BusinessMirror January 04, 2021 by BusinessMirror

Monday, January 4, 2021 Vol. 16 No. 85

P25.00 nationwide | 2 sections 16 pages |

40% TARIFF ON CHICKEN, TURKEY MDM SOON—BOC COVID WOES FORCE PHL TO CUT EXPORT OUTLOOK TO $104B By Elijah Felice E. Rosales @alyasjah

FTER suffering doubledigit losses due to the pandemic, the government has decided to reduce export projections for up to 2022 by a fifth to $103.9 billion, from the original $130 billion. In a statement on Sunday, Trade Secretary Ramon M. Lopez announced his agency’s decision to bring down the medium term export targets set under the Philippine Export Development Plan (PEDP) 20182022. From a range between $130 billion and $122 billion, exports of goods and services are now just expected to reach $103.9 billion by 2022. “Given that the Covid-19 disrupted several business models, it will be difficult to achieve our

People start to flock to the PITx transport hub in Parañaque City on Sunday, as some people return from their provinces amid strict health protocols being implemented at the terminal. Millions of people return to work—either virtually or physically—on Monday, January 4, after a long holiday break. NONIE REYES

By Bernadette D. Nicolas @BNicolasBM & Jasper Emmanuel Y. Arcalas @jearcalas

HE Bureau of Customs (BOC) will start collecting 40-percent tariff on all imports of mechanically deboned meat (MDM) of chicken and turkey, including those in transit, unless President Duterte releases a new Executive Order retaining the tariff at 5 percent. Customs Assistant Commissioner and spokesman Vincent Philip Maronilla told the BusinessMirror that the reversion to 40-percent tariff of chicken and turkey MDM started last January 1 after

Duterte’s EO 82 expired. Maronilla explained that the higher tariff will be applied even on shipments already at sea or enroute to the country. Under EO 82, the retention of

PESO exchange rates n US 48.0360

the 5-percent tariff on chicken and turkey MDM is only in effect until December 31, 2020, unless Duterte issues an EO extending it. “Unless we receive a new EO then by law we are mandated to implement a 40-percent tariff rate on MDM imports starting yesterday [January 1],” Maronilla said in a message. Asked whether the BOC will issue a memorandum circular formalizing the effectivity of collecting 40-percent tariff on MDM, Maronilla said: “We’ll discuss this during execom (executive committee) [meeting] tomorrow (Monday) if [there’s still a need] to issue a memo.”

CTRM undecided

The Committee on Tariff and

Related Matters (CTR M) has yet to decide on the tariff rate to be imposed on imported mechanically deboned meat (MDM) into the country, according to sources. Sources told the BusinessMirror that the CTRM will decide on the matter via a referendum. The documents have been submitted for approval at the end of the year. In the meantime, sources said, given the expiration of the 5-percent tariff on MDM last December 31, 2020, the existing Executive Order that states the tariff will revert to 40 percent would be implemented. See “40% tariff,” A2

pre-pandemic targets; hence, we had to adjust our projections based also on the various inputs from our industry stakeholders,” Lopez explained. According to Lopez, the decision to trim export figures was caused by a weakened demand for goods. Overall, he said travel items, garments and wood products were hit the most because of the change in consumer appetite and decrease in production. “The new projection can also be viewed as a fighting target for DTI [Department of Trade and Industry], given the challenges of the pandemic and the emergence of new strains, and given that this is higher than the $86 billion set by the Development Budget Coordination Committee,” the trade chief added. Continued on A4

PhilHealth balks at move to hold premium rate hike By Jovee Marie N. dela Cruz

@joveemarie

AW M A K ER S on Sund ay urged the state-run Philippine Health Insurance Corp. (PhilHealth) to consider the sixmonth suspension of the increase in premium contributions of its members, citing the notion of a “fortuitous event” with the Covid-19 pandemic. House Committee on Health Vice Chairman Michael Defensor of Anakalusugan said PhilHealth’s

board of directors should meet to consider suspending the increase in contributions from 3.0 percent to 3.5 percent of members’ monthly earnings. His pitch was echoed in the Senate by the Health committee’s chief, Sen. Christopher “Bong” Go. However, when sought for comment by BusinessMirror, PhilHealth warned that suspending the scheduled premium contribution hike would make it difficult to sustain benefit payments for its members in the long run.

n japan 0.4629 n UK 64.6228 n HK 6.1935 n CHINA 7.3469 n singapore 36.1200 n australia 36.3969 n EU 58.6904 n SAUDI arabia 12.8007

Continued on A4

Source: BSP (December 20, 2020)

News

BusinessMirror

A2 Monday, January 4, 2021

SENATORS GEAR UP FOR COVID VACCINE ROLLOUT INQUIRY By Butch Fernandez @butchfBM

ENATE probers, signalling urgency, are lining up witnesses and resource persons to be called to testify in an upcoming Covid vaccine inquiry this Wednesday by senators convening as the Committee of the Whole even before Congress resumes its scheduled regular sessions on January 18. Senate President Vicente Sotto III confirmed over the weekend they intend to finalize the list of resource persons and send out the formal invitations this Monday. In an interview with DWIZ, Sotto said, partly in Filipino, “If we have not yet sent out the invitations, on Monday, when we get back to office, we will finalize the list of invitees.” At the same time, the Senate leader confirmed that apart from Health Secretary Francisco Duque III, also in the initial list of resource persons are officials of the Inter-Agency Task Force on Emerging Infectious Disea ses ( I AT F-EID) who are “involved in the issue of immunization or operation.” Sotto indicated that they need to trim down Senator Francis Pangilinan’s suggested long list of resource persons to be called to testify at the initial hearing, to ensure an orderly

proceeding. “They gave me a rather long list, so I asked his staff to reduce it,” he added. “I checked those that I think should be priority, and then they will counter check if they want to add some more; but we can’t have two dozen people, they can’t all be able to speak, especially if we give each senator 10 minutes to speak.” Sotto said the resource persons invited to appear before the initial hearing of Committee of the Whole are “those involved in the Inter-Agency Task Force [IATF] at the front lines of the Covid-19 response.” “Those involved in the IATF, the Department of Health, on issues of distribution, allocation and all those involved in the inoculation, those will be invited,” the Senate leader said. The Senate leader noted that in virtual hearings, all senators are usually present and ask questions; hence, the need to prioritize the list of invitees according to a clear agenda of the Committee of the Whole. “So, we will first invite those essential, important [to the inquiry] and then we can set another hearing a few days after, or during the session when we already have formal sessions. That’s quite far off, given that the vaccine purchase by the Philippines was delayed. Continued on A4

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DOST pushes vital R&D work in Covid-19 response T

By Lyn B. Resurreccion

HE challenges brought by Covid-19 pandemic in 2020 affected all sectors in society, not only in the Philippines but worldwide. The strict lockdowns at its early stage from March to May in the country restricted mobility and stopped almost all economic activities. However, Philippine government agencies essential to response to Covid-19, including the Department of Science and Technology (DOST), addressed the challenges and continued to deliver services to harness science, technology and innovation (STI). In its year-end report on its accomplishments in 2020, “Leading Science, Technology and Innovation for Inclusive Growth and Development in the Time of Covid-19,” the Science department highlighted its response to the pandemic as it pushed through its programs for socioeconomic growth. Among the DOST’s many challenging activities in the past year were its leading role in the response to Covid-19, intensification of its research and development (R&D) program and the Science for Change programs.

Response to Covid-19

The report said the DOST “served as the lead agency” of the Inter-

Agency Task Force’s (IATF) former sub-Technical Working Group on Vaccine Development, now Task Group on Covid-19 Vaccine Evaluation and Selection. The group is tasked “to work on vaccine development-related activities, including the preparation for the conduct of Covid-19 vaccine Phase 3 clinical trials in the country.” The DOST, led by Secretary Fortunato T. de la Peña, said in the report that it is also “involved in the identification, evaluation and recommendation of possible vaccine candidates for the Philippines.” With these responsibilities, the department summoned its bilateral and multilateral partners, and attracted new ones, to identify foreign vaccine developers that would be willing to work with the task group and the government to ensure the country’s access to the global supply of vaccines. At the same time, the department spearheaded the Philippine

participation in World Health Organization Solidarity Trials on Vaccines and Therapeutics.

R&D test kits, equipment vs Covid-19

The DOST also led in the R&D on other concerns in response to the pandemic. Actually, as of December 2019, when the coronavirus was detected in China, the department was already preparing in its response to it. It announced in early February to the media covering the science beat that its agencies have about a dozen of various researches to respond to the then still few known characteristics of the coronavirus. De la Peña said then that the country “has to be prepared” to protect the Filipinos from the coronavirus. Among the projects in the pipeline was the development of the first Filipino-made reverse transcription polymerase chain reaction detection kit for Covid-19 through development of GenAmplify of Dr. Raul Destura. There was also the web-based disease model, the Feasibility Analysis of Syndromic Surveillance using Spatio-Temporal Epidemiological Modeler (Fassster), which served as a platform for projecting the future course of Covid-19 infections as well as surveillance. Fassster, developed by the Ateneo de Manila University, has

been turned over to the Department of Health. DOST likewise supported and deployed the development of other information and communication technology and/or artificial intelligence (AI)-driven models and applications. They included the Tracing for Allocation of Medical Supplies (TrAMS+), Telepresence Terminals for Covid-19 Response Team, and the Resource Allocation Management, Distribution Monitoring or Project (Ramdam). The department funded and monitored the holding of trials on virgin coconut oil (VCO), melatonin, lagundi, tawa-tawa, and convalescent plasma as supplementary treatments for Covid-19. De la Peña announced in November that the VCO could be used as an adjunct therapy for Covid-19 suspects and probable cases based on clinical and community studies in Sta. Rosa, Laguna, and in an earlier laboratory research in Singapore. The researches on other supplementary treatments are still ongoing. The Science department immediately initiated the design, development and production of personal protective equipment, medical devices and accessories in collaboration with government R&D and higher-education institutions, as well as private sector partners including start-up companies. Continued on A4

PRC nudges PhilHealth anew, as arrears climb to ₧800 million

EN. Richard Gordon appealed to the Philippine Health Insurance Corp. (PhilHealth) not to put the Philippine Red Cross (PRC) in another fiscally problematic situation after the debt of the state insurer for the conduct of the Covid-19 swab tests surged to P800 million. In a radio interview, Gordon, PRC chairman and CEO, said PhilHealth failed to pay them on time and he fears this will imperil their service. However, Gordon said they are now in a situation where they can-

not stop the testing as the specimen have all been sent to the laboratories already. “We are the ones testing...OFW [overseas Filipino workers]. It’s okay with me for as long as they don’t jeopardize the economic situation of the Red Cross,” Gordon stressed. Meanwhile, PhilHealth said they will give a partial payment to PRC this week. PhilHealth Senior Manager Rey Baleña said that as of December 17, they already paid a total of P2.8 billion to PRC. He said they are ready-

ing a partial payment to PRC this week. The payment will reduce their outstanding debt to P500 million. On October 14, PRC ceased conducting tests chargeable to PhilHealth as the state insurer owed them P1,014,975,500 as of October 13, 2020. In November, the PRC resumed its Covid-19 testing services after PhilHealth paid an initial amount of P500 million of its then P1.1-billion debt to the humanitarian organization.

40% tariff…

Inc. (SMFBI) Senior Vice President for Corporate Affairs and Strategic Planning Group Rita Imelda Palabyab projected retail prices of hotdogs rising about P20 per kilogram if the tariff rate applied on MDM of chicken reverts to 40 percent. “We know by experience that even a P2 increase in the price of hotdogs already affects the volume that you can sell. Adding P20 will surely render the product out of reach of regular consumers,” she said. An industry source tracking developments on the MDM tariffs said meat processors could be in a tight position in seeking an increase in the suggested retail price (SRP) of their products due to the State of Calamity declaration until September 12 of this year.

Policy Rosemarie G. Edillon earlier told BusinessMirror the decision to retain rates at 5 percent was to reduce inflationary pressures. Edillon said MDMs account for an average of 22.5 percent to 27.4 percent and 26.3 percent to 35.3-percent of the cost to produce hotdogs and meatloaf, respectively. Based on Executive Order 82, “this Order shall take effect immediately after its publication in the Official Gazette or in a newspaper of general circulation, and shall be applicable until 31 December 2020.” While the “expiration date” on the EO is fairly common according to then Neda Assistant Secretary for Regional Development Mercedita A. Sombilla, Edillon said the decision to place a date also considered the prices of rice. The government passed a law last year setting a tariff rate of 40-percent for in quota and 50 percent out quota. The Philippines also has an existing 35 percent tariff rate for the commodity within the Asean. Edillon said it is the government’s hope that with the new law on rice tariffs in place, prices of the country’s food staple will stabilize. The President is allowed to increase, reduce or remove existing rates of import duty upon Neda’s recommendation if Congress is not in session. According to EO 23 issued by the President Duterte in 2017, concessionary rates on certain agricultural products should go back to 2012 levels once the quantitative restriction (QR) on rice is removed and converted into ordinary customs duties. The rice trade liberalization law, which removed the QR on rice, took effect on March 5, 2019. With Cai U. Ordinario

Continued from A1

“EO [Executive Order] will be drafted as soon as there is already a decision by the CTRM,” a source said, adding partly in Filipino, “As per [the] current EO, there should be automatic reversion to 40 percent.” Sources in the meat processing industry told the BusinessMirror they hope Duterte issues an EO on the chicken and turkey MDM tariff soon and the new order includes a provision on retroactivity. A highly-knowledgeable source explained that a provision on a retroactivity of tariffs slapped on MDM imports would prevent a 2019 incident, where the meat processing industry and Customs had a dispute over the collection of tariff differential over MDM imports. (Related story:https://businessmirror. com.ph/2019/06/04/pampi-in-a-bind-asboc-reverts-tariff-of-imported-mdm-ofchicken-to-40/ and https://businessmirror. com.ph/2019/07/30/pampi-files-caseagainst-b-o-c-over-retroactive-collectionof-tariffs/) Another source quoted high-ranking officials telling them the economic managers are keen on retaining the 5-percent tariff on MDM of chicken and turkey. A reversion to 40-percent tariff spells higher cost for processors, that in turn could lead to an increase in retail prices of products where MDM is a key component, like hot dogs and canned luncheon meat. Last year, San Miguel Food and Beverage

Hedge purchases

A Global Agricultural Information Network (Gain) report indicated that meat processors have already bought bulk of the MDM last year as they “hedge” against the “increasingly likely scenario” of tariff reversion on MDM. A source confirmed that some meat processors have imported a lot of MDM and brought them in November and December. The source said some players have MDM stocks until the middle of February. The retail price of chicken MDM has risen to P85 per kilogram from the usual P65 per kilogram as a result of the tariff reversion.

Neda’s position

In 2019, the Neda said the retention of a 5-percent tariff rate for MDM is a win for consumers nationwide. Neda Undersecretary for Planning and

Claudeth Mocon-Ciriaco

News BusinessMirror

www.businessmirror.com.ph

DOF asks India to participate in shared cyber-defense tack By Bernadette D. Nicolas @BNicolasBM

INANCE Secretary Carlos G. Dominguez III invited Indian companies to participate in the upcoming rollout of a shared cyberdefense plan for the Philippine staterun banks and their subsidiaries. In a statement over the weekend, the Department of Finance said Dominguez and India Ambassador to the Philippines Shambhu Kumaran met virtually recently to explore ways of enhancing economic cooperation between two countries, especially in areas of financial and digital technologies and infrastructure development. During his virtual courtesy call on Dominguez, Kumaran expressed India’s interest to expand the use of financial technology to help attain President Duterte’s goal of financial inclusion for all Filipinos. Dominguez also welcomed Kumaran’s offer for India to lend its expertise to the Philippines in setting up its national broadband network as well as its national ID system. The finance chief also appreciated India’s interest in helping the government implement its digital transformation programs to expand financial inclusion among Filipinos, upgrade

the delivery of frontline government services and further curb corruption. In the same meeting, Kumaran also told Dominguez that Indian companies are also interested in taking part in the Duterte administration’s “Build, Build, Build” program but they need more information on various opportunities that are available to them under the infrastructure modernization plan. In response, Dominguez and Kumaran agreed to help organize a webinar or online workshop so Philippines can showcase the various opportunities open to India’s companies on infrastructure development, as well as other possible areas of cooperation between Filipino and Indian firms. The finance chief also pointed out that Indian company GMR Infrastructure Ltd. is already taking part in the “Build, Build, Build” program and has performed impressively in operating the Mactan Cebu International Airport and expanding the Clark International Airport. Last year, India and Philippines celebrated their 70 years of diplomatic relations which started on November 16, 1949. President Duterte visited India in 2017 and 2018 while Indian President Ram Nath Kovind visited the Philippines in October 2019.

Editor: Vittorio V. Vitug • Monday, January 4, 2021 A3

Govt vows to go all out vs online predators, exploitation of minors By Joel R. San Juan @jrsanjuan1573

HE Department of Justice (DOJ) vowed to intensify its efforts to go after individuals and groups involved in online sexual exploitation of minors. Justice Secretary Menardo I. Guevarra issued his promise in response to the call of Senator Sherwin T. Gatchalian for the DOJ, the Philippine National Police (PNP) and the Department of Education (DepEd) to look into reports about students selling obscene photos and videos of themselves to raise cash to pay for academic fees. Gatchalian also urged the two agencies to intensify their campaign to protect minors and students against online sexual exploitation. “We welcome the possible enactment of a new law that would strengthen the legal framework for the government’s campaign against human trafficking in cyberspace, particularly online sexual exploitation of children

and minors,” Guevarra said. “As we await the passage of this legislation, the DOJ, though its Office of Cybercrime and the NBI’s [National Bureau of Investigation] Cybercrime Division, will intensify its efforts to crack down on cybercrime and all forms of human trafficking through the Internet, which are expected to rise during these times of limited physical movement and interaction,” the DOJ secretary added. Using hashtags #AlterPH, #AlterPinay and #AlterPhilippines, Gatchalian said students sell their photos and videos on social-media platforms for as low as P150. Gatchalian said the DepEd must boost its child-protection program considering that child protection committees (CPC) in schools have been tasked to identify and assist students who may be experiencing abuse and exploitation. Earlier, the Philippine Chamber of Telecom Operators (PCTO) has urged the DOJ to push for the amendment of Section 9 of Republic Act 9775 or the Anti-Child

Pornography Act of 2009, which the PCTO said contained conflicting provisions that are hampering the performance of their mandate under the law. The PCTO is the umbrella organization of duly enfranchised telecommunication entities and Internet service providers (ISPs), including PLDT Inc. and Globe Telecom Inc. The PCTO said its members have been closely coordinating with the National Telecommunications Commission (NTC) and law enforcement agencies in blocking child pornographic sites. The group noted that Section 9 of RA 9775 requires ISPs to monitor the content passing through their servers and report to authorities any Internet address, which may contain any form of child pornography. However, it also provides that “nothing in this section may be construed to require an ISP to engage in the monitoring of any user, subscriber or customer, of the content of any communication of such person.” According to

DOE adviser asks firms to put funds into renewable energy By Lenie Lectura @llectura

HE National Renewable Energy Board (NREB), which advises the Department of Energy (DOE) on renewable energy (RE) issues, wants power firms that would be affected by the coal ban to realign budgets to finance RE projects. NREB Chairman Monalisa C. Dimalanta said this is one way to hit the 35-percent RE goal in the country’s power mix by 2030. “We are encouraged, of course, with the coal moratorium issued by the DOE; but we need to make sure that the financing that could have been used to build new coal plants would be actually redirected to finance and build RE plants,” Dimalanta said in an interview. The share of renewables in the mix has declined to 20 percent at end-2019 from nearly 34 percent since the RE Act of 2008 was passed. Dimalanta said there are indications that the share of RE in 2020 was unchanged from a year earlier. Coal, on the other hand, still dominates at 55 percent in 2019 from 26 percent since the passage of the RE Act. First Gen Power Corp. president Francis Giles B. Puno said the coal ban would not only help attain the country’s RE goals but create new jobs as well. “We also note that the DOE’s declaration that it will not approve new coal plant is hastening the transition to cleaner forms of energy as other energy companies declare their intention to exit from coal investments. We believe this shift to cleaner energy will create new jobs and opportunities in the energy sector,” Puno said via e-mail. First Gen has ditched coal since 2016. It has an installed-capacity of 3,492 megawatts (MW) through its portfolio of gas and RE power plants. The DOE, meanwhile, will soon come out with a complete list of power projects that will be covered by the moratorium on new coal power plants. “The circular is still being edited. I approved the draft. Basically, we’re not accepting any new applications or greenfield,” DOE Secretary Alfonso G. Cusi said during an online news briefing. “What we are pro-

cessing are those committed plants, those that are part of the Philippine Energy Plan.” Cusi is also backing Dimalanta’s proposal, saying the country needs to shift to a more flexible power supply mix by accommodating the entry of indigenous and a more sustainable power source. The agency’s Electric Power Industry Management Bureau headed by Director Mario C. Marasigan said the list may or may not include expansion projects that were already endorsed by the DOE prior to the announcement of the moratorium. “We’re still completing simulations. We have to determine if the proposed expansion projects are really part of original plan and that these are not new projects because the intent could be just so they can be exempted,” Marasigan said. He said the review will cover endorsed committed coal projects, the committed and indicative projects with permits, endorsements at groundworks, the expansion projects that are part of the existing plants and the indicative projects that have no movement yet. But while the DOE has yet to release the circular, various groups urged the DOE to include all existing coal plants. The Center for Energy, Ecology, and Development (CEED) said the DOE should also include in the coal ban the new coal projects that “have not or have barely started construction due to the pandemic and yearslong resistance from impacted communities, electricity consumers, and other stakeholders.” The CEED also wants the DOE to impose an early retirement of aging plants. Cusi said his office is evaluating the retirement of old power plants provided that it would “match the replacement power” in exchange for retiring these plants. “I cannot tell names yet so that they won’t be harassed. All factors will be considered; it’s not only the age,” Cusi said. “We will consider all factors. We need the power, so it cannot just be arbitrary.” Power generation companies, particularly those that have coal plants in their portfolio, have earlier expressed full support to the DOE’s pronouncement. They, however, would rather reserve further

comments until the release of the circular and its guidelines. Many have already pledged to go green as some are already having difficulty applying for loans to finance their coal projects. Just recently, the Withdraw from Coal (WFC) Campaign group released the results of its so-called bank-grading project. Based on this, the WFC said 15 banks channeled $13.42 billion to coal developer companies and coal projects from 2009 to 2019. “Philippine banks and other financiers have caused the expansion of coal in the past decade thanks to their financial services to coal developers and projects. WFC continues to urge banks to have policies and timelines to phase out coal financing,” said Bishop Gerardo A. Alminaza of the Diocese of San Carlos and co-convenor of WFC. The group claimed that the Bank of the Philippine Islands (BPI), Banco De Oro (BDO), and Philippine National Bank (PNB) are the three top banks that financed coal projects at $3,480.86 million, $2,518.9 million and $1,607.28 million respectively. “After several Asian countries announced the end of new coal power, regional banks are starting to follow. RCBC is the first bank in the Philippines and in all Southeast Asia to withdraw support for new coal projects. After several western banks pulled out already, Chinese and Philippine financing is the coal industry’s last resort. This could stir up the Philippine coal industry.” However, ditching new coal is only the first step. What is needed next from the Philippine banks is a coal exit plan for their financing, using transparent criteria for a continuous coal phase-out ending no later than 2040. Only then, banks can claim to truly support the 1.5°C limit of Global Warming that was agreed upon in Paris,” said Katrin Ganswindt of German research organization Urgewald. The WFC said it would inform the 15 banks about the result of its own study. “It is our hope that through this initiative, we are able to assist the banks in reevaluating their responsibilities in the climate sphere and towards the Filipino public,” Alminaza said.

PCTO, this nullifies and prevents ISPs from performing the duties imposed under Section 9. The PCTO pointed out that RA 10173 (Data Privacy Act of 2012) imposes strict privacy responsibilities on entities that collect or process personal information of customers, which contradicts the duties imposed on ISPs under RA 9775. The DOJ has earlier urged ISPs to comply with its obligation under RA 9775 after online child sexual exploitation reportedly went up by more than 260 percent during the enhanced community quarantine period. The NTC, which is an active member of t he Inter-A genc y Council against Child Pornography established by RA 9775, has so far endorsed to telecommunication companies and ISPs more than 6,000 web sites and links for blocking. As of September of last year, telecom operators and ISPs have blocked a total of 2,521 child pornographic web sites.

