BusinessMirror January 18, 2021 by BusinessMirror

BOI, PEZA SET VARYING

Monday, January 18, 2021 Vol. 16 No. 99

P25.00 nationwide | 2 sections 20 pages |

INVESTMENT GOALS IN ‘21 CONGRESS SESSIONS RESUME; CREATE, AMLA AMONG TOP PRIORITY By Jovee Marie N. dela Cruz @joveemarie

& Butch Fernandez @butchfBM

AWMAKERS resume sessions today (January 18), with both the House of Representatives and the Senate vowing to push two key bills— Corporate Recovery and Tax Incentives for Enterprises (CREATE) and amendments to the AntiMoney Laundering Act (Amla) of 2001—to their logical end, as these are reforms long sought by the Executive. House Majority Leader Martin G. Romualdez on Sunday said the lower chamber, under the leadership of Speaker Lord Allan Velasco, will continue to work double time in passing the Duterte administra-

Catholic devotees observe physical distancing as they attend mass outside the Archdiocesan Shrine of the Sto.Nino de Tondo on Sunday. The Manila Police District reminded devotees that age restriction set by the IATF will be strictly implemented in Tondo and Pandacan, allowing only those aged 15-65 to attend mass service in honor of the Feast of the Christ Child. In his homily, Apostolic Administrator of Manila Broderick Pabillo told devotees to be vigilant against the abuse of children in their communities and the Church, raising concern over how minors fall victim to human trafficking, cybersex and sexual abuse. ROY DOMINGO

By Elijah Felice E. Rosales

@alyasjah

HE Board of Investments (BOI) is eyeing to secure P1.2 trillion worth of investment pledges this year, while the Philippine Economic Zone Authority (Peza) is just looking to claw its way back to the P100billion mark, in a display of the polarizing impact of the new tax law now on its final stage of bicameral deliberations in Congress.

PESO exchange rates n US 48.0670

Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo told the BusinessMirror he was instructed by his principal to target P1.2 trillion in investments this year. If the BOI manages to pull such an amount, it will beat its all-time high of P1.14 trillion recorded in 2019. “He [Trade Secretary Ramon M. Lopez] is asking us to target P1.2 trillion,” Rodolfo said in a text message. Investments registered with the BOI last year declined by more than

10 percent to P1.02 trillion, from P1.14 trillion in 2019. In spite of the drop, the agency managed to surpass its expectation that it will fail to touch the trillion-peso mark, as the Covid-19 lockdowns compelled investors to hold on to their capital and defer investment plans. Lopez, who also sits as BOI chairman, has pinned his hopes of a capital surge this year on the passage of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. Continued on A2

tion’s legislative agenda, including economic reforms that would help government in its Covid-19 response. Romualdez, chairman of the House Committee on Rules, said the House leadership will work on the immediate approval of the CREATE, which is now in bicameral conference deliberations; and amendments to Republic Act 9160 or Amla. “ These [CREATE and Amla amendments] are administration measures which the Department of Finance classified as vital for our economic recovery program. We are going to harmonize immediately the differences between the Senate and the House versions during the bicameral conferences,” said Romualdez. Continued on A4

Financial institutions share tips on surviving pandemic By Tyrone Jasper C. Piad

@Tyronepiad

F there is one thing everybody learned last year, it is that adapting to the digital world is a must to survive. The same holds for the financial services, given that the technological landscape of the business industry has been seeing further innovations as well. Philippine Bank of Communications (PBCOM) and Globe Fintech Innovations Inc.-operated GCash are among those industry players who stepped up amid increasing digital demand. In a virtual panel discussion last week, PBCOM Chief Information

Officer Ariel A. Roda said that both the banking industry and customers had to adjust to the new normal amid restricted physical interactions. “Many customers were also in a difficult situation as to how to continue receiving their banking services if their banks are not as ready to address their needs,” he said. Financial institutions, Roda observed, have been accelerating their digital transformation to keep up with the changes. He is hoping that all the hard work of the banks when it comes to digitalization will continue to pay off this year. See “Financial institutions,” A2

n japan 0.4631 n UK 65.8085 n HK 6.1993 n CHINA 7.4223 n singapore 36.2879 n australia 37.3817 n EU 58.4495 n SAUDI arabia 12.8137

Source: BSP (January 15, 2021)

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A2 Monday, January 18, 2021

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PHL gets $77.4-M China grant for infra, other devt initiatives C

China to donate 500K doses of Covid vax, Duterte told By Samuel P. Medenilla

By Bernadette D. Nicolas

@BNicolasBM

HE Philippines secured a grant of 500 million renminbi (about US$77.38 million or P3.72 billion) from China to support the implementation of infrastructure projects and other development initiatives of the Duterte administration.

In a statement over the weekend, the Department of Finance (DOF) said the two countries signed on Saturday the grant accord intended to support livelihood projects, infrastructure facilities, feasibility studies for major projects and other projects to be mutually agreed upon by parties. Finance Undersecretary Mark

Dennis Y.C. Joven, who signed the agreement on behalf of the Philippines, said there is also a chance that the grant would be used to support Covid-19 related response measures. “Subject to further discussions between our two governments and depending on the requirements, this may possibly include support

for Covid-19 related activities and response measures,” said Joven, who heads the DOF’s International Finance Group. For the part of Chinese government, Vice Chairman Deng Boqing of the China International Development Cooperation Agency (Cidca) inked the agreement. The signing of the grant accord was witnessed by Foreign Affairs Secretary Teodoro L. Locsin Jr. and visiting China State Councilor and Foreign Minister Wang Yi, in ceremonies held at the Shangri-La at the Fort in Taguig City. With the signing of the RMB500 million accord, there are now seven grant agreements executed and signed with the Chinese government by the Duterte administration. Total grant resources received by the Philippines from the Chinese government during the Duterte

administration so far reached RMB3.25 billion (about USD496.97 million). The six grant agreements earlier signed with China amounted to RMB2.75 billion (US$417.5 million) combined. These earlier agreements aim to support the conduct of prefeasibility studies, feasibility studies, provision of equipment, and implementation of infrastructure and other agreed projects. Among the projects being supported or currently funded under these six grant agreements are the construction of bridges (along the Pasig-Marikina Rivers connecting Binondo-Intramuros, EstrellaPantaleon; and along the Davao River [Bucana Bridge]; the reconstruction of Marawi City; and the procurement of container inspection equipment of the Bureau of Customs (BOC).

BICOL INTERNATIONAL AIRPORT CONSTRUCTION 72%–DOTR

HE Department of Transportation (DOTr) reported that the construction of the Bicol International Airport is now 72.2 percent complete with both packages “moving at a fast pace.” In a media advisory, the department said that Package 2A of the airport development project is now 88.2 percent complete. This package, which Sunwest Construction

won, involves the construction of landslide facilities and other buildings such as admin buildings, air traffic control towers, crash fire rescue building, and the maintenance building. Meanwhile, Package 2B, involving the construction of the passenger terminal and runway extension, as well as the construction of the taxiway, drainage, and other site

development works, is 49.5 percent complete. E.M. Cuerpo handles this package. The construction works are expected to be completed within the quarter. “Once completed, the airport is set to serve a total of two million passengers every year, which will surely boost air traffic and tourist arrivals in the region,” the advisory read.

The transport department mandated the 24/7 construction works for the airport, as it has been more than two decades since the first pre-feasibility study for the Bicol International Airport began. Actual construction of the airport stated only in 2016. “Envisioned to be a key infrastructure under the Build, Build, Build Program, the airport will pave way for the Albay province and the Bicol region to be transformed into an economic powerhouse, which will greatly benefit the Bicolaños for years ahead,” the advisory read. The department also dubbed the airport to be the “most scenic gateway” in the country. Lorenz S. Marasigan

Covid cases… Continued from A12

“For this particular endeavor we will need all hands on deck. The government requires and will solicit the assistance of allied medical professionals such as nurses, midwives, pharmacists, and barangay health to aid us in making the Covid-19 vaccine deployment a success,” he added. He stressed that vaccines work and have great benefits. “This is why we, as health-care workers, have the responsibility to ensure that we afford these benefits to the common Juan and we can start doing this by making sure that people are adequately informed about the benefits of vaccines,” he concluded.

Claudeth Mocon-Ciriaco

@sam_medenilla

HINA will be donating 500,000 doses of Covid-19 vaccine to the Philippine government State Councilor and Foreign Affairs Minister Wang Yi made the commitment during his meeting with President Duterte on Sunday. In a statement, Malacañang said Wang made the gesture to affirm the Chinese government’s support for the administration’s anti-Covid-19 measures. Duterte welcomed the donation, which he said will go a long way in facilitating the economic recovery of the country and Asia. “China plays a very key role in reviving our region’s economy. Let

us do all we can to revive economic activities between the Philippines and China,” Duterte said. Chief implementer of the government’s national policy on Covid-19 Carlito G. Galvez earlier said they were able to secure an agreement with Chinese drug maker, Sinovac, for the purchase of 25 million doses of its vaccine. An initial 50,000 of the ordered vaccines are expected to arrive next month. Besides the vaccine, Duterte and Yi discussed the completion this week of the terms of the local infrastructure projects, which are being funded by the Chinese government. Story on page A2. These projects include the Samal Island-Davao City Connector Project and the Subic-Clark Railway Project.

BOI, PEZA SET VARYING INVESTMENT GOALS IN ‘21 Continued from A1

The CREATE Act, approved last November 26 by the Senate, reduces corporate income tax (CIT) to 25 percent, from 30 percent, the highest rate among Southeast Asian economies. As for firms earning below P5 million yearly, their CIT would be brought down to 20 percent. Legislators from both chambers are convening in a bicameral conference committee to come up with a measure that unifies the two versions they have passed. The CREATE Act also sets up the Strategic Investment Priorities Plan (SIPP) that lists industries qualified to benefit from the new menu of fiscal incentives under the measure. Eligible projects can get up to seven years of tax break, to be followed by another 10 years of either reduced CIT or deductions in operating costs.

January timeline

Government economists and industry groups have urged lawmakers to enact the measure into law within January, as businesses rely on the CIT cut to mitigate losses, especially of micro, small and medium enterprises bleeding from the Covid-19 pandemic. As the BOI shoots to break the record books this year, the Peza tries to end a three-year streak of double-digit drops in investments. Last year, capital registered with the Peza declined by nearly a fifth to a little over P95 billion, as the health crisis prevented locators from building new factories and improving existing plants. In an interview with the BusinessMirror, Peza Director General Charito B. Plaza said her agency will strive to climb back to the P100-billion level this year.

Based on Peza records, investments made in economic zones in 2020 plunged 19.15 percent to P95.03 billion, from P117.54 billion in 2019. Broken down, foreign capital improved more than 21 percent to P59.73 billion, from P49.26 billion; while local inflows crashed over 48 percent to P35.3 billion, from P68.29 billion. “Best aggressive Peza target [is] to attain three digits, more than a hundred billion against last year’s P95 billion,” Plaza disclosed.

Investors forum

To entice multinationals to set up shop in economic zones, the Peza has organized an investors forum with foreign embassies that will run every month. In February the event will center on the credit facilities Philippine banks can extend to investors, to be discussed by Governor Benjamin E. Diokno of the Bangko Sentral ng Pilipinas. With the 19-percent decline last year, the Peza marked its third straight year of suffering double digit setbacks on investment approvals. In 2019 investments applied with the agency fell by more than 16 percent to P117.4 billion, from P140.24 billion in 2018, on uncertainties inflicted by the move to restructure the tax system. The Peza, backed by its locators, had tried to block the passage of the CREATE Act. While on one hand the measure brings down CIT rate, on the other it lifts incentives granted to investors to introduce new ones. The CREATE Act removes, for one, the 5 percent tax on gross income earned paid in lieu of all local and national taxes that exporters had wanted to keep. Once the measure is enforced, they will be given up to 10 years to surrender the tax privilege, after which they will be covered by the new rules on taxation.

Financial institutions…

Roda said that PBCOM has been doing its part to help their clients navigate the digital shift. “For PBCom, [we] have been ver y aggressive in pursuing digital transformation,” he said. “For several months prior to the pandemic, we’ve actually been able to set up a lot of alternative channels and self-service channels by which our customers, consumers, and corporates would continue receiving our services.” In March last year, the bank introduced its mobile application PBCOMobile to address the digital needs of its clients. Over 13,000 customers are now onboarded on this platform as of November 2020. Through the app, the bank said that even non-PBCOM customers were able to immediately open a savings account. The customers can deposit checks to their accounts and request a PBCOMobile Mastercard Debit card in the app. The card will be delivered directly to them and will also be linked, activated and controlled securely from the app. The app also allows online fund transfers to other banks via InstaPay, prepaid reloading, bills payments and account maintenance.

New work setup

The lockdown restrictions also prompted the

shift to work-from-home arrangements to keep businesses running. This, GCash Head of Key Merchants and Acquirers Maria Ana Leticia Pascual said, posed challenges for the firm as demand for e-wallet services significantly increased during the pandemic. “We were lucky enough that everyone actually is quite mobile,” she said, adding that some were still needed to be working on site. In the past year, the GCash official said that their company was among the industry players that massively grew amid the pandemic. “We had to contend with the increase in usage by our users and increase in new users that were coming,” she explained. Currently, the e-wallet service provider has over 27 million registered users. Its transactions hit P1 trillion in gross total value in 2020, which double that amount it booked in the past three years combined. The increase in the number of customers and transactions was driven by the shift to online payments, she said. More customers, Pascual said, have learned to buy their essentials online. “Thankfully, we were really set up to embrace the needs of people in this particular time,” the GCash official said. “We were lucky in a sense that we had developed a product, thinking the convenience of the people not leaving their homes

Continued from A1

to do things.” After being introduced to digital payments, Pascual is expecting that customers will continue to adhere to this payment habit even after the pandemic.

Highlighting security

Both Roda and Pascual underscored the importance of data security when it comes to digital transactions. “If it is an application that you are going to use . . . make sure the content is authorized,” the PBCom official said. A two-factor authentication is deemed as the minimum level of protection for major transactions, he added. “You should be expecting the application to have checks on biometrics or pins or recovery codes and so on,” Roda said. “So, if there are any problems, you can recover the account.” Roda said PBCom’s line is always open for the clients if they wish to change account passwords or request new issuance of cards. Pascual, meanwhile, said GCAsh has initiatives in consumer education, always reminding clients to never share pertinent information to anyone. The company has also streamlined its help center in the app to avoid confusion from bogus social media pages. “We are very much on top of consumer protection . . . our reputation lives and dies with what happens to people’s money,” she said.

A4 Monday, January 18, 2021 • Editor: Vittorio V. Vitug

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Customs memo formalizes 40% tariff on deboned meat By Bernadette D. Nicolas @BNicolasBM

HE Bureau of Customs (BOC) finally issued a memorandum formalizing its collection of higher tariff on imported mechanically-deboned meat (MDM) of chicken and turkey at 40 percent since January 1 following the expiration of a previous executive order (EO) from President Duterte. Without a new EO from Duterte, the BOC has since said they have no legal basis to collect only 5-percent tariff on imports of chicken and turkey MDM after the expiration of EO 82. “In view of the expiration of the reduction of the rates of duty on mechanically deboned meat as provided

under EO 82, the tariff rate for AHTN Code Heading ‘02.07’ corresponding to the commodities covered therein is restored to 40 percent effective January 1, 2021,” read the January 4 memorandum signed by Customs Deputy Commissioner Atty. Edward James A. Dy Buco. Duterte issued EO 82 last June 2019 to reduce the tariff for MDM “a key component for hotdogs and canned luncheon meat” to 5 percent to ease inflationary pressures. EO 82 was effective only until December 31, 2020, unless the President signs another order extending its effectivity. Malacañang confirmed earlier this month that the Cabinet has already agreed to retain the tariff at 5 percent.

