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Monday, January 11, 2021 Vol. 16 No. 91
WB RAISES ALERT OVER P25.00 nationwide | 2 sections 16 pages |
‘QUIET FINANCIAL CRISIS’ BSP POLL: BANKS CAN STAY WITHIN METRICS AMID COVID IMPACT By Bianca Cuaresma
@BcuaresmaBM
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OCAL lenders believe they are well-equipped to handle the economic fallout of movement and operational restrictions due to the pandemic, as they continue to have adequate loan loss provisions, capital and liquidity nine months into the global health crisis. In a recent Bangko Sentral ng Pilipinas (BSP) survey, most bank industry leaders said they intend to keep important bank health gauges within local and international standards in the next two years. “The Philippine financial system is projected to withstand the legacy risks and challenges posed by the Covid-19 pandemic within the next two years
on account of its relatively stable and sound capital, leverage and liquidity buffers, ample loan loss reserves and buoyant earnings performance,” the BSP said in a statement. In the survey, banks said they will still be able to set aside loan loss provisions despite the pandemic’s hampering their operations. “This is important because the projected NPL coverage ratio will indicate the banks’ perceived ability to absorb future losses,” the BSP said. About 44.3 percent of banks in the country said they project their NPL coverage ratio of between 51 and 100 percent while 48.9 percent said their NPL coverage ratio will likely be less than or equal to 25 to 50 percent of total NPLs. Continued on A2
40% chicken MDM tariff to raise ₧5B more–Sinag By Jasper Emmanuel Y. Arcalas
Aling Kika’s glutinous rice store in Cainta has put plastic barriers to separate the buyers from their sales attendant. The government encourages businesses as usual but with safety protocols. BERNARD TESTA
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By Cai U. Ordinario
@caiordinario
OLICYMAKERS globally should prioritize efforts to prevent the rise of “zombie loans” to avert a “quiet financial crisis,” according to an executive of the World Bank Group. PESO exchange rates n US 48.0530
In a World Bank blog, World Bank Vice President and Chief Economist Carmen Reinhart said that while banks have implemented debt moratoria last year, this is expected to end this year. With this and other banking regulations that were relaxed last year, the nonperforming loans (NPLs) of banks could already be underestimated, Reinhart said. “The alternative—channeling resources into zombie loans—is a
recipe for delayed recovery. Given the pandemic’s already huge economic and human costs, avoiding that scenario must be a top priority for policymakers everywhere,” Reinhart said. In order to address this, Reinhart said policymakers should recognize the scope and scale of the problem. This should be followed by the immediate restructuring and writing down of these debts. See “WB,” A2
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@jearcalas
N agriculture industr y group said imposing the 40-percent tariff on imported mechanically deboned meat (MDM) of chicken would generate additional P5 billion in revenues for the government that could be used to vaccinate about 11 million farm workers. The Samahang Industriya ng Agrikultura (Sinag) is urging the government to retain the higher tariff on MDM, about a week left for President Duterte to decide on whether he would keep the 5-percent tariff on the imported raw
material or not. The Cabinet-level Committee on Tariff and Related Matters (CTRM) had earlier endorsed to President Duterte its recommendation to retain the tariff of MDM at 5 percent. However, without a new EO, the Bureau of Customs (BOC) has started collecting 40-percent tariff on imported chicken and turkey MDM after EO 82, which halted the effectivity of the higher rate and retained the lower rates on the raw material last year, expired last December 31. (Related story here: https://businessmirror.com.ph/2021/01/05/ctrmfor-5-mdm-rate-as-boc-slaps-40tariff/)
n japan 0.4629 n UK 65.1983 n HK 6.1977 n CHINA 7.4180 n singapore 36.2774 n australia 37.3276 n EU 58.9803 n SAUDI arabia 12.8100
Continued on A3
Source: BSP (January 8, 2021)
News
BusinessMirror
A2 Monday, January 11, 2021
Customs collects ₧14.6B in rice tariffs in January-November ’20
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By Bernadette D. Nicolas
@BNicolasBM
ICE tariffs collected by the Bureau of Customs reached P14.6 billion from January to November in 2020.
Finance Assistant Secretary Maria Teresa S. Habitan told the BusinessMirror that the amount was collected from 2.25 million metric tons of rice imports during the 11-month period. At the Senate hearing on the 2021 budget of the Department of Finance in November last year, Cus-
toms Assistant Commissioner and spokesman Vincent Philip C. Maronilla said they were aiming to collect at least P15.4 billion in rice tariffs by the end of 2021. Tar iffs collected from r ice imports are used to fund the six-year P10-billion annual Rice Competitiveness Enhancement
Fund (RCEF) to bankroll programs that would provide farmers w it h h igh- qu a l it y seed s, machinery, easier credit access, and relevant training to improve their productivity and become competitive. Should annual tariff revenues from rice importations exceed P10 billion, the Rice Trade Liberalization (RTL) law states that these shall be earmarked by Congress— and included in the national budget of the following year—for financial assistance to palay farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification. In 2019, Customs collected P12.3 billion in rice tariffs from March to December following the passage of the RTL, which paved the way for easier importation of rice.
Undervalued shipments
How ever , Customs told 47 rice importers last year to pay a combined total of P1.417 billion after they were found liable for undervaluing their rice shipments from March to June last year. The BusinessMirror also earlier reported that Customs has so far collected P30.908 million of the P1.4-billion total charges, equivalent to 2.2 percent. The BOC also earlier said 60 rice importers have already been selected for the post-clearance audit for rice importations for January to June last year. Customs Commissioner Rey Leonardo B. Guerrero has since said they expect to collect at least an additional P1 billion from undervalued shipments last year.
AUSTRIA 28TH ON TRAVEL BAN LIST; NO CHINA YET
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TOTAL of 28 countries have so far been included in the travel ban that the Philippines has imposed on travelers to prevent the entry of the new Covid-19 strain which is believed to be more contagious. However, with just four days before the travel ban ends, China is not still included in the list despite reports that the new variant spreading in the United Kingdom was detected there.
Health Undersecretary Maria Rosario Vergeire explained that China has not officially reported such to the International Health Regulations (IHR) or announced it in their official web site. “We are still coordinating to get [an] official report,” Vergeire told the BusinessM irror. Until the Department of Health (DOH) gets an official confirmation, “we can’t include [it] yet in
our list of countries with restrictions.” Last week, DOH said it was awaiting confirmation of the International Focal Points before including China in the travel ban that ends January 15. A publication in China reported that the new variant was found in a 23-year-old female student returning to China from Britain. Meanwhile, the Bureau of Immigra-
tion said it recently included passengers coming from or have been to Austria 14 days prior to arrival in the Philippines in the travel restriction. “The restriction for those coming from Austria will start at 12:01 midnight of January 10, and will be in effect until January 15,” BI chief Jaime Morente said. The government first imposed a travel ban on travelers from the United Kingdom, Denmark, Ireland, Japan, Australia, Israel, The Netherlands, Hong Kong SAR, Switzerland, France, Germany, Iceland, Italy, Lebanon, Singapore, Sweden, South Korea, South Africa, Canada, Spain, and the United States. It later added Portugal, India, Finland, Norway, Jordan and Brazil. Morente clarified that Filipinos coming from the listed countries or territories will be allowed entry, but will be referred to the airport’s one stop shop to “undergo an absolute facility-based 14-day quarantine period, notwithstanding a negative RTPCR result,” he added. Passengers merely transiting in the 28 countries, according to Morente, will not be required to undergo the 14day quarantine but will be subjected to regular protocols for arriving passengers. “They will be considered transiting if they merely stayed in the airport, were just there for a layover, and were not cleared for entry by immigration authorities in the said countries,” Morente pointed out. Joel R. San Juan, Clau-
deth Mocon-Ciriaco
www.businessmirror.com.ph
Unemployment woes will worsen on low funding for DOLE intervention–FFF
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HE country’s unemployment woes can worsen this year due to poor government spending on its National Employment Recovery Strategy (NERS), according to a labor group. The Federation of Free Workers (FFW) expressed concern over what it deemed low government funding for its labor-related programs, despite the jobs displacement suffered by 4.5 million workers in 2020 due to lockdowns imposed by the Covid-19 pandemic. FFW President Sonny Matula said out of the 10 sectors, which got the highest allocation in the 2021 national budget, labor was the last with only P36.6 billion. The top three sectors with the highest allocation were education (P708.1 billion); public works and highways (P694.8 billion); and health (P287.4 billion). FFW, together with other members of the labor coalition Nagkaisa, is pushing for at least a P162-billion budget for DOLE for its intervention for Covid-affected workers.
“For us, if the government will have no big intervention [for labor], our economy will fail,” Matula said. Last week, DOLE admitted it was forced to scrap its proposed wage subsidy for micro, small, and medium enterprises since it was unfunded in the 2021 General Appropriations Act (GAA). The wage subsidy together with the mass skills training were among the proposals submitted by Nagkaisa to be included in NERs, which is currently still being finalized. Matula stressed the government would have to pick up the slack from the private sector, which is currently hesitant to invest money in their businesses due to the ongoing pandemic. “If people don’t have money, the economy will not move even if the quarantine restrictions are relaxed. They must have the funds,” Matula explained. “It is only the government, which will be able to release a large amount of funds [for the stimulus] to boost the economy,” he added. Samuel P. Medenilla
BSP POLL: BANKS CAN STAY WITHIN METRICS AMID COVID IMPACT Continued from A1
NPL are also known as soured loans, as these are credits that remain unpaid 90 days after their due date while NPL coverage ratio is the amount of provisions banks set aside to cover for unpaid loans so their balance sheets and operations won’t be gravely affected by the consumers’ inability to pay. Broken down, 85.7 percent of universal and commercial banks expect the NPL coverage ratio to hover between 76 percent and 100 percent. Meanwhile, around 88.9 percent of thrift banks said their NPL coverage ratio will be 26 percent and 100 percent in the next two years. Meanwhile, 86.1 percent of rural and cooperative banks are tilted towards the NPL coverage ratio range of less than or equal to 25 percent to 75 percent. Banks also expressed determination to keep their capital levels high despite expected losses due to the effect of pandemic-induced restrictions. “Cognizant of the importance of capital to protect the banks from unexpected losses, the Philippine banking system has been maintaining risk-based capital at levels higher than domestic and global standards, and intends to do so in the next two years,” the BSP said. The BSP maintains a Capital Adequacy Ratio (CAR) standard of 10 percent while global standards are lower at 8 percent.
The survey revealed that the projection of CAR is more prudent for this year as 80.5 percent of the respondents expected their CAR to hit more than 14 percent. The BSP also reported that industry data showed that banks’ CAR consists mostly of highquality common equityTier 1 (CET 1) capital. The survey also revealed that banks are seeing no problems in their liquidity profiles amid the pandemic. Bank leaders also expect strong liquidity positions to be maintained up to 2022 as banks continue to project healthy liquidity metrics under the Basel III liquidity coverage ratio (LCR) and the respective metrics for universal, commercial, thrift, rural and cooperative banks. The LCR mandate of the BSP requires local banks to hold sufficient High Quality Liquid Assets (HQLAs) that can be easily converted into cash to service liquidity requirements over a 30-day stress period. This provides banks with a minimum liquidity buffer to be able to take corrective action to address a liquidity stress event. “[These] liquidity buffer serves as defense for banks to thrive amid a volatile market environment while enabling them to take advantage of business opportunities presented by the growing economy and the country’s pursuit of better infrastructure to support domestic economic expansion,” the BSP said.
WB RAISES ALERT OVER ‘QUIET FINANCIAL CRISIS’ Continued from A1
Balance-sheet damages, Reinhart said, take time to repair. In the past, overborrowing usually leads to “a long period of deleveraging, as financial institutions become more cautious in their lending practices.” Reinhart added, “This muddling-through stage, usually associated with a sluggish recovery, can span years. In some cases, these financial crises develop into sovereign-debt crises, as bailouts transform precrisis private debt into public-sector liabilities.” She said not all financial crises entailed dramatic moments or high points, since asset quality can deteriorate during recessions. This is particularly the case if firms and households are “highly leveraged.” The “drama” was seen in the 2007-2009 global financial crisis through the “Lehman moment” which not only marked the crisis but also inspired a Broadway show,
The Lehman Trilogy. Reinhart said this means, financial crises would not always involve bank runs and other panics, but will still lead to multiple costs for the government and the economy as a whole. “Bank restructuring and recapitalization to restore solvency can be expensive for governments and taxpayers, and new lending can remain depressed, slowing economic activity,” Reinhart said. “The credit crunch also has distributional effects, because it hits small and medium-size businesses and lowerincome households more acutely,” she added. Last week, the national government’s outstanding debt reached P10.13 trillion as of end-November last year, just P30 billion short of the government’s expected level for the year. Latest data from the Bureau of t he Trea su r y showed t he
country’s debt stock rose by 1.1 percent or P106.37 billion from P10.028 trillion as of end-October last year owing to higher domestic borrowings. The amount of outstanding debt as of end-November is nearing the P10.16-trillion outstanding debt level that the economic managers had projected for the year. Since the start of 2020, the national government’s debt stock has already surged by 31.1 percent from P7.73 trillion as of end-2019. Broken down, the Treasury said domestic debt cornered 71 percent of the total outstanding debt, while the remaining 29 percent was external debt. As of end-November last year, domestic debt amounted to P7.19 trillion, up by 1.6 percent compared to the P7.077 trillion recorded as of end-October due to the net issuance of domestic government securities.
News BusinessMirror
www.businessmirror.com.ph
Editor: Vittorio V. Vitug • Monday, January 11, 2021 A3
Group backs stronger sanctions vs stakeholders’ violations By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
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HE Tourism Congress of the Philippines (TCP) announced it is supporting the Department of Tourism’s (DOT) move to increase fines and strengthen sanctions against accredited tourism enterprises violating health protocols due to a rising number of infractions committed especially during the pandemic. TCP President Jose C. Clemente III told the BusinessMirror the organization “supports the DOT���� re��� garding the review of penalties for those tourism enterprises violating
the guidelines set forth during the pandemic.” “As much as we want to get the situation under control, the stakeholders have to do their part,” Clemente said. He added that “in light of violations being reported and discovered, stiffer penalties may need to be imposed to hammer home the seriousness of the effects of the pandemic.” “This is not the time to be playing around and circumventing the guidelines. We must be the example of compliance, not the problem,” Clemente added. The DOT is looking at getting tougher on violators of its regulations, with the latest being allegedly
committed by City Garden Grand Hotel in Makati City, which allowed the check-in of guests for a staycation, despite being a quarantine hotel. The issue came to light after the lifeless body of flight attendant, Christine Angela Dacera, was found in the bathroom of a guest room after a night of New Year’s Eve revelry. (See, “DOT eyes tougher sanctions on hotel-violators; City Garden under fire for flight attendant’s death,” in the BusinessMirror, January 6, 2021.) DOT National Capital Region is expected to release this week the findings of its investigation into City Garden Grand’s possible violations, after the hotel already responded to
agency’s show-cause order. Clemente also said, the DOT “may also be a need to review penalties in general for violations by stakeholders and other tourism enterprises moving forward.” The DOT recently levied a P10,000-fine on Plantation Bay Resort and Spa in Mactan, Cebu for “acts detrimental to the tourism industry,” under the DOT’s regulations on its Progressive Accreditation System. (See, “Plantation Bay gets slap on the wrist on guest dispute re: autism,” in the BusinessMirror, January 7, 2020.) Meanwhile, the DOT reiterated there were only 15 accredited accommodation establishments in Metro
Manila that operate as staycation hotels as of January 5, 2021. These are: Grand Hyatt Hotel, Makati Shangri-La, Okada Manila, Shangri-La at the Fort, Nobu at the City of Dreams (COD), Joy Nostalg Hotel and Suites Manila, Edsa������ Shangri-La Manila, Solaire Resort and Casino, Hyatt Regency (COD), Nuwa (COD), The Peninsula Manila, Aruga by Rockwell, Sheraton Manila, Hilton Manila, and Hotel Okura Manila. Other establishments not in the list are either operating as quarantine hotels, which are banned from accepting guests for leisure purposes or continue to be closed. “We would like to correct the misperception that all four- or five-
star rated accommodation establishments can operate as staycation hotels,” Tourism Secretary Bernadette Romulo Puyat was quoted in a statement as saying. “For such a hotel to accept guests for leisure purposes, it has to first apply for a Certificate of Authority to Operate as Staycation hotel,” Puyat said. “With the authority is the responsibility to strictly adhere to the minimum health and safety guidelines.” “One has to pass the rigid inspection to ascertain that measures and systems are put in place and diligently practiced on a daily basis,” the Tourism chief added. “It cannot, above all things, concurrently operate as a quarantine facility.”
PSA: Farm-gate price of rice hits 3-month high By Jasper Emmanuel Y. Arcalas @jearcalas
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HE nationwide average farm-gate price of dry unmilled rice (palay) in the fourth week of December 2020 rose by 1.1 percent to a 3-month high of P16.43 per kilogram, latest Philippine Statistics Authority (PSA) data showed. In its weekly price monitoring report, the PSA said the latest average quotation was slightly higher than the P16.25 per kg recorded in the third week of December 2020. “Similarly, it rose further at an annual rate of 3.8 percent from its average price of P15.83 per kg
in the same week of the previous year,” the PSA said in the report published recently. Historical PSA data showed that the latest average farmgate price of unmilled rice matched the September fourth week’s P16.43 per kg. It was the highest average price level since September third week’s P17.03 per kg. The highest average price of dry palay (14 percent moisture content) was recorded in Cagayan Valley region at P17.99 per kg while the lowest average price was reported in Davao Region at P14.54 per kg, PSA data showed. Likewise, both the wholesale and retail prices of well-milled
and regular-milled rice varieties grew during the period, the PSA said. “The average wholesale price of well-milled rice increased to P37.49 per kg or by 0.3 percent this week from its previous week ’s level of P37.37 per kg. Moreover, it registered an annual increment of 1.1 percent from its average price of P37.09 per kg during the same period of the previous year,” it added. The PSA said the average retail price of well-milled rice inched up to P41.04 per kg from last week’s P40.95 per kg. “However, it declined at an annual rate of 1 percent from its price level of P41.46 per kg
in the previous week,” the PSA added. The PSA said the average wholesale price of regularmilled rice during the reference period rose slightly to P33.28 per kg from the previous week’s P33.36 per kg. Likewise, it was 1.5 percent higher than the P32.85 per kg recorded in the fourth week of December 2019, the PSA said. “On the other hand, the average retail price of regular-milled rice this week retained its previous week’s price level of P36.17 per kg. Meanwhile, it went up at a slower annual rate of 0.1 percent, from P36.12 per kg during the same week of the previous year,” the PSA said.
DISTANCE BETWEEN US A transparent barrier separates diners in a restaurant at the Mall
of Asia on January 10. The putting up of barriers is part of the “New Normal” as businesses reopen under the modified general community quarantine measures against the coronavirus disease of 2019 (Covid-19). The government encourages the “business-as-usual” condition as long as operators follow safety protocols. As of 4 p.m. of January 10, the Department of Health (DOH) said it recorded 1,906 additional Covid-19 cases, 8,592 recoveries and eight deaths. The DOH Bulletin recorded a total of 487,690 Covid-19 cases. BERNARD TESTA
Economists, solons have mixed views on Charter change
“I’m a member of FEF. I don’t support the statement. I think it’s poorly timed, a divisive distraction to pandemic recovery and elections prep work, and this admin has no moral ascendancy and reform reputation on rule of law,” Mendoza told BusinessMirror. Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III shared Mendoza’s view. He thinks government should focus on fighting Covid-19. The issues raised in support of the amendments are not binding constraints to the economy at this time, he said. “Shifting attention to charter change with a year to go in the Duterte administration is a distraction and will only abet division and uncertainty,” Sta. Ana told BusinessMirror. Last Friday, the House Committee on
Constitutional Amendments was eyeing to reopen its hearings on the proposals amending the economic provisions of the 1987 Constitution. Ako Bicol Rep. Alfredo Garbin Jr., the new chairman of the panel, said Speaker Lord Allan Velasco wants the committee to start this week, or before session resumes on January 18, the deliberations on the economic provisions in the 1987 Constitution. During the 9th Arangkada Philippines Forum 2020 titled Foreign Investment in the PostPandemic Philippines in early December, Velasco ruled out further Charter change discussions, particularly the lifting of the economic restrictions, during the term of this Congress. Several moves in the 18th Congress are geared
at liberalizing the economic provisions of the 1987 Constitution. Under Article XII of the 1987 Constitution, foreign investors are prohibited from owning more than 40 percent on certain industries, and they are totally restricted from exploiting natural resources, public utilities and owning any company in the media industry.
Bold reforms—Atienza
AS domestic industries crushed by the pandemic are seen needing tens of billions of dollars to rebuild and compete in post-pandemic global economic order, leaders of the House of Representatives on Sunday backed proposal to amend the economic provisions of the Constitution to quickly liberalize several industries in the country.
Deputy Speaker and Buhay Rep. Lito Atienza called for “bold reforms in the economic provisions of the 1987 Constitution” to enable the country to swiftly attract largescale foreign direct investments badly needed to rebuild Philippine industries shattered by the Covid-19 crisis. “We have to overhaul the restrictive provisions of our Constitution and lay the foundations of a new economy that is more welcoming if not totally welcoming to foreign investments,” Atienza said in a statement. “Foreign ownership of many of our industries is still limited up to 40 percent only. We must now relax these limits,” Atienza said. According to Atienza, the economy needs a powerful vaccine—a Marshall Plan-type recov-
continued from a8
ery plan—but anchored on drawing large-scale private foreign investments. “The national economy needs a powerful vaccine—a big shot in the arm by way of several billions of dollars in new foreign investments every year over the next five years,” Atienza said. “We need a Marshall Plan-type recovery program, but one anchored on drawing huge private foreign capital to help rebuild our own industries so that they can start creating jobs again,” Atienza said. “Right now, the highly developed world is awash with cash because central banks have slashed interest rates to almost zero to encourage spending and consumption amid the global crisis,” Atienza said.
40% chicken MDM tariff to raise ₧5B more–Sinag
“Similar to the health sector, our food
producers that bring food to our tables are at the forefront of our battle against the Covid-19 pandemic,” Sinag said. The industry group claimed consumers would only pay an additionalP1.20for a 350-gram luncheon meat and P0.525 for a 150-gram meat loaf if the tariff for MDM would be kept at 40 percent. “Shelling out an additional Php 0.525 to vaccinate 11 million in the agriculture sector is a good start for
our fight against this global pandemic,” it added. The group explained that a lower tariff on imported MDM would “deprive the government of muchneeded revenues” that could fund its programs, particularly vaccination, in light of the Covid-19 pandemic. “MDM importation last year was 254 million kilograms. At an average P50 per kilogram, at 5 percent tariff, the government will only be able to col-
lect P635 million. A 40-percent tariff, however, will increase government revenues to P5.08 billion, or an additional revenue of P4.44 billion,” it said. The meat processing industry has warned for years now that a reversion to a 40-percent tariff on imported MDM, a key raw material used to produce hot dogs, luncheon meat, among others, would jack up retail prices of processed meat products. Last year, San Miguel Food and
Beverage Inc. (SMFBI) Senior Vice President for Corporate Affairs and Strategic Planning Group Rita Imelda Palabyab projected retail prices of hot dogs rising about P20 per kilogram if the tariff rate applied on MDM of chicken reverts to 40 percent. Local economists have also backed the recommendation of the economic team to keep the 5-percent tariff on MDM. Former University of the Philippines School of Economics Dean
Ramon L. Clarete told the BusinessMirror that retaining the 5-percent tariff on MDM will help consumers in the long run, especially the poor. “Okay, your revenues will increase but that is just penalizing the consumers of processed meats, hot dogs. It’s a crazy measure [reverting to a 40-percent tariff],” Clarete said in a phone interview. “Processed meats are part of the menu of our lower income households.”