DENR to replace open dumps with sanitary landfills starting January

GRATEFUL This photo courtesy of the United Nations Information Centre Manila shows

Rosewinda Callejo, a resident of Tagoytoy, Malinao, Albay, who received cash assistance and a shelter repair kit. The UNIC said Callejo is one of the thousands who celebrated Christmas in evacuation centers. The UNIC said that throughout December, UN agencies have been distributing the materials to households affected by typhoons. PHOTO COURTESY UNITED NATIONS INFORMATION CENTRE MANILA

More than 2,000 remain in evacuation centers

ORE than 2,000 people remain in governmentrun evacuation centers in Bicol region and in the province of Negros Occidental due to flooding spawned by strong to moderate rain brought by the prevailing tail-end of a cold front and the northeast monsoon. Incidents of landslides were also reported in the provinces of Camarines Sur, Albay and Sorsogon due to the steady rainfall, forcing the evacuation of at least 2,049 families or 9,158 individuals in Region 4B, Region 5 and Region 6. At least 562 families or 2,067 individuals have since remained in evacuation centers, the National Disaster Risk Reduction and Management Council (NDRRMC) said last Sunday. Two people have died while four others were reported missing due to incidents of flooding. The bad weather that prevailed

over Luzon and parts of the Visayas before the New Year and until the first Sunday of 2021, triggered flooding in Tuguegarao City, Ballesteros, Solana and Rizal, all in Cagayan, and in three towns in Palawan and Oriental Mindoro. The NDRRMC said the sustained rain also spawned flooding in 22 towns of Camarines Sur, Sorsogon and Capiz, and shut down key and secondary roads in Isabela, Cagayan, Albay, Sorsogon, Camarines Sur, Oriental Mindoro and Negros Occidental. Likewise, incidents of landslides were reported in Albay, Camarines Sur and Sorsogon, three of the provinces in Bicol region that are still recovering from the effects of Supertyphoon Rolly and Typhoon Ulysses, which wreaked havoc in the country late last year. The NDRRMC said at least 54 houses in Camarines Sur and Negros Occidental were damaged. Rene Acosta

HE Department of Environment and Natural Resources (DENR) is targeting the establishment of 300 sanitary landfills through public-private partnership schemes as it bares the plan to “aggressively” start shutting down open dumpsites starting this year. The establishment of landfills is expected to solve the country’s solidwaste management problem, which agency officials hope to address in the next two years, vowing to step up the campaign against the country’s garbage woes. The DENR expects all the landfills built by the end of year 2022. Putting up landfills remains the primary long-term method of solid waste disposal allowed under Republic Act (RA) 9003 (Ecological Solid Waste Management Act of 2000). There are currently 189 landfills in operation in 399 local government units (LGUs) across the country. This number is considered small two decades after RA 9003 took effect. Meanwhile, the DENR is set to provide this year a total of 178 LGUs within the Manila Bay region with an industrial-grade shredder-composter machines to help them comply with RA 9003. The first batch of shreddercomposter equipment was recently turned over to the LGU of San Fernando City, Pampanga, and the towns of Apalit, Candaba, Guagua and Magalang also of that province. The Manila Bay region is comprised of the National Capital Region and eight provinces from Regions III and 4A, namely, Bataan, Bulacan, Pampanga, Nueva Ecija, Tarlac, Laguna, Rizal and Cavite. A shredder-composter set includes a brand-new composter that can process one ton of compost material within 24 hours, and a brand- new shredder with the capacity to process two tons of organic waste per day. Statistics from the National Solid Waste Management Commission show that around 52 percent of the municipal wastes in the country is biodegradable. Providing LGUs with the equipment will not only reduce the amount of waste that end up in sanitary landfills but will also transform the diverted wastes into assets as organic fertilizer, which is valuable to agriculture and horticulture. Jonathan L. Mayuga

Agriculture/Commodities BusinessMirror

A4 Monday, January 4, 2021 • Editor: Jennifer A. Ng

www.businessmirror.com.ph

PSA: Farm-gate price of rice hits 2-month high By Jasper Emmanuel Y. Arcalas @jearcalas

HE nationwide average farmgate price of dry palay (unmilled rice) as of mid-December grew by 1.06 percent to a twomonth high of P16.14 per kilogram, latest Philippine Statistics Authority (PSA) data showed. Preliminary PSA data also indicated that the latest average quotation was slightly higher than the P15.97 per kg recorded in the first week of December. “Similarly, it moved up further at

an annual rate of 2.2 percent from its average price of P15.79 per kg in the same week of the previous year,” the PSA report recently showed. Historical PSA data showed that this is the highest average quotation for dry palay nationwide since the P15.76 per kg recorded in the first week of October, when most farmers started harvesting their crop. The highest average price of dry palay (14 percent moisture content) was recorded in Eastern Visayas region at P17.65 per kg while the lowest average price was reported in Caraga Region at P14.55 per kg,

according to PSA data. Despite the uptick in dry palay prices, both the wholesale and retail prices of well-milled and regularmilled rice declined during the period, according to the PSA. “The average wholesale price of well-milled rice went down to P37.42 per kg or by 0.2 percent this week, from its previous week’s level of P37.5 per kg. However, it rose at an annual rate of 0.9 percent, from its average price of P37.08 per kg during the same period of the previous year,” it said. “At the retail trade, the average price of well-milled rice decreased

DOST pushes vital R&D work in Covid-19 response They also include development of ventilators, powered air purifying respirator; specimen collection booths; GO-CLEAN disinfection chamber; mobile AI-enabled thermal scanners; nanotechnology-enhanced sani-

tizers, re-useable, washable and re-wearable face masks; 3D-printed venturi valves, ear loop holders, filter attachment for oxygen concentrator masks. The DOST also spearheaded the crafting of bills to set up the

to P41.01 per kg or by 0.3 percent during the period, compared with its level of P41.13 per kg in the previous week. It also declined at an annual rate of 0.9 percent, from its average price of P41.39 per kg in the same week of the previous year,” it added. PSA report indicated that the wholesale price of regular-milled rice fell slightly to P33.42 per kg from the previous week’s P33.46 per kg while retail price also declined to P36.21 per kg from P36.29 per kg in the first week of December. “On the contrary, it recorded an annual rate of 1.6 percent, from its aver-

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Virology Science and Technology Institute of the Philippines (VIP). The creation of the VIP “will serve as the country’s premier research center in the field of virology, encompassing all areas in viruses and viral diseases in humans, plants and

animals,” the report said. De la Peña earlier said in one of his DOST Report briefings that the VIP will help prepare the country for future pandemic by having its own research for medicines or vaccines. To be concluded

Senators gear up for Covid vaccine rollout inquiry continued from a2 Foreign Affairs Secretary Teodoro L. Locsin Jr. earlier complained that “someone dropped the ball” from the Philippine side in negotiations with US-based vaccine manufacturer Pfizer. Sotto indicated they expected “further delays” in vaccine delivery. “The government purchase was delayed; and when it reaches our shore, expect further delays because our FDA insists on checking it again and accrediting it even though it has been approved by the FDA of other countries. Beside the decision to set aside P72.5 billion in the budget for the vaccine program, part of the consideration is “where to store or set aside the vaccine,” Sotto said.

Summons to PSG

ON Senate Minority Leader Franklin M. Drilon’s suggestion to also summon the chief of the Presidential Security Group to explain the innoculation of PSG members with vaccine that has not been cleared with the FDA, Sotto backed Drilon’s idea but said the PSG will not be called in the initial hearing, noting that this was not even in the privilege speech of Pangilinan, which had triggered the inquiry. The Pangilinan speech had sought for a Senate hearing to have relevant officials explain the country’s “vaccine road map” and was delivered before the controversy broke over the questioned immunization of the President’s

security escorts without clearance from the Food and Drug Administration. Sotto said a “different hearing” could be called on the PSG issue, but indicated he will not object if his peers want to tackle it in the Committee of the Whole. He signalled a more permissive view, however, on the question of people willingly taking shots with vaccines not authorized yet by the local FDA, stressing it’s a matter of personal choice. When many items even advertise they have “no FDA approved therapeutic claims,” Sotto said, this simply means, “it’s their own lookout. If someone wants to use it, someone flies in with the immunization vial, and wants to use it on himself or his friend,

is there a law against that? None.” This—the matter of PSG immunization may not be in the purview of the Senate Committee of the Whole inquiry, which focuses on how the goverment will handle the procurement and distribution of the vaccines we will import, Sotto stressed. “That’stheissueoftheCommitteeoftheWhole. If they wish to introduce another matter, maybe during the hearing, then they could do so. But that will not be our priority agenda,” Sotto said, adding such matter can be tackled by “another committee” such as the Committee on Health. The latter is chaired by Sen. Christopher “Bong” Go, a former top aide of the President, who continues to keep close ties to the Palace.

PhilHealth balks at move to hold premium rate hike The national health insurer’s 13-member governing board includes the Secretaries of Health, of Social Welfare and Development, of Budget and Management, of Finance and of Labor and Employment. “Our rough estimate is that PhilHealth will be postponing less than P500 million worth of incremental premiums on an annual basis from direct contributors. The P500 million is a drop in the bucket for PhilHealth. However, if the money is taken from the pockets of salaried employees, especially minimum-wage earners, it will add to their financial hardship,” Defensor said. “In fact, we have many households that used to have two gainfully employed members, but now have only one due to the crisis,” Defensor added. In seeking the deferment of the scheduled increase in monthly contributions, Senator Go said, “While I recognize that this increase is mandated by law, we must explore all possible legal remedies to avoid any additional burden to Filipinos at this time when we are still addressing the impacts of the Covid-19 pandemic.” He encouraged the Duterte administration’s finance managers and his peers to explore options for “deferring or restructuring payment terms and rates of various financial obligations in accordance with existing laws.” Policy-makers, added Go, “can study options to amend the law or defer it through a provision in Bayanihan 3,” where, he said,the government can identify what can be deferred “while we are

still in a pandemic.”

PhilHealth: deferment risky

PHILHEALTH spokesman Rey Baleña said on Sunday they respect the lawmakers’ position but warned of its implications. Baleña said PhilHealth is mandated under the UHC to implement the increase in premium contribution. “Our ability to sustain the benefits in the long term will be impacted,” Baleña said, partly in Filipino. Under the UHC law, he added, the agency should not just sustain, but even expand and improve the benefits. That should be followed and that needs enough funding,” he said in a radio interview with DZBB. Senator Go said he would personally appeal to President Duterte on government possibly infusing or augmenting PhilHealth’s budget to ensure that the UHC Law is properly implemented. Responding to Go’s statement, Baleña said PhilHealth would respect any decision coming from the President. Sought for comment on Defensor’s pitch, Baleña separately told the BusinessMirror: “We respect the views of Cong. Defensor, however the issue is a matter of law and only Congress has the power to amend the law.” Baleña explained in the radio interview that the projected total benefit payment of PhilHealth for 2020 is expected to reach P177 billion, higher than the P148.2 billion they expect to get from direct contributions and subsidy from the national government. The state health insurer projected

direct contributions to reach P76.8 billion for 2020—on top of the total P71.3 billion subsidy it expects to receive from the national government. Currently, he said PhilHealth’s reserve fund is at P137 billion. Baleña, meanwhile, clarified that the P15 billion used for Interim Reimbursement Mechanism and was released to a total of 711 health care facilities is “properly accounted for” and is currently being liquidated. Of the amount, P13 billion was already liquidated as of third week of December. “There is no missing P15 billion,” he said.

Reprieve sought

ACCORDING to Defensor, PhilHealth members deserve to enjoy a six-month reprieve from higher premium contributions due to a “fortuitous event.” “We are in the middle of a oncein-a-century pandemic. Even private preneed companies are declaring a ‘fortuitous event’ to justify delays in the payment of their contractual obligations to thousands of planholders,” Defensor, House health committee vice chairman, said. PhilHealth’s registered direct contributors include 14.4 million workers employed by the private sector and 3.6 million overseas Filipino workers (OFWs).

Resolution

IF necessary, Defensor said Congress should pass a joint resolution covering the six-month deferment of the contributions hike.

Under the UHC Law of 2018, premium contributions to PhilHealth will rise by half a percentage point every January 1 until reaching 5.0 percent of a member’s monthly earnings by 2024. From January to June 2020, PhilHealth collected a P74.2 billion in premium contributions—P41.7 billion from direct contributors plus P32.5 billion from indirect contributors such as indigents whose premiums are paid for by the government. Over the same six-month period, Defensor added, PhilHealth paid a total of P47.9 billion in claims. For the entire 2019, he said PhilHealth collected a total of P146.4 billion in premium contributions—P77.1 billion from direct contributors and P69.3 billion from indirect contributors. That year, PhilHealth paid a total of P97.3 billion in claims. “In an extreme situation wherein claims and administrative expenses might exceed contribution collections and administrative expenses due to the pandemic, PhilHealth can always dip into its Investment Reserve Fund and the earnings thereof,” Defensor said. Also, Defensor said PhilHealth’s reserve fund stood at P110 billion as of March 2020, noting that the surplus from premium contributions less claims and administrative expenses goes straight to the reserve fund. Meanwhilel, Defensor said PhilHealth should also reduce internal financial losses due to excessive and fraudulent claims, mostly by private hospitals, outpatient service providers and physicians. With Bernadette D. Nicolas and Butch Fernandez

Covid woes force PHL to cut export outlook to $104B Based on the DTI’s forecast, shipments of goods and services will dip by 14.7 percent to $80.5 billion in 2020, then grow by 12.4 percent to $90.5 billion in 2021; and then expand by nearly 15 percent to $103.9 billion in 2022. The DTI’s Export Marketing Bureau reviewed the numbers as sought by Lopez to accommodate changes in the business environment. Electronic products will continue to

make up for more than half of merchandise exports, as the industry assumes a 7-percent growth for 2021. On the other hand, services exports will be carried much by the business process outsourcing (BPO) industry. The sector is staring at a 3.5-percent growth for 2021 on the upswing in demand for health information, content development and creative outputs.

For Lopez, the export sector can rebound in the next two years if firms take advantage of the tax perks offered by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, as well as the extension of privileges in the Bayanihan to Recover as One Act, or Bayanihan 2. The CREATE Act lowers the corporate tax rate to 25 percent, from 30 percent, which used to be the highest in Southeast

continued from a1

Asia. On the other hand, it reforms the menu of fiscal incentives from which investors choose from when locating in the Philippines. “A whole-of-nation approach and a stronger support to the private manufacturing and services industries and academe collaboration are needed to work on achieving the fighting targets set,” Lopez concluded.

age price of P32.91 per kg in the same week of the previous year,” PSA said. “Meanwhile, [retail price of regular-milled rice] picked up at an annual rate of 0.2 percent, from P36.13 per kg during the same week of the previous year.” The PSA earlier projected that the country will end 2020 with a record rice output despite the series of typhoons that battered the farm sector last year. Data from the agency indicated that the country would produce 19.44 million metric tons (MMT) of palay by the end of 2020. While the agency adjusted downward its esti-

mated production in the October-toDecember period to 7.54 MMT, the volume is still higher than the 7.49 MMT produced in 2019. Full-year 2020 palay output could grow by 3.3 percent from 2019’s 18.814 MMT, historical PSA data showed. PSA data also showed that probable total output last year may eclipse the record-high production of 19.276 MMT in 2017. On a milled equivalent basis, total rice output in 2020 could reach 12.71 MMT, based on the BusinessMirror’s computation using PSA’s benchmark figures.

4 of 5 PHL seniors without pensions—Popcom report continued from a8

Unplanned pregnancies

POPCOM said the Philippines needs to cut unplanned pregnancies by 30 percent annually to reach replacement rate or a rate of 2.1 percent by 2025. In an e-mail to the BusinessMirror, Perez said women of reproductive age 15 to 49 years old are estimated to have the greatest potential growth in numbers—an increase of about 337,193. This, said Perez, will drive population momentum, as more women are expected to give birth. Given this scenario, the University of the Philippines Population Institute and the United Nations Population Fund (UNFPA) revealed that the number of expected unintended pregnancies for this age group is at 2.56 million—a surge of 751,000 due to community quarantine-induced family planning service reductions. He added that adolescents belonging to the 10 to 19 age group will only see an increase of 38,224 in 2021. Despite these low figures, unintended pregnancies from this age group will reflect a 21.04-percent rise and are expected to reach 102,000, also as an after-effect of community quarantine-induced service reductions on family planning. “For us to achieve the desired replacement rate we have to reduce unplanned pregnancies in the country which make up 30 percent of pregnancies every year. The increase in unplanned pregnancies this year could bring it up to 4 out of 10 pregnancies, but this should be a one-year event if we recover steadily from the effects of the pandemic,” Perez told the BusinessMirror.

Home births

WITH Covid-19 vaccines increasingly available this year, Popcom expects the health system to face a number of constraints, particularly on manpower. Health-care workers, Popcom said, are needed to attend to those suffering from Covid-19 as well as administering vaccines. Hospitals would also be faced with limitations in terms of patients they receive regularly. Popcom said this could increase the number of home births and those done in lying-in clinics nationwide. He said in 2018, only 6.92 percent of deliveries were made at home and 92 percent in facilities such as hospitals and lying in clinics. Further, in prepandemic years, doctors provided the care 60 percent of the time, and midwives, in only 32 percent of deliveries. This, Perez said, is expected to change this year given the Covid-19 situation. “In 2021 the roles may be reversed with midwives doing more deliveries than doctors and an increasing number of home deliveries. The LGUs (Local Government Units) should encourage midwives to provide skilled birth attendance at home to adjust to decreased services in hospitals and health centers due to Covid-19 response,” Perez said.

In order to help, Popcom said they will be doing closer monitoring of LGUs, especially in cities with a lot of Covid-19 cases and where health workers and facilities may not be able to address reproductive health needs promptly. Perez said, LGUs should hire more health workers to address the health-care needs of the communities they serve. Many of these workers would be crucial in vaccinating millions of Filipinos.

Population count

AROUND 1.4 million will be added to the country’s population, thereby increasing the number of Filipinos to 110.881 million this year, according to Popcom. The numbers could be higher if the unplanned pregnancies of 2020 are taken into account. Popcom said the Philippine population could reach 111.1 million by end-2021 due to this. Data showed that despite the rise in absolute numbers, the population grew gradually to 1.31 percent by the start of 2021—an increase from the previous 109.48 million at the start of 2020. From a 1.68 percent population growth rate in 2016, it was at 1.45 percent between 2019 and 2020. With a higher population, Perez said reaching herd immunity from Covid-19 means vaccinating around 88 million Filipinos. This means the P72 billion set aside by the government may not be enough to vaccinate Filipinos. Among population groups, the most notable increase was observed within the working-age or Filipinos aged 15 to 64 years, which will increase by just over 1 million from 2020 and will reach 71.28 million by next year, making up 64.15 percent of the entire population. Perez explained that in the last two years, the working-age population of has been growing by a million or more annually. As a percentage of the population, since 2019, the working age population has grown by a fourth of a percent at 64.02 in 2019, 64.15 in 2020 and 64.28 in 2021. This, Perez said, is evidence that the demographic dividend is achievable by 2025 when about two-thirds of the Philippine population will be of working age. However, this implied the need to create at least a half a million new jobs next year, posing a huge challenge for the labor sector in the midst of the pandemic. “There is a need to ensure that members of the labor force are healthy, educated, skilled and gainfully employed. This is what we need to work on to attain the demographic dividend and reap its economic benefits in the next five years; otherwise, they can also potentially become dependents on the income of the family and on government services,” Perez said. Popcom’s estimates for 2021 are based on geometric-method projections using the last population census in 2015 by the Philippine Statistics Authority.

Editor: Angel R. Calso

The World BusinessMirror

Monday, January 4, 2021

California funeral homes run out of space as Covid-19 rages A man wearing a face covering walks past graffiti on the Lower Newtownards Road in Belfast with a message reading 'Wear a mask, it hasn't gone away you know' on Friday, Jan. 1, 2021. Liam McBurney/PA via AP

UK hits daily coronavirus record, govt urged to keep schools closed

ONDON — With daily coronavirus infections surging as a result of a new virus variant, the British government faced mounting pressure Saturday from teachers' unions to keep schools in England closed for at least another two weeks. The government, which oversees schools in England, has already decided to keep all schools in London closed next week to try to stem new infections. Unions want the policy extended across the whole of England, expressing fears about the health of both teachers and children. The UK on Saturday hit a daily record for new coronavirus infections—57,725—and looked set to soon overtake Italy once again to become the worst hit country in Europe with nearly 75,000 Covid-19 deaths. The fear is that with rising infections, the number of deaths will also grow over the coming weeks. The U.K. has recorded its five highest daily new infection numbers over the past five days— all above 50,000 and double the number of only a few weeks ago. After an emergency meeting on Saturday, the National Education Union, which represents over 450,000 education workers, called on Prime Minister Boris Johnson's Conservative government to move learning online for at least two weeks. It also told members they have a legal right not to have to work in an "unsafe environment" of accelerating coronavirus cases, hospital admissions and deaths. "We are doing our job as a union by informing our members that they have a legal right to refuse to work in unsafe conditions which are a danger to their health and to the health of their school communities," said Kevin Courtney, the union's joint general secretary. Another union representing teachers, the NASUWT, also called for an immediate nationwide move to remote education due to virus safety concerns. Its general secretary, Patrick Roach, said there's "genuine concern" that schools and colleges are not able to reopen safely at this time. "The NASUWT will not hesitate to take appropriate action in order to protect members whose safety is put at risk as a result of the failure of employers or the government to ensure safe working conditions in schools and colleges," he said. The government's own Scientific Advisory Group for Emergencies warned at a December

22 meeting that schools needed to stay closed to bring down virus transmission rates. The UK is struggling with a sharp spike in new cases as a result of a new virus variant that officials say could be up to 70 percent more infectious. The variant has been particularly prevalent in London and in surrounding areas, prompting Education Secretary Gavin Williamson to row back on plans to allow some primary schools—those for children 11 and under—in the capital to reopen as scheduled on January 4. Most other primary schools in England are still scheduled to open on Monday. High school reopenings have already been delayed for millions of students, with exam-year pupils scheduled to return on January 11 and others a week later. With many British hospitals at or near capacity, there are growing concerns over how the already stretched National Health Service will cope with an expected rise in people seeking treatment after getting infected over the holidays. Field hospitals are getting outfitted again to take in patients. On the inoculations front, Britain began vaccinating people over 80 and health care workers on December 8 with the Pfizer-BioNTech coronavirus vaccine. Last week, the government approved another vaccine made by Oxford University and pharmaceutical giant AstraZeneca that is cheaper and easier to use. The UK plans to ramp up vaccinations on Monday using 530,000 doses of the AstraZeneca vaccine and has set a goal of vaccinating 2 million people a week as soon as possible. The Princess Royal Hospital in Haywards Heath in southern England was one of the first to get the newly approved vaccine on Saturday. Dr. George Findlay, the trust's chief medical officer, said the newly approved vaccine is "much easier" to administer than the Pfizer-BioNTech vaccine, which needs to be stored at temperatures around minus 70 degrees Celsius (minus 94 Fahrenheit). More than a million people in the UK have already received their first jab of the Pfizer vaccine. In a shift from practices in the US, Britain plans to give people second doses of both vaccines within 12 weeks of their first shot rather than within 21 days, to accelerate immunizations across as many people as quickly as possible. AP

South Africa president urged to axe officials on vaccine lag

ome of South Africa’s most senior medical leaders and academics have called for President Cyril Ramaphosa to fire government officials over delays in procuring Covid-19 vaccines, saying their actions will cause thousands of deaths and untold economic damage. The demand was made in an opinion piece run by News24, the country’s biggest Internet news site, and signed by nine people including Glenda Gray, the president of the South African Medical Research Council, and officials from other health organizations, hospitals and universities. While at least 29 countries ranging from Mexico to Germany have begun inoculating their populations against the virus, South Africa has yet to conclude any agreements for direct supply with pharmaceutical companies. The country has ordered vaccines from the Covax facility, an initiative designed to ensure equitable access to vaccines, but those will only cover 10 percent of the population of about 60 million and will arrive in the second quarter of the year. Even then a charity put down the deposit after government missed a deadline it announced itself. The failure to procure vaccines is an “unforgivable failure, which will be measured in lives lost in their thousands, sickness for tens of thousands, a broken health-care system and profound and ongoing economic damage,” the health leaders and academics said in the opinion piece. Ramaphosa will need to “wield the axe against the members and officials in his administration who are responsible for this perilous fiasco and immediately set about correcting the course.” Tyrone Seale, Ramaphosa’s acting spokesman,

said he may comment after the presidency has examined the article. The health ministry didn’t immediately respond to requests for comment. South Africa, with over 1.09 million confirmed Covid-19 infections and 29,175 deaths, is the worst hit country on the African continent. Its economy likely contracted by the most in nine decades last year, according to government estimates. The criticism adds to attacks on the vaccine strategy by opposition parties as well as the country’s biggest labor unions, which are allied with the ruling party. With the world’s biggest HIV epidemic and hundreds of thousands of tuberculosis sufferers, South Africa has a sophisticated health system with world-leading scientists. At least three Covid-19 vaccine trials are underway in the country and Johnson & Johnson has agreed to have 300 million of its Covid-19 vaccines made at an Aspen Pharmacare Holdings Ltd. factory in the country when the shot is approved. “Public acknowledgment by officials that they didn’t think it prudent to begin bilateral negotiations with vaccine suppliers because they could not ‘take the risk’ of ordering vaccines in the event they would not work is shockingly disingenuous,” the health leaders said. They also criticized the so-called ministerial advisory committee, a group of scientists appointed by Health Minister Zweli Mkhize, for echoing the government’s arguments. Gray and Francois Venter, an academic who signed the opinion piece, were removed from the committee last year by Mkhize. Both have previously been critical of government’s approach to the virus. Bloomberg News

OS ANGELES— As communities across the country feel the pain of a surge in coronavirus cases, funeral homes in the hot spot of Southern California say they must turn away grieving families as they run out of space for the bodies piling up.