Earlier, Trade Secretary Ramon M. Lopez said the Cabinet-level Committee on Tariff and Related Matters voted in favor of retaining the 5-percent tariff on MDM because there are no local producers to protect in the first place. As such, he argued that raising the tariff to 40 percent will only jack up the prices of processed meat and canned products. The President is allowed to increase, reduce or remove existing rates of import duty upon the recommendation of the National Economic and Development Authority if Congress is not in session. Congress was on recess until January 17. According to EO 23 issued in 2017, concessionary rates on certain agricultural products should go back to

2012 levels once the quantitative restriction (QR) on rice is removed and converted into ordinary customs duties. The rice trade liberalization law, which removed the QR on rice, took effect on March 5, 2019. Should the President release an EO mandating the extension of a 5-percent tariff on MDM, Customs Assistant Commissioner and spokesman Vincent Philip Maronilla earlier told the BusinessMirror that importers may ask for a refund but only if the EO contains a provision mandating the retroactive application of the tariff rate. Without the retroactive provision, Maronilla said the BOC would not grant their request for a refund.

DTI seeks lowering age restrictions in GCQ areas By Elijah Felice E. Rosales @alyasjah

O encourage families to go out and boost consumer demand, the Department of Trade and Industry (DTI) has proposed to bring down age restriction in areas under general community quarantine (GCQ) to 10 years old. Trade Secretary Ramon M. Lopez argued last Friday that the government should consider allowing families to go out as a unit in public spaces and commercial centers, such as malls. Lopez said this will motivate establishments to double their activities to the benefit of the economy.

As mandated by the government, only people aged between 15 and 65 years old are permitted to leave their houses to do essential activities. As such, Lopez disclosed there are retail stores who have yet to reopen to their full capacity, as they wait for the government to let the remaining age groups go out again. “What’s important is to do it one at a time. For instance, at present, 15 years old is the youngest. We can bring that down to maybe 10 years old,” Lopez said in a television interview. Lopez claimed that children aged 10 and above can be disciplined by parents and taught to comply with minimum health standards. He said he sees no

problem in allowing families to go out as a unit for as long as all their members wear a face mask and face shield in public spaces. “Some customers who should be patronizing our retail stores, commercial areas and malls, their movement is limited because of the age restrictions in place,” the trade chief explained. “In other words, the markets who transact with these establishments have yet to come back to 100 percent as in pre-pandemic [period],” Lopez said. “As the number of people who can go out is limited, consumption is limited as well.” Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua had blamed the prohibitions on children

and elders for dragging the recovery of an economy driven by consumption. As the youth sector takes up majority of the population, bulk of the P21 billion in wages that the economy squanders every month to quarantine regulations comes from the restrictions enforced against family activities, Chua said. The median age in the Philippines is 25.7 years, and more than a third of Filipinos are aged 18 and below.

Government economists, backed by business groups, are pushing to reopen the economy to its near-full, if not full, capacity to reverse the losses on investments, revenue, jobs, among others, endured at the height of Covid-19 lockdowns last year.

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Govt creates team to hunt down real estate scammers By Cai U. Ordinario @caiordinario

HE Department of Human Settlements and Urban Development (DHSUD) announced the creation of a technical working group (TWG) to formulate strategies against real estate scammers. A statement quoted DHSUD Secretary Eduardo D. del Rosario as saying that the TWG is tasked to revisit all laws, rules and regulations relevant to the prevention and elimination of illegal real estate activities nationwide and find alternative solutions to address the problem. It will also assess ongoing public campaigns and actions taken against individuals or groups engaged in such unlawful practices as well as undertake consultations with concerned government departments and agencies as well as other stakeholders, the DHSUD statement read. “We should be relentless in our campaign to protect home buyers and legitimate workers in the real estate industry,” del Rosario said and urged all stakeholders to unite in combating these illegal activities. Headed by Undersecretar y Meynardo A. Sabili, the TWG aims to formulate a Joint Memorandum Circular (JMC) among stakeholder-agencies for a whole of government approach to address the illicit activities in the real estate sector. The TWG is also mandated to recommend guidelines to the Secretary

on the implementation of the JMC provisions upon its execution, and perform other duties relevant to the purpose of ending illegal real estate practices in the country. Last year, Del Rosario ordered a crackdown against real estate scammers after receiving “persistent” reports about illegal activities in the real estate industry. Scammers in the real estate industry are widely known as “kolorum” agents who operate without proper legal documents. “We need to put a stop to these illegal activities through institutionalized pro-active efforts in collaboration with our stakeholders, national and local government units, law enforcement agencies, including legitimate developers, who are also victims of these scammers,” Del Rosario said. In December last year four individuals were arrested during an entrapment operation by employees of the DHSUD and the National Bureau of Investigation (NBI) in Barangay Sucat, Alfonso, Cavite. The suspects allegedly sold properties at Alta Vista without any “Certificate of Registration” and “License to Sell” from the DHSUD. They claimed to be part of 1Premier Land Marketing Co., an alleged marketing arm of the developer of Alta Vista. However, 1Premier is not registered with DHSUD. Based on the DHSUD website, there are currently 440 real estate salespersons, 303 brokers and 18 firms registered at the department whose registrations are valid until December 2021.

DAR installs farmers at 70-has. CJ Peralta optimistic reforms to continue after departure Cadiz, Negros Occidental farm C By Jonathan L. Mayuga @jonlmayuga

GROUP of agrarian reform beneficiaries will finally get to cultivate their government-awarded land in Cadiz City, Negros Occidental, after the Department of Agrarian Reform (DAR) finally completed their installation early last week. The DAR said in a statement that a total of 62 agrarian reform beneficiaries and their families were installed at a 70-hectare land in Cadiz City in North Negros Occidental, kicking off its land-distribution campaign this year with what it described as “a great beginning.” The installation of agrarian reform beneficiaries to their CARPawarded land is the final step in the land acquisition and distribution

(LAD) process under the more than two decades-old land program that was started in 1987 by the administration of Corazon C. Aquino. Negros Occidental is lagging behind in terms of LAD because of the strong resistance put up by landowners, the DAR said. The covered landholding is formerly owned by the Asuncion Agricultural Corp. with Title Number T-25408, covered by Lot 839, situated at Barangay Burgos. Municipal Agrarian Reform Program Officer (Marpo) Myrna D. Omaliao said the activity completes the LAD process under CARP. “Through its mandate, the DAR shall acquire public and private agricultural landholdings to be distributed to tenants, farmers, farmworkers, or other tillers who are qualified to become ARBs,” Omaliao explained.

“These ARBs will be provided with titles in the form of certificates of land ownership award covering one contiguous tract or several parcels of land cumulated up to a maximum of three hectares per ARB.” She added that the DAR is also mandated to guarantee farmers’ land security, deliver social equity and provide them with the necessary productive resources needed to ensure their economic viability and productivity. “May the year 2021 bring you hope as you are now the owners of the land you have been longing to acquire. Be responsible, take good care of it, and secure that it is free from abuse. Just abide by the laws for you to have a better life,” Omaliao said. Negros Occidental is still under the Modified General Community Quarantine (MGCQ).

HIEF Justice Diosdado M. Peralta has expressed optimism that his decision to vacate his post a year early would not derail the reform programs he has initiated for the judiciary. The 68-year-old Peralta said he is expecting he would be able to finish some of these programs before he steps down as chief magistrate on March 27. “I believe that my retirement from the [Supreme] Court will not adversely affect the implementation of these programs given that these and the previous ones that were established

PHOTO BIÑAN

justice and other offices for court users; improving the security of justice, judges and Halls of Justice; improving the procurement and bidding processes to fast-track implementation of projects; and, creation of the Strategy Planning Management Unit for monitoring and evaluation of projects. The Chief Justice stressed that he intends to finish streamlining the plantilla of various officers, divisions and services in the SC and to fast-track filling up of vacancies for the benefit of qualified and deserving personnel. Joel R. San Juan

Congress sessions resume; CREATE, AMLA among top priority continued from a1 “Once enacted into law, the CREATE bill will definitely provide businesses, particularly micro-, small, and medium enterprises (MSMEs), with one of the largest economic stimulus measures in the country’s history to help them recover from the economic turmoil caused by the Covid-19 pandemic,” he added.

Coco trust fund, land titles

Mayor Walfredo R. Dimaguila Jr. (right, holding mobile phone) poses for a photograph with Department of Education officials and government staff after their project tour of the Biñan City Science and Technology High School at Silmer Village, Barangay San Francisco, City of Biñan, Laguna. Dimaguila said construction of the school is expected to be completed by the end of the year and will be ready if the government starts the face-to-face mode of education. BERNARD TESTA

during my tenure as Chief Justice are all envisioned to serve as long-term reforms for the Judiciary,” Peralta said. Following his appointment as chief magistrate in October 2019, Peralta rolled out a 10-point program, which included the creation of a security system for the judiciary to address the killings and other forms of violence committed against members of the judiciary. His other plans include the elimination of backlog in the SC and in the other courts; the setting up of a judicial integrity board; the establishment of a 24/7 help desk in the office of the chief

ACCORDING to Majority Leader Zubiri, who chairs the Committee on Rules, the Senate’s legislative priority will focus on the ratification of the bicameral committee reports on CREATE, Coco Farmers Trust fund as well as the Confirmation of Imperfect Land Titles. “We will also approve on third reading the amendments to the AMLA,” he said, adding: “Moreover, we will push for the measures that have been approved on third reading but have no approved counterpart from the House of Representatives, such as: establishment of separate prison facilities for heinous crimes convicts; protecting children by prohibiting and declaring child marriage as illegal; creating a National Transportation Safety Board; establishing the Philippine Energy Reasearch and Policy Institute; Authorizing the Department Of Agriculture to use the annual tariff

revenues in excess of P10 billion under RA 11203 for direct cash aid to farmers owning 1 hectare or less of rice land until 2024. Zubiri added, “We will also start the discussions and debates on the amendments to Retail Trade Liberalization Act; increasing the age of Statutory Rape; amendments to the Public Services Act; creation of the Department of OFWs; E-governance Act; Military and uniformed Personnel Services Separation, Retirement and Pension Act; Expanded Solo Parents Act, and Internet Transactions Act.

CREATE bill

HOUSE Committee on Ways and Means Chairman Joey Sarte Salceda said the bicameral conference committee on CREATE will reconcile the Senate and House versions of the bill this month. Romualdez said the Amla amendments needs to be passed before February for the Philippines to avoid inclusion in the Financial Action Task Force’s so-called gray list. House Bill 7904, seeking to amend the Anti-Money Laundering Law of 2001, as amended, will protect and preserve the integrity and confidentiality of bank accounts and ensure that the Philippines shall not be used as a money laundering site for the proceeds of any unlawful activity. “We need all these laws if we are to

bounce back from the economic ravages caused by the Covid-19 pandemic,” he said. CREATE is now pending in the bicameral conference committee while Amla amendments were approved by the House on third and final reading last December, and are up for third reading approval in the Senate.

SONA bills

ALSO, Romualdez said the House is scheduled to approve on third and final reading the expanded Solo Parents law, which is part of President Duterte’s State of the Nation Address’ (Sona) priority measures. Romualdez said the House already transmitted to the Senate the following Sona priority measures: HB 00304 or the Passive Income and Financial Intermediary Taxation (PIFITA) Act; HB 04664 or the Real Property Valuation Assessment; HB 06134 or Mandating Banking Institutions to Strengthen the Financing System for Agricultural, Fisheries and Rural Development in the Philippines; HB 78 or the Public Service Act Amendments; HB 05832 or the Department of Filipinos Overseas and Foreign Employment (DFOFE) Act; HB 05989 or the Department of Disaster Resilience (DDR); HB 07406 or the Bureau of Fire Protection Modernization Act; and HB 07805 or the Internet Transaction Act/E Commerce Law.

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Editor: Jennifer A. Ng • Monday, January 18, 2021 A5

BOC collects ₧15.49B in rice tariffs in 2020 By Bernadette D. Nicolas @BNicolasBM

HE Bureau of Customs (BOC) collected a total of P15.494 billion in tariff revenue from 2.38 million metric tons (MMT) of rice imported by private traders in 2020. Citing a report from Customs Commissioner Rey L eonardo Guerrero in a recent Department of Finance Executive Committee meeting, the finance department said in a statement that the BOC “improved” its valuation system for rice imports.

In his report to Finance Secretary Carlos G. Dominguez III during the meeting, Guerrero said the tariffied value of the grain rose 7 percent on average in 2020 compared to the previous year. From an average of P18,980 per metric ton (MT) in 2019, this has increased to P20,320 per MT in 2020, he said. The Customs chief attributed the improvement in valuation to BOC paying attention to the classification of quantity and weight of rice stocks imported by private traders under the Rice Tariffica-

tion Law (RTL). Guerrero also said there was a 51.7-percent increase in revenue from rice imports in December to P885.05 million from P583.58 million in the same month in 2019. In 2019, Customs collected P12.3 billion in rice tariffs from 2.03 million metric tons of rice imports from March to December following the passage of the RTL, which paved the way for easier importation of rice. Another P9.28 billion was collected from 1.1 million metric tons of rice imported prior to the

March 2019 implementation of the RTL. Tariffs collected from rice imports are used to fund the sixyear P10-billion annual Rice Competitiveness Enhancement Fund (RCEF) to bankroll programs that would provide farmers with highquality seeds, machinery, easier credit access, and relevant training to improve their productivity and become competitive. Should annual tariff revenues from rice imports exceed P10 billion, the RTL indicates that these shall be earmarked by Congress—

and included in the national budget of the following year—for financial assistance to palay farmers, titling of agricultural lands, an expanded crop insurance program on rice, and crop diversification. In September last year, 47 rice importers were told to pay P1.417 billion after the BOC found them liable for undervaluing their rice shipments from March to June 2019. The BusinessMirror also earlier reported that Customs has so far collected P30.908 million of the P1.4-billion total charges, equivalent to 2.2 percent.

ASF prompts PHL to mull over hike in MAV allocation for pork By Jasper Emmanuel Y. Arcalas @jearcalas

HE Department of Agriculture (DA) said it is looking at the possibility of increasing the minimum access volume (MAV) for pork to boost domestic supply and stabilize retail prices. Agriculture Secretary William D. Dar made the confirmation to the BusinessMirror via SMS that the DA is mulling over the increase in the current pork MAV to 150,000 metric tons (MT) from the current 54,000 MT. Pork Producers Federation of the Philippines (ProPork) President Edwin G. Chen told the BusinessMirror he will not oppose the measure as the imports are necessary to plug the shortfall in domestic pork supply. Chen said the DA disclosed in a recent meeting with hog industry stakeholders that they are studying the possibility of increasing the MAV for pork by “three-fold.” He said allowing more imports within the MAV quota, which is levied with a lower 30-percent tariff compared to 40 percent outside the MAV, would be sold to the market at lower prices. “I will not oppose it [importation]. Dahil talagang kulang ang supply [Because there is a supply shortfall]. In a society, you have to look at the welfare of the consumers,” he said. “Flooding the market with imported pork at a lower price would influence local prices and result in [stable prices]. The move to increase

MAV allocation is the right [move].” Chen said the shortage in local output caused by declining numbers of pigs due to ASF and ASF-related actions and aggressive buying by traders are driving the spike in farmgate prices. He said traders are now in a bid war among themselves as they are offering hog raisers higher prices. The latest price survey conducted by ProPork indicated that the farmgate price of hogs in Tarlac ranges from P210 per kg to P235 per kg while Bulacan quotations are at P230 per kg to P235 per kg. The average farm-gate price in Pangasinan is at P240 per kg while pigs in Batangas and Quezon are sold at P230 per kg and P235 per kg, respectively. These prices are P10 to P40 higher than their previous quotations recorded last January 4, based on ProPork’s weekly price survey. The current farm-gate prices of live hogs were the peak of the retail prices of pork two years ago. Chen said hog raisers are now earning double their production cost due to the high farm-gate prices. Latest price monitoring by the DA showed that pork belly (liempo) prices in Metro Manila as of January 14 range from P350 per kg to P440 per kg while pork ham (kasim) is sold at P320 per kg to P400 per kg. Meat Importers and Traders Association (Mita) President Jesus C. Cham told the BusinessMirror that their proposal for the government to reduce pork tariff—both within and outside

with Big Oil for share of gasoline tanks, Becker is working to transform Green Plains into an agricultural technology company focused on extracting more oil and high-value proteins from corn, with ethanol merely a byproduct.