Senate calls execs on Covid-19 vaccine ‘dribbling,’ rollout Lacson wondered aloud why, from information he has so far, did the government not act promptly on the queries of Pfizer, the US-based manufacturer whose vaccine has a 95-percent effectivity. Health Secretar y Francisco Duque III, whom Lacson said is obviously the one who “dropped the ball” as complained earlier by Foreign Affairs Secretary Teodoro L. Locsin Jr., was invited to Monday’s Senate hearing. Apart from the Pfizer fiasco, Lacson said DOH did not respond well to China’s state-owned Sinopharm, whose vaccine reportedly has a 75-percent effectivity. Instead, he noted that local au-
thorities appeared more receptive to the vaccine from Sinovac, a private Chinese firm, with a lower effectivity and a higher price tag. He vowed to “pursue as well the government’s dropping the ball on at least two opportunities when it could have gotten vaccines from US-based Pfizer and China-based Sinopharm.” Lacson had noted that in both cases, these two firms “ultimately did not allocate vaccines for the Philippines because the Health Secretary did not act promptly on them.” The senator recalled information that in the case of Sinopharm, there was an offer to enter into a joint venture with Philippine pharmaceutical firms to conduct clinical trials, re-
search and technology transfer here, such that vaccines can be locally produced in the Philippines,but this did not prosper due to lack of response. Worse, he noted, the inaction triggered speculations that “some in the government were waiting in favor of another brand, Sinovac.” “Why did we miss at least two opportunities to procure vaccines?” he asked, recalling that “we had set aside more than P70 billion for vaccines for 2021, and we have entered into loans for the purpose, so the money is available.” Lacson said “the frontliners deserve to know [details of the vaccine roadmap] because they are the ones who go to the morgues, they
are the ones who attend to Covid patients. They deserve to know if they would be prioritized in the vaccination program.”
Info crucial–Go
SEN. Christopher Lawrence Go asserted that aside from ensuring availability, accessibility and affordability of vaccines for all Filipinos, it is also government’s responsibility to update the public on the status of procurement—as well as plans on the eventual distribution and use—until expected full recovery through “herd immunity” is achieved when the vaccine roadmap is properly implemented. According to Go, the roadmap
continued from a1
continued from a8
against Covid-19 would facilitate the vaccine supply chain and ensure the equitable and systematic provision of the vaccine once it is available. He noted that the Duterte government has also been exploring multiple sources of Covid-19 vaccines to ensure access of Filipinos to safe and effective vaccines to overcome the ongoing pandemic. He recalled that President Duterte also signed Executive Order No. 121 on December 2, 2020, allowing the Director-General of the FDA to issue Emergency Use Authorization (EUA) for the Covid-19 drugs and vaccines. With the EUA, the process of approving the use of Covid-19 vaccines from abroad will be expedited.
DOF chief vows to end ‘state capture,’ flags its perils continued from a8
“These grafters and influence peddlers play the long game nurturing a symbiotic relationship with public officers complicit with the capturers and bartering continued political support from powerful individuals. These are done in exchange for wielding government power for a period to last beyond one presidential term,” he added. Recently, the DOF launched its “Sumbong” page on its website devoted to receiving information from the public about suspected corrupt practices. The page encourages all citizens to submit any information regarding cases of possible anomalies in the department and all agencies it supervises. Informants may also submit evidence showing properties or lifestyles grossly disproportionate to the pay levels of the employees of DOF and its attached agencies. Apart from this, Dominguez said the DOF has also been conducting rigorous lifestyle checks on its officials and employees, adding that the department is also advocating a continuing review of processes and procedures in all its offices to curb corruption. To further enhance transparency and reduce the margin of discretion, which he described as “ultimately the source of graft in the bureaucracy,” Dominguez said the DOF is also accelerating the adoption of digital technologies within the department and in its attached agencies. As the principal anti-corruption arm of the DOF, the Revenue Integrity Protection Service has initiated investigations against 403 officials and employees of the DOF and its attached agencies since President Duterte took office in 2016. Administrative and or criminal cases have been filed against 60 errant public officers, of which 14 have already been dismissed from the service.
BusinessMirror
A4 Monday, January 11, 2020 Republic of the Philippines
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. SHENGLIN YE / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. HONGJIE CHEN / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. PEITU LIN / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Ms. SHUNA FU / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Ms. FANGFANG TANG / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. WEI LI / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. JIZE HU / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YONGQIANG LIU / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. JINGBO ZHOU / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YONGYIN LIU / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. SHIWEN QIU / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. HAI TANG / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. XINWEN LIN / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. QIANG LI / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. SHENGYAO TANG / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YUYOU LAN / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. LIJUN CAO / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. JUNJIE ZHANG / Chinese
Chinese Speaking Customer Service Representative
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. BIN LI / Chinese
Chinese Speaking Customer Service Representative
NOTICE OF FILING OF APPLICATION FOR ALIEN EMPLOYMENT PERMIT (AEP) Notice is hereby given that the following employers have filed with this Regional Office application/s for Alien Employment Permit/s. Name and Address of Company/Employer
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LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. ZHIYANG XU/ Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. ZHIYONG PAN / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YEQIAO CHEN / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. HAIFENG JIANG / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. XINXIONG LEI / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. HAO LI / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Ms. HUIRU XUE / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. JIALIANG PENG / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. DENGCHENG NI / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. WEI HUANG / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. GUOLONG YU / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. CHUNGUANG NIU / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. HUAIHUI GUO / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. XIN CHEN / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. JINXIONG WU / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. XING QI / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YUZE LU / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YAOKE NIE / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YUE XIAO / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. KUNXIONG CHEN / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YI CHEN / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. XIAOHU OU / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YONGSHENG HUANG / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. WENJIE FENG / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. YAN MA / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. LEI CAO / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Ms. CHUNBO WEI / Chinese
LANCE EXPERT TECHNOLOGY SOLUTIONS, INC. Brgy. San Francisco, Biñan City, Laguna
Mr. KANG YANG / Chinese
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The World
Editor: Angel R. Calso
BusinessMirror
Monday, January 11, 2021
A5
North Carolina breaks record anew as California Covid deaths increase
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orth Carolina reported 11,581 new cases on Saturday, breaking a record for the second time this week. Hospitalizations, which have soared as the state has become among the hardest hit in the virus’s recent wave, declined for a second day, state data show. Another 96 people died. California reported 695 new deaths, its worst day for fatalities so far, bringing the total to 29,233. The state added 52,636 new cases, with a total of 2.6 million. The surge in cases is putting a strain on the state’s health-care system, where regions including Southern California have almost no ICU bed capacity. Hospitalizations hovered near a high since the outbreak, while ICU capacities are at the lowest. Nevada ended its deadliest week with more than 300 fatalities, almost 100 more than the previous week. The state reported 56 deaths on Saturday, just below the record 60 on Wednesday. With total deaths at 3,450, the Las Vegas Sun reported that Clark County, the state’s most populous, has begun deploying refrigerated trailers to funeral homes. Virginia reported a record 5,798 cases on Saturday, as hospitalizations also reached a new high, state data show. Neighboring Maryland reported 3,758 cases, among the highest since the beginning of the pandemic. Total cases for Maryland surpassed 300,000. New York Governor Andrew Cuomo reported three additional cases of the more transmissible variant of the coronavirus first found in the UK. Two are related to the first diagnosed case, a man in his 60s who lives in Saratoga County in upstate New York. The third is in Nassau County on Long Island, the governor said. More than 50 cases have been found in half a dozen US states and the number will grow—“bet on that,” Cuomo told reporters on a conference call on Saturday. He said vaccine distribution has sped up, with 259,000 people getting the shots so far this week, compared to 148,000 last week. The state reported 16,943 new cases, a drop after two recordbreaking days. Hospitalizations and the rate of positive tests fell. Another 188 people died.
Key developments: Brazil’s case trend rises further
Brazil’s 14-day rolling average of new cases rose for a fifth consecutive day, approaching record levels reached in August, according to Health Ministry data. The country with the third-most confirmed infections behind the US and India added 62,290 cases in Saturday’s tally for a total of almost 8.1 million. Deaths rose by 1,171 to more than 202,000. Both trends have ticked up since the start of the year. President Jair Bolsonaro asked India to expedite a shipment of AstraZeneca Plc’s coronavirus vaccine, the Health Ministry said in a statement Saturday.
France cases remain well above goal
France reported 20,177 new cases on Saturday, while the number of deaths increased by 171 to 67,599, according to statistics from the national health agency. While the government has been aiming to bring the number of daily new cases to below 5,000, they’ve been around four times that number most days in January, prompting officials to put more of the nation under an earlier curfew. The government is accelerating the pace of its vaccination campaign after being criticized for a slow rollout.
Pope Francis to be vaccinated
Pope Francis said there is an “ethical” obligation to be vaccinated against Covid-19—and that he will get one himself soon. “I believe that ethically everyone must take the vaccine, it is an ethical option, because you stake your health, your life, but you also play the lives of others,” Pope Francis said in a prerecorded interview with the Italian broadcaster Mediaset. The pope said vaccinations will begin in the Vatican next week. “I have booked, it must be done,” he said.
UK total virus cases top 3 million
The UK became the first country in western Europe to report more than 3 million coronavirus cases, as it grapples with a new strain that’s putting pressure on its health service. The country reported an addi-
tional 59,937 cases on Saturday, taking the total to 3,017,409. The total is the largest in Europe, and fifth highest in the world, according to data from Johns Hopkins University. The country passed 1 million cases on October 31, which doubled seven weeks later on December 19. It took just three weeks to reach 3 million cases. It has recorded more than 50,000 cases every day since December 29.
Portugal reports 9,000 new cases
Portugal on Saturday reported 9,478 new confirmed coronavirus cases in a day, less than the record 10,176 announced on Friday, taking the total to 476,187. Deaths rose by 111 to 7,701, following a record daily increase of 118 on Friday. The government has said it may tighten restrictions on movement next week.
German death toll above 1,000 for fourth day
Germany’s death toll from the coronavirus exceeded 1,000 for a fourth-straight day, making the past week the country’s deadliest stint of the pandemic. Fatalities increased by 1,035 in the 24 hours through Saturday morning, according to data from Johns Hopkins University. Total infections rose 19,840 to 1.91 million, in line with figures from recent weeks and portending no relief in sight for the country’s increasingly stretched health system. Doctors and nurses in many hospitals are close to being overwhelmed, and the virus mutations intensify the level of concern, Chancellor Angela Merkel said in a podcast. With the coming weeks set to be the country’s toughest yet in the pandemic, Germans need to consistently adhere to the tougher lockdown measures, she said. The tempo of vaccinations will increase and there will be enough in Germany for everyone, she added.
Russia sees 23,309 new Covid-19 cases
Russia recorded 23,309 Covid cases over the past day, including 4,900 in Moscow and 3,006 in St. Petersburg. The country recorded 470 deaths, bringing the total Covid death toll to 61,381. Bloomberg News
Semiconductor shortage forces car companies to cut production
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ETROIT—A widening global shortage of semiconductors for auto parts is forcing major auto companies to halt or slow vehicle production just as they were recovering from pandemic-related factory shutdowns. Officials at Volkswagen, Ford, Fiat Chrysler, Toyota and Nissan all say they have been hit by the shortage and been forced to delay production of some models in order to keep other factories running. “This is absolutely an industry issue,” Toyota spokesman Scott Vazin said in an email Friday. “We are evaluating the supply constraint of semiconductors and developing countermeasures to minimize the impact to production.” If the chip shortage lasts, production cuts could reduce the inventory of cars, trucks and SUVs for sale in the US and other markets. That comes at a time when the industry was just starting to replenish inventory lost when factories shut down last spring to stop the spread of novel coronavirus. Toyota was forced to slow production of the full-size Tundra pickup at a factory in San Antonio, Texas. Ford had scheduled down time next week at its Louisville, Kentucky, assembly plant, but moved it ahead to this week. The plant makes the Ford Escape and Lincoln Corsair small SUVs. Fiat Chrysler has temporarily closed factories in Brampton, Ontario, and a small-SUV plant in Toluca, Mexico, while Volkswagen said in
December it was facing production slowdowns due to the shortage. Nissan said it has had to adjust production in Japan but hasn't seen a significant impact so far in the US. Industry officials say semiconductor companies diverted production to consumer electronics during the worst of the Covid-19 slowdown in auto sales last spring. Global automakers were forced to close plants to prevent the spread of the virus. When automakers recovered, there weren't enough chips. "There have been warning signs about this for months," said Kristin Dziczek, vice president of industry at the Center for Automotive Research, an industry think tank. It takes six to nine months of lead-time for the industry to get chips via a complex web of suppliers, Dziczek said. She said she hopes that some of the lead-time had passed when the issues began surfacing several months ago, making this a short-term rather than long-term problem. "There's still some coming through, just not the volumes that they thought there would be," Dziczek said. In many cases, automakers have stopped making slower-selling vehicles in order to divert the chips to hotter segments of the market, including pickup trucks and SUVs. "This will minimize the impact of the current semiconductor shortage while ensuring we maintain production at our other North American plants," Fiat Chrysler said in a statement. The auto industry is using more semi-
conductors than ever before in new vehicles with electronic features such as Bluetooth connectivity and driver assist, navigation and hybrid electric systems. Semiconductors are typically silicon chips that perform control and memory functions in products ranging from computers and cellphones to vehicles and microwave ovens. Auto sales plunged during the first wave of lockdowns in April but have since recovered significant ground. US new vehicle sales were down 34 percent during the first half of last year, but recovered to end the year down only 15 percent. The shortage in chips required in increasingly automated cars is the latest example of how the semiconductor industry's ebbs and flows can have ripple effects in products. Schools districts last summer scrambled to get orders filled for laptops for students still largely going to classes remotely as personal computer makers struggled to secure processors and other components. The problems started when overseas factories making the chips were forced to shut down in the pandemic's early stages. The problem was exacerbated last July after the Trump administration imposed sanctions on 11 Chinese companies for alleged labor abuses. To make matters worse, the schools found themselves competing for laptops against deeper pocketed companies that were also placing huge orders for employees while they worked from home. AP
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Monday, January 11, 2021 • Editor: Angel R. Calso
Opinion BusinessMirror
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editorial
2021: ‘Hold my beer’
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T is hard to believe that it was only a year ago that a quiet Sunday morning turned into a frantic day by lunchtime as the Taal Volcano erupted. Little did we think then that the dark clouds and falling ash in Metro Manila would simply be a forerunner for a year of chaos and calamity.
However, 2021 is already starting out to be one of those “hold my beer” moments as this new year may attempt to “outperform” the old year. And the pandemonium in Washington, D.C., on January 6th is only one of evolving situations. If you believe in looking at chicken bones or tea leaves to see the future, the just released inflation numbers for December may just be the beginning. Year-on-year inflation in the Philippines accelerated to 3.5 percent in December 2020, up from 3.3 percent in November 2020. While the yearly inflation rate was almost the same as in 2019 at 2.6 percent, slightly higher than the projected 2.5 percent, the worst may be yet to come. Philippine inflation follows global crude oil prices regardless of the belief that it is the result of government policies. Yes, government policies do affect consumer price movement. But it is oil prices that determine the upside inflation trend. The mid-April 2020 price of Brent crude oil was $21.44 and is now $56.25, up 160 percent. Since October 25, we have seen a 50 percent price increase. The global value of the US dollar as measured by the US Dollar index was down 10 percent in 2020. The Philippine peso gained 6 percent against the US dollar in 2020, which helped offset some of the inflationary effect of higher crude prices. The Bangko Sentral ng Pilipinas has been holding the peso firm at 48 to the dollar since last August, and that is good if not a little unprecedented. Further, along the line of oil prices, this past week Russia became the de facto controller—not Saudi Arabia—of the price of a barrel of oil. The nation that has the lowest average cost of production will set the price of any commodity. The country with the lowest cost of production among the major producers, when adjusted for currency effects, is Russia by a wide margin. Other excitement for this full week of 2021 includes the first full week of Brexit as trade between the UK and EU ground to a halt in some sectors. Last Friday, DPD, the international delivery giant, said it was “pausing” its road service from the UK into Europe due to new border controls. On Saturday, US Secretary of State Mike Pompeo said he was lifting restrictions on contacts between US officials and their Taiwanese counterparts. Examples of the restrictions include Taiwanese officials not being able to enter the State Department in Washington, but instead having to meet at hotels. This is a huge development for two reasons. If President Biden reverses this, it will reinforce the idea that he is very comfortable with China’s attitude in the region, including its South China Sea expansion. If Biden goes along, China’s anger may explode, as this is a reversal of decades of US policy. But the ultimate “hold my beer” moment 2021 versus 2020 still belongs to the coronavirus. Just when you thought it was safe to go outside.... “I’m Back!” Since 2005
The dangers of staying home Atty. Jose Ferdinand M. Rojas II
RISING SUN
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ast October, the Pew Research Center did a survey among 5,800 working adults to find out how they were adapting to the work-from-home setup. That research, along with the findings from a study that was done by the University of Chicago’s Becker Friedman Institute, revealed that the workers surveyed were adapting well and that most would like to continue working from home even when the pandemic is over.
When the time comes that movement is less restricted, many companies will have to decide whether they will require employees to work from offices—at an additional cost of office rental, etc.—or let them work where they want. Another popular option is setting up some form of hybrid arrangement. Despite the initial challenges and the constant problems like interruption and the lack of motivation and social interaction, people have generally found ways to adapt and
Thomas M. Orbos
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urging everyone to incorporate daily self-care practices in our routines to promote health of both mind and body. Finally, physical issues like obesity and muscle strain—particularly neck and back pain associated with prolonged working hours—are becoming more of a worldwide affliction because of the pandemic. As people’s movement become restricted, opportunities to walk, exercise, engage in sports, and spend time outdoors have become few and far between. A sedentary lifestyle and obesity could lead to illnesses like diabetes, heart disease, hypertension, and other serious diseases. We need to be more conscious about getting enough rest and sleep, exercising or working out, eating healthy and taking vitamins, and avoiding smoking and alcohol, together with unhealthy foods like processed, fatty, salty, and sugary food items. It is likewise important to use ergonomic tables and chairs to protect our bones and muscles, and to take movement or stretching breaks during work hours to avoid injuries and muscle strains.
The MVIS program: Assurance of roadworthiness
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are actually able to become more productive as they work from home and take care of family at the same time. Many are appreciative of the fact that they are able to manage their own time. There are health hazards, however, to our new normal practice of working/studying/socializing from home. The World Economic Forum has identified the following dangers related to our new lifestyle: addiction to devices, eye strain, mental health issues, obesity, and body
pain, particularly neck strain and back pain. Almost all aspects of our lives are connected to devices, gadgets and the Internet. From official meetings and conversation with family, to education and entertainment, so many of us have become dependent on electronic devices. Experts agree that there has to be regular digital detox periods to maintain health and well-being. Connected to this is the prevalence of eye problems—like myopia, eyestrain, dryness of the eyes, headaches, and blurred vision—that have become more common now among adults and children alike. It is still advisable to step away from the screen as often as possible and to take regular breaks while working or studying. Possibly one of the most common issues affecting almost everyone at this time is the issue on mental health, caused mainly by many different things like lack of social interaction, anxiety about the future, loss of income, death of loved ones, illness, isolation, lifestyle changes, and other reasons. Mental health experts are
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his year will mark the re-implementation of the Motor Vehicle Inspection System or MVIS program of the Land Transportation Office. The MVIS program will require all motorized vehicles to undergo and pass a series of tests as a requirement for registration. For anyone who has seen the conditions of our vehicles, it is undeniable that this program is long overdue and is greatly expected to provide safer and more efficient transport on our roads.
The MVIS program consists of a 70-point series of roadworthiness tests, based on international standards required in most countries for decades. Unlike the previous smoke emission tests that just checked the carbon content emissions of the vehicles, the MVIS test process includes visual testing such as checking the operability of the wipers, brake lights, side mirrors, etc., as well as tests that can only be done with the proper equipment, technology and trained personnel. Among the more sensitive tests that can only be accurately rated through the use of MVIS specific equipment are the suspension of vehicles; the proper brightness of headlights; the braking system, which is the reason for most road accidents, and the combustion systems to detect harmful carbon
emissions that cannot be seen by the naked eye. This presents another good feature of the program—the assurance that there is no human intervention that can alter test results. This had been the problem of the past programs, especially with smoke emission testing, as there had been verified instances of non-appearance of vehicles that underwent such tests. With the MVIS program, ratings are done by the machines and are automatically transmitted to the LTO central office, hence no room for human intervention, and very little room for corruption. The MVIS program had its beginnings during the time of then President Gloria Macapagal-Arroyo, but was never fully implemented in the next administration leaving much of what is now outdated equipment
still stored in their original delivery crates. With the Duterte administration, the DOTR had planned to resuscitate the program even early on in their tenure. But the usual bureaucratic processes, including the necessary executive approvals and legislative oversights, had pushed its implementation to what is now the remaining two years of this administration. The program is not without opposition, especially in a country where most vehicle owners do not prioritize vehicle maintenance and rely mainly on a need-to basis when it comes to the conditions of their vehicles. The cost of the MVIS test, though more expensive than the emission test rates, is not really that prohibitive at P1,600 per vehicle. It is the need to meet the standards of the test prior to registration that results in most motorists complaining about the program. In its first week of operations, MVIS operators recorded more than a 50 percent failure rating of vehicles that underwent the tests. LTO personnel and the operators had a difficult time explaining to the vehicle owners why they failed when, for example, tires that still can be inflated cannot anymore be accepted or clear combustion does not automatically equate to the required euro standards. There’s also the jeepney and tricycle sectors that fear their vehicles will most likely fail these tests citing the lack of protocol in
addressing roadworthiness rating of their vehicles, which were fabricated locally. Other groups voicing their opposition from the very start of the re-implementation of the program include the soon-to-be displaced smoke emission center owners whose term will end as soon as there will be enough MVIS centers. Though some of them had migrated to being operators of MVIS centers, majority were not able to meet the needed capitalization for the MVIS facility that ranges anywhere from P20 million to P30 million. Whatever the case maybe, the MVIS program is a good program that we need badly and had been long in coming. With more than a thousand deaths per month due to road accidents caused by faulty brakes, bright headlights, etc.—not to mention the thousands more who die per year due to respiratory illnesses—there are more benefits than consequences of implementing the MVIS, regardless of costs and whatever inconveniences and shortcomings it entails. Hopefully, the program will be carried through in the next administration and its benefits be felt by our future generations. Thomas “Tim” Orbos was formerly with the DOTr and the MMDA. He has completed his graduate studies at the McCourt School of Public Policy of Georgetown University and is an alumnus of the MIT Sloan School of Management. He can be reached via e-mail at thomas_orbos@sloan.mit.edu
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World shouldn’t laugh at US too soon
A tale of three deaths
By Mihir Sharma | Bloomberg Opinion
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N much of the world, the sight of a mob storming the United States Capitol to keep their leader in office was met not just with horror but with, let’s face it, schadenfreude. Finally! The US, which has for decades lectured other democracies about their imperfections and failures, had an anti-democratic moment of its own. Some here in India responded in keeping with the honored traditions of this country—i.e., WhatsApp jokes (“Owing to Covid-19 travel restrictions, this year’s US-backed coup will take place at home”). The Times of India’s banner headline was “Coup Klux Klan.”
