BusinessMirror January 12, 2021 by BusinessMirror

Tuesday, January 12, 2021 Vol. 16 No. 92

P25.00 nationwide | 2 sections 16 pages |

FITCH KEEPS INVESTMENT

GRADE RATING FOR PHL

Sen. Pia Cayetano (above, left), at Monday’s Committee of the Whole Senate hearing on the government’s Covid-19 vaccination program, stresses the importance of communication in gaining people’s confidence in the vaccine. Among those at the hearing were (from left, top) Health Secretary Francisco Duque III, Vaccine Czar Carlito Galvez Jr. and Deputy Chief Implementer Sec. Vivencio Dizon. The Senate convened the Committee of the Whole to determine the measures needed to fully prepare for the nationwide vaccine rollout. Above, center, Galvez shares a light moment with Duque before the start of the inquiry. Above, right, a table presented by Galvez shows the local governments that are racing to acquire vaccines. Stories on page A8. VOLTAIRE F. DOMINGO/HENZBERG AUSTRIA/SENATE PRIB

By Bianca Cuaresma

@BcuaresmaBM

ITCH Ratings on Monday affirmed the Philippines’s investment grade rating as the international credit watcher remained optimistic economic recovery prospects for this year up to 2021 amid the deep contraction in 2020.

In its statement, Fitch Ratings said the affirmation of the Philippines’s “BBB” rating balances the government’s modest debt levels relative to peers, its robust external buffers and the still-strong mediumterm growth prospects despite the “deep pandemic-induced economic contraction” against relatively low

per capita income levels and indicators of governance and human development compared to peers. On top of that, Fitch also assigned a “stable” outlook to the rating, which means that the investment rating is expected to hold in the next 12 to 18 months. Economic managers welcomed

PCCI to solons: Pass vital bills first before Cha-cha By Elijah Felice E. Rosales

@alyasjah

HE country’s largest business network on Monday asked policy-makers to prioritize the passage of economic measures over amending the Constitution to sustain government efforts to recover from the Covid-19 pandemic. The Philippine Chamber of Commerce and Industry (PCCI) argued now is not the time to revise the highest law of the land for the purpose of opening up the economy. The group said such an objective can be achieved by way of legislation, by passing bills

filed in Congress that seek to lift or ease business restrictions. PCCI President Benedicto V. Yujuico urged the government to focus on passing measures that may accelerate the economy toward its recovery from the damages of the health crisis. Yujuico said the PCCI supports initiatives to remove the foreign ownership restrictions required by the Constitution. There is a need to liberalize the Philippines, he added, so as to improve its competitive position, attract multinationals to the shore and address monopolistic behaviors.

Fitch’s assessment, saying calling the move a “vote of confidence” for the Philippine economy’s strength, especially since the credit watcher had downgraded many other jurisdictions in recent months. “In a sea of downgrades, Fitch Ratings kept the Philippines investment credit rating of BBB with a stable outlook. This is a vote for confidence for the country’s fiscal situation amid the Covid-19 crisis,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno told reporters. “Since last year, Fitch has implemented 51 downgrades among 33 sovereigns. We appreciate Fitch’s

understanding of Philippines’s credit and macroeconomic direction amid the global pandemic,” he added. For his part, Finance Secretary Carlos G. Dominguez III said, “The affirmation of the Philippines’s ‘BBB’ rating with a ‘stable’ outlook shows that the country has remained credit- and investmentworthy throughout the global Covid-19 crisis.” For 2020, Fitch projected economic contraction to have hit 8.5 percent on average as efforts to contain the virus severely affected private consumption and investment. See “Fitch,” A2

BIR ’20 EXCISE TAX TAKE DOWN 7.4% FROM 2019, BUT STILL ABOVE TARGET By Bernadette D. Nicolas

@BNicolasBM

XCISE tax collections by the Bureau of Internal Revenue (BIR) dropped to P293.7 billion last year as the economy suffered from Covid-19 induced lockdowns. Based on the separate data obtained by the BusinessMirror, this was a 7.44-percent drop from P317.3 billion it collected in 2019. However, BIR Deputy Commissioner Arnel Guballa on Monday told the BusinessMirror their actual excise tax collection as of end-2020 was above their target of P285 billion. Data provided by Guballa on Monday showed the bulk or 87.7 percent of excise taxes collected by BIR came from “sin” products amounting to a total of P257.6 billion. Among the sin products, tobacco yielded the biggest excise tax revenues for BIR at P149 billion, followed by alcohol at P77.6 billion and sweetened beverages at P31 billion. In a separate statement on Monday from the Department of Finance (DOF) quoting a report from Guballa during a

recent executive committee meeting, BIR targeted to collect P139.12 billion in excise taxes from tobacco products, P61.87 billion from alcohol products and P28.54 billion from sweetened beverages. Apart from sin products, BIR also collected P27 billion in excise taxes from petroleum products, P5.3 billion from minerals, P2.4 billion from automobiles, P228 million from non-essentials, and P3 million from cosmetics procedure, Guballa told the BusinessMirror on Monday. Overall, BIR collected a total of P1.899 trillion last year, surpassing the P1.685-trillion revised target set by the Cabinetlevel Development Budget Coordination Committee (DBCC) by 12.68 percent, according to Finance Assistant Secretary Dakila Elteen Napao’s report to Finance Secretary Carlos G. Dominguez III at the same executive committee meeting. On the other hand, Napao said the BOC reported collections of P533.88 billion, which was 6.49 percent above the revised DBCC goal of P501.33 billion. See “Excise tax,” A2

See “PCCI,” A2

PESO exchange rates n US 48.0790

n japan 0.4628 n UK 65.2432 n HK 6.1987 n CHINA 7.4242 n singapore 36.2888 n australia 37.2805 n EU 58.7525 n SAUDI arabia 12.8166

Source: BSP (January 11, 2021)

News

BusinessMirror

A2 Tuesday, January 12, 2021

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House leader to Senate: Cha-cha just for econ section

By Jovee Marie N. dela Cruz

@joveemarie

O secure support from the Senate, the chairman of the House Committee on Constitutional Amendments assured senators that “slight”amendments to the 33-year-old Constitution will just focus on economic provisions to attract foreign investments.

Ako Bicol Rep. Alfredo Garbin Jr., the panel chairman, is urging senators to keep an open mind on “economic Charter change,” which calls for the “minor tweaking” of the Constitution’s economic provisions to attract foreign investments. “It’s long overdue. The support and the clamor is there. The introduction of the phrase ‘unless otherwise provided by law’ in those restrictive provisions, as proposed by Speaker Lord Allan Velasco, will give Congress the f lexibilit y and leeway to alter the restrictions when the economic situation requires it,” said Garbin. Garbin sought to allay fears expressed by some senators that if they agree to economic Cha-cha, that might open the Charter to wholesale amendments that could lead to extending the term of office of incumbent elective officials and lifting of the term limits. “We are not proposing to open the basic law of the land to revisions. We want to limit ourselves to provisions relating to the economy and national patrimony. We will not touch the political sections of the Charter,” he said. The lawmaker said the House leadership has vowed that the

chamber would confine itself to economic Cha-cha. “The Speaker’s assurance will serve as our word of honor. In compliance with the Speaker’s instruction, my committee will not entertain any political amendment proposal,” he said. Resolution of Both Houses 2, authored by Velasco, seeks to liberalize the restrictive economic provisions in the Constitution that prevent the Philippines from becoming fully competitive with its Asian neighbors. The proposal amends Sections 2, 3, 7, 10 and 11 of Article XII (National Patrimony and Economy), Section 4 of Article XIV (Education, Science and Technology, Arts, Culture and Sports) and Section 11 of Article XVI (General Provisions) to add the phrase “unless other wise provided by law.” The addition of this phrase will allow Congress to enact laws to free up the economy to foreign investors, or maintain the status quo. Velasco said Congress is eyeing to present to the public for ratification the amendments to the economic provisions of 1987 Constitution alongside the national elections in 2022. “We hope to finish the debates

before the end of 2021 and present it to the public for ratification alongside the election of new leaders in the 2022 national elections. Until then, we assure the public that the debates on RBH 2 will be transparent and fair,” he said.

Growing support

Several local business and foreign business groups have strongly backed these economic amendments to the 1987 charter. In a position paper submitted to the committee, John Forbes, senior adviser, American Chamber of Commerce Philippines Inc. (AmCham) and Joint Foreign Chambers of the Philippines (JFC), supported changing the economic provisions of the 1987 Constitution. He said even though the Philippines has experienced an increase in foreign investments in recent years, it still pales in comparison with its more affluent neighbors in this regard. He also backs removing the restrictions without conditions, for investment climate policy reform, saying this is to permit more capital to flow into the Philippines to increase the rate of GDP growth and employment. Forbes also agreed with 100-percent foreign ownership of lands. Also in a position paper, Makati Business Club (MBC) agreed with the lifting of restrictions and/or putting lower barriers to trade and investment and states amid a competitive global economy, saying “any barrier should be subject to modification, and specific restrictions should be left to the legislature.”

Ibon disagrees

For his part, Sonny Africa, executive director of Ibon Foundation, disagreed with any economic provision changes, arguing that despite the rise in foreign direct investments, this has not benefited the people at large.

He argued that the country’s economy only remains afloat because of the cheap labor export and the corresponding remittances received in return.

Investment climate

Moreover, Garbin said the changes in the Charter’s language “will improve the investment climate and generate much-needed investments and jobs to counteract the economic contraction caused by the pandemic.” “For the first time in the 33-year history of our Constitution, we in the House see that economic Chacha can succeed, if only our counterparts in the Senate will keep an open mind on it and agree to consider relevant proposals from us and from their own colleagues,” he said. He said the most recent proposal in the Senate came from Senators Ronald dela Rosa and Francis Tolentino, while Senators Richard Gordon and Sherwin Gatchalian had earlier authored similar measures. He said the insertion of the phrase “unless otherwise provided by law” in the economic provisions “means that the present limitations will remain, but Congress would be empowered to relax or lift them in the future, depending on the country’s economic situation, to draw more foreign investments that will generate jobs and income for our people.” Because of the extensive damage wrought by the health crisis on the economy, Garbin said, “we will need foreign funds to recover from the pandemic in the next two-three years.” He added that economists are projecting that due to the deep economic contraction that has suffered, the country would begin to achieve positive growth only in 2022. “That is when we hope we already have the constitutional means in place to attract more foreign funds into the country,” he said.

Senators grill execs on Covid vaccine acquisition road map Continued from A8

Priority groups

Earlier in the hearing, senators sought to ensure, among others, that “essential workers” were given priority in the early stage of the implementation of the National Covid-19 Vaccination Program. In filing Senate Resolution 598 paving the way for the inquiry,

Senator Joel Villanueva acknowledged that the issue on who would be given priority was equally controversial as the choice of where to source the vaccine. For his part, Zubiri asserted that what is more important is to give the people a choice and not be limited to just one brand of vaccine, citing the uncertainty of vaccine supply yet to be delivered from abroad.

Excise tax. . .

Preliminary data cited by DOF also showed BOC collected a total of P145.85 billion in duties and taxes from 12.72 billion kilograms (kg) of petroleum products in 2020. Including coal and coal products, the total BOC revenues from oil products amounted to

Continued from A1

P171.07 billion. Ta xe s a n d d u t i e s f ro m n o n - o i l commodities such as motor vehicles, telecommunications equipment and food products accounted for P342.42 billion of the BOC’s total collections for 2020.

Senator Sherwin Gatchalian also sought to “get details of the February 3 delivery” but was disappointed when provided with scant details that the Covid vaccine “of limited quantity was expected to be delivered this month.” At the same time, Hontiveros aired concerns that the lack of details “could be a major source of misallocation and confusion.” This, even as the senator

acknowledged that rich countries “as we speak, are already vaccinating, including neighboring Asian countries.” She added: “Filipinos residing in Massachusetts, Houston, Canada, and UK were already vaccinated... they have been vaccinated, even those who are not medical frontliners. And of course, especially our countrymen who are medical frontliners in America.”

All in all, BIR and BOC collected a combined total of P2.43 trillion, exceeding by 11.27 percent the P2.187-trillion revised target set by the DBCC in July last year. To recall, the original combined collection target for the two agencies was at P3.255 trillion. The target was revised downward to reflect the economic realities resulting from the pandemic-driven global growth slump. However, the DOF also said a preliminary

report based on cash inflows to the Bureau of the Treasury (BTr) showed the total revenues for 2020 have already reached P2.84 trillion, which already includes nontax revenues such as collections from dividends, fees, privatization efforts, and BTr income. The preliminary figures on revenues collected by the BIR and BOC are still subject to reconciliation with BTr data, the finance department said.

PCCI. . . Continued from A1

However, Yujuico warned that the move to change the Charter needs to be carried out in such a way the new Constitution can withstand not only economic disputes, but also the test of time. As such, he said the PCCI is cautious of the timing and the manner by which the Constitution is being proposed to be revised. Yujuico specified the plan to

insert the phrase “unless otherwise provided by law” as an amendment that may reduce the Constitution into a law that can just be tinkered with anytime by legislators. “While it may be the fastest option, inserting the provision ‘unless otherwise provided by law’ in sections of the Constitution that limit foreign equity to 40 percent in business ventures that are considered of critical interest to the Filipino people, could potentially weaken the country’s highest law by making it easier for ordinary legislation to amend the Constitution,” he said.

LGUs…

Continued from A8

On Sunday, City Hall signed a tripartite agreement with the British-Swedish biopharmaceutical company and the national government through the Inter-Agency Task Force. Binay said the city will launch an information campaign, together with medical experts on infectious diseases and vaccination, to ensure that all doubts, concerns, and questions on the Covid-19 vaccine will be answered.

Taguig

Taguig also inked a deal to procure Covid-19 vaccines from AstraZeneca, and is in talks with other vaccine suppliers, but clarified that it expects the first delivery from the national government and the local government procurement will only serve to complement the national government supply. “The national government’s allotment will come first. We expect it during the first quarter but that will be for medical frontliners and the vulnerable sectors so we have already been preparing our vaccination sites and vaccination protocols,” said Mayor Lino Edgardo Cayetano. “All LGU procurement of vaccines, we are told, will come after the national government allotment and that will be sometime during the last quarter of 2021,” Cayetano added. Aside from the AstraZeneca preorder, the city is in talks with other companies. “Following the advice of our scientists and experts we are looking at all available options and continue to be aggressive in our preparation and research into other vaccines and new technologies to help end Covid-19,” noted Cayetano.

San Juan

S a n Juan Cit y Mayor Francis Zamora said City Hall signed an agreement with the national government through the National Task Force Against Covid-19 and AstraZeneca to provide San Juaneños with the needed vaccine. “This is just the beginning of our efforts to provide a safe vaccine against Covid-19 to our

Fitch…

However, the credit watcher said it expects economic activity in the country to recover in the coming quarters, and projected gross domestic product (GDP) to expand by 6.9 percent in 2021 and 8 percent in 2022. “New daily recorded Covid-19 cases have been declining in recent months, reflecting an effective government response to the crisis and reducing the risk of renewed lockdowns. The authorities have also engaged in multilateral initiatives and with several pharmaceutical companies to secure vaccines, with a rollout expected to start in May 2021,” Fitch said. “The potential for a delay poses downside risks to our growth forecasts, while an effective vaccine rollout could result in a faster-than-expected recovery in growth,” it added.

Strong monetary position

Fitch Ratings noted the strong BSP policy cut in 2020 by a cumulative amount of 200 basis points as driven by unusual circumstances of the pandemic. This, the credit watcher believes, will be temporary. “We think space for further rate cuts is very limited in 2021. Inflation on average was 2.6 percent in 2020, staying within the BSP’s target range of 2 percent to 4 percent,” Fitch said. The credit watcher also estimated that the current account balance of the country has reverted to surplus in 2020 as the loss of export earnings and tourism receipts was largely offset by lower imports and “surprisingly resilient remittance inflows.” Fitch said the BSP’s ability to maintain a high level of gross international reserves (GIR)— which hit record highs in 2020—remains a credit strength for the economy. Fitch also noted the stable fiscal space for the country due to its relatively low government debt ratio, lower than the median level for BBB-rated economies. “The Philippines entered the crisis with robust public finances, given its relatively low general government debt ratio of 34.1 percent of GDP in 2019 [BBB median: 42.2 percent]. The pandemic shock has eroded this strength, as we estimate the debt ratio to have risen to

The PCCI chief pointed out that piles of bills that seek to open up sectors of the economy await the deliberation and approval of lawmakers. For the PCCI, these measures should be prioritized by Congress over Charter change. Yujuico cited, for one, the amendments to the Public Service Act (PSA) that were passed by the House of Representatives in 2019 and are pending deliberations in the Senate. Under Article 12, Section 11 of the Constitution, public utilities must solely be operated by firms that are 60 percent owned by Filipinos. In amending the 84- year-old

Mandaluyong

The Mandaluyong City government signed a tripartite agreement with AstraZeneca Pharmaceuticals Philippines Inc. and the national government for the advance purchase of P200million vaccines. Mayor Carmelita “Menchie” Abalos said the city council approved on January 6 Resolution 2961, Series of 2021, authorizing her “to enter into, sign, execute, and deliver” the multilateral agreement with the said pharmaceutical company. The company’s local subsidiary, AstraZeneca Pharmaceuticals Philippines Inc. has offered the vaccine at a much lower cost. It is much easier to distribute due to its minimal storage requirement of 2 to 8 degrees Celsius.

Tripartite agreement

Galvez said the scheme is for the National Government, LGUs and the drug manufacturers to work together to ensure that the country will have sufficient doses of vaccines. “As we negotiate with these vaccine makers and place our orders for the Philippines, the tripartite agreements with the LGUs will urge pharmaceutical companies to expand their allocation for our country. By factoring in the orders of local governments in our negotiations with these pharmaceutical companies, securing deals with them would be easier,” he stressed. This development will allow NG to put resources into other LGUs which do not have enough funds to buy vaccines on their own. The LGUs are part of the Philippine National Vaccine Roadmap, which ensures there is a command and control system in the deployment of these vaccines, Galvez said.

Continued from A1

Favorable fiscal position

constituents in San Juan City. AstraZeneca is a trusted institution that partnered with Oxford University in the United Kingdom to come up with an effective vaccine to finally put this pandemic behind us,” Zamora said right after the signing on Sunday afternoon.San Juan City on January started registration for the Covid-19 vaccine.

48 percent of GDP in 2020, and anticipate it will rise further and peak at around 55 percent in 2022 [against a projected BBB median of 56.6 percent],” Fitch said. “Fitch will monitor the post-pandemic evolution of the fiscal deficit and debt levels, as the balance between fiscal consolidation and ongoing government spending to support economic growth will be an important consideration for the rating over the medium term,” it added. The credit watcher’s forecast is for the Philippines’s general government deficit to have widened to 6.9 percent of GDP in 2020 from 1.2 percent of GDP in 2019. They project the deficit to widen further to 7.7 percent in 2021, before narrowing to 6.6 percent in 2022. “Our forecasts for the budget deficit assume a gradual pick-up in economic activity over the forecast horizon and continued adherence by the authorities to their prudent approach to macroeconomic policy-making,”Fitch Ratings said. “Downside risks could stem from presidential elections scheduled in May 2022 that create some uncertainty regarding the post-election fiscal strategy, or from weaker-than-expected economic growth in the aftermath of the health crisis that could make fiscal consolidation more challenging,” it added.

Ratings risks

While the Philippines’s BBB rating was given a stable outlook, Fitch warned that a rundown in public finances, macroeconomic stability and external position deterioration will lead to an eventual downgrade. In particular, Fitch said the Philippines should guard against a sustained rise in the debt-to-GDP ratio that may come from reversal of reforms, failure to resume historically high economic growth rates after the coronavirus shock subsides, and deterioration in external indicators, including foreign-currency reserves, the current-account deficit and net external debt, which lowers the resilience of the economy to shocks.

On the other hand, sustained broadening of the government’s revenue base that enhances fiscal finances and strengthening of governance standards could eventually lead to a rating upgrade for the country.

PSA, the definition of public utilities will just be limited to: distribution of electricity; transmission of electricity; water pipeline distribution; and sewerage pipeline. According to Yujuico, the PCCI expects legislators to enact the measure into law before the end of the 18th Congress. The House Committee on Constitutional Amendments last Friday tried to reopen its hearings on the proposals to rework the Constitution. Rep. Alfredo A. Garbin Jr. of Ako Bicol, chairman of the panel, is eyeing to restart committee deliberations before session resumes on January 18.

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The Nation BusinessMirror

Group presses DA to activate ACEA for ‘safe’ agri imports By Jasper Emmanuel Y. Arcalas @jearcalas

N advocacy group is urging the government to fast-track the construction of the country’s first border inspection facility that would help in ensuring that imported commodities are safe for human consumption. Tugon Kabuhayan, a group advocating for food security and food safety, said the construction of the facility, which has been called by the Department of Agriculture (DA) as Agriculture Commodity Examination Area (ACEA), is long overdue. The group said the construction of such a facility is mandated under the Food Safety Act, which was enacted in 2013, but only had an approved implementing rules and regulations (IRR) in 2015. Nonetheless, the group lauded the initiative of the current DA administration in establishing the much-needed quarantine facility that would be able to conduct tests on imported goods. “The facility would be of great help in ensuring food safety, especially of imported commodities entering the country,” the group said in a virtual news briefing on Monday. The group also proposed that the government look into strict implementation of labeling requirements, or provisions stipulated under the Food Safety Act. The group explained that the Philippines remains lax in imposing labeling requirements on imported food products, which could pose a threat or harm to consumers as they may not fully understand what is contained in the product they are buying. The group added that in countries like the United States and Canada, imported products are being rejected if they do not follow their labeling

requirements. For example, products exported to the United States should be written in American English and Spanish, while those shipped to Canada must have a French translation, it explained. The group also urged the government to strengthen their random testing on imported agricultural product to avert entry of goods that may pose harm to human health. “We see a lot of imported products in our market today wherein we cannot even read or understand the labels,” it said. “Plus, right now we are just relying on health certificates issued by the country of origin. We just assume that the exporting country is doing due diligence,” it added. The group explained that countries where the Philippines export food products like the United States, Canada, and European Union have stringent rules on pests, heavy metals and labeling. If products do not comply with the standards then they reject them outright, resulting in losses to exporters, the group added. “That’s why we should have our own testing to determine if goods rejected by these developed countries are being rerouted to us, which could be harmful to our consumers,” it argued. In October 2020, the DA said the construction of the P521-million ACEA is “on track but certain barriers have yet to be addressed following government requirements and procedures.” “The first border inspection facility will serve as a one-stop shop for regulatory inspections of imported agricultural product, and a common facility for the DA’s bureaus of plant industry [BPI], of fisheries and aquatic resources, and BAI [Bureau of Animal Industry] to prevent the entry of animal, fish, and plant diseases into the country,” the DA added.

Solane: Beware of illegal LPG traders, substandard cylinders

TOTAL of 32 illegally marketed and distributed Solane liquefied petroleum gas (LPG) cylinders were seized in Batangas City, following a series of raids conducted in Barangays Cuta,andBolbocinthelastquarterof2020. The suspects behind the illegal scheme were caught engaging in the illegal trade of Isla Petroleum Gas Corp. products that also resulted in the confiscation of LPG tanks estimated to be worth about P100,000. Two separate raids in Barangay Cuta led to the seizure of a total of 18 pieces of 11 kilogram Solane LPG tanks and some P2,000 marked money from each operation. Five out of 11 seized cylinders were found to have been illegally refilled and six were emptied, along with marked money amounting to P1,000 were confiscated from suspects Richie Fajardo y Baguio and Beverly Jane Lacerna y Perez. Following the operation, seven tanks, of which six were illegally refilled, and one was emptied, including marked money amounting to P1,000, were seized from

suspect Jeremy Manalo y Ilagan. MeanwhileinBarangayBolboc,14cylinders, 10 of which were illegally refilled and four were emptied, as well as P1,000 worthofmarkedmoney,wereconfiscated from suspect Dave Oliver Papilosa. Following a series of separate raids conducted in greater Metro Manila, Isabela, Laguna, and Cebu, leading LPG brand Solane renewed its call to LPG consumers in Batangas to only buy their LPGs from authorized sellers in the region. The illegal activity among “malicious actors,” Solane said, remains rampant, and the company warned the public against putting their families’ lives in danger. The company also reminded consumers to purchase their LPG supplies from branded stores and verified suppliers of LPG products to assure consumers of the safety and quality of each cylinder. One may locate authorized Solane stores or order verified Solane products via SMS to 0918-887-5555, or through Solane Facebook page’s chatbot (https://www. facebook.com/solane.ph).