EMPLOYEES butcher pork at a Smithfield Foods Inc. pork processing facility in Milan, Missouri, United States, on April 12, 2017. DANIEL ACKER/BLOOMBERG NEWS

MAV—by 20 percent still stands. “Government should encourage pork imports and allow free access of imported products to marketplaces including wet markets,” Cham said. “Reduced duty will directly impact landed cost.” The United States Department of Agriculture (USDA) earlier projected that the Philippines’s pork output this year may fall by 3.6 percent to 1.075 million metric tons (MMT), its

lowest in 20 years, as ASF continues to disrupt domestic hog production. The USDA revised downward its production forecast for the Philippines from its earlier projection of 1.35 MMT in October 2020, dismissing an immediate rebound of domestic hog output this year. The USDA noted that the ASF virus, which is fatal to pigs but not harmful to humans, continues to spread in key producing regions in the country.

Historical USDA data showed that its 2021 pork output estimate for the Philippines could be the lowest since 2001, when production reached 1.064 MMT. The USDA data also indicated that the country’s pork imports this year could expand by 33 percent to 200,000 MT, from 150,000 MT in 2020, to plug the shortfall in supply. The USDA estimates the Philippines’s total pork demand this year at 1.274 MMT.

Last week, the company joined with asset management firm Ospraie Management LLC to buy a majority stake in Fluid Quip Technologies as part of Green Plains’ push to make protein-dense ingredients used in products like animal feed.

Investors so far approve, with Green Plains’ stock rising 37 percent since January 4, the day before the deal was announced. “The world is protein-short,” Becker said in an interview. “Demand is insatiable.”

Ethanol now generates roughly 70 percent of the company’s revenue, and has led its profit losses in the last few years, partly due to plummeting demand during the pandemic and the US-China trade war. Bloomberg News

Everyone is a ‘House’ reporter now continued from a7

LGUs prep for inoculation before PHL gets vaccines continued from a12

The lockdowns led to new additions to the families of some reporters. Tyrone’s family, which never had a dog, welcomed three dogs to their home. Christine adopted two kittens. Both were abandoned in the street and were hanging out at the garage so her family decided to adopt them. She also started to walk on a path to better health. This after a doctorfriend told her she needs to take control and prevent her from becoming even more unhealthy as she gets older. For Christine, a “healthier” life began at 40.

The city allocated an initial P82.2 million for the campaign and are looking at other sources, such as disposing of idle lands to get more funds, or the city’s calamity funds, considering that Covid-19 pandemic is a calamity also.

Looking back, ahead

FOR reporters like Elijah, the lockdowns did not prevent him from attending some physical coverages that were proximate to where he lived. This gave him a chance to test his skills and for him to get acquainted with the changed landscape of journalism. Samuel is already preparing for many events this year. He covers Malacañang, Labor, and the Intra-

muros beat for the newspaper. With the elections coming up, 2021 is going to be a very busy one. “Kung ako ang tatanungin, gusto ko pa ring bumalik sa physical coverage dahil hindi ko maramdaman ’yung essence ng trabaho sa bahay [If you ask me, I really want to go back to physical coverage because I can barely feel the essence of coverage],” Elijah said. Many would consider 2020 a wasted year, an annus horribilis. There is no doubt that it is a bad year, given the millions who lost their jobs and the damage suffered by economies worldwide due to the lockdowns imposed to contain the spread of Covid-19. But for some reporters, it became a year of taking stock of what is important. Becoming ‘house reporters’ for most of 2020 still offered them opportunities to achieve balance in their personal and professional lives. This year offered them a chance to take stock of their lives and careers with the hope that 2021 would be a better and more productive one for them and the industry.

Duterte greenlights measures to boost food security—DA

Tired of waiting on Washington, ethanol CEO bets on animal feed

REEN Plains Inc. Chief Executive Officer Todd Becker is getting closer to his goal of never having to worry about ethanol policy in the United States again. Instead of awaiting Washington’s next move in the industry’s battle

Customs Assistant Commissioner Vincent Philip Maronilla said the amount was paid by 24 rice importers, 14 of which are farmers’ cooperatives. Other rice importers have either filed motions for reconsideration to avert paying charges or have yet to avail of any legal remedy. For rice imports in January to June 2020, the BOC earlier said 60 rice importers have already been selected for the post-clearance audit. Guerrero has since said they expect to collect at least an additional P1 billion from undervalued shipments in 2020.

San Juan

SAN Juan City conducted a two-day simulation of the vaccination process on January 13 and January 14, 2021 at the San Juan Gym. Mayor Francis Zamora said this will show the flow of the vaccination process and address gaps way before the vaccine arrives. This was also a dry run for healthcare workers who just underwent twoday training from the DOH, and for city hall departments involved to get familiarized with their roles and responsibilities during the vaccination process. “We decided to hold the simulation so that early as now, we can see where the problems may be coming from and address them as soon as possible. We want to be ready when

the vaccine arrives and as people can see, we are ready anytime,” Zamora declared. The city initially ordered 100,000 doses of AstraZeneca vaccine, enough to cover 50,000 residents, to be supplemented by more supplies from the national government. “San Juan Gym will be our main vaccination center. We chose this venue because it’s well-ventilated and big enough to accommodate hundreds of San Juaneños who already signed up to get the Covid-19 vaccine. It is also located right in the heart of the city so it’s accessible to our constituents,” Zamora said. Different vaccination sites will be set up in key public areas and health stations and health centers, depending on the number of residents seeking vaccination. During the simulation, it was estimated that a person will take less than 20 minutes to go through all the processes from the registration area, counseling and final consent area, final screening area, and the

actual vaccination process. Afterwards, they will be led to another area for the one-hour observation after vaccination.

Pasay

THE Pasay city government has signed a deal to buy from AstraZeneca 275,000 doses to inoculate the city’s residents for free. Mayor Emi Calixto-Rubiano said, “The vaccines will be free for the citizens of Pasay City. Healthcare workers and senior citizens are on our priority list.” She said the LGU chose AstraZeneca over other vaccines because these are more affordable, with high efficacy and require simple handling. “We can store AstraZeneca Covid-19 vaccines…even in ordinary refrigerators,” she said. She said the LGU has been training personnel for the vaccination. The mayor said all these steps are being undertaken in coordination with the national government, especially through the National Task Force (NTF) on Covid-19.

HE Department of Agriculture (DA) said President Duterte has approved 8 measures it has proposed, including barangaybased vegetable farming, to boost the country’s food security and address ongoing problems of the sector. The DA said 8 key result areas (KRAs) were approved by Duterte and the Cabinet in their meeting on food security last January 11. On top of the list is the intensified implementation of the “Plant, Plant, Plant,” program, which covers production of crops, livestock, poultry and aquaculture, as well as urban gardening such as Gulayan sa Barangay at Paaralan. This is followed by improved agri-fishery production, processing, marketing and logistical support as well as sustained implementation of the joint circular on price control led and coordinated by the local price coordinating councils, according to the DA. The DA added that the administration has approved the enhancement of the government’s actions and response in managing, preventing and controlling the spread of African swine fever (ASF) through the Bantay ASF sa Barangay or BABaY. The DA said this biosecurity project would be coupled by its ongoing swine repopulation program. The other measures approved were: adjusting rice planting calendar to reduce crop damage caused by typhoons; localize implementation of DA-DOH policy on food safety; enhance war against hunger as a result of the pandemic; and closer coordination on messaging with regards to food security and other related strategic communications initiatives. “On behalf of the DA family and the IATF task group on food security we will continue to work even harder this 2021 so that the Philippine agriculture sector can ‘survive, reboot, and grow’ under the new normal,” Agriculture Secretary William D. Dar said in a statement over the weekend. Dar urged the Cabinet members “to strongly team up with the DA in the vigorous implementation of the Duterte administration’s Plant, Plant, Plant program” to attain a 2-percent agriculture sector growth this year. Dar noted that a higher farm output would “ help propel the country’s economic recovery.” “The DA will continue to increase farm and fishery productivity, increase incomes of farmers and fisherfolk, and subsequently reduce poverty and hunger,” he added. Jasper Emmanuel Y. Arcalas

The Virtual

Business

Monday, January 18, 2021

PANDEMIC DISRUPTS, BUT ALSO RESHAPES HOW MEDIA HANDLE NEWS OPERATIONS

LL over the world, the Covid-19 pandemic changed the way most businesses operate, including the media.

The newsroom, as we know it, was upended by considerations of health protocols that came with strict, prolonged lockdowns; and coverage on the beat, in public places, was impacted as well. TV hosts, whom the public had always seen looking spiffy in suits in the studio, had to report the news from their homes; and most reporters had to limit physical coverage to only the big breaking stories that otherwise could not be reported from home. But for the most part, even the visually-reliant TV news and public affairs shows had to adjust, innovating on work-from-home schemes along the way. With digital platforms becoming the more relevant means for reaching audiences, all other media had to tweak the way they delivered content. For most Philippine newspapers, the work-from-home mode had to be the norm dur-

ing the extended lockdowns that began in March. BusinessMirror was one of those that set up its own "virtual newsroom," learning along the way to get an entire army of news generation workers to do their job from various locations. Will the newsroom as we know it ever return? Maybe, but much changed, given the key lessons imparted by the pandemic. Beyond the shift from physical to virtual, a sea change has also taken place in the public's attitute toward the professional media, which had to deal not only with the financial and logistical challenges posed by pandemic-disrupted operations, but also the way people consumed information – often from a "chopsuey" of sources, especially from social media that hosted a surfeit of fake news. The professional media, despite physical and logistical limitations, had to learn how to bet-

ter the way they make sense of the news for the public given the information overload. And, more important, how they tracked the public's needs and pulse, i.e., their burning questions for the day, the ones that make them most anxious, and the most basic, urgent advisories needed to survive and cope with fast-changing rules and protocols. A pointed question from Northwestern University Professor Pablo Boczkowski, in an article shared by Nieman Lab, comes to mind: "Audiences have revolted. Will newsrooms adapt?" His context was based largely on the tremendous changes that unfolded in the US media during the pandemic, but they apply, as well, to most media institutions around the world. The pandemic was disruptive, but it allowed those in the news business, to learn to stop conceiving of audiences "in their own image," as Boczkowski puts it, and to be more sensitive of what they think, feel, need. The pandemic upped the ante for data journalism, and gave health and science writers more premium. It further made us reliant on tech reporters as well. But in the end, it's the sense of empathy generated in the crisis that matters most.

Everyone is

EDITORIAL staff meetings, like most offices, relied on Zoom.

‘K

By Cai U. Ordinario

ailangan ko matuto magluto kung hindi, hindi ako makakakain ng tama nung pandemic [I had to learn to cook; if not, I won’t be able to eat properly during the pandemic].”

This, to BusinessMirror Agriculture reporter Jasper Emmanuel Y. Arcalas, was a key takeaway he had during the Covid-19 pandemic, which has gripped the world for a year now. With help from his mother via phone calls, girlfriend, and YouTube, Jasper learned to cook. Living alone in an apartment in Metro Manila, Jasper initially resorted to eating takeout food and prepared meals from nearby places to feed himself. But with the strict lockdown by the government, Jasper had to adjust. The strict lockdown to contain the spread of Covid-19 had resulted in the closure of shops such as those that sold cheap, cooked food which workers like Jasper would frequent to survive in the urban jungle. Soon, he coped by cooking for himself. The cooking kept him busy during the pandemic, apart from his work. After ensuring that connectivity and infra issues were settled before most of the work force was “migrated” as a precaution even before the strict lockdowns, BusinessMirror decided to allow most of its staff to work from home (WFH) days before the quarantine rules were set by the Covid-19 Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases (EID). As was the experience of media workers around the world, the new setup forced many personal and professional life changes— something that even reporters, editors, and other media workers, used to a fast-paced work sched-

ule, found quite disruptive, if not a source of much anxiety. Still, while some changes made working difficult during the pandemic, there were others that led to personal and professional growth.

’House’ reporters

THE lockdown paved the way for reduced coverage, and eventually made face-to-face coverages almost non-existent for many journalists. Mobility restrictions made webinars, and zoom meetings and briefings, a part of the everyday realities of covering. At times, journalists attended as many as two or more webinars a day just to cover events, apart from writing and submitting stories at the end of the day. Sometimes, journalists needed two screens to cover two webinars happening at the same time. Jovee Marie dela Cruz, this newspaper’s reporter at the House of Representatives, said Zoom meetings were common for legislators this year. Compared to the prepandemic period, these hearings tended to be longer (presumably because lawmakers were in relaxed settings in their homes and didn’t mind the time), and thus more taxing for reporters. This was a challenge, especially if committee hearings were happening at the same time. However, since the hearings were recorded through Facebook, this helped Jovee go back to certain portions she may have missed because of another event or poor internet connection. The joke among reporters was

that, because of the lockdowns, everyone is now a “house” reporter like Jovee. Like Jovee, this paper’s Senate reporter, Butch Fernandez, had to adjust to covering virtual hearings and sessions. The Senate imposed very strict rules on physical attendance by both Senate workers and mediamen as three senators were among the first widely publicized Covid-19 cases. The veteran political reporter said it was the “ambush” interviews on the Senate floor or hallways that he missed most in the new setup. BusinessMirror’s Trade reporter, Elijah Felice E. Rosales, said the amount of webinars that need to be attended in a day posed a major challenge for reporters, especially given the poor internet connection in the Philippines. They would often experience being kicked out of these events due to poor internet connection. “Kahit na sabihin nating nakaupo lang tayo sa bahay tapos nakaharap lang sa laptop, kumpara sa old normal na lumalabas ka tapos patalon-talon ka sa coverage, napakahirap pa rin po ng setup ng work from home for me, especially when it comes to journalism. Halimbawa may mga gusto kang habuling special report, hindi mo mahabol kasi kailangan nasa ground ka. As much as nirerespeto ko naman yung digital, naniniwala pa rin ako na yung reality sa ground, yung ‘Law of the See’, is a superior setup, [Even if you’re just seated at home in front of your laptop, as against the old normal where you had to go out and physically jump from one coverage to another, the work-from-home setup is also hard for me. For example, it’s hard to chase after a special report, when it requires being on the ground. As much as I respect digital, I still believe the reality on the ground, the ‘Law of the See,’ is superior]. Elijah also said. In some cases, some reporters would not be able to attend a webinar completely and have to rely on recordings of these events if they are available. The record function for Zoom meetings or airing events

Newsroom

sMirror

Monday, January 18, 2021

a ‘House’ reporter now VIRTUAL RITES OR NOT, BM REAPS TOP AWARDS IN PANDEMIC YEAR

HE pandemic didn’t stop BusinessMirror from delivering on its promise to readers of a “Broader Look.” Its staff received–one physically, in a crowd-regulated auditorium with masks and shields; and another via virtual rites —top honors in two of the most prestigious events recognizing business journalism.

AS quarantines relaxed, other means for delivering digital content–such as BM Sports’ weekly “BM Cycling” on FB Live–kicked into full gear. NONIE REYES

A DAY in the life of a newsroom under lockdown, taken sometime in April. An invisible army made sure the newspaper came out daily, though. ROY DOMINGO on social media would often be the saving grace of reporters during the lockdown. Apart from the webinars and poor internet connection, journalists like Christine* (not her real name), covering events during the lockdown became very difficult in terms of sourcing information. She said it was difficult to get hold of sources during the pandemic. Some of her sources would not respond for hours—some at 2 am in the morning—or days, or not at all. This forced her to get information from other sources on certain topics but for other topics, the workaround was very difficult preventing her from writing certain stories. For Marcella* (not her real name), adjusting to a new beat was especially difficult during the lockdown. The sources did not know her, while others were able to meet her only weeks before the government imposed a lockdown. This was insufficient time for sources to get to know her. Further, Marcella lamented that since the institutions she covered were also adjusting to the lockdowns, information requests took time before she got them. On average, it took her two to three days before she could get information from these institutions. “It was hard to verify information, because of course sometimes you can’t be sure about the data they give and must get back to them,” Marcella added. The case of Tyrone Jasper C. Piad, one of BusinessMirror’s Banking reporters, was unique. He was hired in his new job at this newspaper only two days before the first round of lockdowns took effect on March 17. Like Marcella, Tyrone experienced difficulties adjusting to his new beat. He also had to touch base with most of his new sources during the lockdown. Still, he eventually adjusted quite well to the drastically altered setup. BusinessMirror’s Samuel Raphael P. Medenilla said the current setup of working from home prevented him from achieving the much-needed work-home balance. He found himself working nonstop because of the need to file stories and cover the President—whose briefings would often happen at night until the wee hours of the morning. Samuel also noticed, just like Marcella and Christine, that information was not readily available to the members of the press. This is why he is looking forward to the re-

sumption of face-to-face coverages which, hopefully, would happen later this year. In general, the lockdowns imposed due to the pandemic have increased reporters’ use of informal channels such as social media to reach sources. As long as sources can answer questions, reporters were able to write the stories required of them.