Others’ humor was a little drier. The Russian foreign ministry, which has perfected the art of straddling provocation, irony and fact, noted mournfully that “the electoral system in the United States is archaic; it does not meet modern democratic standards,” which is particularly infuriating because of its exact truth. The Turkish press release sounded like officials had gleefully cut-andpasted past advisories from the US State Department, down to the advice that “Turkish citizens in the US avoid crowded areas.” Now, a lot of this is entertaining and some of it is understandable. Certainly, nobody who lives in an emerging nation likes to hear shocked liberal Americans declaring their country’s turmoil similar to events “in the Third World.” In India, for example, we manage to conduct much larger elections than the US endures with far fewer complications. But I think all of us busy mocking the US and declaring the end of American exceptionalism also need to take a deep breath. The fact is that America has survived its populist moment in far better shape than most of the rest of us. Remember: Donald Trump was impeached once and might be again. He has been repudiated by several influential leaders of his own party. He has lost re-election and all his attempts to overturn the result have failed. His party has been rewarded for its embrace of populism with the loss of not just the White House but also of both chambers of the legislature. And Trump himself has been cornered into conceding defeat. That is what you might objectively call a drubbing. Such a drubbing is not, I hasten to assure you, the usual result of electing a populist. Generally, such leaders ensconce themselves comfortably in power and their victory margins seem mysteriously to grow with each election. There are far too many places where voting is always free but rarely fair, and where democratic despots seem never to be deposed. I wonder how we can even drum up the enthusiasm to mock America, which is emphatically and demonstrably not one of those countries. I don’t want to minimize the damage that Trump could and did do to America. And it is an open question whether another four years in power would have left the US completely incapable of resisting his corrupting influence. Yet, in comparison to other nations—from Russia to Turkey, Hungary to India—American institutions have demonstrated their value and resilience. Liberal
In America, even Republican officials such as Georgia’s governor and secretary of state stood up to their party’s leader, bluntly refusing to follow his bidding. I’m struggling to imagine an equivalent phone call between, say, Vladimir Putin and a provincial leader from United Russia. democracies are only as robust as their institutions are independent and their officers are honest. And, because institutions and officials in the US preserved their integrity, Trump was forced to fight a free and fair election—and will have to leave after he convincingly lost it. In America, judges—even those appointed by Trump—threw out dozens of frivolous court cases. That’s what an independent judiciary does and it is also why populists in places such as Poland and India are reducing judges’ freedom to maneuver. In America, even Republican officials such as Georgia’s governor and secretary of state stood up to their party’s leader, bluntly refusing to follow his bidding. I’m struggling to imagine an equivalent phone call between, say, Vladimir Putin and a provincial leader from United Russia. And in America, an adversarial media actually reported on Trump’s corruption in power, as well as his attempts to retain it illegally. We were told in great detail about the colossal ineptitude of his legal team and the poverty of their arguments. In India, the media—even those so adept with puns—would never present the case for ruling-party venality and ineptitude as clearly. Face it, the death of American exceptionalism has been greatly exaggerated. The rest of us democracies still have some things to learn. For example, it is now clear which institution we need to protect at all costs: the judiciary. Judicial independence is the canary in the populist coal mine; every would-be supremo, from Andres Manuel Lopez Obrador in Mexico to Rodrigo Duterte in the Philippines, must first ensure the courts will do his bidding. The European Union is right to draw a red line about Hungary and Poland’s abandonment of the “rule of law.” It’s OK to have a fun few days laughing at America’s discomfiture and at the breast-beating exaggerations of its pundits and politicians. (The US is a country so comfortable it has forgotten what “sedition” actually is.) But, afterwards, let’s take a harder look at ourselves and at how to restore our own democracies to health.
Siegfred Bueno Mison, Esq.
THE PATRIOT
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fter saying goodbye to 2020, when the holiday revelry was still beating in our hearts at the unfurling of a better 2021, two undesired and unexpected deaths made a dark entrance into our information screens. A former colleague in PAL Express was discovered dead in a hotel bathtub in Makati and an upperclassman and schoolmate from the United States Military Academy at West Point died of Covid-related complications.
From those who knew her, Christine Angelica Dacera was a bright and diligent PAL Express flight attendant who had so much potential. She loved life to the fullest that she was always ebullient. Portrayed as a devoted daughter and sister, the young flight attendant doted on her family. Her untimely demise must have impacted those who know her the most, especially her mother. After all, the greatest tragedy for any parent in their lifetime is having to bury his or her child. For who would have thought that a New Year’s Eve partying will end up in a tragedy, and one that has become a cause célèbre? Christine reportedly communicated with her mother and some other friends hours before her passing. Certainly, not one of them could have predicted, nor expected what occurred. No one should pass judgment on why a celebration ended tragically. The most that we can do is to pray for the bereaved family left behind, and that they find peace with our Creator, regardless of the outcome of the investigation. Whether or not her death was provoked, I can only ruminate on the fact that our appointment with God knows no time or space. Life can indeed turn out to be just a blink of an eye between two eternities. General Danny Lim, on the other
hand, was the Metropolitan Manila Development Authority (MMDA) Chair prior to his inopportune death. A fellow West Pointer, I know Sir Danny to be a very principled person, even to a fault, to the extent of leading two military uprisings against duly constituted leaders in government who, in his eyes, have lost the credibility to lead the country. In the Army, he is more known as a warrior being in and having led the Scout Ranger regiment for many years. At the Bureau of Customs, he is more known as an incorruptible deputy commissioner who, after valiantly warding off temptations after temptations from scalawags within the agency, ended up leaving the snake pit instead of being gobbled up by the system. At the MMDA, Danny Lim is more known as a workaholic, regarded with much esteem by his public servants within and outside of the agency. Personally, Danny has been very kind to me, approachable yet unyielding. Unfortunately, General/Deputy Commissioner/ Chairman Danny Lim was stricken with the dreaded coronavirus, likely infected in the line of duty. Danny led a healthy and regimented lifestyle, as he was a notorious runner, per accounts of those very close to him. How he eventually succumbed to cardiac arrest is a testament that
Monday, January 11, 2021
Covid-19 can really get the best of us, unexpectedly and without regard to our physical or mental well-being. The untimely deaths of Dacera and Danny Lim readily instruct us that no amount of recklessness or precaution can prevent us from arriving at our ultimate destination. Death is an unavoidable certainty, as my Wills professor, Avelino Sebastian, would always tell his law students. There are a lot of things we can avoid in life but someday, at some point, we are all going to die. As morbid as this may sound, and just when some people would rather talk about fresh beginnings and good vibes in light of a pristine year, it cannot be overemphasized that any day can be a perfect day to discuss and prepare for death. Undoubtedly inevitable, death can visit us anytime, even on the first few days of a new year as it did Christine Dacera and Danny Lim. Regardless of how death comes to us, our target destination should be in Heaven. Renowned Christian author and speaker Joyce Meyer recounts that “we want to make sure that we end up in the right place” when we die. By death, our soul goes either with Jesus Christ at the Father’s bosom or in the lake of fire. By death, our spirit shall return unto God who gave it; from whom it is, by whom it is created, who puts it into the bodies of men, as a deposit, and are accountable for, and should be concerned for the safety and salvation of it. I was taught that by death, our bodies turn into ashes, our souls go to Heaven, hopefully, and our spirits return to God. Meyer proceeds to narrate that “any sane person, without having much of a description, would choose Heaven, and not hell.” In this tale, the first death occurred under suspicious and still unresolved circumstances, while the second death came under unforeseeable events. The linchpin of the “third” death in this tale is a foretold event that
Bloomberg Opinion
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he night is darkest just before dawn, they say. Dark it certainly is right now. The more contagious variants of SARS-CoV-2 coming out of the UK and South Africa will make the pandemic worse before mass vaccination can make it better. But take another look at some of these new vaccines. And then contemplate the dawn to come—not just its first rays in the coming months but also the bright light of future years and decades. It looks increasingly plausible that the same weapons we’ll use to defeat Covid-19 can also vanquish even grimmer reapers— including cancer, which kills almost 10 million people a year. The most promising Covid vaccines
use nucleic acids called messenger RNA, or mRNA. One vaccine comes from the German firm BioNTech SE and its US partner Pfizer Inc. The other is from the US company Moderna Inc. (its original spelling was ModeRNA, its ticker is MRNA). Another is on the way from CureVac NV, also based in Germany. Ordinary vaccines tend to be inactivated or weakened viruses which, when injected into the body, stimulate an immune response that can later protect against the live pathogen. But the process of making such vaccines requires various chemicals and cell cultures. This takes time and provides opportunities for contamination. mRNA vaccines don’t have these problems. They instruct the body itself to make the offending proteins—in this case, the ones that wrap around the viral
reminds us how His death has saved us. Jesus Christ had to die and did so, for us. “For our sake he made him to be sin who knew no sin, so that in him we might become the righteousness of God” (2 Corinthians 5:21). Such death was one costly sacrifice where a man, royal in his roots, bore every stripe, shed blood, went to the cross, and gave Himself up for the sake of others. His death was a gift, and like any other gift, the beneficiary must accept it. John 3:16 fortifies this fact of death and promise—“For God so loved the world, that he gave his only begotten Son, that whoever believes in him shall not perish but have eternal life.” Clearly, Christ’s death paved the way for our Eternal Life, a place for those who believe in Him, accept Him and involve Him in our lives. Whenever we fear death, or are confronted with life’s challenges, or are appalled with news of other people’s death like Dacera’s and Lim’s, let’s remind ourselves of Christ’s costly death crafted out of love. Christine Dacera and Danny Lim died not without meaning, as lessons will be learned by those who knew them well. We are all on borrowed time. How we spend our time and with whom should remind us that what matters most is how we live and not how we die. Jesus Christ lived and died with so much significance, confidently knowing that by His death, believers shall actually “live.” Death is a certainty; so is Eternal Life for those who accept Christ. 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.
Insurance industry update as of 2nd quarter 2020 By Reynaldo A. De Dios
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N spite of the negative impact of the Covid-19 pandemic, the 31 life insurers wrote premiums totaling P107, 981 million, a slight decrease of 0.41 percent compared to P108, 420.5 million generated for the same period in 2019. The following chart gives a detailed report: Variable Life First Year Premiums Single Premiums Renewal Premiums Traditional Life First Year Premiums Single Premiums Renewal Premiums
2020 (in Million Pesos)
2019 (in Million Pesos)
% Increase/ Decrease
78,480.5 13,457.1 21,5423.1 43,481.3 29,500.5 6,834.8 836.1 21,829.6
77,252.3 16,340.8 20,538.4 40,373.1 31,168.2 7,577.1 2,225.5 21,365.6
1.59 (17.65) 4.89 7.70 (5.35) (9.80) (62.43) 2.17
However, in terms of new business, the annual premium equivalent experienced a drop of 13.99 percent from P26,194.3 in 2019 to P22,529.7 million in 2020. To meet their commitments, the life insurers paid benefits to policyholders totaling P30,785.4 million in 2020 as compared to P35,781.1 million in the previous year, a decrease of
13.96 percent. As to the financials, total assets rose 1.95 percent to P1,408,501.3 million in 2020 whilst total liabilities increased 5.63 percent, resulting in a net worth of P233,387.5 million, which is 13.26 percent lower than in 2019. The paid up capital, however, grew by 10.78 percent to P25,132.9 million.
The investments of the life insurance insurers increased by 1.20 percent to P1,345,288.9 million whilst total net income declined by a significant 20.18 percent to P14,298.8 million in 2020 in comparison to P17,913.6 million in 2019. All in all, we could declare that the life insurance sector performed rather well despite the difficulties encountered by management and their sales force in getting business and servicing clients. In the case of the non-life sector, the gross premiums fell by 14.25 percent from P41,862.1 million in 2019 to P35,898.2 million. The reason for this downtrend is naturally due to the Covid-19 pandemic as insurance takes a backseat, and food, shelter, medicines and well-being take priority. Total premiums earned also declined slightly by 0.80 percent from P26,170.1 million in 2019 to P25,961.4 million in 2020. In financials, assets rose 13.63 percent from P242,079.4 million in 2019 to P275,076.4 million in 2020. On the other hand, liabili-
mRNA vaccines could vanquish Covid today, cancer tomorrow By Andreas Kluth
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RNA of SARS-CoV-2. The immune system then homes in on these antigens, practicing for the day when the same proteins show up with the coronavirus attached. Therein lies mRNA’s bigger promise: It can tell our cells to make whatever protein we want. That includes the antigens of many other diseases besides Covid-19. In its day-to-day function, mRNA takes instructions from its molecular cousin, the DNA in our cell nuclei. Stretches of the genome are copied, which the mRNA carries into the cytoplasm, where little cellular factories called ribosomes use the information to churn out proteins. BioNTech and Moderna shortcut this process, by skipping the whole fiddly business in the nucleus with the DNA. Instead, they first figure out what protein
they want—for example, a spike on the coat around a virus. Then they look at the sequence of amino acids that makes this protein. From that they derive the precise instructions the mRNA must give. This process can be relatively fast, which is why it took less than a year to make the vaccines, a pace previously unimaginable. It’s also genetically safe— mRNA can’t go back into the nucleus and accidentally insert genes into our DNA. Researchers since the 1970s have had a hunch that you can use this technique to fight all sorts of maladies. But as usual in science, you need huge amounts of money, time and patience to sort out all the intermediary problems. After a decade of enthusiasm, mRNA became academically unfashionable in the 1990s. Progress seemed halting. The main obstacle was that injecting
mRNA into animals often caused fatal inflammation. Enter Katalin Kariko—a Hungarian scientist who immigrated to the US in the 1980s and has heroically devoted her entire career to mRNA, through its ups and downs. In the 1990s, she lost her funding, was demoted, had her salary cut and suffered other setbacks. But she stuck with it. And then, after battling cancer herself, she made the crucial breakthrough. In the 2000s, she and her research partner realized that swapping out uridine, one of mRNA’s “letters,” avoided causing inflammation without otherwise compromising the code. The mice stayed alive. Her study was read by a scientist at Stanford University, Derrick Rossi, who later co-founded Moderna. It also came
ties increased by 11.98 percent to P172,635.8 million in 2020 compared to P154,163.30 million in 2019. Investments improved by 9.52 percent from P108,373.0 million in 2019 to P118,689.9 million in 2020. Thus, total net worth rose by 16.52 percent to P102,440.6 million in 2020 against P87,916.1 million in 2019. As a result of the mandatory increase to P900 million, the total paid up capital grew by 15.66 percent to P37,069.9 million in 2020 in comparison to the P32,049.8 million in 2019. Total losses incurred decreased by 20.49 percent from P12,439.5 million in 2019 to P9,8900.7 million in 2020. This was due to less mobility of people and vehicles. The good news is that the nonlife insurers’ net income for the first six months reached P3,353.2 million, an impressive 81.80 percent increase over the P1,844.4 million in 2019. Note: The foregoing statistics were obtained from the Insurance Commission. The author is the Editor of Insurance Philippines.
to the attention of Ugur Sahin and Ozlem Tureci, two oncologists who are husband and wife and co-founded BioNTech. They licensed Kariko’s technology and hired her. From the start, they were most interested in curing cancer. Today’s weapons against cancer will one day seem as primitive an idea as flint axes in a surgery room. To kill a malignant tumor, you generally zap it with radiation or chemicals, damaging lots of other tissue in the process. The better way to fight cancer, Sahin and Tureci realized, is to treat each tumor as genetically unique and to train the immune systems of individual patients against that specific enemy. A perfect job for mRNA. You find the antigen, get its fingerprint, reverse-engineer the cellular instructions to target the culprit and let the body do the rest.
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Bicam panel smooths out 27 points in CREATE bill M By Jovee Marie N. dela Cruz
@joveemarie
EMBERS of the bicameral conference committee are “trying their best to smooth out” within this month the 27 substantial items between the House of Representatives and Senate versions of the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. House Committee on Ways and Means Chairman Joey Sarte Salceda made a statement after economic managers renewed their call for the early congressional approval in 2021 of the CREATE bill. “We are committed to start upon resumption and finishing CREATE by January of this year. We know time is of the essence. That is in fact why we approved our version three months after this Congress started, in 2019. I am trying my best to smooth out the concerns of my delegation with the Senate’s version so that we can have a quick bicam. We have been working all week long, and I am confident our changes are well-argued and evidence-based, so the bicam should be quick. If it were all up to me, this would have passed last year,” Salceda, head of the House bicam contingent, said. The bicameral meeting on CREATE will resume on Tuesday. Salceda assured economic man-
agers that the House leadership “wants this [CREATE] done fairly and quickly.” “We approved our version more than year before the Senate did, so we are obviously not trying to delay anything. In fact, the opinion of my delegation’s members is that we try to make our substitute provisions aligned with the consensus on both houses. I can assure you: Not one member of my delegation wants this to spill over to February. January 2021 is our internal deadline,” he added. “We are trying our best so that this can be resolved in one day of bicam discussions. So, this will probably not take the whole of January’s session,” he said. The lawmaker vowed that the bicameral version of CREATE will have a stronger bias toward countryside development and gross value added. “I suppose the differences are
because we in the House mostly represent the provinces, while most Senators come from big cities, so the perspective has some differences. But I think the changes I hope to introduce are sensible and should be agreeable to both Houses,” he said. “I just want longer incentives for countryside investments, a premium on rural and high-value investments, and some measures to make incentives recipients more accountable,” he added.
Erase unpredictability
Earlier, Finance Secretary Carlos Dominguez III, who heads President Duterte’s economic team, called on Congress to pass CREATE when it resumes session this month, to finally erase the unpredictability in the country’s corporate tax and fiscal incentives system that have prompted foreign firms to adopt a wait-and-see attitude before investing or expanding their businesses here. Dominguez said CREATE is the largest stimulus package for businesses in the country’s history as it would provide them with hefty corporate income tax (CIT) cuts of 5 to 10 percent in the version approved by the Senate in November last year. This means the CIT rate will go down from the current 30 percent— the highest in the region—to 20 percent for micro, small, and medium enterprises (MSMEs) with net taxable income of P5 million and below, and with total assets of not more than
P100 million excluding land. For the rest, including foreign firms, the CIT reduction is 25 percent. “We hope that Congress can pass CREATE before the end of January 2021 as this measure is crucial for businesses to continue operating, retain their employees, and create more jobs,” Dominguez said. “This also provides taxpayers ample time to comply with adjustments to their returns due to the lowering of income taxes effective July 2020 before the tax filing season ends in April 2021,” the secretary added. He said the latest DOF estimates show that CREATE will mean foregone revenues of around P251 billion in the next two years (P133.2 billion in 2021 and P117.6 billion in 2022), if the bill is implemented retroactively to July 2020. Salceda, however, said he will seek an extension from the BIR on the filing process, saying “I am certain that is doable, since we are also still constrained by pandemic.” Dominguez explained that these tax breaks are necessary to provide financial relief to businesses, mostly MSMEs that account for 99.5 percent of local businesses and employ about two-thirds of workers in the country’s labor force. Dominguez said that once CREATE is passed into law in 2021, the Duterte administration will have accomplished about 90 percent of the comprehensive tax reform program (CTRP) that was put in place after the President assumed office in 2016.
SENATE CALLS EXECS ON COVID-19 VACCINE ‘DRIBBLING,’ ROLLOUT By Butch Fernandez
@butchfBM
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CLEAR roadmap, with timelines and deliverables. That’s what senators seek to ferret out when they convene Monday morning as the Committee of the Whole to inquire into the government’s overall Covid-19 vaccine plan amid indications the Philippines was trailing its neighbors in rolling out an effective plan to ensure the health of millions while boosting the chances of economic recovery. On Sunday, Senator Panfilo Lacson batted for the “frontliners” deployed in the Duterte government’s drive to effectively contain the deadly contagion, and lamented what he cited as two instances where “the ball was dropped” in the effort to secure vaccines while the rest of the world was racing to get theirs. Stressing that the medical teams in the field “deserve to know details of government’s overall vaccination plan” Lacson noted that “frontliners who have risked their lives amid the ongoing pandemic deserve to know the details of the government’s overall vaccination plan—if there is one.” The senator signalled in a radio interview on Sunday he will raise the matter when the Committee of the Whole convenes Monday, on a resolution authored by Sen. Francis Pangilinan. President Duterte had earlier said he would bar the Presidential Security Group (PSG) from attending the Senate inquiry, after his own revelations that some of his security escorts were vaccinated without
authority from the Food and Drug Administration (FDA). Senate leaders indicated, however, they were not keen on grilling PSG officers and could elicit information they needed from “other sources.” They made it clear that the PSG case would only be touched on because lawmakers need to know how safeguards can be made against the smuggling in or administration of unauthorized drugs or vaccines. “Do we have a clear vaccination plan? Based on our conversations with doctors and frontliners, it appears we don’t. But frontliners are waiting to know when they would be prioritized in the vaccination program,” Lacson said in his radio interview on Sunday. For his part, Sen. Joel Villanueva said essential workers like delivery riders, market attendants and construction workers must also be included in government’s inoculation plan. Villanueva, chairman of the Senate labor committee, reiterated the need to include workers in the government’s vaccination program, particularly those earning minimum wage, saying the ability to sustain the country’s economic recovery relies heavily on inoculating those providing essential services to the public. Lacson said he also wanted to know from the Department of Health (DOH) why it apparently “dribbled”on the feelers and queries sent by several pharmaceutical firms wishing to find out if the Philippines would place orders on the vaccines they developed. Continued on A3
Economists, solons have mixed views on Charter change By Cai U. Ordinario @caiordinario
& Jovee Marie N. dela Cruz
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@joveemarie
HE Foundation for Economic Freedom (FEF) threw its support behind the proposal to amend the economic provisions of the 1987 constitution. A lso on Sunday, a veteran legislator and deputy speaker aired similar sentiments. Buhay party-list Rep. Lito Atienza said amending these provisions are badly needed to help the Coviddevastated economy to recover, as such would attract badly needed investments. In a statement, FEF said lifting the economic restrictions in the constitution would help the Philippines recover from the pandemic. However, FEF stressed that any amendment should be limited to economic provisions to avoid political controversy and division. “With consumption falling because of mobility restrictions and higher unemployment, it is more important than ever for the Philippines to transition from consumption-led growth to investment-led growth,” FEF said. “Enabling Congress to amend the restrictive economic provisions in the Constitution will send a positive signal to investors and fuel the economy’s transition to an investment-led growth,” it added. FEF said the phrase “unless otherwise provided by law” should be introduced in certain sections of
the Article XII on National Patrimony and Economy; Article XIV on Education, Science and Technology, Arts, Culture, and Sports; and Article XVI on General Provisions. In Article XII, these include section 2 on providing for the exploitation of natural resources only to corporations whose capital is owned 60 percent by citizens; and section 10 on providing that certain areas of investments be reserved for companies whose capital is owned by 60 percent of citizens. On Article XIV, FEF said this includes Section 4 on providing that educational institutions shall be solely owned by citizens of the Philippines or corporations or associations whose capital is owned by at least 60 percent of citizens. For Article XVI, this includes Section 11 which provides that ownership of mass media be wholly owned by citizens or to corporations or associations wholly owned by citizens. “The introduction of the phrase ‘unless otherwise provided by law’ in those restrictive provisions will give Congress the flexibility and leeway to amend those provisions to conform with present economic and technological conditions,” FEF said. However, Ateneo School of Government Dean Ronald U. Mendoza disagrees with the FEF, calling Charter change ill-timed. Mendoza, who is also a member of the FEF, would rather wait for another administration before making any changes to the Constitution. Continued on A3
Manila City Hall maintenance crew clean up the pavement of the Santa Cruz Bridge that served as the pass-through point of all Catholic devotees for Saturday's Feast of the Black Nazarene. Holy Mass was celebrated via live view on a giant screen at Plaza Sta. Cruz to minimize Covid-19 infections at the main venue at Quiapo Church. ROY DOMINGO
DOF chief vows to end ‘state capture,’ flags its perils By Bernadette D. Nicolas
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@BNicolasBM
INANCE Secretary Carlos G. Dominguez III wants to put a stop to “state capture,” which he described as “one of the worst forms of corruption” involving private individuals who try to influence policy-making and undermine public interest for their own benefit. Dominguez said over the weekend that the Department of Finance
(DOF) has extensively shared its knowledge about state capture with regulators and key government officials to help identify the “manipulative schemes” perpetuated by “these grafters and influence peddlers and stop them in their tracks. “Capturers of the State operate discreetly, in order to lull the ordinary Filipino into thinking that whatever project they are pushing for will ultimately redound to the benefit of the public,” Dominguez said in a radio message aired during
the weekend teleradyo program of the Presidential Anti-Corruption Commission (PACC). He stressed that state capturers are enterprising private individuals who are every resource at their disposal, including the media and political figures. “In most instances, these private individuals infiltrate the government through bureaucracy through their chosen appointees to regulatory bodies and implementing agencies,” he said. “To solidify control
over their respective private interests, these capturers position their alter egos in key agencies, leading to lopsided contracts and disadvantageous transactions all to the prejudice of the Filipino people.” To influence politicians, state capturers also employ a “carrotand-st ic k approac h ” wherein those who willingly accept grease money are paid off while those who refuse are threatened with litigation, he said. Continued on A3
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Monday, January 11, 2021
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Filinvest-led Investree aims to plug credit gap for SMEs By VG Cabuag
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@villygc
he Gotianun-led crowdfunding portal Investree Philippines will initially target small and medium-sized enterprises (SMEs) from the immediate ecosystem of the Filinvest Group before it sets its sights on other businesses within the first quarter. “The goal is to match or outperform the growth trajectory of the Investree business in Indonesia, which has grown to be the industry leader in this space,” the company said. The Securities and Exchange Commission (SEC) last week approved Investree Philippines, the first licensed crowdfunding platform in the country since the implementing rules and regulations were released in 2019.