Editor: Vittorio V. Vitug • Tuesday, January 12, 2021 A3

DOJ chief says no ‘piecemeal’ disclosure on Dacera case probe By Joel R. San Juan @jrsanjuan1573

& Rene Acosta

@reneacostaBM

HE Department of Justice (DOJ) may not be inclined to disclose piecemeal information on the ongoing reinvestigation being conducted by the National Bureau of Investigation (NBI) into the death of flight attendant Christine Dacera inside a hotel room in Makati City on New Year’s day. Justice Secretary Menardo Guevarra told mediamen that it would be better to wait for the result of the NBI’s forensic examination before giving an update on the case. He said the NBI is expected to release its forensic result in less than a week. “[It is] more prudent to await further narrative accounts and the results of the NBI forensic examination,” the DOJ chief said.

He, however, disclosed that the occupants of Room 2207, the other room that Dacera visited several times prior to her death, have been invited to appear to the NBI to provide any relevant information related to the case. The NBI has declined to name the individuals who occupied Room 2207 but has issued subpoena to 11 personalities being linked to the death of the 23-year-old Dacera. Dacera was found unconscious in the bathtub of a hotel room they rented out to celebrate the New Year. Her companions rushed her to the nearest hospital but was declared dead upon arrival. The NBI was forced to conduct a reinvestigation into Dacera’s death after the Makati City Prosecutor’s Office found the evidence submitted by the police to be insufficient to warrant the filing of a rape with murder against 11 male respondents.

The Makati City Prosecutor’s Office also ordered the release of three respondents under police custody and directed the conduct of a preliminary investigation into the case. Subject of the preliminary investigation are respondents identified as John Pascual Dela Serna, Rommel Galido, John Paul Halili, Gregorio Angelo Rafael de Guzman, Clark Rapinan, Valentin Rosales, Mark Anthony Rosales, Rey Ingles, Louie De Lima, Jammyr Cunanan and a certain Ed Madrid. Prosecutor General Benedicto Malcontento said that the evidence presented before the prosecutor was considered premature. Makati Assistant City Prosecutor Joan Bolina-Santillan had requested the PNP to submit the results of the DNA analysis, toxicology/chemical analysis and histopath examinations which are necessary for the preliminary investigation.

Correspondent

MID a myriad of challenges brought about by the Covid-19 pandemic, the Department of Health (DOH) earned a 76-percent approval rating, according to a poll conducted by the Pulse Asia Research from November 23 to December 2, 2020. The poll rating has placed the agency at the top spot among national government agencies, along with the Department of Social Welfare and Development.

“We, at the Department of Health, are ver y pleased with these results. This recognition is a boon to the men and women of the DOH who have been working tirelessly for the past year,” Health Secretar y Francisco T. Duque III said. As the DOH performs its tasks, Duque said, the department continue to aim to be “responsive to the needs of the public.” “Let this recognition be one of our driving forces to deliver more for our countrymen,” Duque said as he vowed, in pursuit of the DOH’s mandate, to cultivate a responsive public health

MEANWHILE, Philippine National Police (PNP) chief Gen. Debold Sinas ordered the PNP Directorate for Investigation and Detective Management (DIDM) to look into any possible lapses that may have been committed by Makati policemen in their investigation into the death of Dacera. “I have directed the Directorate for Investigation and Detective Management to immediately conduct a separate inquiry and to recommend to us not later than January 13 their findings on any liabilities of Makati Police officers involved in the ongoing investigation of the Dacera case,” Sinas said. The PNP chief also ordered the creation of Special Investigation Task Group Dacera led by the PNP Criminal Investigation and Detection Group to reinvestigate Dacera’s death.

PNP’s ‘swift action’ on Tarlac killer cop lauded Govts urged

HE Integrated Bar of the Philippines (IBP) on Monday lauded the Philippine National Police (PNP) for promptly dismissing from the service Master Sgt. Jonel Nuezca who is facing double murder charges for the killing of a mother and his son in Paniqui, Tarlac, last month. IBP National President Domingo Egon Cayosa said the swift action of the PNP Internal Affairs Service (IAS) in dismissing Nuezca would help bring back the people’s trust to the PNP and the justice system.

“The swift action of the Internal Affairs Service of the PNP on the administrative case of Master Sergeant Jonel Nuezca by recommending his dismissal from the service for shooting his neighbors Sonya and Frank Anthony Gregorio is welcome and commendable,” Cayosa said. Cayosa stressed that the implementation of “ justice bilis” by making the offender accountable after due process is the more effective deterrence to crime and misconduct.

Nuezca’s dismissal from the service was announced by PNP chief Gen. Debold Sinas, which stemmed from the administrative complaint filed against him in connection with the killing of the Gregorios. “The dismissal was already implemented by the National Capital Region Police Office [NCRPO], Police Brig. Gen. Vicente Danao Jr.,” Sinas said during a news briefing on Monday. Nuezca was previously assigned at the Parañaque City Police which is under the jurisdiction of the NCRPO.

DPWH completes P14.32-M Tagoloan tourism road

ORE tourists and residents can now easily access the tourist destinations of Tagoloan, Lanao del Norte with the completion of a road concreting project of the Department of Public Works and Highways (DPWH). Public Works Secretary Mark A. Villar said that a P14.32-million road project, which covers concreting of the 2-lane scenic 645-meter road from Sitio Pendolonan in Barangay Kiazar serves as an access road and allows convenient travel to the amazing natural scenery of springs and waterfalls in the newly declared tourist destination of Mighty Cave Park in Tagoloan, Lanao del Norte. “With the newly concreted access road, locals and tourists will now experience seamless travel, while at the same time, help boost the tourism growth and socioeconomic status of the province,” said Villar. The project is also expected to stimulate job and economic development in the municipality of Tagoloan. Based from a report of DPWH Regional Office 10 Director Zenaida T.

A PANORAMIC snapshot of the newly completed P14.32-million road project which serves as an access road and allows convenient travel to the amazing natural scenery of springs and waterfalls in the newly declared tourist destination of Mighty Cave Park in Tagoloan, Lanao del Norte. PHOTO COURTESY OF DPWH-PUBLIC INFORMATION DIVISION-STAKEHOLDERS RELATIONS SERVICE

Tan, the DPWH, in coordination with the Department of Tourism (DOT), programmed the construction of the access road in line with the national government’s thrust in enhancing and stimulating the tourism and

economic sector of the country. The tourism road project covers concrete paving, provision of drainage system and single arm post with street lights for the security and safety of traveling public.

DOH earns top approval rating in survey along with DSWD By Claudeth Mocon-Ciriaco

‘Lapses’

system that provides quality and accessible health services for all Filipinos and in serving as the lead agency in responding to the Covid-19 pandemic. In the same Ulat ng Bayan Survey Report, Duque topped the approval and awareness rankings among the department secretaries enjoying a 64-percent approval rating with an awareness rating of 97 percent. “This is the success of the entire DOH work force. I sincerely thank my DOH family for their dedication and commitment!” Duque said adding that without entire

DOH’s untiring and selfless diligence, “we would not have earned the people’s trust.” With this good news, the DOH chief said, “We are all motivated to strive further to provide quality service to every Filipino.” “We would like to assure the public that we value the confidence they have given the department. We, at DOH, will carry on in improving our response to the pandemic and ensuring continuity in the delivery of basic health services amid this crisis. Maraming salamat sa inyong pagtitiwala [thank you for the trust],” Duque concluded.

Vaccine info drive needed— lawmaker

IN the House meanwhile, Deputy Speaker Neptali Gonzales urged the DOH to initiate a massive information campaign prior to the delivery of Covid-19 vaccines to the country. Gonzales said he issued the call following an online survey in his district which showed that out of more 1,100 respondents, at least 70 percent may not be willing to be inoculated. “This because of safety concerns and basic lack of knowledge,” he said. With Jovee Marie N. Dela Cruz

to push green economics in post-Covid era By Jonathan L. Mayuga @jonlmayuga

OV ER NMEN TS have a unique opportunity to prioritize green economics as they plan their post-Covid recoveries, according to United Kingdom (UK) Ambassador to the Philippines Daniel Pruce. “We have a once-in-a-generation chance to use this recovery for creating sustainable growth and jobs, while addressing the urgent and linked challenges of public health, climate change, and biodiversity,” Pruce said in a news statement issued following the launch of a partnership with the United Nations Development Programme (UNDP) in support of a more sustainable development plan and strategies for the Philippines from the 2019 coronavirus disease (Covid-19) pandemic. The tie up was forged as the Duterte administration gradually reopens the Philippine economy. The partnership will focus on looking at entry points in key sectors, such as energy and transportation, buildings and infrastructure, waste management, circular economy and tourism. In the Philippines, the impacts of the pandemic were compounded by the recent typhoons that struck the country, leaving millions of Filipinos homeless in Luzon island. Climate and disaster risks with far worse and massive impacts may be experienced if unsustainable practices will continue on a “business as usual” basis. “We recognize that pursuing a greener, sustainable, and resilient recovery pathway potentially offers massive economic, social, and environmental benefits. This can be done by prioritizing recovery and creation of inclusive and green businesses and green jobs, which could help strengthen the overall resilience of the population, environment, and economy,” UNDP Resident Representative Selva Ramachandran said. In the Human Development Report released by UNDP, it was recommended to include two more factors to gauge the Human Development Index of one country. These factors are the carbon dioxide emissions and its material footprints, which show how the global development landscape would change if both the well-being of people and the planet will be at the core in defining global progress.

BusinessMirror

Tuesday, January 12, 2021

ESTABLISHMENT / ADDRESS NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

BIG EMPEROR TECHNOLOGY CORP. Eastfield Center Cbp1, Macapagal Blvd. Brgy. 076 Pasay City 1.

HOU, ZONGHAI Chinese

MANDARIN CUSTOMER SERVICE

JI, YUHANG Chinese

MANDARIN CUSTOMER SERVICE

LI, WAN Chinese

MANDARIN CUSTOMER SERVICE

MA, CUICUI Chinese

MANDARIN CUSTOMER SERVICE

QIU, JIAN Chinese

MANDARIN CUSTOMER SERVICE

YU, MIN Chinese

MANDARIN CUSTOMER SERVICE

LI, JINGRU Chinese

MANDARIN LANGUAGE SPECIALIST

MA, WEN Chinese

MANDARIN LANGUAGE SPECIALIST

NAN, ZHOUZHOU Chinese

MANDARIN LANGUAGE SPECIALIST

COGNIZANT TECHNOLOGY SOLUTIONS PHILIPPINES, INC. 5th And 6th Floors, 8/10 Upper Mckinley Building Mckinley Hill Cyberpark Fort Bonifacio Taguig City 10.

GUPTA, NITIN Indian

12.

13.

WANG, YUAN-YUN Taiwanese DO THI THUY HONG Vietnamese LAU MY BINH Vietnamese

MANDARIN SPEAKING CUSTOMER SERVICE SPECIALIST VIETNAMESE SPEAKING CUSTOMER SERVICE SPECIALIST VIETNAMESE SPEAKING CUSTOMER SERVICE SPECIALIST

EASTERN GOLD CORPORATION 503 Nueva St Binondo Manila 14.

LI, CHEN Chinese

MARKETING AND SALES AGENT

FAREAST OUTSOURCE PROCESSING INC. 7th, 8th, 9th Flr. Nu Tower Moa Coral Way Brgy. 076 Pasay City

ESTABLISHMENT / ADDRESS

FOREIGN NATIONAL / NATIONALITY

POSITION

NO.

FOREIGN NATIONAL / NATIONALITY

POSITION

43.

CHU, XIAOFENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

119.

MA, CHAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

44.

LI, LITENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

120.

MIAO, HUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

45.

LI, LONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

121.

SONG, KE Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

46.

LIN, HUANGQIN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

JTI GBS PHILIPPINES, INC. Makiling Room Penthouse W Office Bldg. W Office Bldg. 28th St. Cor. 11th Ave. Fort Bonifacio Taguig City

122.

SUN, SHUANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

47.

LIU, FENGLEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

84.

123.

WANG, BOWEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

48.

LIU, MINGLONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

MEGA-WEB TECHNOLOGIES INC. 6,7,8,9,10,11/f Met Live Bldg. Edsa Cor. Macapagal Blvd. Brgy. 076 Pasay City

124.

WANG, YUEPENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

49.

LIU, ZIZHENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

85.

BENON POON Malaysian

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

125.

WANG, JIANFU Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

50.

LIU, XIAOLEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

86.

CHEN, YOU-CI Taiwanese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

126.

WANG, LIANGLIANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

51.

MA, SIYUAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

87.

HUANG, QIANG Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

127.

WANG, GUOZHEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

52.

OU, JIEEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

88.

YANG, LIN Chinese

128.

WANG, DECAI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

QIAO, YIHUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

53.

89.

CHU TIEN CHUNG Vietnamese

129.

WEI, JI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

54.

SHANGGUAN, YAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

VIETNAMESE SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

90.

NGUYEN VAN HAI Vietnamese

130.

WEI, LIKAI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

55.

WEI, WEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

VIETNAMESE SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

WEI, YONGHUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

56.

WU, ZHIQIANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

VIETNAMESE SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

131.

91.

TRAN CONG TRANG Vietnamese

132.

WEI, CHONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

57.

XIA, XIN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

92.

ZHAO, SHUANGBAO Chinese

CHINESE CUSTOMER SERICE REPRESENTATIVE

133.

WEN, JIA Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

58.

XIANG, TAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

93.

CAI, JINHU Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

134.

WU, CAIYUN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

TEAM MANAGER

DIGICHROM INC. Unit 2602 & 2603 26/f Pbcom Tower 6795 Ayala Ave. Bel-air Makati City 11.

NO.

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FOREIGN NATIONAL / NATIONALITY

POSITION

NO.

80.

NGUYEN VAN CUONG Vietnamese

CUSTOMER SERVICE SUPPORT

81.

TRAN DINH THANG Vietnamese

CUSTOMER SERVICE SUPPORT

82.

TRAN GIA THUAN Vietnamese

CUSTOMER SERVICE SUPPORT

83.

TRINH MINH YEN Vietnamese

CUSTOMER SERVICE SUPPORT

ZHANG, KUN Chinese

CORE P&C SPECIALIST (MANDARIN)

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower C4 Rd. Edsa Ext. Brgy. 076 Pasay City

15.

CAO, LIUBAO Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

59.

XIANG, HUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

94.

XIE, GUOHUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

16.

CUSTOMER SERVICE REPRESENTATIVE (CSR)

CHINESE CUSTOMER SERVICE REPRESENTATIVE

135.

FU, HUAFENG Chinese

CHEN, RONG Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

60.

XIE, JIAYUN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

95.

CUI, DONGDONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

136.

17.

JIA, HAIGE Chinese

XIONG, ZEPU Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

18.

JIANG, MING Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

61.

XU, CHAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

96.

CUI, YU Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

137.

XUE, TAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

19.

LI, JICHUAN Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

62.

YAN, MAIKE Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

97.

YU, JIAMING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

20.

CUSTOMER SERVICE REPRESENTATIVE (CSR)

CHINESE CUSTOMER SERVICE REPRESENTATIVE

138.

LI, ZEYUN Chinese

DING, YAO Chinese

63.

98.

E, DONGYANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

ZENG, SONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

21.

CUSTOMER SERVICE REPRESENTATIVE (CSR)

CHINESE CUSTOMER SERVICE REPRESENTATIVE

139.

MENG, ZHENYONG Chinese

YANG, KANG Chinese

22.

NGUYEN THI DUNG Vietnamese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

64.

YU, XINCHENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

99.

FENG, ZHAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

140.

ZHANG, CHONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

23.

RONG, XIAOBAO Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

65.

YU, XIANGHAI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

100.

GENG, NA Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

141.

ZHAO, YONGMEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

24.

RONG, ZUYUN Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

66.

ZENG, ZHAOYONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

CUSTOMER SERVICE REPRESENTATIVE (CSR)

CHINESE CUSTOMER SERVICE REPRESENTATIVE

ZHOU, BOZHANG Chinese

25.

HUANG, GUIXING Chinese

142.

SU, WEIHUANG Chinese

101.

67.

ZHANG, HAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

102.

JIANG, YUAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

143.

TEY KOK SIN Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

ZHAO, CE Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

103.

JIANG, PEIJIAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

144.

YEOH YING CHENG Malaysian

MALAYSIAN CUSTOMER SERVICE REPRESENTATIVE

104.

LI, HEQIAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

145.

NAN SEIN Myanmari

MYANMARI CUSTOMER SERVICE REPRESENTATIVE

105.

LI, SHIHAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

146.

PAUK LE CHAN Myanmari

MYANMARI CUSTOMER SERVICE REPRESENTATIVE

106.

LI, WEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

147.

SAI MAUNG AIK Myanmari

MYANMARI CUSTOMER SERVICE REPRESENTATIVE

26.

WU, JIACHENG Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

27.

ZHANG, SIXIANG Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

68.

28.

ZHUO, JIACHEN Chinese

CUSTOMER SERVICE REPRESENTATIVE (CSR)

GLOBALLGA BUSINESS PROCESS OUTSOURCING Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City

FIRST GREAT COMPUTER TECHNOLOGIES INC. Lot 5 Sta. Agueda Cor. Queensway Pagcor Drive Sto. Niño Parañaque City 29.

JIANG, JINCHENG Chinese

IT TECHNICAL MANDARIN

FLY SKY SERVICE INC. Level 10-1 One Global Place 5th Ave. Cor. 25th St. Bonifacio Global City Fort Bonifacio Taguig City 30.

ZHANG, SHENGXIN Chinese

MARKETING SPECIALIST FOR MANDARIN ACCOUNT

FLYING DRAGON NETWORK PHILIPPINES INC. 4th-11th Floor Aseana 3 Building Aseana Avenue Corner Diosdado Macapagal Tambo Parañaque City 31.

CHEN, CHENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

32.

CHEN, QIANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

33.

GUO, WENBIN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

34.

HU, HAILONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

35.

HU, JINGUO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

36.

LI, XIAOBING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

37.

SU, BINGCAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

38.

WU, PENGSHUAI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

39.

XIE, XINHONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

40.

XU, XIAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

41.

CAO, JIJIANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

42.

CHEN, SHUANGDAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

69.

GAN, LIN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

GLOBALLGA BUSINESS PROCESS OUTSOURCING Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City 70.

HUANG, CHAOLONG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

107.

LI, WENKE Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

148.

SAI MYO THANT Myanmari

MYANMARI CUSTOMER SERVICE REPRESENTATIVE

71.

LIN, ZHONGCAI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

108.

LI, YONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

149.

LI, PEI-JUN Taiwanese

TAIWANESE CUSTOMER SERVICE REPRESENTATIVE

72.

MO, CHANGSHUN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

109.

LI, XIAOSHUAI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

150.

BE THI BICH PHUONG Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

110.

LIAO, MENGZHEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

151.

73.

YANG, BAODONG Chinese

HONG NGOC TUYET Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

YE, TING Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

111.

LIN, JIADI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

152.

LUONG THI HOA Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

112.

LIU, YANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

153.

YUAN, HAN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

LUU THUY AN Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

113.

LIU, HAITAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

154.

MA DUY TRUNG Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

114.

LIU, DECAI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

155.

PHAN THI LAN ANH Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

115.

LIU, FURONG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

156.

THAI VAN HAI Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

116.

LIU, YINGZHANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

157.

TRAN DANH HUNG Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

74.

75.

76.

ZHENG, JIYIN Chinese

HINDUJA GLOBAL SOLUTIONS LIMITED 6/f E-commerce Bldg. Eastwood Avenue Eastwood City Libis Quezon City 77.

KISHI, SATORU Japanese

JAPANESE SPEAKING ASSOCIATE

ITECHNO SPECIALIST INC. 12/f 1206 & 1207 Aseana Ii Bldg. Bradco Ave. Aseana Business Park Tambo Parañaque City 78.

LI, CAILI Chinese

CHINESE IT SUPPORT SPECIALIST

117.

LUO, JINXUE Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

NEW ORIENTAL CLUB88 CORPORATION 3rd, 5th, 6th, 7th, 8th, 9th & 10th/f Pearl Marina Building Pacific Drive Don Galo Parañaque City

79.

ZHAO, KE Chinese

CHINESE IT SUPPORT SPECIALIST

118.

LUO, TIANHUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

158.

PU, LUJUN Chinese

CHINESE CUSTOMER SERVICE

Economy

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BusinessMirror

Editor: Vittorio V. Vitug • Tuesday, January 12, 2021

PIDS study urges PhilHealth to ‘manage’ financial deficits By Cai U. Ordinario @caiordinario

ONTRIBUTIONS to the Philippine Health Insurance Corp. (PhilHealth) may not be enough to cover lower income populations in the future, according to the Philippine Institute for Development Studies (PIDS). In the study, titled “Who Wins and Who Loses from PhilHealth? Cost and Benefit Incidence of Social Health Insurance in a Lifecycle Perspective,” PIDS Fellow Michael R.M. Abrigo said PhilHealth is expected to face large financial deficits under the current system. The system, he said, allows that over the course of an average Filipino’s lifetime, PhilHealth will lose about 40 centavos for every peso it collects as premium contributions. “While surpluses may be generated from higher income populations, these may not be enough to cover the projected deficits from providing benefits to lower income populations into the future,” Abrigo noted. “Benefits may need to be further increased to more greatly encourage pro-social health-seeking behavior, especially among the poor,” he added. Abrigo said PhilHealth, as a pseudopension system, transfers resources from current workers to retirees for their health and medical needs. However, he said, these need to be reassessed based on the capacity of current and future workers to shoulder the weight of financing these requirements. This is taking into consideration the country’s demographics. While the country still has a young population, Filipinos are aging and will transition to an aging society in the next decade. Abrigo also said that as a healthinsurance program, PhilHealth needs to be actuarially fair given that popu-

lation risks and utilization level of the system varies across the population. “In all these potential roles, what is clear is that the current system of premium contributions and benefits payment is fiscally unsustainable in the longer term,” Abrigo said. Under the current system, Abrigo said, poorer households receive more benefits compared to richer households, even if these households are ones shouldering the bulk of the premiums. He said the poorest 63 percent of the population, comprising those who are at most high school educated, receive about 80 percent of all PhilHealth benefits. However, they only represent 53 percent of all premium contributions in 2019. Meanwhile, Abrigo said, the richest 37 percent of the population only received 20 percent of all benefits paid. This despite providing 47 percent of all premium contributions in 2019. “When taken separately, however, the incidence of PhilHealth contributions and benefits are not both progressive,” Abrigo said. “In this case, the incidence of PhilHealth benefits is progressive, while that for contributions is regressive.” Further, Abrigo said, the contributions and benefits do not take into consideration the life cycles of PhilHealth costs and benefits across socioeconomic groups. Based on the findings, Abrigo said an average Filipino is a net contributor until around the age of 40 and only becomes a net beneficiary starting after reaching the age of 55. Taking into consideration the same age schedule of per capita contributions and benefits, Abrigo said differences in relative population sizes and age distributions of socioeconomic groups will affect the “relative progressivity” of PhilHealth as a reallocation system.

Abrigo said while those who reached primary education level comprised only 17 percent of the population, about 27 percent of them are aged 60 or older, while 55 percent are aged between 20 and 59. Among those who reached at least high school, on the other hand, only 4.8 percent are aged 60 or older, while those aged 20 to 59 account for 50 percent. Abrigo said given these socioeconomic considerations, at the age of 90, a person with no grade completed contributed P62,270 on average throughout his or her lifetime. However, those who reached primary and high school levels would have contributed P99,770 and P113,290, respectively. A college-educated, on the other hand, would have contributed P217,040 over the same period given the age schedule of premium contributions in 2019. In terms of benefits, those who have no grade completed are expected to have used P213,380 worth of health care services through PhilHealth until age 90, while those who have reached primary level would have expended P248,280 on average over the same period. Further, those who reached high school and college level have lower lifetime utilization of PhilHealth at P209,840 and P171,450, respectively. Abrigo added that the returns to PhilHealth is decreasing in socioeconomic class among those who live until age 90. For those with no grade completed, for every P1.00 of premium contribution gives a return of P3.4 in healthcare services paid through PhilHealth, or a net benefit of around P150,000 conditional on surviving until age 90.

Those who reached college level, on the other hand, are expected to lose 20 cents to a peso, or a net loss of P45,600 if they survive over the same period.