Old loves, new beginnings

DESPITE the challenges on the work front, reporters found the time for their personal and professional interests. While Jasper found a way to eat properly during the pandemic, Marcella returned to the kitchen through baking. She also found her way back to playing the violin as a way to cope with the stress from the lockdowns and the pandemic. “Iba yung feeling na may nagagawa kang iba [It’s quite a different feeling when you can do something different],” Marcella said. The lockdown allowed Elijah to return to his books and painting. He said he took advantage of the downtime to re-read literary works that helped him rekindle his interest in writing long-form pieces. Admittedly, he said, the hustle and bustle of face-to-face coverage during the pandemic made it difficult to write longer pieces. Elijah also dusted off his paint brushes during the pandemic. He admitted that for a time he could not go back to painting but with the lockdowns, he was able to find his way back to his art. Apart from hobbies, Marcella and Jasper embarked on their journeys to earn their Masters. They started on a pandemic year which required them to be online even on weekends. Marcella admitted that going back to school brought along its own challenges. These included staying up late just to finish readings and papers that were due for submission. There came a point when she faced daily school deadlines on top of her daily work on the beat. Despite these challenges, both were happy to report that they survived their first terms, despite the lockdown. For mothers like Jovee, the WFH arrangement helped her develop a deeper and more meaningful bond with her toddler. She said this bond made her and her twoyear old son inseparable—even during the deadline. She found this funny, especially when her son started answering her phone with “Opo, Ma’am” and “Bye, Ma’am.” Continued on A5

The Economic Journalists Association of the Philippines (EJAP) and the Ayala Group of Companies named the newspaper as the “Business News Source of the Year” after four of its reporters won in their respective beats. The recognition rites were held virtually. Jasper Emmanuel Y. Arcalas was named Agriculture and Mining reporter of the year; Lenie Lectura for Energy; Cai U. Ordinario for Macroeconomy; and Rea Cu for Finance. In the 2019 Philippine Agricultural Journalists-San Miguel Corp. Binhi Awards for Excellence in Agriculture Journalism, BusinessMirror won seven awards, including top prizes in two major categories, and two new special categories in rites held at the Department of Agriculture. Secretary William Dar and the honorees all went onstage with face masks and shields. Agriculture reporter Jasper Emmanuel Y. Arcalas was hailed Best Agricultural Journalist of the Year for the third consecutive year. He was also adjudged as this year’s Best Agribeat Reporter, the second time in three years that he won it. Environment reporter Jonathan L. Mayuga bagged second place in the Best Environment Journalist of the Year. Mayuga also won for writing the Best Water Sustainability Story. BusinessMirror’s Agri-Commodities page, edited by Associate Editor Jennifer A. Ng, also won the Best Agriculture Page of a Newspaper back-to-back while the newspaper's Broader Look Team composed of Arcalas, Ordinario, and Senior Editor Dennis D. Estopace bagged the SL Agritech Best in Rice Reporting award for its investigative piece titled “Preand post-rice trade liberalization law, big traders gaming farmer groups.”

Arcalas and banking reporter Bianca Cuaresma also won the award for Best Agri-Financing Story for their Broader Look piece titled “Real transformation seen to boost efforts to finance PHL’s agriculture sector.” BusinessMirror's awards in 2020 came a month after the newspaper, founded on the promise of providing “A Broader Look at Today’s Business,” celebrated its 15th anniversary in October. It was founded in 2005 by the late ambassador and business leader Antonio L. Cabangon Chua, whose children have continued his involvement in mass media—the publisher is T. Anthony C. Cabangon; the chairman of the board and of the ALC media group is D. Edgard A. Cabangon.

THE 3 EJAP trophies for Business News Source of the Year, won for 3 consecutive years: 2019, 2018, 2017.

BM AWARDEES AT THE PAJ-SAN MIGUEL CORP. Binhi Awards for Excellence in Agriculture Journalism (from left); Jonathan Mayuga, Jasper Arcalas, PAJ president Fermin Diaz, DA Secretary William Dar, Jennifer Ng and Cai Ordinario. NONIE REYES

The World BusinessMirror

Editor: Angel R. Calso

India starts world’s largest Covid-19 vaccination drive

EW DELHI— India started inoculating health workers on Saturday in what is likely the world's largest Covid-19 vaccination campaign, joining the ranks of wealthier nations where the effort is already well underway. India is home to the world’s largest vaccine makers and has one of the biggest immunization programs. But there is no playbook for the enormity of the current challenge. Indian authorities hope to give shots to 300 million people, roughly the population of the US and several times more than its existing program, which targets 26 million infants. The recipients include 30 million doctors, nurses and other front-line workers, to be followed by 270 million people who are either over 50 or have illnesses that make them vulnerable to Covid-19. For workers who have pulled India's battered health care system through the pandemic, the vaccinations offered confidence that life can start returning to normal. Many burst with pride. “I am happy to get an India-made vaccine and that we do not have to depend on others for it,” said Gita Devi, a nurse who was one of the first to get a shot. Devi has treated patients throughout the pandemic in a hospital in Lucknow, the capital of Uttar Pradesh state in India’s heartland. The first dose was administered to a sanitation worker at the All Indian Institute of Medical Sciences in the capital, New Delhi, after Prime Minister Narendra Modi kick-started the campaign with a nationally televised speech.

“We are launching the world’s biggest vaccination drive and it shows the world our capability,” Modi said. He implored citizens to keep their guard up and not to believe any “rumors about the safety of the vaccines.” It was not clear whether Modi, 70, had received the vaccine himself as other world leaders have in an effort to demonstrate the shot's safety. His government has said politicians will not be considered a priority group in the first phase of the rollout. Health officials haven’t specified what percentage of India's nearly 1.4 billion people will be targeted by the campaign. But experts say it will almost certainly be the largest such drive globally. The sheer scale has its obstacles and some early snags were identified. For instance, there were delays in uploading the details of health care workers receiving the shots to a digital platform that India is using to track vaccines, the Health Ministry said. Shots were given to at least 165,714 people on Saturday, Dr. Manohar Agnani, a Health Ministry official, said at an evening briefing. The ministry had said that it was aiming to inoculate 100 people in each of the 3,006 vaccination centers across the country. News cameras captured the injections in hundreds of hospitals, underscoring the hope that getting people vaccinated is the first step to recovering from the pandemic that has devastated the lives of so many Indians and bruised

the country's economy. India is second only to the US in the number of confirmed cases, with more than 10.5 million. The country ranks third in the number of deaths, behind the US and Brazil, with over 152,000. India on January 4 approved emergency use of two vaccines, one developed by Oxford University and UK-based drugmaker AstraZeneca, and another by Indian company Bharat Biotech. Cargo planes flew 16.5 million shots to different Indian cities last week. But doubts over the effectiveness of the homegrown vaccine have created a hurdle for the ambitious plan. Health experts worry that the government's approval of the Bharat Biotech vaccine—without concrete data showing its efficacy—could amplify vaccine hesitancy. At least one state health minister has opposed its use. “In a hurry to be populist, the government (is) taking decisions that might not be in the best interest of the common man,” said Dr. S.P. Kalantri, the director of a rural hospital in Maharashtra, India’s worst-hit state. Kalantri said the regulatory approval was hasty and not backed by science. In New Delhi, doctors at Ram Manohar Lohia Hospital, one of the largest in the city, demanded they be administered the AstraZeneca vaccine instead of the one developed by Bharat Biotech. A doctors union at the hospital said many of its members were a “bit apprehensive about the lack of complete trial“ for the native vaccine. “Right now, we don't have the option to

choose between the vaccines,” said Dr. Nirmalaya Mohapatra, vice president of the hospital's Resident Doctors Association. The Health Ministry has bristled at the criticism. It says the vaccines are safe and that health workers will have no choice in deciding which vaccine they get. Against the backdrop of the rising global Covid-19 death toll—it topped 2 million on Friday—the clock is ticking to vaccinate as many people as possible. But the campaign has been uneven. In wealthy countries including the United States, Britain, Israel, Canada and Germany, millions of citizens have already been given some measure of protection by vaccines developed with revolutionary speed and quickly authorized for use. But elsewhere, immunization drives have barely gotten off the ground. Many experts are predicting another year of loss and hardship in places like Iran, India, Mexico and Brazil, which together account for about a quarter of the world's Covid-19 deaths. More than 35 million doses of various Covid-19 vaccines have been administered around the world, according to the University of Oxford. While the majority of the Covid-19 vaccine doses have already been snapped up by wealthy countries, COVAX, a U.N.-backed project to supply shots to developing parts of the world, has found itself short of vaccines, money and logistical help. AP

Monday, January 18, 2021

Biden to offer legal status to millions of immigrants

AN DIEGO—President-elect Joe Biden's decision to immediately ask Congress to offer legal status to an estimated 11 million people in the country has surprised advocates given how the issue has long divided Democrats and Republicans, even within their own parties. Biden will announce this on his first day in office to provide a path to citizenship for millions of immigrants in the United States illegally, according to four people briefed on his plans. The president-elect campaigned on a path to citizenship for the roughly 11 million people in the US illegally, but it was unclear how quickly he would move while wrestling with the coronavirus pandemic, the economy and other priorities. For advocates, memories were fresh of presidential candidate Barack Obama pledging immigration bill in his first year in office, in 2009, but not tackling the issue until his second term. Biden’s plan is the polar opposite of Donald Trump, whose successful 2016 presidential campaign rested in part on curbing or stopping illegal immigration. “This really does represent a historic shift from Trump’s anti-immigrant agenda that recognizes that all of the undocumented immigrants that are currently in the United States should be placed on a path to citizen-

ship,” said Marielena Hincapie, executive director of the National Immigration Law Center, who was briefed on the bill. If successful, the legislation would be the biggest move toward granting status to people in the country illegally since President Ronald Reagan bestowed amnesty on nearly 3 million people in 1986. Legislative efforts to overhaul immigration policy failed in 2007 and 2013. Ron Klain, Biden's incoming chief of staff, said Saturday that Biden will send an immigration bill to Congress “on his first day in office.” He didn’t elaborate and Biden's office declined to comment on specifics. Advocates were briefed in recent days on the bill's broad outlines by Esther Olivarria, deputy director for immigration on the White House Domestic Policy Council. Domingo Garcia, former president of the League of Latin American Citizens, said Biden told advocates on a call Thursday that Trump's impeachment trial in the Senate may delay consideration of the bill and that they shouldn't count on passage within 100 days. “I was pleasantly surprised that they were going to take quick action because we got the same promises from Obama, who got elected in ‘08, and he totally failed,” Garcia said. AP

A10 Monday, January 18, 2021 • Editor: Angel R. Calso

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editorial

We cannot afford another ECQ

wo weeks ago President Duterte announced an extension of the general community quarantine classification for the National Capital Region until the end of January, about two weeks from now. Duterte said the restriction was to prevent the spread of Covid-19, which experts said could surge after holiday gatherings.

We have been supportive of the protocols the government has enacted, including mask wearing, as measures designed to remind us of the risks of infection and therefore to help limit the spread of the illness. However, we have also been extremely concerned about the adverse economic effects of restrictive quarantines. Looking at the overall global data, it is difficult to see a direct—and sometimes even indirect—correlation between cases and quarantine. A few months ago, the headlines read: “How South Korea Successfully Managed Coronavirus.” Now it’s “Coronavirus: Success stories Japan and South Korea start to struggle” and “Japan battered by Covid-19 winter: expands state of emergency.” From 100 new cases a day on October 1 in Malaysia, “Covid-19 infections hit a new record high just two days [January 12] into the new movement control order, with the health ministry reporting 3,337 cases.” Two months ago, local pundits were complaining, “Why can’t the Philippines be like Indonesia?” Last Friday, January 15, Indonesia was No. 13 on the list of “The Most New Cases” while the Philippines was No. 39. The argument that this is because of low testing in the Philippines does not hold water either. Per 1 million population, Indonesia has tested 29,832. The Philippines has tested 65,505. Japan’s testing rate is 45,293 per 1 million and is No. 22 globally in new cases. Comparing successes or failures from lockdowns is also difficult. The Philippines, for example, shut down the NCR totally and then has gradually reopened. Other nations, like the United Kingdom, did the “open-closeopen-close” child’s game with their lockdown. Quarantines in the US are the function of local governments, not the national government. Therefore, literally walking across a state border could mean going from “total lockdown” to “no-lockdown.” Trying to find any sort of complete, unbiased, recent, and “apples-toapples” data comparisons on quarantine effectiveness is almost impossible. But it is interesting to look at how the beliefs about handling a new virus have massively shifted. Prior to the Covid-19 pandemic, mainstream epidemiology and public health entities doubted—or even rejected—the usefulness of lockdowns and mass quarantines because they were considered ineffective. Dr. Anthony Fauci, director of the US National Institute of Allergy and Infectious Diseases, said in March 2020: “I can’t imagine shutting down New York or Los Angeles because historically when you shut things down it doesn’t have a major effect.” A World Health Organization Report in 2019 discussed why quarantine is ineffective; and in 2006, “WHO acknowledges social-distancing did not stop or dramatically reduce transmission during the 1918 influenza pandemic.” Seton Hall University’s Center for Global Health Studies Director says travel restrictions did not delay the transmission of SARS (2009). In the Biosecurity and Bioterrorism journal, Johns Hopkins epidemiologists rejected quarantines outright (2006). “As experience shows, there is no basis for recommending quarantine either of groups or individuals.” In September 2019, a team of Johns Hopkins scholars wrote that quarantines do not work “but are pursued for political reasons.” Unlike the local pundits and experts, we do not pretend to have all the answers. But we can say this with absolute confidence. The Philippine economy contracted by 16 percent in the second quarter of 2020 and by 11 percent in the third quarter under strict quarantine. The nation cannot afford that kind of economic contraction to happen again. Since 2005

Our life is our message to the world Atty. Jose Ferdinand M. Rojas II

RISING SUN

n January 25, we remember the birth of our beloved former President Corazon Cojuangco Aquino. We celebrate her legacy of democracy for the Filipinos and the years of service that she offered for her people. Until now, we still enjoy the fruits of her sacrifices and hard work. As we remember her today, more than 10 years after she passed on, we are comforted by thoughts of transcendence and beautiful memories that she managed to leave on Earth. At this point, allow me to share a few inspiring quotes about how our departed loved ones remain, in essence, with us for as long as we remember them. And this is why we never fail to celebrate the memory of Tita Cory. This is how we can keep her alive

The Ram and the Tiger

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in our hearts. These are beautiful meditations that can definitely help us whenever we recall and celebrate the lives of loved ones who have moved on. For the Persian poet and Sufi mystic Rumi, our loved ones always stay with us so we need not say a permanent goodbye. He once wrote: “Goodbyes are only for those who love with their eyes. Because for those who love with heart and soul there is no such thing as separation.”