The head of the state funeral directors association says mortuaries are being inundated as the United States nears a grim tally of 350,000 Covid-19 deaths. More than 20 million people in the country have been infected, according to data compiled by Johns Hopkins University. “I’ve been in the funeral industry for 40 years and never in my life did I think that this could happen, that I’d have to tell a family, ‘No, we can’t take your family member’,” said Magda Maldonado, owner of Continental Funeral Home in Los Angeles. Continental is averaging about 30 body removals a day—six times its normal rate. Mortuary owners are calling one another to see whether anyone can handle overflow, and the answer is always the same: They're full, too. In order to keep up with the flood of bodies, Maldonado has rented extra 50-foot (15-meter) refrigerators for two of the four facilities she runs in LA and surrounding counties. Continental has also been delaying pickups at hospitals for a day or two while they deal with residential clients. Bob Achermann, executive director of the California Funeral Directors Association, said that the whole process of burying and cremating bodies has slowed

down, including embalming bodies and obtaining death certificates. During normal times, cremation might happen within a day or two; now it takes at least a week or longer. Achermann said that in the southern part of the state, “every funeral home I talk to says, ‘We’re paddling as fast as we can’.” “The volume is just incredible and they fear that they won't be able to keep up,” he said. “And the worst of the surge could still be ahead of us.” Los Angeles County, the epicenter of the crisis in California, has surpassed 10,000 Covid-19 deaths alone. Hospitals in the area are overwhelmed, and are struggling to keep up with basics such as oxygen as they treat an unprecedented number of patients with respiratory issues. On Saturday, US Army Corps of Engineers crews arrived to update some hospital's oxygen delivery systems. Nationally, an average of just over 2,500 people have died of Covid-19 over the past seven days, according to Johns Hopkins data. The number of daily newly reported cases in that period has averaged close to 195,000, a decline from two weeks earlier. It’s feared that holiday gatherings could fuel yet another rise in cases.

Magda Maldonado, owner of Continental Funeral Home in Los Angeles, poses in her mortuary on December 30, 2020. Southern California funeral homes are turning away bereaved families because they‘re running out of space for all the bodies piling up during an unrelenting coronavirus surge that has sent Covid-19 death rates to new highs. “I’ve been in the funeral industry for 40 years and never in my life did I think that this could happen, that I’d have to tell a family ‘no, we can't take your family member,’“ said Maldonado. Magda Maldonado via AP Arkansas officials reported a record of more than 4,300 new Covid-19 cases on Friday. Gov. Asa Hutchinson tweeted that the state is “certainly in the surge after Christmas travel and gatherings” and added, “As we enter this New Year, our first resolution should be to follow guidelines.” North Carolina officials also reported a record 9,527 confirmed cases on New Year’s Day. That's more than 1,000 cases above the previous daily high. In Louisiana, a funeral was being held Saturday for a congressman-elect who died of Covid-19 complications. Republican Luke Letlow died Tuesday at age 41. His swearing-in had been scheduled Sunday. He leaves behind his wife, Julia Letlow, and two children, ages 1 and 3. In Texas, state officials say they have only 580 intensive care beds available as staff treat more

than 12,480 hospitalized coronavirus patients, a number that has risen steadily since September and has set record highs this past week. In Window Rock, Arizona, the Navajo Nation remained in the midst of a weekend lockdown to try to slow the rate of infection. The tribe late Friday reported another seven deaths, bringing its totals since the pandemic began to 23,429 cases and 813 deaths. The reservation includes parts of Arizona, New Mexico and Utah. The number of infections is thought to be far higher than reported because many people have not been tested, and studies suggest people can be infected with the virus without feeling sick. Arizona on Saturday reported 18,943 new cases Friday and Saturday, a record for the state in any two-day period. It also reported 46 new deaths Saturday. AP

More Republican lawmakers enlist in Trump effort to undo Biden win

ASHINGTON— A growing number of Republican lawmakers are joining President Donald Trump's extraordinary effort to overturn the election, pledging to reject the results when Congress meets next week to count the Electoral College votes and certify President-elect Joe Biden‘s win. Sen. Ted Cruz of Texas on Saturday announced a coalition of 11 senators and senators-elect who have been enlisted for Trump's effort to subvert the will of American voters. This follows the declaration from Sen. Josh Hawley of Missouri, who was the first to buck Senate leadership by saying he would join with House Republicans in objecting to the state tallies during Wednesday‘s joint session of Congress. Trump's refusal to accept his defeat is tearing the party apart as Republicans are forced to make consequential choices that will set the contours of the post-Trump era. Hawley and Cruz are both among potential 2024 presidential contenders. Senate Majority Leader Mitch McConnell had urged his party not to try to overturn what nonpartisan election officials have concluded was a free and fair vote. The 11 senators largely acknowledged Saturday they will not succeed in preventing Biden from being inaugurated on Jan. 20 after he won the Electoral College 306-232.

But their challenges, and those from House Republicans, represent the most sweeping effort to undo a presidential election outcome since the Civil War. "We do not take this action lightly," Cruz and the other senators said in a joint statement. They vowed to vote against certain state electors on Wednesday unless Congress appoints an electoral commission to immediately conduct an audit of the election results. They are zeroing in on the states where Trump has raised unfounded claims of voter fraud. Congress is unlikely to agree to their demand. The group, which presented no new evidence of election problems, includes Sens. Ron Johnson of Wisconsin, James Lankford of Oklahoma, Steve Daines of Montana, John Kennedy of Louisiana, Marsha Blackburn of Tennessee and Mike Braun of Indiana, and Sens.-elect Cynthia Lummis of Wyoming, Roger Marshall of Kansas, Bill Hagerty of Tennessee and Tommy Tuberville of Alabama. Biden's transition spokesman, Mike Gwin, dismissed the effort as a "stunt" that won't change the fact that Biden will be sworn in on January 20. Trump, the first president to lose a reelection bid in almost 30 years, has attributed his defeat to widespread voter fraud, despite the consensus of nonpartisan election officials and even Trump's attorney

general that there was none. Of the roughly 50 lawsuits the president and his allies have filed challenging election results, nearly all have been dismissed or dropped. He's also lost twice at the US Supreme Court. The days ahead are expected to do little to change the outcome. Sen. Amy Klobuchar of Minnesota, the top Democrat on the panel overseeing the Electoral College count, said the Republican effort to create a federal commission "to supersede state certifications" is wrong. "It is undemocratic. It is un-American. And fortunately it will be unsuccessful. In the end, democracy will prevail," she said in a statement. The convening of the joint session to count the Electoral College votes is usually routine. While objections have surfaced before—in 2017, several House Democrats challenged Trump's win—few have approached this level of intensity. On the other side of the Republican divide, several senators spoke out Saturday against Cruz and Hawley's effort. Sen. Lisa Murkowski of Alaska said in a statement that she will vote to affirm the election and urged colleagues in both parties to join her in "maintaining confidence" in elections "so that we ensure we have the continued trust of the American people." Sen. Pat Toomey of Pennsylvania said a "fundamental, defining feature of a demo-

cratic republic is the right of the people to elect their own leaders." He said the effort by Hawley, Cruz and others "to overturn the results of the 2020 presidential election in swing states like Pennsylvania directly undermines this right." Sen. Mitt Romney of Utah called the Cruz-led effort an "ill-conceived endeavor" and said Trump's call for supporters to converge on the Capitol had "the predictable potential to lead to disruption, and worse." He added: "I could never have imagined seeing these things in the greatest democracy in the world. Has ambition so eclipsed principle?" Earlier this week, Sen. Ben Sasse of Nebraska, another possible 2024 contender, urged his colleagues to "reject this dangerous ploy," which he said threatens the nation's civic norms. Caught in the middle is Vice President Mike Pence, who faces growing pressure from Trump's allies over his ceremonial role in presiding over the session Wednesday. His chief of staff, Marc Short, said in a statement Saturday that Pence "welcomes the efforts of members of the House and Senate to use the authority they have under the law to raise objections." Several Republicans have indicated they are under pressure from constituents back home to show they are fighting for Trump in his baseless campaign to stay in office. AP

China warns of retaliation for NYSE delisting of companies

EIJING—China said Saturday that it would take necessary countermeasures in response to the New York Stock Exchange's announcement that it would delist three major Chinese telecoms, in the latest flare-up of tensions between Beijing and Washington. The stock exchange said Thursday that

it would delist China Telecom Corp. Ltd., China Mobile Ltd. and China Unicom Hong Kong Ltd., with trading of the companies to be suspended sometime between Jan. uary 7 and 11. The move stems from an executive order President Donald Trump issued on Nov. 12 barring investment in publicly traded

companies that the US government says are owned or controlled by the Chinese military. "China opposes the Americans from abusing national security by listing Chinese companies into the so-called 'Communist China Military Companies' list and will take the necessary countermeasures to resolutely safeguard the legitimate rights and

interests of Chinese companies," a spokesperson for the Chinese Commerce Ministry said in a statement. The actions will also "greatly weaken all parties' confidence in the US capital market," the statement said. The ministry did not offer details on what the measures might be. AP

Monday, January 4, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

2020: The year that traumatized

S quickly as we want to move on to 2021, we have been traumatized by 2020. It is like wanting to go swimming, but you have no idea how cold the water is going to be. Twenty twenty-one is the dark street where you really don’t want to walk down late at night. At the beginning of 2020 it was, “The rat is the first zodiac sign in the Chinese calendar. It is not an adorable animal, but it is smart, cautious, and adaptable, and can survive under the most hazardous conditions.” Now it is, “While we welcome the New Year, we cannot survive another horrible year.” In truth, we can and will survive. Part of the dilemma we face is that forecasts for the future shape both our attitude and behavior. From our BusinessMirror editorial just as we were preparing for the 2020 New Year: “Peso seen to strengthen further to 50:$1 in 2020, ANZ said in a report.” “PNB sees peso correcting to 53 to $1 in 2020.” “Londonbased Capital Economics sees the peso weakening to 56:$1 next year.” “Analysts surveyed by Bloomberg see the currency falling to 51 by end-December 2020.” “In a note to reporters on December 12th, ING Bank said pressures could drag the peso back to the P52per-dollar level.” The December 29, 2020 Bangko Sentral Ng Pilipinas “Reference Exchange Rate Bulletin” shows that the Peso/US Dollar exchange rate ended 2020 at 48.036. So, before we start hearing from all the “crystal ball experts” for 2021, this was 2020: The WHO designated Covid-19 a global pandemic on March 10th. Global credit and equity prices had fallen sharply in February and early-March and then went into free-fall. In less than one month $30 trillion had been wiped off the value of global stock markets, one of the greatest crashes of all time in both speed and magnitude. The local stock market index ended 2019 at 7,815 and reached its intra-day low on March 19 at 4,039, down 48 percent for the year. We ended 2020 off 8.7 percent, which is not bad all things considered. The virus, crash, lockdown, and recession triggered an unprecedented monetary and fiscal policy panic with $22 trillion of stimulus around the world. Global debt now stands at a record $277 trillion against a total 2019 global economic output (GDP) of $142 trillion. The total global stock market value has soared from $60 trillion to over $100 trillion since the March lows. One major local bank also predicted: “PSEi at 8,900 by end-2019.” The PSE Composite Index closed 2019 at 7,815. Crystal ball gazing is a difficult business. The reality is that forecasts for the future by necessity must change as situations and conditions develop. Why make 12-month predictions when the probability of being accurate is somewhere between “zero” and “none”? The answer is simple. We want to feel confident that we know what will happen in the future even if the forecast is negative. Having a “bad attitude” about 2021 is not good. Feeling clueless about the next 12 months is dangerous. It is uncertainty that freezes our brains and keeps us from acting and reacting as conditions change. We must take almost everything one day at a time, at least for now. This we know for certain though: As each day passes there will be more clarity about what the future holds.

2021 rituals: Ways to welcome the New Year Atty. Jose Ferdinand M. Rojas II

RISING SUN

T this time social-media spaces are full of what they call New Year essays or yearender posts—from gratitude lists and wish lists to lessons learned and unforgettable moments. But one particular prompt is more interesting because it encourages us to think of our achievements during a particularly tough year. Some people have posted that surviving is achievement enough, yet others have longer lists, highlighting the fact that although 2020 has often been singled out as one of the worst years, it still gave us blessings in the form of lessons and opportunities to improve ourselves and do more for others. As we say hello to a brand new year, I think it is important to make peace with 2020. Recognize it for the lessons that it gave us and express our thanks for all the blessings we received—our lives, time with our loved ones, an opportunity to reset

and keep still, the chance to adjust or adapt to changes and difficulty, and so much more! I believe it is better to take from the past year all the good that it gave us instead of remembering only the bad. I have seen that some people are

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also going through their social-media contacts this time of year to weed out those people whom they do not want to interact with this year. It could be because these people are energy zappers or maybe because they could cause one to react or think negatively, for one reason or another. It would be absolutely refreshing to retain positive and inspiring people, and to hide or unfollow those who may bring out the worst in us. If you’re not into listing down resolutions for the New Year, a simpler “plan” is to have a central theme

like time or peace or growth or any other thing that you wish to make the center of your life in 2021. There are those who set a theme for every quarter, or even for every month. This kind of planning may take the form of goal-setting or vision-boarding, but take whatever form that works best for you. It is very important to be clear about the kind of year that we want for ourselves in 2021. What are the things we need to build or develop? What should go or what to get rid of? Where do we want to be at the end of the year, in terms of career, finances, family life, and so on. It would help to write down the details and specific strategies or courses of action so we won’t forget these things as we sail through 2021. I hope that you would consider doing these New Year rituals and I wish they would help you somehow in turning 2021 into a better year. Let us start the year right. I send you my good wishes on this brand new journey.

Low hanging transport and traffic fruits in 2021

Since 2005

✝ Ambassador Antonio L. Cabangon Chua

As we say hello to a brand new year, I think it is important to make peace with 2020. Recognize it for the lessons that it gave us and express our thanks for all the blessings we received—our lives, time with our loved ones, an opportunity to reset and keep still, the chance to adjust or adapt to changes and difficulty, and so much more!

Thomas M. Orbos

STREET TALK

ew Year would always have 12 kinds of fruits—the round varieties—on dining tables to signify thanksgiving for the past and the wish for prosperity in the future. To start off this year in our local world of transport and travel, allow me to suggest having fruits of another kind—low hanging fruits that can be executed immediately, without much cost and fanfare but can have great impact on the road to the relief of motorists and commuters. 1. Reconfigure the road lanes according to those who use them the most—motorcycles and bicycles. Road reconfiguration and proper road space or alternate routes are in order for those who use them the most, therefore those using motorcycles, scooters and bicycles that had dramatically increased lately. 2. Resume provincial bus trips, and utilize the central bus terminals. Current health protocols have caused provincial bus operations to be generally suspended. However, because of demand, unauthorized “colorum” trips continue. Provincial bus operations should be allowed but not to their city terminals. Similar to a triage, central terminals on the outskirts of the metropolis assure better health protocols and will not add to Edsa traffic, now with one lane less due to the Edsa carousel. 3. Address curbside delivery

pick-ups and parking. Curbside pick-up of goods and parking has increased, sustaining many businesses in this pandemic but causing undue congestion. The government needs to come out with guidelines— such as strict time usage, not to prohibit or restrict it, but more to regulate its use. 4. Address the sudden proliferation of illegal transport terminals. The pandemic and the reconfiguration of the roads such as the closure of the Edsa U-turns have resulted in buses, jeepneys and taxis terminating along major roads. This needs to be addressed while still in its early stages. 5. With the new roads built, re-allocate the routes for trucks. The long lines of trucks on C5 and Congressional Avenue can now be addressed. With the Skyway and Harbor link done, the timing is right for govern-

Provincial bus operations should be allowed but not to their city terminals. Similar to a triage, central terminals on the outskirts of the metropolis assure better health protocols and will not add to Edsa traffic, now with one lane less due to the Edsa carousel.

ment to reroute trucks to other roads such as Quirino and Araneta Avenue, among others. 6. Have those pedestrian spaces now. Walkways need not be expensive. Existing roads can be reconfigured with less cost and faster construction time. A good example is the QC GORA lane built on existing road space. This scheme can be immediately replicated in many places, even along Edsa. 7. Maintain the cash lanes in our tollways. Without doubt, cash lanes are needed even later on. Going cashless is good but definitely not in the absolute. Maintaining even just one cash lane will resolve this. 8. Clean up the market areas especially along the major roads. Market activities such as in Balintawak and Baclaran have spilled on the roads, more so during this pandemic. Congestion in these areas need to be addressed with sustained enforcement, especially now. 9. Light up those streets. With more pedestrians on the road even at night, streetlights need to be working all the time. 10. Register those e-scooters and

vehicles. While the national law on this is still pending, local governments can begin doing something right now and register these vehicles in their areas. 11. Catch the smoke belchers. We have reveled in the clean air that we breathed in this pandemic with fewer vehicles on the road. Now that we have those jeepneys and buses back, air pollution is starting to creep up again. Enforcement please. 12. Encourage company shuttles. With many companies worrying on possible infection of employees utilizing public transport, company shuttle services need to be pushed by government transport regulators. It can even be a good alternative for displaced public transport operators. There are definitely many other low hanging fruits that will benefit the sector, but similar to the personal resolutions we make at the start of every year, implementing even a part of this is the challenge for both those in government and us in the private sector. Nevertheless, we commit to working on these lowhanging fruits as we look forward to a better journey, a better travel on the road, this year of 2021. Happy New Year to all. 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 at tmo45@ georgetown.edu/thomas_orbos@sloan.mit.edu

Opinion BusinessMirror

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Monday, January 4, 2021

Auditing the corporate insurance and risk program–A must

Going back to the way we were

Siegfred Bueno Mison, Esq.

THE PATRIOT

By Reynaldo A. De Dios

T is a good practice at the start of every New Year to review the scope of coverage and the premium cost of one’s insurance program.

Corporate enterprises normally start the year with a new budget but premium expenses have often been overlooked. A serious audit of all insurance policies purchased by the company may result in the cut down of premium cost, as well as improving the terms and conditions of the insurance policies. We therefore recommend that the officer in charge of insurance and risk management of programs should consider the following guidelines: n Analyze all the exposures of the corporation and determine whether its insurance program adequately covers the assets of the company vis-à-vis current appraised values of the company. n Know the difference between the sound value and the replacement value. n Failure to initiate, supervise and maintain loss prevention programs. n Failure to report the sales of insured property to the insurer, which impact on the sums insured thus forfeiting premium refunds. Likewise, failure to insure new assets or equipment purchased to the Insurer. n Failure to read the terms, conditions and exclusions of the insurance policies to verify if all exposures are properly covered or safely self assumed. n Defective record-keeping and failure to report co-insurers on the same risk as well as declaring value of inventories if required monthly. n Failure to consider self-insurance or higher deductibles when it is within the financial capability of the company as this may result in premium cost reduction. n Life insurance on key officials should be considered and the proper use of group life and health programs that can improve labor relations. Furthermore, no two senior officers from the same department should be allowed to travel in the same flight on company business. n Emphasis on the need of close coordination by the risk insurance manager with all departments of the company to obtain needed information for proper risk assessment. n Determine if the insurance accounts are being handled by a professional agent or broker instead of relatives or close friends who are not competent. This is a delicate issue as it involves nepotism/favoritism. n Review the operations of the in-house insurance agency or company owned broking firm as to their efficiency and cost effectiveness. It is not uncommon that businesses obtained on a silver platter are not assured the best of service. n Assess the security and capability of the insurance companies

The concept of risk management is to protect corporate assets and earnings as well as to mitigate liability suits, but often overlooked is what follows when a disaster occurs. While business interruption insurance may indemnify the company for specific indirect losses such as additional expenses and loss of income, it was apparent that what was more important than a substantial recovery of financial losses from insurance companies was the vital need to restore its capability of getting back to business as soon as possible. Thus, two new functions relative to risk management are now the concerns of top management—Emergency Planning and Business Continuity Management. covering the corporate assets as well as their reinsurers by reviewing their financial statements and credit ratings. The concept of risk management is to protect corporate assets and earnings as well as to mitigate liability suits, but often overlooked is what follows when a disaster occurs. While business interruption insurance may indemnify the company for specific indirect losses such as additional expenses and loss of income, it was apparent that what was more important than a substantial recovery of financial losses from insurance companies was the vital need to restore its capability of getting back to business as soon as possible. Thus, two new functions relative to risk management are now the concerns of top management—Emergency Planning and Business Continuity Management. Two definitions will illustrate their relevance to business operations: n An emergency is an unplanned event that can cause deaths or significant injuries to employee/ customer or to the public; or that can shut down a business, disrupt operations, cause physical or environmental damage, or threaten a company’s financial standing or public image. n Business Continuity Management focuses on the identification of critical business processes and resources required to maintain an acceptable level of business, protecting these resources and preparing procedures to ensure the survival of the organization in times of business disruptions. The author is the Editor of Insurance Philippines.

N the most successful song in the US in 1974—“The Way We Were”—internationally-renowned singer Barbra Streisand sings in part, “What’s too painful to remember/We simply choose to forget.” I wonder if our minds can really be conditioned to discard the painful experiences from our memory banks and simply store the happier ones. This Grammy Award-winning song had nostalgia as its theme—which is an apt sentiment as we say goodbye to 2020. While some of us have opted to quickly move forward with the coming of a fresh year, I choose to go back to the way we were, recalling things of value that we may have forgotten, as Streisand notes in her song. In 2020, what may be “painful to remember” is how we had to stay safe by complying with stay at home orders; and while in isolation, to regularly and vigorously wash our hands to minimize the spread of the virus; to stay healthy by eating the right foods, exercise, and getting enough sleep; and to pray for our loved ones, who died or got sick due to the virus. While these measures seemingly “taught” us something new during the pandemic, these basic practices have been with us for a long time, long before the coronavirus entered the country or our consciousness. During my childhood playful years, my mother would make me stay indoors and take afternoon naps before allowing me to go out to play with friends. After a round of patintero or agawan base, she would always remind to wash my hands before meals, which always included vegetables particularly the muchdreaded bitter gourd (ampalaya), as part of a healthy diet. As teenagers, my siblings and I were taught to take time to pray regularly, Novenas included. Looking back, I would not have probably been stricken with the

Regulatory compliance ecosystem

hey say that hindsight is 20/20, and like many, I can’t wait for 2020 to become hindsight. But for math geeks like me, one thing was sure in a year of so much uncertainty—admittedly something far abstracted from everything that was going on in the world: 2020 was one of the most numerically exciting years in a long time.

The year featured a number of mathematical holidays: February 2 was palindrome-ambigram-Groundhog Day: Its date, 02/02/2020, was a palindrome (meaning it reads the same forward and backward) and an ambigram (it reads the same if you rotate it 180 degrees). This works in month-first, day-first and year-first date conventions.

There will be another palindrome-ambigram day next year, at least under the month-first convention (12/02/2021). And under a slightly different date convention, a palindrome-ambigram day falls on Groundhog Day again in 2022 (i.e., on 2/2/22). But after that, the next palindrome-ambigram-Groundhog Day won’t be for a

lion in 2019, representing 84 percent of the total BIR collections for the year. Payments collected through additional electronic channels targeted for small businesses and individual taxpayers amounted to P1.2 billion in 2019, a 94-percent increase from the previous year. This successes in this engagement of the BIR with its stakeholders took a long time of 18 years to achieve. I hope that the next phase of the BIR digital journey will not take as long to achieve really visible and high impact outcomes.

value out of the organization. The DX roadmap is anchored on three principles, namely: (i) adopting a people first approach; (ii) instituting a process perspective; and (iii) embracing digital technology, with the digital transformation mindset as its foundation. The BIR DX Roadmap provides

for each positive integer N, the N-th element of the sequence is equal to the (N-1)st element minus N if that is a positive number not already in the sequence; otherwise, the N-th element is equal to the (N-1)st element plus N. Sound wild? The sequence is even more surreal when put to music. The year 2020 is numerically special as well: It’s the only year for just more than a century with double-digit Arabic numerals (the next one is 2121). Plus 2,020 has a remarkably short Roman numeral representation (MMXX), again with repeated pairs. But there’s far more to 2,020 than that. As I pointed out last year, 2,020 is an example of what mathematicians

call an autobiographical number: Its first digit indicates how many of its digits are 0s (there are two); its second digit indicates how many digits are 1s (there are zero); and so forth. These numbers are exceedingly rare—the only ones are 1,210, 2,020, 21,200, 3,211,000, 42,101,000, 521,001,000, and 6,210,001,000. So we won’t see another one this decamillennium. The number 2,020 also has a beautiful representation as 202 + 202 + 202 + 202 + 202 + 202 + 202 + 202 + 202 + 202. And it can be written as the sum of the squares of four consecutive primes (2,020 = 17^2 + 19^2 + 23^2 + 29^2); the next year with that property is 2692. Plus 2,020 is divisible by its re-

versal (which doesn’t happen again until 2100), and 2,020’s sum of digits equals its number of digits (which next happens in 2101). And 2,020 is “self-slideable” in the sense that you get the same number if you slide each digit d by d places in either direction. These numerical delights don’t make up for all the turmoil and loss of the past year, of course. But they do give us one opportunity for positive reflection—we might even say, positive integer reflection—as we transition into 2021. And of course (2020)^1024 + (2021)^1024 is a prime number, albeit one slightly too large to print in the text of this column (it has 3,386 digits)—so there’s hope that next year will bring us at least a bit more prime time.