Covid-19 vaccination–ensure that distribution is equitable and transparent

By Henry J. Schumacher

HE acceptance of vaccines made by Pfizer/BioNTech, Moderna and Astra-Zeneca/Oxford University in various countries is making headlines around the world. People are now asking when, rather than if, a vaccine will become available so that the pandemic, badly affecting all of us, can be stopped. Unfortunately, the situation in the Philippines is confusing—to put it mildly. Let’s look at the headlines in local newspapers on 5 January 2021: 98,000 Chinese in Philippine Offshore Gaming Operators (POGOs) had clandestine vaccination More local governments inclined to purchase vaccines/Makati, other LGUs allot funding for Covid vaccines Ayala Group orders 450,000 doses Compulsor y employee vaccination Duterte tells PSG to “shut up” on use of smuggled Covid-19 vaccines during probe Government units—national and local and the private sector indepen-

dently from each other got to make arrangements to obtain vaccines. Will there be any order in organizing the fair acquisition, storage and distribution to front liners, the aged, the very young, etc. Are all capacities by the government and private sector to do that, inventoried and assigned to what we need for a fast and orderly distribution? Given the problems in other countries regarding distribution issues, it has to be feared that this will not be easy. Looking at the example for the Ayala Group that intends to order 450,000 vaccines from AstraZeneca, donate 50 percent of the vaccines to the government and use the other 50 percent for public use. Ayala will also be helping with the distribution, which is going to be an essential component in making sure that the vaccines can get to the public. Given this situation and being encouraged by the House measure to let private firms procure vaccines, other large companies may follow the idea of the Ayala Group and bring in vaccines and use the example of the POGOs to vaccinate their employees openly (not clandestine) so that production and services can be executed without health risks. Trusting that the local FDA will get its act together fast in approving the vaccines mentioned above, given the fact that other FDAs around the world have approved them already, the private sector should join hands in the acquisition, the import, the storage and the distribution of the vaccines. While considering cooperation in the acquisition like a number of companies did already with the involvement of Jose “Joey” Concepcion III, we should also agree on “vaccination tracking”—first and second shot. It

will be essential that all people successfully vaccinated will be provided with a “vaccination certificate” like the driver’s license we carry. It will help us in our process to hire people, open the economy, and—at the same time—track the health performance of the people who were successfully vaccinated. The vaccine is likely to have a high “street value,” making supplies by government and the private sector attractive targets for “diversion,” unless adequate safeguards are built into supply chains. Intense surveillance and oversight mechanisms will be needed. To take it one step further, government and the private sector must ensure that falsified and substandard vaccines do not get into circulation. It is trusted that country-level frameworks will be developed to ensure that distribution is equitable and transparent. There is a need for civil society to engage with the national and local governments in the planning and monitoring of distribution. This must range from the technologically complex, using RFID tracking of vaccines, to awareness campaigns on reporting corruption. Transparency in the vaccination program by government and the private sector will also create public trust and address existing vaccine hesitancy. With so much resting on the successful deployment of a vaccine, one thing is clear: It cannot go wrong! If we can get this right, a corruption-free Covid-19 distribution will not only tackle the pandemic, it will also prove that “vaccinating against corruption can be successful!”

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

A6 Tuesday, January 12, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Wrong priority

he House committee on constitutional amendments is set to reopen charter change hearings this week, with congressmen promising to focus only on amending the economic provisions of the Constitution, in particular those that prevent foreign ownership of land and certain businesses in the country.

House Speaker Lord Allan Velasco said charter change is meant to “free up the economy to foreign investors.” “As global economies slowly start to reopen, we cannot allow the Philippines to lag behind in terms of investments and opportunities. We need to seize the momentum if we are to fully recover from the economic devastation of Covid-19,” Velasco said. “Foreign investment plays a crucial role in the Philippine economy by supporting domestic jobs and the creation of physical and knowledge capital across a range of industries. The need to attract foreign capital is critical to support our economy’s recovery from Covid-19,” he added. While foreign chambers of commerce and other big business interests have been for the longest time clamoring for the removal of the nationality restrictions in our Constitution, they also always mention other impediments to the entry of foreign investments, like the lack of infrastructure, the high cost of electricity, corruption and the ever-changing and unpredictable government policies and regulations. Even if charter change is not linked in any way to term extensions or other schemes to perpetuate or politically benefit incumbent elective officials, and granting it would be limited to economic amendments, is this really the time to pursue it? Would it really bring more foreign investments and more capital into the economy? Would it bring more economic stability? Perhaps. But perhaps the political noise of such charter change moves would also do more harm than good. Perhaps, it would not alleviate the main worries of most Filipinos nowadays, like staying healthy, keeping their jobs and putting food on the table. The government should focus instead on reducing corruption, which drains billions of pesos from the public coffers—billions that could otherwise be spent on buying good Covid-19 vaccines for Filipinos, on health, education, social services and infrastructure. The government should also focus on a smooth transition of power promptly following the 2022 elections, so we could avoid political instability and chaotic scenes, such as those that recently happened in the US Congress. The country needs credible elections that could sustain democracy in the longer term. We need this administration to hold free, fair and credible elections in 2022. Strong public institutions, an equally strong civil society, the enforcement of justice, the observance of due process and human rights, these are the bedrock of a strong democratic republic. We do not need a new Constitution to have these. Instead, the government must remain faithful and practice the provisions of the 1987 Constitution to have these. Besides, there is really no guarantee that removing the 60-40 rule that limits foreign ownership of certain business activities in the Philippines would lead to more jobs and opportunities for our people at this time or in the immediate future, since global economic activity has been crippled by the pandemic. Just as there is really no guarantee that charter change moves in Congress would be limited to economic provisions alone. If a congressman files a motion to extend term limits, for instance, knowing the propensity of the House to railroad certain measures, it would come as no surprise if such a measure gets approved. Such amendments could be inserted in the resolution amending the restrictive economic provisions of the Constitution, and if the majority wants it, then the House will approve it. Can Filipinos really trust the politicians in Congress not to put their own self-serving interests before the country? No, not really. There’s always the inherent danger of amendments taking a life of their own, resulting in the total overhaul of the Constitution, perhaps beyond what is necessary or what was initially intended. One might say this position shows an extreme lack of faith in Congress. But, given its current composition, can you blame us?

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stablishing herd immunity as quickly as possible should be our immediate goal if we want to fully reopen the economy. We can pinpoint the immediate targets of vaccination drives to keep the economy going and restore the jobs lost during the pandemic. Establishing herd immunity through vaccination is an effective protection from Covid-19. Health experts endorse this approach, especially during a pandemic such as Covid-19. Both the government and the private sector can make a significant portion of the population immune to the disease through inoculations. Such approach would decrease the chances of infections for people who still lack the immunity. Immune people will not likely contribute to the transmission of Covid-19. With a greater number of immune individuals in a region, people who have not yet received the vaccine have small chances of getting infected. The challenge in distributing the vaccine and creating herd immunity is immense. But we can start establishing herd immunity in Metro Manila, Calabarzon, the provinces of Bulacan, Pampanga and Tarlac in the north, and Cebu City. Targeting these areas is logical. Apart from their dense population, these areas host the bulk of economic activities. These regions account for around 60 percent of the Philippine gross domestic product.

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Establishing herd immunity in these areas will boost the confidence of Filipinos to go back to their physical workplaces. With the prospect of reduced infections through herd immunity, people in nearby areas can travel more freely to the centers of economic activities. They will visit malls and dine in fast-food restaurants more frequently. Authorities will have more reasons to start relaxing the restrictions in public transportation to encourage domestic travel and allow more employees to resume their work. I honestly believe that herd immunity will be the catalyst for a full reopening of the economy. We have to move fast in reopening the economy. The government cannot forever borrow money to fund fiscal operations and the health-care needs of the population. The government will need more businesses to operate in order to collect revenues and stay in fiscal shape. Herd immunity and the eventual

Before the arrival of the vaccines, however, the Philippines should further reopen the economy and ease the public transportation restrictions. As I have been saying before in this column, our workers are responsible enough to strictly comply with health protocols. I have faith in our workers. They, like us, have loved ones at home and they will be careful enough to avoid virus infection.

rollout of vaccines in other regions will keep the government on track with its economic objectives and sustain the little gains we are now seeing. Exports, for one, increased 3 percent in November to $5.9 billion from $5.62 billion a year ago after the government further eased quarantine restrictions and allowed many establishments to operate at a higher capacity. The export figures just released last week showed that the growth rate was the fastest in 10 months, or since outbound shipments rose 9.4 percent in January before the government imposed a lockdown to contain the spread of Covid-19. Our exports declined by nearly 50 percent in April at the height of the lockdown, before gradually improving in the succeeding months. Exports increased 2.8 percent in September but fell 1.2 percent in October. Exports in the first 11 months of 2020 reached $57.97 billion, or 11.1 percent off from $65.18 billion in the same period in 2019. The mild export rebound is being

More dangerous than Covid

But here is the kicker. If you knew absolutely that eating pork would kill you in 24 hours, you would “lose confidence” in pork and the value would disappear. Cash also has value based only on confidence in the government that issues it. First goes the confidence. Then goes the value of cash. Then the economy collapses.

North Korea’s leader, Kim Jongun, called the US his nation’s “biggest enemy” and revealed plans for a nuclear-powered submarine are complete. Further, Kim said his country fully intends to develop smaller, more adaptable nuclear warheads. Iran increased its uranium enrichment program and seized a South Ko-

UK and the European Union are like a divorced couple trying to figure out who gets the rice cooker (fishing rights) and who gets the toaster oven (financial services) while neither one wants custody of the children— “guest workers” and “refugees.” Not even the raging Covid pandemic can stop geopolitics. However, by the time we are ready for 2022, there is a good chance that the pandemic will not be on the top of our

John Mangun

OUTSIDE THE BOX

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Herd immunity goal should hasten recovery

he Philippines must be feeling at least a little better healthwise since the media—social and traditional—and the press are coming back with a taste of the “old normal.” It’s been almost non-stop politics since the New Year celebration, with occasional trips into forensic pathology expertise and the question of what a nation’s constitution should include. rean chemical tanker because Seoul won’t give back the $7 billion it froze in 2019 under US sanctions. Iran will expel UN nuclear inspectors unless those sanctions are lifted. Japan has reinstituted “Sakoku” from the Tokugawa shogunate (1639 to 1853), banning all foreigners at least until the end of January. The

complemented by the surprising figures in remittances. Many economic analysts have predicted a slowdown in the money sent home by Filipinos working overseas. But they held up. Remittances rose 2.9 percent in October to $2.747 billion from $2.671 billion a year ago. Total cash remittances in the first 10 months slightly dropped to $24.633 billion from $24.858 billion in the same period last year, but these figures are still encouraging in the face of the pandemic and the global economic slowdown. We can only be optimistic and hope for a quick economic recovery this year. Our economic managers are predicting a 6.5-percent to 7.5-percent growth in 2021 on the assumption that more people would be vaccinated by the first half of 2021. Before the arrival of the vaccines, however, the Philippines should further reopen the economy and ease the public transportation restrictions. As I have been saying before in this column, our workers are responsible enough to strictly comply with health protocols. I have faith in our workers. They, like us, have loved ones at home and they will be careful enough to avoid virus infection. Our economy needs these workers. A top executive like me has confidence in these workers. We should be thankful to them for keeping the Covid-19 infection rate in the Philippines low compared to countries in Europe, the US, and other nations. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

list of concerns. It is beyond all rational thinking that we are facing such crazy political times. But people everywhere are being distracted by the left/right, globalist/nationalist, and populist/ establishment rhetoric and divide. The press and both governments and the so-called opposition are driving the “divide.” “So-called” because in most cases, the administration and opposition are two sides of the same coin. Why? Were it not for the pandemic and the politics, people might be looking at the global economic situation. But we do not have time for that and governments and the press have constantly told us that any economic distress is all because of Covid. Except, what is going on is that we have reached the end of perpetual government borrowing. Both Europe and Japan have destroyed their bond markets. In Denmark you can buy a See “Mangun,” A7

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Top withholding agents redefined

Stop the music and cancel the dance Manny F. Dooc

TELLTALES

Atty. Rodel C. Unciano

Tax Law for Business

urrently, almost all income payments are subject to withholding taxes where income payors are constituted by law or by regulations as withholding agents of the government. As constituted withholding agents, the income payors will have no choice but to comply with their obligations to withhold a portion of the income payments and remit the same to the government. Failure to do so would result in the non-deductibility of the related expenses. Under the final withholding tax system, the amount of tax withheld by the withholding agent is constituted as full and final payment of the income tax due from the payee on said income. Being already full and final payment of the income tax due, the income recipient is no longer required to pay income tax for that income. On the other hand, under the creditable withholding tax system, taxes required to be withheld are intended to equal or approximate the tax due of the payee on said income. The income recipient is still required to file an income tax return and apply as tax credit the taxes previously withheld by the income payors. The imposition of creditable withholding tax on income payments is by virtue of the mandate of Section 57 of the Tax Code, which authorizes the Secretary of Finance, upon the recommendation of the Commissioner, to require the withholding of a tax on certain income payments, pursuant to the criteria laid down in the Tax Code, which shall be at a rate of not less than 1 percent to a maximum of not more than 32 percent under the old Tax Code, but the Tax Reform for Acceleration and Inclusion (TRAIN) Law reduced the maximum rate from 32 percent to 15 percent beginning January 1, 2019. In implementing the mandate of the Tax Code, the Secretary of Finance has since issued several issuances requiring the withholding of tax on certain income payments. And under the regulations issued by the Secretary of Finance, specific rates of withholding taxes are being imposed on certain income payments, depending upon the nature of the income payments. For income payments not specifically enumerated under the regulations as subject to specific withholding tax rates, taxpayers constituted as Top Withholding Agents (TWA) are obliged to remit 1 TRAIN and 2 TRAIN withholding tax on their purchase of goods and services, respectively. In Revenue Regulations 12-94, taxpayers belonging to the top 5,000 corporations, as determined by the Commissioner of Internal Revenue, were constituted as withholding agents, and thus, made to impose withholding of 1 percent on their purchase of goods. In RR 17-2003, the top 5,000 were increased to 10,000 corporations, where 2 percent creditable withholding tax on purchase of services were likewise imposed, in addition to the 1 per-

Mangun. . .

Continued from A6

house just like renting a hotel room on a nightly basis. Denmark moved to negative interest rates in 2012 and is now offering mortgages at zero interest rates after eight years of failed policy. That Denmark policy sounds great until you consider this. “The downside is that the old idea of saving and living off the interest for retirement is gone. The foundation of credit has been wiped out. There is no longer profit in lending money, which means the only other option will be to invest. Debt is dead.” Buy the stock market. Buy commodities. Buy cryptos. Lending interest rates are the

Taxpayers are advised to check RMO 13-2018 for the group classification of the RDO where they are duly registered to determine whether they are now constituted as TWAs. cent withholding tax imposed on purchase of goods. In RR 14-2008, the number of top private corporations was increased to 20,000. In RR 6-2009, top 5,000 individual taxpayers were likewise included as withholding agents, and thus were required to withhold the 2 percent withholding tax on purchase of services and 1 percent withholding tax on purchase of goods. Subsequently, RR 7-2019 was issued clarifying that top withholding agents shall refer to those taxpayers whose gross sales/receipts or gross purchases or claimed deductible itemized expenses, as the case may be, amounted to P12,000,000 during the preceding taxable year. Only recently, RR 31-2020 was issued redefining taxpayers who are constituted as TWAs. As now defined, TWAs shall refer to those taxpayers whose gross sales/receipts or gross purchases during the preceding taxable year shall fall under the minimum thresholds determined according to the existing group classifications of the Revenue District Offices (RDOs) where they are duly registered, in reference to the group classifications under Revenue Memorandum Order 13-2018. In accordance with RR 31-2020 in relation to RMO 13-2018, the minimum threshold for taxpayers belonging to Groups A and B classification is P12,000,000 while only P5,000,000 for taxpayers belonging to Groups C, D, and E classification. Thus, taxpayers are advised to check RMO 13-2018 for the group classification of the RDO where they are duly registered to determine whether they are now constituted as TWAs. The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at rodel.unciano@ bdblaw.com.ph or call 8403-2001 local 140.

“price” of money. If the price of a kilo of pork is P5.00, that means pork is relatively worthless in comparison to cash. If you are willing to “sell” (loan) me cash for “free”—zero interest—that means cash is relatively worthless in comparison to a tangible asset. But here is the kicker. If you knew absolutely that eating pork would kill you in 24 hours, you would “lose confidence” in pork and the value would disappear. Cash also has value based only on confidence in the government that issues it. First goes the confidence. Then goes the value of cash. Then the economy collapses. E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities, Inc."

Tuesday, January 12, 2021 A7

ess than 18 months into the end of the Duterte presidency, the president’s allies in both Houses of Congress have revived the ticklish issue of Charter change (Cha-cha). Pushing for the amendment of our fundamental law at a time when our country and the current leadership is preoccupied with the most serious health and economic crises gripping our nation unduly taxes our incredulity. We have not even officially secured a single dose of the Covid-19 vaccine and here we are girding to grapple with another monstrous issue, which may distract us from our efforts to overcome the pandemic.

The country has yet to emerge from the longest lockdown and our political leaders are planning to lock us in a new controversy that without doubt would be contentious and divisive. Amending the Charter is a complex process that requires full and extensive participation of all. Public discussions of the proposed amendments are mandatory to ensure that the Charter reforms will be for the public good. We cannot just leave it to the politicians whose motives have long been held suspect. The timing of the filing of the Resolution of Both Houses 2 authored by two of the President’s staunchest allies in the Senate and by the House leadership towards the end of the President’s term is deeply disconcerting. While President Duterte may not be interested in lifting the term limits, his rabid supporters may have other objectives other than the economic amendments. Admittedly, there is popular support to pursue the economic reforms to spur foreign investments in our

economy. But there is greater apprehension that unless there are adequate safeguards, a move to amend our constitution may only open a Pandora’s box and give way to the sinister plot of some unscrupulous legislators. I share Sen. Panfilo Lacson’s concern that “when we open the valve to amend the constitution, especially via a constituent assembly, nobody, not even the highest officials of the three branches of government can choose, much less assure which provisions may be amended or not.” This fear is not abated by the proposal embodied in the Resolution to convene the 18th Congress as a constituent assembly to amend the 1987 Constitution. We had recently seen how a less independent Congress had acted to deny ABS-CBN its franchise application. Despite the overwhelming public clamor favoring the grant of a legislative franchise to ABS-CBN, the Lower House disregarded the desire and interest of the very people they purport to represent. Entrust-

All our task forces formed to address our current emergency can hardly cope with the problems at hand. We cannot afford to open up another front, which will sap and dissipate our finite resources and capacity. This government will be judged and defined not by the ill-timed changes to our Charter but by how it deals with the greatest peril that has confronted our nation. So let’s stop the music and cancel the dance.

ing the current Congress the critical task of amending our Charter will give sleepless nights to many people. What is the assurance that the members of the Constituent Assembly, once they are empowered to introduce reforms to the Constitution, will not tinker with the other provisions that will only serve their own interests? What will stop them from lifting the term limits or extending their term of office? Several legislators from both chambers have weighed in on this crucial subject. Expectedly, those who belong to the opposition and independent-minded solons are lukewarm to, if not totally unsupportive of, the Charter change now. Tackling such an important issue now will be disruptive and divert the government’s attention from its main task of defeating the pandemic. Likewise, they are highly suspicious of any hidden agenda, which the proponents of the measure may be harboring to advance their selfish design. The fact that this crucial matter is being pursued on the heels of the forthcoming election is truly disquieting. If I recall

correctly, in December 2019, Representative Rufus Rodriguez, then Chairman of the House Committee on Constitutional Amendments, had undertaken serious efforts to amend our Constitution. In fact, his Committee was already poised to conduct public hearings to take up the proposals easing the restrictions on foreign investments and the related economic provisions and lifting the term limits of elected public officials. The plan was to hold the public hearings from January 2020 to March 2020 and convene the 18th Congress into a Constituent Assembly to formally take up the process of revising the 1987 Charter. But as the saying goes, even the best laid plans of mice and men can go awry. The coronavirus spoiled the fun by coming unannounced at the beginning of 2020. The first suspected case in the Philippines was first investigated on January 22, 2020 and hundreds of suspected cases were reported by March 1, 2020. The pandemic had ditched the Cha-cha, and the virus is still very much with us. It defies reason why we should do it now when our hands are full and our resources are drained battling this rampaging pandemic. Our Republic and its 110 million subjects will be best served if our government can properly identify its priorities. All our task forces formed to address our current emergency can hardly cope with the problems at hand. We cannot afford to open up another front, which will sap and dissipate our finite resources and capacity. This government will be judged and defined not by the ill-timed changes to our Charter but by how it deals with the greatest peril that has confronted our nation. So let’s stop the music and cancel the dance.

Revoke social media’s legal shield, but for the right reason Joe Nocera

BLOOMBERG VIEW

onald J. Trump has been undeniably good for Twitter Inc. In late 2015, when he announced that he was running for president, he was already a significant presence on the social media site, with more than 5 million followers. By last week, when Twitter finally banned him, he had almost 89 million followers. In the first three years of Trump’s presidency, meanwhile, Twitter’s revenue grew from $2.2 billion to $3.5 billion. Whether friend or foe, you had to join Twitter if you wanted to keep track of the US president.

Were some of Trump’s 56,000 tweets—as well as many of his Facebook posts—often incendiary, full of lies, threats, conspiracies and insults? Of course they were. Did he regularly resort to the kind of hate speech that Twitter and Facebook insist they bar? Yes. Did he sometimes seem to be inciting violence? Without question. So please excuse me if I’m a little cynical about the decision by Twitter—and Facebook—to finally boot Trump 12 days before his presidency ends, when he no longer has the ability to use the federal government to strike back, as he has so often done to companies that anger him. If Trump had won reelection, would the social media companies have bounced him? If he had instigated the attack on the US Capitol, say, a year ago, would he have been banned? Unlikely. The two tweets, posted on Friday, that were ostensibly the final straw for Twitter were actually pretty benign. One said he wouldn’t attend the inauguration; the other said that the 75 million people who voted for him “will have a GIANT VOICE long into the future.” Twitter’s rationale for why these two tweets incited violence was extremely weak. Coming two days after Trump’s supporters took over the Capitol, it had the feel of shutting the barn door long after the horse had left. Many on Twitter, including a lot of journalists, applauded the ban, viewing it as a case of “better late than

never”; after all, Trump had been violating the company’s terms of service for years. Trump supporters, starting with Donald Trump Jr., complained that Big Tech was trying to silence them and was violating their free-speech rights. Trump critics responded that the First Amendment applies only to government action, not that of private companies such as Twitter and Facebook. Which, of course, is true. Twitter and Facebook have every legal right to allow—or disallow—whomever they want on their platforms. Similarly, Google and Apple can accept or reject apps as they see fit; indeed, over the weekend, the two companies cut off Parler, a right-wing social media platform that was suddenly flooded with incitements to violence, according to the two tech giants. But consider: Do you really want Jack Dorsey, Mark Zuckerberg, Tim Cook and Sundar Pichai deciding which speech is acceptable and which is not on their platforms — platforms that are now indistinguishable from the public space. In addition to the problem of having so much power concentrated in so few hands, they are simply not very good at it. Their rules are vague, change constantly and are ignored often if the user is prominent enough. It used to be acceptable to be a Holocaust denier on Facebook; then last year, Zuckerberg, saying his thinking “had evolved,” decided to ban Holocaust deniers. During the

I have come around to an idea that the right has been clamoring for—and which Trump tried unsuccessfully to get Congress to approve just weeks ago. Eliminate Section 230 of the Communications Decency Act of 1996. That is the provision that shields social media companies from legal liability for the content they publish—or, for that matter, block.

2016 election, Twitter was filled with anti-Semitic tweets, which the company rarely removed. According to an article by Andrew Marantz in the New Yorker, Facebook has some 15,000 “content moderators” who are responsible for finding, and taking down, posts that violate Facebook’s terms of service. Given that Facebook has upward of 2.7 billion monthly active users, this would be an impossible task even if the company was serious about this mission—which Marantz doubts. He quotes approvingly a Facebook critic who believes that “not even the most ingenious technocratic fix to Facebook’s guidelines can address the core problem: its contentmoderation priorities won’t change until its algorithms stop amplifying whatever content is most enthralling or emotionally manipulative.” That’s the content that makes the company the most money—content like Trump’s. In the last Congress, House Democrats—and some Republicans— made it clear that they have an appetite for curbing the monopolistic practices of Facebook and the other big technology companies. I am in wholehearted favor of new laws and tougher antitrust actions that would allow for more innovation and increased competition. But even if Facebook is broken up, and Google becomes a regulated platform, it won’t curb the other power the tech companies have: the power to decide what is hate speech and what isn’t; what incites violence and what doesn’t; what speech should be allowed and what shouldn’t. As Alexey Navalny, Russia’s most prominent

dissident, put it in a recent tweetstorm, “The ban [against Trump] on Twitter is a decision of people we don’t know in accordance with a procedure we don’t know.” This strikes me as unarguable—and a large part of the reason people don’t trust the decisions about speech that Twitter and Facebook make. Navalny’s solution is to create a committee that would make such decisions with full transparency, including the ability to appeal any decision the committee makes. I doubt that would work—it certainly wouldn’t be able to operate quickly enough to remove hate speech in real time. And though this may betray my lack of imagination, I can’t conceive of how government could regulate the decisions of Facebook, Twitter et al. Instead, I have come around to an idea that the right has been clamoring for—and which Trump tried unsuccessfully to get Congress to approve just weeks ago. Eliminate Section 230 of the Communications Decency Act of 1996. That is the provision that shields social media companies from legal liability for the content they publish—or, for that matter, block. The right seems to believe that repealing Section 230 is some kind of deserved punishment for Twitter and Facebook for censoring conservative views. (This accusation doesn’t hold up upon scrutiny, but let’s leave that aside.) In fact, once the social media companies have to assume legal liability—not just for libel, but for inciting violence and so on—they will quickly change their algorithms to block anything remotely problematic. People would still be able to discuss politics, but they wouldn’t be able to hurl anti-Semitic slurs. Presidents and other officials could announce policies, but they wouldn’t be able to spin wild conspiracies. Would this harm Facebook and Twitter’s business models? Sure it would. But so what? They have done the country a lot of harm, and it is clear they have no idea how to get their houses in order—and no real desire to, either. If they make less money but cause less damage to the country, it will be well worth it.