he Ram and the Tiger. Two creatures of strength—signifying resolve and fortitude in the face of challenges and the unknown. They also symbolize two personas—Danny Lim, the beloved “Supremo” of RAM or the Reform the Armed Forces Movement; and Benhur Abalos, the mayor behind the making of Mandaluyong as the Tiger City. Both are the main characters at the helm of the Metropolitan Manila Development Authority (MMDA), which recently went through an unexpected change in leadership just as this pivotal year of 2021 was unfolding. Both characters coming in and transitioning at the most crucial time. With Metro Manila at the throes of survival in this pandemic, they both provide the needed direction in the road to recovery. Mid-2017 saw the entry of Danny Lim as the first chairman of the MMDA in the administration of President Duterte. I was then sitting as officer in charge of the agency and in a way, passed the torch to him. I was fortunate to have had that short time to work with General Lim as it gave me the chance to have witnessed his leadership. Even before his MMDA stint, General Danny Lim’s life story had already the makings of a blockbuster movie—West Pointer, Scout Ranger, bemedaled soldier, rebel and then his road to redemption. Yet, his true persona is different from what the spotlight

shows. A quiet, unassuming man, he was nevertheless unwavering in the cause he believed in, sacrificing his comfort, career and putting his life on the line when it mattered. He was well loved by those around him. To them, he was the “Supremo,” whom they would follow to any battle. In the face of adversity, General Lim was always expected at the frontline, and yet, he always took the backseat in light of any victory. In a sense, this is the mark he leaves behind at the MMDA, a frontline agency that has always been tremendously challenged, overworked and castigated all the

It is a good time, too, to think about our lives and how we affect people, especially during the pandemic when it’s so easy to be careless or unkind or pessimistic because of the challenges we are all going through. It is a good time to think of the impact of our lives and the meaning we are going to leave behind when it is our time to go. Tita Cory’s life is her message to the world. Let us also be guided by that truth as we go through our days here on Earth. Dr. Leo Buscaglia, the author and motivational speaker, held a similar belief. He wrote in Beyond the Heartache: “I know for certain that we never lose the people we love, even to death. / They continue to participate in every act, thought and decision we make. / Their love leaves an indelible imprint in our memories. / We find comfort in knowing that our lives have been enriched by having

The people that lead them define institutions like the MMDA—and leaders will leave a unique mark of their respective leadership style. It was providential that MMDA had Danny Lim and Benhur Abalos in succession at this crucial point in time. The work is not yet finished. And it will take the Ram and the Tiger to assure us that Metro Manila has that fighting chance to see us through these trying times. time. Chairman Danny Lim gave agency personnel the sense of purpose and pride of being family; and the assurance that, so long as they are doing right, they have someone at the helm that will always have their backs. General Danny Lim will be missed indeed. And just as the agency was reeling from the loss of a beloved leader, a providential turn of the page saw the appointment of former Mandaluyong City Mayor Benhur Abalos as General Lim’s successor. The agency has to move on. There was no time to slow down. The work that it needed to do, especially in this pandemic, had to be dealt with, as there’s no time to slacken. Someone needed to be at the helm. And it was good that the chosen one was Mayor Benhur. As mayor of Mandaluyong City, he transformed a backwater town into

shared their love.” Finally, the poet and naturalist John Muir wrote a beautiful narrative in A Thousand-Mile Walk to the Gulf. He said: “Let children walk with nature, let them see the beautiful blendings and communions of death and life, their joyous inseparable unity, as taught in woods and meadows, plains and mountains and streams of our blessed star, and they will learn that death is stingless indeed, and as beautiful as life, and that the grave has no victory, for it never fights. All is divine harmony.” It is a good time, too, to think about our lives and how we affect people, especially during the pandemic when it’s so easy to be careless or unkind or pessimistic because of the challenges we are all going through. It is a good time to think of the impact of our lives and the meaning we are going to leave behind when it is our time to go. Tita Cory’s life is her message to the world. Let us also be guided by that truth as we go through our days here on Earth.

a booming city that is now one of the country’s leading business and industrial centers. This is what MMDA needed—a leader to push the agency to excel. And true enough, Chairman Benhur hit the ground running, immediately asking the hard questions and seeking the difficult answers. In his first week, he has already tackled the Edsa issue head on, ensuring that the elevated busways, the separate motorcycle lane and pedestrian walkways are built. He is a man with a deadline that he intends to keep. With less than two years of this administration, the MMDA would do well with the leadership brand of Chairman Benhur to ensure that the work expected of it is fully accomplished. The people that lead them define institutions like the MMDA—and leaders will leave a unique mark of their respective leadership style. It was providential that MMDA had Danny Lim and Benhur Abalos in succession at this crucial point in time. The work is not yet finished. And it will take the Ram and the Tiger to assure us that Metro Manila has that fighting chance to see us through these trying times. Thomas “Tim” Orbos is currently a transport policy advisor for an international organization and worked in government on transport and urban development matters. He is an alumnus of Georgetown University and the MIT Sloan School of Management. He can be reached via e-mail—tmo45@ georgetown.edu /thomas_orbos@sloan.mit.edu

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Regulatory compliance ecosystem

Vaccine vertigo Siegfred Bueno Mison, Esq.

THE PATRIOT

Joel L. Tan-Torres

DEBIT CREDIT Conclusion

was working in the Bureau of Internal Revenue back in 1980 when its computerized operations were under the Data Processing Center. The function then of this unit was essentially manually encoding very limited information from tax returns for filing in storage facilities. Once stored, the BIR had no other use for such data.

It was some years later that the management of the BIR decided to undertake a major tax computerization initiative funded by a World Bank loan, called the Integrated Tax System, way back in 1994. I was then with the BIR and as the Assistant Commissioner for Management Planning Services, I was the project owner of the National Office Management Information component of the ITS. This system was supposed to bring the BIR and the Philippine tax system into the realm of automation, computerization, use of computerized processed information and everything nice about these. But other than the ensuing structural changes in the information system organization of the BIR, this unit had still not attained the recognition from the various stakeholders in the BIR and the taxpaying public. Taxpayers began to notice the impact of technology when the Electronic Filing and Payment System was introduced in 2002. This was the initial phase of providing services to taxpayers, with taxpayers able to file their tax returns and pay taxes through the online facilities of the BIR and the banks. For the first time, the BIR provided a facility for taxpayers to avoid the contentious experience of dealing face to face with the BIR, and instead, comply with their tax obligations using an accessible and straight forward interface. In 2011, the US Government under the Millenium Challenge Program funded the Electronic Tax Information System to replace the ITS of the BIR. I was part of the Philippine team, as BIR Commissioner, that negotiated the terms of agreement with MCC in 2010. I recalled the bleary winter snow storm that we encountered during our negotiations with our counterparts in Washington, D.C., sometime in February 2010. The snow storm paralyzed the city. The eTIS was intended to enhance the BIR’s information technology systems that have not undergone any major updating since its utilization over 15 years ago. The eTIS was developed by a group of consultants from 2011 to 2016. This system was, however, short lived, since the Internal Revenue Integrated System was designed in 2018 to replace the eTIS. In 2020, three out of eight modules

Now that the BIR is on its third major phase of digital technology journey, I am keenly anticipating that there will be more transformational progress rather than cosmetic changes that will result. I would like to see more impactful changes that will bring about shifts in the mindsets of both tax administrator and taxpayer in their fulfillment of their respective responsibilities. of the IRIS program were launched. These include the taxpayer registration system; the collection, remittance and reconciliation module; and the returns filing and processing system. The rest of the modules are scheduled to be completed by the end of this year. Now that the BIR is on its third major phase of digital technology journey, I am keenly anticipating that there will be more transformational progress rather than cosmetic changes that will result. I would like to see more impactful changes that will bring about shifts in the mindsets of both tax administrator and taxpayer in their fulfillment of their respective responsibilities; the use of more data driven decisions and actions by the BIR resulting from the massive set of information that should be available from the IRIS; and an enhanced tax compliance process that facilitates engagements between BIR and the publics that they serve. I have been a part of this digital journey of the BIR practically from its infancy, and I am certain that it is a matter of time that we may soon be enjoying the benefits of a transformed and mature service and facility of the BIR. Joel L. Tan-Torres is the Dean of the University of the Philippines Virata School of Business. Previously, he was the Commissioner of the Bureau of Internal Revenue, the chairman of the Professional Regulatory Board of Accountancy and partner of Reyes Tacandong & Co. and the SyCip Gorres and Velayo & Co. He is a Certified Public Accountant who garnered No. 1 in the CPA Board Examination of May 1979. This column accepts contributions from the business community. Articles not exceeding 600 words can be e-mailed to boa.secretariat.@gmail. com.

apid and rabid could very well describe the efforts at developing, testing and manufacturing the vaccines to combat Covid-19. Instead of the usual 10 years, vaccine manufacturers hit the bell in record time: less than a year. The rapid development can be attributed to earlier investments in new vaccine technology platforms, such as what biotech companies call “messenger RNA” and adenovirus-based approaches (yes, alien terms for a layman like me). The rabid method by which said vaccines are described indicate an immediate shift to phase 1 clinical trials without waiting for confirmatory results from animal models if the vaccine platform was previously assessed with humans. Rapid and rabid processes were financially augmented by the government, at least in the United States, where manufacturers were able to scale up production to commercial levels, well, in exchange for a priority supply for its citizens. Dubbed “Operation Warp Speed,” this zealous endeavor to create the much-awaited “shield” against this modern day plague named Covid-19 can place it along the hallmarks of a Fast & Furious movie. Before we all get dizzy with both the speed and intensity, a roll call of the more famous vaccines is in order. A caveat, however, is attached to this citation, as the names themselves will certainly trigger a bout of nausea. To begin with, “Sinovac” is not the vaccine; rather it is the name of the Chinese company (Sinovac Biotech) that produced “Coronavac.” And it is still different from another vaccine developed by its domestic competitor Sinopharm. The so-called US generated vaccines, “mRNA-1273” and “mRNA-BNT162b2” are manufactured by Moderna and Pfizer

(teaming up with German company BioNtech), respectively. “AZD1222” is the UK vaccine developed by Oxford University and AstraZeneca, while “NVX-CoV2373” is created by Novavax, another American biotech company. “Sputnik V,” which sounds like a name for a spaceship or a cousin of the much-adored children’s cartoon Voltes V, is another vaccine developed in Russia. For easier recall, people and governments have opted to utilize the company names when referring to the vaccines. The vertigo-activating elements arise from complex information on the vaccines’ efficacy and safety levels vis-à-vis their antigens, pharmacology, doses, thermal shipment, refrigeration, pregnancy and lactation comparatives, contraindications, and a host of other facts and figures. These are factors that should determine which one should our government procure for its citizens, and which one should we choose for ourselves, if we were given the choice. The refrigeration component of Pfizer (-70 degrees C) and Moderna (-20 degrees C) is enough to elicit a perplexity in choosing them over the more affordable and easier to handle Sinovac Biotech. Since Pfizer and Moderna are first to secure an Emergency Use Authorization from the

Monday, January 18, 2021 A11

FDA of the United States, they seem to be more effective than those from China, since Sinovac vaccine was just 50.38 percent effective in latestage trials in Brazil. Nonetheless, President Duterte announced that the China-made vaccine will be the first to land in our country as early as next month. Having been aware of an apparent yet disputable origin of the virus in China, some people will surely have misgivings about being immunized with a Chinese-made vaccine. Since time is of the essence, vaccination becomes an indispensable need of every person amid this pandemic. Thus, despite some doubts as to the veracity of the data about Sinovac vaccines, price and effectiveness, due to the conspicuous lack of transparency on the government transaction, the ordinary Filipino will have no choice, as per Presidential Spokesman Harry Roque, but to take in Sinovac. The collectivity of questions hounding the efficacy and safety levels of the vaccines, as well as their availability, is enough cause for vertigo. For even if you are perfectly still—locked down at home and reading the when’s, how’s, and why’s relative to vaccines, most certainly you will be stricken with a sensation of the world spinning, or rotating. Eventually, this will lead to dizziness, and lightheadedness and then to fear or panic. Choosing a vaccine among those available can induce unnecessary vertigo. The better choice is whether we fight the virus ourselves or we rest on our faith in Jesus Christ whose blood covers us for eternal protection. We fight by not fighting those who chose the vaccine for us, lest we lose our balance (vertigo); we fight by seeking refuge in His name! In the words of Samuel Chadwick, “confusion and impotence are the inevitable results when the wisdom and resources of the world are substituted for the presence and power of the Spirit.”

To bring our unsteady gait to a stable position, let’s be reminded that whatever the vaccine and wherever its source, our true protection rests with our Heavenly Father, as promised in the Bible as 2 Chronicles 7:14 tells us, “if my people, who are called by my name, will humble themselves and pray and seek my face and turn from their wicked ways, then I will hear from heaven, and I will forgive their sin and will heal their land.” If our leaders choose to do these four simple things—(1) Humble themselves; (2) Pray; (3) Seek God’s face; (4) Turn from their wicked ways, then He will heal our land from this plague. No amount of vaccine can rid us of this virus unless humility, evidently not the strongest suit of this administration, will prevail and make our leaders seek His face rather than seek the pleasure of leaders of other nations, particularly China. In the end, there can be no vaccine vertigo as our choice of “shield” can be as simple as seeking His refuge as promised in Psalm 91: 9-10, which poignantly states: “If you say, “The Lord is my refuge,” and you make the Most High your dwelling, no harm will overtake you, no disaster will come near your tent.” Just as rapid and rabid as the pharmaceutical companies formulated their vaccines, we might as well rapidly and rabidly choose to inoculate ourselves with the most effective vaccine of all, His refuge, as the pandemic enters an alarming phase this year. A former infantry and intelligence officer in the Army, Siegfred Mison showcased his servant leadership philosophy in organizations such as the Integrated Bar of the Philippines, Malcolm Law Offices, Infogix Inc., University of the East, Bureau of Immigration, and Philippine Airlines. He is a graduate of West Point in New York, Ateneo Law School, and University of Southern California. A corporate lawyer by profession, he is an inspirational teacher and a Spirit-filled writer with a mission. For questions and comments, please e-mail me at sbmison@gmail.com.

Merkel’s party elects leader committed to upholding her legacy By Arne Delfs & Raymond Colitt Bloomberg Opinion

ermany’s dominant party voted for continuity on Saturday by electing Armin Laschet as leader, opting for the candidate who most resembles outgoing chancellor, Angela Merkel, in policy and style. Laschet, head of the country’s most populous state, beat long-time Merkel critic Friedrich Merz in a runoff after Norbert Roettgen, chairman of the foreign affairs committee in the Bundestag, was eliminated in the first round of voting at the Christian Democratic Union’s online convention. “I’m aware of the responsibility that comes with this job and will do everything to do well in the upcoming regional elections and to ensure in the national election that the next chancellor comes from the Union,” he said. With Merkel stepping down after elections in September, there’s intense

focus on the succession in Berlin as Europe seeks to kick-start a pandemic-ravaged economy, reset trans-Atlantic ties with the incoming US administration and take a larger roll on the world stage. Of the three candidates, Laschet has been Merkel’s biggest supporter and the most likely to maintain her centrist course, resisting challenges from the nationalist Alternative for Germany and the liberal Greens party while upholding her commitment to the European Union. “The Germany I imagine is a European Germany,” Laschet told delegates ahead of the vote.

Sore loser

Yet right after Laschet’s election, tensions were running high behind the scenes with Merz chafing at his defeat and making mischief. He tweeted that he had offered Laschet to join Merkel’s cabinet as economy minister. Her spokesman immediately made it clear that the chancellor was not planning to reshuffle her cabinet, long before Laschet himself

reacted by saying that such changes were not on the cards. It was a revealing flash of the power politics at play, with a dominant Merkel still very much in control and Merz among those seeking to undermine her heir apparent. Laschet’s predecessor lasted two years in the job and was constantly struggling to emerge from Merkel’s shadow. Laschet will need to find a way to strike out on his own. The son of a coal mining foreman, 59-year-old Laschet graduated in law, once edited a Catholic newspaper and was legislator in the Bundestag as well as the European Parliament before being elected premier of North RhineWestphalia in 2017. His ties to the immigrant community during a previous stint in the regional government earned him the nickname “Turkish Armin” and his composed demeanor reminds many Germans of the outgoing chancellor. “The CDU delegates have clearly

voted for a continuation of Merkel´s line, staying in the political center,” said Carsten Brzeski, global head of macro research at ING. “Laschet has proven to be very pragmatic and stands for more fiscal stimulus and support for the green transition without losing the interests of business.” While the party leader usually goes on to be the chancellor candidate for Germany’s conservative bloc, that step isn’t automatic this time. The Bavarian CSU sister party will have an important say in the decision, and Markus Soeder, the Christian Social Union’s leader, is currently well ahead in chancellor preference polls. In a recent Infratest Dimap survey, 32 percent of CDU-CSU members polled thought Laschet would make a good chancellor candidate. That compares with 80 percent support for Soeder. Indeed, Laschet himself insisted the party should consider a candidate from the CSU when he spoke at the launch of Soeder’s biography in December.

