expose misconduct and external role models such as Jeffrey Wigand, the American executive who exposed the tobacco industry for mixing addictive chemicals with nicotine, or Harry Markopolos, the securities analyst who repeatedly warned the US Securities and Exchange Commission about Bernie Madoff ’s Ponzi scheme. Communicating courage-based stories is a persuasion technique that acts subliminally, like advertising. The more we hear a message, the more familiar it becomes, and the more we both remember and like it—a phenomenon called the “mere exposure effect.”

ore than 50 years after the term “bystander effect” was coined, many of us still witness workplace wrongdoing and stay stubbornly silent. In motivating employees to speak up, most organizations continue to rely on traditional compliance-based tools such as codes of conduct, training and auditing. But this approach has simply failed—only an estimated 1.4 percent of employees blow the whistle. This matters because organizational silence perpetuates whitecollar crime, despite businesses investing millions in misconduct prevention. Scandals have slashed market valuations and ravaged the reputations of companies like Boeing and BP. The leading cause of silence is fear of the repercussions. One study showed that 82 percent of whistleblowers suffered harassment, 60 percent lost their jobs and 10 percent attempted suicide. How can organizations motivate employees to speak up and respond to them effectively? Given that codes of conduct, training and auditing alone don’t suffice, other steps must be taken. Based on decades of behavioral science research, I’ve developed a model that offers seven interconnected strategies to nudge people to speak up. Managers can apply the model sequentially or cherry-pick tools and triggers. The best mix depends on a company’s culture, its size and its systems:

1. Redesign reporting tools

Organizations must review and upgrade the suitability of

existing reporting mechanisms. Consider investing in training employees to spot and appropriately respond to signs of misconduct that they witness as bystanders. People don’t always know how to respond: Is the wrongdoing frivolous or fraudulent, accidental or intentional? Managers should also review zero-tolerance policies that unconsciously inhibit employees from admitting that they have done something wrong or fallen short (e.g., overbilled a customer or conducted a trial that produced disappointing results). Make reporting easy. Hotlines should be safe, external, anonymous and accessible. When issues are raised directly with you, don’t blame the messenger.

2. Embed a culture of safety

Is toxic behavior in your team tolerated or not? Are those who speak up against it labeled as misfits or heroes? Tolerance and tone from the top matter. Pe r c e i v e d o r g a n i z a t i o n a l support and culture are among the biggest drivers of disclosure. Great bosses sense how teams feel and build relation-

7. Energize a conscience-based movement ships rather than rely on audits, r u mors or su r veys to revea l concer ns. T hey hold reg u l a r sessions where t hey encou rage employees to express these concerns. They also admit mistakes, which shows vulnerability and signals reassurance. For high-stakes decisions, proactively seek debate and dissent or appoint a devil’s advocate. The quicker you create a call-out culture, the quicker critical thinking and challenge will become normal.

3. Frame with positive messages

How you frame messages greatly influences the likelihood that people will speak up. The secret is to incorporate messages that appeal to self-interest, empathy and inclusion. Start by positioning silence as everyone’s problem to highlight the importance of speaking up as a shared goal and collective choice. You might also describe the decision to report misconduct as a way of showing compassion and

supporting others. This promotes speaking up in situations where victims of bullying, harassment or discrimination need support from colleagues. Finally, you could focus on the consequences: Even self-interested employees would be motivated to speak up if they knew that working at companies involved in scandals would affect their pay and career prospects down the road.

4. Reward with nonmonetary incentives

When workers escalate concerns, question practices or highlight risks, do you groan or show appreciation? Deciding to take such actions is extremely difficult, even agonizing, and requires enormous courage. It deserves recognition, not rebuke. When managers exhibit genuine gratitude, it can stimulate a bandwagon effect, encouraging others to speak up. While regulators offer financial inducements for serious misconduct, I don’t ad-

vise organizations to follow suit. Administering such programs can undermine, rather than nurture, ethical behavior.

5. Amplify messengers’ voices

Opinion leaders and influencers can reinforce the acceptability of speaking up and accelerate momentum. After Rachael Denhollander publicly accused Larry Nasser, the physician for the U.S. gymnastics team, of sexual abuse, 265 gymnasts came forward. After actress Alyssa Milano invited her followers on Twitter to reply if they, too, had been sexually abused, thousands responded within hours. Similarly companies should identify and develop champions of speaking up throughout their organizations. How? By positioning the act of speaking up as a priority and inviting volunteers to be part of an internal campaign that encourages people to voice their concerns and perspectives.