Investree is a fintech joint venture between Filinvest Development Corp. (FDC) and Investree Singapore. Investree Philippines said it hopes to provide financing solutions to SMEs in the Philippines by connecting them and other startups with institutional investors through its marketplace platform. “We are proud to bring in the first licensed crowdfunding platform in the country and to con-
tribute towards the further development of SMEs through Investree Philippines, especially now that we are working to reignite the economy,” Josephine Gotianun-Yap, president and CEO of FDC, said. “Aligned with Filinvest’s thrust of serving the underserved, we hope that this platform can open doors for more businesses and serve as a meaningful launchpad for growing their enterprise. We believe that Investree is a good channel for SMEs to tap in their drive towards reestablishing and growing their businesses and contributing to the country’s economic recovery and growth,” “Together with FDC, I am confident that Investree Philippines will be able to help increase financial inclusion in the Philippines. FDC’s robust ecosystem and their knowledge of the local market will help the process of connecting lenders and SMEs become more seamless. Working alongside them, we now have an operations and business model that ensures optimal service to support the growth of SMEs in the region,” Investree co-
founder and regional CEO, Adrian Gunadi, said. The local portal, www.investree. ph, went live immediately after receiving the green light from SEC, the company said. “Businesses can already signify their interest online and someone from the operations team will get in touch with them,” the company said. The SMEs have large financial requirements to be considered as microfinance but are too small to be served by corporate banking models given issues, such as lack of collateral and credit history, thus creating the financial credit gap for the middle segment. Investree was established in 2015 with a mission to support the growth of Indonesia’s underserved SMEs ecosystem. As a pioneer in fintech lending in Indonesia, Investree connects lenders who are open to lending their money with borrowers who need financing support to grow their businesses. The company has recently expanded its regional reach in Thailand and the Philippines.
PHL gets new orders for apparel By Elijah Felice E. Rosales @alyasjah
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he garments and home decor industries have received new orders worth $280 million to begin 2021 in a boost to their efforts to overcome the Covid-19 pandemic and grow by 15 percent. The Foreign Buyers Association of the Philippines (Fobap) last Friday confirmed multinationals, such as Adidas, Ralph Lauren and Crate & Barrel, have placed $280 million worth of orders of clothing and hard goods. With a start like this, exports of garments and home decor are seen to improve by up to 15 percent to some $1.4 billion this year. Fobap President Robert M. Young said high end apparel will encounter difficulties recovering in 2021, but essential fabrics may carry the load toward a bounce back for garments.
“From sewing to store shelf, the 2021 outlook for troubled mid to high fashion items are dim and hazy; therefore, a price recosting and relevelling is a must,” Young saidd. “Only the basics and essentials, such as undergarments, [and] fast fashion are now staying alive.” According to Young, Wacoal, Adidas, Ralph Lauren, Ann Taylor and JCPenney have asked local manufacturers to make garments worth a total of $200 million for the first quarter. Further, department stores like TJ Maxx, Crate & Barrel, Target and Costco have reinstated their postponed orders in 2020 of home decor and wares valued roughly $80 million. Young disclosed additional purchases will likely be made in March, as the Philippines may take up the orders left unserved by Asian economies in full production.
“Most of these orders are coming from the relocated foreign factories in China,” he added. “The Philippines will have added volume for the more complicated items [like] jackets and sportswear, which are not the production preference of other countries. They opt for more basic wearables.” The Fobap chief said about 70 percent of the first quarter demand came from the United States, while the rest came from the European Union, Canada and Australia. To boost shipments to the EU, he asked the government to request the economic bloc to permit the use of imported textile in garments eligible for zero duty in the Generalised Scheme of Preferences (GSP) Plus. Under the GSP Plus, the EU requires beneficiaries to use their local textiles in garment making to qualify for the duty free treatment.
Based on Fobap estimates, the country’s utilization of the GSP Plus could go up by $100 million if the EU allows the use of imported textile in apparel production. Local firms source their textile mostly from China due to a lack of supply from within the country. Young also called on garment exporters to shift to biomaterial textile in making their products, as this kind of antivirus innovation may be the next big thing in 2021 and onward. Exports of garments from January to November 2020 plunged nearly a third to $581.02 million, from $858.78 million during the same period in 2019, according to official data. Woodcrafts and furniture also slipped close to 10 percent to $451.91 million, from $500.58 million, as supply and demand were distorted by lockdowns enforced to control the spread of the virus.
Toyota says PLDT, Smart fire up fiber link to Marinduque customers chip shortage affecting truck output
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oyota Motor Corp. is cutting production of its full-size pickup truck made in Texas due to a global shortage of semiconductors that has impacted many of the world’s largest automakers. The Japanese company expects to trim output of its Tundra model manufactured in San Antonio by 40 percent this month as a result of limited chip supplies, a spokesman for Toyota’s operations in the United States said in an email Saturday. “Thus far only Tundra is impacted in North America,” said spokesman Scott Vazin. Toyota is the latest car manufacturer to slash output after chipmakers re-assigned production capacity amid auto factory shutdowns last spring and were surprised by a sharp rebound in car demand later in the year. The cutbacks come as many automakers have been ramping up production to replenish low inventories of popular models such as sport utility vehicles and trucks. Toyota sold 109,203 Tundra pickups last year in the US, less than half the number of Tacoma mid-size trucks it delivered. While the Tundra has struggled in the full-size market, the Tacoma has been best-selling truck in its segment for more than a decade. Bloomberg News
LDT and its wireless arm Smart Communications Inc. (Smart) are enhancing their fixed and wireless services in the island province of Marinduque after the recent firing up of PLDT’s fiber optic link in the area. PLDT said its broader effort to connect islands like Marinduque to the rest of the country via interisland submarine and inland cable systems also enables Smart to better support LTE and provide faster mobile data speeds. With this development, customers in Marinduque can now enjoy “improved and more resilient” data services which will provide for the connectivity requirements of businesses, schools and households in the new normal. “With the new normal, we have been relying heavily on connectivity to communicate with our family, friends and loved ones. People need the internet to work from the safety of their homes. Students need it to attend online classes. Among businesses, it has also accelerated the adoption of e-commerce, and more companies are going digital. It has changed the way people use and consume content from the Internet as well,”
said Mario G. Tamayo, SVP for Network Planning and Engineering and OIC-Technology of PLDT and Smart. “To support the needs of this new norm, PLDT and Smart will continue to invest and continue to build out our network and ensure that it is reliable and always available,” said Tamayo He cited Smart’s LTE base station in Pag-asa Island in the municipality of Kalayaan, the country’s most remote cell site, which was fired up in 2020, as proof of this commitment. In addition to expanding the reach of PLDT’s domestic fiber and Smart’s LTE coverage to more areas, this network initiative also enhances resiliency of PLDT-Smart’s network through the addition of alternate fiber routes to ensure better customer experience in the event of calamities and multiple fiber breaks. This also provides the networks in the area with 5G-ready infrastructure. “The submarine cable project to this island province of Marinduque is a testament to the strong commitment of PLDT and Smart to bring connectivity to rest of the country with customer expe-
rience at par with the best in the region, especially during this time of pandemic where people most need the connectivity for online learning, working and conducting businesses from home,” Arvin L. Siena, PLDT Vice President and Head of Technology Strategy and Transformation Office, said in a statement. “As we welcome 2021, the firing up of our submarine cable truly heralds a good year ahead for Marinduquenos, as they will start to experience faster Internet from hereon,” he added. As of November, PLDT’s fiber infrastructure spans over 422,000 kilometers nationwide. This also supports Smart’s mobile networks, which cover 96 percent of the Philippine population and are available in 95 percent of the country’s cities and municipalities. These network initiatives form a large part of the PLDT Group’s investments in capital expenditures, which have totaled P260 billion from 2015 to 2019. With the surge in demand for data, PLDT-Smart is prepared to invest between P88 billion and P92 billion this year to meet the requirements of their mobile and fixed line customers.
Villar lone Filipino in Bloomberg Billionaires Index M
anuel B. Villar Jr., a former politician who is currently at the helm of his family’s businesses, has emerged as the only Filipino listed in Bloomberg Billionaires Index, a ranking of the world’s top 500 richest people. Based on the market value of his publiclylisted businesses, Villar has been ranked by Bloomberg as the 382nd richest in the world as of January 9. The Bloomberg list ranks Tesla’s Elon Musk as the world’s richest with a total net worth of $209 billion, followed by Amazon’s Jeff Bezos with $186 billion and Microsoft founder Bill Gates with $134 billion. Villar’s businesses in real estate, retail and utilities were estimated to be worth $6.76 billion, 1.4 percent or about $92.7 million higher from the same day last year despite the stock market crash triggered by the pandemic. Forbes Magazine also ranked Villar as the country’s richest individual in September 2020. Villar is the founder and chairman of Vista Land and Lifescapes Inc., the company that built its chain of subdivisions in the country. The firm has built about 300,000 homes in more than 140 cities. The family businesses grew from there, and formed other companies such as Golden Bria Holdings Inc., a property and death care company and Vistamalls, the shopping mall operator. Villar owns 89 percent of Golden Bria though Fine Properties, Cambridge Group and directly. He also controls about 75 percent of Vista Land through Fine Properties, Althorp Holdings, Manuela Corp. and directly on his own. Vista Land owns most of the shares of its
Villar
publicly listed subsidiary Vistamalls while Villar’s holding company also owns part of the stock. The tycoon is also calculated to own 68 percent of AllHome Corp., the listed retail arm of the family. Villar was born in Manila on December 13, 1949. His father worked for the government and his mother was a fishmonger. He helped his mother sell fish at a local market as a young boy and credits his mother with teaching him what it takes to be an entrepreneur. He obtained degrees in business administration and accountancy from the University of the Philippines before taking a job as an accountant at Sycip Gorres and Velayo. Soon after he left to start a seafood delivery business. In 1975, Villar bought two trucks to begin transporting gravel in Las Piñas. This led to housing development. His strategy was to provide house and land packages to low-income earners. By 1984 he had also founded Golden Haven, a chain of cemeteries. VG Cabuag
Habitat for Humanity ties up with Philmetal By Cai U. Ordinario @caiordinario
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abitat for Humanity’s Terwilliger Center for Innovation in Shelter (TCIS) is partnering with Philmetal Products Inc. to help address the need of 5.9 million homeowners for quality but affordable housing materials. The partnership, YCIS said, will be rolled out in Cebu and will focus on creating strategies to educate and increase access to strong, resilient, and decent homes. The project will also introduce quality roofing and house framing products to pilot areas located in various towns and cities across Cebu. “We saw the need to involve the business sector in reaching out to households that build homes by themselves. By supporting market actors to be more inclusive, we encourage businesses to reach larger markets by providing products and services that are affordable and accessible to low-income households,” Jessan Catre, country lead of the Terwilliger Center’s Philippine Shelter Venture Lab, said. The partnership, TCIS said, will also train artisans and construction laborers on product features and equip them with improved skills on roofing installation. The objective of the training is to upskill these workers and educate their local communities on how to properly use and install roofing materials as they build their homes incrementally.
TCIS said Philmetal pioneered the introduction of roofing innovations using patented technologies. The company is considered a leader in the metal roofing and steel frame industry. “It has always been our company’s mission to raise the standards of metal roofing materials and other building products for Filipinos. This partnership helps push our advocacy as we try to reach those households who need access to quality materials the most,” Philmetal Visayas’ General Manager Paul Bugarin said. The TCIS said the collaboration aims to address the need to engage private and civil society sectors in addressing unserved households in the country. Last year, the TCIS report showed the Philippines’ housing needs stands at 5.9 million units, which include households that are struggling to incrementally build a decent home. This segment, TCIS estimated, represented a market value of P626.5 billion or $13 billion. In Cebu, the total number of households that build homes by themselves is estimated at 134,000. Housing is also a larger-than-expected contributor to the Philippines’s GDP with a contribution of 14.9 percent, on a par with sectors such as manufacturing, which often draw more attention in economic recovery plans. In the country, the undercount of the entire housing sector’s contribution to the country’s GDP is already at P1.39 trillion or $29 billion, according to the report.
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Companies BusinessMirror
Monday, January 11, 2021
PSE STOCK QUOTATIONS
January 8, 2021
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALs
ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE
44 107.7 85.95 25.2 7.51 11.06 49.15 11.68 20.4 29.05 55 18 133.9 70 1 44.5 0.65 4 1.58 0.37 810 0.8 151 2,080 1.01
44.95 109 87 25.5 8.5 11.1 49.5 12.2 22.95 29.1 55.1 18.1 134 70.5 1.05 45.8 0.67 4.02 1.59 0.385 830 0.84 153 2,098 1.07
44.95 107.5 82.9 24.9 7.25 11.18 47.7 11.78 21.05 28.8 54.7 18.34 130 68.2 0.95 43.9 0.67 3.94 1.65 0.38 810 0.86 152.9 2,080 1.02
44.95 109 87 25.3 8.5 11.18 49.5 12.28 22.95 29.45 55.1 18.5 135 71 1.05 45.8 0.67 4 1.65 0.41 810 0.86 152.9 2,080 1.02
43 106.6 82.85 24.9 6.5 10.88 47.7 11.68 21.05 28.75 54.7 17.9 130 68.2 0.93 42 0.67 3.86 1.51 0.37 810 0.8 151 2,080 1.01
44 109 87 25.2 8.5 11.1 49.5 11.68 22.95 29.05 55 18 134 70 1.05 45.8 0.67 4 1.58 0.38 810 0.84 152 2,080 1.01
8,100 3,400,800 6,610,700 76,500 40,600 834,800 6,523,900 16,600 1,800 260,600 6,240 125,300 971,830 2,770 711,000 130,900 18,000 184,000 534,000 3,500,000 90 1,152,000 10,500 565 28,000
359,620 367,229,587 564,074,799 1,926,135 306,206 9,220,440 318,062,055 194,988 41,120 7,568,435 342,953 2,260,674 129,892,770 193,791.50 715,720 5,745,400 12,060 728,270 857,560 1,369,150 72,900 964,730 1,593,681 1,175,200 28,380
65,277,136 110,338,272 -1,785,002 -26,155,180 41,120 -679,050 -33,526,153 8,780 72,900 332,265 655,200 -
INDUSTRIAL AC ENERGY 7.81 7.82 6.3 7.91 6.21 7.82 215,130,900 1,584,403,981 1.3 1.31 1.3 1.32 1.28 1.31 5,824,000 7,523,150 ALSONS CONS ABOITIZ POWER 26.95 27 26.55 27.2 26.55 27 2,218,200 59,808,925 FIRST GEN 31.05 31.1 29 31.5 29 31.05 4,698,900 144,908,665 79.9 80 76 80 76 79.9 206,720 16,277,706.50 FIRST PHIL HLDG 298 299 297 300 294.2 299 397,590 118,733,330 MERALCO MANILA WATER 16.7 16.8 16.96 16.98 16.64 16.7 1,682,900 28,454,968 PETRON 3.71 3.73 3.78 3.78 3.7 3.71 4,713,000 17,548,130 3.53 3.58 3.54 3.58 3.53 3.53 33,000 116,930 PETROENERGY 11.7 12.2 11.7 12.2 11.42 12.2 81,400 957,818 PHX PETROLEUM PILIPINAS SHELL 21.35 21.4 21.55 21.7 21.25 21.35 954,400 20,401,590 SPC POWER 10.02 10.06 9.99 10.06 9.94 10.06 143,600 1,432,559 14.02 14.86 14.02 14.02 14.02 14.02 4,600 64,492 VIVANT AGRINURTURE 7.58 7.65 7.8 7.87 7.51 7.58 564,000 4,364,255 AXELUM 3.34 3.35 3.23 3.35 3.17 3.35 1,900,000 6,190,710 73.75 77.75 77.9 77.9 73.75 73.75 120 9,031 BOGO MEDELLIN 13.6 14.9 13.3 15.6 13.3 14.9 21,100 315,130 CNTRL AZUCARERA CENTURY FOOD 17.98 18 18.2 18.2 17.9 17.98 1,066,300 19,183,434 DEL MONTE 7.73 7.78 7.68 7.8 7.65 7.8 108,600 836,017 7.65 7.69 7.42 7.7 7.41 7.65 2,934,000 22,333,433 DNL INDUS 10.08 10.1 9.95 10.1 9.93 10.1 1,243,700 12,454,328 EMPERADOR SMC FOODANDBEV 66.9 67 67 67.8 66.1 67 24,530 1,647,203.50 ALLIANCE SELECT 0.67 0.69 0.66 0.67 0.66 0.67 259,000 172,350 1.61 1.62 1.63 1.66 1.6 1.62 29,978,000 48,570,500 FRUITAS HLDG 50.2 51 51.2 51.8 50.1 51 32,830 1,672,758 GINEBRA JOLLIBEE 192.5 192.7 192.6 193.5 192.3 192.5 720,470 138,834,729 38.5 39 39 39.35 38.95 39 5,900 230,190 LIBERTY FLOUR 8 8.1 8.01 8.05 8 8 10,400 83,350 MACAY HLDG MAXS GROUP 6.98 6.99 7.2 7.35 6.97 6.99 845,500 5,940,409 MG HLDG 0.24 0.244 0.249 0.255 0.237 0.24 7,540,000 1,837,170 8.17 8.18 8.18 8.25 8.16 8.17 120,900 989,597 SHAKEYS PIZZA 1.25 1.26 1.25 1.26 1.23 1.25 3,090,000 3,854,820 ROXAS AND CO RFM CORP 4.6 4.74 4.55 4.6 4.54 4.6 30,000 137,420 0.12 0.127 0.122 0.122 0.12 0.12 3,540,000 427,010 SWIFT FOODS 158.3 159 155 160.9 154.5 159 1,016,820 161,748,729 UNIV ROBINA 0.92 0.93 0.92 0.93 0.91 0.92 3,553,000 3,260,910 VITARICH CONCRETE A 52.8 54.9 54.9 54.95 52.5 54.9 2,560 137,031.50 54.9 57.15 54.9 54.9 54.85 54.9 890 48,847 CONCRETE B 1.56 1.57 1.48 1.58 1.45 1.56 16,520,000 25,318,230 CEMEX HLDG DAVINCI CAPITAL 5.76 5.89 5.7 5.9 5.61 5.75 125,000 716,713 14.02 14.28 14.16 14.34 14 14.28 76,800 1,085,414 EAGLE CEMENT 7.51 7.54 7.51 7.54 7.49 7.51 424,200 3,181,650 EEI CORP 7.4 7.42 7.34 7.44 7.32 7.4 2,402,000 17,754,941 HOLCIM MEGAWIDE 8.32 8.33 8.2 8.34 8.01 8.32 3,120,100 25,475,504 PHINMA 9.51 9.7 9.5 9.8 9.5 9.8 1,100 10,750 1.19 1.2 1.03 1.2 1 1.2 4,929,000 5,594,630 TKC METALS 1.13 1.14 1.12 1.17 1.12 1.14 4,482,000 5,087,570 VULCAN INDL CROWN ASIA 1.8 1.83 1.8 1.84 1.79 1.84 50,000 90,120 2.3 2.32 2.26 2.35 2.25 2.3 413,000 942,300 EUROMED 4.34 4.4 4.4 4.4 4.35 4.35 224,000 977,320 LMG CORP PRYCE CORP 5.14 5.33 5.48 5.49 5.14 5.14 34,700 181,901 CONCEPCION 22.35 23 22.1 22.6 22.1 22.35 19,400 432,055 2.8 2.82 2.87 2.88 2.79 2.82 20,499,000 57,776,980 GREENERGY 9.12 9.13 8.8 9.13 8.8 9.13 1,126,400 10,149,218 INTEGRATED MICR IONICS 1.39 1.4 1.34 1.45 1.33 1.4 4,104,000 5,704,550 PANASONIC 5.2 5.41 5.13 5.47 5.13 5.44 4,900 25,605 1.49 1.5 1.53 1.53 1.48 1.49 1,222,000 1,843,450 SFA SEMICON 7.35 7.37 7.49 7.59 7.1 7.37 10,127,700 74,269,194 CIRTEK HLDG