Japan virus surge makes Suga look more like short-term prime minister By Isabel Reynolds Bloomberg Opinion

surge in coronavirus cases in Japan has dealt a blow to Prime Minister Yoshihide Suga’s once strong public support, raising the risk he gets replaced by the ruling party ahead of an election that must be held by October. Suga enjoyed some of the highest approval ratings on record for a new prime minister in September, when the ruling Liberal Democratic Party installed him as its leader. But with poll numbers falling as sharply as coronavirus cases are rising, questions are emerging as to whether he might join the long list of Japanese premiers forced out after short stints. “It’s likely they will seek to vote in a more popular leader in the September party leadership election,” Yu Uchiyama, a professor of political science at the University of Tokyo, said

adding that “a lot of LDP lawmakers” were concerned about their prospects under the Suga banner. “The party leader is the face of the lower house election.” Support for Suga’s cabinet tumbled 7 percentage points from the previous month to 33 percent in a poll published by the Mainichi newspaper Saturday, compared with 57 percent of respondents who said they didn’t support the cabinet. Suga is set to give a policy speech at the opening of the new parliamentary session Monday, in which he may lay out plans to add penalties to a law on virus management. The session provides the prime minister a chance to try to win back support for his government before a crucial decision on whether to go ahead and stage the Tokyo Olympics, an event set to start in July that he has said he’s determined to hold despite mounting opposition.

Suga, 72, came to power promising to maintain the ultra-easy monetary stance and other policies that helped make his predecessor, Shinzo Abe, Japan’s longest-serving prime minister. At the same time, the farmer’s son signaled greater focus than his long-time boss on pocket-book issues like mobile phone charges. He laid out a dual strategy of bolstering the economy while containing the virus. The continuity pledge helped send the Nikkei 225 Stock Average to an all-time high in dollar terms in January, even as the economy staggered back from the worst downturn on record. But public opinion quickly began to sour after Suga blocked a group of scholars who had been critical of Abe’s policies from an academic advisory body and a campaign finance probe entangled several of the former prime minister’s top aides. At the same, the government

came under increasing criticism for maintaining its “Go-To” travel campaign to spur domestic spending despite concerns it was helping spread the virus. Suga resisted growing calls from regional leaders to declare a state of emergency—retreading a debate that drove down Abe’s popularity before he resigned due to the return of a chronic illness. Suga finally declared an emergency for the Tokyo region on January 7 after several record-breaking infection announcements; a move that about 80 percent of respondents to a survey by public broadcaster NHK said was too late. Last week, he added other areas including the Osaka region, putting a portion of the country that accounts for more than half of the nation’s economic output under restrictions. The expansion also strengthened the likelihood of the world’s thirdlargest economy slipping back into

reverse this quarter. Economy Minister Yasutoshi Nishimura said Thursday the current area could be further expanded, depending on infections. “There was no crisis management strategy under the Abe administration,” said Tomoaki Iwai, a professor at Nihon University in Tokyo. “He has stuck with that line and paid too much attention to the economy and other factors.” Making matters worse, Japan isn’t expected to begin mass vaccinations until February. And media surveys show a growing consensus the Tokyo Olympics, already pushed back a year to July 2021 due to the pandemic, should either be delayed again or canceled altogether—something Suga has vowed not to allow. The premier doesn’t have much time to turn things around. Japanese law requires a lower house election by October. Suga is serving out the last year of Abe’s three-year term and

will need to get the LDP’s support to stay on after September. Suga’s party has held power for all but about four of the past 65 years thanks in part to an often disorganized opposition. A merger of the two largest opposition groups last year didn’t bolster support enough to pose a serious threat, though the ruling coalition could face a reduced majority. Possible candidates to replace Suga as LDP leader include Chief Cabinet Secretary Katsunobu Kato, Economy Minister Nishimura and Administrative Reform Minister Taro Kono. Yet such current cabinet members could also be blamed for the government’s failures, Iwai said. That could even prompt the LDP to turn to an old stalwart: Abe. “Because there’s no one else, people may start to talk about bringing Abe back,” Iwai said. “That’s a sad state of affairs.”

A12 Monday, January 18, 2021

LGUs prep for inoculation before PHL gets vaccines

By Claudeth Mocon-Ciriaco | Correspondent

ASKED to support the national government in the mass rollout of the nationwide vaccination program, some local government units (LGUs) are already taking steps to prepare for the vaccination program, including storage and distribution so their constituents get Covid-19 jabs in timely manner. The Taguig city government has partnered with ORCA Cold Chain Solutions for the end-to-end delivery of vaccines in a bid to vaccinate all its citizens for free. “We have cleared the highest standards in disease surveillance, testing and treatment, and we cannot drop the ball now. Vaccination is a crucial step in halting communicable diseases and this facility is necessary for us to deliver the life-saving vaccine from the laboratories to our citizens,” Mayor Lino Edgardo Cayetano said. Cayetano said their partner-

ship with ORCA Cold Chain Solutions ensures there is ample room for the city’s pre-ordered vaccines, with extra space to store vaccines procured by neighboring cities. He said the partnership with a world-class facility is proof that Taguig is ready to welcome the incoming vaccines and is doing everything it can to secure the temperature and quality of the vaccines from end to end—from cold storage to delivery at vaccination centers. The city government on January 15 gave a sneak peek of the country’s first-ever world-class, fully

automated cold storage facility. The City Health Office and a contingent of key officials led by the mayor and Rep. Alan Peter Cayetano visited the expansive 6,500-square-meter facility in Bagumbayan village. It is also ready with the other components to ensure the vials can be transported from the storage facility to vaccination centers under controlled temperatures and with quality checks. The city committed on January 5 to allocate P1 billion to ensure its 1-million residents are vaccinated for free. Cayetano noted that Taguig preordered vials from biopharmaceutical company AstraZeneca and was in negotiations with other suppliers to complement the provisions from the national government. The Covid-19 vaccines approved for distribution worldwide require refrigeration, a prerequisite that has posed a logistics challenge for many LGUs. For instance, the AstraZeneca vaccine that the city pre-ordered requires fridge temperatures. Others, like Pfizers’ BNT162b2, need more intense subzero temperatures. Taguig repurposed an ORCA Cold Chain Solutions cold storage facility, previously used to store

items for pharmaceutical industries, supermarkets, food processing companies, and meat and seafood importers, among others. The building has a 22,000 MT static storage capacity and can move 876,000 MT on an annual basis. The facility is capable of realtime monitoring with IT software and digital technology.

Marikina

Marikina Mayor Marcelino Teodoro said their LGU has a cold storage facility for vaccines needing sub-zero degree temperatures. They will avail of 120,000 doses of Covid-19 vaccine. He stressed the need for a “deployment strategy,” as vaccines cannot just be taken out from storage and administered on people just like that. Then, there’s the need to train vaccinators and profiling for vaccine candidates. “Profiling is important, so there are doctors and virologists to do the profiling. If I pass the profiling, I will be the first to get a vaccine shot,” he said. They are eyeing vaccines made in the United Kingdom and the United States. Continued on A5

CREATIVE ECONOMY’S RECOVERY KEY TO SDG ATTAINMENT–UNCTAD By Cai U. Ordinario @caiordinario

HE United Nations Conference on Trade and Development (Unctad) called on efforts to fast-track the recovery of the creative economy to boost the world’s chances of reaching the Sustainable Development Goals (SDGs) in 10 years. Unctad said 2021 was designated as the “International Year of Creative Economy for Sustainable Development.” It is estimated that creative industries globally employ about 30 million people. Marisa Henderson, Unctad’s creative economy program head, said that while there are no new estimates of the impact of Covid-19 on the creative industries, “the prospects look bleak.” “Hence, the urgent need to both promote and protect the creative industries that make up the creative economy, especially in the decade we have left to achieve the Sustainable Development Goals (SDGs),” Henderson said. “Without them, the economic development, women’s empowerment, and cultural and poverty alleviation targets within the SDGs are unlikely to be met,”she added. The creative economy covers the knowledge-based economic activities upon which the “creative industries” are based. These include advertising, architecture, arts and crafts, design, fashion, film, video, photography, music,

performing arts, publishing, research and development, software, computer games, electronic publishing and TV/radio. Efforts to help the creative industries recover from the pandemic is paramount, given the track record of the sector in boosting growth in the past 20 years. Unctad said the growth rate of creative economy exports has often outpaced that of other industries. Unctad, citing data from professional services firm EY, said the creative economy accounts for about 3 percent of global GDP. However, the UN agency said, the creative industries are worth more when the cultural value is added to its commercial gains. In 2019, the Department of Trade and Industry (DTI) envisioned that the Philippines will become the top creative economy in Southeast Asia by 2030 on the back of strong advertising, film, animation, game development and design industries. However, 2020 data from the National Economic and Development Authority (Neda) showed that the Arts, entertainment, and recreation sector was the hardest hit sector by the lockdowns imposed to avert the spread of Covid-19. The estimated losses of the Arts, entertainment, and recreation sector reached 82.3 percent of sales for firms open during Enhanced Community Quarantine (ECQ). A total of 18,661 firms were forced to close due to the lockdowns and only 1,874 firms operated.

Covid cases hit .5M; 60K more OFWs seek vaccine plans clarified repatriation

S the government prepares for the Covid-19 vaccination program rollout in February, the number of infections in the country exceeded the 500,000 mark on Sunday. As of 4 p.m. of January 17, a total of 1,895 additional cases of Covid-19 were logged, with 5,868 recoveries and 11 deaths. Of the total number of cases, 4.9 percent (24,691) are active, 93.1 percent (465,991) have recovered, and 1.98 percent (9,895) have died. Dismissing misinformation and disinformation against Covid-19 vaccines. The Department of Health (DOH), together with the Philippine Information Agency (PIA), are busy with the “Town Hall” meeting over the weekend with the Philippine Nurses Association (PNA) to advocate vaccination, and increase people’s confidence in vaccines. Recognizing nurses as important partners in the Covid-19 immunization program, the meeting shed light on the vaccine selection process and the national vaccination deployment plan. It also addressed issues on vaccine acceptance and its primary barriers, and how healthcare workers can lend a hand in effective risk communication and demand generation for vaccines. During the town hall, health social scientist Prof. Nina Castillo-Carandang of the University of the Philippines Manila College of Medicine addressed issues on vaccine hesitancy and the crucial role that health workers play in increasing vaccine confidence. On the other hand, Dr. Marion Kwek of the Philippine Society for Microbiology and Infectious Diseases also discussed the current vaccines on the pipeline. Also present were DOH Undersecretary Myrna Cabotaje; Director General Eric Domingo of the Food and Drug Administration; Dr. Nina Gloriani, Department of Science and Technology (DOST)-Vaccine Expert Panel Head; and Executive Director

Jaime Montoya of the DOST Philippine Council for Health Research and Development, who provided a technical overview of the vaccine selection from clinical trial and emergency use authorization applications to deployment. Aside from the presentations, the DOH and the members of the town hall panel also called for support to help dismiss misinformation and disinformation against Covid-19 vaccines. National Task Force against Covid-19 chief implementer and vaccine czar Secretary Carlito Galvez Jr. noted that there are too many noises surrounding vaccines and assured that the country will only procure proven safe and efficacious vaccines. The procurement process will be corruption-free, he added, saying “that is why we are urging the Philippine Nurses Association to help us on this—to bring forth the level of confidence of the public to uptake on our nationwide vaccination. Please help us by being our champions in your household and in your community.” The vaccine czar reiterated that frontliners will be prioritized in the immunization program and they will only receive vaccines that passed the scientific evaluation and regulatory processes. Part of the meeting’s objective is to provide a venue for the participants to raise concerns and seek clarification on the immunization plan. “It is important that health-care workers have a full understanding of Covid-19. It is important to have the necessary information of these vaccines for our health-care workers to help in this drive. Safety is our priority,” PNA President Dr. Rosalie de Leon said in her opening message. “With the expected arrival of vaccines, the next challenge lies in increasing vaccine confidence for its consequent rollout,” Health Secretary Francisco Duque III said in a separate statement. See “Covid cases,” A2

–DOLE chief

T least 60,000 more oversea s Fi l ipi no workers (OFW) are expected to be repatriated this year amid the ongoing Covid-19 pandemic. Citing a report from the Overseas Workers Welfare Administration (Owwa), Labor and Employment Secretary Silvestre H. Bello III said between 60,000 and 80,000 OFWs abroad have already filed rerquests with the Philippine Overseas Labor Office (POLO) to be brought home. They are part of the 520,000 OFWs reported by POLO to have been displaced by the economic slowdown caused by the pandemic since last year. As of Saturday, Bello said 410,211 of the displaced OFWs are now back in the country. “After their ordeal in their country of origin, our dear OFWs were all provided accommodation, food, transportation and cash assistance by the government. Now, they are safely home with their families,” Bello said in a statement.

New variant

The labor chief said they are closely monitoring the status of OFWs abroad, especially with the spread of the more infectious variants of the Covid-19. “There is no room for complacency. We cannot let our guard down. Despite the availability of Covid vaccines in your country of work, the virus remains an imminent threat to your health and safety,” Bello said. Currently, he said they are focused in the Middle East, which recorded cases of infection among OFWs at 7,844 as of January 13. Currently, the International Labor Affairs Bureau (ILAB) said the POLOs were able to register 619 OFWs who died from Covid-19 and another 3,667 others, who recovered from it. Data from the Department of Foreign Affairs (DFA) showed there were 13,543 OFWs infected with the disease as of Jan. 16, 2021. Samuel P. Medenilla

www.businessmirror.com.ph

Companies BusinessMirror

Monday, January 18, 2021

‘Charter change will allow PHL to secure more FDIs’

By Jovee Marie N. Dela Cruz

@joveemarie

iberalization bills pending in Congress are not enough to attract foreign investments, according to an economist-lawmaker.

Act (House Bill 59), the Corporate Recovery and Tax Incentives for Enterprises Act and National Land Use Act in Congress. All these bills are pending in the Senate.

Solution

Deputy Speaker Bernadette Herrera, meanwhile, said liberalizing the economic provisions in the 1987 Constitution could be the solution to the decades-old problem of forced migration caused by lack of better opportunities in the country. Herrera said the economic Charter amendments proposed under Resolution of Both Houses (RBH) No. 2 would help attract foreign direct investments (FDI). “By opening up the economy to foreign investors, we will be bringing the opportunities closer to Filipinos, which means they don’t need to work overseas because high-paying jobs will be available for them here,” said the Bagong Henerasyon Party-list representative. The country’s FDI inflows have been on a decline since 2019. FDIs from January to November 2019 amounted to $6.4 billion, 30 percent lower than the $9.2 billion recorded in the same period in 2018.

According to the Philippine Statistics Authority, total foreign investments approved in the third quarter of 2020 amounted to only P31 billion, which is 83 percent lower than in the same period in 2019. Herrera noted that the Philippines also lags behind its Asean peers in terms of attracting FDI mainly because of foreign ownership restrictions in the Constitution. “Easing restrictions on foreign investments will surely make the Philippines more foreign investment-friendly,” Herrera said. The Constitution limits foreign ownership of land and businesses to only 40 percent and reserves the other 60 percent to Filipino citizens or corporations. RBH No. 2 seeks to insert the phrase “unless otherwise provided by law” to several sections of the Constitution which restrict foreign ownership of land, natural resources, public utilities, media and advertising. It provides that by a vote of three-fourths of all its members, the Senate and the House of Representatives voting separately could propose amendments to Articles 12, 14, and 16 of the Constitution.