Today, movements such as Me Too and Black Lives Matter are raising our social conscience and transforming attitudes toward speaking up. Brands are internalizing new norms and signaling commitment to fairness, equality and justice. And the world is watching. Making a commitment public puts pressure on accountability. And expectations are high. Ninety percent of consumers expect brands to put employees before profits, and 64 percent expect brands to prioritize inclusion strategies, according to research by Edelman, the global communications firm. Organizations must continue to protect whistleblowers and victims, and to punish wrongdoers, regardless of seniority. By adopting this integrated strategy, organizations can help reduce bystander silence with the right triggers, the right tools and all types of voices. Nuala Walsh is founder of MindEquity Consulting.

How managers can support employees with chronic illnesses

By Alyson Meister & Victoria Woolfrey

t ’s more than likely that someone you work with has a chronic illness—or that at some point, you yourself will. In fact, nearly 60 percent of adult Americans are living with at least one. Chronic illnesses can last from several months to a lifetime and take many forms: arthritis, diabetes, asthma, cancer, heart disease, autoimmune disease, depression and more. Despite this omnipresence, leaders are often not ready to help chronically ill employees. A study of over 1,000 working individuals in the US reveals that 60 percent believe their leaders are unprepared to support employees with a serious and/or chronic medical condition. Much of this unpreparedness comes from a lack of awareness, understanding or effective tools. Being diagnosed with a chronic illness can be a time of great change—physiologically, psychologically and emotionally. The first months and years of this new reality can trigger an overwhelming sense of grief over the loss of a person's former life. Individuals must learn to navigate the intrica-

cies of their new circumstances as they adjust. T hose w ith chronic illness will also likely worry that their leaders might think they are lazy or unmotivated, being painfully aware of the stigma and negative views that are associated with illness. Individuals may carry heavy guilt around the limited work contributions they are able to make and the need for special accommodations. Will others see them as weak, or unsuitable for a promotion? But for people liv ing w ith chronic illness, managing available energy can be essential to survival. Extreme and debilitating fatigue associated with illness is one of the most common symptoms interfering with occupational performance. “I’ve been in situations where I pushed it too hard or a meeting went too long and I simply did not have the energy to drive home, or even communicate my needs clearly. I had to lay on the floor in my office with the door shut until my husband could come and pick me up. It’s terrifying and embarrassing,” says Sara, who has a lifethreatening autoimmune disease. “I just don’t want to force everyone to end the meeting based on my

needs alone.” When you discover that an employee has a chronic illness, it can be difficult to know what to do. What should you know? Should you broach the topic? How do you ensure the environment you’re creating at work is inclusive? Chronic illness is an intensely personal and private topic, and some people will be more receptive to openly discussing and acknowledging it than others. Do not directly ask employees whether they’re “ill,” but create the space for them to discuss how you can support them and enable them to achieve their optimal engagement. Here are a few tips that can help you approach the topic with more confidence and empathy:

Manage your own emotional response

Learning of an employee's illness can bring up uncomfortable emotions. You might experience sadness, worry, frustration, pity, fear or even helplessness. These are your own emotions and not the responsibility of your employee. It’s also not uncommon to feel some level of envy for the perceived “perks” that the person with chronic illness is offered. Envy may be a sign that you need

to take better care of yourself at work. If you are envious because someone with a chronic illness takes a full lunch break, works from home or has flexible hours, consider discussing your needs with your own boss.

Challenge and update your assumptions about what’s ‘normal’

Reflect on your assumptions and expectations of your employees' abilities when assigning tasks and deadlines. For example, assuming that a person will be able to do something even though she has already communicated that she cannot is a sign that you may not truly understand the limitations your worker is facing. To cultivate your own empathy and understanding, consider what information you need to know and do your own research to get a better sense of your employee's experience. It’s also important to challenge assumptions about what constitutes “great work” in a society that too often celebrates overwork and pushing oneself to the limit. As a leader, ask yourself, what and whom do you praise at work? Do you find yourself valuing the people you see answer-

ing e-mails at midnight, pulling all-nighters or boasting about a 70-hour workweek? How can you celebrate the contribution of all employees instead?

Ask questions, and be open to learning and adapting

It’s important to educate yourself about chronic illness so that you can create an environment that accommodates the needs of all employees. This can start with some basic research on chronic illness and by reaching out to human resources to understand the services available to managers and employees. Only then you can progress to having a one-on-one conversation with your employee. Importantly, do not bring up the illness in group meetings or public situations, unless the person with the illness invites and initiates the discussion. If you’re not sure how to start, you might ask your employees with chronic illnesses what they think you should know about their illness. What needs to be accommodated? What have they learned about themselves and their abilities in managing their illness? Sometimes very small changes can make a huge difference, both physically and psychologically.

You might also want to ask them if they’d like to make space to discuss their illness periodically. For most, the illness will change day to day and year to year. Developing trust and a language around constructively managing the illness in the workplace demonstrates that it’s OK to enforce their own boundaries and adjust their needs over time. Finally, there are hidden opportunities for leaders and their organizations in addressing and accommodating employees with chronic illness. Health, wellness and energy management are important and unaddressed needs of all employees. The chronically ill often become masters of selfawareness and energy management; in order to continue to do their best work, they’re forced to know and advocate for their needs. Their experience can offer valuable lessons to colleagues—those who are currently “able,” and those who may be confronted with their own chronic illnesses in the future. Alyson Meister is a professor of leadership and organizational behavior at IMD Business School in Lausanne, Switzerland. Victoria Woolfrey is a provincial offences officer in Canada.