55,300,774 25,800 15,726,515 31,114,020 -1,583,295.50 36,796,894 -15,565,796 3,177,070 -3,460 247,145 -58,946 681,070 3,373,220 384,000 1,535,375 -2,373,430 -1,027,301.50 -161,880 76,500 -36,728,694 -3,138,797 -2,500 -106,665 278,560 24,464,985 -9,200 -6,147,820 -427,704 -35,999 248,802 311,107 -252,600 3,320 76,210.00 -130,058 -236,155 -2,546,130 -2,053,128 -126,670 -91,800 -1,562,130
HOLDING & FRIMS ABACORE CAPITAL 0.74 0.75 0.72 0.79 0.7 0.75 136,197,000 103,131,790 8.66 8.98 9 9.3 8.66 8.66 133,800 1,175,463 ASIABEST GROUP AYALA CORP 829 834.5 828 838 823 834.5 178,930 148,878,595 ABOITIZ EQUITY 47.45 47.5 47.55 47.65 46.55 47.5 897,100 42,576,545 10.38 10.4 10 10.6 9.95 10.4 9,427,600 97,007,423 ALLIANCE GLOBAL 3.3 3.32 3.27 3.4 3.19 3.3 3,395,000 11,154,050 AYALA LAND LOG ANSCOR 6.58 6.78 6.5 6.78 6.5 6.78 3,700 24,274 ANGLO PHIL HLDG 0.86 0.88 0.83 1.07 0.83 0.86 69,848,000 67,792,070 0.87 0.88 0.88 0.88 0.86 0.88 3,468,000 3,027,550 ATN HLDG A 0.86 0.89 0.89 0.89 0.86 0.89 115,000 99,320 ATN HLDG B COSCO CAPITAL 5.57 5.58 5.49 5.6 5.46 5.58 772,700 4,276,724 DMCI HLDG 5.66 5.69 5.5 5.76 5.45 5.66 7,849,900 44,042,370 9.26 9.3 9.26 9.65 9.17 9.3 133,000 1,235,317 FILINVEST DEV FJ PRINCE A 3.06 3.2 3.28 3.28 3.28 3.28 2,000 6,560 0.215 0.23 0.205 0.205 0.205 0.205 200,000 41,000 FORUM PACIFIC 567 579 550 579 550 579 622,270 350,459,840 GT CAPITAL 3.94 4 3.95 4 3.95 3.95 20,000 79,250 HOUSE OF INV JG SUMMIT 73.4 73.85 72.15 74.2 71.1 73.85 1,764,520 130,054,567 JOLLIVILLE HLDG 5.18 5.44 5.2 5.2 5.2 5.2 100 520 0.89 0.9 0.87 0.98 0.86 0.89 13,466,000 12,361,440 LODESTAR 3.72 3.74 3.72 3.74 3.72 3.72 11,884,000 44,232,520 LOPEZ HLDG LT GROUP 13.5 13.52 13.1 13.52 13.06 13.52 1,408,200 18,872,024 MABUHAY HLDG 0.53 0.55 0.53 0.55 0.51 0.55 337,000 179,300 4.43 4.49 4.23 4.49 4.22 4.49 29,255,000 128,161,930 METRO PAC INV 3.2 3.39 3.13 3.35 3.13 3.35 74,000 241,450 PACIFICA HLDG PRIME MEDIA 0.85 0.86 0.86 0.86 0.84 0.85 94,000 79,990 2.76 3 3 3 3 3 112,000 336,000 REPUBLIC GLASS 1.15 1.16 1.19 1.19 1.12 1.16 399,000 456,770 SOLID GROUP SYNERGY GRID 300 305 246 318 246 300 18,000 5,199,022 SM INVESTMENTS 1,050 1,051 1,042 1,050 1,037 1,050 169,125 177,053,955 129.4 129.5 129.2 130 128.7 129.4 167,460 21,645,154 SAN MIGUEL CORP 0.83 0.84 0.79 0.85 0.75 0.84 559,000 458,430 SOC RESOURCES SEAFRONT RES 1.9 2.25 1.86 1.86 1.86 1.86 4,000 7,440 134 140 131.2 137.8 131.2 137.8 1,810 246,786 TOP FRONTIER 0.224 0.234 0.217 0.234 0.217 0.234 50,000 11,020 WELLEX INDUS 0.203 0.207 0.214 0.22 0.2 0.203 17,300,000 3,678,140 ZEUS HLDG
721,030 18,000 13,665,095 3,211,995 -4,720,689 15,740 18,850 424,900 -272,636 -5,114,452 168,440 -50,581,220 -15,850 53,170,787 74,760 -43,416,130 3,384,450 70,032,260 4,760 -83,190 -41,231,165 1,462,359 594,490
PROPERTY
ARTHALAND CORP ANCHOR LAND AYALA LAND ARANETA PROP AREIT RT BELLE CORP A BROWN CITYLAND DEVT CROWN EQUITIES CEBU HLDG CEB LANDMASTERS CENTURY PROP CYBER BAY DOUBLEDRAGON DM WENCESLAO EMPIRE EAST EVER GOTESCO FILINVEST LAND GLOBAL ESTATE 8990 HLDG PHIL INFRADEV KEPPEL PROP CITY AND LAND MEGAWORLD MRC ALLIED PHIL ESTATES PRIMEX CORP ROBINSONS LAND PHIL REALTY ROCKWELL SHANG PROP STA LUCIA LAND SM PRIME HLDG VISTAMALLS SUNTRUST HOME VISTA LAND
0.64 7.6 41.5 1.19 29.5 1.69 0.98 0.78 0.143 5.72 5.02 0.435 0.345 15.02 6.8 0.31 0.086 1.12 0.92 7.8 1.43 3.16 0.74 4.27 0.63 0.39 1.54 22.3 0.31 1.58 2.66 2.02 40.1 4.28 2.08 4.68
0.65 8 41.55 1.22 29.55 1.71 0.99 0.8 0.144 5.9 5.05 0.44 0.35 15.08 6.88 0.32 0.087 1.13 0.93 8.15 1.44 3.23 0.76 4.29 0.64 0.425 1.58 22.4 0.325 1.59 2.68 2.04 40.4 4.29 2.09 4.69
0.64 8 40.7 1.25 29.25 1.69 0.97 0.81 0.145 5.9 5.01 0.45 0.345 14.86 6.96 0.32 0.085 1.12 0.9 7.8 1.46 3.25 0.75 4.1 0.61 0.39 1.58 21.9 0.315 1.61 2.69 2 39 4.18 1.84 4.58
0.65 8 41.8 1.25 29.5 1.7 1 0.81 0.15 5.99 5.07 0.45 0.36 15.1 6.98 0.32 0.086 1.13 0.92 8.24 1.47 3.25 0.76 4.29 0.64 0.39 1.58 22.6 0.325 1.61 2.69 2.05 40.4 4.29 2.13 4.69
0.63 8 40.5 1.18 29.2 1.68 0.96 0.77 0.144 5.88 4.98 0.43 0.345 14.76 6.8 0.31 0.082 1.1 0.89 7.75 1.41 3.19 0.74 4.05 0.59 0.39 1.47 21.55 0.31 1.58 2.64 1.95 38.85 4.18 1.83 4.51
0.65 8 41.55 1.19 29.5 1.7 0.98 0.77 0.144 5.9 5.05 0.44 0.345 15.08 6.88 0.315 0.086 1.12 0.92 8.24 1.43 3.19 0.76 4.29 0.63 0.39 1.58 22.3 0.325 1.58 2.68 2.04 40.4 4.29 2.09 4.69
949,000 2,100 6,714,900 302,000 885,100 324,000 16,512,000 79,000 3,700,000 87,800 752,700 13,870,000 1,040,000 2,086,400 195,200 730,000 2,170,000 7,074,000 722,000 65,600 3,510,000 40,000 42,000 49,837,000 171,673,000 220,000 591,000 2,388,000 1,270,000 179,000 150,000 434,000 9,232,000 77,000 28,580,000 4,906,000
607,710 16,800 276,612,200 362,480 26,000,270 548,790 16,133,100 61,820 538,540 522,488 3,763,451 6,060,250 360,600 31,096,994 1,345,138 227,350 184,230 7,862,120 654,230 515,352 5,044,190 128,290 31,330 209,600,210 107,003,940 85,800 896,860 53,172,235 397,900 285,150 399,050 877,130 369,755,885 325,230 56,692,890 22,768,900
32,869,515 -220,150 -9,655,825 72,670 59,500 13,090 505,400 10,020 156,400 -4,052,044 6,400 4,300 1,656,200 -275,250 -18,331,620 2,380,210 -3,047,290 6,200 55,870 5,300 181,120,260 38,520 -146,240 741,500
SERVICES ABS CBN 13.98 14 14.8 14.8 13.8 14 1,100,300 15,677,682 6 6.03 6 6.06 5.98 6 1,226,100 7,398,775 GMA NETWORK MANILA BULLETIN 0.43 0.44 0.43 0.44 0.425 0.43 360,000 154,650 11.04 12.3 12 12 11.9 12 600 7,190 MLA BRDCASTING 2,018 2,020 2,020 2,028 2,004 2,020 102,040 205,932,720 GLOBE TELECOM 1,415 1,424 1,351 1,424 1,350 1,424 161,135 225,990,510 PLDT APOLLO GLOBAL 0.2 0.201 0.195 0.202 0.188 0.201 2,368,210,000 467,648,790 CONVERGE 15.7 15.72 15.48 15.7 15.4 15.7 5,260,300 82,277,994 5.03 5.1 4.99 5.2 4.91 5.03 1,032,300 5,100,118 DFNN INC 13.12 13.14 12.9 13.6 12.9 13.12 69,530,600 918,436,828 DITO CME HLDG IMPERIAL 1.62 1.67 1.61 1.69 1.61 1.69 27,000 44,460 0.165 0.166 0.146 0.167 0.146 0.166 102,240,000 15,846,220 ISLAND INFO 2.01 2.14 1.98 2.19 1.98 2.14 97,000 205,600 JACKSTONES NOW CORP 4.23 4.24 4.15 4.25 4.15 4.23 8,046,000 33,815,010 TRANSPACIFIC BR 0.345 0.35 0.345 0.355 0.34 0.345 15,020,000 5,215,350 2.93 2.94 2.86 2.95 2.85 2.93 672,000 1,957,580 PHILWEB 9.23 9.24 8.9 9.24 8.9 9.23 364,800 3,321,729 2GO GROUP ASIAN TERMINALS 14.9 14.96 14.96 14.98 14.96 14.96 69,200 1,035,268 CHELSEA 5.34 5.35 5.21 5.43 5.1 5.34 5,250,500 27,663,223 49.1 49.25 49.5 50 48 49.1 405,100 19,892,340 CEBU AIR 125 126.5 125.6 127 124.6 125 1,434,590 179,926,473 INTL CONTAINER LBC EXPRESS 15.34 15.4 15.52 15.98 15.4 15.4 35,100 540,984 0.98 1.01 0.96 1.01 0.96 1.01 24,000 24,120 LORENZO SHIPPNG 6.82 6.85 7.1 7.1 6.66 6.82 5,080,700 34,789,495 MACROASIA 1.91 1.95 1.93 1.95 1.88 1.94 703,000 1,336,780 METROALLIANCE A METROALLIANCE B 1.77 1.99 1.76 1.76 1.76 1.76 5,000 8,800 7 7.09 6.64 7.2 6.64 7 96,400 673,387 PAL HLDG 1.6 1.61 1.62 1.62 1.56 1.6 2,017,000 3,213,620 HARBOR STAR ACESITE HOTEL 1.57 1.58 1.58 1.58 1.57 1.58 10,000 15,790 0.042 0.043 0.042 0.043 0.04 0.042 85,300,000 3,555,400 BOULEVARD HLDG 2.39 2.4 2.48 2.48 2.06 2.39 102,000 237,830 DISCOVERY WORLD 10.04 11.38 10.5 10.5 10.5 10.5 300 3,150 GRAND PLAZA WATERFRONT 0.58 0.59 0.58 0.59 0.57 0.59 13,271,000 7,620,180 FAR EASTERN U 585 625 585.5 585.5 585.5 585.5 10 5,855 0.44 0.445 0.44 0.45 0.43 0.445 2,210,000 974,100 STI HLDG 5.79 5.9 5.79 5.9 5.79 5.9 113,600 664,318 BERJAYA BLOOMBERRY 7.96 8 7.96 8.04 7.86 7.96 3,521,900 28,010,610 PACIFIC ONLINE 2.04 2.1 2.02 2.1 2.02 2.1 86,000 176,060 1.85 1.89 1.9 1.9 1.82 1.89 830,000 1,550,390 LEISURE AND RES MANILA JOCKEY 2.27 2.39 2.3 2.39 2.3 2.39 11,000 25,390 3.39 3.4 3.59 3.6 3.33 3.4 42,286,000 144,936,900 PH RESORTS GRP 0.5 0.51 0.47 0.52 0.465 0.5 38,690,000 19,161,950 PREMIUM LEISURE 6.7 6.8 6.71 7 6.7 6.8 15,000 100,762 PHIL RACING ALLHOME 9 9.02 9.05 9.1 8.89 9 900,000 8,097,047 METRO RETAIL 1.5 1.51 1.45 1.5 1.44 1.5 4,934,000 7,234,770 39.9 39.95 39.8 40.2 39.8 39.95 4,149,100 165,703,790 PUREGOLD 63.15 63.2 62.75 63.75 62.75 63.2 1,962,430 124,188,881.50 ROBINSONS RTL PHIL SEVEN CORP 118.1 124 120.4 124.5 118 118.1 50,780 6,066,275 SSI GROUP 1.53 1.54 1.54 1.54 1.48 1.54 4,045,000 6,141,490 17.8 17.98 17.8 18 17.8 17.98 1,295,200 23,268,336 WILCON DEPOT APC GROUP 0.4 0.42 0.41 0.43 0.395 0.4 7,010,000 2,899,150 EASYCALL 7.06 7.2 6.8 7.1 6.8 7.1 34,300 240,237 436.4 450 432.2 450 432.2 450 1,370 610,098 GOLDEN BRIA 6.51 6.52 6.02 6.54 6.02 6.51 2,900 18,218 IPM HLDG PAXYS 2.3 2.45 2.3 2.3 2.3 2.3 2,000 4,600 1.65 1.66 1.45 1.65 1.45 1.65 286,210,000 443,869,540 PRMIERE HORIZON 5.26 5.3 5.3 5.3 5.25 5.26 148,800 782,496 SBS PHIL CORP
-46,866,550 97,661,560 3,916,260 4,660,672 -4,377,711 -42,995,552 708,710 2,363,320 -17,500 -40,407 -1,009,836 -840,711 2,287,945 19,160,192 -3,547,188 -18,460 4,780 8,200 59,960 -2,678,870 -350.0001 168,800 -1,687,850 -3,969,550 4,664,186 -2,351,080 17,910,305 -99,286,775.50 -132,330 -280,280 10,403,692.00 126,000 -5,440 -18,000 27,364,830 -
MINING & OIL ATOK 7.39 7.49 7.9 7.9 7 7.49 1,778,200 12,817,556 32,550 APEX MINING 1.79 1.8 1.77 1.79 1.76 1.79 5,436,000 9,665,370 -1,547,150 ABRA MINING 0.0035 0.0036 0.0037 0.0037 0.0033 0.0035 20,494,000,000 71,337,600 -507,900 7.09 7.1 6.99 7.1 6.9 7.1 685,000 4,810,656 -70,173 ATLAS MINING 3.5 3.55 3.38 3.73 3.32 3.55 916,000 3,176,370 BENGUET A BENGUET B 3.5 3.52 3.3 3.6 3.3 3.5 1,235,000 4,247,310 -201,420 COAL ASIA HLDG 0.285 0.29 0.28 0.295 0.28 0.285 870,000 249,300 2.91 2.94 2.9 2.94 2.84 2.94 266,000 762,570 243,040 CENTURY PEAK 8.5 8.85 8.5 8.85 8.31 8.85 212,800 1,834,328 136,226 DIZON MINES FERRONICKEL 3.12 3.13 3.11 3.14 2.99 3.13 13,309,000 40,991,330 -937,000 GEOGRACE 0.33 0.34 0.36 0.36 0.33 0.34 16,970,000 5,802,300 -7,200 0.173 0.174 0.172 0.175 0.17 0.174 42,060,000 7,291,120 LEPANTO A LEPANTO B 0.174 0.176 0.181 0.181 0.173 0.174 710,000 127,120 0.01 0.011 0.01 0.011 0.01 0.01 65,600,000 660,400 MANILA MINING A 0.011 0.012 0.011 0.011 0.01 0.011 56,900,000 625,500 110,000 MANILA MINING B 1.82 1.85 1.86 1.86 1.82 1.85 3,383,000 6,223,100 14,380 MARCVENTURES NIHAO 3.4 3.43 3.44 3.5 3.39 3.43 1,572,000 5,397,100 -33,900 NICKEL ASIA 5.83 5.84 5.98 5.98 5.79 5.83 6,455,800 37,865,033 -13,337 0.385 0.4 0.4 0.41 0.385 0.385 320,000 126,600 OMICO CORP 1.25 1.26 1.25 1.43 1.23 1.26 57,449,000 75,754,080 698,710 ORNTL PENINSULA PX MINING 5.34 5.35 5.5 5.6 5.35 5.35 2,079,000 11,261,102 163,210 SEMIRARA MINING 13.78 13.8 13.5 13.8 13.5 13.8 1,156,300 15,819,756 1,382,478 0.0064 0.0065 0.0063 0.0065 0.0063 0.0065 58,000,000 373,300 UNITED PARAGON 13.68 13.7 13.88 13.9 13.3 13.68 362,000 4,911,650 126,502 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.012 0.012 0.011 0.011 50,900,000 574,900 0.011 0.013 0.012 0.013 0.011 0.013 45,600,000 576,600 ORNTL PETROL B 0.011 0.012 0.011 0.012 0.011 0.012 17,800,000 202,900 PHILODRILL PXP ENERGY 11.5 11.52 11.4 11.6 11.22 11.52 416,200 4,779,164 746,912 PREFFERED ALCO PREF C 102.1 109.9 109.9 109.9 109.9 109.9 500 54,950 18 - 18 18 18 18 400 7,200 BC PREF A CPG PREF A 102 105 105 105 102 102 190 19,650 101 102.9 101 101 101 101 40 4,040 DD PREF 101 101.8 101.5 101.5 101.5 101.5 1,500 152,250 MWIDE PREF 100 101.4 101.4 101.5 101.4 101.5 980 99,440 MWIDE PREF 2B PNX PREF 3B 103.6 105 105 105 103.6 105 260 27,216 1,007 1,010 1,008 1,010 1,007 1,007 4,065 4,098,190 PNX PREF 4 1,081 1,100 1,100 1,100 1,100 1,100 90 99,000 PCOR PREF 3B 78.2 78.85 78.5 78.85 78 78.85 1,490 116,927.50 SMC PREF 2C SMC PREF 2F 77.25 77.4 77.4 77.4 77.4 77.4 13,000 1,006,200 75.5 76 75.5 75.5 75.5 75.5 1,730 130,615 SMC PREF 2J 75.1 76.25 75.5 76.25 75.1 76.25 49,760 3,789,982.50 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 13.8 14 14 14 13.82 14 69,900 974,804 685,950 5.95 6 5.97 6 5.8 6 309,400 1,836,696 814,910 GMA HLDG PDR WARRANTS LR WARRANT 1.02 1.03 1.01 1.03 0.99 1.02 219,000 222,980 SMALL & MEDIUM ENTERPRISES ALTUS PROP 12.72 12.74 12.4 12.72 12.06 12.72 141,100 1,756,718 3.2 3.21 3.18 3.25 3.11 3.2 3,030,000 9,676,090 236,950 ITALPINAS KEPWEALTH 6.2 6.35 6.45 6.62 6.13 6.2 77,800 492,474 2.67 2.85 2.75 2.98 2.75 2.89 225,000 663,650 MAKATI FINANCE 7.69 7.7 7.58 7.87 7.45 7.69 26,726,400 204,672,012 919,290 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 110 110.2 108 110 108 110 19,480 2,123,352 -21,070
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ERC engages consultant to audit Meralco refunds
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HE Energy Regulatory Commission (ERC) has resolved to engage the services of an independent party to verify whether the Manila Electric Company’s reported refunds have been fully accounted for, returned or credited to its customers’ accounts. The ERC ordered Meralco in previous years to refund the Bill Deposit, Meter Deposit, and Income Tax that it collected from its customers. “Our Bids and Awards Commit-
tee (BAC) has already completed its bidding process and has awarded the contract for the “Procurement of Consulting Services for the Audit and Verification of the Meralco Re-
funds” to the bidder that submitted the Highest Rated and Responsive Bid and which has also complied with all the legal, technical, and financial requirements for the said procurement project,” ERC Chairman and CEO Agnes VST Devanadera said. The ERC, she said, deemed it prudent to engage the services of a consultant with the technical expertise and capability to conduct an independent audit and verification of all the refunds of Meralco, considering the limitations of its existing organizational structure and manpower complement vis-à-vis its expanded mandates in regulating and transforming the electric power industry. The ERC approved the recom-
mendation of its BAC to award the contract for the said Meralco refund audit to Roxas Cruz Tagle and Co, which was found to have submitted the Highest Rated and Responsive Bid. “The Commission is of the view that regulation must be borne by the government so we have allocated a budget for the engagement of an independent Consultant that will conduct the audit and verification of Meralco’s refunds. The impending audit of MeralcoO refunds will ensure that what was due to consumers has been actually returned or credited to their accounts and truly benefited them,” Devanadera added.
PT&T, Status Pros to deliver virtual desktops
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s office-based work undergoes a major transformation, Philippine Telegraph and Telephone Corp. (PT&T) tapped USbased Status Pros to provide software technology and support that would allow companies to work and manage the workforce from anywhere or outside their traditional office amid
the global pandemic. Seen as an enabling system that will recapture operational and financial value during the pandemic, Virtual Desktop Instances (VDI) allows users to securely access a company-defined-and-managed virtual computer where all applications and data reside. VDI bolsters the Work
STOCK-MARKET OUTLOOK Last week
Share prices improved last week, with the main index rising at its highest since February last year, though trading was still volatile. The benchmark Philippine Stock Exchange (PSE) index gained 150.17 points to close the first full week of trading for the year at 7,289.88 points. It was a volatile week for the main index, declining on Tuesday and Wednesday but closed the week strong after gaining 170.17 points on Friday alone, tracking the performance of the United States market which hit a new high. Average daily trade for the week was high at P10.3 billion, but foreign investors were net sellers at P1.43 billion. All other subindices closed in the green led by the broader All Shares index that gained 81.66 points to close at 4,354.27 points, the Financials index rose 39.73 to 1,487.37, the Industrial index added 198.73 to 9,592.15, the Holding Firms index was up 67.80 to 7,422.45, the Property index climbed 120.55 to 3,785.02, the Services index was higher by 26.19 to 1,540.28 and the Mining and Oil index surged 461.44 to 9,989.59. For the week, gainers led losers 146 to 90 and 21 shares were unchanged. Top gainers were Apollo Global Capital Inc., Oriental Peninsula Resources Group Inc., Premiere Horizon Alliance Corp., Island Information and Technology Inc., COL Financial Group Inc. and Marcventures Holdings Inc. Top losers were Philippine Trust Co., IPM Holdings Inc., Asiabest Group International Inc., Oriental Petroleum and Minerals Corp. A, Macay Holdings Inc. and D.M. Wenceslao and Associates Inc.
This week
Share prices may continue its ascent this week following the confirmation of US Congress that Democrat Joe Biden won the presidential election. “Overall, investors remain confident with the current conditions and are willing to stay in the market for the longer term,” Christopher Mangun, research head at AAA Securities Inc., said. Investors, however, will continue to remain cautious and may lighten positions, causing the market to decline until a clearer path to recovery is established by the government, he said. Luis Limlingan, managing director at Regina Capital and Development Corp. said investors will continue to monitor vaccine developments globally and locally. “The US presidential inauguration is still on the 20th but investors will be making sure the transition is peaceful. 7,300 [for the main index] still remains the resistance to beat for this week so we can test 7,500 points,” he said.
Stock picks
Broker Regina Capital advised investors to take their positions on the stock of GT Capital Holdings Inc. (GTCAP) after its share price found a support following two solid days of breakdown, bouncing back from a low of P506 earlier last week. “Indicators have recovered slightly from the strong selling bias, but remain bearish overall. Selling momentum is decreasing, though, so GTCAP could very well sustain this rally. The key level to watch out for is P560—for a breakout past this resistance would mean a run-up,” it said. “Should GTCAP tap P560 but pullback during the latter parts of the trading session, the stock would be setting itself up for consolidation,” it said. GT Capital shares closed Friday at P579 apiece. Meanwhile, it gave a hold recommendation on the stock of Merrymart Consumer Corp. (MM) after its price started to consolidate and sustain at an elevated level. “All signs point to sustained buying pressure that has been toeing the line between neutral and overbought territory for some time now. Considering this trend, MM could be gearing up for a possible breakout—although practice caution when buying, since volatility is at extreme highs,” it said. Merrymart shares closed last week at P7.69 apiece. VG Cabuag
from Anywhere (WFA) and Manage from Anywhere (MFA) setups and can be extremely cost effective and operationally efficient in recapturing value. Hosted in company owned servers or in the cloud, VDI creates an environment where employees can seamlessly communicate and collaborate service-oriented and
mutual funds
cost-efficient workloads—anywhere on “virtually” any device. This access anywhere model ensures consistency of performance and less reliance to endpoint computing equipment as VDI can be accessed through any laptop, desktop, tablet or even a phone with little on-device processing requirements.