Yanson matriarch group declares full control over bus firm

Albay Rep. Joey Sarte Salceda issued the statement after Trade Secretary Ramon M. Lopez expressed hesitation over Charter change and indicated that he prefers legislative reforms over constitutional amendments. Lopez has said that it would be better if lawmakers focused on pending economic and liberalization bills that will remove restrictions on foreign investments. Salceda said, however, that “the law can only be changed to a limited extent.” “We have our hands tied. The House has already moved with the amendments to the Public Service Act, the Foreign Investment Act, and the Retail Trade Liberalization Act. They will open us up for foreign investment significantly. However, even after such changes, we will still remain among the

most restrictive to investments in the region because we cannot escape constitutional restrictions on foreign equity,” Salceda added. “I think the idea that we should just focus on legislative changes gets the root of the problem wrong. The Constitution bound the future generations to restrictions that were always destined to prove highly impractical. It delved into details that were no longer fundamental. Foreign equity restrictions are not basic principles. The charter should not have precluded future generations from these crucial decisions." Earlier, Speaker Lord Allan Velasco said the lower chamber will continue to push for the final passage of the New Public Service Act (House Bill 78), Foreign Investments Act (House Bill 300), and Retail Trade Liberalization

Clark investors seek reversal of DENR order on water quality

Pag-IBIG Fund members save T record-high ₧13.3B in MP2

lark Freeport—“Arbitrary and unnecessary.” This was how the Clark Investors and Locators Association (CILA) has described the Department of Environment and Natural Resources (DENR) Administrative Order (DAO) No. 2016-08 on Water Quality Guidelines and General Effluent Standards (GES) as it expressed its objection and apprehensions against the order. Dr. Frankie Villanueva, former president of CILA and now chair of its foreign investment advocacy, safe and technology (FAST), said it appears that (DAO) No. 2016-08 was a “midnight” directive by then DENR secretary Ramon Paje bereft of any study, or technical research. Villanueva said the Clark Water Corp. (CWC) is set to implement the order with the establishment of a P1.5 billion waste water treatment facility on Friday, January 15. Villanueva explained that this will mean a possible rate increase of 100 percent by the CWC, which is “unjustifiable at this time of the raging pandemic.” He said the DAO No. 2016-08 appears to be without basis as CILA’s request for a study were ignored. Ashley Manabat

espite the uncertainties caused by Covid-19 last year, Pag-IBIG Fund members turned to the agency’s MP2 Savings and collectively saved over P13 billion, setting a new record for the amount saved voluntarily by members under the program in a single year. “We are happy to report that despite the impact of the pandemic to our economy last year, the amount saved by our members in the Pag-IBIG MP2 Savings last year surpassed P13 billion. This is the highest-ever amount saved by our members in the program so far. This shows the significant trust that our members have in Pag-IBIG Fund, that we shall manage their hard-earned peso prudently. This will also go a long way in helping us serve more members by providing funds for their home loans and cash loans, all in line with President Rodrigo Roa Duterte’s directive to help uplift the lives of more Filipinos

especially during these difficult times,” said Secretary Eduardo D. del Rosario, Chairperson of the Department of Human Settlements and Urban Development and the 11-member Pag-IBIG Fund Board of Trustees. He said that as of 2020, a total of 338,248 members currently save in the MP2 Savings. “These members saved , on average, P3,270 per month in their MP2 Savings last year. This means that it’s the typical Filipino worker who’s diligently saving and entrusting their hard-earned money with Pag-IBIG Fund,” del Rosario added. The MP2 Savings is Pag-IBIG Fund’s voluntary savings program that has a 5-year maturity period and a minimum savings requirement of only P500. Made available to members in 2010, the savings program has seen phenomenal growth over the last 5 years, mainly due to the higher dividends it offers

compared to the agency’s Regular Savings program. The agency expects to declare the MP2 Savings dividend rate for 2020 within the first quarter of the year. “The continued growth of our MP2 Savings program is remarkable. It was only in 2017 when collections from our MP2 Savings surpassed the P1 billion-mark, which was then a historic feat. And by the end of 2020, in a span of just three years, MP2 Savings has now reached P13.28 billion. This surpasses the previous record-high of P12.01 billion saved by our members in 2019, achieving an 11-percent growth amid the pandemic. We thank our members for their continued support and enduring trust that despite the challenging times, they opted to save voluntarily in our MP2 Savings Program. That is why they can expect nothing less than our Lingkod Pag-IBIG brand of service, Tapat na Serbisyo, Mula sa Puso, from us,” said Pag-IBIG Fund CEO Acmad Rizaldy P. Moti.

Photo from the Facebook page of Vallacar Transit Inc.

By VG Cabuag @villygc

he group of the Yanson matriarch said it is now in full control over the country’s largest bus company, even as the rival group composed of the four Yanson siblings has yet to attend the meeting of the firm’s various units. A series of annual stockholders’ meetings were held by the Yanson bus companies Bachelor Express Inc. and Mindanao Star Bus Transport Inc. over the weekend. In the said meetings, the group of matriarch Olivia V. Yanson and son Leo Rey were elected to the company’s board. “Despite the challenges faced in 2020, the Yanson group of bus companies remains strong and resilient. It continues to be steadfast in its goal to serve the Filipino people. We remain committed to providing the riding public with the most reliable means of public transportation for all,” Leo Rey said. Leo Rey, the youngest among the siblings, is on top of the day-to-day operations of the group. Bachelor Express, Mindanao Bus Transport and Rural Transit Mindanao Inc. are the three subsidiaries serving the island of Mindanao. The other subsidiaries are Vallacar Transit Inc., Ceres Transport Inc., Southern Star Bus Transport Inc., and Sugbo Transit Inc. “The newly appointed board is excited to see how they can continue to

push boundaries to provide quality transportation to every Filipino in this great nation despite the challenges of the pandemic,” the company said. The “Yanson Four,” composed of Roy V. Yanson, Ricardo V. Yanson, Jr., Emily V. Yanson and Ma. Lourdes Celina Yanson-Lopez were absent in the said meetings. The Yanson Four, the other group who wants to wrest control of the company, face outstanding warrants of arrest for various cases filed by the other camp including alleged carnapping and qualified theft, perjury and falsification of the company’s general information sheet. On July 7, 2019, the four Yanson siblings held a meeting and unseated Leo Rey as the president of the bus company, with Roy Yanson, the eldest brother, taking over. Leo Rey, with the support of his mother, Olivia V. Yanson and sister Ginnette Y. Dumancas, refused to step down, which started a family feud between the two groups. The Yanson Group, operates 4,800 bus units run by 18,000 employees, and has its main office in Bacolod City. The Securities and Exchange Commission earlier warned the two factions to avoid dishing out misinformation to the public as this have a negative impact not only on the warring factions but also on investors, consumers, and the overall market.

Couche-Tard, Carrefour abandon merger talks, considering alliance

anada’s A limentation Couche-Tard Inc. and France’s Carrefour SA abandoned talks on a proposed $20 billion merger following stiff opposition from the French finance minister, and will look instead at forming a looser alliance. The companies will now consider how to work together on fuel purchases, branding and distribution where their networks overlap, the companies said in a joint statement Saturday. “The opportunity for operational partnerships with Carrefour will further our journey towards becoming a leading global retailer,” said Brian Hannasch, president and chief executive officer of Couche-Tard. A merger would have created a re-

tail powerhouse, combining CoucheTard’s North America-focused network of 14,200 convenience stores with Carrefour’s sizable European operations, which include hypermarkets and smaller outlets. It could also have ranked as one of the biggestever takeovers of a French company by a foreign entity. The decision to stop the merger negotiations comes after top executives of the Quebec-based company flew to Paris to offer the government several sweeteners, including billions of euros of investment in Carrefour stores, no job cuts for at least two years and dual stock listings in France and Canada.

‘Non’

They failed to persuade Finance

Minister Bruno Le Maire, who told executives in a private meeting Friday he was standing by his position that a takeover would be bad for France. Earlier that day, Le Maire said on BFM TV: “To sum up: it’s a no. A courteous no, but a no that is clear and definitive.” Government officials in Canada tried to press the case. Quebec Economy Minister Pierre Fitzgibbon emphasized the close links between the French-speaking province and France, including deals that have gone the other way. Last year, Alstom SA agreed to buy the rail unit of Bombardier Inc., and Airbus SE is the majority owner —in partnership with the Quebec government—of a commercial jet program that was originally developed by Bombardier.

Adhesive tape on out of order shopping carts in a Carrefour SA supermarket in Paris, France. Photographer: Nathan Laine/Bloomberg

Couche-Tard “could be a very strategic shareholder that would benefit Carrefour’s operations in France,” Fitzgibbon said to reporters Friday. Couche-Tard—the name means

“night owl” in French -- is Canada’s largest retailer by market value and has built a global empire through acquisitions over four decades. But it faced hurdles from the outset in

France for its offer of 20 euros per share. Carrefour employs about 100,000 people in France and is the country’s largest private employer, making a takeover politically sensitive. French President Emmanuel Macron, facing an election in 2022, is facing criticism for his handling of the pandemic. The loss of a well-known French company in a foreign takeover could fuel nationalist Marine Le Pen, his primary rival for leadership. Le Maire had cited concerns about a French supermarket chain falling into foreign hands, saying the country needs to maintain domestic control over its food supply. The Covid-19 crisis has added impetus to that argument, and France recently bulked up its authority to block foreign takeovers. Bloomberg News

Companies BusinessMirror

Monday, January 18, 2021

PSE STOCK QUOTATIONS

January 15, 2021

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

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

44 112 85.3 25.6 7.31 10.32 49.05 11.08 20.8 27.85 55.55 98.05 18.88 137.6 70.5 1 4.75 0.58 4.29 1.64 0.43 890 0.79 153 2,100 1.02

44.8 112.1 85.35 25.65 8.5 10.34 49.5 11.2 22.3 27.95 55.65 114.9 19 137.9 71 1.01 4.76 0.63 4.31 1.69 0.44 898 0.8 154 2,188 1.05

44 112.5 86.1 25.6 7.22 10.14 49.5 11.22 20.25 27.85 55.5 98 18.7 138.3 70.05 1 4.86 0.63 4.7 1.65 0.41 890 0.87 154 2,190 1.03

44 113.5 86.2 25.65 8.48 10.38 49.7 11.28 20.25 28 55.6 98 19 138.8 71.2 1 4.9 0.63 4.7 1.69 0.465 898 0.87 154 2,190 1.03

44 111.6 85.1 25.6 7.22 10.14 48.9 11.08 20.25 27.8 55.45 98 18.5 136.6 70 0.95 4.72 0.63 4.26 1.63 0.41 890 0.8 152.6 2,188 1.01

44 112 85.35 25.65 8.48 10.34 49.05 11.08 20.25 27.95 55.6 98 18.88 137.9 70.5 1 4.76 0.63 4.29 1.69 0.44 890 0.8 153 2,188 1.02

600 3,823,540 1,607,030 77,400 1,900 949,100 1,474,000 24,500 16,300 126,500 3,650 1,230 920,200 226,050 18,800 464,000 1,236,000 1,000 803,000 519,000 4,860,000 440 838,000 2,110 10 193,000

26,400 429,727,058 137,289,135.50 1,983,245 15,021 9,777,292 72,638,275 272,570 330,075 3,529,990 202,643 120,540 17,129,592 31,166,430 1,316,896 458,940 5,888,350 630 3,556,980 855,370 2,172,400 392,000 696,820 322,612 21,890 197,250

26,400 -58,696,739 -12,882,226.50 -25,600 -1,786,468 -22,022,320 -11,120 351,320 15,849,378 -26,980 -5,700 24,350 -67,500 329,300 -21,420 -

INDUSTRIAL AC ENERGY 6.48 6.49 6.71 7.06 6.47 6.48 70,328,900 474,304,876 1.35 1.36 1.27 1.36 1.27 1.35 2,619,000 3,468,910 ALSONS CONS 26.05 26.3 26.1 26.45 26.05 26.05 5,532,700 145,210,995 ABOITIZ POWER 1.42 1.43 1 1.55 0.95 1.43 1,262,820,000 1,655,558,400 BASIC ENERGY 32 32.05 31.65 32.2 31.3 32 1,368,400 43,776,715 FIRST GEN 81.9 82 82 82.05 80.1 81.9 174,810 14,319,773.50 FIRST PHIL HLDG 297.2 297.6 292 298.8 290.2 297.2 124,320 36,877,320 MERALCO 16.74 16.76 16.98 16.98 16.7 16.76 363,600 6,108,498 MANILA WATER 3.85 3.86 3.89 3.89 3.78 3.85 2,710,000 10,345,100 PETRON 3.64 3.68 3.7 3.7 3.68 3.68 42,000 155,380 PETROENERGY 11.7 12 11.8 12.12 11.7 12 346,400 4,075,066 PHX PETROLEUM 20.3 20.55 21.35 21.35 20.1 20.3 1,597,800 32,836,895 PILIPINAS SHELL 9.98 9.99 9.98 10 9.93 9.98 88,300 880,555 SPC POWER 7.68 7.7 7.97 7.97 7.7 7.7 834,700 6,464,888 AGRINURTURE 3.31 3.38 3.34 3.41 3.31 3.38 1,837,000 6,163,020 AXELUM 72.05 76.7 71.05 76.8 71.05 76.8 40 2,957 BOGO MEDELLIN 14.14 14.68 14.12 14.8 14.12 14.72 2,500 36,582 CNTRL AZUCARERA 18.46 18.52 19.08 19.36 18.5 18.5 1,146,800 21,364,984 CENTURY FOOD 8.01 8.03 8.1 8.1 7.8 8.03 82,600 658,280 DEL MONTE 7.45 7.5 7.53 7.53 7.45 7.45 1,873,800 14,033,302 DNL INDUS 9.98 9.99 9.98 10 9.85 9.99 596,000 5,918,682 EMPERADOR SMC FOODANDBEV 68.75 68.9 69 69 67.15 68.75 46,450 3,168,852 ALLIANCE SELECT 0.64 0.65 0.65 0.66 0.64 0.64 116,000 74,560 1.71 1.73 1.75 1.76 1.7 1.73 27,137,000 46,774,940 FRUITAS HLDG GINEBRA 51.9 51.95 51.2 52.95 51 51.9 105,950 5,493,649 JOLLIBEE 194.1 194.2 195.5 196.3 194.1 194.1 870,670 169,566,789 LIBERTY FLOUR 40 40.8 38.9 41 38.05 40.8 7,700 304,295 7.89 8.34 8.37 8.4 7.74 8.34 23,200 192,418 MACAY HLDG 6.8 6.9 7.02 7.05 6.62 6.8 887,200 6,112,006 MAXS GROUP MG HLDG 0.4 0.405 0.4 0.42 0.365 0.4 70,210,000 28,037,800 SHAKEYS PIZZA 7.62 7.73 7.76 7.76 7.6 7.62 101,100 772,091 ROXAS AND CO 1.25 1.26 1.25 1.3 1.23 1.25 6,913,000 8,645,030 RFM CORP 4.59 4.77 4.57 4.77 4.57 4.77 4,000 18,680 1.74 1.8 1.76 1.81 1.72 1.8 105,000 185,050 ROXAS HLDG SWIFT FOODS 0.136 0.141 0.137 0.143 0.135 0.141 7,330,000 1,024,770 156.2 156.3 156 159 155.6 156.3 770,900 120,544,781 UNIV ROBINA VITARICH 0.94 0.95 0.93 0.96 0.91 0.95 7,757,000 7,247,110 CONCRETE A 52.9 54.95 52.4 54.95 52.4 54.95 150 8,217 55 59.15 54.9 54.9 54.9 54.9 10 549 CONCRETE B 1.47 1.48 1.48 1.49 1.47 1.47 3,556,000 5,237,060 CEMEX HLDG 5.41 5.42 5.35 5.75 5.35 5.42 73,900 406,957 DAVINCI CAPITAL 14 14.08 14.06 14.08 13.9 14 117,200 1,634,638 EAGLE CEMENT 7.36 7.37 7.35 7.38 7.35 7.36 1,182,200 8,701,422 EEI CORP 7 7.06 7.12 7.13 6.79 7.06 1,676,000 11,677,367 HOLCIM 8.21 8.24 8.18 8.21 8.01 8.21 2,328,000 18,820,718 MEGAWIDE 9.7 9.9 9.7 9.9 9.7 9.9 15,200 148,380 PHINMA 2.11 2.15 2.2 2.2 2 2.15 15,089,000 31,362,860 TKC METALS 1.21 1.23 1.34 1.34 1.2 1.21 8,407,000 10,482,140 VULCAN INDL 126.4 139.9 130 130 130 130 140 18,200 CHEMPHIL 1.87 1.9 1.88 1.89 1.82 1.89 157,000 293,470 CROWN ASIA 2.4 2.41 2.49 2.49 2.38 2.4 987,000 2,379,330 EUROMED 4.06 4.69 4.11 4.36 4.05 4.36 25,000 104,720 LMG CORP 5.21 5.3 5.16 5.35 5.16 5.21 45,100 240,330 PRYCE CORP 22 22.3 22 22.6 21.95 22 186,000 4,092,335 CONCEPCION 3.07 3.09 3.09 3.15 3 3.09 13,515,000 41,758,600 GREENERGY 9.12 9.15 9.1 9.13 8.95 9.12 679,500 6,152,503 INTEGRATED MICR 1.29 1.32 1.33 1.34 1.26 1.32 1,490,000 1,906,440 IONICS 5.52 6.35 5.14 7 5.14 6.35 70,300 409,972 PANASONIC 1.47 1.49 1.49 1.52 1.43 1.49 1,556,000 2,294,350 SFA SEMICON 7.58 7.6 7.88 7.95 7.45 7.6 10,878,100 83,884,529 CIRTEK HLDG