Ninth of a series

N 2019, the Bureau of Internal Revenue launched its digital transformation journey towards an E-BIR institution. The BIR digital transformation is in response to the Secretary of Finance’s call for the BIR to sustain its efforts towards completely modernizing tax administration that is consistent with the objectives of the comprehensive tax reform program, particularly to make tax compliance easier which is aligned with Republic Act 11032, the law on Ease of Doing Business and Efficient Delivery of Government Services.

century—it’s in 2122. And December 16 (12/16/20) was a Pythagorean triple day: The month, date and (shortened) year together represented the sides of an integer right triangle, meaning that the sum of the squares of the month and the day is equal to the square of the year: 12^2 + 16^2 = 144 + 256 = 400 = 20^2. That’s the trifecta for math squares everywhere—and we won’t have another one until July 24, 2025. Even July 13, 2020, was a mathematical holiday—albeit a more obscure one. In the month-first convention (07/13/20), it shows up as consecutive elements in a mysterious mathematical sequence introduced by Recamán that is constructed as follows: You start with 0 and then

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.

Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@gmail. com.

DEBIT CREDIT

The BIR Digital Transformation roadmap was formulated with a vision for re-engineering into a transformed E-government by 2030. This is prescribed in Revenue Memorandum Order 23-2020. The DX Roadmap incorporates the tools necessary to maximize existing resources at the BIR and ensure maximized

year 2021. We need to “go back” to being in harmony with our families, planting fruit-bearing trees, cleaning our homes and work spaces, and doing acts of kindness to those in need. Personally, what the past year has reminded me was how to pray incessantly and to trust in His plans. Only when we keep these things in mind, and apply them without hesitation, can we take a step forward and be prepared for the ongoing battles. Much like “going back” to the most fundamental precept of our faith. Some of us may have forgotten the significance of the Cross, where Jesus Christ took our sins for us so we can be made right with our Heavenly Father. We struggle and attempt to be “good,” hoping that our human efforts will redeem us. But we were already saved by His sacrifice and resurrection, as the Cross bears testimony to it. In the Bible, 2 Corinthians 5:14-15 bolsters this declaration: “For Christ’s love compels us, because we are convinced that one died for all, and therefore all died. And He died for all, that those who live should no longer live for themselves but for Him who died for them and was raised again.” When we remember and go back to the value of the Cross, we can withstand all difficulties, year in and year out. No pandemic, compounded by natural calamities and political ineptitude, can rattle us as we trust that any battle will be won by His grace and in His time.

for the DX Strategy with outcomes, project phases and timelines. The two phases with the timelines are: 1) Building the DX Foundation by engaging and building the DX Culture within the BIR in streamlining current taxpayer services from 2020 to 2023; and, 2) Strengthening the DX in BIR by leveraging on data and digital technology within BIR for better taxpayer services from 2024 to 2030. The BIR has been quite successful in its E-government initiatives with its electronic filing and payment system. When it was first introduced in 2002, it was a game changer in online servicing of taxpayers. For the first time, taxpayers had the opportunity to avoid the hassle of physically queueing in line to pay taxes and instead, just use the online BIR facilities to process tax filing and payment. To date, a substantial number of taxpayers have already opted for the EFPS in settling their tax obligations. The huge crowds jamming the BIR offices during payment deadlines is now a rarity. Tax payments from electronic channels reached P1.8 tril-

Joel L. Tan-Torres

2020 had a silver lining for math geeks By Scott Duke Kominers | Bloomberg Opinion

coronavirus last year if I remembered and practiced some of these habits, supposedly ingrained by my parents during my childhood. These routines are not even novel and should be second nature to us, as they remain necessary and indispensable. Sometimes though, in the hustle and bustle of our so-called busy lives, we easily dump these basics as the world around us has changed “the way we were.” To move on and go forward this 2021, it may be best to go back to “the way we were” where the world stood still for the most part of 2020. At the onset of the year, some residents south of Metro Manila, including myself, were adversely affected by the ash fall from the Taal volcano eruption. Closely following this volcanic calamity, the coronavirus entered the country and proceeded to shut down businesses, particularly in the travel and tourism industry, and caused massive downsizing in manpower and procurement. Controversies hounded the government response against Covid-19, which caused most of us to remember names such as Duque,

whose leadership in the IATF was and still wanting; Ragos, who had PTSD (post-traumatic stress disorder), yet shot due to quarantine violations; Sinas, whose “mañanita” party did not prevent him from being designated as the Chief of the Philippine National Police; and Quinta, Rolly, and Ulysses—names of typhoons that devastated portions of Luzon. Of course, as how Streisand sang “what’s too painful to remember, we simply choose to forget” can also apply to the long winding televised Presidential speeches and the clarificatory and unapologetic remarks subsequent thereto by Cabinet members, particularly from the presidential spokesman. The battle for a safer Philippines has yet to be won even as a new variant of the virus has entered our country. Government leaders will continue to be challenged as the National Action Plan, which supposedly adopted the “whole of government approach,” continues to fail in managing the number of Covid-19 cases in the country as compared to other countries. Unreliable statistics from the Department of Health have revealed the lack of coordination among agencies tasked to manage the spread of the virus. Worse, recent news that vaccines were admittedly smuggled into the country and were used by certain “privileged” officials in government, smacks of entitlement by people in power. Ushering in a new year always comes with the thought of a fresh start. It isn’t so then; it isn’t so now. Starting a new day or a new year may feel like a restart button, but in reality, such new day or new year is just a continuation of what was before. Since we are still in the middle of a pandemic, we have to be mindful of the things 2020 has taught us (wearing face masks, washing of hands, and social distancing) to proceed confidently with the heralding of

(To be continued)

A8 Monday, January 4, 2021

4 of 5 PHL seniors without pensions–Popcom report By Cai U. Ordinario @caiordinario

OUR out of five Filipino seniors do not have pensions and would have to rely on the government for assistance, according to the Commission on Population and Development (Popcom). In a recent briefing, Popcom Executive Director and Undersecretary Juan Antonio Perez III said

the number of Filipino seniors will breach the 10-million mark for the first time in the country’s history this year. Perez told BusinessMirror in an e-mail that the number of seniors with pensions increased to 1.79 million in 2018 from 463,710 in 2000. They make up the 20 percent of the 60-and-over population who are pensioners. “There will be 5.53 million

[senior] women (4.99 percent of the population) and 4.53 million [senior] men (4.08 percent of the population) in 2021,” Perez said. “These numbers mean four out of five seniors do not have pensions and would have to rely on DSWD [Department of Social Welfare and Development] universal pensions (which provided P500 pensions to 3 million older persons in 2018).”

Seniors are considered part of the country’s “dependent” population. If their numbers exceed 10 million this year, Perez said this will have implications not only in terms of pensions but overall health. He said seniors would require more funds to finance their health needs, given their susceptibility to Covid-19. Last year, Popcom raised concerns that seniors, especially those living alone in Metro Manila,

were highly vulnerable to Covid-19 and other health risks. Popcom noted that many senior citizens or elderly are living in homes that are less than 20 square meters (sqm), making it difficult to practice social distancing. Around 84,726 of Metro Manila’s elderly live with other household members and are only able to enjoy an average size of 4.9 sqm space. Another 51,365 live alone in

the National Capital Region (NCR), apart from any family member. As such, they are isolated and may be unable to move around in an enhanced community quarantine setting. “We also need to focus on the needs of this vulnerable part of the population, as it is also an oftenneglected sector,” Perez said in a statement. Continued on A4

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Companies BusinessMirror

Monday, January 4, 2021

WESM Mindanao to start operations in Q2–IEMOP

By Lenie Lectura

@llectura

he Wholesale Electricity Spot Market (WESM) in Mindanao is finally pushing through within the second quarter of the year following the approval of a new price determination methodology (PDM) by the Energy Regulatory Commission (ERC). “The approval will definitely finalize the Go Live date for the Luzon, Visayas and Mindanao WESM. With the approval of the PDM, definitely the final timeline can now be set. The target timeline is second quarter of 2021,” said Isidro Cacho, the chief corporate strategy and communications officer of the Independent Electricity Market Operator of the Philippines (IEMOP) in a text message. IEMOP is the operator of WESM. Cacho said the final date would be discussed this week with the power

industry stakeholders, including the Department of Energy. Last week, the ERC approved with modification, the Philippine Electricity Market Corp.’s (PEMC) application for a new PDM for the WESM. “The new PDM provides amended features with regard to price determination and settlement in the WESM and consolidated the various pricing mechanisms which are currently contained in several issuances of the Commission,” said ERC Chairperson and CEO Agnes VST Devanadera.

The new PDM will also be used for the upcoming commercial operations of WESM in Mindanao, said the ERC. The WESM in the Mindanao Grid was launched in June 2017. Back then, IEMOP was expecting the commercial operation to commence in December 2020. But improvements in the software system must take place before the WESM in Mindanao and the launch of the upgraded WESM design takes place. The WESM is the country’s trading floor of electricity. It is a centralized venue for buyers and sellers to trade electricity as a commodity, where prices are based on actual use (demand) and availability (supply). WESM started commercial operations in the Luzon grid in June 2006 and in December of 2010 in the Visayas grid. The adoption of the enhanced WESM design and operations provides, among others, a shorter dispatch interval of 5 minutes which will result in better pricing signals as it instantly reflects the changes in supply and demand, and potentially reduce the requirement for frequency

regulation reserve which is beneficial to consumers. “Projecting possible conditions in the next 5 minutes will result in a more accurate picture of the actual conditions as compared to projecting the possible market conditions in the next one hour. Since regulating reserves are needed to address the fluctuations in supply and demand, lesser fluctuation brought about by better projection would mean lesser requirements for regulating reserve. Also, considering that customers pay for the procurement of regulating reserve, this would translate to lower costs for the customers,” Devanadera added. The key features of the enhanced WESM design include shortening of scheduling and pricing intervals from 1 hour to 5 minutes; adoption of ex-ante only pricing; automatic re-runs when prices reflect constraint violations to provide timely disclosure of settlement-ready prices; and hour-ahead projections, in addition to the week-ahead and day-ahead projections, to facilitate commitment decisions of trading participants.

Govt defends review of CEPNS scheme E

nergy Secretary Alfonso G. Cusi defended his agency’s decision to indefinitely suspend the issuance of Certificate of Energy Project of National Significance (CEPNS), saying the move will fast-track the development of power projects. “The review will not cause any delay but will expedite proceedings of energy projects,” said Cusi in a recent online press briefing. The Department of Energy (DOE) issued an advisory last December 10. The suspension is meant to give way

to a thorough evaluation of its effectiveness with respect to securing regulatory permits and licenses, endorsements and other requirements relevant to the timely development and completion of energy projects. The issuance of EPNS certificates is stipulated under Executive Order 30, which states that concerned government agencies shall act upon applications for permits not exceeding within a 30-day period. If no decision is made within the specified processing timeframe, the application is deemed

Delta Air CEO reiterates cash flow target

Tesla delivers 499,550 vehicles in 2020

elta Air Lines Inc.’s Chief Executive Officer Ed Bastian reiterated the carrier’s aim to achieve positive cash flow by the spring as it plans for a “year of recovery.” He warned that travel demand will remain “deeply depressed” initially, with the company’s focus on health and safety for passengers. A “significant” resumption of travel, particularly for business, will come when vaccines become widely available, he said in a memo marking the new year. “As difficult as 2020 was, in many ways I expect the next 12 months to be even more challenging,” he said, predicting that vaccinations will mark the turning point for the industry. “While I am optimistic this will be a year of recovery, the continued uncertainty of the pandemic means we’ll need to be nimble, ready to adjust our course and adapt to an everchanging environment.” Bastian last reiterated the spring target for cash flow on December 8. Delta shares dropped 31 percent in 2020, compared with the 16-percent gain in the S&P Index. The United States travel industry is preparing for a rebound in demand with the arrival of vaccines. After months of deep discounts— with hotels offering lavish perks and airlines dangling fares as low as $21 from New York to Florida—prices are set to make up at least part of the ground they lost. Bloomberg News

approved by the concerned agency. The Department of Energy (DOE) has so far certified 149 EPNS out of the 393 applications filed before the agency. Other applications were either denied or are still under evaluation. The total estimated investment cost for the 149 issued CEPNS amount to P794.52 billion, according to the latest data of the DOE. “We’re just evaluating what has happened, what positive impact did it do to increase capacity,” said Cusi. In parallel with the CEPNS pro-

cess evaluation, all applications will be automatically migrated to the Energy Virtual One-Stop Shop (EVOSS) System. “We have EVOSS already but it seems that they are not using it to expedite permitting and construction of the plant. So, we wondered why. So, we are looking at it now and evaluating it in coordination with other agencies,” explained Cusi. The DOE will issue a separate advisory once the suspension is lifted based on the results of the evaluation. Lenie Lectura

esla Inc. delivered a record number of cars worldwide in the fourth quarter of 2020, but fell just shy of a goal for 500,000 units for the full year. The electric-car maker delivered 180,570 vehicles in the last three months of the year, eclipsing its prior all-time high of 139,300 in the third quarter of 2020 while increasing 36 percent from 367,500 deliveries in 2019. The company has been ramping up output of its mass market models to meet rising global demand for battery-powered cars. The Palo Alto, California-based company said in a statement on Saturday its delivery count should be viewed as slightly conservative and final numbers could vary by up to 0.5 percent or more. The quarterly delivery figure is widely seen as a barometer of demand for both Tesla’s vehicles and consumer interest in electric vehicles worldwide. The result capped a remarkable year for Chief Executive Officer Elon Musk and his company, which joined the Standard & Poor’s 500 Index on Dec. 21 after posting five consecutive quarters of profit. The company’s shares rallied 743 percent last year.

‘Comfortably exceed’

Tesla had predicted in January 2020—before the onset of the coronavirus pandemic—it would “comfortably exceed” sales of half a million cars. The company said in October that it still expected to meet that target despite a temporary shutdown of its factories in the spring, and Musk signaled it was well within reach in a internal email sent to em-

Study: Retailers tap technology to adjust to new buying habits

etailers are offering new services and deploying technologies to adapt to the new ways employees must work and consumers do their shopping, revealed a new study. Fortinet surveyed retailers on latest business changes, challenges, and investment plans, including, telework, new technologies and integrations, compliance, the cybersecurity skills shortage, cloud security, and Software-Defined Wide Area Network (SD-WAN). Based on the results, 88 percent of the participants said they have added or expanded telework and 43 percent have included or widened e-commerce. In addition, 42 percent have added the ability to perform contactless transactions, 35 percent have incorporated new services, and nine percent have increased managed services. When retail firms suddenly shifted to telework due to the 2020 pandemic, a multitude of new attack vectors were opened up to security threats. Remote users created additional security requirements and showed different challenges than onsite workers. For the retail sector that usually does not have as many remote employees as other industries, implementing secure information technology (IT) infrastructures for a remote workforce was a “unique, but necessary task.” Integrating new technologies has been also crucial for retailers. For instance, the research indicated that contactless transactions (58 percent) had the biggest surge in deployments, followed by mobile applications (36 percent). Using tablets (22 percent), establishing kiosks (19 percent) and e-commerce portal (19 percent), point-of-sale networks (nine percent), and other services (eight percent) also serve as their way of serving customers during Covid-19. Since most transactions are done online during this crisis, strict standards are set for protecting customer credit card information that must still be adhered to regardless of any new approaches. Demonstrating compliance, like-

wise, becomes more time-consuming, especially as the shortage of skilled IT workers continues. The study noted that 44 percent of the respondents agreed that staffing was one of their biggest security challenges during Covid-19. Per the survey, however, retail organizations are using professional services (34.3 percent) and automating security functions (31.4 percent) to lessen the impact of the global skills gap on them. Some are also employing managed security service provider (25.7 percent), retraining (25.7 percent), and hiring consultants (22.9 percent), among others. According to the research, retailers are confronted by cloud-management problems—the biggest of which being the complexity of administration (43 percent), followed by cost (41 percent), with secure access and compliance tied for third (40 percent). Another finding is that more than half of retailers do not know who is responsible for public cloud security. The study indicated that 55 percent of participants did not fully understand that cloud security is a shared responsibility between provider and user. “A fast and scalable connectivity is what retailers need for seamless transactions to support sales, inventory, purchasing, and other activities. This is where SD-WAN comes in as it offers a more flexible approach to connectivity with faster performance and a lower total cost of ownership than traditional multi-protocol label switching connections,” Fortinet said. Fortinet said 74 percent of respondents rated security as “vital or very important reason” for deciding to deploy this solution. But the challenge facing them is that not every SD-WAN offering includes security integrated into the solution. “A secure SD-WAN that offers a full suite of integrated security services, as opposed to an overlay or purely external security offering, is necessary to efficiently and effectively reduce risk, provide business continuity, and allow for the greatest return on investment.” Roderick L. Abad

Tesla Inc. vehicles at the assembly plant in Fremont, California. Photographer: David Paul Morris/Bloomberg

ployees in December and viewed by Bloomberg. Analysts also predicted Tesla would meet its sales goal for the year, which further buoyed the company’s shares in the waning days of 2020. The surge, coming despite multiple share offerings, has vaulted Tesla’s valuation to an auto industry-leading $669 billion. The company undershot the 181,000-vehicle threshold it needed to clear in the most recent quarter, a 30-percent jump over the JulySeptember period. The push largely depended on increased output from its Chinese plant and higher output in the United States of the newest car in its lineup: the Model Y. On Saturday, Tesla said Model Y production in Shanghai has begun, with deliveries expected to

begin soon.

Quarter-end push

To capitalize on its head start, Tesla is building two new vehicle assembly operations—one in Berlin that could eventually assemble as many as 500,000 cars annually, and another in Austin, Texas, that will make the brand’s first pickup. Both are expected to start production later this year, joining its existing vehicle-assembly facilities in Fremont, California, and Shanghai. Once known for niche luxury models such as its S sedan and X sport utility vehicle, Tesla has broadened its appeal with the 3 and Y models priced to start below $50,000. Musk said in September that he plans to start sales of a cheaper $25,000 Tesla by 2023. Bloomberg News

ERC rejects FIT rate for ocean technology

he Energy Regulatory Commission (ERC) denied the petition filed by the National Renewable Energy Board (NREB) for feedin-tariff (FIT) for electricity generated from ocean energy resources. NREB is the body tasked by the Renewable Energy Act of 2008 to recommend policies, rules and standards to govern the implementation of the law, which granted fiscal and non-fiscal incentives to RE projects. The ERC instead directed NREB to file a separate petition for a new ocean FIT rate based on Tidal In-stream Energy Conversion Technology, which is the predominant Ocean Technology in the country. “Majority of ocean power projects awarded with service contracts by the Department of Energy [DOE] uses Tidal In-stream Energy Conversion. The Commission, therefore, found it reason-

able to use the said technology, instead of the Ocean Thermal Energy Conversion [OTEC], as the representative project for the determination of the FIT rate for Ocean Technology, pursuant to Section 5 of the FIT Rules,” ERC Chairperson Agnes VST Devanadera said. The ERC recognized that there is more information available on the tidal in-stream energy conversion technology which can be the basis for the calculation of the initial FIT for ocean energy, instead of OTEC whose operations have not yet reached commercial scale. The ERC previously deferred the approval of the FIT for ocean technology when it issued its decision on the FIT rates in 2012 because NREB proposed an OTEC as the representative project and there was no OTEC plant in commercial operation yet at that time, and only a handful of pilot projects have been launched in the world. Lenie Lectura

Companies BusinessMirror

Monday, January 4, 2021

PSE STOCK QUOTATIONS

December 29, 2020

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

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

42.7 106.8 81.35 24.9 10.78 49.05 11.6 29.35 53.65 101 18.88 133.8 71.9 0.86 31.7 0.63 3.99 1.66 0.37 760 0.66 153.7 1,965 1.04

44.9 106.9 81.9 24.95 10.8 49.2 12.8 29.5 54.6 120 19 134 71.95 0.91 34 0.72 4.09 1.68 0.375 810 0.67 153.9 2,000 1.1

43.35 104.5 81.45 24.75 10.64 49.25 11.6 29.55 53.05 101 18.9 135.3 71.9 0.99 32 0.67 4.24 1.85 0.38 820 0.68 153.6 1,965 1.1

44.9 107.6 82.45 25 10.86 49.45 12.8 29.95 54.6 120 19 135.3 71.9 1 34 0.72 4.24 1.85 0.38 820 0.68 154 2,044 1.1

42.5 104.5 81.2 24.75 10.64 49.05 11.12 29.25 53.05 101 18.88 133.5 71 0.9 31 0.66 3.9 1.61 0.37 820 0.61 153.5 1,965 1.04

44.9 106.8 81.35 24.95 10.8 49.05 12.8 29.35 54.6 120 18.88 134 71.9 0.91 34 0.72 4.08 1.68 0.375 820 0.67 153.9 2,000 1.04

23,400 2,768,820 2,363,730 53,400 972,200 2,710,400 110,000 209,800 11,700 9,860 44,000 1,032,530 53,190 223,000 26,900 727,000 330,000 812,000 1,640,000 30 418,000 5,600 25 5,000

1,014,405 294,847,331 193,322,485 1,329,055 10,429,316 133,415,050 1,371,100 6,179,890 633,105.50 1,151,016 833,060 138,679,070 3,794,558 204,250 869,215 509,890 1,325,080 1,357,320 611,100 24,600 272,630 859,721 50,045 5,320

69,130 58,894,692 -2,472,793.50 782,870 -1,451,124 -18,027,710 1,195,666 -854,880 -132,306 -28,569,755 237,499 -3,600 77,250 469,710 -

INDUSTRIAL AC ENERGY 8.99 9 8.1 9.05 8.1 9 54,844,400 480,598,219 1.35 1.36 1.31 1.36 1.25 1.36 6,619,000 8,548,600 ALSONS CONS ABOITIZ POWER 26.55 26.9 26.6 26.9 26.5 26.55 1,674,600 44,585,625 28.15 28.35 28.55 28.85 28.15 28.15 492,200 13,977,465 FIRST GEN FIRST PHIL HLDG 75.8 77 75.5 77.05 75.5 77 215,210 16,545,360.50 291.8 292 290 293 289 292 333,660 97,296,312 MERALCO MANILA WATER 15.52 15.98 15.6 15.98 15.48 15.98 1,477,200 23,189,358 PETRON 3.97 3.99 4 4 3.95 3.99 3,997,000 15,923,790 3.38 3.74 3.42 3.74 3.36 3.74 406,000 1,468,470 PETROENERGY PHX PETROLEUM 12.48 12.5 12.02 12.5 12 12.5 164,600 2,009,030 20.6 20.65 20.5 20.8 20.3 20.65 402,800 8,301,480 PILIPINAS SHELL SPC POWER 9.8 9.82 10.2 10.2 9.72 9.82 1,518,400 14,857,108 14 14.12 14.12 14.12 14.12 14.12 600 8,472 VIVANT AGRINURTURE 7.84 8 8.02 8.09 7.81 8 927,100 7,423,814 AXELUM 3.43 3.5 3.41 3.5 3.31 3.5 2,619,000 8,947,090 14.64 15 15.26 15.26 14.64 14.64 7,600 112,648 CNTRL AZUCARERA CENTURY FOOD 17.5 17.54 17.48 17.6 17.48 17.5 2,066,200 36,189,220 7.21 7.3 7.5 7.5 7.2 7.21 320,000 2,324,819 DEL MONTE DNL INDUS 7.66 7.7 7.32 7.7 7.31 7.7 5,326,600 40,250,936 10.08 10.1 9.91 10.1 9.91 10.1 9,229,900 92,254,081 EMPERADOR 67 67.45 68.5 68.5 65.8 67 212,700 14,243,249.50 SMC FOODANDBEV ALLIANCE SELECT 0.66 0.68 0.67 0.68 0.66 0.66 1,027,000 679,320 1.69 1.7 1.72 1.73 1.66 1.7 26,599,000 44,735,000 FRUITAS HLDG GINEBRA 49.4 49.95 50.4 50.4 49.4 49.4 78,730 3,919,812.50 195.2 196.1 193.4 197 193.3 195.2 702,460 137,468,293 JOLLIBEE LIBERTY FLOUR 38.6 38.65 40 40 38 38.6 11,800 455,910 8.31 8.86 8.31 8.86 8.31 8.86 1,200 10,082 MACAY HLDG 6.89 6.95 7.12 7.12 6.88 6.89 2,015,200 14,000,865 MAXS GROUP MG HLDG 0.218 0.219 0.226 0.226 0.212 0.219 15,560,000 3,405,200 7.65 7.7 7.72 8 7.7 7.7 779,700 6,064,157 SHAKEYS PIZZA ROXAS AND CO 1.29 1.3 1.34 1.34 1.28 1.29 10,839,000 13,997,980 4.55 4.74 4.52 4.55 4.52 4.55 34,000 153,770 RFM CORP ROXAS HLDG 1.63 1.81 1.64 1.81 1.64 1.81 216,000 384,340 0.122 0.128 0.125 0.128 0.122 0.128 1,290,000 159,420 SWIFT FOODS 152 152.5 149.1 152.8 149.1 152.5 856,180 129,873,734 UNIV ROBINA VITARICH 0.91 0.92 0.89 0.91 0.88 0.91 8,755,000 7,843,610 2.4 2.5 2.4 2.5 2.3 2.5 37,000 88,100 VICTORIAS CONCRETE A 53.55 54.9 54.95 55.85 53 53.55 3,500 193,208 55.2 60 60.2 60.2 55.2 60.1 210 12,461 CONCRETE B CEMEX HLDG 1.45 1.46 1.51 1.52 1.44 1.45 22,256,000 32,729,260 5.15 5.28 5.42 5.42 5.06 5.28 327,300 1,701,016 DAVINCI CAPITAL 14.36 14.48 14.5 14.62 14.24 14.48 103,600 1,491,714 EAGLE CEMENT EEI CORP 7.59 7.6 7.6 7.61 7.55 7.59 333,600 2,530,263 7.25 7.26 7.23 7.3 7.02 7.25 4,368,200 31,196,345 HOLCIM MEGAWIDE 7.94 7.95 7.97 7.98 7.9 7.94 5,654,100 44,814,809 9.7 10 10 10 9.55 10 75,100 749,990 PHINMA TKC METALS 0.94 0.97 0.92 0.98 0.92 0.97 119,000 112,140 1.04 1.05 1.2 1.21 1.03 1.05 14,493,000 15,767,220 VULCAN INDL 126.9 139.9 126.8 126.8 126.8 126.8 300 38,040 CHEMPHIL CROWN ASIA 1.87 1.88 1.82 1.87 1.82 1.87 160,000 297,780 2.33 2.34 2.39 2.39 2.31 2.34 874,000 2,035,040 EUROMED LMG CORP 4.44 4.87 4.52 4.52 4.45 4.45 259,000 1,155,890 4.43 4.53 4.53 4.53 4.53 4.53 4,000 18,120 MABUHAY VINYL PRYCE CORP 5 5.01 5 5.05 4.92 5.01 78,500 393,503 CONCEPCION 22.7 23.4 22.65 23.4 22.65 23.4 32,400 739,715 2.59 2.6 2.46 2.6 2.37 2.6 10,923,000 27,347,300 GREENERGY INTEGRATED MICR 9.1 9.12 9.45 9.45 9.1 9.1 1,135,600 10,448,474 1.19 1.2 1.2 1.21 1.15 1.2 1,531,000 1,811,620 IONICS PANASONIC 5.22 5.38 5.22 5.49 5.21 5.39 5,300 27,902 1.51 1.53 1.55 1.55 1.48 1.53 3,425,000 5,201,170 SFA SEMICON CIRTEK HLDG 6.64 6.68 6.62 6.74 6.51 6.64 4,499,700 29,687,035