A8 Tuesday, January 12, 2021

LGUs RACE TO SECURE COVID-19 VACCINES AMID N.G. ‘RESTRICTION’ By Claudeth Mocon-Ciriaco Correspondent

EVERAL local government units (LGUs) in the country are racing to secure and distribute Covid-19 vaccines to their constituents, amid policy questions raised on the national government’s move to restrict their initiatives, and equity issues arising from concern that LGUs with meager funds might not be able to protect a critical mass of their population. At Monday’s Senate Committee of the Whole hearing on Covid-19 vaccines, National Task Force against Covid-19 chief implementer and vaccine czar Secretary Carlito Galvez Jr. listed at least 13 LGUs in the National Capital Region that have allocated funds for vaccine procurement. These are the cities of: Makati (P1 billion), Taguig (P1 billion), Quezon (P1 billion), Pasig (P300 million), Manila (P250 million), Parañaque (P250 million), Pasay (P250 million), Mandaluyong (P200 million), Valenzuela (P150 million), Caloocan (P125 million), Marikina (P82.7 million), San Juan City (P50 million), and Navotas (P20 million). Right after Galvez’s presentation, some LGUs also made an announcement that they will purchase vaccines for their constituents, namely: Muntinlupa City (100,000 doses-AstraZeneca), Baguio City (190,000 residents-AstraZeneca), Iloilo City (600,000-AstraZeneca) Vigan (100,000 to 120,000 doses -AstraZeneca), Zamboanga (410,000

doses-AstraZeneca), Dagupan (40,000 doses-AstraZeneca), and Davao City (1.2 million residentsAstraZeneca). With the vaccines’ limited supply and very high demand from nations across the globe, some LGUs have decided to enter into a tripartite agreement with the national government, and pharmaceutical firms to achieve a united strategy to obtain a bigger share of the vaccines. “This is what the tripartite agreements aim to achieve,”Galvez said of the agreement template approved recently by President Duterte. Amid concern by some senators that the national government may be unwittingly setting itself up as a “monopoly” by strictly regulating the LGU initiatives, Galvez praised the LGUs in taking the “bold initiative” and being “proactive” in securing vaccines for their constituents as the country gears up for the rollout of the vaccination program.

Makati Makati Mayor Abigail Binay on Monday announced that the city government has purchased 1 million doses of AstraZeneca Covid-19 vaccine as the city government aims for 100-percent vaccination. “We intend to vaccinate all Makatizens, including real property owners, business owners, and non-registered voters who reside in the city. We want them to be safe from the virus, and we are aiming for 100 percent vaccination in the city,” Binay said. See “LGUs,” A2

Senators grill execs on Covid vaccine acquisition road map

By Butch Fernandez

@butchfBM

ENATORS, sitting as a Committee of the Whole, on Monday took turns grilling administration officials in a marathon hearing amid a raging controversy on whether the government had a coherent national Covid vaccine roadmap. For much of the hearing, senators’ concerns focused on a serious question of policy: why is the national government seemingly controlling initiatives by local government units and private firms to acquire vaccines for their respective constituencies, when this could speed up the process and save more lives and boost the national government’s scarce resources, as the LGUs and private business will shell out their funds? T he polic y question was summed up by Minority Leader Franklin M. Drilon after Senate President Pro Tempore R alph Recto grilled health regulators at length on their strict rules for acquiring the vaccines, even

though the Philippines has already been flagged among the laggards in rolling out a Covid-19 immunization program, which in turn is seen to hinder economic recovery. On Friday, a global think tank said while most Asia Pacific countries are expected to regain their lost output by 2021, the Philippines is an exception as the country still grapples to make a concrete plan on vaccine procurement and fiscal stimulus remains relatively minute. “The region is working to obtain sufficient vaccine supplies. While behind North America and Europe, most of the larger Asia Pacific countries have secured enough doses at this point to vac-

cinate roughly 75 percent of their populations. An important exception is the Philippines, which has made little progress so far,” Moody’s Analytics said. In its most recent assessment of the region’s economic dynamics, Moody’s Analytics said the Philippines will be the last country in the Asia Pacific to regain its gross domestic product (GDP) growth level to pre-Covid levels. Drilon, in questions thrown at Health Secretary Francisco Duque III, Secretary Vince Dizon and Food and Drug Administration chief Eric Domingo, wondered aloud why, if the regulators can issue emergency use authorization (EUA) for certain vaccines, can it not relax the rules governing purchase of such vaccines by LGUs and private sectors? Drilon said the EUA constitutes a “prima facie finding of safety” by health regulators, and asked why the process of acquiring these can’t be liberalized to apply to non-NG parties. The rule as is “gives birth to a virtual monopoly” by the national government, which contradicts the “whole of nation” approach and defies logic and real concern for public safety, Drilon added. Besides Recto, t hose who weighed in with similar views on the policy issue raised by Drilon were Sens. Cynthia Villar, Imee Marcos and Risa Hontiveros. Sen. Francis Tolentino noted, meanwhile, that the so-called “rule” that binds the FDA and forces regulators to limit the acquisition of vaccines

by non-national government parties was not in the original FDA law, but was only crafted during the pandemic. FDA chief Domingo explained that the EUA had to be inserted into the pandemic regulators’ playbook because w ithout it, none of the vaccines for Covid-19, being novel products, had a certificate of product registration (CPR). Majority Leader Juan Miguel Zubiri pointed out that he caused an insertion of a proviso in the Bayanihan to Recover As One Act (Bayanihan2) precisely stressing that nothing in the law should prohibit private research and selling vaccine among responsible parties, given the urgency of the Covid-19 crisis, with cases steadily piling up. For her part, Marcos urged the national government to consider well the LGUs situation, as they needed to take care of their constituents urgently, and were willing to shell out the funds for vaccines. She said governors have been requesting authority to sign on agreements in order to facilitate the delivery of vaccines. The NG, under guidance laid down by national chief implementer and vaccine czar Carlito Galvez, had insisted on having a tripartite agreement involving the NG, LGUs and the vaccine makers for every purchase deal; and Duque warned LGUs not to unilaterally forge purchase agreements on their own. Continued on A2

Pinoys picky in getting certain vaccines to lose priority tag, says Roque By Samuel P. Medenilla

@sam_medenilla

SE it or lose it. Filipinos who refuse to be part of the first batch of beneficiaries of the government’s vaccination drive for Covid-19 may no longer be prioritized for the said program, according to Malacañang. In online press briefing on Monday, Presidential spokesman Harry Roque stressed that inclusion in the initial batch of beneficiaries for free vaccination from the government is voluntary. However, he said the InterAgency Task Force on Emerging Infectious Diseases (IATF) is considering requiring a waiver from those who opt to defer availing of the vaccine, which will place them in the waiting list to be inoculated by the government. “They should not be picky because there are so many Filipinos, who need to be injected [with the vaccine],” Roque said. The government earlier announced 35 million people will be included in its “priority list” for the vaccination program. These will include frontline health workers, senior citizens, indigent population, and government uniformed personnel.

First batch

Roque issued the statement after the government announced it will purchase 25 million doses of Covid-19 vaccine from Chinese drug maker Sinovac. An initial 50,000 doses of the said vaccine are expected to arrive by next month and another 950,000 doses by March.

The remaining doses will be delivered in the succeeding months until December 2021. Aside from Sinovac, the government was also able to secure 30 million doses of Covovax vaccine made by India-based Serum Institute of India (SSI). Through partnership with the private sector, the government is also poised to get 3 million doses of vaccine, which will be good for 1.5 million people, from British drug maker, AstraZeneca. The vaccines from AstraZeneca are expected to arrive in the country by June or July, while that from SSI is scheduled to be shipped by the third quarter of the year.

High efficacy

Some lawmakers expressed alarm over the government’s decision to buy Sinovac vaccines, which were reported to have a lower efficacy rate, while also being more expensive compared to other Covid-19 vaccines in development. Roque disputed this, saying results from clinical trials in Turkey and Indonesia showed Sinovac has an efficacy rate of over 90 percent. To note, the government of both countries have made mass purchase of Covid-19 vaccines. Furthermore, Roque said the Sinovac vaccine will only be used locally if it gets Emergency Use Authorization (EUA) from the Food and Drug Administration (FDA). “If I’m not mistaken, Sinovac or its agent has an application or at least preliminary steps to procure an EUA, expecting that by February its [vaccines] will arrive in the Philippines on February,” Roque said.

Housekeeping personnel at Naia Terminal 1 are seen cleaning outside the swabbing booth of the Philippine Red Cross on Monday. Reports said that PRC begin its distribution of saliva Covid-19 test kits to health workers for another run of its pilot study as recommended by the health department. Some 1,000 frontliners will be tested for coronavirus using the saliva test and gold standard RT-PCR test. NONIE REYES

Privacy body bans web site carrying car owners’ data By Elijah Felice E. Rosales @alyasjah

HE National Privacy Commission (NPC) has extended the cease and desist order issued on a web site that carries sensitive information of all vehicle owners nationwide. The NPC on Monday announced it is extending the cease and desist against lisensya.info after its operators failed to counter allegations against them of breaching the data privacy rules. The web site was flagged by Internet users for making available personal information registered with the Land Transportation Office (LTO). The cease and desist was first served on November 12, 2020, against respondents Jose Minao and

Billy James Jimena, owners of lisensya.info, and they were given until November 20 to file a comment on the complaints against them. The web site operated by Minao and Jimena provides users with a motor vehicle authenticator. By typing in a motor vehicle’s file number, anyone can access its sensitive information, including make, plate number, engine number, chassis number, expiry date of registration, as well as the name of the owner. Motor vehicle owners who typed in their file number on lisensya.info confirmed data contained in the web site match the personal information they submitted to the LTO. As such, they raised the possibility the LTO’s database has been leaked. In 2019, roughly 12.75 million

units were registered with the agency, whose tasks are to account motor vehicles, issue driver’s license, adjudicate apprehension cases, among others. Based on the NPC’s preliminary investigation, it found out lisensya.info neither carried a privacy notice nor any contact details of its owners. The web site also claimed it is associated with the LTO, but the agency denied any links with it. The transportation body even assailed lisensya.info for posting the LTO logo on the platform in what appears to be a deliberate effort to mislead users. In a previous statement, the LTO said it maintains no connection whatsoever with lisensya.info, and reminded the public to avoid providing any information

to unverified links. Google Safe Browsing, in its analysis, detected phishing activities on lisensya.info. Phishing is a cybersecurity threat wherein the attackers try to obtain personal information through e-mails and web sites disguised as legitimate accounts. Since the cease and desist order was served, lisensya.info can no longer be accessed by subscribers of various telecommunication firms, including PLDT, Smart and Dito. Likewise, the web site has been flagged by Google and Firefox. Using Google Chrome, anyone who tries to open the platform will be warned the web site they are about to enter is involved in phishing activities.

www.businessmirror.com.ph

Companies BusinessMirror

Tuesday, January 12, 2021

Operator of GCash secures investment from Bow Wave

By VG Cabuag

@villygc

lobe Fintech Innovations Inc. (Mynt), the operator of GCash, on Monday said it has raised some $175 million in fresh capital from ASP Philippines LP, a limited partnership fund managed by investment firm Bow Wave Capital Management. The said fund will be infused in multiple tranches, with postmoney valuation of the final tranches at close to $1 billion. “This investment from Bow Wave is a validation of both what we have accomplished as well as the potential

of GCash in unlocking digital services in the Philippines,” Martha Sazon, Mynt president and CEO, said in a statement. “The pandemic has acted as a catalyst in highlighting the importance of digital finance in society

today and with this investment from Bow Wave, we look forward to further living out our vision of finance for all, enabling democratized access to payment and financial services to every Filipino.” GCash recorded gross transaction value of over P1 trillion in 2020, spurred by services like online payments, bank cash-in and sending money. “We have made significant gains that further cemented our status as the leading finance app in the country. We are further encouraged by the fact that Mynt’s momentum has continued, even as the country moved out of quarantine restrictions, suggesting a fundamental shift in our customers’ behavior towards a cashless lifestyle. We are confident in Mynt’s future prospects as a unicorn in the Philippines,” Ernest L.

Cu, chairman of Mynt said. Bow Wave is a close-ended private equity fund with a mandate to invest globally in online and mobile payment ecosystem companies. Bow Wave’s investment in Mynt, its first in the Philippines, will translate to a minority equity interest in the Mynt. Other terms of the investment remain confidential, the company said. “Mynt has made great strides in the fintech space in the Philippines. Recognizing this fact and our shared values, Bow Wave supports the vision of Mynt to provide finance for all Filipinos. We are excited for this investment and we hope to add value to Mynt as it realizes its vision,” said Itai Lemberger, founder and CIO of Bow Wave. UBS AG acted as financial advisor for Mynt for the transaction.

Megawide to redevelop Cebu market M

egawide Construction Corp. on Monday said it signed a deal with the Cebu City government for the redevelopment of Cebu Carbon Market, for which it will spend some P5.5 billion. In its disclosure, the company said its joint venture agreement includes construction, development, and operation of mixed-use assets on the project site. Its agreement with the local government will run for 50 years, and can be extended for another 25 years upon mutual agreement

of the parties. “On the other hand, the city, as its participation in the joint venture, shall contribute the exclusive use and possession of the project site,” the company said. Megawide in November raised some P4.36 billion in fresh funds from the sale of its series 2A and Series 2B preferred shares, proceeds of which will be used to fund its existing projects in Parañaque and Cebu. “We are extremely heartened at the market’s vote of confidence

in Megawide’s financial strength, our business prospects and future growth coming from our focus on delivering transformative infrastructure projects such as our proposal to rehabilitate and transform NAIA into a first world airport,” Edgar Saavedra, the company’s chairman and CEO, said. The proceeds from the issuance will be used to fund its runway for growth program, which primarily includes the development of the 1.7-hectare Lot 2 at the Parañaque Integrated Terminal Exchange, ex-

Lockdowns strengthen Oscor Mart position By Ashley Manabat Correspondent

l a r k Freepor t— Oscor Mart is slowly gaining a foothold in the Philippine convenience store sector currently being dominated by 7-Eleven, Family Mart, Alfa Mart and Ministop. During the first “Balitaan” media forum of the Capampangan in Media, Inc. (CAMI) for 2021, Oscor Mart chairman and CEO Joseph Cruz Franco recounted how he was able to establish 60 stores in the country in just 2 years. Franco said innovations in his stores in Zamboanga, Davao, Cebu, Palawan, Laoag City, Bataan, Pampanga and Ormoc City which posts a gross sale of P80,000 to P100,000 per day even during the pandemic. Franco said while other companies are “sulking” during this pandemic, Oscor Mart continues to innovate. He said he started with 4 companies that are into pharmaceuticals, rice retailing, bills payment, and food-to-go under the Franco Group of Companies. Franco said he is also into printing services, food supplements, and has set up Eco Global, an online business similar to Lazada and Amazon. “We also have an app store for online shopping for groceries and we partnered with J & T Express for deliveries with most of our stores located near tricycle terminals. The tricycle operators and drivers’ association welcome the partnership because it adds up to their income,” said Franco. The Oscor Mart app is used for online grocery shopping which is a way of buying food and other household necessities using the internet which has become the new normal in amid the Covid-19 pandemic. “It simply means shopping for groceries right in the comfort of your own

Franco

home and then having them delivered at your doorstep.” “We discovered that during the pandemic, the most saleable items are the essentials, but people are stuck in their homes. So, we developed an app for online shopping.” But most importantly, “you have to locate your store where there is a huge volume of foot traffic,” Franco pointed out. The store should at least be 60 square meters. The business executive said Oscor Mart was initially “known for [distributing] suka (vinegar), patis (fish sauce), toyo (soy sauce) delivered nationwide.” Franco said In Pampanga, Oscor Mart has offices in the City of San Fernando near the Fernandino Hotel and two in adjacent Guagua town. What is inside Oscor Mart? “We have groceries, pharmacy products like medicines, bills payment like a Bayad Center. But unlike the latter which costs about P400,000 to establish and most of the time goes

offline, the Oscor Mart bills payment is never offline because our system is managed by a big company,” Franco said. Soon, Franco said, debit and credit card terminals will be installed in his stores as well as ATM machines. For its product supply and for its deliveries, Oscor Mart partnered with Suy Sing Commercial Corp. which deliver the products to Oscor Mart locations at wholesale price. Franco also said Oscor Mart is “the strongest and most affordable in the Philippines.” He said Oscor Mart only gets a royalty fee of only 3 percent from the net profit of the franchisee. From an initial investment of P1.5 million, Oscor Mart will only get P250,000 as franchise fee which can be settled on the 4th month of actual operation. But the most important thing, Franco said, is that its return on investment or ROI is only less than a year.

pansion of its precast capacity and initial design stages for the MactanCebu International Airport multiuse development. VG Cabuag

Cirtek to hike output of factories

aguna-based Cirtek Holdings Philippines Corp. on Monday said it will scale up the output of its semiconductor plants by about 20 percent starting in the first quarter to meet growing demand for its products. The company said its unit Cirtek Electronics Corp. will produce more products for its major customer called Quad Flat No Leads Package, which is widely used for high volume products like smart phones, PC and laptops, wireless communication and consumer electronics. These devices are predicted as major factors that will boost the global semiconductor industry growth for 2021, the company said. Cirtek said it will also need to support the needs of a global semiconductor company based in California in the United States, which is focused on Gallium Nitride (GaN) high power transistors and modules for high voltage power conversion applications. The product is for intelligent power modules that will increase efficiency and reliability in energy power system, electric chargers for electric vehicles, power adapters and inverters, among others. “The company is fortunate to be in an industry that is about to experience a revolutionary boom and we are very excited to take part in creating and shaping a new world as we emerge where technology and communications will be a main driving force as evidenced by this pandemic,” Cirtek Vice Chairman Jorge Aguilar said. Both businesses may contribute an additional volume of a production increase by 20 percent, the company said.

World Semiconductor Trade Statistics predicts that semiconductor sales will grow by 8.4 percent growth in 2021, reaching $469 billion in revenue, the company said. Cirtek Advanced Technology and Solutions is set to roll out its 5G chipset for mass production. Last year, the company bagged a multi-million dollar project with a Texasbased company for the manufacture of signal processing units and indoor radio frequency units that will be part of the system infrastructure that will be used for communication services for public safety, government, utilities and industrial customers. The company also finalized contract manufacturing services with a New York-based company to mass produce radio frequency power modules for high speed data transmission for aerospace applications. Quintel USA Inc., its other unit that manufactures antennas, is projected to release a new line of C-Band antenna family early this year following an auction late last of year of the US Federal Communications Commission of its latest 5G spectrum. The auction commenced last December 8, 2020, and by the third week of the month, it has broken record to be the largest US spectrum auction ever with gross proceeds of $69.83 billion. As a comparison, the highest grossing spectrum auction in US history was the AWS-3 (Advanced Wireless Services 3) auction in 2015 that garnered $44.9 billion. The said frequency is mostly used by US telecom giants AT&T, Verizon and T-Mobile. VG Cabuag

Companies BusinessMirror

Tuesday, January 12, 2021

PSE STOCK QUOTATIONS

January 11, 2021

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

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

43.5 110.7 85 25.4 7.3 10.82 49.95 11.5 20.7 28.6 54.8 97 18.5 134.1 71.2 0.99 46.5 0.62 4.29 6.91 1.85 0.39 850 0.8 152 2,150

44.95 110.9 85.5 25.5 8.49 10.88 50 11.98 22.75 28.8 55.1 114.9 18.6 134.2 71.5 1 46.55 0.63 4.3 7.39 1.87 0.4 900 0.83 154.5 2,168

44 109 86.9 25.45 6.51 11.16 49.5 12.28 22.9 29.4 55 96.6 18 135 71 1.05 45.8 0.63 4.09 7.39 1.58 0.38 830 0.79 152.5 2,080

44 112 87 25.6 8.49 11.16 50 12.28 22.9 29.5 55.1 96.6 18.6 136 72 1.05 48.2 0.63 4.54 7.39 1.88 0.4 900 0.85 154.5 2,150

44 108.8 84.55 25.1 6.51 10.6 48.5 11.26 22.9 28.6 54.7 96.6 18 133.8 71 0.94 45.8 0.62 4.09 7.39 1.52 0.375 830 0.79 152 2,080

44 110.9 85 25.5 8.49 10.88 50 11.26 22.9 28.6 55.1 96.6 18.5 134.2 71.2 0.99 46.5 0.63 4.29 7.39 1.85 0.4 850 0.8 154.5 2,150

5,700 3,452,240 4,349,680 163,000 8,400 947,300 3,371,300 2,100 200 318,800 2,620 400 93,500 917,040 16,170 722,000 1,444,900 100,000 731,000 100 2,871,000 930,000 640 863,000 150 90

250,800 382,081,174 374,147,445.50 4,129,665 65,764 10,256,352 167,875,640 23,832 4,580 9,198,695 144,079 38,640 1,725,796 123,771,230 1,159,770 728,830 66,558,860 62,700 3,146,610 739 5,139,880 351,500 544,200 719,120 22,937 189,290

INDUSTRIAL

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

7.21 1.29 26.85 33.45 81 296 16.82 3.95 3.54 11.62 21.4 10.1 7.69 3.29 13.84 18.22 7.8 7.88 10.06 68.15 0.65 1.68 51 199.1 38.25 8.05 7.27 0.29 8.06 1.23 4.6 1.66 0.123 159.6 0.97 52.55 54.85 1.56 5.8 14.2 7.6 7.35 8.5 9.55 1.8 1.24 1.8 2.28 4.32 4.55 5.16 22 2.8 8.99 1.37 5.19 1.53 8.2

7.22 1.3 26.9 33.6 81.75 298 16.86 3.97 3.64 11.74 21.5 10.14 7.7 3.3 14.88 18.24 7.88 7.89 10.08 68.45 0.67 1.69 52 199.4 38.95 8.36 7.28 0.295 8.1 1.24 4.7 1.72 0.126 159.9 0.98 54.95 56.5 1.57 5.82 14.28 7.68 7.37 8.53 9.88 - 1.25 1.82 2.33 4.5 4.67 5.41 22.3 2.81 9 1.39 5.39 1.55 8.24

7.77 1.3 27.2 31.2 80.1 300 16.7 3.76 3.58 12 21.4 10.1 7.55 3.36 15.54 18.2 7.8 7.75 10.1 67 0.63 1.64 51 192.6 38.05 8 7.04 0.24 8.17 1.25 4.7 1.65 0.12 158.3 0.93 54.7 54.85 1.61 5.7 14.28 7.54 7.4 8.37 9.9 1.3 1.14 1.84 2.35 4.34 4.68 5.15 22.5 2.82 9.13 1.39 5.19 1.5 7.3

7.77 1.31 27.2 33.7 82.25 301.4 16.96 3.98 3.65 12 21.5 10.14 7.7 3.39 15.6 18.34 7.85 7.9 10.12 68.85 0.67 1.69 53.2 201 39 8.05 7.45 0.295 8.17 1.25 4.7 1.65 0.124 160.4 0.97 55 54.85 1.64 5.9 14.3 7.61 7.45 8.67 9.9 1.8 1.25 1.84 2.38 4.34 4.68 5.16 22.5 2.85 9.13 1.42 5.41 1.57 8.35

7.05 1.28 26.8 31.15 80.1 295 16.56 3.76 3.53 11.6 21.15 10 7.5 3.22 13.68 18 7.7 7.6 9.98 66.2 0.63 1.61 50.5 192.6 37.85 7.68 7.04 0.239 8 1.22 4.6 1.65 0.12 156 0.93 52.45 54.8 1.56 5.7 14.2 7.54 7.3 8.32 9.5 1.3 1.14 1.78 2.27 4.32 4.5 5.15 22 2.78 8.71 1.32 5.19 1.48 7.11