January 8, 2021
NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 226.64 -10.18% -8.87% -0.86% -0.07% ATRAM Alpha Opportunity Fund, Inc. -a 1.3243 -3.24% -6.34% 3.69% 1.17% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1297 -13.28% -12.6% -2.14% 0.05% Climbs Share Capital Equity Investment Fund Corp. -a 0.7997 -10.47% -7.82% n.a. -0.15% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7428 -12.6% n.a. n.a. 0.18% First Metro Save and Learn Equity Fund,Inc. -a 4.9359 -7.4% -6.72% -0.44% 0.07% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7563 -11.62% -9.25% -4.99% -0.37% MBG Equity Investment Fund, Inc. -a 100.75 -3.55% n.a. n.a. 0.03% PAMI Equity Index Fund, Inc. -a 46.7059 -9.18% -6.82% 0.88% -0.06% Philam Strategic Growth Fund, Inc. -a 487.63 -8.66% -6.78% 0.04% -0.09% Philequity Alpha One Fund, Inc. -a,d,5 1.1049 7.86% n.a. n.a. 2.16% Philequity Dividend Yield Fund, Inc. -a 1.1664 -9.48% -6.52% 0.66% 0.34% Philequity Fund, Inc. -a 34.6634 -8.6% -6.14% 1.39% 0.19% Philequity MSCI Philippine Index Fund, Inc. -a 0.9121 -10.79% n.a. n.a. 0.25% Philequity PSE Index Fund Inc. -a 4.7773 -8.81% -6.32% 1.67% -0.07% Philippine Stock Index Fund Corp. -a 799.3 -8.61% -6.21% 1.61% -0.05% Soldivo Strategic Growth Fund, Inc. -a 0.7194 -14.03% -10.07% -2.65% 0.11% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6199 -13.85% -8.17% -0.1% -0.02% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9149 -8.86% -6.51% 1.45% -0.08% United Fund, Inc. -a 3.3125 -9.47% -5.7% 1.95% -0.11% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 107.2449 -8.57% -5.97% 2.36% -0.05% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2561 22.34% 3.2% 8.01% 5.94% 21.64% Sun Life Prosperity World Voyager Fund, Inc. -a $1.6785 9.23% n.a. 0.55% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6821 8.09% -3.9% 0% 0.97% ATRAM Philippine Balanced Fund, Inc. -a 2.2818 5.26% -2.82% 1.92% 0.11% First Metro Save and Learn Balanced Fund Inc. -a 2.624 -0.21% -2.03% 0.19% 0.02% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1984 -13.55% n.a. n.a. 0.05% NCM Mutual Fund of the Phils., Inc. -a 1.9675 0.22% -0.79% 2.39% 0.18% PAMI Horizon Fund, Inc. -a 3.7802 -0.25% -1.64% 1.64% -0.09% Philam Fund, Inc. -a 16.9048 -0.29% -1.7% 1.57% -0.05% Solidaritas Fund, Inc. -a 2.0921 -1.89% 1.36% -0.03% -2.71% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5705 -7.46% -4.13% 0.42% 0.19% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.0222 0.53% n.a. n.a. 0.07% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9463 -5.25% n.a. n.a. -0.12% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9302 -6.57% n.a. n.a. -0.11% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8864 -8.84% -4.85% -0.31% -0.1% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03908 2.06% 2.7% 2% -0.15% PAMI Asia Balanced Fund, Inc. -b $1.1804 14.26% 2.95% 3.31% 6.59% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5286 15.61% 6.98% 8.28% 0.6% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2036 8.36% 3.88% n.a. 0.33% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 370.92 3.59% 3.24% 2.83% -0.03% ATRAM Corporate Bond Fund, Inc. -a 1.901 -0.09% 0.06% 0.1% 0.05% Cocolife Fixed Income Fund, Inc. -a 3.2149 3.1% 4.46% 4.81% 0.04% Ekklesia Mutual Fund Inc. -a 2.2949 3.17% 2.99% 2.36% -0.07% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4514 4.13% 3.34% 2.11% -0.05% 6.16% Philam Bond Fund, Inc. -a 4.6283 4.61% 3.02% -0.07% Philam Managed Income Fund, Inc. -a,6 1.3202 5.38% 4.47% 2.7% -0.06% Philequity Peso Bond Fund, Inc. -a 3.9865 5.35% 4.54% 2.88% -0.35% Soldivo Bond Fund, Inc. -a 1.04 8.15% 4.15% 2.59% -0.14% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1986 4.26% 4.81% 3.43% -0.05% Sun Life Prosperity GS Fund, Inc. -a 1.7488 3.33% 4.08% 2.8% -0.3% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $483.71 3.19% 2.72% 2.87% -0.01% ALFM Euro Bond Fund, Inc. -a Є219.4 -0.2% 0.84% 1.24% 0.11% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2779 5.76% 4.07% 3.14% -0.2% 1.83% 1.67% -0.75% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 1.93% PAMI Global Bond Fund, Inc -b $1.0931 -0.46% 0.61% 0.77% 0.02% Philam Dollar Bond Fund, Inc. -a $2.534 5.21% 3.94% 3.59% 0% Philequity Dollar Income Fund Inc. -a $0.062304 3.18% 2.89% 2.34% -0.17% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2149 0.69% 2.1% 2.41% -0.24% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.85 3.14% 3.34% 2.58% 0.04% First Metro Save and Learn Money Market Fund, Inc. -a 1.0481 1.77% n.a. n.a. 0.01% 2.5% 2.98% 2.61% 0.04% Sun Life Prosperity Money Market Fund, Inc. -a 1.297 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0527 1.46% 1.77% n.a. 0.03% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1458 n.a. n.a. n.a. 2.85% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 n.a. n.a. n.a. 1.02% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."
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Banking&Finance BusinessMirror
EXCLUSIVE
Credit registry to launch several digital initiatives By Tyrone Jasper C. Piad @Tyronepiad
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O further promote financial inclusion, the country’s central credit registry would launch more digital initiatives this year. In a recent interview with the BusinessMirror, Aileen L. AmorBautista of the Credit Information Corp. (CIC) said the governmentowned and controlled corporation (GOCC) plans to make financing more accessible through partnerships amid an economic recession. “One of the projects that we look forward to in 2021 is our partnership with our accessing entities,” Amor-Bautista, CIC’s senior vice president for business development and communications, told the BusinessMirror. For example, CIBI Information Inc.—one of CIC’s accredited bureaus and accessing entities—is keen on the possibility of integrating its MyScore application, she said. This feature provides credit score with use of both local and global expertise. Amor-Bautista said it was important to have access to credit reports so borrowers may find it easier to receive loan approval. A credit report usually includes consolidated credit data, basic personal information, credit card records and other related data. “What we would like to push, at the end of the day, is the idea of establishing one’s ‘creditworthiness’ even amid the pandemic and to continuously raise awareness on the rights of consumers to access their credit reports which may serve as their reputational collateral when
they try to secure credit facilities,” Amor-Bautista explained. The CIC and the CIBI recently introduced a mobile application that allows remote access of credit reports from individual borrowers.
Partnership
MEANWHILE, Amor-Bautista was also looking forward to CIC’s partnership with the Yuchengco-led Rizal Commercial Banking Corp. (RCBC) to promote digital financial inclusion and literacy among the unbanked and underserved segment. Both parties entered into an agreement in November last year. “Specifically with RCBC’s DiskarTech, the CIC shall collaborate with the former to jointly publish digital educational materials and conduct virtual events to promote the benefits of credit reports, financial technology (fintech), digital banking, and creditworthiness in the digital age,” Amor-Bautista told the BusinessMirror. DiskarTech is RCBC’s financial inclusion app that offers a digital savings account, which neither requires an initial deposit nor a maintaining balance. It also allows card-less automated teller machine (ATM) withdrawals, deposits and cash out from partner agents, fund transfers, bill payments and quick-response code transfers, among others. “We hope that our collaborations between and among our accessing entities whether it be banks, financing companies, or even cooperatives, towards digital financial inclusion may contribute significantly to promote accessible financing during and post-pandemic,” Amor-Bautista told the BusinessMirror.
Perspectives Designing the data compound
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HE race to capitalize on the immense promise of big data is having a game-changing impact on businesses that are boldly turning today’s digital challenges into opportunities. As consumer purse strings tighten and physical commerce becomes increasingly unreliable amidst the risk of future lockdowns, businesses have a growing need to become data-led and manage the exploding volume, depth and accessibility of data in the most cost-effective way. All in an attempt to not fall behind their competitors and emerge successfully in the new reality. Consider, for example, the rapid proliferation and ongoing evolution of internet-enabled devices over the past decade—and how businesses have responded to the hyper-connectivity trend. In 2010, we generated about 12 exabytes of Internet traffic (1 EB is equal to 1 billion gigabytes) through our typical interactions, and data processing had limited information sets such as name, e-mail address, phone number, home address and perhaps their work location. (Cisco Visual Networking Index: Forecast and Trends, 2017–2022, 2019.) Today, the annual volume of data a user generates has increased 1,000 percent to over 136 EB of internet traffic. This is all before the pandemic forced consumers to digitize their shopping habits, and the extensive proliferation of super-fast 5G mobile—pure fiber internet connectivity which is going to transform our everyday lives even further. (Cisco Visual Networking Index: Forecast and Trends, 2017–2022, 2019.) The explosion in personal data is leaving behind an endless trail of personal information that futurefocused businesses are tapping into for the wealth of timely insights that will enhance customer relationships and drive growth.
Bringing trust into the strategic ‘formula‘
AS the pandemic accelerates an al-
ready digitizing world and customer expectations for service, reliability and security grow amid the rush to exploit the data ‘gold mine,’ how do companies balance the proliferation of data and their drive for value with serious privacy and security concerns and increasing scrutiny from regulators? While some firms are moving boldly forward to “formulate” the right personal data compound, many more organizations are amassing huge volumes of digital information that they don’t know what to do with—or where to even start. As today’s ground-breaking companies are discovering, the effective use of personal data demands the strategic design of a comprehensive data compound. Organizations seeking a trusted strategic formula for a personal data compound that will transform customer data into a source of competitive advantage, face a careful and perhaps daunting balancing act. n Which personal data elements need to be combined? n How and in what proportion should data elements be mixed? n How can the data compound’s potential to produce positive or negative “energies”—for example when addressing the inherent liabilities of privacy, security and compliance concerns—be effectively managed in order to turn personal data into a formidable and trusted new source of competitive advantage? The excerpt was taken from “KPMG Thought Leadership, A balancing act: Privacy, security and ethics.” © 2020 R.G. Manabat & Co., a Philippine partnership and a member-firm of the KPMG global organization of independent 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.
Monday, January 11, 2021
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Settling ₧300B owed to BSP sees govt debt payment dip
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By Bernadette D. Nicolas
@BNicolasBM
OVERNMENT’S debt payments declined as of November to P888.69 billion after the Bureau of the Treasury revised its data to reflect the repayment of the P300 billion it owed to the Bangko Sentral ng Pilipinas (BSP). Nonetheless, the latest data from January to November showed that government’s debt service bill still exceeded the full-year amount it paid in 2019 at P842.4 billion. Government debt payments for the 11-month period last year also spiked by 10.36 percent from P805.26 billion settled in the same period in 2019. The Treasury has said that government’s debt service bill amounted to P1.16 trillion as of October. The government is programmed to pay P1.005 trillion for debt service in 2020. Apart from the national government’s P300-billion short-term borrowing from BSP in March, it also borrowed an additional P540 billion
in October. Nonetheless, its amortization payments from January to November jumped by 12.69 percent to P533.612 billion from P473.512 billion in the same period in 2019. On the other hand, interest payments for the same period went up by 7 percent to P355.079 billion from P331.75 billion in 2019. Amortization refers to the repayment of loan principal over time, while interest payment refers to a payment determined by the interest rate of an account. Of the total amortization payments, domestic amortization comprised the bulk at P398.885 billion while foreign amortization amounted to P134.727 billion.
Domestic amortization included actual principal repayments to local creditors including those serviced by the Bond Sinking Fund and Central Bank Board of Liquidators. Meanwhile, foreign amortization included prepayments made due to bond exchange transactions. Of the total amount paid for interest payments from January to November, majority was used to settle domestic borrowings at P255.45 billion while P99.634 billion was spent for interest payments for foreign loans. For November alone, government spent a total of P26.787 billion, plunging by 87.93 percent from P221.844 billion in the same month in 2019. In the same month last year, interest payments grew 15.9 percent to P20.04 billion from P17.29 billion in the previous year. The government also paid P6.752 billion for amortization in November, which nosedived by 96.7 percent from P204.56 billion in the same month in 2019. Gross borrowings of the national government as of November have already reached P3.048 trillion, a
level that is already slightly above the all-time high nominal P3-trillion borrowing program that was set this year. Last week, the Treasury reported that the country’s outstanding debt stock has ballooned to P10.13 trillion as of November last year, just P30-billion short of government’s expected level by yearend at P10.16 trillion. Since the government expects an increase in revenue collections and disbursements, however, the Cabinet-level Development Budget Coordination Committee (DBCC) in December announced it has narrowed projection for the country’s 2020 budget deficit from 9.6 percent of gross domestic product (GDP) to 7.6 percent of GDP. Prior to that, the DBCC expects the country’s debt-to-GDP ratio by end of 2020 to increase to 53.91 percent of GDP—a level it hasn’t seen in over a decade—from a record low of 39.6 percent of GDP in 2019. For this year, economic managers expect outstanding debt to swell to P11.98 trillion and the country’s debt-to-GDP ratio to further rise to 58.28 percent.
Stricter security protocols vs credit card scam eyed By Butch Fernandez @butchfBM
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HE Senate is on track to push for stricter security protocols amid mounting reports by victims of credit card scams. Citing mounting amounts involved ranging from P20,000 up to P100,000, Senator Sherwin T. Gatchalian, panel chairman, affirmed the need for immediate inquiry resulting in remedial legislation seen to include tougher penalties to effectively check misuse of stolen credit cards. “Grabe ’yung halaga pero alam niyo ang nakakagulat marami ganitong cases, ang daming tumawag sa akin, nag-text, nag-e-mail,” the Senator said in a radio interview. [The cost is great but, you know what’s surprising: there are so many cases like this; many called me, texted, sent email.] Gatchalian received the messages of concern from other victims after revealing that hackers had used his credit card to book P1 million worth of orders through Food Panda last week. He asked the Banks Committee of Sen. Grace Poe to probe the case, which he reported to NBI. “I discovered that this modus operandi isn’t new: there are many victims. Some of our compatriots are forced to pay because it’s difficult to catch the perpetrators. Sometimes you have to prove that you were deceived and that you were not the one who transacted,” Gatchalian said.
Urgent action
THE Senator emphasized the need for urgent action to upgrade credit card security features given the
growing complaints and the amounts involved, as he noted: “Talamak na talaga, iba’t-ibang halaga minsan may P20,000 may P30,000, may P100,000; pero ito siguro ’yung pinakamalaki kasi ito one million eh so ito ’yung pinakamalaki sa nakita kong report.” [It’s rampant: amounts of P20,000 up to P100,000. This is probably the biggest because it is P1 million; the largest in the report I read.] Gatchalian added this means that “if it’s rampant, scammers and hackers are getting good at this, as they are able to sneak through security measures of banks.” He said “banks should tighten up and upgrade their security measures, level up their security protocol as this is proof that the scammers sneaked past their safeguard.” Gatchalian promptly added, however, that “in fairness to the banks, they know that this is happening; so that if it is reported right away they do not compel credit card consumers to pay up.” However, the lawmaker said, there were some cases reported to him that the banks imposed a tedious process and the customer, instead of being penalized, opted to pay if it involved a small amount.
Central bank
THE Senator is urging the Central Bank to look closely into the matter and that banks should closely study these cases. Gatchalian asserted that “banks cannot just keep quiet.” “They should impose stricter security protocols as scammers are
continuously looking for ways to get past the new protocols.” (’Yung mga bangko hindi sila pwedeng manahimik lang. Dapat meron silang mas mahigpit na security protocol dahil itong mga manloloko ay naghahanap lagi ng paraan para malusutan itong mga bagong protocol.) Gatchalian said he is reviewing “e-mails and reports” sent to his office by victims of bank card scams ahead of Senate committee hearings to craft remedial legislation to address the problem. “Kasi nung binabasa ko yung mga e-mails at reports ng kababayan natin, hindi siya isolated case eh, ang dami.” [Because when I read the emails and reports of our countrymen, this is not an isolated case; there’s so many.] “Even my friends were victimized; so this only means there is really a loophole that we need to plug to prevent [these things] being repeated,” Gatchalian said. “Talagang nakakalungkot lang itong nangyari sa atin dahil napakalaki ’yung amount. Pero hindi pwedeng sabihin na isolated case ito at business as usual. Importante na may hakbang na gagawin para hindi na maulit ito sa ibang mga kasama natin at kababayan natin.” [It’s really sad that this happened to me because the amount is so big. But it shouldn’t be seen as an isolated case and business as usual. It is important to take steps so that it doesn’t happen again to other people and our countrymen.”
Law, penalties
Gatchalian hinted that the committee inquiry would also look into
what the banks are doing about it and what the Central Bank, as regulator, is doing to address the problem, citing his experience among other victims. “Gagamitin nating itong karanasan natin para maglunsad ng isang inquiry at ang ating layunin naman ay tignan ano po ’yung mga ginagawa ng mga bangko, ano po yung ginagawa ng Bangko Sentral kasi siya ang regulator ng lahat ng bangko at dapat siguraduhin ng Bangko Sentral na ginagawa ng mga bangko ’yung dapat nilang gawin para maproteksyunan yung ating mga consumers.” [We will use this experience to launch an inquiry and our goal is to see what the banks are doing, what the Central Bank is doing because it is the regulator of all banks. And the Central Bank must make sure that banks are must do what they should do to protect our consumers.] At the same time, the lawmaker said the Banks Committee probe is also keen to hear from National Bureau of Investigation about findings involving proliferating syndicates, some from foreign countries, to check reports the Philippines is likely to be “a haven for these foreign syndicates” due to its “weak (imposition of) preventive measures.” The Senator countered, however, that “actually I looked at our law and it showed that we have a better law.” “In fact, we have a stiff penalty— six years and above imprisonment. And the penalty provides that, apart from jail term, those convicted of the crime will be made to pay the same amount stolen.”
Spend big to manage risks, stimulate economy–solon By Jovee Marie N. dela Cruz @joveemarie
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amarines Sur Rep. Luis Raymund Villafuerte said government should spend more to manage risks and stimulate consumer spending as lockdown measures continue to maim the economy. “Mass vaccination against Covid-19 in the Philippines will not likely be completed in a year’s time, which is why we need to remain vigilant against transmission and to continue spending big on risk management and fiscal stimulus measures that will reinvigorate
the economy, restore business and consumer confidence, and help people and businesses get back on their feet as quickly as possible,” said Villafuerte who was the lead author in the House of Representatives of both the Bayanihan To Heal as One Act (Bayanihan 1) and Bayanihan 2. “The government needs to spend a lot more on measures to stimulate economic activity, provide relief to pandemic-hit businesses and boost consumer spending amid forecasts by institutions like the World Bank and Moody’s Analytics that it will be a slow recovery for the Philippines
that has not been spending as much as its neighbors on fiscal stimulus programs,” he added. Villafuerte issued this statement as Malacañang announced last week the President’s enactment of Republic Act (RA) 11520, which extended the availability of the P4.1-trillion 2020 GAA 2020 until December 31, 2021; and RA 11519, which stretched the availability of funds appropriated through the Bayanihan 2 until June 30, 2021. In HB 8173—one of the House bills extending the effectivity of Bayanihan 2—Villafuerte explained that the extension shall “give the gov-
ernment the opportunity to continuously implement the recovery and stimulus programs specified in Bayanihan 2, most especially in allocating funds for more essential necessary and relevant items and expenses to recover from the distressing effects of this global pandemic.” He said in HB 8173 that the extension will also cover “the other powers provided under the said law that will enable the government to provide emergency assistance for vulnerable groups and individuals, expand medical resources to fight Covid-19, and finance emergency initiatives.”
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What makes a 360-degree review successful?
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By Jack Zenger & Joseph Folkman
oo many companies don’t take the 360-degree feedback process seriously enough. Often it goes like this: After shopping around and deciding on a 360-degree feedback instrument, talent professionals administer it to the colleagues of the leader who is being evaluated. After aggregating the data, those same professionals send a summary report to the leader, who reads through it with some interest and puts it away. Sometimes, the review is never discussed again. The outcome? Little, if anything, changes. The mindset of the leaders who receive the feedback report isn’t altered. In most cases, the process doesn’t do any damage, but it’s a missed opportunity—for both the leader and the company. Organizations that take the process more seriously get much better results, of course. The 360-degree feedback instrument itself may be exactly the same, but the way it’s administered is completely different. This approach stands in contrast to what we’ve described above—and it is what we strongly recommend. Here are some of the key differences: n The leader helps choose who among his colleagues should respond to the survey; n The leader personally communicates with those respondents, asking them to provide their candid observations; n The report is presented to the leader, either in a group setting or in a one-onone coaching conversation; n The leader is provided with context and guidance to help understand the data; n The leader also receives a customized set of developmental recommendations to help him create a personal development plan; n There is follow-up from the talent professionals to ensure accountability. There are many reasons to follow a process that looks more like this one. In our 30 combined years of helping organizations and leaders implement 360-degree feedback instruments, we’ve seen the following benefits of using this process.
Expanded self-awareness
People with little self-awareness are often puzzled by the behavior of others toward them. They might wonder, “Why do people nw ot include me in their casual conversations?” or “Why was I not chosen to lead this project?” When a 360-assessment is carried out as described above, the leader is able to compare his self-ratings to the ratings from others. Having ratings from multiple people provides greater evidence that this is much more than just one person’s opinion. Combined with accountability, this evidence serves as a strong impetus to change.
Reiteration of important messages
Leaders who go through a serious 360-degree feedback process will often reflect on a comment or piece of feedback and say something to the effect of, “I’ve heard that before. My partner has told me that, but I didn’t think it was that important.” But when a dozen or more people collectively observe that the leader isn’t a good listener, for example, the message is louder and clearer. The 360-degree feedback process underscores the seriousness and credibility of the feedback. The anonymity of the process, meanwhile, results in far greater honesty and candor.
Increased likelihood of change
Improving your leadership effectiveness requires behavioral change. A 360-feedback process, when done right, greatly increases the chances that change will occur. When a leader finds out that others don't see him as he intends to or wants to be seen, he has a simple choice. Either he redefines how he sees himself, or he changes his behavior. For example, if others tell me that I’m rigid and don’t listen to a different viewpoint, the next time I’m in a discussion about a controversial topic, I’m more inclined to catch myself
and listen. And if I continue to argue and hold tight to my views, I’ll be faced with the realization that the others’ perceptions of me were correct. There’s also an increased likelihood of change if several leaders go through this process together. Social reinforcement makes it easier for everyone involved to be more receptive to new ideas and feedback. This is the same reason that working with a coach can help a leader to change; the coach holds the leader accountable for his commitments to change his behavior, and follows up to see if he did.