10,727,585 85,800 -53,875 227,030 -12,672,535 25,984,198 9,341,932 -176,480 4,530 -4,078,045 83,689 29,883 -68,000 22,446,292 28,305,032 816,581 -2,882,583 -3,130,740 50,000 -28,621,342 19,025.00 331,102 17,200 1,395,148 73,650 -16,290 43,185,354 813,740 328,110 -196,208 130,982 36,490 10,333,288 4,165,524 1,000 338,000 209,440 -42,300 -190,740.00 465,910 -1,526,430 129,921.00 17,860 203,210 743,980

HOLDING & FRIMS ABACORE CAPITAL 0.63 0.64 0.64 0.67 0.62 0.64 50,903,000 32,327,500 10.02 10.36 10.44 10.46 9.97 10.38 95,300 981,557 ASIABEST GROUP AYALA CORP 827 830 817 837 817 827 264,770 218,967,865 47.1 47.25 46.8 47.4 46.05 47.25 1,092,300 51,527,735 ABOITIZ EQUITY ALLIANCE GLOBAL 10.6 10.68 10.76 10.8 10.6 10.6 9,935,400 106,274,060 3.39 3.4 3.36 3.47 3.33 3.4 4,300,000 14,532,570 AYALA LAND LOG ANSCOR 6.57 6.68 6.55 6.6 6.55 6.6 38,600 254,625 ANGLO PHIL HLDG 0.76 0.77 0.77 0.77 0.75 0.77 1,060,000 801,200 0.84 0.85 0.88 0.89 0.85 0.85 9,387,000 8,119,120 ATN HLDG A ATN HLDG B 0.85 0.89 0.88 0.9 0.88 0.88 122,000 107,400 5.65 5.68 5.69 5.72 5.64 5.65 2,167,000 12,263,767 COSCO CAPITAL DMCI HLDG 5.66 5.7 5.74 5.74 5.66 5.66 5,932,300 33,808,471 9.44 9.68 9.7 9.7 9.44 9.44 31,400 303,361 FILINVEST DEV FJ PRINCE A 3.03 3.48 2.9 2.99 2.9 2.99 290,000 865,920 0.204 0.225 0.202 0.225 0.202 0.225 170,000 34,570 FORUM PACIFIC 585 590 581 595 581 585 254,200 149,891,120 GT CAPITAL HOUSE OF INV 3.95 4.02 4.02 4.13 3.94 4.02 94,000 374,300 71.6 71.65 71.05 71.9 71.05 71.6 1,001,760 71,668,155.50 JG SUMMIT JOLLIVILLE HLDG 5.2 6.25 5.9 6.21 5.2 5.2 122,800 677,333 4.9 5.19 5 5.19 4.76 5.19 6,400 32,036 KEPPEL HLDG A 5.06 6.15 3.3 6.21 3.3 5.06 10,414,000 49,524,040 KEPPEL HLDG B LODESTAR 0.79 0.82 0.85 0.85 0.8 0.83 1,153,000 933,750 3.71 3.72 3.72 3.73 3.71 3.72 3,965,000 14,749,640 LOPEZ HLDG LT GROUP 13.1 13.2 13.1 13.4 12.98 13.1 1,850,900 24,266,170 0.52 0.54 0.54 0.54 0.52 0.54 163,000 85,280 MABUHAY HLDG METRO PAC INV 4.28 4.29 4.29 4.33 4.26 4.28 18,094,000 77,581,750 3.15 3.19 3.4 3.41 3.02 3.19 359,000 1,145,220 PACIFICA HLDG 0.85 0.86 0.9 0.9 0.86 0.86 392,000 344,230 PRIME MEDIA REPUBLIC GLASS 2.55 3.1 3.03 3.05 3.03 3.05 11,000 33,490 1.12 1.16 1.12 1.13 1.1 1.11 100,000 111,120 SOLID GROUP SYNERGY GRID 237 242 237 242 237 242 270 64,610 1,047 1,049 1,050 1,060 1,042 1,049 248,185 260,662,395 SM INVESTMENTS SAN MIGUEL CORP 128 128.1 128.9 129 128 128.1 183,190 23,518,036 0.71 0.76 0.73 0.76 0.72 0.76 404,000 303,350 SOC RESOURCES 1.85 2.1 1.86 1.86 1.85 1.85 27,000 50,050 SEAFRONT RES TOP FRONTIER 139.3 140 140 141 139.8 140 7,320 1,025,159 0.221 0.224 0.222 0.224 0.22 0.224 280,000 62,010 WELLEX INDUS ZEUS HLDG 0.179 0.184 0.183 0.184 0.177 0.184 1,640,000 294,670

922,180 3,000 24,769,715 29,224,840 -3,927,078 -28,900 148,400 3,611,090 -2,946,213 -38,147,900 -44,220.00 19,879,007.50 -12,390 -4,378,230 402,650 3,961,250 12,160 -45,072,810 -4,099,764 -

PROPERTY ARTHALAND CORP 0.63 0.65 0.62 0.65 0.62 0.65 962,000 607,730 7.85 8.15 8.18 8.18 8.15 8.15 4,200 34,341 ANCHOR LAND AYALA LAND 40.9 41 41.7 41.7 40.9 40.9 6,322,500 260,995,205 1.11 1.24 1.21 1.21 1.19 1.19 68,000 81,120 ARANETA PROP AREIT RT 29.25 29.35 29.3 29.35 28.9 29.35 655,900 19,138,025 1.71 1.72 1.72 1.72 1.68 1.71 291,000 492,970 BELLE CORP A BROWN 0.89 0.9 0.91 0.92 0.88 0.9 6,367,000 5,686,380 CROWN EQUITIES 0.146 0.148 0.15 0.15 0.14 0.146 5,910,000 870,550 5.53 5.9 5.52 5.9 5 5.9 572,100 3,029,393 CEBU HLDG CEB LANDMASTERS 5 5.05 5.01 5.05 4.99 5.05 1,623,000 8,164,005 0.445 0.45 0.46 0.46 0.45 0.45 17,090,000 7,718,800 CENTURY PROP CYBER BAY 0.325 0.33 0.34 0.345 0.325 0.33 7,410,000 2,476,850 14.88 14.9 14.92 15.1 14.8 14.9 2,330,200 34,723,192 DOUBLEDRAGON DM WENCESLAO 7.54 7.6 7.68 7.68 7.32 7.6 342,800 2,572,520 EMPIRE EAST 0.31 0.315 0.315 0.32 0.31 0.315 2,960,000 931,400 0.086 0.087 0.087 0.087 0.083 0.085 1,280,000 109,380 EVER GOTESCO FILINVEST LAND 1.12 1.13 1.11 1.13 1.11 1.12 14,288,000 15,918,460 0.91 0.92 0.93 0.93 0.92 0.92 1,578,000 1,457,520 GLOBAL ESTATE 8990 HLDG 8.02 8.15 8.24 8.24 8.24 8.24 6,700 55,208 1.41 1.42 1.39 1.44 1.38 1.41 6,487,000 9,110,740 PHIL INFRADEV 0.72 0.73 0.73 0.73 0.71 0.73 235,000 168,220 CITY AND LAND MEGAWORLD 4.07 4.08 3.94 4.08 3.91 4.08 30,936,000 125,163,530 0.58 0.59 0.55 0.59 0.52 0.59 259,576,000 143,681,930 MRC ALLIED PHIL ESTATES 0.385 0.425 0.385 0.425 0.38 0.425 220,000 86,500 1.5 1.53 1.5 1.55 1.48 1.5 844,000 1,272,620 PRIMEX CORP ROBINSONS LAND 21.05 21.2 20.6 21.4 20.45 21.2 5,605,600 118,626,160 0.305 0.33 0.305 0.33 0.305 0.33 1,390,000 431,350 PHIL REALTY 1.53 1.54 1.54 1.54 1.53 1.54 351,000 537,780 ROCKWELL SHANG PROP 2.67 2.71 2.71 2.71 2.71 2.71 9,000 24,390 1.97 1.98 1.96 1.99 1.93 1.98 479,000 930,880 STA LUCIA LAND SM PRIME HLDG 38.5 38.6 38.55 38.65 38.3 38.5 9,207,200 354,615,305 4.2 4.24 4.25 4.25 4.15 4.24 191,000 798,120 VISTAMALLS SUNTRUST HOME 1.67 1.7 1.67 1.76 1.65 1.67 3,025,000 5,042,940 4.65 4.68 4.56 4.68 4.56 4.68 7,343,000 34,201,570 VISTA LAND

75,400 10,206,450 -6,478,070 -13,530 472,000 -2,686,550 27,100 67,000 -4,178,898 14,900 50,250 -503,550 1,415,320.00 26,710 -17,799,940 9,116,560 22,640,995 7,700 5,420 9,700 6,558,930.00 36,950 -401,520

SERVICES ABS CBN 11.68 11.74 11.66 11.74 11.66 11.68 264,600 3,095,660 6 6.01 5.92 6.02 5.91 6 1,082,200 6,484,778 GMA NETWORK MANILA BULLETIN 0.445 0.45 0.445 0.445 0.445 0.445 360,000 160,200 10.8 11.6 11.6 11.6 11.6 11.6 100 1,160 MLA BRDCASTING GLOBE TELECOM 2,030 2,040 2,032 2,042 2,022 2,030 42,755 86,847,190 1,339 1,340 1,340 1,349 1,340 1,340 157,525 211,525,255 PLDT APOLLO GLOBAL 0.128 0.129 0.129 0.144 0.124 0.128 3,239,380,000 434,248,530 CONVERGE 14.9 14.98 15.2 15.24 14.9 14.9 4,100,700 61,587,440 5.15 5.27 5.05 5.3 5.05 5.15 327,300 1,723,702 DFNN INC DITO CME HLDG 10.9 10.96 10 11.52 10 10.9 257,080,800 2,762,857,934 1.6 1.67 1.6 1.68 1.58 1.67 152,000 243,920 IMPERIAL ISLAND INFO 0.123 0.125 0.12 0.125 0.12 0.123 5,470,000 668,290 2 2.11 2 2.2 2 2.11 126,000 260,560 JACKSTONES NOW CORP 4.33 4.42 4.64 4.65 4.2 4.33 42,334,000 185,083,260 TRANSPACIFIC BR 0.335 0.34 0.35 0.355 0.33 0.335 33,870,000 11,526,050 2.89 2.9 2.91 2.91 2.84 2.89 2,603,000 7,447,580 PHILWEB 2GO GROUP 8.3 8.48 8.5 8.5 8.25 8.3 84,200 700,227 15.38 15.58 15.42 15.58 15.4 15.58 11,400 176,498 ASIAN TERMINALS CHELSEA 5.2 5.21 5.3 5.39 5.1 5.21 10,489,500 55,085,253 50.5 50.75 50.4 50.75 49.5 50.5 847,090 42,585,681 CEBU AIR 123.3 123.5 122 124.4 122 123.5 652,870 80,666,831 INTL CONTAINER LBC EXPRESS 15.48 15.5 15.58 15.94 15.48 15.48 22,200 345,124 0.96 1.01 0.97 1.01 0.96 1.01 89,000 85,630 LORENZO SHIPPNG MACROASIA 6.79 6.8 6.65 6.99 6.6 6.8 6,362,000 43,204,454 1.85 1.87 1.95 1.95 1.8 1.87 1,774,000 3,285,030 METROALLIANCE A METROALLIANCE B 1.76 1.99 1.93 1.93 1.93 1.93 20,000 38,600 6.55 6.56 6.7 6.7 6.52 6.55 95,500 627,079 PAL HLDG 1.54 1.55 1.5 1.56 1.5 1.55 2,533,000 3,878,980 HARBOR STAR ACESITE HOTEL 1.38 1.47 1.44 1.48 1.4 1.48 109,000 152,800 0.039 0.04 0.038 0.04 0.038 0.039 71,700,000 2,784,700 BOULEVARD HLDG DISCOVERY WORLD 2.39 2.6 2.34 2.6 2.34 2.6 155,000 385,990 0.57 0.58 0.59 0.6 0.56 0.58 10,764,000 6,221,200 WATERFRONT CENTRO ESCOLAR 6.9 7 6.92 6.92 6.9 6.9 2,000 13,838 581.5 630 581.5 630 581.5 630 6,360 4,006,315 FAR EASTERN U 9 9.79 9 9 9 9 3,300 29,700 IPEOPLE STI HLDG 0.465 0.47 0.47 0.47 0.465 0.465 7,180,000 3,347,000 6 6.05 5.9 6.12 5.9 6 3,626,900 21,824,400 BERJAYA BLOOMBERRY 8.11 8.18 8.2 8.25 8.11 8.11 2,136,700 17,464,511 2.1 2.11 2.08 2.11 2.05 2.11 76,000 158,580 PACIFIC ONLINE LEISURE AND RES 1.9 1.92 1.91 1.98 1.86 1.92 836,000 1,581,230 MANILA JOCKEY 2.31 2.35 2.31 2.31 2.31 2.31 9,000 20,790 2.8 2.81 2.72 2.83 2.67 2.81 23,370,000 64,173,550 PH RESORTS GRP PREMIUM LEISURE 0.44 0.45 0.46 0.46 0.44 0.445 18,800,000 8,392,900 7.39 7.4 6.7 7.4 6.7 7.4 41,800 295,579 PHIL RACING ALLHOME 9 9.15 8.7 9.15 8.68 9.15 4,296,600 38,851,433 1.5 1.54 1.53 1.56 1.44 1.5 8,682,000 12,857,770 METRO RETAIL PUREGOLD 41 41.1 41.5 41.5 40.9 41 1,438,400 59,076,030 ROBINSONS RTL 65 66 66 66.65 65 65 599,370 39,194,542 116.1 119.8 118 119.8 118 119.8 39,110 4,669,707 PHIL SEVEN CORP SSI GROUP 1.49 1.5 1.54 1.54 1.47 1.49 8,572,000 12,767,740 16.9 16.96 17.06 17.2 16.9 16.9 4,557,400 77,408,562 WILCON DEPOT APC GROUP 0.405 0.41 0.405 0.435 0.395 0.405 8,430,000 3,438,400 6.88 7 7.29 7.29 6.81 6.86 183,100 1,290,924 EASYCALL GOLDEN BRIA 440 441 455 455 440.2 441 2,260 996,768 7.65 7.95 5.89 8 5.89 7.95 230,200 1,546,760 IPM HLDG 1.09 1.1 1.01 1.13 0.97 1.1 210,542,000 221,342,140 PRMIERE HORIZON SBS PHIL CORP 5.11 5.6 5.5 5.6 5.1 5.6 572,100 2,970,216

16,930,770 -33,488,080 -11,759,860 2,249,658 403,702 26,309,372 3,180 -23,368,440 461,500 49,300 4,150 77,900 -154,233 2,452,867.50 -6,212,923 2,811,383 26,390 10,570 145,190 -13,838 -144,300 -1,632,477 34,020 -614,900 -1,118,750 2,010 21,672,309 -642,590 -17,685,640 10,909,033.50 1,192,895 413,260 6,915,026.00 1,319,185 536,830 -

MINING & OIL ATOK 7.81 8.04 7.91 8.39 7.8 7.99 150,300 1,196,844 APEX MINING 1.72 1.73 1.74 1.75 1.71 1.73 3,877,000 6,660,130 -44,520 0.0029 0.003 0.0036 0.0039 0.0029 0.0029 89,845,000,000 301,270,600 -516,500 ABRA MINING ATLAS MINING 6.45 6.46 6.41 6.57 6.4 6.46 381,500 2,466,881 100,450 3.05 3.1 3.1 3.1 3.05 3.1 86,000 263,100 BENGUET A BENGUET B 3 3.08 3 3 3 3 2,000 6,000 0.275 0.29 0.29 0.29 0.275 0.29 1,220,000 343,000 2,800 COAL ASIA HLDG 2.93 2.94 2.7 2.98 2.66 2.94 3,652,000 10,233,030 5,082,490 CENTURY PEAK DIZON MINES 8 8.19 8.03 8.26 8.01 8.22 2,400 19,328 2.71 2.72 2.66 2.74 2.64 2.72 150,745,000 399,792,470 2,552,000 FERRONICKEL GEOGRACE 0.28 0.285 0.29 0.29 0.28 0.285 230,000 64,850 0.156 0.16 0.16 0.16 0.151 0.16 48,190,000 7,505,040 LEPANTO A LEPANTO B 0.157 0.16 0.16 0.16 0.156 0.156 380,000 59,320 0.01 0.011 0.01 0.01 0.0099 0.01 84,100,000 840,000 MANILA MINING A 0.011 0.012 0.012 0.012 0.011 0.011 49,400,000 550,300 MANILA MINING B MARCVENTURES 1.45 1.46 1.5 1.53 1.42 1.46 5,520,000 8,135,430 760,460 3.01 3.03 3.05 3.1 3.01 3.02 604,000 1,832,070 NIHAO NICKEL ASIA 5.5 5.6 5.24 5.6 5.24 5.6 28,445,900 155,815,625 34,865,782 0.375 0.385 0.38 0.38 0.375 0.375 740,000 279,850 OMICO CORP 0.79 0.81 0.81 0.81 0.78 0.81 2,385,000 1,906,420 ORNTL PENINSULA PX MINING 4.95 4.97 5.05 5.05 4.9 4.95 3,099,200 15,373,760 -153,879 13.76 13.78 13.82 14.22 13.78 13.78 2,903,500 40,518,698 12,197,074 SEMIRARA MINING UNITED PARAGON 0.0057 0.0063 0.0058 0.0059 0.0057 0.0058 24,000,000 139,300 11.24 11.5 11 11.7 10.8 11.5 489,600 5,501,014 131,040 ACE ENEXOR ORNTL PETROL A 0.012 0.013 0.012 0.013 0.011 0.013 400,800,000 4,697,700 0.012 0.013 0.012 0.012 0.012 0.012 316,900,000 3,802,800 -3,600 ORNTL PETROL B 0.01 0.011 0.011 0.011 0.01 0.011 133,800,000 1,411,400 PHILODRILL PXP ENERGY 11 11.02 11 11.2 10.84 11 1,586,600 17,442,836 PREFFERED HOUSE PREF A 100.1 102 102 102 102 102 1,010 103,020 515.5 519.5 520 520 520 520 530 275,600 AC PREF B1 ALCO PREF C 102.1 110 110 110 110 110 20 2,200 499.2 516 522 522 495 515.5 130,810 67,321,390 AC PREF B2R CPG PREF A 102 106.9 105 110 105 110 890 96,000 101.5 102.6 102.6 102.6 102.4 102.6 250 25,620 DD PREF GLO PREF P 517 518.5 517 517 517 517 4,020 2,078,340 1,010 1,046 1,000 1,000 1,000 1,000 1,000 1,000,000 GTCAP PREF A 1,029 1,030 1,030 1,030 1,030 1,030 20 20,600 GTCAP PREF B MWIDE PREF 101.3 101.5 101.5 101.5 100.5 100.5 1,500 151,750 100 100.9 100 100 100 100 500 50,000 MWIDE PREF 2A MWIDE PREF 2B 99.7 100.9 99.8 100.9 99.8 100.9 56,940 5,715,633 102.5 103.6 102.3 103.6 102.3 103.6 2,250 231,540 10,230 PNX PREF 3B PNX PREF 4 1,002 1,007 1,009 1,009 1,002 1,007 1,280 1,285,190 1,011 1,029 1,020 1,029 1,005 1,029 130 133,125 PCOR PREF 2B 1,010 1,074 1,069 1,074 1,010 1,010 14,245 14,465,250 PCOR PREF 3A PCOR PREF 3B 1,080 1,114 1,080 1,120 1,080 1,114 1,055 1,141,365 1.6 1.86 1.61 1.61 1.5 1.6 51,000 79,380 1,540 SFI PREF SMC PREF 2C 78 78.25 78 78.25 78 78 15,770 1,230,280 76 77.7 77 77.1 75.4 75.4 18,480 1,408,907 SMC PREF 2E 77.1 77.3 77.5 77.5 77.3 77.3 1,450 112,335 SMC PREF 2F SMC PREF 2G 75.5 76 75.8 75.8 75.8 75.8 1,000 75,800 75.65 77.95 77 78 75.65 78 11,980 929,462 SMC PREF 2H SMC PREF 2J 75.15 76 75.4 76 75.1 76 22,020 1,653,862 75.15 75.5 75.1 76 75.1 75.5 10,410 785,327.50 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.6 13 11.9 12.6 11.9 12.6 55,400 682,816 481,706 5.95 5.98 5.85 5.99 5.85 5.95 1,749,200 10,415,860 -1,606,336 GMA HLDG PDR WARRANTS LR WARRANT 1.02 1.05 1.02 1.1 1 1.02 277,000 279,900 2,000 SMALL & MEDIUM ENTERPRISES ALTUS PROP 12.38 12.4 12.6 12.7 12.3 12.4 334,100 4,159,364 3.18 3.19 3.02 3.18 3.01 3.18 4,323,000 13,351,710 -887,230 ITALPINAS KEPWEALTH 6.1 6.19 6.4 6.4 6 6.1 147,100 893,753 2.51 2.7 2.7 2.7 2.7 2.7 11,000 29,700 MAKATI FINANCE MERRYMART 6.18 6.19 5.92 6.47 5.92 6.18 69,269,200 432,238,340 -207,354 EXHANGE TRADE FUNDS FIRST METRO ETF 107.8 108 107.4 108.4 107.4 108 25,950 2,803,375 -262,597

www.businessmirror.com.ph

PayMaya: More local firms tapping app for payments

By Lorenz S. Marasigan

@lorenzmarasigan

he enterprise arm of financial technology (fintech) player PayMaya has enabled more businesses to accept and offer digital payments to their customers, helping merchants to digitalize their businesses amid the pandemic. PayMaya President Shailesh Baidwan said his group has helped businesses of varying sizes to provide customers with digital payment options, as they have decided to “focus” on online deliveries instead of physical operations.