7.22 1.3 26.9 33.6 81.75 298 16.86 3.97 3.65 11.74 21.5 10.1 7.7 3.3 14.84 18.22 7.85 7.89 10.08 68.15 0.67 1.69 52 199.1 38.95 8.05 7.28 0.29 8.06 1.23 4.6 1.65 0.124 159.9 0.97 54.95 54.85 1.56 5.82 14.28 7.61 7.37 8.5 9.88 1.8 1.25 1.79 2.33 4.32 4.5 5.16 22 2.81 9 1.39 5.41 1.53 8.24

68,245,200 1,718,000 2,356,400 3,663,900 328,920 338,640 1,936,200 3,788,000 29,000 179,100 211,200 200,000 1,702,100 874,000 9,700 1,380,400 89,900 3,033,900 1,071,500 60,140 3,004,000 21,329,000 94,490 1,100,500 6,700 36,700 422,700 40,580,000 174,200 5,395,000 14,000 24,000 1,280,000 1,342,490 8,074,000 2,160 3,420 20,774,000 267,300 64,500 516,200 1,576,100 3,441,100 15,600 38,146,000 7,551,000 56,000 473,000 60,000 3,000 16,100 25,900 14,517,000 1,518,600 2,624,000 5,300 2,129,000 27,466,100

504,383,422 2,232,910 63,464,885 121,156,470 26,828,928 101,430,698 32,639,572 14,808,570 103,480 2,103,470 4,509,160 2,016,106 12,956,906 2,880,060 143,448 25,144,594 701,560 23,612,323 10,797,030 4,053,235 1,945,790 35,430,290 4,910,745 218,587,346 255,700 290,886 3,062,196 11,051,860 1,404,144 6,659,950 64,620 39,600 158,440 214,360,767 7,688,500 116,219.50 187,575 33,177,920 1,559,070 920,050 3,922,439 11,643,553 29,118,178 150,738 61,682,250 9,150,700 100,290 1,094,940 259,810 13,860 83,046 572,750 40,934,350 13,606,876 3,636,530 27,551 3,254,070 218,260,775

HOLDING & FRIMS

ABACORE CAPITAL ASIABEST GROUP AYALA CORP ABOITIZ EQUITY ALLIANCE GLOBAL AYALA LAND LOG ANSCOR ANGLO PHIL HLDG ATN HLDG A ATN HLDG B COSCO CAPITAL DMCI HLDG FILINVEST DEV FJ PRINCE A GT CAPITAL HOUSE OF INV JG SUMMIT JOLLIVILLE HLDG KEPPEL HLDG A LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PACIFICA HLDG PRIME MEDIA REPUBLIC GLASS SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES TOP FRONTIER WELLEX INDUS ZEUS HLDG

0.74 8.77 830 47.5 10.44 3.25 6.7 0.82 0.93 0.92 5.62 5.56 9 3.06 577 3.98 73.7 4.37 4.87 1.13 3.72 13.6 0.53 4.45 3.5 0.85 2.81 1.19 365 1,050 130.8 0.83 139.9 0.221 0.207

0.75 9.07 840 47.8 10.48 3.26 6.76 0.83 0.94 0.93 5.66 5.57 9.25 3.12 578.5 4 74 5.19 5.26 1.14 3.73 13.62 0.56 4.46 3.69 0.87 3 1.2 370 1,075 131 0.84 140 0.239 0.212

0.78 8.65 835 47.55 10.4 3.32 6.78 0.9 0.89 0.89 5.58 5.8 9.2 3.04 575 4 74 5.2 5.25 0.98 3.74 13.58 0.52 4.41 3.35 0.85 3 1.18 340 1,050 130 0.84 132.5 0.217 0.203

0.79 9.19 849 48.2 10.7 3.36 6.78 0.9 0.95 0.93 5.66 5.8 9.25 3.17 592 4.15 75.9 5.2 5.25 1.2 3.74 13.6 0.57 4.48 3.7 0.85 3 1.2 370 1,095 131.2 0.86 140 0.239 0.22

0.74 8.65 830 47.45 10.38 3.23 6.77 0.81 0.89 0.89 5.52 5.55 8.95 3.04 569 4 72.85 5.2 5.25 0.97 3.72 13.48 0.52 4.39 3.35 0.85 3 1.18 319 1,050 129.6 0.8 132.5 0.217 0.196

0.75 8.77 840 47.5 10.48 3.26 6.77 0.82 0.94 0.93 5.62 5.57 9 3.15 577 4 74 5.2 5.25 1.13 3.73 13.6 0.53 4.45 3.5 0.85 3 1.2 370 1,050 130.8 0.84 140 0.239 0.207

58,625,000 154,300 247,790 1,305,900 3,897,400 3,579,000 3,700 11,680,000 13,346,000 375,000 962,600 7,192,700 60,200 331,000 470,800 867,000 1,951,100 400 7,000 42,464,000 11,224,000 873,600 757,000 17,095,000 194,000 34,000 6,000 268,000 13,030 312,900 559,500 760,000 10,290 740,000 17,400,000

132,000 174,631,481 23,621,805 -561,110 -1,662,774 -16,383,545 4,580 546,860 2,243,473 119,316 -375,250 -5,480 -48,900 90,000 535,200 167,790 -30,194,203 -66,560 -12,347,025 52,137,200 -14,898,855 20,095,332 1,129,432 -447,140 119,000 172,710 10,020 10,940 95,060 -3,107,010 9,155,954 636,486 -1,243,929.50 83,870 3,918,092 -62,462,904 690,817 -611,500 -19,641 8,420 -17,542,865 -69,590 -900,970 -78,708 -6,831 195,772 647,154 -970,400 36,600 -49,010 -15,710 -187,040 -1,484,629 -125,900 -1,020,202

44,494,710 1,350,018 208,897,335 62,213,320 41,075,338 11,755,330 25,085 9,838,980 12,346,740 342,850 5,418,484 40,712,754 546,615 1,006,620 272,854,760 3,470,950 145,521,900 2,080 36,750 45,223,080 41,825,250 11,834,168 413,380 75,964,080 694,450 28,900 18,000 319,570 4,555,506 335,275,945 73,120,471 647,730 1,439,002 173,580 3,762,080

-7,820 15,652,025 5,826,780 8,522,292 -406,430 158,410 138,000 434,852 -25,520,459 61,506 7,887,540 -2,221,500 54,584,287 124,930 -40,062,200 -1,594,854 79,500 38,765,200 -43,440 38,022,105 -27,020,104 131,572 -

PROPERTY ARTHALAND CORP 0.65 0.66 0.66 0.67 0.64 0.65 2,631,000 1,719,090 7.62 8 8.79 8.79 7.51 7.54 12,800 103,456 ANCHOR LAND AYALA LAND 41.4 41.5 41.5 42 41 41.4 9,225,000 385,056,580 1.16 1.22 1.15 1.24 1.15 1.22 502,000 612,210 ARANETA PROP AREIT RT 30 30.1 29.5 30.15 29.5 30 1,555,100 46,614,610 BELLE CORP 1.69 1.7 1.7 1.7 1.69 1.69 458,000 776,710 0.96 0.98 0.99 0.99 0.94 0.98 6,576,000 6,321,940 A BROWN CROWN EQUITIES 0.144 0.146 0.144 0.15 0.144 0.144 4,470,000 652,570 5.82 5.99 5.99 5.99 5.9 5.99 270,500 1,615,196 CEBU HLDG 5.01 5.03 5.02 5.05 4.96 5.03 1,604,700 8,013,146 CEB LANDMASTERS CENTURY PROP 0.435 0.44 0.44 0.445 0.43 0.44 7,000,000 3,051,300 0.36 0.37 0.345 0.37 0.345 0.37 7,370,000 2,659,250 CYBER BAY DOUBLEDRAGON 15.04 15.08 15.26 15.48 15.02 15.08 3,026,900 46,050,986 7 7.05 6.89 7.15 6.68 7 181,800 1,258,451 DM WENCESLAO 0.31 0.32 0.31 0.325 0.31 0.32 1,180,000 367,600 EMPIRE EAST EVER GOTESCO 0.088 0.089 0.084 0.088 0.084 0.088 1,460,000 124,330 1.15 1.16 1.12 1.16 1.11 1.16 19,341,000 22,087,830 FILINVEST LAND GLOBAL ESTATE 0.92 0.94 0.92 0.95 0.92 0.94 467,000 435,520 8.1 8.15 8.15 8.2 8.13 8.15 15,400 125,531 8990 HLDG 1.4 1.42 1.43 1.46 1.38 1.4 3,925,000 5,576,870 PHIL INFRADEV KEPPEL PROP 3.18 3.43 3.14 3.38 3.04 3.38 51,000 162,370 0.73 0.75 0.75 0.76 0.75 0.75 128,000 96,720 CITY AND LAND 4.24 4.27 4.28 4.29 4.22 4.24 31,172,000 132,968,560 MEGAWORLD MRC ALLIED 0.73 0.74 0.66 0.75 0.64 0.73 535,434,000 372,284,170 1.5 1.56 1.58 1.58 1.48 1.56 680,000 1,029,550 PRIMEX CORP ROBINSONS LAND 22.35 22.4 22.5 23.25 22.35 22.4 3,424,100 77,520,760 1.6 1.62 1.58 1.6 1.58 1.6 391,000 622,840 ROCKWELL 2.65 2.68 2.68 2.69 2.65 2.65 45,000 120,350 SHANG PROP STA LUCIA LAND 2.04 2.07 2.04 2.08 2.01 2.07 300,000 614,310 40 40.4 40.4 41.95 40 40 11,688,800 480,537,090 SM PRIME HLDG VISTAMALLS 4.29 4.32 4.29 4.33 4.25 4.29 97,000 415,550 2.01 2.02 2.11 2.15 2 2.02 11,400,000 23,598,330 SUNTRUST HOME 40.7 47.5 40.6 40.6 40.6 40.6 9,600 389,760 PTFC REDEV CORP VISTA LAND 4.8 4.81 4.72 4.85 4.71 4.81 7,133,000 34,280,200

74,450 7,957,535 -183,000 -1,115,850 -47,600 100,800 1,599,642 20,544 39,150 -16,304,006 -15,480 3,345,050.00 659,990 -11,715,590 10,315,100 -4,067,880 10,760 -8,320 150,026,645 203,520 14,135,590

SERVICES ABS CBN 13.32 13.34 14 14 13.2 13.32 932,400 12,590,446 5.97 5.98 6 6.02 5.95 5.97 1,068,800 6,398,099 GMA NETWORK MANILA BULLETIN 0.43 0.44 0.43 0.43 0.43 0.43 60,000 25,800 11.7 12 11.3 12 11.3 12 200 2,330 MLA BRDCASTING GLOBE TELECOM 2,040 2,064 2,030 2,094 2,030 2,040 113,750 234,055,090 PLDT 1,457 1,460 1,424 1,460 1,400 1,460 239,660 344,820,425 0.26 0.265 0.21 0.26 0.207 0.26 2,877,580,000 672,537,780 APOLLO GLOBAL CONVERGE 15.88 15.96 15.72 15.98 15.7 15.96 3,252,200 51,667,878 5.02 5.1 5.01 5.15 4.9 5.1 341,400 1,697,611 DFNN INC 12.66 12.68 13.16 13.28 12.6 12.68 51,183,500 658,233,618 DITO CME HLDG IMPERIAL 1.66 1.71 1.65 1.65 1.65 1.65 8,000 13,200 0.201 0.203 0.17 0.214 0.168 0.201 223,100,000 43,041,920 ISLAND INFO JACKSTONES 2 2.1 2.05 2.13 1.9 2.1 18,000 36,820 4.15 4.16 4.33 4.35 4.13 4.16 11,499,000 48,922,570 NOW CORP 0.37 0.375 0.35 0.375 0.35 0.37 52,360,000 18,991,050 TRANSPACIFIC BR PHILWEB 2.94 2.95 2.93 2.95 2.9 2.94 909,000 2,652,900 9.05 9.2 9.3 9.4 9 9.2 195,800 1,796,547 2GO GROUP ASIAN TERMINALS 14.7 14.96 14.96 14.96 14.9 14.9 20,000 298,600 CHELSEA 5.24 5.25 5.4 5.48 5.24 5.24 4,335,800 23,050,433 50.3 50.35 49.25 50.5 49.1 50.35 414,800 20,716,695 CEBU AIR INTL CONTAINER 125.1 125.5 125.6 127 124.8 125.5 2,057,630 258,915,111 15.4 15.5 15.4 15.4 15.32 15.4 171,900 2,647,220 LBC EXPRESS 0.97 1.01 0.96 1.01 0.96 1.01 25,000 24,860 LORENZO SHIPPNG MACROASIA 6.78 6.8 6.9 7 6.7 6.8 3,800,200 25,858,387 1.91 1.94 1.92 1.95 1.89 1.94 421,000 805,960 METROALLIANCE A METROALLIANCE B 1.82 1.95 1.96 1.96 1.82 1.82 16,000 30,910 6.99 7 7.01 7.14 6.95 7 45,600 322,100 PAL HLDG 1.64 1.66 1.63 1.67 1.59 1.64 5,733,000 9,381,480 HARBOR STAR BOULEVARD HLDG 0.044 0.045 0.043 0.044 0.042 0.044 170,500,000 7,394,700 2.25 2.3 2.25 2.48 2.2 2.26 188,000 415,840 DISCOVERY WORLD WATERFRONT 0.58 0.59 0.59 0.6 0.57 0.59 21,545,000 12,539,580 IPEOPLE 8.3 8.49 8.49 8.49 8.3 8.3 2,300 19,242 0.445 0.45 0.445 0.45 0.44 0.445 4,510,000 2,009,450 STI HLDG BERJAYA 5.81 5.9 5.9 6 5.8 5.8 33,800 199,603 8.08 8.22 7.98 8.4 7.98 8.08 3,198,300 26,335,644 BLOOMBERRY 2.14 2.16 2.1 2.17 2.1 2.14 133,000 284,730 PACIFIC ONLINE LEISURE AND RES 1.89 1.9 1.9 1.93 1.89 1.9 296,000 563,200 2.29 2.3 2.38 2.38 2.3 2.3 11,000 25,380 MANILA JOCKEY PH RESORTS GRP 3.34 3.35 3.33 3.56 3.32 3.35 32,555,000 112,040,540 0.54 0.55 0.53 0.55 0.51 0.54 50,115,000 26,790,020 PREMIUM LEISURE 6.7 6.8 6.8 6.8 6.7 6.7 1,000 6,710 PHIL RACING ALLHOME 9.06 9.1 9.05 9.1 9 9.1 3,009,400 27,257,314 1.51 1.52 1.52 1.52 1.5 1.52 6,099,000 9,244,610 METRO RETAIL PUREGOLD 40.15 40.4 40.05 40.85 40 40.15 4,084,900 165,297,775 ROBINSONS RTL 64.15 64.25 63.5 64.65 63.5 64.15 170,830 10,964,482 121 122 121 121.1 120.5 121 8,780 1,062,204 PHIL SEVEN CORP SSI GROUP 1.49 1.5 1.54 1.54 1.48 1.5 7,309,000 10,904,960 17.78 17.8 18 18 17.7 17.8 473,900 8,441,042 WILCON DEPOT 0.445 0.45 0.425 0.445 0.41 0.445 6,420,000 2,787,050 APC GROUP EASYCALL 7.14 7.2 7.06 7.35 7.06 7.12 47,300 336,723 434 450 450 450 432.6 450 1,140 512,478 GOLDEN BRIA IPM HLDG 6.11 6.39 6.51 6.51 6.04 6.5 4,100 25,268 2.06 2.45 2.3 2.3 2.3 2.3 2,000 4,600 PAXYS 2.09 2.1 2 2.27 1.86 2.09 531,014,000 1,098,132,630 PRMIERE HORIZON SBS PHIL CORP 5.41 5.5 5.27 5.5 5.27 5.41 115,900 625,664

-65,993,140 108,745,615 36,063,560 22,044,908 -860,053 -51,397,022 3,863,240 -66,250 407,950 134,200 47,006 -212,136 401,100 5,821,850 9,400,225 1,920 156,733 227,510 -163,400 95,780.00 -72,050 -5,889,986 -2,418,780 1,263,800 25,134,263 -3,842,140 -17,131,005 646,351.50 1,003,099 -558,800 -5,545,534 4,500 16,006,160 -

MINING & OIL

ATOK 7.35 7.49 7.49 7.6 7 7.49 1,012,500 7,306,717 240,202 APEX MINING 1.76 1.77 1.76 1.77 1.73 1.76 8,761,000 15,312,210 -981,480 0.0035 0.0036 0.0034 0.0037 0.0034 0.0035 14,104,000,000 49,619,900 -20,900 ABRA MINING ATLAS MINING 7 7.05 7.01 7.09 7 7 783,500 5,490,701 -350,000 BENGUET A 3.43 3.44 3.62 3.62 3.42 3.44 266,000 926,900 3.3 3.49 3.56 3.56 3.2 3.3 240,000 809,740 BENGUET B COAL ASIA HLDG 0.3 0.305 0.285 0.305 0.285 0.305 3,030,000 901,150 2.9 2.94 2.93 2.94 2.84 2.94 65,000 189,150 79,130 CENTURY PEAK 8.8 8.85 8.85 8.85 8.51 8.85 38,500 335,825 DIZON MINES FERRONICKEL 2.98 2.99 3.09 3.09 2.98 2.98 17,928,000 54,029,220 -6,316,310 0.335 0.345 0.345 0.345 0.325 0.34 4,070,000 1,358,050 GEOGRACE LEPANTO A 0.169 0.17 0.169 0.173 0.165 0.169 67,980,000 11,477,400 0.171 0.172 0.173 0.174 0.171 0.171 4,300,000 743,230 69,200 LEPANTO B 0.01 0.011 0.01 0.011 0.01 0.011 48,800,000 495,900 MANILA MINING A MANILA MINING B 0.011 0.012 0.01 0.011 0.01 0.011 14,800,000 162,600 1.74 1.77 1.82 1.82 1.71 1.75 5,982,000 10,507,740 248,890 MARCVENTURES NIHAO 3.38 3.43 3.41 3.49 3.25 3.43 945,000 3,174,730 -37,400 NICKEL ASIA 5.66 5.7 5.74 5.79 5.6 5.7 10,636,100 60,486,122 6,494,294 0.385 0.395 0.385 0.395 0.38 0.385 2,820,000 1,076,000 -805,600 OMICO CORP ORNTL PENINSULA 1.27 1.28 1.25 1.34 1.16 1.28 17,452,000 21,776,950 -2,450 5.06 5.15 5.2 5.2 5.01 5.06 6,247,800 31,817,703 -12,502,082.00 PX MINING 13.98 14 13.86 14.22 13.8 14 2,106,600 29,628,258 830,744 SEMIRARA MINING UNITED PARAGON 0.0064 0.0068 0.0065 0.0068 0.0062 0.0068 53,000,000 347,100 84,500 13.26 13.3 13.8 13.8 12.9 13.28 456,500 6,048,682 ACE ENEXOR ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.011 235,900,000 2,625,300 0.012 0.013 0.013 0.013 0.012 0.012 6,900,000 84,900 ORNTL PETROL B 0.011 0.012 0.011 0.012 0.011 0.011 22,500,000 261,200 PHILODRILL PXP ENERGY 12.4 12.44 11.68 12.44 11.68 12.4 3,668,900 44,907,976 -987,802 PREFFERED AC PREF B1 515 525 516 516 515 515 1,130 582,150 506 513.5 506 506 506 506 300 151,800 AC PREF B2R BC PREF A 18.02 27 18 18 18 18 100 1,800 102 104.4 104.9 104.9 102 104.5 20,120 2,052,539 CPG PREF A DD PREF 101 102 101 101 101 101 250 25,250 108.2 112 108.2 108.2 108 108 50,100 5,411,460 FGEN PREF G 1,000 1,039 1,019 1,019 1,019 1,019 30 30,570 GTCAP PREF A GTCAP PREF B 1,020 1,025 1,025 1,025 1,025 1,025 100 102,500 101 101.7 101 101.8 101 101.8 350 35,622 34,612 MWIDE PREF 100 100.8 100.8 100.8 100.8 100.8 20 2,016 MWIDE PREF 2A MWIDE PREF 2B 100.5 101.2 101.3 101.3 101.2 101.2 50 5,061 105 105.4 105 105 105 105 1,510 158,550 PNX PREF 3B PNX PREF 4 1,008 1,010 1,010 1,010 1,006 1,010 2,450 2,472,820 50,500 1,005 1,024 1,024 1,024 1,024 1,024 15 15,360 PCOR PREF 2B 1,036 1,073 1,070 1,070 1,070 1,070 550 588,500 PCOR PREF 3A PCOR PREF 3B 1,085 1,100 1,080 1,100 1,080 1,100 210 227,800 78 78.5 78 78.85 77.8 78.5 85,660 6,677,479.50 21,060 SMC PREF 2C SMC PREF 2E 75.5 77 75.4 77 75.4 77 1,160 87,692 75.7 76 75.6 76 75.6 76 1,240 94,192 79,040 SMC PREF 2G 76.1 77.75 76 76 76 76 10 760 SMC PREF 2H SMC PREF 2I 76.8 78.85 77 77 76.75 76.75 53,500 4,112,792.50 75.5 76 75.5 76 75.5 76 56,470 4,268,590 SMC PREF 2J 75.15 76.1 76.25 76.25 75.15 76.1 7,300 550,369.50 150,600 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.54 13.5 13.3 13.5 13.3 13.5 132,000 1,777,960 1,256,900 5.96 6.04 6 6.05 5.93 6.04 220,300 1,327,838 1,021,188 GMA HLDG PDR WARRANTS LR WARRANT 1.01 1.02 1.02 1.02 0.99 1 152,000 151,020 SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.12 13.16 12.7 13.22 12.7 13.12 394,200 5,165,728 -16,866 3.29 3.3 3.3 3.3 3.23 3.29 2,974,000 9,749,230 452,250 ITALPINAS KEPWEALTH 6.21 6.35 6.58 6.58 6.13 6.35 62,300 389,864 614 2.68 2.98 2.89 2.99 2.89 2.98 21,000 61,500 MAKATI FINANCE MERRYMART 7.71 7.72 8.1 8.2 7.6 7.71 39,325,500 311,300,155 -22,383,402 EXHANGE TRADE FUNDS FIRST METRO ETF 110.2 110.5 110 112 110 110.5 37,520 4,156,536 122,150

www.businessmirror.com.ph

PSE, PDS urge Congress to approve CREATE bill

By VG Cabuag

@villygc

he operators of the country’s capital markets on Monday voiced their support for the passage of the second tranche of the Duterte administration’s comprehensive tax reform package. In a statement, the Philippine Stock Exchange (PSE) and the Philippine Dealing System Holdings Corp. (PDS) said the tax measure called Corporate Recovery and Tax Incentives for Enterprises (Create) bill, which seeks to reduce

corporate income tax rate, among others, will leave more money for businesses that they can use either for expansion or distribution to its stockholders. The bill called for the reduction of corporate income tax to

25 percent, from the current 30 percent minimum rate. “We respectfully urge both houses of Congress to prioritize the immediate passage of the CREATE Bill so that the country can fully reap the benefits of this reform bill without delay,” the joint statement of the PSE and PDS read. They said the investment of tax savings in other business undertakings or investment vehicles can set off a chain of “positive economic consequences,” such as employment generation, higher spending, and increased domestic business activity as a result of the multiplier effect. They also support the expansion of the list of transactions qualifying as tax-free exchanges in Section 40 of the National Internal Revenue Code and removal of the requirement

to obtain a prior Bureau of Internal Revenue confirmation or tax ruling for purposes of availing of the benefit in Section 40. “This will streamline the process of reorganization typically conducted by companies preparatory to going public. This is a very welcome development and a move that has long been clamored for by the market,” their statement read. “We are optimistic that the above reforms, together with the removal of the Initial Public Offering tax in Republic Act No. 11494 or the Bayanihan to Recover as One Act, will spur business creation in the Philippines, incentivize capital-raising activities in the Philippine capital market, and overall, accelerate the country’s recovery from economic losses brought about by the Covid-19 pandemic.”