Style

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Editor: Gerard S. Ramos

• Monday, February 22, 2021

Pinoy panache, Khmer charisma for a country like Cambodia that partly relies on tourism. “Imagine the trickle-down effect of it in the fashion industry. We lost a lot of travelers who could potentially be our customers,” Abello said. “That’s why it is important that we engage with the domestic market and somehow capture that for revenue and sales.”

HAT the fashion capitals still can’t do, an emerging market is now successfully mounting: a fashion spectacle with a live audience. Cambodia, with the third-lowest Covid-19 cases in the world, has efficiently contained the virus. The Khmer Times on February 16 reported that the kingdom tested 434,424 people, of whom only 479 were tested positive. Their inoculation program started on February 10. (Cry, my beloved country!) And because her amazing public-health response to the pandemic has resulted in zero deaths, our Southeast Asian sister is now resuscitating her economy. One such high-profile effort was held recently at the capital Phnom Penh, a fashion presentation called Spectrum. Top-billed by Filipino expats Reynier Abello and Don Protasio, and South African Drewe Taylor, Spectrum was showcased at Paris-inspired The ElysEe on Diamond Island. “Early last year, Don and I had this conversation about whether we as artists should push to continue doing what we do despite the crisis, that designers should continue to create and keep the inspiration alive,” Abello recalled. “That’s why when the restrictions for events were lifted in January here in Cambodia, we decided to produce a hybrid show focusing on digital content.” Together with their Filipino friend, Mary Shelistilyn Clavel-Yoro, Abello and Protasio founded a platform they called SpectrumKH. For the venue, they wanted somewhere open air and spacious. “We thought: Enough doing shows indoors. Let’s breathe fresh air and feel the sun on our skin. We also wanted a venue that is dramatic, something that looks like an abandoned city,” Abello added. Budget constraints, naturally, became a challenge. “Also, the question of sensitivity amid the backdrop of the pandemic. We were asking if it was relevant to have a fashion show. That’s why we followed all the health protocols that was advised and required by the government. Thankfully, we didn’t have community infection, and we waited until schools and the necessary amount of allowable gatherings were approved,” explained Abello. The pandemic has greatly affected the economy

ARMADA BY REYNIER ABELLO “DESOLATIONS x Creations” is the idea of destruction as a catalyst for transformations. The fall and the rise, death and birth, ruin and build. The collection focused on the idea of rapture, war, famine, social collapse and crisis, using these destructive forces to create and be inspired rather than to sulk in the corner. “This is the energy that drove me to mount a fashion show in the middle of a global pandemic,” bared Abello, 33, a resident of Cambodia since 2012. Abello took visual notes from Japan, Siberia, Cambodia, Mongolia and Spain. “Our research went from known national and social catastrophes such as the Rohingya genocide, Gaza conflict, wars in the Middle East, and the global migration due to famine and war,” Abello said. “We also took some inspiration from Death in the Afternoon by Ernest Hemingway to Japanese myths about death and after life. Hence, the cat masks.” Don Protasio edited and styled Abello’s pieces. “It was so that it focused on the direction I wanted to convey. It became too overwhelming for me to think of all the references and the inspirations, that I needed another eye to guide me when to stop, because I know I can never stop,” Abello admitted. His opening look was an homage to the people who, despite the trials and ravages of conflict, still continue to move forward with dignity and bravery. “I wanted it to be a strong look despite the obvious fragility. The closing look was ultimately a reminder that beauty can be cruel, that humans can be capable of cruelty despite all our brilliance,” Abello lamented. “That we can make sport out of cruelty and there is blood in everyone’s hand. I asked the model to crush red petals in her hand and spread it on the runway. Blood in our hands.” DON PROTASIO, “BRUTAL” CAMBODIA has been home to Protasio since 2007, and she has nurtured his radical aesthetic that was honed in his native Iloilo. A lot of the pieces Protasio presented gave a “feeling of imbalance, disruption, an anomaly, distortion” with “unfinished or raw edges, or cut in half and the seams displaced.” He used cotton twill made into woven vests. He created pieces that were layered or can be worn inside-out, ensembles of reused denim and clothing that evoke military jackets. He also mixed pieces with bonded Japanese silk satin and vintage designer scarves that were fashioned into dresses and shirts. Developed under uncertain times, the collection

was a way to navigate and process Protasio’s emotional journey under self-imposed isolation. To look inward and recontextualize what defines his brand. To approach the collection as a rebellion against what has come before. To be free to create a new visual language he hasn’t explored. “Brutal,” Protasio emphasized, is his way “to understand the elements that we are faced with every day. To feel strong. To feel empowered. To be prepared to make necessary changes. To achieve the correct balance between quality, aesthetics and functionality. To have a shield from the aggression that surrounds