Links between business outcomes and leadership behavior
Another motivation for leaders to change their behavior is seeing the impact on measurable outcomes, such as employee engagement and effort. When people understand that altering the way they lead can result in better performance, they’re much more likely to follow through. For example, the best 360-degree feedback assessments measure the current
level of engagement and commitment of the leader’s direct reports. When the connection between one’s behavior and an important metric like engagement is made visible, leaders can better comprehend the consequences of their actions.
Performance improvement beyond a single leader
When leaders improve their effectiveness, it doesn’t just benefit them or their direct reports. Other people throughout the organization benefit, too. We’ve seen that as one leader improves, others are motivated to do the same, creating a ripple effect that lasts over time. In fact, all levels of leadership in an organization are influenced by the collective capability of the top team. We’ve seen in our research that if the top team scores just above average in overall leadership effectiveness, each successive layer below them will have lower scores. In contrast, if the top team has aggregate scores at the 80th percentile, it creates an “updraft” in the organization, and scores are higher at
every level. This, of course, means that investing in leadership development at the top can pay big dividends. What better influence can a senior team have on a company than to make clear that members of the top team are collectively working on becoming more effective in their roles? Companies have continued to use the 360-degree process through the years because it works. But for it to have the outcomes we’ve outlined above, it has to be implemented in a way that engages individuals in the process so they are compelled and motivated to become better leaders. When leaders learn through feedback that others’ perceptions of them are different from their own, identify a weakness to fix or a strength to build, or understand how their leadership is affecting the productivity and engagement of their direct reports, they can use—and act on—that information, improving themselves and the company in the process. Jack Zenger is CEO of Zenger/Folkman, where Joseph Folkman is president.
Productivity is about your systems, not your people L
Daniel Markovitz
eaders are always seeking to improve employee productivity. All too often, however, that quest is limited to time management training and a discussion of the countless approaches (Inbox Zero, the Pomodoro technique, the Eisenhower matrix, etc.) that tantalize us with their promises of peak productivity. Given that people are stil l overwhelmed by work, buried in email and unable to focus on critical priorities, it’s safe to say that these productivity hacks are not sufficient. The problem is that most approaches fail to account for the simple fact that most people don’t work in isolation. They work in complex organizations defined by interdependencies among people—and it’s often these interdependencies that have the greatest effect on personal productivity. You can be an email ninja, but with the explosion of email (not to mention Twitter, LinkedIn, Slack and countless other communication tools), you’ll never be fast enough to deal with all the incoming messages. Similarly, your carefully weighed system of work priorities will fall apart if the CEO asks you to stop what you’re doing and handle something right away. As the legendary statistician and management consultant W. Edwards Deming argued in his book Out of the Crisis, 94 percent of most problems and possibili-
ties for improvement belong to the system, not the individual. I would argue that most productivity improvements belong there as well. Personal solutions can be useful, but the most effective antidote to low productivity and inefficiency must be implemented at the systemic level. Here are four measures that will help: n Tier your huddles: Many highly productive organizations have instituted a system of tiered daily huddles, with a clear escalation sequence for all problems. The first huddle, consisting of front-line workers, begins at the start of the workday. The next huddle, consisting of supervisors, follows 30 minutes later. Managers meet 30 minutes after that, followed by directors, vice presidents, and finally the executive team. Problems are addressed at the lowest possible level. If a decision can’t be reached, the issue is escalated to the next level. This system improves the linkage between the C-suite and the front lines, accelerates decision making and, perhaps most importantly, improves productivity by reducing the number of scattershot emails about a variety of problems. n Make work visible: Most of the work in an office environment is invisible— it’s buried in people’s computers, or their heads. As a result, it’s difficult to know what people are working on or whether they’re overloaded and unable to take on
more tasks. Physical or virtual task boards (such as Trello, Asana, Airtable, Zenkit, etc.), where every task is represented by a card specifying who is handling it (and its status), enable a more equitable distribution of work. They also eliminate both countless status check emails and the need to cover certain topics during meetings. The principle investigator of a medical research lab I worked with instituted just such a system, and found that work got done faster and with dramatically less effort. Making downtime visible is equally helpful. In working with the Boston Consulting Group, Leslie Perlow, a Harvard Business School professor, found that implementing “predictable time off ” (e.g., afternoons or evenings totally disconnected from work and wireless devices, agreed-upon email blackout times or uninterrupted work blocks) led to greater job satisfaction and better work-life balance without compromising client service. In this case, “predictability” serves the same purpose as “visibility”—it allows workers to see what colleagues are doing, and to react accordingly. n Define the 'bat signal': Batman fans will remember that the police summoned Batman with the image of a bat projected on the night sky. The bat signal was reserved for times of crisis, like when the Joker was on the loose, not when a scofflaw failed to pay a parking ticket. Unfor-
tunately, most organizations don’t have a similar way of indicating when an issue is a true emergency. With no agreement on what communication channel to use, workers are forced to check all digital messaging platforms to ensure that nothing slips through the cracks. That’s poison to productivity. Companies can make work easier for people if they specify channels for urgent and non-urgent issues. Setting a communications protocol that clarifies what tool to use in each situation can be highly beneficial to a company's operations, as it liberates employees from the need to check all communication channels for urgent issues. Individuals can focus on work requiring deep thought, secure in the knowledge that they only need to pay attention to the channels that are selected to deliver urgent information. n Align responsibility with authority: Too often workers are made responsible for tasks but aren’t given the authority to deliver results. This misalignment leads to frustration, stress and burnout. For example, at a $500 million footwear company I worked with, the founder and CEO—long removed from his role in product development—decided that he didn’t like a particular shoe style his product team had designed. He diverted a container that was en route to the US with $400,000 worth of shoes to Africa, where he had everything unloaded, at a financial loss. The VP of product de-
velopment was demoralized and had to scramble at the last minute to adjust for the CEO’s decision. The rule is simple: If certain employees are responsible for an outcome, they should have the authority to make the necessary decisions, without being forced into an endless string of emails, meetings or presentations. The manufacturing company W.L. Gore & Associates’ “lattice” structure of management is an excellent example of an organization that has implemented this idea. The $3 billion company broadly distributes leadership responsibility throughout the organization, allowing employees to make “above the waterline” (i.e., low-risk) decisions on their own, and only requiring approvals for “below the waterline” (i.e., high-risk) decisions. Gore has spent decades developing and refining the culture, systems and processes to support its unique organizational structure, so it might be difficult for another company to copy its model. Nevertheless, it’s an example of the kind of thinking that can improve productivity. The pursuit of individual productivity is healthy and worthwhile. However, unless you work independently outside of an organization, the benefits of most time management tricks will be limited. To make a real impact on performance, you have to work at the systemic level. Daniel Markovitz is president of Markovitz Consulting.
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Editor: Gerard S. Ramos
• Monday, January 11, 2021
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’21 I
N 1521, the Portuguese explorer Ferdinand Magellan, who organized the Spanish expedition to the East Indies, reached the Philippines. By April 27, he was killed by Lapu-Lapu in the Battle of Mactan. This year, we will celebrate the Quincentennial Commemorations in the Philippines, the 500th anniversary of the Victory at Mactan and the 500th anniversary of the Philippine part in the first circumnavigation of the world. In 1621, the Pilgrims of Plymouth Colony and Wampanoags held a three-day harvest feast, later regarded as the First Thanksgiving. On February 21, Rebecca Nurse, a Massachusetts colonist, was born, later executed as a witch in 1692. Tamblot, a babaylan from Bohol, started the Tamblot Uprising gainst Spanish oppression. In 1721, the deadliest outbreak of smallpox in the history of Boston started in April. On November 2, the Romanov Peter The Great was proclaimed the first Emperor of All the Russias. On December 29, Madame de Pompadour, the mistress of King Louis XV of France, was born. In 1821, US President James Monroe was sworn in for his second term on March 5. On May 5, Emperor Napoleon died in exile in Saint Helena. George IV was crowned king of the United Kingdom of Great Britain and Ireland. Born this year were French writer Gustave Flaubert (December 12), Russian writer Fyodor Dostoyevsky (November 11) and French fashion designer Louis Vuitton (August 21). In 1921, Albert Einstein won the Nobel Prize for
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Physics. Spanish Premier Eduardo Dato e Iradier was assassinated (March 8). Ellis Island was placed under quarantine due to Typhus Outbreak (May 18). The death penalty was abolished in Sweden (June 3). The Communist Party of China was founded, and the first BCG vaccination against tuberculosis was given to a newborn child in Paris (July 1). Margaret Gorman, 16, won a beauty pageant in Atlantic City, making her the first Miss America (September 8). A massacre in Lisbon included Portuguese Prime Minister António Granjo (October 19). On May 31 to June 1, 1921 was the Tulsa Massacre, when white residents attacked black residents and businesses in Tulsa, Oklahoma. On January 6, 2021, white supremacists stormed the US Capitol. On July 29, 1921, Adolf Hitler becomes Führer of the Nazi Party in Germany. Thankfully, Donald Trump, of German descent and with a similar despotic tendency, will step down as president in January 20, 2021. Patricia Highsmith, Betty Friedan, Carol Channing, Gianni Agnelli, Simone Signoret, Satyajit Ray, Suharto, Jane Russell, Nancy Reagan, Eunice Kennedy, John Glenn, Esther Williams, Alex Haley, Benjamin Bradlee, Yves Montand, Princess Fawzia Fuad of Egypt, Michael I of Romania were all born in 1921. Also: screen siren Lana Turner (February 8), whose name was adapted by Lana del Rey and namechecked by Madonna in Vogue. She was nominated for a Best Actress Oscar for 1957’s Peyton Place. And acclaimed Scottish actress Deborah Kerr (September 30), who holds the record for most best actress most nominations without winning: 1950’s Edward, My Son; 1954’s From Here to Eternity; 1957’s The King and I; 1958’s Heaven Knows, Mr. Allison; 1959’s Separate Tables; 1961’s The Sundowners. She was given an Honorary Oscar in 1994. French fashion designers Louis Féraud (February 13) and Guy Laroche (July 16) were also born in 1921. The brand’s Fall/Winter Transform 2020/2021 Homemade Collection by Richard Rene features 12 vintage pieces Guy Laroche recuperated and photographed. “The idea is the contemporary transformation of vintage garments using exclusively the materials already available in the house,” says its Instagram post. Gucci, the luxury fashion house with product lines include handbags, ready-to-wear, shoes and accessories, makeup, fragrances, and home decoration, was founded in 1921 by Guccio Gucci in Florence, Tuscany. Alessandro Michele has been its creative director since 2015. But its heydays were in 1995 to 2004 when Tom Ford was its creative designer. During WWII, Gucci supplied boots for the Italian infantry. Way before she was a Nazi collaborator, Coco Chanel launched her Chanel No. 5 perfume, a “scent that would appeal to the flapper and celebrate the liberated feminine spirit of the 1920s,” in 1921. “I present my dress collections on the fifth of May, the fifth month of the year and so we will let this sample number five keep the name it has already, it will bring good luck,” Tilar J. Mazzeo (2010) quoted Mademoiselle in The Secret of Chanel No. 5: The Biography of a Scent. Coco herself was the first face
CLOCKWISE: GUCCI, @guccio_gucci_1921; Iris Apfel, @iris_apfel; Prince Philip, photographed by Donald McKague/Getty Images, 1958, @men.of.royalty; Deborah Kerr, photographed by Yul Brynner, @deborahkerrfan; Lana Turner, @lana_turner; Guy Laroche, @guylarocheparis; Chanel No. 5 Marion Cotillard, photographed by Steven Meisel, @chanelofficial.
for the campaign ads in 1937. The current muse is Oscar winner Marion Cotillard. In April 1952, Marilyn Monroe was asked by Life magazine, “What do you wear to bed?” She replied, “Chanel No. 5.” Prince Philip, Duke of Edinburgh, will turn 100 on June 10 this year. He is part of the most fascinating royal families: the Mountbatten-Windsors and the Romanovs. He and his wife Elizabeth II are greatgreat-grandchildren of Queen Victoria, Elizabeth descended from Victoria’s eldest son, King Edward VII, while Philip descended from Victoria’s second daughter, Princess Alice. They are also descended from King Christian IX of Denmark. Philip is a direct descendant of Emperor Nicholas I of Russia via his paternal grandmother Grand Duchess
Olga Constantinovna of Russia. His maternal grandmother, Princess Victoria of Hesse and by Rhine, was a sister of Alexandra Feodorovna (Alix of Hesse), wife of Emperor Nicholas II. Philip’s DNA helped identify the remains of the Romanovs massacred in 1971. He is currently portrayed by Tobias Menzies in The Crown on Netflix. The fashion icon Iris Apfel will be the most celebrated centenarian come August 29. Mattel created a Barbie doll in her image in 2018, the oldest woman such honor was given. At 97, she was signed as a model by IMG, the global agency that also owns Miss Universe. “Who’s the real rare fashion bird of fashion?” She asked her 1.6 million followers on Instagram. You are, Iris. You are. ■
Dingdong and Cristaux: Why skin care is important even for men DINGDONG DANTES and Marian Rivera with Beautéderm President and CEO Rhea Anicoche-Tan
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POCKET-FRIENDLY FASHION FINDS
SAY hello to the new year with a fresh new wardrobe with Forever 21’s Year End Sale that is ongoing until January 31. Shop without breaking the bank and get ready to score on-trend fashion pieces as low as P499. Browse through racks upon racks of great fashion finds at a discount: stylish separates and dresses for women, fun pieces from the brand’s Plus line, cool tees and bottoms for men. Customers can also shop and enjoy discounts at the comforts of their home through Forever 21’s call-to-deliver service. Inquire and contact the brand’s customer service via Viber/SMS at 09178114777. Meanwhile, it has stores in SM Megamall, SM Makati, SM City Cebu, SM City North Edsa, SM Mall of Asia, SM Aura Premier, SM Lanang Premier, SM City Clark, and Robinsons Magnolia. Precautionary health measures are in place to ensure a safe shopping experience for all.
MY friend Nickie has always had good skin but recently, it looks like he’s been using a lot of filters on his Instagram selfies. He’s actually not. The glow is something he attributes to Beautéderm Cristaux Supreme, an anti-aging serum that increases collagen synthesis to lift and moisturize, provide a brightening effect, minimize puffiness and when used as a makeup primer, it gives a glass skin effect. “Cristaux Supreme really works on my skin,” said Nickie when I first complimented him on his skin. Nickie is probably thrilled that actor Dingdong Dantes is now the face of Beautéderm Cristaux Supreme. The actor joins wife Marian Rivera, who endorses Beautéderm’s collection for the home, which includes soy candles and linen and room sprays. “I’m very much aware of the long-term effects of my work on my skin, especially now that I’ve turned turned 40. I encourage every man to use an effective skin regimen that includes a product like Beautéderm’s Cristaux Supreme,” said Dingdong. Beautéderm claims that Cristaux Supreme will erase two years worth of wrinkles on the skin in just two months. Dingdong, whose latest TV drama was GMA’s localized version of the hit K-drama Descendants of the Sun, had been hearing about Beautéderm from Marian and their other friends who
are also ambassadors of the brand. “Dingdong is very hard-working and the long hours he spends on the set of his film and TV work will really give his face unwanted lines and wrinkles, and Cristaux Supreme is the most ideal serum for his lifestyle,” said Beautéderm President and CEO Rhea Anicoche-Tan. In an Instagram post on Friday, Dingdong said he was “filled with gratitude to be part of the Beautéderm family” along with Marian and other celebrities. In a related story, Dingdong and Marian recently celebrated six years of marriage with a trip to the beach with their kids Zia and Sixto.
This year, Beautéderm marks the company’s 12th anniversary and the launch of Dingdong as brand ambassador is only the first of many surprises the brand has in store. “I am so happy that Dingdong is now part of the Beautéderm family. The day is finally here when we can proudly say that Dingdong Dantes is officially a Beautéderm Cristaux Supreme brand ambassador,” said Anicoche-Tan. For more information about Beautéderm Cristaux Supreme and updates on Dingdong Dantes and Beautéderm, follow @beautédermcorporation on Instagram and subscribe to Beautéderm TV on YouTube.
B6 Monday, January 11, 2021
Sheraton Manila offers VUBBLE pods
MVP Group supports the AFP for its rescue and relief operations
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HE MVP Group of Companies donated various logistics support to the Armed Forces of the Philippines (AFP), to aid in the country’s rescue and relief operations amid the destructive calamities that visit the country this year. During a turnover event at Camp Aguinaldo, Chairman Manuel V. Pangilinan participated in the ceremonial turnover of a helicopter from Pacific Global One (PG1), the aviation group of the MVP Group, after careful selection and assessment by the AFP’s trained pilots. Other items that were turned over were rescue boats and trucks from Metro Pacific Investments Foundation, PLDTSmart Foundation (PSF), One Meralco Foundation (OMF), and MetroPac Movers Inc.
A consistent partner in the government’s endeavors
AFTER the successive onslaught of typhoons that exacerbated the situation over the pandemic, millions of families lost their homes, their livelihoods, and their loved ones. The most damaging of which, Typhoon Ulysses, devastated
the Cagayan province and caused the area to be nearly inaccessible to the Government’s search, rescue, and evacuation operations. As a consistent partner in the government’s endeavors, the MVP group supplied the agencies with the necessary vehicles to further augment the country’s available resources. “We have always been supportive of Government endeavors, particularly in times of need,” says Pangilinan. “The nationwide presence of our businesses enables us to mobilize resources throughout the country and provides us with the means to augment the Government’s facilities to respond effectively to disasters and calamities.” The donation of the helicopter will prepare the Army pilots in the Philippine Army’s Humanitarian Assistance and Disaster Relief (HADR) efforts, Air Ambulance, reconnaissance operation, and further trainings in aviation. It serves as a catalyst for developing the Army’s future rotary aviation and will serve as a springboard to improve the capacity of army aviation in supporting Government agencies in the face of disasters and calamities in the country.
Philippine Army Lt. Gen. Cirilito E. Sobejana says, “Although our country has faced calamity after calamity this year, we at the Philippine Army are always ready to service our countrymen in whatever capacity we can. We are fortunate to find a comrade in the group of companies and are grateful that they put as much value on these rescue and relief efforts as we do.” The Philippine Army (PA) Aviation “Hiraya” Regiment was activated on October 2, 2019 and at present commanded by Col. Andre B. Santos. The Regiment was expanded from Army Aviation Battalion and has been instrumental in the Army’s aerial reconnaissance and maritime patrols over Northern Luzon, Eastern Mindanao, and Western Mindanao Command. The PA is pushing for additional mission essential equipment to develop Hiraya Regiment’s capability of supporting combined operations through the acquisition of Armed Reconnaissance Helicopters, Medium Lift Multi-purpose Helicopters, and Special Mission Aircrafts. In addition to its acquisition projects, the Regiment offers trainings under the Aviator Qualification Course and the Rotary Wing Transition Course to develop the capabilities of its aviation personnel. Pangilinan, who also functions as Chairman of Makati Medical Center, also signed a Memorandum of Agreement with the AFP, represented by Department of National Defense Secretary Delfin Lorenzana and AFP Chief of Staff Geb. Gilbert I. Gapay, to reinforce the public-private partnership for the organizational strengthening of their military treatment facilities.
More than 100 novelty LEGO sets with revised pricing will be launched this January 2021
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HE LEGO Group announces a review of its recommended pricing for all new products that are available at its LEGO Certified Stores and retail partners in the Philippines from January 2021. This is in line with its commitment to enable more children in Southeast Asia to get their hands on the value that LEGO brings - better-priced sets, have fun while bonding, and learn through play. Rohan Mathur, Marketing Director, Southeast Asia at The LEGO Group, said “The LEGO System of Play prepares a child for life as it appeals to the imagination while developing the creative urge and joy of creation. These are skills that are increasingly important for the holistic development of our younger generation. As part of our mission to inspire and develop the builders of tomorrow, our review of the recommended retail pricing for all new products in the region will enable greater accessibility of LEGO play among our fans and families as we empower children to become creative, engaged, lifelong learners.” In the new year, shoppers can look forward to the launch of more than 100 new LEGO sets. These include additions to familiar themes such as LEGO DUPLO, LEGO CITY and LEGO Friends. These new sets leverage the limitless versatility and creativity of the LEGO brick to delight and surprise young builders with varying interests. LEGO DUPLO introduces builders as young as 1.5 years old to the world of building with bricks twice the size of standard LEGO bricks. It enables children to build anything they can imagine and create their own play world. The DUPLO assortment covers a broad range of themes and models, and offers everything from cute animals to iconic figures and cool vehicles, as well as colorful DUPLO bricks for free play. In 2021, parents can celebrate a toddler’s birthday in style with the LEGO DUPLO Mickey and Minnie Birthday Train. Toddlers can join Disney’s Mickey Mouse, Minnie Mouse and Pluto as they drive the birthday train, stopping off to play and learn with the onboard activities, including assembling the train, stacking the number bricks, decorating the wagons and role-play with the lovable characters.
The LEGO DUPLO My First Unicorn is another versatile toy that includes fun shapes that are perfect for little hands to pick up, place and pull along. Kids can learn about colours and shapes as they build and play. There are also building cards with life-size images of the models, where children can position the bricks over the image as they build. LEGO CITY, which features iconic vehicles and buildings that are familiar to a city backdrop, aims to create a realistic world for children to explore and stimulate their creativity. More than 30 new sets have been added to depict every day, real-life heroes in action-packed scenarios for hours of build-and-roleplay fun. For example, this year will see a new road plate system for children to build and design the LEGO City streets, complemented with glow-in-thedark street lamps, traffic lights and road signs, to connect their City play experience and build their own community centre. For children who love to be in the thick of the action, they can stack the LEGO flames to create big fires, then shoot the water cannon on the LEGO City Fire Rescue Helicopter to put them out and create LEGO City Adventures TV series stories with the
three fun minifigures. With LEGO CITY, families can now bring the excitement and buzz from city life into the comfort of their own homes. Similar to LEGO CITY, which provides a strong foundation for children to creatively express their passions to the world around us, LEGO Friends celebrates dreams as it helps kids to explore and deepen their interests and identities based on reallife settings. 2021 will see a focus on sustainability and modern living to educate children of its importance to our society. For example, the LEGO Friends characters can go on a road trip with the new electric car featuring a removable roof, as well as a wind turbine charging station. Our favorite Heartlake City will also have an organic cafe that retails sandwiches and smoothies made with homegrown fruits and vegetables. There is also a juice bike to deliver these fresh smoothies, as well as a recycling area where children can learn to sort the disposables. The wide array of new LEGO products at better pricing promises more fun and excitement for families at home. LEGO products are available at LEGO Certified Stores and major retailers in the Philippines.