Group: Public backs Naia rehabilitation A

n advocacy group said on Monday that its online survey found that 97 percent of respondents agreed that the rehabilitation of the Ninoy Aquino International Airport (Naia) must proceed without delay. With its most popular hashtag reaching 11 million views on Tiktok, the Passenger Forum (TPF) also noted the NAIA rehabilitation project drew widespread support online. According to TPF Convenor Primo Morillo, “This poll further strengthened our resolve to campaign for the immediate rehabilitation of NAIA. There should be no further delay, the project has to start the soonest possible time.” The online survey conducted from January 1-10 has 1,077,382 respondents. TPF members and their supporters actively advocated for the online survey through various social media platforms such as Facebook, Twitter, Instagram, and Tiktok. Several hashtags were used by netizens in support of the campaign including #BetterNAIAnow, #FixNAIAnow, and #TransformNAIA. “The campaign is most effective in Tiktok where all of the hashtags we used has at least 9.8 million views each. As Tiktok is used mainly by young people, we see this as the youth’s assertion that they want a

better NAIA in the future that actually belongs to them,” Morillo said. TPF, in previous statements to the media, has repeatedly asserted that the low volume of travelers using Naia during the pandemic is an opportunity to fast-track its rehabilitation with less inconvenience to the riding public. Morillo said, “We’ve been waiting for the MIAA board to meet and discuss the matter to resolve whatever issues they have with the current proponent.” Department of Transportation (DOTr) Secretary Arthur Tugade last month prodded the Manila International Airport Authority (MIAA) to schedule a board meeting this month as a commitment to the Senate Committee on Public Services. The commitment was given during last month’s hearing of the said committee headed by Senator Grace Poe on the delay of the Naia rehabilitation project. Aside from favoring immediate Naia rehabilitation, the TPF survey also found out that 95.8 percent agree that Naia’s terminals need to be interconnected via train, and that 96.3 percent prefer that the project be entrusted to a company with a proven track record in building quality airports. Morillo also announced that they are planning to send a letter to Presi-

‘Network improvements lift Globe Internet speed’

yala-led Globe Telecom Inc. on Monday claimed that its “rigorous network improvements” over the past months has contributed largely to the total internet speed readings across the Philippines. Data shows one of the biggest jumps in mobile internet speeds in the past few months, the company claimed. According to Ook la, which tests and analyze internet speeds, Globe has been registering better consistency scores in 16 of 17 regions in the fourth quarter last year compared in the third quarter. In terms of scores, Ookla’s qu a r te rly d at a showe d t h at Globe’s overall consistency score in the fourth quarter of 2020 to 60.82 percent from the previous quarter’s 56.83 percent. Globe’s regional mobile consistency scores also improved from the previous quarter in 16 out of 17 regions, registering increases

as high as 10 percentage points, with consistency scores ranging from 39 percent and 65 percent in the fourth quarter of 2020. The area with the highest consistency scores based on “All Technology” is Metro Manila at 65.17 percent. Mobile consistency score measures the number of incidences, viewed as a percentage, of a provider’s samples equal or exceeds both a download threshold of five megabits per second and an upload threshold of 1 Mbps. “The company strongly supports the United Nations Susta inable Development Goa ls, particularly UN SDG No. 9 which highlights the roles of infrastructure and innovation as crucial drivers of economic growth and development,” the company said in a statement. Over the past months, the company said it is installing cellular sites in far-flung areas, cooperating with the communities where the towers are built. VG Cabuag

dent Duterte regarding the issue. “No less than the President promised the rehabilitation of NAIA and better experience for travelers. We’ll let him know that many people are waiting for this project to finally

mutual funds

happen. We don’t want the NAIA rehabilitation to be just another broken promise. We hope that as President, he’ll remind the DOTr and MIAA that, in fact, this is supposed to be a priority project of his administration.”

January 11, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 231.85 -7.83% -8.62% -0.28% 2.22% ATRAM Alpha Opportunity Fund, Inc. -a 1.3364 -0.93% -6.34% 4.03% 2.09% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1939 -10.52% -12.44% -1.62% 2.1% Climbs Share Capital Equity Investment Fund Corp. -a 0.8137 -8.01% -7.36% n.a. 1.6% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7464 -11.78% n.a. n.a. 0.66% First Metro Save and Learn Equity Fund,Inc. -a 5.0447 -4.78% -6.44% 0.15% 2.28% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7718 -9.29% -9.07% -4.6% 1.67% MBG Equity Investment Fund, Inc. -a 101.6 -0.97% -4.68% n.a. 0.87% PAMI Equity Index Fund, Inc. -a 47.8111 -6.51% -6.59% 1.48% 2.3% Philam Strategic Growth Fund, Inc. -a 498.76 -6.12% -6.58% 0.59% 2.19% Philequity Alpha One Fund, Inc. -a,d,5 1.1178 8.46% n.a. n.a. 3.36% Philequity Dividend Yield Fund, Inc. -a 1.1949 -6.99% -6.14% 1.29% 2.8% Philequity Fund, Inc. -a 35.622 -5.69% -5.72% 2.07% 2.96% Philequity MSCI Philippine Index Fund, Inc. -a 0.935 -7.98% n.a. n.a. 2.77% Philequity PSE Index Fund Inc. -a 4.8905 -6.13% -6.11% 2.27% 2.3% Philippine Stock Index Fund Corp. -a 818.32 -5.91% -6% 2.22% 2.33% Soldivo Strategic Growth Fund, Inc. -a 0.7324 -11.33% -9.98% -2.2% 1.92% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6972 -11.56% -8.08% 0.45% 2.12% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9369 - 6.15% -6.28% 2.06% 2.33% United Fund, Inc. -a 3.3808 -7.42% -5.24% 2.51% 1.95% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 109.7957 -5.86% -5.76% 2.97% 2.33% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2666 22.74% 3.24% 8.84% 6.82% Sun Life Prosperity World Voyager Fund, Inc. -a $1.6994 22.83% 9.34% n.a. 1.8% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6987 9.82% -3.88% 0.24% 1.97% ATRAM Philippine Balanced Fund, Inc. -a 2.3185 7.52% -2.56% 2.28% 1.72% First Metro Save and Learn Balanced Fund Inc. -a 2.6606 1.76% -1.8% 0.61% 1.41% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.2011 -12.18% n.a. n.a. 1.41% NCM Mutual Fund of the Phils., Inc. -a 1.9864 1.42% -0.82% 2.61% 1.14% PAMI Horizon Fund, Inc. -a 3.8317 1.56% -1.66% 1.96% 1.27% Philam Fund, Inc. -a 17.1351 1.52% -1.65% 1.89% 1.31% 1.35% Solidaritas Fund, Inc. -a 2.121 -0.41% -2.55% 1.71% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.619 -5.78% -4.1% 0.73% 1.55% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.0324 2.55% n.a. n.a. 1.07% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.964 -2.93% n.a. n.a. 1.75% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9491 -4.14% n.a. n.a. 1.92% Sun Life Prosperity Dynamic Fund, Inc. -a 0.9032 -6.67% -4.69% 0.14% 1.79% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03882 1.46% 2.37% 1.87% -0.82% PAMI Asia Balanced Fund, Inc. -b $1.1846 14.79% 2.93% 7% 3.68% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5673 16.44% 7.08% 8.72% 1.45% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2072 8.71% 3.9% n.a. 0.63% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 370.94 3.57% 3.22% 2.82% -0.02% ATRAM Corporate Bond Fund, Inc. -a 1.9012 -0.09% 0.14% 0.02% 0.06% Cocolife Fixed Income Fund, Inc. -a 3.215 3.08% 4.44% 4.8% 0.04% Ekklesia Mutual Fund Inc. -a 2.2955 3.33% 2.92% 2.37% -0.04% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4511 4.36% 3.37% 2.09% -0.07% -0.08% Philam Bond Fund, Inc. -a 4.6281 6.55% 4.48% 2.99% Philam Managed Income Fund, Inc. -a,6 1.3202 5.66% 4.46% 2.7% -0.06% Philequity Peso Bond Fund, Inc. -a 3.983 5.44% 4.51% 2.85% -0.44% Soldivo Bond Fund, Inc. -a 1.0391 8.36% 4.03% 2.53% -0.23% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2 4.84% 4.83% 3.42% -0.01% Sun Life Prosperity GS Fund, Inc. -a 1.7485 3.87% 4.09% 2.78% -0.31% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $483.32 3.11% 2.7% 2.86% -0.1% ALFM Euro Bond Fund, Inc. -a Є219.39 -0.16% 0.84% 1.25% 0.11% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2668 4.76% 3.79% 2.95% -1.06% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.94% 1.7% 1.59% -1.13% PAMI Global Bond Fund, Inc -b $1.0882 -0.79% 0.54% 0.63% -0.43% Philam Dollar Bond Fund, Inc. -a $2.5156 4.52% 3.8% 3.44% -0.73% Philequity Dollar Income Fund Inc. -a $0.0622499 3.12% 2.88% 2.33% -0.26% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2092 0.99% 2.13% 2.36% -0.41% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.86 3.15% 3.34% 2.59% 0.05% First Metro Save and Learn Money Market Fund, Inc. -a 1.048 1.85% n.a. n.a. 0% Sun Life Prosperity Money Market Fund, Inc. -a 1.2971 2.49% 2.97% 2.61% 0.05% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0527 1.45% 1.76% n.a. 0.03% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1531 n.a. n.a. n.a. 3.51% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.99 -1% n.a. n.a. 1.02% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020. "While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www. pifa.com.ph to see the latest NAVPS/NAVPU."

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The Family Feud

s of this writing, the year is about to end and to be replaced with a new one. Suddenly a thought occurred. What if it is life that is to end? For sure there is no replacement. Remember the American game show titled “The Family Feud”? This popular game was created by Mark Goodson. In this game, two family teams of five contestants each compete to win cash and prizes. Each round begins with a “face-off” question that serves as a toss-up between two opposing contestants. The first to give the most popular answer immediately wins the face-off. Otherwise, the opponent responds and the family member providing the higher-ranked answer wins. The family that wins the faceoff may choose to play the question or pass control to their opponents. The family with control of the question then tries to win the round by guessing all of the remaining concealed answers, with each member giving one answer in sequence. Giving an answer not on the board earns one strike. If the family earns three strikes, their opponents are given one chance to “steal” the points for the round by guessing any remaining concealed answer; failing to do so awards the points back to the family that originally had control. What will be the scenario if the family feud is not a game by two families but an internal feud within the family of five resulting from a spouse’s life that suddenly ended? For sure, it will not be the same result as that of a game show. Consider this scenario. A husband is critically ill and knows that his demise is sure to come within five months. He has assets that are under his name and he has a wife and children who will survive him. He reminded his children to love one another and support each other. But for unknown reason, he entrusted all his assets to one of his sons who is living abroad while letting his wife and other children take care of him until his death without leaving an amount to cover all expenses they incurred for him. As expected, the son entrusted with the assets succumbed to greed and made a “steal” to own all the assets, leaving the surviving spouse and siblings with none. The greedy son did not even make an effort to monetarily compensate his siblings for all the time and personal money they spent for their father. When the surviving spouse asked for some monetary support, he would even offer different reasons for not sending back the money when the fact is that the surviving spouse has a right to it. Such is the power of greed. As the saying goes, “As blood is thicker than water, money is thicker than blood”. In the USA, estate laws differ from state to state. When an individual dies intestate (meaning no will or trust to bequeath assets), state law determines how the assets are to be divided among the heirs. Only a third of all states have laws specifying that assets owned by the deceased are automatically inherited by the surviving spouse. In my honest opinion, this makes sense because the spouse is the lifetime partner of

Edmund Lao

personal finance the deceased and she is the co-owner of their assets. Under Philippine law on Intestate succession, only compulsory heirs of the deceased are entitled to inherit from his or her estate. And under the Civil Code of the Philippines, compulsory heirs include the surviving spouse and the children, whether legitimate or illegitimate. Assuming the surviving spouse is a housewife and has no income, following the Philippine law would leave her at the risk of outliving her share of the estate. Another risk is that the children will be subject to laziness specially if the amount they will receive is great. It must be noted that international superstar Jackie Chan does not plan to leave his estimated $370 million fortune to his son, Jaycee. Chan explained that “If he is capable, he can make his own money.” In the scenario above, a prospective heir who has “more authority” oftentimes forcefully gets the lion’s share. Usually this kind of set-up lead to siblings fighting each other for the heirloom. Oftentimes, this leads to court battle. Had the deceased planned well before his death, costly family feud would have been avoided. As parents, we can rectify this kind of error early in life. Here are some guidelines: 1. Talk to the family about death and its impact. As morbid as it may seem, there is a need to discuss about this reality so that everybody will be in agreement about heirloom and there will be no bad blood between siblings later. 2. Educate the family about money matters. By teaching the children on the purpose of money, greed will be put at a minimum. When people do not put a goal on the money they saved, they will only be accumulating money to no end and their only purpose is to have more and more money without contentment. 3. Involve members of the family for every major money decision. Whenever there is a major issue about money, make it a point to have a family meeting to discuss it so that this can be a money lesson for every member, The more they are educated, the lesser the greed will be. 4. Be insured. Insurance is the best tool to manage risk and conflict. By being properly insured, one can assign a certain amount to be given to every member of the family without the need for the siblings to quarrel among each other because at the time of purchase, everyone is involved. Buying insurance is a major money decision. Always remember, if you love your family, it pays to plan ahead. Give time to study about estate succession and planning. Edmund Lao is a registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 87th RFP program this January 2021. To inquire, e-mail info@rfp.ph or text at 0917-6248110.

Tuesday, January 12, 2021 B3

Govt raises additional ₧2B from Treasury-bill auction

By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of the Treasury awarded P22 billion in Treasury Bills (T-bills) last Monday, exceeding the P20 billion initial offering. Broken down, the Treasury awarded P5 billion in 91-day T-bills, P7 billion for 182-day T-bills and P10 billion for 364-day T-bills. Average rates for all tenor ended up lower than the previous auction and secondary market benchmark rates. National Treasurer Rosalia V. De Leon attributed the drop in the rates to “abundant liquidity.” “Preference is on front end of curve,” De Leon told reporters

in a message. Nonetheless, the auction was more than 4.3-times oversubscribed with total bids reaching P86.7 billion. This prompted the auction committee to double the non-competitive bids for 182-day securities to P4 billion. The Treasury also decided to offer an additional P5-billion offering for 364-day T-bills via tap facility auction which was open to all eleven government securities eligible

dealers-market makers. The 91-day T-bills fetched a lower average rate at 0.977 percent, a one-basis point dip from 0.987 percent in the previous auction. Bids for the tenor reached P21.45 billion, more than four times the P5-billion offer. As for the 182-day T-bills, the average rate settled at 1.36 percent, slipping by 0.9 basis point from previous auction’s 1.369 percent. Tenders for the security amounted to P22.2 billion, four times the initial P5-billion offer. Lastly, the 364-day T-bills posted an average rate of 1.605 percent, a 0.9-basis point reduction from 1.614 percent previously. Bids received for the tenor hit P43.045 billion, also four-times the P10billion offering. The Treasury plans this January to raise P140 billion in debt, part of

the P3-trillion programmed borrowing for the year. Government economists expect the borrowing binge would lead the country’s outstanding debt to further swell to P11.98 trillion and the country’s debt-to-GDP (gross domestic product) ratio to spike to 58.28 percent. Government expects the country’s debt-to-GDP ratio in 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. Government has ramped up its borrowing program last year to an all-time high nominal P3 trillion, more than double the original target of P1.4 trillion. The state said the funds would cover the expected doubling of the budget deficit as well as to fund its spending requirements for its Covid-19 response.

UnionBank to pioneer banking model in SEA By Tyrone Jasper C. Piad @Tyronepiad

EVERAGING its partnership with a German multinational software corporation, the Union Bank of the Philippines said it is eyeing to establish the first known “data-science factory” banking model in Southeast Asia’s financial industry. The Aboitiz-led bank said that it was capitalizing on the expertise of SAP AG’s data intelligence product to introduce a new banking model that it expects to support “more customer-centric services.” The day of the issuance of the statement saw UnionBank’s shares hopping 1.71 percent, or P1.20, to close at P71.20 apiece amid the 0.21-percent rise for the benchmark index on Monday. UnionBank said the banking model will boost its business management, improve its internal pro-

cesses and enhance end-to-end perspective of all operations. Such is needed as more data is being handled when shifting to digital banking services, UnionBank Senior Advisor for Data and Artificial Intelligence David Hardoon was quoted in a statement the listed bank issued last Monday. “We need to ensure that there is strong governance behind our processes to ensure that the data-building has been validated and verified,” Hardoon said. “We need to assure that whatever solutions or services we deploy are of the highest regard to fulfill our responsibilities to our customers.” The data management solutions firm has already provided UnionBank the tools to create and integrate the digital model into its systems, which can help the bank to innovate in a “resilient, governed, and secure

manner,” he said. “SAP Data Intelligence’s ability to gather and interpret data has helped UnionBank to better understand their customers and provide a more convenient and comfortable experience not only for their customers but also to their employees,” Edler R. Panlilio, Managing Director of SAP Philippines, was quoted in the statement as saying. The data solution supporting the new digital model is seen to boost hyper-personalization of each customer’s account. This feature helps the bank to better understand the financial capabilities of the clients so it can support their financial goals. “Personalizing these accounts can also help the bank fulfill its responsibilities, such as providing loans or managing savings with ease while protecting its customers’ privacy,” UnionBank’s statement read.

“The digital banking model does not only provide better services for the customers but also serves as a critical pillar on the governance and management of internal processes,” the bank said. “It will equip tellers, management, and other internal staff with the necessary tools they would need to provide customers with improved and high-quality services.” Overall, the digital solution was chosen because it can transform the data into vital insights that can push for innovation. The bank can find relevant information through enriched metadata tags, user-generated ratings and comments, and unified business glossaries. The data management solution can also “build an enterprise data fabric that connects data silos and increases visibility into global data assets.”

BDO says sustainable finance scheme OK’d

DO Unibank Inc. announced that its “sustainable finance framework” received a stamp of approval from the New York, United States office of Sustainalytics Holding B.V., an independent environmental, social and governance (ESG) research and ratings provider. said in a statement on Monday that Sustainalytics endorsed its framework promoting sustainable financing. “BDO’s Sustainable Finance Framework is credible and impactful, and aligns with the ‘Sustainability Bond Guidelines’ in 2018, ‘Green Loan Principles 2020’ and the ‘Asean Sustainability Bond Standards 2018,’” the listed bank led by the Sy family quoted Sustainalytics as saying. Shares in BDO inched up 1.74 per-

cent, or P1.90 each, to end at P110.90 each amid the 0.21-percent uptick for the benchmark index on Monday. BDO said its sustainable finance initiatives began in 2010 when it established its “social and environmental management systems” policy with the assistance from International Finance Corp., the private sector arm of the World Bank. BDO said its guidelines tackle social and environmental impact assessment and risk-categorization of borrowers. To note, a paper by BDO Unibank Executive Vice-President Edmundo S. Soriano in 2014 said 51.2 percent of BDO’s exposure in power generation is in coal, or “dirty fuel,” projects. BDO said it established a “Sustainable Finance” desk with the initial purpose of funding renewable

projects. It later on expanded scope to include projects involving energy efficiency, climate-smart agriculture, green infrastructure and clean transportation. The Sy-led bank explained that SFF is parallel with the United Nations Social Development goals, focusing on key strategies such as product sustainability, sustainability contribution, human capital sustainability, disaster response sustainability and governance-based sustainability. “This strengthens the bank’s support for targeted and responsible projects that facilitate climate resilience and promote inclusive economic growth,” BDO said. As of 2019, BDO financed a total of P158.8 billion of sustainable finance projects, translating to 2,168

megawatts of renewable energy. These projects provided electricity to over 1.9 million families and reduced 3.9 million tons of greenhouse gas emissions. BDO saw its net income in January to September 2020 drop by 48 percent to P16.6 billion amid the further increase of nonperforming loans (NPL). In this period, its bad loans buffer reached P23.8 billion while the NPL coverage ratio was at 138 percent. Capitalization of the bank in the first nine months of 2020 reached P378.6 billion, which is nearly 5 percent higher than P362.35 billion in 2019 for the same period. BDO’s capital adequacy ratio and common equity tier 1 ratio stood at 14.3 percent and 13.2 percent, respectively, in the same period. Tyrone Jasper C. Piad

Singapore to push New Year money gifting tradition online to reduce waste

INGAPORE’S tradition of gifting new bank notes during the Lunar New Year celebrations generates the same level of emissions as charging 5.7 million smartphones for five days. The city state’s central bank is hoping to push this practice online. The Monetary Authority of Singapore is encouraging people to use electronic versions of so-called hong bao—a monetary gift in a red envelope or packet given during special occasions—to reduce queues and waste, it said in a statement Monday. Those who want to give physical notes during the celebrations that start February 12, except people aged 60 and above and people with disabilities, will have to make online reser-

vations through five banks to collect them, the regulator said. New notes can be withdrawn without bookings at automatic-teller machines run by DBS Group Holdings Ltd., it said. Singapore, where most of the 5.7 million population is of Chinese descent, celebrates the Lunar New Year with people giving crisp new bank notes in red packets and companies competing with elaborate packaging. The production of the new notes for the festival generates about 330 tons of carbon emissions each year, according to the MAS. The coming Lunar New Year “offers an opportunity to spread the benefits of e-gifting, and to forge new traditions with our families and friends,” MAS assistant manag-

ing director Bernard Wee said in the statement. “E-gifting helps reduce the queues at banks, and also helps to reduce the carbon emissions.” China, which observes the new year with a week-long holiday, is already giving virtual hong baos. The number of people who sent or received the packets via We Chat during the festival rose to 823 million in 2019, up from 688 million in 2018, according to data from research firm Statista. As well as DBS, Oversea-Chinese Banking Corp., United Overseas Bank Ltd., Standard Chartered Plc and Malayan Banking Bhd. will offer pre-orders for bank notes. The MAS is also encouraging fintech firms to develop digital solutions for e-gifting. Bloomberg News

Ox plushies hang in a store in Singapore. The Lion City’s monetary authorities are encouraging its citizens, majority of who are of Chinese descent, to use electronic versions of monetary gifts during the Lunar New Year celebrations. Bloomberg News

Tuesday, January 12, 2021 • Editor: Gerard S. Ramos

Art

BusinessMirror

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Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Zayn Malik, 28; Issa Rae, 36; Oliver Platt, 61; Kirstie Alley, 70. Happy Birthday: Consider what makes you happy; adjust your life accordingly. The changes you make will impact your ability to see things clearly and bring about changes that will eliminate the negativity in your life. Choose your words wisely, and make sure you practice what you preach. Personal growth and an updated look are favored. Your numbers are 6, 17, 22, 29, 34, 42, 45.

ARIES (March 21-April 19): You’ll have to rely on your connections to help you get ahead. A competitive individual will try to make you look bad. Preparation, intelligence, a strategy that is disciplined and an opportunity will help you come out on top. HH

❶ ❶ Early

Morning at Mt. Sinai, Jun Impas, 2020, oil on canvas, 36”x48”

TAURUS (April 20-May 20): Keep an open mind, size up situations and make decisions based on facts. Personal improvements, growth and unique friendships will develop if you use social media to your advantage. Hesitating will be your downfall. Be resourceful and direct. HHHHH

❷

GEMINI (May 21-June 20): Gather information, and deal with matters concerning government agencies and medical, legal and financial institutions yourself. Trusting someone to take care of your business will set you back. HHH

On souls reshaped

❷ Dreaming

of Safety, Jaime Gubaton, 2020, oil on canvas, 48”x48”

❸ Grove, Maria

Francisca Juarez, 2020, oil on canvas, 60”x36”

CCORDING to the Anno Domino dating system, commonly used to number years in the Gregorian calendar, as well its predecessor, the Julian calendar, 2021 marks the true start of the new decade. The order places the birth year of Christ as 1 AD, and the one preceding as 1 BC. Thus, there is no “zero” year. For everything that has transpired under its span, however, 2020 makes a strong case as “Year Zero” in aspects beyond numerical significance. It was a period of a forced restart, leveling established routines and belief systems through ceaseless catastrophes, each one more devastating than the last. Thus, 2021 was welcomed not with the usual sense of excitement and optimism accorded to new years.