Jasmine Curtis-Smith on period essentials and being an influencer @JASCURTISSMITH ON INSTAGRAM

WELLGOLD International Inc. marketing head MJ San Agustin said the company already had Jasmine Curtis-Smith in mind when they were looking for an endorser for Jeunesse Anion. Wellgold is the distributor of the sanitary napkin brand in the Philippines. “Jeunesse Anion is for chic, energetic, confident and relaxed women, and Jasmine came to mind immediately because she embodies all that,” said San Agustin during an online press conference hosted by the brand. Of course, it’s not surprising for a brand to heap praise on its new endorser but in this case, someone as candid, confident and articulate as Curtis-Smith is really the perfect spokesman. During the press conference, she talked about the first time she got her period (it was a Friday the 13th), what she eats and the discomforts and pains she experiences. “I still workout during my period because I heard and I learned that it actually helps with your flow and it’s also very good in alleviating cramps. You know, making sure that you don’t skip out that energy, that muscle memory and just exercising and moving around,” said Curtis-Smith, explaining that it’s not her usual full workout. The actress, who was last seen in the GMA adaptation of the Korean hit drama Descendants of the Sun and the films Midnight in a Perfect World and Alter Me, usually does heavy weights and intense cardio workouts on normal days. When she has her monthly, Curtis-Smith does yoga and stretching to help relieve

cramps and back pain. Even her diet when she has her period is different. “I avoid sweets and chocolates and usually go for nuts and fresh fruits and vegetables. I also snack on trail mix,” said Curtis-Smith. She shared that she has changed in her choice of sanitary napkins. “When I was younger, I needed a napkin with wings because I was so scared about overflow. But with Jeunesse Anion, I feel confident and fresh. The best feature for me is the anion strip in the middle.” The anion strip in the middle of every Jeunesse Anion sanitary pad and liner help to remove the unpleasant odor and growth of bacteria. This helps impart a feeling of freshness physically, and, more

importantly, protects the reproductive system. Curtis-Smith urged women to prioritize themselves when it comes to health and wellness. “Treat yourself like a queen. Take care of yourself. You just do it because you want to take care of yourself,” she said. Curtis-Smith believes in helping educating people by introducing facts. “I’m trying to do a lot of micro-influencing. Microinfluencing in terms of posting. I really believe a great way of educating people is by introducing all these different facts that you learn.” As an influencer and public figure, Curtis-Smith tries to cultivate a positive online presence by conveying her opinions and beliefs in a way that would not antagonize others.

us, to somehow feel safe.” In his head, it’s that desperation to repurpose and reuse what available fabric he can find. “I love that there is an inherent nostalgia in some of the pieces. That it had a previous life before and now it goes on another journey as a new object,” Protasio said. “Some of the looks paid homage to my favorite designer, Helmut Lang, where I made my own version of the prisoner pants and shirt in big bold stripes. Maybe it was the feeling of being locked up? I had looks that had chains for accessories.” ■

BACK TO BASICS

‘TIS that time of year when we clean our closets and sort our stuff. And with coronavirus matters still looming, it’s a good time to give our closets an update with stylish basics from Forever 21 (www.facebook.com/Forever21PH). After all, “with few social events to attend outside of Zoom get-togethers and most work taking place from home, the days for reaching out for a fashion-forward accessory or shopping the latest IT bag have been largely replaced, to no surprise, with basic clothing and wardrobe essentials that put utility and comfort above all,” says Rachel Besser for Vogue. That is why a closet built on streamlined selections of wardrobe staples makes day-to-day dressing infinitely easier. These are basic pieces that both maximize comfort and keep us looking and feeling polished for the day. In Forever 21 there are easy jeans, statement blazers, cozy sweaters, button down shirts, white tees, as well as neutral-toned jumpsuits and mini dresses for women; as well as graphic tees and hoodies for men. The brand offers great quality fashion basics for as low as P495, with a call-to-deliver service via Viber/ SMS at 0917-8114777 for consumers mindful of prevailing health protocols.

TOP row: selections from Armada by Reynier Abello; second row: looks from the collection of Don Protasio. PHOTOGRAPHED BY SENG LY

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Monday, February 22, 2021 B7

8 lessons learned from the pandemic:

The experience of DOST-STII

Government communicators have a hectic time especially in national emergencies. Letting off steam by engaging in fun activities is both instructive and healthy, and drives deeper commitment to deliver science for the people.

The ability to pivot, perform and excel in the pandemic ensured that a small government agency like DOST-STII will survive and even thrive through difficult times.