Baidwan said as of end-November, the number of merchants onboarded and using various PayMaya digital payment acceptance solutions have increased by 1,500 percent, “signifying an exponential shift in the way merchants are conducting their busi-

STOCK-MARKET OUTLOOK Last week

Share prices fell during the last two trading days of 2020, but the main index closed at the 7,100-point level. The benchmark Philippine Stock Exchange index (PSEi) declined by 64.67 points to close 2020 at 7,139.71 points. The PSEi climbed 54 percent from its lowest closing level in 2020 of 4,623.42 on March 19. However, the main index is still down by 8 percent year-on-year. “This year is truly unprecedented for the stock market with the circuit breaker triggered three times and with the PSEi recording its steepest intraday drop in PSE history. The main index may have failed to return to pre-pandemic levels but it’s good to see that it managed to stay above the 7,100 level,” PSE President and CEO Ramon S. Monzon said. “It is tempting to write off 2020 but we cannot disregard the achievements accomplished this year. We had the listing of the first Real Estate Investment Trust after more than a decade-long wait. Even with the pandemic, we had a decent capital raising pipeline, including the listing of the biggest IPO [initial public offering] ever in the history of PSE. Our trading system was up 100 percent during the enhanced community quarantine period when we had to close the trading floor,” Monzon said in his message during the ceremonies for the last trading day of 2020. Trading was heavy, with an average of P9.28 billion, but foreign investors were net sellers at P10.78 million. For the year, foreign investors were net sellers at P128.65 billion. Other subindices ended the year mostly down led by the All Shares index that fell 21.84 points to close at 4,272.61 points, the Financials index declined 20.32 to 1,447.64, the Industrial index rose 73.24 to 9,393.42, the Holding Firms index shed 93.42 to 7,354.65, the Property index lost 29.58 to 3,664.47, the Services index was down 12.34 to 1,514.09 and the Mining and Oil index climbed 241.43 to 9,528.15. For the week, losers edged gainers 157 to 71 and 23 shares were unchanged. Top gainers were IPM Holdings Inc., Apollo Global Capital Inc., DITO CME Holdings Corp., AC Energy Philippines Inc., Philippine Trust Co. and First Abacus Financial Holdings Corp. Top losers were Vulcan Industrial and Mining Corp., Millennium Global Holdings Inc., APC Group Inc., Pacifica Holdings Inc., Now Corp. and Kepwealth Property Phils. Inc.

This week

Share prices may move sideways for the first full trading week of the year as many investors may still be on a holiday mood, while weighing the prospects for the New Year. “Economic recovery hopes fueled by the timely signing of the 2021 national budget, eased monetary policy, and positive business and consumer sentiment towards the succeeding months as per the BSP’s [Bangko Sentral ng Pilipinas] latest survey could encourage buying in the market this week,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said. He said stories that would point to a sooner availability of the Covid-19 vaccine in the Philippines may provide further boost, but the new coronavirus variant and its spread to other countries may continue to weigh on investor sentiment. Christopher Mangun, research head at AAA Securities Inc., said there is a possibility that the PSEi will move sideways between support at 7,000 and resistance at 7,300. “Optimism of going into the new year may result to higher volatility for blue chips and the market resuming its uptrend. The government has already announced that it will be keeping restrictions the same until the end of January as it believes that current testing and quarantine policies are sufficient to handle the potentially mare dangerous mutation,” he said. “The market is still trading on the sentiment and investors may maximize the opportunity to try and make money before something negative actually takes place.”

Stock picks

Broker Regina Capital Development Corp. gave a hold recommendation on the stock of ABS-CBN Corp. as its television franchise is still nowhere near being renewed. “Without the franchise, ABS needs to look for ways to make up for the lost advertising revenues. This made us issue a hold recommendation on ABS with a target of P11.30 apiece as the upside potential with the current market action is not that attractive anymore,” the broker said. The broker said the lack of a franchise would dent its profitability for 2020 through 2022 unless it gets back its franchise to ramp up its biggest cash generating segment. “Margin contraction would be mainly driven by the decline in revenue contribution from its media, network and studio entertainment, specifically sourced from TV advertisements. But the drop on the margin would be slower beyond 2020, assuming digital and interactive media gets to lure advertisers in,” it said. ABS-CBN shares closed last Tuesday at P11.68 apiece. Meanwhile, the broker gave a buy recommendation on the stock of Concepcion Industrial Corp. as it will likely be able to maintain its market leadership in both the air conditioner and refrigerator market due to low market penetration amid the pandemic. The broker, however, gave a lower target price on the stock at P31 per share as it factored in the impact of the pandemic. Shares of Concepcion Industrial closed last week at P23.40 apiece. VG Cabuag

ness amid the pandemic.” “Our broadest range of relevant digital payment solutions for businesses of all sizes, coupled with fast and seamless onboarding, means it’s easier than ever for businesses to accept cashless payments within minutes,” he added. In late last year, PayMaya introduced PayMaya Negosyo, a program that assists micro, small, and medium enterprises in taking the digital shift, providing them with digital payment tools, such as Payment Links, Digital QR, and PayMaya Checkout Gateway, among others. These tools allow merchants to accept cashless payments and even generate new income streams. Meanwhile, large enterprises in the restaurant, groceries, pharmacy, transportation, and petroleum industries, among others,

mutual funds

have accelerated their adoption of cashless payments acceptance using PayMaya QR and the PayMaya One terminal. PayMaya said it has also enabled businesses to settle their permits, social security contributions, and tax dues as agencies such as the Bureau of Internal Revenue (BIR), Securities and Exchange Commission (SEC), Department of Trade and Industry, Social Security System (SSS), and PAG-IBIG Fund using the PayMaya app. Backed by several foreign investment and tech giants and led by PLDT Inc., PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cut across consumers, merchants, communities, and government. It currently has a consumer base of 28 million users.

December 29, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 226.81 -10.37% -8.12% -1.69% -9.94% ATRAM Alpha Opportunity Fund, Inc. -a 1.309 -5.03% -6.54% 2.28% -5.28% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1282 -15.35% -11.92% -3.11% -14.95% Climbs Share Capital Equity Investment Fund Corp. -a 0.8009 -11.3% -7.65% n.a. -10.81% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7415 -13.08% n.a. n.a. -12.69% -7.72% -6.25% -1.35% -7.43% First Metro Save and Learn Equity Fund,Inc. -a 4.9323 First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7591 -11.39% -8.45% n.a. -11.07% MBG Equity Investment Fund, Inc. -a 100.72 -2.6% n.a. n.a. -2.42% PAMI Equity Index Fund, Inc. -a 46.7361 -9.21% -6.02% -0.04% -8.86% Philam Strategic Growth Fund, Inc. -a 488.09 -8.76% -6.02% -0.75% -8.39% Philequity Alpha One Fund, Inc. -a,d,5 1.0815 5.38% n.a. n.a. 4.99% Philequity Dividend Yield Fund, Inc. -a 1.1624 -10.02% -6.01% -0.24% -9.67% Philequity Fund, Inc. -a 34.5984 -9.07% -5.5% 0.4% -8.7% Philequity MSCI Philippine Index Fund, Inc. -a 0.9098 -10.96% n.a. n.a. -10.64% Philequity PSE Index Fund Inc. -a 4.7806 -8.81% -5.47% 0.65% -8.48% Philippine Stock Index Fund Corp. -a 799.72 -8.61% -5.35% 0.54% -8.29% Soldivo Strategic Growth Fund, Inc. -a 0.7186 -15.93% -9.39% -3.47% -15.6% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6205 -14.4% -7.47% -1.18% -13.98% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9156 -8.84% -5.66% 0.43% -8.51% United Fund, Inc. -a 3.3162 -9.66% -4.9% 1.04% -9.22% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 107.2957 -8.56% -5.12% 1.29% -8.26% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.1857 15.85% 2.65% 5.81% 15.3% Sun Life Prosperity World Voyager Fund, Inc. -a $1.6693 21.75% 9.75% n.a. 21.08% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6659 6.32% -3.6% -0.89% 6.6% ATRAM Philippine Balanced Fund, Inc. -a 2.2794 4.24% -2.4% 1.3% 4.51% First Metro Save and Learn Balanced Fund Inc. -a 2.6236 -0.49% -1.7% -0.49% -0.3% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1983 -13.89% n.a. n.a. -13.22% NCM Mutual Fund of the Phils., Inc. -a 1.964 0.05% -0.34% 1.86% 0.12% PAMI Horizon Fund, Inc. -a 3.7835 -0.39% -1.12% 1.19% -0.15% Philam Fund, Inc. -a 16.9134 -0.52% -1.22% 1.11% -0.28% Solidaritas Fund, Inc. -a 2.0928 -1.97% -2.26% 0.89% -1.38% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5636 -8.02% -3.71% -0.2% -7.76% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.0215 0.33% n.a. n.a. 0.57% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9474 -5.14% n.a. n.a. -4.92% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9312 -6.48% n.a. n.a. -6.24% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8873 -9.34% -4.45% -0.91% -8.98% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03914 2.54% 2.8% 2.03% 2.46% PAMI Asia Balanced Fund, Inc. -b $1.1426 10.65% 2.94% 5.22% 12.91% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5018 15.59% 7.26% 7.65% 15.11% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1996 6.65% 3.45% n.a. 6.28% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.03 3.69% 3.26% 2.83% 3.66% ATRAM Corporate Bond Fund, Inc. -a 1.9001 -0.07% 0.03% 0.03% -0.1% Cocolife Fixed Income Fund, Inc. -a 3.2137 3.2% 4.48% 4.8% 3.07% Ekklesia Mutual Fund Inc. -a 2.2964 3.27% 2.97% 2.41% 3.28% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4527 3.98% 3.45% 2.16% 3.97% Philam Bond Fund, Inc. -a 4.6317 5.94% 4.56% 3.07% 5.92% Philam Managed Income Fund, Inc. -a,6 1.321 5.15% 4.51% 2.68% 5.12% Philequity Peso Bond Fund, Inc. -a 4.0005 5.93% 4.51% 2.84% 5.6% 4.1% 2.58% 8.01% Soldivo Bond Fund, Inc. -a 1.0415 8.05% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2003 4.07% 4.82% 3.44% 4.05% Sun Life Prosperity GS Fund, Inc. -a 1.754 3.11% 4.22% 2.86% 3.11% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $483.78 3.37% 2.77% 2.95% 3.29% ALFM Euro Bond Fund, Inc. -a Є219.15 -0.25% 0.82% 1.24% -0.29% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2804 6.14% 4.11% 3.2% 6.06% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0266 3.1% 2.09% 1.83% 3.1% PAMI Global Bond Fund, Inc -b $1.0929 -0.01% 0.56% 0.81% -0.06% Philam Dollar Bond Fund, Inc. -a $2.5341 5.5% 4.04% 3.75% 5.43% Philequity Dollar Income Fund Inc. -a $0.0624115 3.42% 2.82% 2.39% 3.5% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2225 1.6% 2.28% 2.58% 1.49% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.8 3.2% 3.35% 2.59% 3.16% First Metro Save and Learn Money Market Fund, Inc. -a 1.048 1.76% n.a. n.a. 2.11% 2.56% 2.98% 2.61% 2.49% Sun Life Prosperity Money Market Fund, Inc. -a 1.2965 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0524 1.48% 1.76% n.a. 1.36% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.114 n.a. n.a. n.a. n.a. Primarily invested in foreign currency securities -1.01% n.a. n.a. -1.01% ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.98 a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

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Banking&Finance BusinessMirror

EXCLUSIVE

Fintech firm to expand deferred-payment tack By Tyrone Jasper C. Piad @Tyronepiad

INANCIAL technology (fintech) player First Digital Finance Corp. (FDFC) is set to expand its “buy now, pay later” scheme this year through more partnerships with e-commerce firms. “Our focus for 2021 is scaling up our ‘buy now, pay later’ partnerships,” an FDFC executive told the BusinessMirror. While Filipinos are familiar with installment plans when purchasing items, FDFC said some are still not fully convinced to use traditional solutions. “Many Filipinos are really familiar with installment plans and expect the same when they buy online,” the firm’s email reply to BusinessMirror said. “But traditional first solutions are often cumbersome or perceived as risk—for example many customers are still reluctant to enter their credit card details online.” With this, “Billease,” one of the digital platforms operated by FDFC, is seen addressing the concern as it offers custom-built credit offering to help online merchants. The digital credit app teamed up with several e-commerce firms including DragonPay, Shopify, Magento, Prestashop and WooCommerce last year to launch an installment payment scheme. “On top of e-commerce players, the pandemic has pushed most traditional mall merchants to also double down on their online offering,” the company said in its email to the BusinessMirror. “Their customers are already used to the convenience of paying in installments so it’s a natural extension to also offer that online.”

This year, the FDFC is eyeing to at least double the transactions and credit disbursal for “Billease,” driven by its partner merchants. As lockdown measures against the pandemic caused a business slump, the FDFC observed that customers find it more challenging to meet their payment deadlines due to cash flow constraints. The firm, however, said that “many customers can recover once they find their footing” given that their “loan sizes are relatively modest.” “While we have seen some increase in customers who have cash flow issues due reduced work hours or even lost their jobs, most are still willing once they resolve their issues as they value the relationship we have with them. So as much as possible we work with customers to cure their accounts,” the FDFC told the BusinessMirror. Still, the firm is seeing a gradual economic recovery for 2021, which can impact credit quality and approval rates. Apart from having new merchant partners, the FDFC said it will be launching a loyalty program for customers this year. This, as it continuously works on improving user experience and further automating approval processes. The FDFC also operates “Balikbayad,” which offers loans for overseas Filipino workers (OFWs) and seamen. The amount of borrowings to be extended to this segment depends on the OFW deployments, the firm explained. “It really depends on how fast the pandemic gets under control in the host countries and therefore deployments rebound,” the FDFC told the BusinessMirror.

Regulator approves a lower feed-in tariff allowance

HE Energy Regulatory Commission approved with modification, the application of the National Transmission Corp. (TransCo) for the approval of the Feed-in Tariff Allowance (FIT-All) for Calendar Year 2020. In its Decision, the ERC authorized TransCo to collect a FIT-All equivalent to P0.0983 per kilowatt-hour (kWh) effective in the next billing cycle. “The ERC-approved FIT-All for Calendar Year 2020 in the amount of P0.0983/kWh is lower by P0.1295/ kWh as compared to TransCo’s proposed rate of P0.2278/kWh,” ERC Chairman and CEO Agnes VST Devanadera said. “We came up with a lower FIT-All rate in view of the fact that the Commission used some actual figures as bases in our computations, among others.” The ERC’s calculation resulted to a lower FIT-All rate vis-à-vis TransCo’s proposed rate in view of the variance in the computation of FIT-All components particularly the following: FIT Differential; working capital allowance; administration allowance; disbursement allowance; and, forecast national sales. Specifically, the following parameters under the FIT Differential mainly contributed to the significant difference on ERC’s calculation to TransCo’s capacity under FIT (MW); forecasted generation for 2020; forecast cost recovery rate (FCRR); and, amount of over-recoveries. TransCo used the FIT-eligible capacity of 1,375.78 MW from the list of DOE as of July 2019 whereas the ERC used the DOE list with Certificate of Endorsement as of December 31, 2019. Further, TransCo forecasted the generation for 2020 at 4,098,632,000 kWh; the ERC used the combination of actual generation from January to March 2020 and forecasted generation from April to December 2020, equivalent to 3,414,953,807.2 kWh.

On the FCRR, TransCo used the 36-month load weighted average price for Luzon and Visayas for the period April 2016 to March 2019 and used the blended generation rates for Mindanao. The ERC used the combination of actual cost recovery rate for January 1 to March 31, 2020 and the FCRR from April 1 to December 31, 2020. Furthermore, TransCo also included the over-recovery amount of P3.5 billion while the ERC made use of the amount of P7.3 billion as of May 5, 2020. In its decision, the ERC also directed TransCo, the distribution utilities (DUs), retail electricity suppliers, the National Grid Corp. of the Philippines and the Philippine Electricity Market Corp. to make available their records to the Commission, pertinent to the implementation of the FIT-All as part of the FIT-All audit that shall be immediately undertaken by the Commission. Furthermore, TransCo must ensure that the FIT-All Fund and its sub-accounts operate as intended, as stated in the FIT-All Guidelines. It must also provide the Commission with an update or report on the status of drawn or borrowed amount from the FIT differential account and payments made thereto within 30 days from receipt of the Commission’s decision. “The implementation of the FIT has increased supply of renewable energy by 1,262.491MW as of December 28, 2020,” Devanadera added. “We have witnessed the reduction in the price of electricity in the WESM [wholesale electricity spot market] because of the entry of this additional renewable energy capacity as a result of the merit order effect. The FIT-All collection ensures not just the sustainability of this additional capacity, but also attracts additional investments for a clean and sustainable energy industry.” Lenie Lectura

Monday, January 4, 2021

LandBank, PhilHealth given lion’s share of govt subsidies

By Bernadette D. Nicolas

@BNicolasBM

TATE-run Landbank of the Philippines and the Philippine Health Insurance Corp. (PhilHealth) received majority of the subsidies given by the national government in November last year. To note, the total subsidies received by state-run firms like LandBank and PhilHealth from the national government nearly doubled in November compared to the same month in 2019. Latest data from the Bureau of the Treasury showed governmentowned and -controlled corporations (GOCCs) got P22.783 billion

in November, a 92.83-percent jump from P11.815 billion in the previous year. From January to November,

total subsidies to GOCCs reached P228.7 billion, further exceeding the amount disbursed for the entire 2019 at P201.524 billion. The 11-month subsidies were also up by 29.85 percent from P176.122 billion in the same period in 2019. To recall, subsidies released by the government to GOCCs for the January to October period amounted to P205.917 billion, already surpassing the total for 2019. The national government provides subsidies to state-run firms to fund operations not covered by corporate revenues or to finance specific programs or projects. For November alone, other government corporations cornered the biggest share of subsidies at P10.184 billion followed by government financial institutions (P10 billion) and major non-financial government corporations (P2.599 billion). The LandBank got the biggest share of subsidies for the same month at P10 billion followed by the

DBP OKs ₧416-M credit line for offshore miner

TATE-owned Development Bank of the Philippines (DBP) approved a P416-million credit line to the country’s first large-scale offshore mining company to boost the local production efficiency of iron ore and meet the expected higher demand for the mineral. In a statement, DBP President and CEO Emmanuel G. Herbosa said the bank’s assistance to JDVC Resources Corp. is in line with their aim “to support businesses that are commercially-viable yet ecologically sound to deliver and usher in further economic growth in the country.” “We are confident about the long-term economic benefits that may be reaped from this notable project that will buttress the growth of the local steel industry,” Herbosa was quoted in the statement as saying. “Rest assured that DBP will continue ensuring that its funded projects are always vetted in terms of potential environmental and economic impacts.” The JDVC is the country’s first

large-scale offshore iron sand (Fe3O4) mining company operating in Cagayan province. It holds a 25-year Mineral Production Sharing Agreement with the national government for a mining concession and commercial extraction of minerals such as magnetite iron sand, titanium, vanadium and other valuable minerals. Unlike onshore mining that involves heavy earth movements, offshore mining makes use of an environmentally-safe and ecologically-balanced siphoning vessel with advanced technology system for mining minerals under the sea. Moreover, Herbosa said JDVC is the first firm to be granted a Declaration of Mining Project Feasibility by the Department of Environment and Natural Resources. The declaration authorizes the extraction and commercial disposition of magnetite sand and associated minerals in an initial area of over 1,902 hectares in Cagayan. Bernadette D. Nicolas

ING Bank to expand services, loan products

NG Bank NV Philippines is gearing up to provide loan products this year, expanding its banking services to tap more customers. “Our focus now for ING Loan is building a strong value proposition and good customer experience,” ING Philippines Head of Retail Mohamed Keraine told the BusinessMirror. To recall, ING announced last year that it will be introducing consumer loans in its portfolio of offerings. Keraine, however, declined to provide a target amount of borrowings for 2021 as it was “too early to give a figure.” Given the economic slowdown amid the pandemic, many customers have been struggling to settle their borrowings on time, as evidenced by the increasing nonperforming loans. While this may pose as a concern, the ING official said it has no comment yet on how it will affect the bank’s loan portfolio. “We will have to look at the overall situation when our consumer loan product is launched,” he told the BusinessMirror. Keraine, however, said the bank would be able to support the economy and its customers. “We remain committed to empowering people to stay a step ahead in life and in business,” he told the BusinessMirror. This year, ING is also eyeing to further the growth of its retail and wholesale banking business. Keraine shared that the bank’s app downloads and sign-ups doubled year-onyear on the retail front since its launch in November 2018. In addition, the wholesale banking segment was able to support

clients with several bond issuances and sustainable finance. “As we have demonstrated our ability to support corporate and institutional clients amidst the pandemic, we are confident that we will continue to do so and identify opportunities for our clients,” he said. “As more Filipinos are appreciating the benefits and security that digital banking has to offer, we are also confident that we will continue to gain traction with our frictionless and safe banking proposition,” he added. Last year, the all-digital bank introduced ING Pay, which is a payment solution app that charges zero fees on transactions. It is aimed at making payments through the following features: bills payment, virtual Visa debit card and real-time InstaPay transfers. The app currently has over 70 preenrolled billers and merchants, including utility, insurance and credit card companies. The bank installed a security measure on the ING Pay account, which asks the users to verify personal details when accessing the account in a different phone. In addition, ING said there is a maximum deposit insurance of P500,000 per depositor. “We also know that managing and moving funds digitally to support one another is important especially during this time. Transferring funds from ING to other banks has been free of charge since our launch in 2018 and we intend to keep it this way,” Keraine told the BusinessMirror. Tyrone Jasper C. Piad

PhilHealth (P8.125 billion), the National Irrigation Administration or NIA (P2.481 billion) and the Philippine Crop Insurance Corp. (P1.491 billion). As for the January-to-November period, the bulk (49.4 percent) of the subsidies went to major nonfinancial government corporations (P113.04 billion) followed by other government corporations (P105.19 billion) and government financial institutions (P10.463 billion). Leading the list of GOCCs with the biggest amount of subsidies received for the 11-month period is Social Security System with P51 billion after it has been used as a conduit for releasing Small Business Wage Subsidy Program aimed at helping micro, small and medium enterprises amid the economic recession. Trailing the SSS are: PhilHealth (P38.57 billion); National Food Authority (P37.65 billion); NIA (P31.72 billion); and, the National Housing Authority (P18.078 billion).

Perspectives

Forging powerful new alliances in the war on economic crime

RADITIONAL vectors of economic crime have gone digital to enable the old and new avenues of financial crime, fraud, money laundering and corruption. A new reality has set in for society as economic crime and technology enabled crime become indistinguishable. The result? Experts battling economic crime face the inevitable challenge of aligning their operational capabilities and defenses. Doing so will require businesses to improve the classic pillars of financial crime, fraud and cyber security governance, forging for the future a more holistic, overarching approach to economic crime that’s rigorous, comprehensive, effective and resilient. In the face of criminals, endless pursuit of new and creative ways to make money, future operational defenses must also be ever evolving.

Similarities

WHILE individual cyber security, fraud and financial crime teams have changed with the times in response to unprecedented new challenges, they continue to share similarities in the digital era. Cyber security teams are managing information security, technology resilience and some aspects of data privacy controls. The focus of today’s financial crime teams, predominately, includes anti-money laundering (AML), anti-bribery and corruption (ABC), anti-tax evasion and sanctions monitoring. And fraud’s remit extends to insider threat and financial fraud activities such as social engineering, credit or debit card fraud and money mules transporting currency illegally. Each of these teams are dealing with the same issue: organized crime intent on profiting from illegal activity perpetrated by access to systems, from stolen information and from manipulation of vulnerable people. In more mature organizations, the operational environments between financial crime (typically regulatory driven), fraud (business driven and concerned with monetary loss and customer security) and cyber are converging, with shared data, analytics, insights and technology being deployed to work on key threats together.

The changing ecosystem

Cyber security governance reflects aspects of both fraud and financial crime. Mirroring financial crime regulations on money laundering, bribery and corruption, regulators are increasingly holding organizations accountable for the cyber resilience and data privacy controls of their supply chains and a growing ecosystem of partners. Fraud and cyber security, meanwhile, address extremely similar threats and are evolving along similar lines. In both areas, regulators, especially in the financial sector, are increasingly placing the onus on organizations to adequately protect customer finances and access to financial and e-commerce applications. For all three disciplines, the lines between management of enterprise and supplier risk are falling away as supplier ecosystems grow more complex and interdependent. And as consumer expectations for security grow, all functions are becoming increasingly tied to protecting brands and reputations. The excerpt was taken from “KPMG Thought Leadership, Battling economic crime—and winning together.” © 2021 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent member- firms 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. R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG network of independent member-firms affiliated with KPMG International Cooperative, a Swiss entity.