CANCER (June 21-July 22): A change someone suggests will be useful for you emotionally, but not favorable regarding money, legal or health matters. Think twice before you let someone push you in an unstable direction. Concentrate on creativity, romance and personal happiness. HHH

In its place was an overbearing sense of relief that 2020—finally, thankfully—was behind us. For its first show of the new year, Art Elaan examines the transformative effects of 2020 on its survivors, from the people to the planet. Titled Reshaped Soul, the group exhibition is comprised of 19 artists who visualize in their distinct styles the prospect of starting anew in 2021. Among them are Jun Impas and Maria Francisca Juarez. While a global health crisis and socio-political unrest largely defined 2020, several “worst-inyears” disasters ravaged nature as well. The two artists honor the value of plant life and breathtaking sceneries with remarkable landscapes. Impas captures the early morning calm and glory at Egypt’s Mount Sinai in a realistic oil depiction. Meanwhile, Juarez imagines a perfect day in the great outdoors in her textured work, titled Grove. The themes of death and rebirth, of endings and beginnings, fill the canvasses of the show’s participating surrealists. Jaime Gubaton presents the soft face of a person with its eyes closed, surrounded by and slowly merging with a kaleidoscope of butterflies in Dreaming of Safety. In Ang Bagong Ako and Padyak ng Buhay, Mel Cabriana renders images of

LEO (July 23-Aug. 22): You’ll have plenty of ideas, but consider your motives before you leap into action. A change will lead to uncertainty if you haven’t thought matters through sufficiently. Be smart, take your time and focus on facts, truth and fair play. HHH

VIRGO (Aug. 23-Sept. 22): Jump at the chance to learn something new or to use your skills differently. The more you know and have to offer, the greater the reward. Look at the trends, and be as versatile as possible. HHHHH

LIBRA (Sept. 23-Oct. 22): Don’t let your desire for change lead you down a rabbit hole. Consider the pros and cons and the motives behind the decisions you make. Don’t trade one negative situation for another. HH

SCORPIO (Oct. 23-Nov. 21): Let your intuition be your guide. Plan your actions based on the experience you have gained over the years. Stay focused on knowledge and facts. Use your imagination to outmaneuver anyone who tries to get in your way. Romance is favored. HHHH

SAGITTARIUS (Nov. 22-Dec. 21): Let go of negative baggage. Prepare to move forward with optimism, intelligence and a disciplined attitude. Giving anyone the chance to speak on your behalf or to take care of your responsibilities will result in disappointment. HHH

❸

Continued on B5

Metrobank Art & Design Excellence (MADE) is back THE Metrobank Foundation Inc. (MBFI) sustains its mission in fostering Filipino artistry and creativity through its annual excellence recognition program for the visual arts: the Metrobank Art & Design Excellence, or MADE. Guided by the theme “Spectrum: The Art of Possibilities,” MADE resumes this year, inviting Filipino artists to tap into the expansive realm of creativity and transpose their spectrum of ideas into works that mirror the human experience and reshape the world anew. MADE continues to be a purveyor of visual arts, amplifying the reach and voice of local talents and visionaries. Given the restrictions of holding on-ground events, MADE shifts to digital media through #SpectrumMADE2021, a year-long social media campaign which aims to bring art experience and education to its stakeholders amid the current Covid-19 pandemic. #SpectrumMADE2021 will also serve as the platform for entrants to get to know more about the Painting and Sculpture recognition programs. To do this, a series of online activities have been lined up throughout the year. These include webinars and artist talks

to inspire a new generation of artists, provide opportunities for the exposure of their works, and give updates about the 2021 MADE. The MADE Painting Recognition Program is open to all Filipino painters aged 18 to 35 years old who have not staged a solo exhibition. The MADE Sculpture Recognition Program, on the other hand, is open to all professional and amateur Filipino sculptors who have not won in any sculpture competitions of MADE in the past. The deadline for submission of entries is on March 31. Interested participants may register online through bit.ly/MADE2021_paintingform and bit.ly/MADE2021_ sculptureform. At the height of an enhanced community quarantine in the country last May 2020, MBFI announced the deferment of 2020 MADE Painting and Sculpture Recognition Programs. As a result, all artworks submitted for the 2020 MADE will still be considered and will be judged alongside the entries submitted for the 2021 MADE. Two grand awardees for the Painting Recognition

Program and one grand awardee for the Sculpture Recognition Program will be chosen by a distinguished panel of judges. They will each receive P500,000 worth of financial assistance and fund for artistic development, plus the “Mula” glass trophy designed by visual artist and MADE awardee Noel El Farrol. The grand awardees will be recognized in an awarding ceremony during the celebration of Metrobank’s 59th anniversary celebration in September. The awardees will also become members of the MADE-Network of Winners (MADE-NOW), the alumni organization of past MADE awardees which implements pay-it-forward projects that benefit marginalized sectors. Established in 1984 by the late Metrobank Group founder and chairman Dr. George Ty Siao Kian, MADE has served as a platform for discovery for the most passionate and persistent creative visionaries in the country. To date, more than 400 visual artists and design professionals have been recognized. A majority of them are now carving significant names in the local and even international art and design scenes.

CAPRICORN (Dec. 22-Jan. 19): It’s OK to do things differently. Don’t feel bound to tradition or to what someone wants you to do. Take control and follow the path that intrigues you the most. A change will lift your spirits and encourage you to be more active. HHH

AQUARIUS (Jan. 20-Feb. 18): You meet with opposition if you show signs of insecurity or confusion. Stand tall and be clear about what you want. Take control, and you will offset someone who wants to take over. Look for an opportunity, and follow through with a plan. HHH

PISCES (Feb. 19-March 20): You’ll get the opportunity to explore something you want to pursue. Channel your energy where it will be the most impactful and draw the most attention. How you represent yourself and what you stand for will make a difference. HHHH Birthday Baby: You are questioning, curious and demanding. You are passionate and helpful.

‘artificial sweetening’ by lee taylor The Universal Crossword/Edited by David Steinberg

ACROSS 1 Top worn under a blouse, for short 5 “Are you chicken?” taunt syllable 9 Reject unexpectedly 13 Impulse transmitter 14 Sans serif font 15 ___ Thins (certain cookies) 16 Advantage 17 Reason to sue a bakery? 19 End of an Italian sonnet 21 Blue-green shade 22 Instrumental music pieces 25 They deliver punches 29 Exceeded one’s balance 31 Giggle sound 32 Free-for-all fight 33 Give a makeover 35 Katy Perry hit with a jugle-themed music video 36 Id’s counterpart 37 Course hinted at by this puzzle 40 Lao-___ 41 Zeus and Poseidon 43 (Come on, pet me!)

4 Mature, as fruit 4 46 Zeros 48 Nail polish session 50 Sirloin steak source 51 Dressed down 52 McEntire of country 54 Pearl Jam frontman Eddie 57 Sweet indulgence during Lent? 62 Michelin product 63 Cambodia’s continent 64 Chippendales dancers, e.g. 65 City in Oklahoma 66 “___ I was your age...” 67 Colors 68 A long, long time DOWN 1 What this clue is written in 2 Wheel rod 3 Fraternal organization for chocolate lovers? 4 Coming down the pike 5 Dude 6 Beach ball filler 7 Lightbulb units

8 Painter whose name sounds like “clay” 9 More like Santa 10 Lyricist Gershwin 11 Hula accessory 12 Quarterback Brady 14 Fragrant oil 18 Place to order a latte 20 Came to a close 23 Abrupt 24 “That’s great!” 26 Track star’s treat? 27 Short trailer 28 Peaceful 29 Final letters, in Athens 30 Sit in front of the TV 31 The Blue Jays, on scoreboards 34 Scotch whisky name 38 “Miami” has two of them 39 Cliche 42 LA’s ___ Oaks 45 Cold drink for a hot day 47 ___ bien 49 Congregation settings

1 African language group 5 53 Rose plant 55 Great Lake with the shortest name 56 Cincinnati MLB team 57 Furry foot 58 Blond shade 59 Tell a whopper 60 Expected 61 YouTube annoyances Solution to January 8’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, January 12, 2021

Adolfo Alix continues to tell timeless stories P

rolific filmmaker Adolfo Alix Jr. has been working hard throughout these extraordinary times, and he is reaping the fruits of his artistic labor of love. Alix is one of the very few original Filipino content producers for the Taiwanese company GagaOOlala, a successful subscription video-on-demand (VOD) service provider that specializes in LGBT content. Middle of last year, he started his partnership with GagaOOlala and produced 13 well-received short films that formed part of the popular and widely followed anthology series Unlocked. “I am very grateful that I was able to connect with the people behind GagaOOlala. I guess it’s destiny, because everything just started to unravel and my working relationship with them has taken root and solidified throughout the past months,”Alix said, adding, “And I’m very happy that in our own little way, we are able to help actors and filmworkers find work because the production is entirely Filipino.” Happenstance, the latest collaboration from the Taiwanese producers and the award-winning Filipino director, has also taken off successfully when it was launched on Christmas Day. It is a magical narrative about two heartbroken young men whose paths will cross even if each is living in a different time period— one in 1974 and the other in the present. The story was cowritten by Alix and his award-winning writer-

friend, Jerry Gracio. A supermoon appears and magically opens a portal between the two different eras, resulting to

the lead characters Jose and Wade finding each other and eventually falling in love. This weekly series stars Alix’s new acting discoveries: Kiko Ipapo and Jovani

Manansala. Ipapo was studying to become a Christian pastor when he was in his teens. But fate took on a different turn for this now 21-year-old young father who is now bent on making a name for himself as an actor. “After the seminary, I became a lost soul,” he admitted. “Searching for myself and my purpose became complicated. I tried all sorts of jobs: construction worker, food server, driver, barista, online seller. But then I remembered what I learned in the seminary, that there is a God whose love is infinite and whose grace is limitless,” Ipapo said, adding that he also found love after he found God again. Meanwhile, Ipapo’s leading man Jovani Manansala was already making a name for himself as a soughtafter TV commercial actor. The former IT student has appeared in some independent movies, but Happenstance is his biggest break yet. “I want to focus on becoming a good actor. It will all depend on the projects that will land on my lap in the next year or two, because I am aware that there are a thousand hopefuls and only a few will stay on and make it a lifelong profession. I will take every role, every project one at a time, and absorb all the learnings I can possibly take in. I am lucky that I get to be directed by the likes of Adolfo Alix, and being entrusted with such a big role such as that of Jose Manuel, my character in Happenstance.” Alix’s winning streak continues. He was recently bestowed the Silver Award at the GagaOOlala Pitching Sessions, wherein more than a hundred stories from over 20 regions were presented to vie for production cash grants. His entry, titled Almost, was awarded $50,000 and production will start as soon as the groundwork is ready. We were with Adolfo Alix Jr. when he debuted as a filmmaker in 2006 in the movie Donsol, and he never stopped working hard to tell beautiful, timeless stories on whatever platform all these tales can be viewed and watched and appreciated. n

Kamala Harris team says it was blindsided by VP-elect’s ‘Vogue’ cover By Darlene Superville The Associated Press WILMINGTON, Delaware—Vice President-elect Kamala Harris has landed on the cover of the February issue of Vogue magazine, but her team says there’s a problem: the shot of the country’s soon-to-be No. 2 leader isn’t what both sides had agreed upon, her team says. Instead of the powder blue power suit Harris wore for her cover shoot, the first African American woman elected vice president is instead seen in more casual attire and wearing Converse Chuck Taylor sneakers, which she sometimes wore on the campaign trail. Harris’ team was unaware that the

cover photo had been switched until images leaked late Saturday, according to a person involved in the negotiations over how Harris would be featured on the cover. Harris’ office declined comment and the person spoke Sunday on condition of anonymity. Representatives for Vogue did not respond on Sunday to e-mailed requests for comment. Harris, who is of Jamaican and Indian descent, posed in the light blue suit in front of a gold backdrop for the magazine’s cover. She also posed, more casually dressed in slacks, a blazer and sneakers in front of a pink and green background, for photos that were planned for inside the magazine, the

person said. Pink and green are the colors of Harris’ college sorority, Alpha Kappa Alpha. Vogue has released both images online, but the photo of a sneaker-clad Harris is the one that will grace the cover of the fashion bible’s print edition. The person with knowledge of the negotiations said Harris’ team has expressed to Vogue its disappointment over the magazine’s decision. The cover also generated outrage on social media as posters expressed disappointment in how the magazine decided to present the nation’s first female vice president on its cover. Harris is set to be sworn in as vice president on January 20. AP

2020: A year of nonstop ‘Serbisyong Totoo’ for GMA

Queen Elizabeth II and husband receive Covid-19 vaccinations

LONDON—Queen Elizabeth II and her husband, Prince Philip, have received their Covid-19 vaccinations, royal officials said Saturday. Buckingham Palace officials said in a statement that the 94-year-old monarch and Philip, 99, received their jabs Saturday, joining some 1.5 million people in Britain who have been given a first dose of a vaccine. The injections were administered at Windsor Castle, where the queen and her husband have been spending their time during the lockdown in England. Royal officials said they took the rare step of commenting on the monarch’s health in order to prevent inaccuracies and further speculation. The queen “decided that she would let it be known she has had the vaccination,” the palace statement said. On December 8, Britain became the world’s first country to begin a mass vaccination drive against the coronavirus. The government says it is aiming to deliver the first vaccine doses to some 15 million people in the top priority groups by the middle of February. That includes everyone over age 70, as well as frontline health care workers, care home residents, and anyone whose health makes them especially vulnerable to the virus. AP

AS 2020 proved to be by far one of the toughest— with all the different crises brought about by the pandemic as well as natural and man-made calamities that tested the Filipino spirit—GMA soldiered on to deliver “Serbisyong Totoo” as it remained as the Filipinos’ top news and free entertainment source. Based on Nielsen Phils. TV Audience Measurement’s Total Philippines data for 2020 (from January 1 to December 26), GMA reached over 98.5 percent of TV households with an estimated 84.1 million viewers nationwide. GMA was also the most-watched channel in Total Philippines for the same period with a 48.3 percent people audience share. In both Total Luzon and Total Visayas, GMA’s net reach was similarly at 98.6 percent of TV households, while posting a 49.8 and 47.7 percent people audience shares, respectively. In Total Mindanao, GMA was able to reach 97.9 percent of TV households with a 42.2 percent people audience share. The network started strong in 2020. For the period January to May 5, GMA was already ahead of ABSCBN in terms of both reach and viewership before the latter went off air in May. GMA registered over 95 percent household reach and was also on top with its 33.1 percent people audience share during the said period. Prime-time newscast 24 Oras, which emerged as the country’s top news program for 2020, headlines the network’s News and Public Affairs lineup that consistently serves as one of GMA’s main thrusts. In terms of total broadcast hours, GMA and GMA News TV devoted a combined average of 18 hours daily—from January to December 2020—

for various news and public affairs programs. GMA allotted almost 25 percent of its actual airtime to news and public affairs shows, which was equivalent to around 4.5 hours daily; while these accounted for 75 percent of GMA News TV’s programming, or 13.5 hours daily on the average. For radio, GMA’s flagship stations were No. 1 in both Mega Manila’s AM and FM lists. According to Nielsen’s Radio Audience Measurement, Super Radyo DZBB recorded a 41.9 percent audience share among AM stations and reach of over 2.3 million listeners, while Barangay LS 97.1 scored a 29.5 percent audience share among FM stations and a reach of 4.8 million listeners as of December 2020. Furthermore, DZBB delivered special coverages to provide up-to-the-minute updates on the different events that happened in the country via the “Bantay Covid-19 Special Coverage,” “Bantay Bulkan,” as well as “Bantay Bagyo,” “Bantay Baha,” and now “Bantay Bakuna” which also aired on Dobol B sa News TV. On digital platforms, GMA News and Public Affairs had a banner year as it led in video viewership and engagement. According to Tubular Labs data, GMA News was the most-viewed news media organization in the Philippines on both YouTube and Facebook for 2020. It peaked in May at the fifth spot worldwide at the height of the Luzon lockdown. GMA News was also the frontrunner for all Philippine news pages on Facebook in total engagement, based on CrowdTangle data. In addition, GMA Public Affairs reached 10 million subscribers on YouTube in April 2020, making GMA Network the first Philippine media organization with two Diamond Creator Awards from the streaming site.

With 2020 being an eventful year, GMA faces 2021 with optimism as it recently unveiled this year’s new lineup of offerings. Viewers are set to witness the launch of its mobile digital TV receiver GMA Now following the highly-successful GMA Affordabox which, despite the pandemic, sold almost 1 million units in only six months last year. More information is available at www.gmanetwork. com.

On souls reshaped Continued from B4 a flowy white cloth, printed with what seems to be memories of an adventurous day, pierced by hands perched on by birds. Renowned abstractionists are part of the exhibition as well in Kenneth Montegrande and Raul Isidro. Montegrande’s shift to a heavier mix, combination and application of paint continues in the expressive explosion that is Geography of Colors. Also featured in the exhibition are Darel Javier, Marlon Lucenara, Marge Organo, Hermes Alegre, Tita Halaman, Martin Ampuan, Katrina Pallon, Antonio Pastoriza, and Lorebert Maralita. Rounding out the show are Marko Bello, Christian Regis, Ferdinand Cacnio and Robert Besana. Reshaped Soul is on view until January 27. n

ADolfo Alix Jr.

B6 Tuesday, January 12, 2021

Cleanfuel partners with celebrity influencer Dominic Roque anew

EADING Independent fuel company Cleanfuel renewed its partnership with long-time celebrity influencer Dominic Roque as Cleanfuel’s brand Ambassador. An avid motorsports enthusiast, Roque has received Cleanfuel’s full support in his past racing endeavors. “I am very thankful for the continued support that Cleanfuel is providing me, and I hope to extend that gratitude by promoting the brand as best I can,” he said. Present during the contract signing at the Cleanfuel head office was Roque himself, Cleanfuel Director Marco Atienza, Cleanfuel Vice President Ralph Atienza, and Cleanfuel President Atty. Bong Suntay. After the signing, Roque expressed

gratitude for the continued partnership between him and the country’s leading supplier of Quality fuel for Less. “Cleanfuel has been with me for four years now, and all this time, have used their products in my own vehicles. I am happy and content to report that Cleanfuel products have helped ensure that my cars—both on trail and on the road—are always running in tiptop condition,” Roque added. Aside from being a racing aficionado, Roque is also an actor, model and influencer. He has had acting stints in ABS-CBN shows like Probinsyano, Pangako Sayo, Aryana, May Isang Pangarap, and La Luna Sangre. He has also done movies for the popular network. Roque also participated at the Vios Cup

race. However, Roque has focused less on racing and more on appearance on social media as of late. For his part, Cleanfuel president Suntay expressed confidence in Roque’s his ability to promote and expand the fuel brand. “We believe that Dominic is a perfect representation of our brand. We share the same beliefs in providing our customers with quality and economical fuel. We hope to further get the message across that we are all in this crusade in providing first-class facilities such as clean and spacious air-conditioned restrooms, credit card facility, air and water services for everyone,” Suntay said. “As we expand our business, this is also a perfect time that private car users would identify Cleanfuel not only as an AutoLPG provider, but also as a provider of everyday fuel with high quality Euro 4 Diesel, Clean 91, and Premium 95 octane gasoline, which they use daily on the road,” added Suntay. Cleanfuel is the country’s leading independent fuel company with topnotch fuel and lubricants including Clean91 unleaded gasoline, Premium 95 gasoline, Euro-4 diesel, and Auto LPG. As the country’s fastest growing fuel brand, Cleanfuel has multiple locations in Luzon, with a number of new stations set to open this year.

PayMaya fuels Unioil nationwide with contactless payments solutions

AYMAYA continued to assert its leadership in digital payments processing for the fuel retail sector, adding Unioil recently to its roster of name partners. More than 70 Unioil gasoline stations across Luzon are being equipped with the widest range of contactless options for card and eWallet payments powered by PayMaya. Through the partnership, Unioil can now utilize the PayMaya One terminal to accept credit, debit, and prepaid card payment options for VISA, Mastercard, and JCB cardholders, as well as emerging payment options such as PayMaya QR, WeChat Pay, and GrabPay. PayMaya is currently the leading payment company in the Philippines with the widest deployment of Android-based POS terminals in the Philippines, with its PayMaya One device being adopted by major supermarkets, restaurants, service providers, and government agencies across the country. “We’ve been doing our part to progress responsibly in the New Normal, and our partnership with PayMaya plays an important role in providing safer and more convenient payment transactions for both our customers and frontliners,” said Eduardo C. Pasion, Unioil Vice President for Retail. "By allowing us to offer multiple digital payment options both for cards and eWallet apps, we are able to serve our customers with the ease and safety that is necessary during this time." A pioneer in offering innovative petroleum solutions, Unioil is a leading-edge partner for specialty oils, fuels and lubricants since 1966. Unioil is the only gasoline station in the country that offers all Euro5 in all its fuel line. All gasoline variants contain very low sulfur content of only 10ppm which is 5x cleaner than Euro4 gasoline fuels. It provides cleaner emissions for cleaner air and a healthier environment. “Unioil made a strategic move in implementing the PayMaya One device across their branches as it caters to any form of cashless payments from motorists and at the same time,

TIKTOK TURNED OVER ITS US$150,000 DONATION FOR PNRC'S DISASTER RELIEF EFFORTS. This is part of TikTok's #TikTokTogetherPH initiative, where a total of US$300,000 was committed to support select partner organizations with their typhoon relief programs, as well as a fundraising concert featuring top local artists and the app's content creators. Red Cross said the funds will be used for food, shelter and medical assistance for those who were affected by the recent typhoons. In photo are Philippine Red Cross Secretary General Elizabeth Zavalla and Chairman and CEO Sen. Richard Gordon

Megaworld extends free autosweep RFID installation

N response to the public clamor to extend the deadline for the use of radio-frequency identification (RFID) on the country’s major tollways, Megaworld Lifestyle Malls is extending its free Autosweep RFID installation until January 31. Even with the deadline set by the Department of Transportation(DOTr), vehicle owners can still have their Autosweep RFID installed on a first-come, first-served basis at these Megaworld Lifestyle Malls from 10AM to 6PM. Mall Location Uptown Bonifacio Uptown Parade (near The Island) Venice Grand Canal Venice Piazza Drop Off Southwoods Mall Mall Entrance 1 (Near Pizza Hut) Meanwhile, Newport Mall at Resorts World Manila is also holding a free Autosweep RFID installation until January 11, from 11AM to 9PM at the 2nd Floor of its parking area. The activity is open to RWM members, while nonmembers can register at the Membership booth at the 2nd floor of Newport Mall. Autosweep RFID allows driving guests to enjoy a seamless travel experience through a cashless and contactless payment system. It comes in handy for driving guests using the Skyway, SLEX or MCX going to Southwoods Mall or Twin Lakes Shopping Village, or the NAIAX

going to and from Newport Mall at Resorts World Manila. Autosweep RFID can also be used at the TPLEX for users heading north and the STAR Tollway for those heading south to Batangas. Installation is free and takes an average of five minutes. There are no documents required. Customers just need to pay an initial P200, which will be used as their initial load balance. For more information, visit megaworldlifestylemalls.com or call the Megaworld Lifestyle Malls Hotline at 8-462-8888.

Aseana City’s unveils visionary development plans

provides cashless convenience to its frontliners. More and more motorists are expected to use contactless payments as the government pushes for safer payment methods especially in the public transportation sector,” PayMaya President Shailesh Baidwan said. To curb the spread of the COVID-19 disease, the Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) has mandated public transport operators to adopt cashless payments such as PayMaya. This development allows drivers and operators of public vehicles to access a digital financial account that they can use for cashless or contactless transactions as well as additional livelihood opportunities. As Unioil and PayMaya team up to promote cashless payments, both frontline staff and customers can also practice safety and health measures by avoiding cash transactions while experiencing payment convenience. The PayMaya One terminal is wireless and ATEX-certified, providing motorists a safe and seamless way to settle their payments as they don’t have to leave their vehicles to enter their PIN for their payment. To know more about the PayMaya One device and other PayMaya Enterprise solutions, visit http://enterprise.paymaya.com

PayMaya is the only end-to-end digital payments ecosystem enabler in the Philippines with platforms and services that cut across consumers, merchants, communities, and government. Through its enterprise business, it is the largest digital payments processor for key industries in the country including "everyday" merchants such as the largest retail, food, gas, and eCommerce merchants as well as government agencies and units. Through its app and wallet, PayMaya provides over 28 million Filipinos with access to financial services. Customers can conveniently pay, add money, cash out or remit through its over 200,000 digital touchpoints nationwide. Its Smart Padala by PayMaya network of over 33,000 partner agent touchpoints nationwide serves as last-mile digital financial hubs in communities, providing the unbanked and underserved with access to digital services. To know more about PayMaya's products and services, visit www. PayMaya.com or follow @PayMayaOfficial on Facebook, Twitter, and Instagram. Unioil customers can now enjoy a safer and more convenient way to pay for their gas via PayMaya contactless payment solutions for credit, debit, and prepaid card payments as well as eWallet accounts including PayMaya QR, WeChat Pay, and GrabPay.