PR Matters

By Richard P. Burgos

HE past year was definitely memorable that it had to be named twice: 2020. Many could consider it a year of the great upset, when so much was lost: jobs, businesses, travel, even lives. But it could also be the year of the radical reset as it became the fulcrum towards going more fully digital. The Science and Technology Information Institute of the Department of Science and Technology (DOST-STII) is one of the smallest of the 18 agencies of the Department with a mere 0.48 percent of the entire DOST budget in 2020. And yet, amid the pandemic, we found out that with our “little mandate,” we actually have a big voice. Here are the eight lessons we learned from this challenging environment:

Lesson 1: Remember your friends

EARLY in the quarantine period, we dug into our personal pockets to send food packs to many of our media contacts who lost income opportunities. We organized a virtual memorial for one who passed away. We engaged our friends in virtual pressers so they can continue to report stories on S&T. Charity begins at home and we ensured that our own employees were safe by strictly following prescribed health standards. We enforced the work-from-home arrangement. We paid out salaries and benefits on time to assuage economic fears. We supported mental health to overcome the lon-

Digital: SSS loans, benefits can now be received via RCBC’s DiskarTech

MANILA, PHILIPPINES — All members of the Social Security System worldwide can now get their SSS benefits and loans proceeds through the DiskarTech mobile app of the Rizal Commercial Banking Corp. (RCBC). In a partnership launched during the lunar year of the Ox, RCBC President and Chief Executive Officer Eugene S. Acevedo and SSS President and CEO Aurora C. Ignacio encouraged the use of the DiskarTech digital platform by offering incentives to participating SSS members and pensioners. “RCBC has been at the forefront of providing relevant and responsive digital solutions to our partners

across industries. With this SSS collaboration, we are humbled to be of service to more than 36 million SSS members worldwide,” Acevedo said. “This is indeed a milestone in digitalizing government to person payments in support of the BSPs goals towards a digital Philippines.” “The SSS partnership with RCBC is a welcome initiative aimed at encouraging members to explore and utilize digital enhancements that will provide them with the highest level of service,” said SSS President and Chief Executive Officer Aurora C. Ignacio. “This program will allow SSS members with RCBC DiskarTech accounts, enrolled in the Disbursement Account Enrollment Module or DAEM of the SSS web site, to enjoy the convenience of fast and safe disbursement of their benefit and loan proceeds from the SSS, while having the chance to win cash and other exciting prizes from RCBC.” The Siguradong Madiskarte promo will entitle 20 SSS members to win P10,000 each by registering their DiskarTech basic deposit

ger-term impact of the lockdown. By taking care of our own, we ensured the continuous delivery of our services amidst the pandemic.

Lesson 2: Make size matter

WE did not consider size a liability, instead we focused on our strengths. We leveraged our two major programs, which were included in the National Priority Plan of the National Economic and Development Authority for 2020: STARBOOKS, a digital S&T library in a box, and DOSTv, our broadcast program. On February 14, 2020, DepEd signed a MOA with DOST-STII adopting STARBOOKS and including it in their learning commons. We developed three mobile apps to make STARBOOKS even more accessible on Android gadgets. While our physical library facilities were shuttered by the quarantine, more than 2 million accessed our contents online. DOSTv, on the other hand, began livestreaming in 2016 and eventually went on television via PTV4, GMA7, and GNN cable channel, and was also aired in RadyoPilipinas 1. Through the lockdown, DOSTv became the voice of the department for the outside world.

Lesson 3: Identify your spokesperson and be heard above the din

DOST is a house of experts but only three are designated official spokespersons for the Department: Secretary Fortunato T. de la Peña, Usec. Rowena Cristina

accounts to the Disbursement Account Enrollment Module (DAEM) of the SSS. Those who have successfully registered will earn a raffle coupon. Additional raffle entry will be added for every credit of SSS benefit to their DiskarTech account. Any registered SSS member must register or enroll their 15-digital DiskarTech account number by visiting https://member.sss.gov. ph/ members and choose RCBC/ DiskarTech in the list of SSS bank partners. Members must ensure that they only enroll their actual accounts that will match with their registered SSS membership. DiskarTech is a transactional bank account that is applied to and used online. It requires no initial deposit, maintaining balance, nor dormancy fees. Its interface is also rendered in the vernacular Taglish language for the easier understanding of financial concepts and processes. “This partnership is just one of the several initiatives that we have lined up for all our SSS members,” says Lito Villanueva, RCBC executive vice president and chief innovation

L. Guevara, and Usec. Renato U. Solidum. They make it easier for the media and the public to relate with the organization and for the organization to have a source of information that is authoritative, credible, and reliable.