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NJOY the outdoors all-year-long. Vubble, the first ever luxury ‘outdoor pod’ in the Philippines lands in Sheraton Manila. The newest facility is situated within the vicinity of the expansive outdoor swimming pool of the hotel hence the name Vubble, a portmanteau of “Vega Pool” and “bubble.” The beautifully designed and top of the range outdoor pod offers an amazing 360° view of the garden and pool. The frameless structure is UV, water, and moisture proof that blur the lines between indoors and outdoors. Aside from the design, each pod is well-ventilated and keeps a stable temperature for the comfort of each guest. To ensure safety, temperature of guests are checked and the space is sanitized after every use. Social distancing will be of no concern through the hotel’s contactless service. Get everything you need without even leaving your pod. During the day, step in to the fullyfurnished pods and revel in the stunning view of the Vega Pool. At night, soak up the elegant atmosphere while sipping on a glass of wine as each pod illuminates and transforms into a romantic dining venue under the stars. Come rain or shine, whether planning for a romantic proposal, looking for a retreat for intimate gatherings, getting an exclusive and relaxing outdoor massage by the pool the Vubble is a versatile and completely out of the ordinary way to enjoy the outdoors whatever the season and occasion. Apart from the ambience and exclusive space, get to indulge in a specially curated five-course meal designed by Sheraton Manila’s world-class culinary team at a rate of P5,000++ per person. Whether you’re going for lunch or dinner, both is a
completely different experience you would not want to miss. A total of three multifunctional pods are available. The hotel will also offer specially curated menus for special events like Valentine’s Day, Mother’s Day and Father’s Day. If you’re planning for a special event at the Vubble, Sheraton Manila’s chefs can customize an exclusive menu to fit your preference. For an experience like no other, go out of the box and into the Vubble. Take your missed celebrations outside from the inside all year round. Vubble, Your Bubble Under the Sky. For booking and reservations at the Vubble, contact 09178597458 and (+632) 79021800. For more information on the latest offers and to join ongoing conversations of Sheraton Manila Hotel, visit https://www. marriott.com/hotels/travel/mnlsi-sheratonmanila-hotel and follow @sheratonmanila on Facebook, Instagram, and Twitter.
SM Foundation opens scholarship online application for school year 2021-2022
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M Foundation (SMFI) invites incoming college freshmen to apply for the SM College Scholarship program for School Year 2021-2022 via its online application portal from January 1 to February 28, 2021. The SM scholarship program is open to the following: Grade 12 graduates from public and private schools in the areas covered. For private school graduates, applicants should have the Department of Education (DepEd) voucher and was able to finish Junior High from a public school; General Weighted Average grade of at least 88% or its equivalent for Grade 12 – 1st semester; and Total household income of at most P150,000 per year. The program covers the following field of studies: Computer Science, Information Technology, Engineering (Civil, Electrical,
Mechanical, Computer, and Electronics), Education (Elementary and Secondary); Accountancy, and Financial Management, among others. For more information and to apply, visit www.sm-foundation.org. Furthermore, the SMFI also invites Pasay City residents to apply for the SM Pasay Tech-voc Scholarship Program which is open to 17 – 30 year-old residents of Pasay city who have finished at least the 10th Grade (For graduates of the new DepEd curriculum) or High School graduates (For graduates of the old DepEd curriculum), Single, and with a total household income less than PHP150,000 per year. Interested applicants may get the SM - Pasay Tech Voc Scholarship Program application form and apply through the Pasay City Mayor’s office from January 4 to February 28, 2021. The SM Scholarship Program started from the vision of the late SM patriarch, Henry “Tatang” Sy, Sr. He believed that if you send one child from an economically challenged family to college, that child would have more opportunities to have gainful employment and later on uplift the economic status of his/her family. SM Foundation, through its Scholarship program, provides deserving and qualified students with access to college education and technical-vocational studies since 1993. To date, SMFI has supported almost 5,500 scholars nationwide.
Logistics firm bashed for late wages, and delayed incentives over holidays
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HE circulation of a video over the holidays brought to light the questionable wage practices of companies that employ fleets of essential workers like delivery drivers. The video in question, posted on Facebook by Estrang Vench Alvarez, showed numerous people identified as delivery riders for Shopee congregating outside the Placer8 Logistics Express Inc. in Taguig, demanding that their salaries and financial incentives be paid, as per the law. Other posts also alleged that the logistics provider, Placer8, withheld the riders’ salaries for most of December, and that their 13th month pay, which the Department of Labor emphasized was not to be given past 24 December 2020, had not been released as of the morning of 30 December 2020 -- a full six days past the deadline allowable by law. The footage of Placer8’s fleet congregating outside the Taguig office was shared over 26k times, in various groups and pages on Facebook, as they are the fleet
of Shopee, the international e-commerce platform that recently broke selling records from their 11.11 and 12.12 sales. The post of Alvarez went on further to allege that the riders were instructed by Placer8 to claim their payments at 10PM to 12 AM in Taguig. However, when the riders got to Taguig, they were told that the payments would be handed out in Pasay instead. “They suddenly changed the location to Pasay so we didn’t bother going. Imagine, making us go to Pasay at 12AM. They also said that there will be payments tomorrow, but none today. We really have to struggle just to get our wages.” Placer8 Logistics Express Inc is one of Shopee’s several third-party logistics providers, who are responsible for delivering goods bought on the e-commerce platform to their respective customers. Shopee is also partnered with other logistics companies, such as Ninjavan and J&T Express, to fulfill deliveries.
Marketing BusinessMirror
www.businessmirror.com.ph
Monday, January 11, 2021 B7
The coronavirus chronicles: Communications and the great restart E
PR Matters By Millie F. Dizon
VERY New Year brings with it aspirations for hope, a fresh start, a new beginning. But after a year that changed the world, the desire for better times and a better world resonates so much stronger as we welcome 2021. With the rollout of Covid-19 vaccines on the horizon, this finally seems within reach, and many are hoping that 2021 will be the year of what they call The Great Restart. This, of course, is not to be confused with the Great Reset, a proposal by the World Economic Forum to rebuild the economy sustainably, following the Covid-19 pandemic. While it seeks to improve capitalism by making investments more geared, this has been viewed by critics as elitist and has been beset with controversies and conspiracy theories. The Great Restart is more for everyman. In a PR news article, Three Keys to Effective Communication Amid ‘The Great Restart’, Kathy Bloomgarden quotes UCLA economists issuing an optimistic forecast predicting that after “a gloomy Covid winter,” the country will experience” an exuberant vaccine spring “and robust growth for some years. With that, PR Pros will also have to restart their communications mindset as she notes that “while exuberant, this Great Restart may also bring growing pains.” These include: n Brands will need to kowtow to evolved expectations of consumers. n Companies will seek help adjusting to a changed corporate landscape. n Employees will require support as they transition to new ways of working. As such, “successful communication amid this highly sensitive environment will require more authenticity, empathy, and innovation to meet new and evolved expectations.” Bloomgarden lists three ways we can achieve this:
innovation to meet consumers’ ever-changing needs—from reducing the carbon footprint of our products, to providing a suite of accessibility features, to offering an unparalleled viewing experience that fits each user’s lifestyle.”
Technology: Samsung Electronics debuts 2021 Neo QLED and lifestyle TV line, highlighting commitment to sustainable and accessible future MANILA, PHILIPPINES—Samsung Electronics recently unveiled its 2021 portfolio of Neo QLED and Lifestyle TV displays during its first-ever virtual First Look event, ahead of the Consumer Electronics Show (CES) 2021. The new line underscores Samsung’s commitment to accessibility, sustainability, and innovation with new advancements that help redefine the role of television in consumer homes. “During the past year, we have witnessed the pivotal role technology played in helping us carry on with our lives and stay connected with each other,” said JH Han, president of Visual Display Business at Samsung Electronics. “Our commitment to an inclusive and sustainable future goes hand-in-hand with our relentless pursuit for
A sustainable and accessible future for all
Over the next few years, Samsung will embark on a journey of “Going Green” in aligning TV business operations through the following long-term sustainability programs:
n Reducing carbon footprint and improving energy efficiency: Samsung will seek to systematically decrease its overall carbon footprint in TV manufacturing. The company will also seek to lower user power consumption and use more recycled materials across its entire TV line.
n Sustainable packaging design: Building on valuable
consumer feedback, Samsung is expanding its award-winning “Eco-packaging” design to all 2021 Lifestyle TVs and most of the 2021 Neo QLED line. This sustainable solution can upcycle up to 200,000 tons of corrugated boxes each year. By minimizing text and graphic imagery on the Eco-packaging, the oil-based ink from color printing that’s
Personalized, highly targeted consumer experiences
To vie for customers’ attention and remain competitive, Bloomgarden notes that “ brands are employing more virtual experiences.” She cites “profound examples of this in the wellness space as housebound consumers adapt to life without gyms, fitness studios, or easily accessible doctors’ offices.” This has given rise to “the rise of telemedicine, and digital therapy as consumers take a more hands-on role in their well-being.” With this, “ businesses need to build on data and analytics to develop more personalized content and storytelling, integrated with multichannel outreach and increased engagement and experimentation.”
Continuous innovation to meet changing consumer needs
The retail industry, like all other
businesses, has been all about being able to identify and fulfill the ever-changing needs consumers. And this has been highlighted so much more during the pandemic. Bloomgarden says that “for a lot of people, the Covid-19 pandemic has provided an opportunity to re-evaluate and adjust their lifestyles—using newfound time at home to start a new skill, make a career transition, or update their homes.” Amid these dramatic changes in lifestyle, “companies will also need to innovate to meet their product promise and keep customers loyal.” She then goes on to quote John Chambers, CEO of JC2 Ventures and former CEO of Cisco who has long said that, “we compete against transitions, not competitors. This will particularly be true in 2021 amid a shifting post-pandemic landscape, and companies will need to think on their feet to keep pace.”
traditionally used on TV boxes is eliminated, helping to further reduce waste.
features to further enhance the accessibility of Samsung TVs in the years to come.
n Solar cell remote control: In 2021, Samsung TVs will come with a solar-powered remote control that can be recharged by indoor light, outdoor light or USB—a first-of-its-kind innovation for the brand. This will help prevent waste from a projected 99 million AAA batteries over seven years. To construct the remote, Samsung innovated manufacturing process that upcycles plastics from recyclable bottles—including 24 percent recycled content. Samsung’s 2021 accessibility features—now available on all 2021 QLED and Neo QLED models—bring the latest advances in technology and Artificial Intelligence to help more people comfortably enjoy their TV experience. The 2021 line adds new features such as Caption Moving, Sign Language Zoom and MultiOutput Audio, giving those with difficulty of hearing, the deaf, people with low vision, and the blind, the ability to optimize their viewing to their needs and preferences. By 2022, Samsung is committing to expand its Voice Guide feature—which provides audio guidance for the deaf and people afflicted with low vision. On top of this, Samsung will continue to develop new AI based
Neo QLED takes a quantum leap in TV display technology
Samsung is introducing a whole new display technology, Neo QLED, to its flagship 8K (QN900A) and 4K (QN90A) models. Samsung is taking QLED to the next level enabled by new light source, Quantum Mini LED precisely controlled by Quantum Matrix Technology and Neo Quantum Processor, a powerful picture processor optimized for Neo QLED. Samsung designed the Quantum Mini LED to be 1/40 the height of a conventional LED. Instead of using a lens to disperse light, and a package to fix the LED in place, the Quantum Mini LED has incredibly thin micro layers filled with many more LEDs. Quantum Matrix Technology enables ultra-fine and precise control of the densely packed LEDs, preventing blooming— and allowing viewers to enjoy content as it’s meant to be seen. Neo QLED increases the luminance scale to 12-bit with 4096 steps; this helps make dark areas darker and bright areas brighter, resulting in a more precise and immersive HDR experience. Neo QLED likewise benefits from Samsung’s proprietary, powerful Neo Quantum Processor with
But how do we innovate our communications? With shifting spending habits and shopping experiences, Sara Ware notes in another PR News article Holiday Wisdom You Can Use All Year Long, “consumers will crave relatable content and products from brands they love.” With this, “evaluating your strategy and shifts in consumer behavior make it possible to craft campaigns that will bridge gaps between brands and consumers.”
A reimagining of company culture, connection, and purpose
Bloomgarden observes that “after months of working remotely, there is a danger of company culture losing its strength. On top of remote work, employees face stress in continued waves of change.” With this, “communication that encourages engagement is crucial; employees need to be inspired and connected.” To energize employees, “a re-orientation on shared
enhanced upscaling capabilities. By using up to 16 different neural network models, each trained in AI upscaling and deep learning technology, the Neo Quantum Processor can optimize picture quality to 4K and 8K picture output regardless of the input quality. Samsung’s 2021 Neo QLED 8K features a new Infinity One Design—a nearly bezel-less screen providing an even more immersive viewing experience in a sleek design and form factor. Neo QLED 8K’s attachable Slim One Connect box—an all-new cable management system that can be attached to the TV’s back—allows for an easier install and cleaner aesthetic. The 2021 Neo QLED 8K also packs in several premium, room-filling audio features; Object Tracking Sound (OTS) Pro’s dynamic sound corresponds to the movement of objects on screen, and the SpaceFit Sound analyzes the installed TV’s physical environment and outputs immersive sound tailored specifically to the space. The latest Samsung Neo QLED TVs will be reaching Philippine shores within this year. The SRPs will be announced upon its availability in the country.
Enhancing the Award-Winning Lifestyle TV Portfolio Samsung is also making en-
values and purpose has become a powerful tool.” After months of pandemic lockdowns, “leadership and culture are crucial to enabling people to excel and work collaboratively.” As Sanofi CEO Paul Hudson comments, “We want to make sure that everybody feel they can express themselves and be the best version of themselves.” PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier association for senior professionals around the world. Millie Dizon, the senior vice president for Marketing and Communications of SM, is the former local chairman. We are devoting a special column each month to answer the reader’s questions about public relations. Please send your comments and questions to askipraphil@gmail.com.
hancements to its 2021 Lifestyle TV line with new design and form factors to reflect the changing interests and tastes of consumers. Since launching in 2017, The Frame has redefined the television, transforming displays into stunning works of art, with over 1 million units sold. The 2021 version builds on The Frame’s innovative legacy, offering a more customizable experience in a slimmer form. The Frame is about half thinner4 compared to previous iterations, mirroring the depth of a traditional picture frame. New attachable bezel options come in five color options and two different customizable styles—Modern and Beveled—to match the aesthetic of whatever room The Frame is in. With a subscription to The Frame’s all-new Art Store, consumers will be able to enjoy 1,400+ carefully curated pieces. Samsung’s new AI-based autocuration technology better analyzes individual consumer preferences to recommend artwork. With near-endless options for customization, Samsung’s lifestyle TV portfolio including The Frame, The Serif, The Terrace and The Premiere immediately upgrade the décor of any home. For more information on Samsung’s 2021 TV lines, please visit https://www.samsung.com/.
Sports
Gilas training begins in Calamba
OLDEST living Olympic champion Agnes Keleti turns 100. AP
BusinessMirror
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| Monday, January 11, 2021
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mirror_sports@yahoo.com.ph Editor: Jun Lomibao
KELETI: I LOVE LIFE B UDAPEST, Hungary—For Agnes Keleti, the oldest living Olympic champion, the fondest memory of her remarkable 100 years is simply that she has lived through it all. The Holocaust survivor and winner of 10 Olympic medals in gymnastics—including five golds—celebrates her 100th birthday on Saturday in her native Budapest, punctuating a life of achievement, adventure, tragedy and perseverance which, she says, passed by in a flash. “These 100 years felt to me like 60,” she said at a celebration in Budapest on the eve of her birthday. Leafing through a copy of a new book about her life—The Queen of Gymnastics: 100 Years of Agnes Keleti—her trademark modesty was on full display. “‘The queen of gymnastics,’” she said, switching to English. And in Hungarian: “That’s an exaggeration.” Keleti, who was born Agnes Klein in 1921, had her illustrious career interrupted by World War II and the subsequent cancellation of the 1940 and 1944 Olympics. Forced off her gymnastics team in
1941 because of her Jewish ancestry, Keleti went into hiding in the Hungarian countryside where she survived the Holocaust by assuming a false identity and working as a maid. Her mother and sister survived the war with the help of famed Swedish diplomat Raoul Wallenberg, but her father and other relatives perished at Auschwitz, among the more than half a million Hungarian Jews killed in Nazi death camps and by Hungarian Nazi collaborators. Resuming her career after the war, Keleti was set to compete at the 1948 London Olympics but a last-minute ankle injury dashed her hopes. Four years later, she made her Olympic debut at the 1952 Helsinki Games at the age of 31, winning a gold medal in the floor exercise as well as a silver and two bronzes. Despite her achievements—with six medals she was the most successful athlete at the 1956 Melbourne Olympics and she is recognized as one of the most successful Jewish Olympic athletes of all time—the still-vivacious Keleti said she most values her health and the simple fact that she has lived. “I love life,” she said. “Health is the essence.
FILIPINO PRIDE IN EURO CYCLING
Without it, there is nothing.” In an interview with The Associated Press last year, Keleti said the experiences she gained while traveling the world were more precious to her than her 10 Olympic medals. “I loved gymnastics because it was possible to travel for free,” she said. Those travels would ultimately result in a nearly 60-year absence from her native Hungary. At the age of 35, while she was becoming the oldest gold medalist in gymnastics history in Melbourne, the Soviet Union invaded Hungary following an unsuccessful anti-Soviet uprising. Keleti remained in Australia and sought political asylum. She then immigrated to Israel the following year and worked as a trainer and coached the Israeli Olympic gymnastics team until the 1990s. After leaving Hungary for the Olympics in 1956, she visited her native country only once before returning to Budapest in 2015. Keleti was awarded the Israel Prize in 2017— considered that country’s highest cultural honor— and is the recipient of numerous other prestigious
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By Annie Abad
HAT Pako Ochoa couldn’t accomplish at home he pulled off overseas—in Portugal. A multi-sport practitioner, Ochoa felt enamoured with triathlon but later on dropped
awards, including being named one of Hungary’s “Athletes of the Nation” in 2004. She holds individual gold medals in the floor exercise, balance beam and uneven bars. Today, Keleti follows her doctor’s recent advice to avoid performing full leg splits, and her
near-perpetual smile and infectious laughter are reminders that even in times of great hardship, there remains the immutable potential for perseverance and the joy of life. “I live well, and it’s great that I’m still healthy,” Keleti said. “And I love life.” AP
swimming and running and focused on cycling. Now, the 26-year-old Philosophy graduate at De La Salle University is a professional cyclist in Portugal. “It started out in 2017 when I went to Portugal and started racing in elite races there as an amateur,” Ochoa, told the BusinessMirror.
After three years of joining races, Ochoa was finally spotted by a continental team for Tavira Cycling Team. “Unfortunately because of the pandemic and lockdown early last year, we couldn’t race as we would have wanted to,” Ochoa said. His riding skills molded in various races when he was still in the Philippines—and thanks to his personal cycling Coach Rayzon Galdonez, Ochoa was asked to sign up this year with another Portuguese continental team, Louletano Cycling Team. A continental team is a professional cycling team licensed by the International Cycling Union (UCI). Only teams licensed by the UCI could compete in the international federation’s sanctioned races where the riders and their countries earn world ranking points. The Philippines has two continental teams—7-Eleven Roadbike Cliqq Air21 and Go For Gold. “He [Galdonez] taught me everything I know in cycling. He is a good mentor,” Ochoa said. Ochoa said it took time before the acclimatized in Portugal. “It’s a big adjustment in everything. Considering the weather, the language and the culture of racing,” he said. “One of the biggest adjustments here is the style of racing because of the terrain. There are not many flat races. Most of the time it’s hilly.” Good thing Ochoa’s solid background in several sports—basketball, football and volleyball included—toughened him for the extreme grind in European races. “In college, I started training on a mountain bike and I seriously competed in MTB four-cross races, enduro and crosscountry,” he said. Ochoa was never with the Philippine national team but expressed his desire to join the national championships that are tentatively set in May in a bubble setup in Subic. For now, he said he will be polishing his riding skills further in a foreign land. “It’s calming down here. Hopefully I will continue to get better,” he said.
OCHOA
Ronda’s Chulani, 45
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oe Chulani, who co-founded Ronda Pilipinas with Dino Araneta, passed away on Sunday due to cardiac arrest. He was 45. Chulani was the driving force behind the LBC Ronda Pilipinas, which staged its 10th anniversary race in March last year. He was also a member of the PhilCycling board and a former team manager of the Pasig Pirates of the defunct Metropolitan Basketball League. National team stalwarts Ronald Oranza, George Oconer and Jan Paul Morales were among the products of Ronda Pilipinas. “He’s a loss in the cycling community. He’s very dedicated in cycling,” said Philippine Olympic Committee and PhilCycling President Abraham “Bambol” Tolentino.
By Josef Ramos
HE men’s national basketball pool begins training for the third window of the International Basketball Federation (Fiba) Asia Cup 2021 at the Inspire Sports Academy bubble in Calamba, Laguna, on Monday. Samahang Basketbol ng Pilipinas (SBP) program director Tab Baldwin said on Sunday the program will commence as scheduled with several Gilas cadets already inside the bubble. “Except for some medical clearances that remain pending, we’ll start training immediately,” Baldwin said. Baldwin will be training a 15-member pool composed of Gilas cadets and professionals. Already in the bubble are Isaac Go, brothers Matt Mike Nieto, Rey Suerte, Javi Gomez de Liaño, Dave Ildefonso, Justine Baltazar, Calvin Oftana, William Navarro and Kenmark Carino. These players beat Thailand twice in the second window in Bahrain last month. The Philippines is 3-0 won-lost in Bracket A of the qualifiers. Joining them naturalized player candidate Angelo Kouame and Kiefer Ravena of NLEX. The nationals will face South Korea twice (February 18 and 22) and Indonesia once (February 20) at the Clark bubble. The games will be played at the Angeles University Foundation, the same facility which the Philippine Basketball Association used for its Philippine Cup late last year. With Baldwin are SBP coaches commission head Jong Uichico, Boyet Fernandez, Sandy Arespachochaga, Caloy Garcia and Norman Black. Baldwin said he expects all players— including those from the PBA—to be inside the bubble on January 22. “We’re very excited. We put a lot of planning and preparations with the PBA,” he said. “Everything has moved along and the communication is good—and we will do whatever we can to build a strong roster.” SBP President Al Panlilio praised the cadets in a statement relayed by special assistant Ryan Gregorio. “These young men have not only proven their dedication to the Gilas program but have also shown their capability to work well as a team as we saw in the two games against Thailand in the last window,” Panlilio said. “I’m thankful for their commitment as we continue to lay the foundation for the team we’ll form in 2023,” Panlilio added. “As always, we appreciate the unwavering support of PBA Commissioner Willie Marcial and the PBA Board to the Gilas program.” The Gilas cadets program is geared toward the country’s co-hosting with Japan and Indonesia of the Fiba World Cup in 2023.
Valientes on a roll in Aussie 3x3
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HE Zamboanga Valientes continued their historic ride in Australia basketball. Proving they’re not a one-hitwonder, the Valientes trounced the Clippers, 21-12, in the final Saturday night to rule the CLB 3x3 in Bendigo City and become the first Philippine team to win in the Champions League Basketball in Australia. It was the second straight title for the Valientes—composed of Christopher Concepcion, Eric Miraflores, Duwom Dawan and Adam Kempton—who also topped the 3x3 Christmas Street Hustle in Canberra last December. While the Valientes overpowered the local side, they barely survived the South Sudan team in the semifinals. Trailing with three seconds to go, Zamboanga managed to force overtime at 17-17 on a Dawan conversion from a drop pass by Miraflores. Team skipper Concepcion, pride of Tumaga, Zamboanga City, then took over by drilling in a jumper from rainbow territory for the 19-17 victory. Training tirelessly even during the Christmas and New Year breaks under coach and team co-owner VenezuelJunnie Navarro, the Valientes dumped Formosa, composed of players from Chinese Taipei, 21-5, in the opener then swept Group B with a 12-5 victory over the Australia-based Barbers Boys. The Clippers, South Sudan and Australia Ginger made up Group A. “We are dedicating this victory to Zamboanga and Zamboanguenos all over the world,” said Navarro, a player of the Zamboanga team which topped the first NBA 3x3 competition in the Phillippines. “We proved we can excel against foreign competition in 3x3.” Michael Venezuela, co-owner of Zamboanga Valientes MLV, said he is proud of the players’ character and resiliency, showing they’re worthy of their Valientes (Brave) moniker. The Valientes team was supported by Smart, Chooks-to-Go and MLV Accounting.