SEANA City, dubbed as the Bay Area’s ‘Next Generation City’, is set for the implementation of the next phase of its progressive plans for the masterplanned community through the construction of critical power facilities that will provide quality, reliable and sustainable electric service to its residents and locators. Via a collaborative real estate agreement with the Manila Electric Company (MERALCO), the Aseana-1 Substation Project is set to break ground in Q1 2021 and targeted for completion by 2H 2022. Aseana City, a 107-hectare mixeduse development situated between the Mall of Asia Complex and the PAGCOR Entertainment City, is one of the fastest growing master planned township projects in the country developed by D.M. Wenceslao and Associates, Inc (PSE: DMW). Its existing

locators include City of Dreams Manila, Ayala Malls Manila Bay, S&R Membership Shopping, Department of Foreign Affairs, Singapore School Manila, Sequioa Hotel, Honda Manila Bay, among others. Through its partnership with Meralco, D.M. Wenceslao Group fulfills its commitment to provide world class infrastructure for its locators and residents. The forthcoming substation will further enhance energy efficiency and strengthen the power supply capacity in the entire Aseana City estate. “Aseana City is a master-planned community that connects people to home, work, play, and more. And as our community continues to grow, we want to give them the security and assurance of future-proof resources that are mindfully-designed to allow them to live a comfortable life”, shared Buds Wenceslao, CEO of DMW Group.

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

The World BusinessMirror

Tuesday, January 12, 2021

Pelosi says House will impeach Trump, pushes VP to oust him

A health-care worker sanitizes her hands before conducting Covid-19 tests at a Dis-Chem drive-through testing station at the V&A Waterfront in Cape Town, South Africa on Jan. 8. South Africa with 60 million people has reported by far the most cases of the coronavirus in Africa, with more than 1.1 million confirmed infections. AP/Nardus Engelbrecht

Africa exceeds 3 million Covid infections, 30% in South Africa

OHANNESBURG—Africa passed the milestone of 3 million confirmed cases Covid-19 on Sunday, including more than 72,000 deaths, according to the Africa Centers for Disease Control and Prevention. South Africa, with more than 1.2 million reported cases, including 32,824 deaths, accounts for more than 30 percent of the total for the continent of 54 countries and 1.3 billion people. The high proportion of cases in South Africa could be because the country carries out more tests than many other African countries. South Africa is battling a resurgence of the disease, driven by a variant of the virus that is more contagious and spreading quickly. Many hospitals are reaching capacity, yet the numbers of those infected are expected to continue rising, according to health experts. South Africa’s seven-day rolling average of daily new cases has risen over the past two weeks from 19.86 new cases per 100,000 people on December 26 to 30.18 new cases per 100,000

people on Jan. 9, according to Johns Hopkins University. South African President Cyril Ramaphosa will meet with his Cabinet this week to consider if further restrictions should be taken to slow the spread of the disease, while balancing the need to encourage economic growth. The government has already reimposed measures including a ban on the sales of liquor, the closure of bars and restricting the number of people who can attend public gatherings. Later in January, South Africa expects to receive its first delivery of a vaccine, 1.5 million doses of the AstraZeneca shot. The government said its first priority will be to inoculate the country’s 1.25 million health workers. It expects to receive more vaccines through the WHO’s COVAX initiative in April. South African Health Minister Zweli Mkhize said that his aim is to see 67 percent of the country’s 60 million people vaccinated by the end of 2021, a goal that many health experts say is laudable but unrealistic. AP

China-Taiwan tensions escalate as U.S. scraps decades-old rules

hina’s state-run media called for retaliation after the Trump administration removed decades-old restrictions on interactions with Taiwan officials just days before Presidentelect Joe Biden takes office, one of its biggest moves yet to reshape US ties with the Asian democracy. The Communist Party-backed Global Times warned that Secretary of State Michael Pompeo’s moves were pushing the world’s biggest countries toward conflict. Hu Xijin, the newspaper’s editorin-chief, said on Weibo China had a “precious window of opportunity for mainland China to teach a heavy lesson to the ‘Taiwan independence’ forces” and re-establish “strategic leverage” in the Taiwan Strait. “While Pompeo tries to cross Beijing’s red line on national sovereignty and territorial integrity, he should not expect that China will sit back and do nothing,” said a commentary published in the official Xinhua News Agency on Sunday. “Those political clowns will be punished for what they have done to harm China’s core interests.” China’s Foreign Ministry, which opposes official US-Taiwan interactions, has yet to comment on Pompeo’s moves. It has condemned the trip this week by Kelly Craft, who will become the first US ambassador to the United Nations to visit Taiwan since it was excluded from the global body in 1971, calling her visit “a breach of the One-China principle” and accusing Pompeo of “staging a final show of madness” to “sabotage China-US relations.” The US guidelines on meetings with Taiwanese officials, which are updated periodically, were put in place after its recognition of China in 1979 to distinguish interactions with Taiwan from those with official diplomatic partners. They required written permission from the State Department for diplomats and military personnel above a certain rank to visit Taiwan, and restricted the venues where meetings with Taiwan representatives could take place. “For several decades the State Department has created complex internal restrictions to regulate our diplomats, service members, and other officials’ interactions with their Taiwanese counterparts,” Pompeo said in a statement on Saturday in Washington. “The United States government took these actions unilaterally, in an attempt to appease the Communist regime in Beijing. No more.” The announcement was the latest in a series of moves by the Trump administration to increase ties with Taiwan. Before taking office in January 2017, President Donald Trump accepted a telephone call from Taiwan’s President Tsai Ing-wen and said his support for the “One China” policy was contingent on getting better trade deals. Although he later endorsed the policy that has governed US-China

ties for decades, Trump increased arms sales and sent the most senior officials in decades to visit Taipei. “While the implications of the announcement are not yet clear, it seems the intent is to nudge unofficial US-Taiwan relations toward something more akin to official ties,” said Maggie Lewis, a law professor at Seton Hall Law School who has written extensively on Taiwan and China. Taiwan’s Minister of Foreign Affairs Joseph Wu said in a tweet that he was grateful to Pompeo for “lifting restrictions unnecessarily limiting our engagements.” “The closer partnership between Taiwan and the US is firmly based on our shared values, common interests and unshakable belief in freedom and democracy,” the minister said. Beijing’s “One China” principle states that Taiwan and China are part of the same China. While the US recognizes that the government of the People’s Republic of China is the only legitimate government of China, it only acknowledges that the PRC claims Taiwan is a part of China. Taiwan’s government views the island as a de-facto independent, sovereign nation. “Best case, the Biden Administration sees this as a blank slate and starts an internal process to develop what the ideal US-Taiwan engagement structure and process looks like, consistent with the unofficial relationship, shared democratic values, and the benefits the bilateral relationship brings,” said Drew Thompson, a former US Department of Defense official responsible for Taiwan policy. The announcement by Pompeo is one of a number the administration has launched or strengthened in the final days of its term, including an initiative to punish companies with close ties to the Chinese military. He also issued a joint statement on Saturday with the foreign ministers of the U.K., Canada and Australia expressing “serious concern” about the arrest of 55 activists and politicians in Hong Kong last week. Hong Kong’s government later rejected that criticism. China has repeatedly said no other nations have the right to interfere in its internal affairs, including in Hong Kong. Hong Kong’s National Security Law is a breach of the Sino-British Joint Declaration and undermines the “one country, two systems” framework, according to the statement. The legislation “has curtailed the rights and freedoms of the people of Hong Kong. It is clear that the National Security Law is being used to eliminate dissent and opposing political views,” the governments said. National Security Advisor Robert O’Brien said on Sunday the US was “examining further options to respond”. Bloomberg News

ASHINGTON—House Speaker Nancy Pelosi said Sunday the House will proceed with legislation to impeach President Donald Trump as she pushes the vice president and Cabinet to invoke constitutional authority to force him out, warning that Trump is a threat to democracy after the deadly assault on the Capitol. Pelosi made the announcement in a letter to colleagues, saying the House will first vote to push Vice President Mike Pence to invoke the powers of the 25th Amendment to remove Trump from office. After 24 hours, she said, the House would proceed with legislation on impeachment. Trump could become the only president to be impeached twice. “In protecting our Constitution and our Democracy, we will act with urgency, because this President represents an imminent threat to both,” she said, and added: “The horror of the ongoing assault on our democracy perpetrated by this President is intensified and so is the immediate need for action.” On Monday, Pelosi’s leadership team will seek a vote on a resolution calling on Pence and Cabinet officials to invoke the 25th Amendment. With the House not in session, there is likely to be an objection to its consideration. Pelosi would then put the resolution before the full House on Tuesday. If it were to pass, Pence and the Cabinet would have 24 hours to act before the House would move toward impeachment. With impeachment planning intensifying, pressure was mounting for Trump to leave office even before his term ended amid alarming concerns of more unrest ahead of the inauguration. Two Republican senators have now said they want Trump to resign immediately in the wake of deadly riots at the Capitol. The president whipped up the mob that stormed the Capitol, sent lawmakers into hiding and left five dead. Republican Sen. Pat Toomey of Pennsylvania on Sunday joined

Republican Sen. Lisa Murkowski of Alaska in calling for Trump to “resign and go away as soon as possible.” “I think the president has disqualified himself from ever, certainly, serving in office again,” Toomey said. “I don’t think he is electable in any way.” A growing number of lawmakers want to prevent him from ever again holding elected office. House Democrats were expected to introduce articles of impeachment on Monday. The strategy would be to condemn the president’s actions swiftly but delay an impeachment trial in the Senate for 100 days. That would allow President-elect Joe Biden to focus on other priorities as soon as he is inaugurated January 20. Rep. Jim Clyburn, the thirdranking House Democrat and a top Biden ally, laid out the ideas Sunday as the country came to grips with the siege at the Capitol by Trump loyalists trying to overturn the election results. “L et ’s g ive President- elect Biden the 100 days he needs to get his agenda off and running,” Clyburn said. Mu rkowsk i, who h a s long voiced her exasperation with Trump’s conduct in office, told the Anchorage Daily News on Friday that Trump simply “needs to get out.” A third, Sen. Roy Blunt, R-Mo., did not go that far, but on Sunday he warned Trump to be “very careful” in his final days in office. During an interview on “60 Minutes” aired Sunday, Pelosi invoked the Watergate era when Republicans in the Senate told President Richard Nixon, “It’s over.” “That’s what has to happen now,” she said. Corporate America began to

Speaker of the House Nancy Pelosi, D-Calif., holds a news conference on the day after violent protesters loyal to President Donald Trump stormed the US Congress, at the Capitol in Washington on January 7. AP/J. Scott Applewhite

show its reaction to the Capitol riots by tying them to campaign contributions. Blue Cross Blue Shield Association’s CEO and President Kim Keck said it will not contribute to those lawmakers—all Republicans—who supported challenges to Biden’s Electoral College win. The group “will suspend contributions to those lawmakers who voted to undermine our democracy,” K im said. Citigroup did not single out lawmakers aligned with Trump’s effort to overturn the election, but said it would be pausing all federal political donations for the first three months of the year. Citi’s head of global government affairs, Candi Wolff, said in a Friday memo to employees, “We want you to be assured that we will not support candidates who do not respect the rule of law.” House leaders, furious after the insurrection, appear determined to act against Trump despite the short timeline. Senate Majority Leader Sen. Mitch McConnell, R-Ky., has said an impeachment trial could not begin under the current calendar before Inauguration Day, Jan. 20. While many have criticized Trump, Republicans have said that impeachment would be divisive in a time of unity. Sen. Marco Rubio, R-Fla., said that instead of coming together, Democrats want to “talk about ridiculous things like ‘Let’s impeach a president’” with just days left in office. Still, some Republicans might be supportive. Nebraska Sen. Ben Sasse said he would take a look at any articles that the House sent over. Illinois Rep. Adam Kinzinger, a frequent Trump critic, said he would “vote

the right way” if the matter were put in front of him. The Democratic effort to stamp Trump’s presidential record—for the second time—with the indelible mark of impeachment had advanced rapidly since the riot. Rep. David Cicilline, D-R.I, a leader of the House effort to draft impeachment articles accusing Trump of inciting insurrection, said Sunday that his group had 200-plus co-sponsors. The articles, if passed by the House, could then be transmitted to the Senate for a trial, with senators acting as jurors to acquit or convict Trump. If convicted, Trump would be removed from office and succeeded by the vice president. It would be the first time a US president had been impeached twice. Potentially complicating Pelosi’s decision about impeachment was what it meant for Biden and the beginning of his presidency. While reiterating that he had long viewed Trump as unfit for office, Biden on Friday sidestepped a question about impeachment, saying what Congress did “is for them to decide.” A violent and largely white mob of Trump supporters overpowered police, broke through security lines and windows and rampaged through the Capitol on Wednesday, forcing lawmakers to scatter as they were finalizing Biden’s victory over Trump in the Electoral College. Toomey appeared on CNN’s “State of the Union” and NBC’s “Meet the Press.” Clyburn was on “Fox News Sunday” and CNN. Kinzinger was on ABC’s “This Week,” Blunt was on CBS’ “Face the Nation” and Rubio was on Fox News Channel’s “Sunday Morning Futures.” AP

China pushes back against U.S. sanctions with new rules

hina continued its pushback against US sanctions, issuing new rules to protect its firms from “unjustified” foreign laws and allowing Chinese courts to punish global companies for complying with foreign restrictions. The rules on “counteracting unjustified extraterritorial application” of foreign laws allow Chinese authorities to issue orders saying that companies or people in China don’t need to comply with foreign restrictions, the Ministry of Commerce said in a statement on Saturday. The measures went into effect immediately, and although they don’t mention the US directly, China has long complained about the extra-territorial application of US law through sanctions and restrictions on trade. The rules also allow Chinese citizens or companies to sue for compensation in Chinese courts if their interests are damaged by the application of foreign laws, and could put global companies in legal jeopardy in China for complying with US sanctions. “The new order will be enforceable in China primarily through court actions brought by parties who believe they’ve been damaged by someone else’s compliance with a foreign sanction,” Nicholas

Turner, a lawyer at Steptoe & Johnson LLP in Hong Kong who specializes in economic sanctions, said Saturday. “Companies with significant business interests in China may need to tread carefully to avoid being subject to claims by counterparties in China under prohibition orders issued pursuant to this new framework,” he said. Still, it remains to be seen whether it “will be effective at discouraging companies from complying with US sanctions in the region or elsewhere.”

Forcing a decoupling

The Chinese move comes as the outgoing US President Donald Trump extends his campaign against Chinese companies in his final days in office, further straining ties between the world’s two largest economies. “The release of new regulations ahead of the inauguration of the Biden administration served the purpose of drawing China’s red line in protecting Chinese companies’ interests and rights,” Tommy Xie, an economist at Oversea Chinese Banking Corp. in Singapore, wrote in a note on Monday. Throughout the Trump administration, the US

has imposed a series of legal restrictions on Chinese business. These include restricting the sale of US technology to Huawei Technologies Co. and other firms, requiring investors to pull out of companies linked to China’s military and blacklisting firms for connection to alleged human rights violations. Earlier this month, the US banned transactions with Chinese apps like Ant Group Co.’s Alipay and Tencent Holdings Ltd.’s digital wallets, in addition to an ongoing effort to force the sale of TikTok by ByteDance Ltd. The New York Stock Exchange has also become involved, heeding calls from the Trump administration to delist certain Chinese companies. China initially responded to these efforts by announcing what it calls an “unreliable entity list,” which aims to punish firms, organizations or individuals that damage national security, but it hasn’t said if anyone is on that list. These new rules will add to that as-yet unused toolkit. Beijing also repeatedly pressured Canada to release Meng Wanzhou, daughter of Huawei billionaire founder Ren Zhengfei, after she was detained by Canadian authorities over a year ago at the request of the US government on suspicion

of violating US sanctions on Iran.

Foreign rulings

A new working mechanism involving the commerce ministry and the top planning agency will assess relevant cases and any decisions will be based on considerations like whether international law has been violated and the potential impact on China’s sovereignty and the “legitimate rights” of Chinese entities, according to the statement. China isn’t unique in using such measures, as similar legislation is in place in the European Union and countries like Canada and Mexico, Han Liyu, a law professor at the Renmin University of China, argued in a separate statement released by the ministry. The finance sector will be among those most affected by the new rules, according to Steptoe’s Turner. “The order could have the effect of causing financial institutions in China to process more transactions involving sanctioned entities than before,” he said. “That doesn’t mean they would be breaching US sanctions, as long as their activities are not subject to US jurisdiction.”

Bloomberg News

Tuesday, January 12, 2021

Sports BusinessMirror

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

CHAMBERS AS FALCONS COACH? By Josef Ramos

SEAN CHAMBERS could be packing his bags for San Marcelino.

T looks like Sean Chambers will be coaching a team in the University Athletic Association of the Philippines (UAAP) after all. No, not University of Santo Tomas. Jino Manansala got that job.

Forum talks baseball

BusinessMirror learned that Adamson University expressed interest in hiring the 1996 Philippine Basketball Association Best Import because of his vast coaching knowledge and network. Franz Pumaren’s coaching contract expired last December 31 and BusinessMirror also learned he won’t be signed for a third three-year deal because of what the Soaring Falcons management described as repercussions

wrought by the Covid-19 pandemic. The 55-year-old Chambers—a member of the 1996 Alaska grand slam team—was cautious with his reply when asked by BusinessMirror to confirm an impending contract with Adamson University. “If given the opportunity, I would be honored,” he said. Chambers didn’t deny nor confirm if talks

PACQUIAO

SPENCE

FFICIALS of the Philippine Amateur Baseball Association (PABA) will discuss their program for 2021 in Tuesday’s online edition of the Philippine Sportswriters Association (PSA) Forum. PABA Vice President Boy Tingzon joins Secretary-General Pepe Munoz as they talk about Philippine baseball during the pandemic, including the women’s team’s participation in the Baseball World Cup in Mexico later this year. Tingzon heads the Philippine delegation to the September 30 to October 9 tournament in the Mexican cities of Los Mochis and Ciudad Obregon. The 10 a.m. session is presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant and the Philippine Amusement and Gaming Corp. The Smart-powered Forum, with Upstream Media as official webcast partner, is livestreamed via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and shared by Radyo Pilipinas 2 Facebook page.

are ongoing between him and Adamson University but Chambers said it would be great to comeback to the Philippines and coach especially in any University Athletic Association of the Philippines school. “Indeed I am,” said Chambers, when asked if he remains interested in coaching in the country after UST turned down his application. “My desire is to coach at the college level. Whenever

there’s a position open, I will apply for it and lead a great program.” He said a lot of people sent him messages hoping that he got the UST coaching job after Aldin Ayo’s resignation. “There’s definitely a strong following for me to return,” said the seven-time PBA champion. Chambers is presently the Dean of Students at Fern Bacon Middle School in California.

Besides UFC star McGregor, Pacquiao wants Spence, too

EN. Manny Pacquiao believes unified International Boxing Federation (IBF) and World Boxing Council (WBC) welterweight champion Errol Spence Jr. pales in comparison with Keith Thurman when it comes to speed. “He [Spence] is too slow,” Pacquiao (62-7-2 win-loss-draw record with 39 knockouts) told BusinessMirror over the weekend in reaction to Spence’s unanimous decision victory over fellow American Danny Garcia last month in Arlington. “Spence is slower than Thurman but it’s going to be a good fight,” said Pacquiao, who nailed a split decision victory over Thurman last July 20, 2019, at the MGM Grand in Las Vegas highlighted

by a powerful knockdown in the first round. Although he already announced his intention to fight Ultimate Fighting Championship (UFC) super star Conor McGregor in Dubai this year, Pacquiao, 42, also expressed his desire to fight the likes of Spence or Terence Crawford. “They’re my options, but right now I want to experience fighting an MMA [mixed martial artist],” said Pacquiao, referring to McGregor. “I will also donate a big portion of my income to Filipino Covid-19 victims.” Spence—undefeated in 27 fights with 21 knockouts—became a different fighter after a horrific car crash that almost took his life last October in Dallas, Texas. “I think Spence lost a step from the accident,” said MP Promotions President Sean Gibbons, noting the reigning World Boxing Association welterweight champion Pacquiao would give him a good run if they fight. “It’s a difficult fight but I think, yes [Pacquiao beating Spence].” Pacquiao said he could land more solid punches on Spence if he would fight that way. The eight-weight division world champion added he won’t be retiring yet from professional boxing, saying he would be fighting at the most twice this year.

OFF NIGHT Stephen Curry has an uncharacteristic off

night—shooting 2 of 16 and missing nine of his 10 3s for 11 points after scoring 143 over his previous four games, including a career-high 62 one week earlier against Portland—and the Golden State Warriors lose to the Toronto Raptors, 106-105, in the National Basketball Association on Sunday. AP

Boost for Olympics, Paralympics

LLIANZ officially kicked off its eightyear worldwide partnership with the Olympic and Paralympic Movements on January 1—building on a collaboration with the Paralympic Movement since 2006. “Allianz is proud to be the ‘Worldwide Insurance Partner’ of the Olympic and Paralympic Movements,” said Oliver Bäte, Chief Executive Officer of Allianz SE. “As a supporter of the sports ecosystem and through shared core values of excellence, friendship, inclusion and respect, Allianz and our 148,000 employees and 100,000 agents are excited to care and deliver for athletes, their families and their

ambitions,” Bäte added. Since announcing the partnership in September 2018, the insurer engaged fans, athletes, teams and employees through health across four pilot markets—Australia, China, France and Spain. Allianz presented the Australian Olympic Committee’s Wellbeing Week to showcase ways to improve mental health. It also worked with the Organizing Committee Olympic Games Paris 2024 to encourage people to walk and run for “Club Paris 2024,” an initiative to move and be part of the Games. Allianz will expand local initiatives to

Lightweights VINCENT JUICO | @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS NOT a “lightweight” division. “The Fabulous Four” and “The Four Kings” ruled the welterweight division in the 1980s. Sugar Ray Leonard, Roberto “Hands of Stone” Duran, Thomas “The Hitman” Hearns and “Marvelous” Marvin Hagler. I’d pay a lot to see these four great pugilists in a roundtable discussion to talk about their respective rivalries. It’d not “pick your poison,” but, “pick your rivalry.” Anyway, before I segue and digress any further, let’s look at, who’d I say, is today’s “Fabulous Four” or “The Four Princes” instead of calling them Kings because the four aforementioned greats have paid their dues in the sweet science, while these four young men, this early, have already laid their respective claims as being the best in both their division and sport. Ryan Garcia, Gervonta “Tank” Davis, Devin Haney and Teofimo Lopez ushers in the new breed of, not just potential lightweight greats, but also, a new generation of students of the sport—young professional athletes who want to fight the best in their division

right away, young guys who don’t and won’t dodge anyone. You have other young fighters who are on the outside looking in like Vasily Lomachenko, Jorge Linares and George Kambosos. All four young lions have one-punch knockout power in both hands. Garcia and Davis have two of the largest fan bases in all of boxing. Lopez holds all the belts in the lightweight division after beating Lomachenko by unanimous decision in October 2019. Garcia and Davis have recently called out each other on boxing great and former heavyweight champion, Mike Tyson’s podcast to the delight of boxing fans all over the world including yours truly. The World Boxing Council has mandated a fight between Garcia and Haney but the latter would prefer challenging Lopez for all the belts and possibly unifying the division. The great thing about all of this is that these young men have not reached the peak of their powers yet. Davis is 26, Garcia and Haney are both 22 and Lopez is 23. Haney got himself in some hot water

connect with athletes and fans across the world. To name a few, the global insurer will offer consumers and employees the chance to take part in the Olympic Torch Relay at Beijing 2022 and will engage youth with the spirit and values of the Movements at its Allianz Sports Camps through trying sports, building friendships and learning from athletes. Furthermore, it will support the Movements with tailored insurance solutions and services. “Having announced this new agreement in 2018, our teams have already been working together in key pilot markets to support athletes and the Olympic Movement,” International Olympic Committee President Thomas Bach said. “As we start this new Olympic year, we are excited to begin in earnest our global collaboration with Allianz.” when he, according to ESPN.com, said, “I can tell you this—I will never lose to a white boy in my life,” the 21-year-old said. “I don’t care what nobody got to say. Listen, can’t no white boy beat me, I don’t care, on any day of the week. I fight a white boy like 10 times, I’m gonna beat him 10 times.” Davis, on the other hand, was charged with, according to CNN.com, charges of domestic violence after authorities in Florida said he assaulted a former girlfriend. Davis was “observed battering his former girlfriend,” the Coral Gables Police Department said in a news release. According to the arrest report, the incident happened at a celebrity basketball game on February 1 at the Watsco Center at the University of Miami. The release noted that Davis and the woman have a child together. Davis, 25, could be seen in video surveillance walking over to the woman, grabbing her shirt “with his right hand close to her throat” and dragging her by her shirt to a separate room,” according to the arrest report. He is charged with simple battery/domestic violence, the news release stated. We hope that Garcia and Lopez behave themselves as a lot of young people look up to these young boxers. As young professional athletes, they are constantly in the limelight, scrutinized for every move they make and every word they say. Oh yeah, have I mentioned that all of them are undefeated? Let’s see who’s zero is the first to go.