HarvardManagementUpdate BusinessMirror BusinessMirror

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Monday, July 13, 2020 B www.businessmirror.com.ph

If You’re Tracking Employee Behavior,

Be Transparent About It P By Tomas Chamorro-Premuzic & Richard Buchband

rior to the Covid-19 pandemic, it was already clear that one of the key leadership qualities that sets great bosses apart is empathy—the ability to understand and care about other people's emotions. Empathy has become even more important amid the coronavirus crisis, with managers needing to focus more on their employees’ physical and mental well-being, and pay a great deal of attention to their personal circumstances to help mitigate stress and nurture resilience. This task is made even more challenging by the reliance on technology to stand in for face-toface interactions, which requires mastering the awkward art of displaying empathy while using videoconferencing tools. There’s a clear difference between expressing emotions to a computer screen and interacting with someone who is physically present. To make matters worse, there are the delicate ethical and legal implications of managing virtual workers—implications that are often unknown to or overlooked by managers. The boundaries between people’s professional and personal spaces were quite blurred before working from home became ubiquitous, and they are even murkier now. There’s a tricky balancing act between showing empathy for your employees and respecting their privacy. Some of the issues are ethical rather than legal, and managers shouldn’t assume that common sense will suffice. For example, it is clearly ethical to take into account people’s personal circumstances (the space and silence constraints of a home office, for instance). Sometimes the issues are digital,

flowing from the unparalleled reliance on technology, visible and invisible, that supports the WFH environment. Think of Zoom fatigue, the pressure to learn new technological tools and the productivity drops caused by switching from analog meetings to virtual ones. Now more than ever, managers should understand not just the elements of good leadership, but also the regulatory and moral implications of exercising it while virtually entering people’s homes.

Consider the following scenario:

A company has migrated all nonessential workers to WFH. They are using their own devices, home technology and cable modems, possibly sharing with family members who are doing their own work at home or with students attending school remotely. As a consequence, the company is more concerned than ever about security, privacy and productivity. Are its data and proprietary information safe? Has its exposure to hacking increased? Are people actually working, or are they slacking off? The company is deploying some combination of keystroke monitoring, screen capture, email monitoring and tracking traffic over the VPN connection, including what nonwork programs or software may be operating over it. The main reason may be to keep the company’s data safe, but these tools may also provide useful information to managers about what employees are doing when they are WFH.

Employees may not even be aware of this heightened level of surveillance. While many people expect to have their activities monitored while they are in their traditional workplaces, employees might expect a greater degree of privacy when working from home. Home has historically been viewed as “separate” from the workplace, with many people assuming that their beliefs, lifestyles, politics and browsing histories are beyond the reach—and not the business—of their employers. Now managers and leadership are encouraging or mandating WFH and looking to strengthen a trust-based relationship in a time of societal and corporate dislocation. Meanwhile a different corporate function, the one responsible for protection and security, is expanding an array of sophisticated tools that can keep track of what you are doing in your living room and on your router. How can a well-intentioned manager protect the company’s in-

terests while preserving employee expectations around trust and privacy? Are the two irrevocably in conflict? We think not. We believe it is perfectly possible to design an ethical corporate monitoring program that balances the competing priorities. Is remote monitoring legal? In the United States, the answer is generally yes. Companies have a legitimate interest in protecting corporate assets. Electronic privacy is regulated at both the federal and the state levels, with the most significant restrictions deriving from the federal Electronic Communications Privacy Act of 1986 and from some state law analogues. The ECPA prohibits employers from intentionally intercepting their employees’ electronic communications, including email and instant messaging, but allows two important exceptions. The first is the “business purpose exception,” which has been interpreted to permit employer monitor-

ing of electronic communications if the company can show a legitimate business purpose for doing so. The second is the “consent exception,” applicable if the company has the employee’s agreement. At the same time, many states recognize a common-law right to privacy. There is a long-standing legal concept of privacy, sometimes referred to as “intrusion upon seclusion,” that still applies in many locations. Under it, an individual has the right to privacy in his or her personal affairs, free from intrusions by another person (such as an employer), whether that intrusion is physical in nature or takes the form of electronic surveillance of private matters or records. This raises thorny questions about whether monitoring reaches into an employee’s personal activities—a distinction that is especially challenging to draw when personal and business matters are conducted in the same location, on the same devices and potentially

at the same time. Some states, including Connecticut, require that employees be given advance written notice of the type and methods of monitoring to be used. In today’s digital WFH environment it may not be possible to completely define the boundaries between the corporate and the personal. Conflict often arises because of mismatched expectations: when the WFH employee expects a level of privacy that is out of alignment with the employer’s priorities and expectations. Many ethical issues derive from a person’s surprise when boundaries are crossed—“I didn’t know the company would be monitoring my laptop usage at home.” One approach is to remove the element of surprise. Maintaining a corporate surveillance program that operates in the shadows might nab the occasional miscreant, but it does little to deter inappropriate use of corporate assets. Ultimately, the decision about whether, how much and what types of monitoring to deploy will be your company's choice, informed by the specifics of your business, the nature of your WFH policies and the size of your organization and budget. We believe that a balanced approach, including clear communications with employees about the existence of and reasons for a corporate monitoring program, are consistent with a transparent culture and a relationship of trust. Helpfully, this aligns with companies’ underlying legal frameworks, which in the United States are predicated on concepts of legitimate interest and notice, and are further strengthened when employees give their consent. Tomas Chamorro-Premuzic is the chief talent scientist at ManpowerGroup, a professor of business psychology at University College London and at Columbia University, and an associate at Harvard’s Entrepreneurial Finance Lab. Richard Buchband is senior vice president, general counsel and secretary at ManpowerGroup.

How companies can meet the needs of a changing work force By Avivah Wittenberg-Cox

s life expectancies stretch toward 100 years, the traditional career map urgently needs to be reconsidered. People over 50 years of age are the fastest-growing group of workers in the UK, increasing by about 300,000 between 2018 and 2019 and rapidly approaching a third of all workers. In the US, the proportion of over-65 workers has doubled to 20 percent since 1985 and accounts for 53 percent of the college-educated work force. Baby boomers are starting to think that retiring at 65—when you may still live to be 80 or 90—leaves a little too much time for golf. And that means we need to start redefining the standard career trajectory.Of course, age isn’t the only factor reshaping the modern career path. At the same time as our working lives keep extending forward, more and more women are entering the workforce, and their careers seldom line up with the traditional model. Plus, many younger men are choosing to share more parental duties with their working spouses, transforming career expectations across the board. Today, women account for just over 51 percent of US manag-

ers and professionals, and almost 80 percent of millennial couples are currently ensconced in twoincome families (compared to 47 percent of couples from the babyboom generation). The old three-step life plan—1. Get an education 2. Work. 3. Retire.—created 35-year careers that were like sprints. Get out of the gate as fast as you can in your 20s, accelerate in your 30s (presumably while your wife takes care of the children), scale in your 40s and lead in your 50s. Don’t stop and smell the roses along the way; that can wait for retirement. But this old model is rapidly becoming obsolete. Instead, we need to start thinking about careers as marathons. The modern career can stretch out over five or six decades, giving us time for multiple dips into education, recreation, child care and elder care and passing knowledge and experience on to the four generations with whom we now share the workplace. To support these career marathons—and reap the well-documented benefits of both gender balance and generational balance—companies need to adapt. Here are three simple things companies can do to prepare themselves and their people for the career paths of the future:

1. Track gender and age balance

Supporting these shifting demographics starts with building awareness. Consider providing managers with tools that clearly illustrate how your organization breaks down in terms of age and gender, and how those breakdowns are likely to change over time. A simple, graphical illustration of the gender and age balance in their different teams, divisions and geographical units can be surprisingly revealing. As you discover concentrations of certain gender or age profiles in different roles, departments or locations, this analysis can highlight opportunities to improve diversity in those areas. Explicitly linking gender and age trends also helps illustrate how interconnected they often are, and is likely to help your team find ways to support everyone more effectively. Specifically, many companies that have been actively pursuing greater gender balance over the past decade now have work forces with much higher percentages of women in their 20s and 30s, while the over-50 group remains for the most part male. As many of these women look toward parenthood, leadership will have to work to ensure that these women don’t feel

forced to step back from their careers, as that could cost these companies a significant portion of their newfound gains in gender balance. These trends also mean that companies will have a cohort of older, mostly male managers tasked with coaching and training a much more gender-balanced group of younger colleagues. These two observations can inform a whole host of management initiatives designed to set up all parties for success as they progress through their careers.

2. Create flexible career paths

While the Covid-19 crisis has pushed many companies to offer greater flexibility regarding where people work, more adaptation is required to meet the needs of today’s evolving work force. Companies must begin to consider not just how to offer more flexible working hours, but also how the pace of entire careers across more years and life phases can be made more flexible. Millennials, perennials (the 60+ cohort) and working parents across generations now represent the majority of workers, and these growing populations have a shared interest in more flexible ways of working, whether that’s interspersing traditional full-time work with sab-

baticals, learning opportunities, parental leaves or other detours from traditional employment. To reflect these realities, companies should acknowledge and encourage alternative career paths that mindfully integrate with employees’ more varied life phases. To do this, companies must proactively normalize both lifelong learning and lifelong caregiving responsibilities, regardless of gender or age. Flexible, part-time roles have become popular among many young parents, but they skew heavily female, as many managers remain less open to supporting parttime and other nontraditional work arrangements for male employees. Interestingly, flexible roles are also increasingly popular among an older, mostly male management work force who may want (or need) to continue working longer than they thought. In many cases, the first step to supporting more flexible arrangements is simply asking your people what they want. Just asking your people about how they envision their career paths can give you the tools you need to better support those paths.

3. Create flexible mindsets

To make a lasting impact, policy

changes aren’t enough; mindsets must be changed as well. It’s all too common for employees and leaders alike to assume that people retire at 65, that parents are always young women, that leaders are older men, etc. To start to overcome this, companies should proactively showcase what real gender and generational balance looks like. Consciously depicting employees of all ages and genders working, learning and leading—in both internal and external communications—will help to build a more positive, inclusive culture. As life spans and career trajectories shift, the needs of (mostly male) older workers actually have a fair amount of overlap with those of female workers, as well as millennials. All these demographics share a desire for more flexible career paths that take into account the diverse responsibilities that these groups shoulder, both at home and at work. To keep up, companies must embrace a marathon mindset and build an environment conducive to these new career models—or risk becoming obsolete. Avivah Wittenberg-Cox is CEO of 20-first, and author of Seven Steps to Leading a Gender-Balanced Business.

Style

BusinessMirror

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Editor: Gerard S. Ramos

• Monday, January 4, 2021

Favorite beauty products for 2020

E FRENCH fashion designer Pierre Cardin poses with dresses behind during the inauguration of the Pierre Cardin Museum in Paris in 2014. AP

French designer Pierre Cardin, licensing pioneer, dies at 98 BY JOHN LEICESTE� The Associated Press PARIS—French fashion designer Pierre Cardin possessed a wildly inventive artistic sensibility tempered by a stiff dose of business sense. He had no problem acknowledging that he earned more from a pair of stockings than from a haute-couture gown with a six-figure price tag. Cardin, who died on December 29 at age 98, was the ultimate entrepreneurial designer. He understood the importance his exclusive haute couture shows played in stoking consumer desire and became an early pioneer of licensing. His name emblazoned hundreds of products, from accessories to home goods. “The numbers don’t lie,” Cardin said in a 1970 French television interview. “I earn more from the sale of a necktie than from the sale of a million-franc dress. It’s counterintuitive, but the accounts prove it. In the end, it’s all about the numbers.” The French Academy of Fine Arts announced Cardin’s death in a tweet. He had been among its illustrious members since 1992. The academy did not give a cause of death or say where the designer died. Designer Jean-Paul Gaultier, who made his debut in Cardin’s maison, paid tribute to his mentor on Twitter: “Thank you Mister Cardin to have opened for me the doors of fashion and made my dream possible.” Along with fellow Frenchman Andre Courreges and Spain’s Paco Rabanne, two other Paris-based designers known for their avant-garde Space Age styles, Cardin revolutionized fashion starting in the early 1950s. At a time when other Paris labels were obsessed with flattering the female form, Cardin’s designs cast the wearer as a sort of glorified hanger, there to showcase the sharp shapes and graphic patterns of the clothes. Created for neither pragmatists nor wallflowers, his designs were all about making a big entrance—sometimes very literally. Gowns and bodysuits in fluorescent spandex were fitted with plastic hoops that stood away from the body at the waist, elbows, wrists and knees. Bubble dresses and capes enveloped their wearers in oversized spheres of fabric. Toques were shaped like flying saucers; bucket hats sheathed the models’ entire head, with cutout windshields at the eyes. “Fashion is always ridiculous, seen from before or after. But in the moment, it’s marvelous,” Cardin said in the 1970 interview. A quote on his label’s website summed up his philosophy: “The clothing I prefer is the one I create for a life that does not yet exist, the world of tomorrow.” Cardin’s name embossed thousands of products, from wristwatches to bed sheets. In the brand’s heyday, goods bearing his fancy cursive signature were sold at some 100,000 outlets worldwide.

VERY first Monday of the new year, I write about my favorite beauty products of the past year and this year won’t be different. Or maybe it will be different because there will be less products on my list. Like most people in the world, I spent nine months of 2020 in the house with my only contacts to the outside world confined to twice-a-month trips to the supermarket and online press conferences and events. In the beginning, I’d get all made-up for these online press conferences but when I realized that we were gonna be here for a while, I’d just apply brow mascara, lipstick and powder on the shiny areas of my skin. I even stopped wearing contact lenses. But I still loved beauty. I’d still play with makeup at leisure and I experimented with different looks. No matter how sad or anxious I was, I’d still do my skincare routine without fail, twice a day. Anyway, here are my favorite makeup and skincare products for 2020: ■ MAKE UP FOR EVER REBOOT FOUNDATION. The first time I wore this foundation, I didn’t like it so much, but I gave it another chance and I then fell in love with it. I’ve said this a number of times here and I will say it again: Make Up For Ever has really upped its game in the past couple of years. Anyway, Reboot gives light to medium coverage with a skin-like finish. It’s also very blendable without being too watery. I love the luminous but natural-looking finish. Reboot is slightly expensive at P2,700 but I would repurchase again when I consume what I have and we can go out again. ■ BY TERRY CELLULAROSE CC BRIGHTENING SERUM. I received this as a gift from a friend who is the low-

maintenance type. She swears by this product and how it can make her look polished for work. “This color-correcting elixir brightens, moisturizes, and rejuvenates skin from the inside out. Infused with radiant rose stem cells, By Terry Brightening CC Serum creates a flawless base,” is the brand’s claim. I don’t know about rejuvenating but it does make your skin look better. If you need to do a quick look to face someone, whether onscreen or in person, this is your best bet. The rose scent can be off-putting for some but I’m okay with it. This CC serum is quite expensive at around P5,300 from www.sephora.ph. ■ COLOURETTE COSMETICS COLOURTINT IN EMMA. I got this from Shopee’s 11:11 sale and that was quite a feat as this shade sold-out in two minutes during that time. This pinkish brown is a tint-in-oil that’s nearly fully opaque. You need to shake it well before using. Though I got it quite late in the year, it has became a favorite because of its no-fuss application and nondrying formula. This is priced at P299 at Shopee and Lazada. ■ ANASTASIA BEVERLY HILLS LIP PRIMER. This was the year I became obsessed with lip balms as my lips, for some reason, become drier when I don’t wear lipstick. This lip primer became one of my favorites because it was moisturizing without being too slippy. It works both as a lip balm and a primer. Most days, it really was just a lip balm for me. This costs P1,120 at www.sephora.ph. ■ MARY KAY PHILIPPINES NATURALLY NOURISHING OIL. I love how this is just a simple oil to use if your skin was extremely dry and it doesn’t have fancy ingredients such as essential oils that could potentially irritate the skin. Every bottle (P1,499 from Shopee) contains olive oil, sweet almond oil, squalane and vitamin E. The Mary Kay Naturally Nourishing Oil is also free of silicone, mineral oil, alcohol or any ingredients that have been genetically modified. It’s also free of parabens, phthalate, synthetic fragrances and synthetic dyes. ■ NIOD COPPER AMINO ISOLATE SERUM 2:1 CAIS2. NIOD is the high-end brand of Deciem, which also owns The Ordinary. I got the Copper Amino Isolate Serum 2:1 CAIS2 from the brand. I am just halfway through the bottle and planning to do a proper review of this along with other products they sent

me. the second generation of NIOD’s multi-awardwinning Copper Amino Isolate Serum. This replaces the very popular Copper Amino Isolate Serum 1 percent and targets skin aging, and also protects and repairs the skin barrier. This serum addresses “visible textural damage, uneven tone, visibly enlarged pores and a general lack of healthy radiance,” according to Deciem. ■ SHISEIDO ULTIMUNE POWER INFUSING CONCENTRATE SERUM. I’ve been using this as a pre-serum for over a year now. This formula has a dewy texture that sinks quickly into skin. This new version has the added benefit of the ImuGeneration Technology— which has Reishi Mushroom and Iris Root—that improves “skin’s ability to defend itself.” It also addresses signs of aging and damage. It’s not inexpensive at P3,900 for 30 ml, P5,500 for 50 ml and P6,600 for 75 ml (www.rustans.com and Shiseido boutiques) but Ultimune is a very important step in my skinc-are routine. My daughter, who also has acne-prone skin, applies this before The Ordinary Niacinamide 10 percent + Zinc 1 percent. ■ ESTEE LAUDER ADVANCED NIGHT REPAIR SYNCHRONIZED MULTI-RECOVERY COMPLEX. The new Advanced Night Repair Synchronized MultiRecovery Complex has been enhanced with Chronolux Power Signal Technology that boosts the skin’s cell renewal and collagen production processes. This technology is based on the findings that only 25 percent of aging is predetermined by genes while the 75 percent is influenced by environmental and lifestyle factors. The newly-developed technology is made of a proprietary blend of yeast extract, peptide and plant-based ingredients. The new ANR addresses cellular damage and increases cell renewal and production by 43 percent. Prices start at P2,850 for a 20 ml bottle. ■ STROKES BEAUTY LAB BROW ARTIST COLLECTION. Strokes Beauty Lab, conceptualized by Strokes by Momoi Supe that specializes in brow sculpting and permanent makeup, recently released a collection of brow products. My favorite is the Microblade Pen Perfector, which was created to help you replicate the look of micro-bladed brows without them looking overdone. This pen (P424) comes in Graphite and Bronzite. ■

The festivities aren’t over yet WE may have rung in the new year, but the holiday cheer continues as leading department store Rustan’s is offering big discounts and promos that kick-start the new year with a bang. Seize the lingering holiday feels with marked down prices up to 5o-percent off on Rustan’s brands until January 15. All customers can get their hands on stylish pieces whether in their stores in Metro Manila and Cebu, through Personal Shopper on Call, or online via www.rustans.com. Furthermore, there’s no need to think twice about getting that luxurious treat for yourself this season because all credit-card holders can take advantage of zero percent interest installment up to 12 months until January 31. This is definitely the time to take advantage of deals that will treat you to muchdeserved self-care gifts. Whether you’re buying belated gifts for loved ones or stocking up for yourself, Rustan’s has many choices for your picking. Glimmer in style by updating your wardrobe with the most fashionable men’s and women’s wear, jewelry, and accessories for a sweeter 2021. The participating women’s brands include Aquazzura, Adrianna Papell, Christian Louboutin, Halston Heritage, Lilly Pulitzer, Longchamp, Moon River, Natori, Nicole Miller, Sergio Rossi, Strathberry, and Pedro del Hierro; with favorite men’s brands, like Ascot Chang, Bread & Boxers, Brouk & Co., Buckley London, Spartina, Thompson, Vaultskin, and Wild and Wolf also in play. Moreover, luxurious fine jewelry brands like Cento, Damiani, John Hardy, Marco Bicego, Roberto Coin, Rustan’s Silver Vault, and more have offerings to extend the holiday feels. The world has said goodbye and good riddance to the tumultuous 2020, and the new year beckons shiny and bright with hope.

❶

❶ ADOLFO

DOMINGUEZ Printed Pants

❷ CHLOE Tess in Captive Blue

❸ KNOWLEDGE

Cotton Apparel Big Owl Print Tee in Navy

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❹ UMBER

Loafers in Brown

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❹

B6 Monday, January 4, 2021

Manila Doctors Hospital receives recognition from IHF for COVID-19 effort for the deaf

NGCP holds annual Christmas outreach, relief operations despite pandemic

ANILA Doctors Hospital (MDH) received special recognition from the International Hospital Federation (IHF) for the “initiative, agility and extraordinary capacity to innovate under extraordinary circumstances.” 103 hospitals from 28 countries were recognized in the program. The IHF cited three notable endeavors, including MDH for the Healthcare Equality & Accessibility for the Rights of the Deaf (HEARD) program which amplified its efforts during the pandemic. The HEARD Program is the only one of its kind in the country initiated by the hospital’s Corporate Social Responsibility office. The deaf community is known to make less frequent visits to health care facilities because of poor access to adequate communications. The pandemic—which brought about the added barrier of using face masks, social distancing and PPEs – provided yet another barrier to communication. MDH trained its staff in Filipino Sign Language (FSL), ensuring each work shift and department has at least one person fluent in FSL Not only that, there is teleconferencing consultation with FSL-capable doctors as well as tailored prescription for the hearing impaired.

The HEARD Program in partnership with the Development and Accessibility Fund for the Deaf, AXA and the Healthcare Access Team (HAT) for the Deaf on COVID-19 provides online service allowing deaf patients to get free medical consultation and access to information and support about COVID-19. The goal of the program is to give the deaf access to healthcare without comprising their health in time of the COVID pandemic. “In the face of this pandemic, we strive to find solutions to bring quality care to our patients. We are helping to change the landscape of healthcare in these challenging times by responding to the needs of even those with disabilities. This is part of Manila Doctors Hospital’s commitment to providing exceptional service amidst the coronavirus pandemic,” said MDH president, Ms. Arlene P. Ledesma.

Signify helps Filipinos affected by recent calamities NGCP turned over gift packs with groceries and noche buena items to around 33 barangays who are part of its host communities.

GCP continued on with its annual gift-giving tradition to its partner communities through its Christmasaya project, alongside relief operations for areas affected by the recent typhoons. Instead of the usual Christmas party with games, prizes, and entertainment, NGCP turned over Christmas packages to barangays from NGCP’s host communities, which were then distributed to the most indigent families in the area.

A total of 7,100 Christmas packages were distributed to around 33 barangays from NGCP’s host communities nationwide. The Christmas packages contain rice, noche buena items, coffee, and canned goods. Besides the Christmas giftgiving, NGCP also continued with its relief assistance to provinces in the Bicol Region, Southern Tagalog, Cagayan, Isabela, Agusan del Sur, and Surigao del Sur affected by the recent typhoons Rolly, Ulysses, and Vicky.

Grocery items amounting to over PhP 37 million and t-shirts were turned over to the provincial governments for distribution to communities heavily affected by the weather disturbances. NGCP is a Filipino-led, privately owned company in charge of operating, maintaining, and developing the country’s power grid, led by majority shareholders and Vice Chairman of the Board Henry Sy, Jr. and Co-Vice Chairman Robert Coyiuto, Jr.

PH can build back greener after COVID-19

MANY of the Philippines’ forests, lakes and rivers supply vital freshwater for nearby barangays, towns and cities. Shown is a portion of the Biak-na-Bato National Park, which is both ecologically and historically significant. (Gregg Yan)

Y investing in the natural systems that give Filipinos clean water, air and other resources, we can generate jobs and create a more resilient nation. The allocation and implementation of the Inter-Agency Task Force on Emerging Infectious Diseases or IATF’s PHP 1.3 trillion stimulus and recovery package. Around PHP650 billion of the stimulus package has been allotted for the Enhanced Build, Build, Build Program, which covers the construction of climate-smart and resilient infrastructure. These include greenscapes, rainwater harvesting systems, nature-based solutions to floods, droughts and typhoons, green infrastructure in public parks, integration of wastewater management plus the creation of new spaces such as greenways and community food gardens. All these can enhance biodiversity and ecosystems in a given locality. ARISE Act recommends the development of an Economic and Ecological Resilience Plan (ERP). Climate change adaptation and

mitigation investments are highlighted to reduce emissions and welcome climate-resilient development paths towards a green economy. Below are seven steps for the country to build back greener: 1) Include Protected Areas (PAs) and key biodiversity areas (KBAs) as key elements of nature-based solutions. 2) Invest more in our PAs and KBAs. Our protected areas have been heavily-dependent on government appropriations and external fund sources. The passage of the ENIPAS Act is a breakthrough for PA investments, but a large financing gap remains. Both the Senate and House of Representatives should ensure that our PAs and KBAs have adequate funding. Our PAs have the potential to generate jobs for displaced workers and new business opportunities. 3) Fast-track the passage of the following congressional bills: a. House Bill 00260 – An Act strengthening the national policy on access and benefit sharing from the utilization of Philippine Genetic Resources, b. House Bill 00265

– An Act providing for a revised Wildlife Resources Conservation and Protection Act, c. House Bill 00268 – An Act providing for the collection, characterization, conservation, protection, sustainable use of and access to and benefit sharing of plant genetic resources for food and agriculture, d. House Bill 2894 – An Act institutionalizing the Poverty Reduction through Social Entrepreneurship (PRESENT) Program and promoting social enterprises, e. House Bill 2895 – An Act rationalizing the economic regulation of water utilities, creating the Water Regulatory Commission, and f. House Bill 6878 – An Act strengthening the implementation of the National Organic Agriculture Program amending the Organic Agriculture Act of 2010. 4) Embrace Agrobiodiversity which encompasses the variety and variability of animals, plants and microorganisms used for food and agriculture, including crops, livestock, forestry and fisheries. 5) Leverage partnerships and private sector engagement for PAs. This includes CSR and potential models of people-centric programs for PAs. As PA managers prepare management and investment plans to comply with the ENIPAS Act, they should venture into project design and development. 6) Strengthen human resources to maximize incentives and leverage the provisions of the Philippine Green Jobs Act of 2016 (RA 10771). 7) Maximize technology and citizen engagement. As the country shifts to a new normal, maximizing the use of technology and web-based online platforms becomes more relevant. In light of PA and park closures, creative means must be employed to generate revenue. DENR and PAMOs with private-sector partners can explore the possibility of doing online or virtual tours, similar to those being done by museums and zoos, with certain fees or donations.