Lesson 4: Pivot

IF at first you don’t succeed, pivot! We needed to recast our plans and programs to adapt to shifting circumstances. Our broadcast programs with the networks had to be suspended because of quarantine restrictions so we quickly reverted to livestreaming. Thus the DOSTv Weekend Wrap Up was launched seven days after the lockdown and later on became the weekly DOST Report, the platform for Sec. Boy dela Peña to share the latest developments in S&T. The annual National Science and Technology Week celebration had to be conducted virtually for the first time in November 2020. Our social-media campaign reached more than a million people and with influencers, we had almost 1 million views on Tiktok alone!

Lesson 5: Perform

IN the pandemic, the need to innovate, to go beyond the usual, to create greater value added was more acute. Perform we did: n STARBOOKS was installed in 482 sites with help from our regional offices, bringing the total number of sites to 4,962. The number of users increased 114.53

and inclusion officer. “Millions of SSS members can enjoy 3.25 percent interest on their savings plus free fund transfers for the entire 2021 including free bills payment, e-load, and cash-in.” Soon, DiskarTech will also provide sachet loans products on top of its microinsurance and telemedicine offerings. RCBC is one of the leading universal banks accelerating digital transformation in the Philippines. It was judged in 2020 as the Philippines’s best digital bank by the Asiamoney Best Bank Awards and the Alpha Southeast Asia Best Financial Institutions Awards, among other global and regional recognitions. In 2020, RCBC and its digital platforms helped the National Government disburse social amelioration fund amounting to more than P12 billion to 3.3 million households, benefitting 16.6 million individuals in 72 out of 81 provinces nationwide. According to BSP Governor Benjamin Dionkno, digital payments

percent to 7,796 and the number of materials accessed rose 38.76 percent to 527,554. n Our librarians responded to 12,662 online requests with 99 percent satisfaction rating. An online library tour was launced with 2,728 students reached and with 90.32 percent satisfaction rating. Our webinars on library services had 4,901 participants, 17,276 reach, 5,904 engagements, and 10,000 online views. n The number of posts on social media in 2020 declined by 22.05 percent, but enjoyed a 37.56-percent increase in reach totaling to 5,626,417. Engagements hit 7,364,781. To enhance our capabi l it y to perform and deliver on our mandates, we collaborated with partners who provided support in terms of additional resources, content, and expertise.

Lesson 6: Excel

SURPRISINGLY, amid the pandemic we harvested a good crop of recognition and awards. n DOSTv received three Anvils from the PR Society of the Philippines, bagged four Gandingan awards from UPLB, and was a finalist in two categories of the Catholic Mass Media Awards n The Commission on Audit gave DOST-STII an unqualified opinion on our financial statements, the highest audit rating for a government institution n DOST-STII also maintained our 9001:2015 ISO accreditation with no non-conformities and 2

surged by over 5,000 percent amid pandemic. The country saw a surge in the use of electronic payment systems at the height of the Covid-19 pandemic in 2020 which went with a decline in the use of cash for transactions.

People: Rakuten Viber empowers women in tech with its appointment of Lana Macapagal as PR Lead for APAC

MANILA, PHILIPPINES — It’s no secret that women in the tech world are severely underrepresented. According to International Data Corp. (IDC), women in senior leadership positions account for only 24 percent of the tech workforce in 2019. For years, the public has called on these tech companies to do better, though problems of gender discrimination, wage gaps, and a cultural lack of support for women continue to be reported. Rakuten Viber, however, is a notable exception. In the Philippines alone, all its leadership

best practices So Pivot, Perform and Excel became our PPE during the pandemic, enabling us to survive and even thrive through this most difficult period.

Lesson 7: Monitor, Evaluate, Recalibrate

THE pandemic underscored the need for data to drive our communication efforts. We engaged external organizations to assist us in monitoring our efforts. They truly added value, boosted our confidence, and helped us win! The national level of awareness on S&T news was at a low 6 percent in 2017, doubled to 13 percent in 2018, went up to 16 percent in 2019, and jumped 7 percentage points to 23 percent in the time of the pandemic. We delivered 1,045 promotion services and generated P1.5 billion worth of media values.

Lesson 8: Be grateful. We’re still here!

THE most important lesson we learned from this pandemic is gratitude. We are grateful that our workplace is safe and clean and that no one got infected by the virus in our premises. We are still here. And we are more deeply committed to communicate Science For The People because it is what allows us to hope, to thrive, and to succeed. Feedback will be appreciated via e-mail to richardburgos.stii@ gmail.com.

roles are filled by women. Most recently, the communications company has announced that it is appointing another woman as Public Relations Lead for the entire Asia-Pacific region. Lana Macapagal, previously the PR Manager for APAC, now spearheads not only all public relations activities in APAC but also the social media and influencer marketing efforts in the region. With more than 10 years of experience in marketing, brand management, business development, and public relations, Macapagal has proven to be a valuable and insightful leader as Viber continues to dominate the regional market. She joined Rakuten Viber in May 2018, managing business development partnerships and activities in the Philippines. Prior to joining Viber, Macapagal held marketing and comms roles at several companies and agencies including SM Supermalls, Adenip Inc., and AdSpark. She graduated from De La Salle University with a Masters in Marketing Communication.