MEMBERS of thAe Philippine Coast Guard Auxiliary (PCGA) distribute lighting products and essential goods donated by Signify Philippines.

IGNIFY (Euronext: LIGHT), the world leader in lighting, in partnership with the Philippine Coast Guard Auxiliary (PCGA) donated over 2,200 Philips LED bulbs, solar lanterns, and floodlights to over 1,500 families across the Bicol Region and Cagayan to use in rebuilding their homes after the devastating effects of typhoons Ulysses and Rolly. Distributed from November 2829, 2020 and December 12-13, 2020, beneficiaries included communities from Catanduanes, Camarines Sur, Sorsogon, Albay, and Cagayan. Signify Philippines employees also volunteered in contributing cash and goods in order to gather food packs, hygiene kits, and other essentials given alongside the company’s lighting donations.

Jagan Srinivasan, Country Leader of Signify Philippines, personally turned over lighting products and essential goods donated by Signify Philippines to Capt. Rolando V. Ramos, PGCA (Director Auxiliary Squadron, 125th Squadron), Capt. Emmanuel T. Velante, PCGA (Director Auxiliary Squadron, 102nd Squadron), and Capt. Yashika F.Torib, PCGA. “Considering the urgency of providing support to typhoon-affected families, we intended for our humble contributions to reach as many places in need in the quickest possible time,” said Jagan Srinivasan, country leader of Signify Philippines“. These efforts are in line with Brighter Lives, Better World – Signify’s global program which aims to create positive change in developing and disaster-affected locations. The program focuses on three key areas: Lighting Lives by providing offgrid and partial grid communities with access to light; Lighting Entrepreneurs by developing business skills in communities to stimulate and improve productivity; and Humanitarian Lighting by donating lights to disaster-struck areas, providing lighting to both residents and aid workers. Signify’s efforts are part of its commitment to actively contribute to the communities it operates in and continues to serve.

Federal Land pours first concrete for Quantum Residences

EDERAL Land, Inc. celebrates another milestone in the construction of Quantum Residences – Amethyst Tower with a Concrete Pouring Ceremony onsite at Taft Avenue, Pasay City. Developed under the premier developer’s subsidiary, Horizon Land, Quantum Residences offers a central location accessible to important thoroughfares in Pasay, and a full set of amenities to help motivate young professionals in their pursuit of education, career, and vast interests. Leading the ceremony are (from left) Mr. Mike Salazar, Product Planning Department

Head at Federal Land; Ms. Dinah Hernandez, Horizon Land Sales Channel Head at Federal Land; Ms. Maria Margarita SaenzResurreccion, Sales Group Head at Federal Land; Ms. Cherie Fernandez, Product Development Group Head at Federal Land; Engr. Alex Canigan, Project Manager at Design Coordinate Corp.; Engr. Richard Naval, Construction Management Group Operations Head at Federal Land; Engr. Felisberto Gancayco, Managing Director at Design Coordinate Corp.; and Mr. Mark Gosiengfiao, Product Planning Department Manager at Federal Land.

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Marketing Into the New BusinessMirror

Monday, January 4, 2021 B7

PR Matters

By Ritzi Villarico-Ronquillo, APR, IABC Fellow Consultant and Coach, Business Communication and Strategic PR

A new day dawns, as seen in San Juan, La Union. Ritzi Villarico-Ronquillo

E nearly hibernated for most of 2020, challenging the record of the Siberian salamander, said to have the longest kind of self-isolation. Throughout the lockdowns and quarantine variations, the human spirit fought on. The new strain of the virus may have changed how we celebrate, but it could not stop the Season of Seasons. Public relations and communication professionals worked on, whether working from home, caught in some lockdown place, or braving the requirements to report to office for a day or two per week. Many thanks to online, virtual, digital and mobile channels that saved the day and kept communication and information flowing. While we may see hope with the vaccine in sight, crisis managers will still be on the alert. The experience is still fresh. And because public relations is all about people, these all resonate with us and with our stakeholders. It is in this context that public relations will remain as real as ever. What messages and actions of rebirth will we bring this 2021 to the stakeholders of the institutions, agencies, foundations, companies that we serve and represent? We may want to think about these for our PR plans for 2021.

Core and internal backbone

PR is not just for external stakeholders. It helps build lasting and trusting relationships within. Internal stakeholders include workmates, service personnel, retirees and families of internal stakeholders, all vital links in a strong internal backbone. This is the very foundation that keeps an institution strong. These are the very people who, because of the ties that bind, will rally around the institution in the worst of times. I have experienced this firsthand time and again. As companies and institutions adopt new ways whether with less personnel, budget cuts and realignment, or reprioritization, internal communication is important. We have to say goodbye with finality to silos and truly work together

Digital: Technology Without Borders—How this tech brand brought out the expert in creatives

MANILA, PHILIPPINES—On the year when the entire world has come to a grinding halt, tech brands were quick to step-up to be the enabler of people whose creativity and skills were left in want. Not unlike many, ASUS Philippines had projects laid out at the

beginning of the year. However, when things went out of hand at the peak of the quarantine, it was apparent that more than anything, they needed to be the gamechanger in equipping people from all walks of life the gear they did not know they need. With their partners at adobo magazine, ASUS Philippines was one of the first to launch a web series on how to empower creativity with the right mindset and the right tools: Create Anytime, Create Anywhere. With key opinion leaders such as Canva Philippines’s Country Head Yani Hornilla-Donato; Film Director Mikhail Red; Creative Rockstar Herbert Hernandez; Multidisciplinary artist Patrick Cabral, and; Papemel-

cross-functionally. Reaching out is not just for PR and communication professionals to do. Each function—such as operations, sales, HR, marketing, legal, finance, health and safety—must reach out to the other, offering its strengths and efficiency to come up with robust solutions. What the other does not have as a specialization, the other will fill. Companies with strong esprit de corps and engagement because of an authentic culture of trust will weather the pandemic storm well. Communication will be a very vital enabler across all functions especially when employees have to absorb workloads of those who have to go. All functional groups have to take care of those left behind, in a new workplace of social distancing and masks, and work arrangements such as work from home. The pandemic challenged every institution's core—its vision, mission, objectives and values—by how it responded. Did its decisions truly prove that its people are its most valuable resource? And if it could not, if the business had to close or downsize, was there an empathic and timely message to the internal stakeholders on why it had to? A PR professional once said that when the pandemic is over, brands may be asked what they did for their stakeholders while the pandemic raged. We’d like to be able to look our stakeholders in the eye on that.

Wellness, health, safety, security

Though wellness, health, safety and security are regular programs, the pandemic showed just how important these were. These tie in with the business continuity plan that now calls for a heightened level of risk assessment and issue and crisis management preparation. These are specialized areas of PR. Mental wellness programs are vital to strengthening the internal backbone. Staying apart takes a toll on social beings like us. Millennials express that they missed their friends. Seniors who are not wired struggle with not seeing family. Upside, families spend time together, baking, cooking, planting. Downside, the isolation is deafen-

roti proprietor Robert Alejandro, among others, the webinar series inspired hundreds and hundreds of creatives to rouse their muses and put their skills to use. Beyond that, their scope went beyond the creative industry and transcended into the government and education sectors. Extending their technological prowess to the bureaucracy of Department of Public Works and Highways in Camarines Sur, Metropolitan Naga Water District, and Office of the Mayor at Naga City, ASUS proved that systems can be efficient as long as the employees are equipped with the right tools. Trust for ASUS has always been a tenet of their foundation. So much so that the company has given out

ing for those already vulnerable to depression. Financial worries are also root causes of it. Caring messages to keep in touch and coping programs are much needed.

Power of words and verbs

The command and timing of the language is within a communicator’s and PR’s realm. Social media has placed content creation in everyone’s hands. The choices we make could mean panic or calm, disinformation or facts, confusion or understanding. Resistance or acceptance. Rejection or compliance. Community lockdown vs. Community quarantine vs. Enhanced community quarantine vs. Modified general community quarantine and all that jazz. Postponed vs. reset vs. cancelled. Mandatory vs. voluntary vs. self. Social distancing vs. personal distancing. Reduced loading. Constant hand washing. Blended response of containment and mitigation. Mitigation vs. suppression. Epidemiology and other tongue-twisting words rising in everyday talk. Being “remote” became a preventive way to deal with the pandemic with preferred isolation, instead of its connotation of being distant and indifferent. Verbs reigned: recommended vs. implemented. Locked down vs. quarantined. Slow and mitigate vs. actively halt and suppress. Eradicate. Pivot. Vaccinate. Donate vs. purchase.

Super connectivity

The diaspora, in-person meetings, the ease of travel and its attractive offers took a turn for the worse with transmission of the Covid-19 virus. The experience dramatizes to us that a crisis in one place impacts others. Just as a volcanic eruption in one province or country goes beyond being a news story when ashfall and tremors reach us from far away. A glacier melt way up north seeps down to the countries in the lower parts of the globe over time, upsetting the ecosystem. A simple handshake that used to begin or end our meetings or events became a potent source of spreading the virus instead of spreading the

generous units to several schools in Nueva Vizcaya, such as Lamo Elementary School and Santo Domingo National Trade School. The initiative was not without a greater purpose, however. As expressed by Henry Motte-Muñoz, Founder & Executive Chairman at Edukasyon.ph “It’s really much more about making sure that students are using technology at its fullest potential, so that they can reach their fullest potential.” The newly issued ASUS Expert series laptops are to be shared by approximately 200 students in each school, thereby reducing the ratio of computer unit to student and allowing them to “catch up with the technology gap,” as put by Atty. Carlo

goodwill that PR brings. Webinars, conferences, broadway shows, recordings of cover songs, and some courses in universities have become available free of charge to as many. All we have to do is register or go to Youtube. Virtual performances, videos and exhibits are thriving today. Binge watching on Netflix became an activity to pass the time away. Even sponsorship and partnership values have evolved into virtual brand exposures. PRs and communicators have more multi-channels to choose from now. But foremost to consider are what fits, what works, where stakeholders will get their information. Can I sustain the online platform or page that I have started? Do we need all these? Who will manage the backend? Are my message and channel too intrusive? Are they appropriate and timely? Does the message uphold diversity, equality and inclusion? What do I want to achieve with this multichannel mix? In times of crisis, these are tested: trust, truth, credibility and competence of the message and the source; and sincerity and consistency. Everyone is now a content creator who, if ignored by traditional and official channels, can turn to virtual rants. I remember a visit of Philippine PRs to the Washington Post. Already then, as we sat through the story budget meeting, we witnessed how the editors chose the paper’s headlines and main stories by reviewing the activity of and reactions to online posts and stories.

Zoom in and out

For those in production, zooming in and out take on a similar meaning in communication and PR. Coming from the experience of the pandemic, we will all the more need to zoom out—environmentally scan, think beyond the usual scenarios we plan for, strategize and have a stakeholder-centric media mix. We are more and more asked to show the impact and return on investment of what we do. As masters of the tools of the trade, we will continue to zoom in

Aquino, Executive Director at the Manila Economic and Cultural Office. Even small and medium-sized businesses are not spared from the full-force support of ASUS for their technological requirements: Sunlink Technologies, Association of Filipino Franchisers, Arcanum Design Studios, and Energy Development Corp. Arcanum’s initiative-turnedpartnership is one that is of particular interest. Coming from Chelsea Yambao, Interior Designer and Chief of Design at the firm, the tech company empowered them—and everyone else that was touched by their campaign—that creativity is indeed just waiting for the potent minds and the nimble hands. “ASUS has never really been one

and do with excellence, the news release in multi-channels used by our stakeholders, virtual events and videos, and other necessary and relevant tools.

Bayan. Bayan-i. Bayan-ihan.

I end with words of wisdom from Gawad Kalinga founder Tony Meloto. Each one of us can be a country (bayan) hero in our own unique way: what we are good at, what we can share, what duties we take on. In times of duress, our natural self rises, whether the best of us, or the worst of us. And as we reach out, like the additional letters added to bayan, we can do more (bayan-i), rising to a higher plane of malasakit to help each other (bayan-ihan). We are after all, Filipinos. So how can we help rebuild? What do we rebuild? How can we rebuild and strengthen the basic and essential pillars? What will it take for all of us to rebuild together from the clutter and fear of the virus? We have a chance to hope for better days ahead, with everyone’s kapitbisig, pakikipagkapwa-tao and pakikitungo sa isa’t isa. It is in this context that public relations will remain as real as ever. Until the air clears across all skies, and the vaccine protects across all ages, keep safe and well, PR colleagues and friends. Happy New Year! PR Matters is a roundtable column by members of Ipra Philippines, the local chapter of the United Kingdombased International Public Relations Association (Ipra), the world’s premier association for senior communications professionals around the world. Ritzi Villarico-Ronquillo, APR, IABC Fellow is a Consultant, Coach and Speaker on Business Communication and Strategic Public Relations with 40 years of experience in leading internal and external communication and PR in corporate, communities, academe and associations. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

that’s self-serving. We are merely the enabler of our consumers’ capacity, the helping hand to achieve their vision; and seeing everything in retrospect is enough of a gratitude for this turbulent year,” said Ron Mariano, Product Marketing Manager for Commercial PC. For a company that prioritizes realizing its users’ full potential, one can assume that 2020 has been anything but difficult for ASUS. Yet it is their core of bringing out the expert in everyone, and the culture of trust that not only manifests among their internal peers but extends to the very hands that presses the keyboard, hovers the touchpad, and creates the most out of their technology anytime, anywhere.

Sports

James Yap: I ain’t done yet

BusinessMirror

| Monday, January 4, 2021

mirror_sports@yahoo.com.ph Editor: Jun Lomibao

INTACT AND LOADED T

By Josef Ramos

HE same San Miguel Beer team that took an early exit from the Clark bubble last November—in the process losing a five-season Philippine Cup-winning streak—will try to regain the all-Filipino conference when the Philippine Basketball Association (PBA) kicks off its 46th season tentatively in April. And it will be a complete Beermen roster which will be in harness for this year with the return of six-time Most Valuable Player June Mar Fajardo. “I don’t know where the word ‘total revamp’ came from from? There’s no revamp” San Miguel Head Coach Leo Austria told BusinessMirror on Sunday. “We are focused on strengthening and improving our supporting cast,” he said. “And I am very comfortable with my veteran players.” The team, Austria stressed, will keep its core of Arwind Santos,

Austria

fajardo

Marcio Lassiter, Chris Ross, Mo Tautuaa, Terrence Romeo and Fajardo. Austria said San Miguel Corp. Sports Director Alfrancis Chua announced the availability of the 6-foot-11 Fajardo for the season. The center spent 2020 recovering from a right shin fracture and missed the Clark bubble entirely. “It’s a morale booster not only for us but to the entire league,” said Austria, referring to Fajardo, who received the green light to return to action from renowned sports medicine expert Dr. Raul Canlas. “Everybody missed him so much. At the same time, he

is very confident of returning this season” Autria said. “His recovery went on track.” Fajardo averaged 19 points and 13 rebounds in the 2019 to 2020 season before his injury last February. Romeo, who suffered a dislocated shoulder in a game against TNT Tropang Giga inside the Clark bubble last October 17, is also expected to return 100 percent healthy. “Imagine what happened last season? We played without Fajardo, Romeo and Matt Ganuelas-Rosser,” Austria said. Swingman Ganuelas-Rosser opted to stay in California during the pandemic because of personal reason. Without three of its productive players, San Miguel Beer could only win seven of their 11 games in the eliminations of Season 45’s lone conference Philippine Cup. The Beermen yielded their twice-to-beat advantage in the quarterfinals to the Meralco Bolts—71-78 and 68-90—missed defending the crown and left the bubble. Meralco, however, lost to eventual champion Barangay Ginebra San Miguel in the semifinals.

Tough choice: Tour de France or Olympics?

athieu van der Poel will prioritize the Tokyo Olympic Games over the 2021 Tour de France after reports emerged that athletes will have to quarantine in Japan for 14 days before competition starts. The 2021 Tour de France is scheduled to end in Paris on July 18, with the Olympics men’s road race set six days later on July 24.

The men aren’t the only ones with tough choices to make in their 2021 programs—the women’s road race on July 25 comes 14 days after the finish of the Giro Rosa on July 11. Van der Poel will target the men’s mountain bike race in Tokyo, which comes later in the Games on July 26, but still only eight days after the finish of the Tour. He told VTM Nieuws

before winning the Ethias Cross in Bredene recently that despite earlier reports, if a 14-day quarantine is required he would choose the Olympic Games over the Tour de France. Van der Poel had recently confirmed he would ride the Tour de France after his AlpecinFenix team was assured an invitation to all WorldTour races in 2021.

Riders and national team staff were expected to travel to Japan after the Tour de France and Giro Rosa, with limited quarantines because they were part of prerace International Cycling Union-sanctioned bubbles, had quarantined before travel or had even been vaccinated against Covid-19. A so called “Athlete Track” system has been planned, with athletes screened several times instead of serving quarantine. However, new rules from Japan called for a 14-day quarantine period. Cyclingnews

JAMES YAP vows to play out the last two years of his contract with Rain or Shine.

WO-TIME Most Valuable Player James Carlos Yap isn’t done yet and vowed to play out the remaining two years in his contract as one of the key Rain or Shine Elasto Painters. “I still have two years left in my contract

and I will finish it,” Yap told BusinessMirror via overseas call from Urbino, Italy, at the onset of the New Year. “It’s not true that I am going to retire this year,” said the 38-year-old Escalante City pride. Yap averaged 7.10 points in 10 games for the Elasto Painters inside the Philippine Cup’s Clark bubble, numbers that he himself described as below satisfactory. “I wasn’t satisfied with my performance last conference because I didn’t prepare that well. But this time, I’ll train harder,” he said. Yap flew to Italy to be with his wife Michela Cazzola and kids Michael James, 4, and Francesca, 2, for the holidays. He managed to get a flight just days before stricter travel restrictions were enforced globally because of a new strain of the coronavirus. He hopes to come back home this month and set a three-month training program for the Philippine Basketball Association’s 46th season which tentatively kicks off in April. Yap, the second overall pick in the 2004 rookie draft behind Rich Alvarez (Shell), said age hasn’t overtaken his body yet and stressed could still man the fort against younger opponents. “I think I can still compete as long as I am healthy. That’s why I really need to take care of my body,” added the ex-University of the East Red Warrior hotshot. “We have great players on the team—veterans and young players—so we have a strong shot at a title run.” Yap was traded from Purefoods (now Magnolia) for another ex-Red Warrior star Paul Lee to Rain or Shine in October 2016. Rain or Shine co-owner Raymund Yu said Yap still has a lot left in his tank. “I think if he can be in shape, he can still play competitive basketball at high level,” Yu said. Rain or Shine almost made the semifinals of the Philippine Cup but were eliminated by Phoenix, 88-90, in a knockout quarterfinal match they dominated most of the way only to lose steam at crunch time. “That was a nightmare. I couldn’t even sleep several nights after that horrible game,” Yu said “I am hoping it won’t happen again.” Josef Ramos

#NonoyStrong Rick Olivares | bleachersbrew@gmail.com

Bleachers’ Brew AFTER a long bout with cancer, former Ateneo and national team captain, and Philippine Basketball Association (PBA) player Emilio “Nonoy” Chuatico passed away on New Year’s Day in Atlanta, Georgia. While on one hand, it is sad to see him go, it is good that Nonoy is now pain free. He was first stricken with cancer in 2012, beat it back, and was seemingly on the road to recovery. It returned in 2016 and Nonoy resumed treatment. It turned for the worse during Christmas of 2019 when he began to lose his vision. He hung on and gamely battled through treatment, but ultimately succumbed a few days ago. I knew of Nonoy back when we were in school although he was two batches ahead of me in the Ateneo. I did get to know him better when I bunked in with some freshman batchmates at the Cervini dorm inside the Ateneo campus. Although I lived roughly 20 minutes away from the Ateneo, I did so because I was courting this girl from Eliazo Hall that was just across Cervini. One time, with a few dormmates and classmates, we hied over to Eliazo to harana the girl. Nonoy joined us. “Mukhang kailangan mo ng assist, partner,” is what I remember him saying as he put his arm around me. The harana went well. I think more than half the girls in Eliazo went over to the balconies of their rooms to listen to us perform acoustic—and now that I remember it—sappy versions of New Wave songs. After all, it was the 80s and punk and new wave were king. I never won the girl’s heart, but in Nonoy, I gained a very very good friend. After finally helping the Blue Eagles to its first University Athletic Association of the Philippines (UAAP) championship that 1986-87 season, he donned the blue and white on last time in the National UAAP of that season. Against a tough Southwestern University (SWU) Cobras team that had Mark Tallo, Calvin Tuadles, Jun Jabar and Tibo Mutia, Ateneo struggled. The Cobras scored to take a two-point lead with 15 seconds left. Blue Eagle point guard Jun Reyes advanced the ball with the intention of shooting, but a double team was thrown at him forcing him to lose the ball. The ball was going out of bounds when Nonoy picked up the loose ball and with two seconds on the clock fired a 30-foot shot that was all net. The entire coliseum in Davao was silent as the SWU supporters were silent. It took five minutes for referees to make the decision that the shot had counted as Ateneo celebrated jubilantly on the floor. That game incredibly was played on February 22, 1988; Chuatico’s 23rd birthday. A devout Catholic, Chuatico dropped by a Church to pray before the game. “All I wanted then was to play my best. I knew we could win, but I wanted to play my best in my last game for Ateneo.” After that game, when I saw Noy back in Manila, we exchanged high fives and slapped each other’s backs. “Chamba lang,” he modestly said of his big shot. A dead-eye shooter and his kontra-tiempo layup—he was the only one doing that in the amateurs then—I thought he’d make an excellent pro player. Instead of turning professional, Chuatico went to work for then-Ateneo team patron Ernest Escaler’s company. He seemed content to go to corporate life but was ultimately prodded to return to basketball. As Noy told me, “Sige, I will try. So there are no regrets.” He captained the 1991 Philippine team that

won the Southeast Asian Games gold then played for Purefoods before rounding out his PBA career with Ginebra. Before the ’91 Sea Games gold medal match, I met up with Noy outside the Big Dome. He had an extra ticket for me but I said I didn’t need as my friends and I had tickets up in the bleachers. I did say that I had this huge Philippine flag that I planned to wave from up the rafters. The flag was from a neighbor whose father was a seaman and the flag taken off the ship (to retire it as it had seen better days). Right before the end of warm-ups, Nonoy pulled aside some of his teammates and pointed to us and waved. Imagine that. He didn’t forget his friend up in the stands. But that was Nonoy. He never forgot his friends. Through the years even while convalescing in the US, we always talked whether via messenger chat or through audio call. We talked about Ateneo and basketball, war films and documentaries that we enjoyed, comic books and books (he was a voracious reader) and films among many others. Our chat is littered with that kind of geeky conversation. We oft recommended films and books for each other. The last one that he recommended I buy was Michael Bar-Zohar and Nissim Mishal’s The Greatest Missions of the Israeli Secret Service Mossad that I purchased in Singapore (as it wasn’t available locally then). Conversely, he would also ask me to help look for certain comic books for his daughters who he absolutely loved. And that was pretty neat. Although, Nonoy did some coaching in the Metropolitan Basketball Association with the Manila Metrostars, he was happy he ended his playing years with Ginebra. “I won championships with Ateneo. I have a SEA Games gold medal and I got to play for Sonny Jaworski and Ginebra...what more can I ask?” That was typical Nonoy...always looking on the bright side. Even while receiving treatment for cancer, he never failed to talk and see how he could help me as a writer. His older sister, Chao, told me on numerous occasions—the last three hours after Noy passed away—“He [Noy] always told me that I should share with you stories or scoops I had about basketball because you were going to do it right and with integrity. He would always suggest your name when we would talk about who to cover a story. He was a big fan and friend of yours for sure.” It’s funny when I think about it. I was a fan of his and him, of me. However, isn’t that what friendship is all about? While going through treatment, his family put out the hashtag #NonoyStrong to provide him the emotional support while battling cancer. When I think about it, it was actually the other way, he was strong for his family, his friends, and colleagues. A fount of strength. Imagine that, even while he was in pain, he would always take time out to console me over the passing of friends and family. And for many others as well. He certainly disagreed with the saying, “the enemy of my enemy is my friend.” Said Nonoy, “A friend is someone you never take for granted.” I am glad we remained very good friends even though living oceans apart. Rest in peace and easy, my friend. You fought the great big fight. Like a champ as always.