Sports BusinessMirror

| Monday, February 22, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

AOMI OSAKA already is a star at age 23. She has the four Grand Slam titles, the record-breaking endorsement deals and the willingness to speak her mind to prove it. Now the question is: Where does she go from here? It was telling that the second question posed to Osaka at the news conference following her 6-4, 6-3 victory over Jennifer Brady in the Australian Open final Saturday—after she took a sip of celebratory bubbly that she said made her “feel a little bit funny”—was about turning in better performances at Wimbledon and the French Open. After all, each of her major championships so far came on hard courts at Melbourne Park (2019, 2021) or the US Open (2018, 2020). She never has been past the third round at the All England Club or Roland Garros. Even more revealing was Osaka’s response. Asked whether her first non-hard-court Slam trophy will come on clay or grass, she said: “Hopefully clay, because it’s the one that’s sooner.” She is not about biding her time or patient improvement. And she’s been thinking about where she needs to improve. “It was one of her goals this year to play well outside of the hard courts. She’s still very young. It’s time to grow on those surfaces. She also believes she can do well and, I’m sure, with the right preparation, with a few, maybe, tactical [and] technical adjustments, we’re going to do well,” said her coach, Wim Fissette. “She’s the person that wants to grow.” Part of what makes Osaka special is embracing

Tan, Knights roll with pressure

RIDE FOR MOE

Former LBC Ronda Pilipinas champions George Oconer (right), Ronald Oranza (center) and Jan Paul Morales—all riding for Philippine Navy-Standard Insurance—lead the Ronda MeMOErial ride in San Jose, Tarlac, on Sunday. The event is a tribute for Ronda’s late chairman Moe Chulani. Chulani’s brother Ravinder and his close friend, Ronda co-founder Dino Araneta, also joined the ride.

ETRAN Head Coach Bonnie Tan started to feel the pressure of defending the Knights’ men’s basketball crown although the National Collegiate Athletic Association has yet to officially announce when 96th season would open—or not. “I feel the pressure has increased,” Tan told BusinessMiror. “It used to be that pre-season predictions doesn’t include Letran as the team to beat. Now, they’re saying we are—and there you go, there’s that pressure.” Tan’s “happy problem,” so to speak, are his three new recruits from University of Santo Tomas (UST)— Rhenz Abando, Brent Paraiso and Ira Battaler—who left their team in the aftermath of the now infamous “Sorsogon Bubble” that also cost Aldin Ayo his coaching job with the Tigers. “When you are the underdog, it always feels great to beat stronger teams,” Tan said. “Now, we’re the targets and that’s not exactly comforting.” The pressure, Tan said, work both ways. “We welcome the pressure, and we’re teaching ourselves to become a better team to combat pressure,” he said. “With that in mind, I’ll help the players adopt to the task at hand.” Letran lost big man Larry Muyang, who applied for the Philippine Basketball Association Rookie Draft, as well as wingmen Jerrick Balanza and Bonbon Batiller, but Tan remains confident of their chances. “The players have become flexible and everyone on the team has learned to step up,” said Tan, adding his other new recruit, 6-foot-2 guard Brent Paraiso, could be a vital cog to their campaign.

A STAR AT 23 challenges and knowing what she stands for. That’s been the case off the court and on. With a racket in her hand, it’s about, as Fissette put it, being able to “love big matches and big moments.” Osaka wanted to face 23-time major champion Serena Williams in the semifinals, for example. No fear there. “She was like when I bring my kids to the toy store: They are very excited. And Naomi was excited to go on court with Serena. It’s just beautiful to see,” Fissette said. “At the end, this is what you train for, right? To be on the biggest stage with the best player of all time, Serena.” Away from the game, Osaka says, it took time to find her voice and express her views. She was born in Japan to a Japanese mother and Haitian father, and she moved to the United States when she was 3. Last August, she was the first tennis pro to join athletes from other sports in walking out to protest the police shooting of a Black man in Wisconsin. “Before I am an athlete,” Osaka tweeted at the time, “I am a black woman.” On her way to the US Open title in September, Osaka wore masks bearing the names of seven Black victims of violence to draw attention to racism and police brutality. On Saturday, Osaka was asked whether there was a message she wanted associated with her latest

triumph, which made her 4 for 4 in Slam finals. “Honestly, for me, when everything happened in New York, I got really scared, because I felt like it put me into this light that was a non-athletic light that I’ve never been in before,” she said. “So I feel like there is a lot of topics that people suddenly started asking me about that I completely didn’t know about at all. For me, I only like to talk when I’m knowledgeable about the subject or at least know, like, one tiny grain of what I’m about to start talking about. So for me, I just came into this tournament just thinking purely about tennis.” And yet, in the aftermath of winning the trophy, she was ready to think about a larger role, too. Many looked at her win against Williams as a passing of the mantle. Osaka also won their meeting in the 2018 US Open final—who could forget that one?—and has eclipsed the 39-year-old American as the highest-earning female athlete because of millions in sponsorship deals. But to Osaka, Williams is still, and always will be, an idol and an inspiration, a player whose example she wanted to follow. And the best way to repay that, Osaka figures, is to hold that role for others. “Hopefully I play long enough to play a girl that said that I was once her favorite player or something,” Osaka said. “For me, I think that’s the coolest thing that could ever happen to me.... That’s how the sport moves forward.” AP

NAOMI OSAKA loves the big matches and big moments. AP

Banchero at Phoenix: Another day at the office By Josef Ramos

T will be another day at the office for Chris Banchero as he gets into a Phoenix Super LPG uniform—his job is to make things happen, as what he used to do at Magnolia. “I make plays, I make things happen on both sides, I am a creator,” Banchero told BusinessMirror on Sunday. “That’s what I bring to the table and that’s what they want me to do, that’s what my new Coach Topex [Robinson] is asking me to do.” The Hotshots dealt Banchero, 32, to

Chris Banchero: I make plays, I make things happen.

the Fuel Masters in exchange for explosive forward Calvin Abueva. The teams also swapped picks in next month’s Philippine Basketball Association Rookie Draft. “That’s what I believe I can do,” said the 6-foot-1 Banchero, who was born to an Italian father and Filipino mother from Isabela. Asked if his transfer makes Phoenix look better and be a title contender, he quipped: “Yes, of course.” “Phoenix was already a title contender without my presence. So I believe we can and like I said, they were a few plays away from the Finals [2020 Philippine Cup],” he said. “There are lots of good players over there and coach Topex is a phenomenal coach.” Banchero averaged 11 points, 3.0 rebounds and 3.7 assists in 11 games for Magnolia in the bubble season. He played in the Asean Basketball League in 2012 before being drafted fifth overall by Alaska in 2014. “I’m a veteran so leadership is one thing I can do. I have been in the league long enough I know the game and I can step into that role,” said Banchero, a former US National Collegiate Athletic Association Division 2 player for Seattle Pacific from 2007 to 2011. Banchero adds beef to Phoenix’s backcourt primarily manned by Matthew Wright. “I’m excited to welcome Chris into the team. He is a proven star himself,” Wright said. “I am completely fine with the trade. I wish Calvin the best.”

How do you take losing? Rick Olivares | bleachersbrew@gmail.com

Bleachers’ Brew

S a youngster who played football and other sports...not well. That is actually an understatement. I fumed and was disconsolate. It took a couple of days I could shake off a loss in a football match. One time, a friend teased about a painful loss in a championship match and I whaled away on him. And it was like that for much of my school days... anger and at the drop of a hate, fisticuffs. I learned to not punch my way into trouble. As a sports fan in my younger days, when the team I root for tasted defeat, it ate at me. This too is an understatement. At night, I couldn’t even sleep. And the next day, I was irritable and it showed on my face. I threw virtual jabs online at the enemy—perceived and real. Time and age should dampen the raging fires, and I did learn to cool my jets. Today, when my favorite sports teams lose... well, I will be honest, it still rankles me. I feel that familiar age surging forward, but now I am able to control it. I guess, you can say that I learned the hard way about saying what I thought. And I did regret many a thing. It still pisses me off a lot. Except now, I don’t show it. Some will say that it’s also wrong or bad to hide emotions that rage within me. Actually, no. If there is anything I have learned for about 15 years now...it is to take things in stride. To find other things to do and keep busy so when my favorite sports teams lose, I have no time to feel too bad. Make no mistake, I do care and losses still

bother more. But I have long since come to terms that you cannot win every game, and that some win more than most. I have learned to be grateful for everything even the small victories that come my teams’ way. I have learned that by being busy with a multitude of things, I have almost no time to dwell on the negative emotions. By the time I have free time, I’m too exhausted and sleepy to even think about it. Sure it is a defense mechanism. It does work. As my favorite football team Liverpool continues its downward spiral this season (after winning the Premier League last season along with three other major trophies), I feel bad. With every loss and the seeing what they have built over the course of three seasons (and to lose it in one) is painful. I couldn’t care less for my side and the fans being the butt of jokes. Frankly, when you lose a lot, you know you have learned to take it. What hurts is thinking that they could have kept this going this season. of course, all is not lost. A top four berth is still within reach, but the optimism that was there for much of the season is now gone. I am prepared for the worst meaning no Champions League slot. No silverware at all this year. And perhaps even worse...the untimely break-up of this team that seems to have lost its verve. But I’ll still cheer them on. It’s what a fan does. Through thick and thin. After all these years, hope is in my heart. They’ll be back.