21,632,208 26,000 43,650,795 -67,944,770 -13,710,485 -6,705,480 5,854,370 750,966 246,830 -21,747,460 794,631 -178,590 -238,446 108,670 7,015,299 340,709 -835,924.50 -414,650 4,779,075.50 -80,285,486 125,470 77,150 59,834 1,246,950 -32,350 -23,534,338 300,100 16,250 -32,324 32,380 2,389,353 795,017.00 -301,960 -10,450 9,350 -1,520,220 4,639,060 -1,564,878 6,450 174,190 2,280,391

HOLDING & FRIMS ABACORE CAPITAL 0.72 0.73 0.73 0.73 0.71 0.72 21,555,000 15,447,880 8.98 9.1 8.94 9.25 8.94 9.1 34,400 311,463 ASIABEST GROUP 819.5 820 809.5 825 809.5 820 166,370 136,350,315 AYALA CORP 46.3 46.35 47.35 47.35 46.15 46.35 890,900 41,388,240 ABOITIZ EQUITY 10.34 10.36 10.06 10.44 10.06 10.36 3,870,900 40,039,932 ALLIANCE GLOBAL 3.05 3.06 3.1 3.12 3.05 3.05 9,033,000 27,719,700 AYALA LAND LOG 0.87 0.88 0.82 0.88 0.8 0.87 4,355,000 3,689,360 ANGLO PHIL HLDG 0.9 0.91 0.86 0.91 0.86 0.9 6,601,000 5,862,560 ATN HLDG A 0.89 0.91 0.86 0.91 0.84 0.91 1,665,000 1,433,800 ATN HLDG B 5.48 5.49 5.57 5.57 5.45 5.48 824,700 4,522,490 COSCO CAPITAL 5.41 5.44 5.38 5.5 5.38 5.44 5,458,400 29,642,025 DMCI HLDG 9.15 9.2 9.1 9.15 9 9.15 33,700 307,006 FILINVEST DEV 3.13 3.4 3.4 3.4 3.4 3.4 10,000 34,000 FJ PRINCE A 0.23 0.235 0.23 0.23 0.22 0.23 210,000 47,900 FORUM PACIFIC 562.5 572 558 574 556.5 572 143,670 81,240,415 GT CAPITAL 3.87 3.96 3.98 3.98 3.87 3.96 36,000 141,500 HOUSE OF INV 74 74.2 74.25 74.5 72.5 74 1,250,920 92,363,120.50 JG SUMMIT 5.03 5.3 5.3 5.3 5.3 5.3 300 1,590 KEPPEL HLDG A 1.07 1.1 1.05 1.11 1.04 1.07 15,981,000 17,132,120 LODESTAR 3.71 3.72 3.7 3.72 3.7 3.72 318,000 1,178,290 LOPEZ HLDG LT GROUP 13.5 13.52 13.7 13.7 13.4 13.5 8,237,100 111,192,750 MABUHAY HLDG 0.54 0.55 0.57 0.57 0.53 0.55 1,384,000 755,890 4.42 4.45 4.35 4.46 4.34 4.45 24,677,000 108,633,850 METRO PAC INV PACIFICA HLDG 4.4 4.5 3.76 5.4 3.75 4.4 1,902,000 8,077,740 PRIME MEDIA 0.91 0.92 0.93 0.93 0.89 0.91 197,000 178,510 1.16 1.17 1.18 1.18 1.16 1.16 6,000 7,020 SOLID GROUP 313 320 312 320 312 320 990 311,180 SYNERGY GRID 1,051 1,070 1,077 1,084 1,051 1,051 157,260 167,406,715 SM INVESTMENTS SAN MIGUEL CORP 126.5 126.6 127 127.4 126.5 126.5 150,610 19,097,334 SOC RESOURCES 0.85 0.89 0.84 0.89 0.83 0.89 835,000 706,890 SEAFRONT RES 1.96 2.28 2.49 2.49 1.96 1.96 56,000 112,020 136 139.8 135 140 135 140 300 40,722 TOP FRONTIER WELLEX INDUS 0.23 0.238 0.23 0.238 0.23 0.238 570,000 131,260 0.221 0.23 0.206 0.255 0.2 0.221 23,520,000 5,395,730 ZEUS HLDG

867,030 -925 5,869,975 -11,762,075 20,831,978 3,224,080 149,040 -1,046,070 199,136 -3,862,878 90,608 -3,912,165 -79,220 17,480,203.50 172,100 156,130 -16,847,946 -24,688,260 -262,900 15,761,355 -6,192,546 -73,950 2,702 -706,300

PROPERTY ARTHALAND CORP 0.7 0.71 0.71 0.71 0.67 0.7 3,675,000 2,525,960 40.15 40.2 40.4 40.5 39.6 40.15 4,766,300 191,485,305 AYALA LAND 1.49 1.5 1.6 1.6 1.39 1.49 962,000 1,433,420 ARANETA PROP 30.1 30.15 30 30.15 29.9 30.15 576,200 17,341,200 AREIT RT 1.69 1.7 1.69 1.7 1.67 1.7 877,000 1,468,400 BELLE CORP 1.01 1.02 1 1.03 0.97 1.02 12,681,000 12,622,210 A BROWN 0.79 0.81 0.81 0.81 0.77 0.81 287,000 222,060 CITYLAND DEVT 0.156 0.158 0.155 0.16 0.15 0.155 6,140,000 969,310 CROWN EQUITIES 5.64 5.89 5.63 5.89 5.58 5.89 11,000 61,633 CEBU HLDG 5.39 5.41 5.5 5.5 5.39 5.39 1,056,100 5,734,757 CEB LANDMASTERS 0.46 0.465 0.47 0.475 0.46 0.46 18,750,000 8,727,250 CENTURY PROP 0.385 0.39 0.365 0.4 0.365 0.385 6,380,000 2,387,150 CYBER BAY 14.62 14.68 14.6 14.7 14.46 14.68 1,350,100 19,676,498 DOUBLEDRAGON 7.2 7.32 7.05 7.38 7.04 7.2 69,200 497,281 DM WENCESLAO 0.325 0.33 0.33 0.34 0.32 0.33 2,220,000 733,500 EMPIRE EAST 0.087 0.088 0.089 0.089 0.086 0.087 1,320,000 113,780 EVER GOTESCO 1.13 1.14 1.14 1.15 1.13 1.13 7,472,000 8,459,640 FILINVEST LAND 0.86 0.87 0.88 0.89 0.85 0.87 4,666,000 4,046,190 GLOBAL ESTATE 7.8 7.92 7.53 7.92 7.31 7.92 41,600 312,513 8990 HLDG 1.42 1.43 1.4 1.44 1.37 1.42 3,290,000 4,637,870 PHIL INFRADEV CITY AND LAND 0.74 0.76 0.76 0.76 0.73 0.76 6,000 4,440 4.27 4.29 4.3 4.3 4.22 4.29 8,888,000 37,934,690 MEGAWORLD MRC ALLIED 0.75 0.76 0.81 0.81 0.75 0.76 319,677,000 246,420,450 PHIL ESTATES 0.4 0.42 0.42 0.42 0.385 0.385 70,000 29,050 1.44 1.48 1.43 1.48 1.43 1.44 923,000 1,339,870 PRIMEX CORP 21.9 21.95 22.05 22.2 21.75 21.95 1,618,700 35,575,665 ROBINSONS LAND PHIL REALTY 0.325 0.34 0.35 0.365 0.325 0.34 1,640,000 554,500 1.64 1.65 1.63 1.68 1.62 1.64 1,548,000 2,540,170 ROCKWELL SHANG PROP 2.68 2.69 2.67 2.68 2.64 2.68 185,000 490,170 STA LUCIA LAND 2.5 2.57 2.04 2.68 2 2.57 10,981,000 25,403,380 SM PRIME HLDG 39.4 39.85 39.8 40.5 39.4 39.4 6,409,400 255,475,395 VISTAMALLS 4.21 4.34 4.26 4.34 4.15 4.34 156,000 670,840 SUNTRUST HOME 2.25 2.26 2.4 2.6 2.21 2.26 24,579,000 58,491,710 PTFC REDEV CORP 40.9 45.55 40.9 41 40.9 41 2,600 106,430 4.72 4.75 4.7 4.78 4.65 4.72 3,717,000 17,479,930 VISTA LAND

-34,820 -64,147,880 -67,050 153,245 20,320 1,566,170 133,210 -26,350 -55,960 36,900 1,490,622 6,600 -2,610 -506,090.00 99,920 61,871 457,270.00 17,239,500 -30,666,260 -3,208,245 45,860 26,700 -97,560 19,056,925.00 -43,100.00 -973,750 3,617,460

SERVICES ABS CBN 13.2 13.34 13.42 13.5 13.2 13.2 175,300 2,331,470 6.01 6.02 6.1 6.1 5.99 6.02 427,900 2,584,335 GMA NETWORK 0.465 0.475 0.485 0.485 0.45 0.475 3,450,000 1,614,700 MANILA BULLETIN 11.82 12.32 12 12.38 12 12.38 400 4,838 MLA BRDCASTING 2,100 2,110 2,128 2,128 2,090 2,100 33,605 70,803,710 GLOBE TELECOM 1,457 1,463 1,453 1,463 1,440 1,463 66,185 96,216,030 PLDT 0.295 0.3 0.3 0.33 0.29 0.3 3,841,170,000 1,184,746,200 APOLLO GLOBAL 15.7 15.72 15.7 15.8 15.7 15.7 7,536,700 118,396,334 CONVERGE 4.95 5 4.99 5.06 4.91 5 1,271,000 6,263,670 DFNN INC 12.08 12.1 12.12 12.4 11.92 12.08 24,922,200 300,709,256 DITO CME HLDG 1.93 2.15 1.84 2.2 1.84 2.15 607,000 1,218,100 IMPERIAL 0.234 0.235 0.184 0.27 0.183 0.235 271,570,000 61,705,850 ISLAND INFO 1.95 2 1.96 2 1.94 2 278,000 543,360 JACKSTONES 4.02 4.03 3.97 4.15 3.85 4.02 15,276,000 61,099,890 NOW CORP 0.55 - 0.38 0.55 0.38 0.55 586,660,000 288,697,100 TRANSPACIFIC BR 2.91 2.95 2.9 2.96 2.89 2.95 1,124,000 3,287,990 PHILWEB 9 9.1 9.19 9.19 9 9.1 84,700 765,679 2GO GROUP 14.62 15 14.6 14.6 14.6 14.6 1,000 14,600 ASIAN TERMINALS 4.95 4.96 5 5.02 4.93 4.95 3,755,800 18,683,022 CHELSEA 49.05 49.1 48.6 49.25 48.3 49.05 157,400 7,704,855 CEBU AIR INTL CONTAINER 126.1 126.8 126 127 124.5 126.8 680,740 86,186,751 LBC EXPRESS 15.8 16 15.5 16 15.5 16 10,400 165,964 1.04 1.06 1.06 1.08 1.03 1.03 856,000 881,940 LORENZO SHIPPNG 6.36 6.42 6.36 6.42 6.31 6.36 3,091,700 19,634,560 MACROASIA METROALLIANCE A 3.68 3.69 3.8 3.8 3.4 3.69 7,905,000 27,993,540 3.24 3.54 3.7 3.7 3.11 3.54 80,000 269,820 METROALLIANCE B 6.75 6.78 6.7 6.84 6.7 6.78 57,300 389,140 PAL HLDG 1.54 1.55 1.54 1.57 1.48 1.55 6,501,000 9,826,870 HARBOR STAR ACESITE HOTEL 1.5 1.55 1.45 1.55 1.45 1.55 22,000 32,500 0.044 0.045 0.045 0.046 0.042 0.044 274,400,000 11,898,200 BOULEVARD HLDG DISCOVERY WORLD 2.82 3.2 2.7 3.2 2.7 3.2 428,000 1,293,300 0.59 0.6 0.6 0.61 0.58 0.6 23,734,000 13,986,850 WATERFRONT CENTRO ESCOLAR 6.53 7.96 7.96 7.96 7.96 7.96 1,600 12,736 0.44 0.45 0.44 0.46 0.435 0.45 6,820,000 3,044,050 STI HLDG BERJAYA 5.51 5.59 5.6 5.68 5.51 5.51 85,600 476,978 8.15 8.16 8.25 8.26 8.12 8.16 1,604,600 13,125,116 BLOOMBERRY PACIFIC ONLINE 2.11 2.19 2.11 2.15 2.11 2.11 121,000 257,610 1.9 1.93 1.95 1.95 1.88 1.9 365,000 690,970 LEISURE AND RES MANILA JOCKEY 2.16 2.2 2.25 2.25 2.2 2.23 54,000 119,920 3.21 3.22 3.37 3.42 3.2 3.22 13,848,000 45,552,360 PH RESORTS GRP PREMIUM LEISURE 0.5 0.51 0.5 0.52 0.5 0.5 11,942,000 6,069,190 6.64 6.7 6.7 6.7 6.7 6.7 3,000 20,100 PHIL RACING 9.03 9.15 9 9.15 8.85 9.15 2,252,900 20,301,700 ALLHOME 1.47 1.5 1.48 1.5 1.45 1.47 3,733,000 5,502,170 METRO RETAIL 38.3 38.4 38.8 39.1 38.3 38.3 4,522,600 175,142,020 PUREGOLD 63 63.75 63.8 63.9 63 63 720,120 45,810,462 ROBINSONS RTL 116.2 119.8 119.5 119.8 119.5 119.8 34,120 4,077,364 PHIL SEVEN CORP 1.5 1.51 1.58 1.6 1.5 1.5 8,764,000 13,477,770 SSI GROUP 17.7 17.8 17.98 18 17.8 17.8 2,611,000 46,710,056 WILCON DEPOT 0.475 0.48 0.465 0.49 0.45 0.475 18,630,000 8,780,750 APC GROUP 8.45 8.68 7.2 8.9 7.2 8.68 1,548,200 13,000,528 EASYCALL 436 450 435.2 450 435.2 450 570 252,032 GOLDEN BRIA 5.7 5.99 6 6 6 6 500 3,000 IPM HLDG 2.87 2.88 2.85 3.08 2.7 2.88 216,921,000 633,257,460 PRMIERE HORIZON 5.4 5.48 5.51 5.51 5.21 5.4 596,200 3,150,358 SBS PHIL CORP

-8,232,210 -14,188,520 46,409,200 -6,764,036 -3,273,060 3,322,492 -34,200 13,717,420 11,700 5,737,180 -4,688,700 290,470 28,650 1,103,466 1,400,955 26,416,557 -1,145,476 0 -45,410 289,400 -147,100 -378,600 -787,616 72,120 6,460 -577,320 3,336,350 -570,220 52,592,420 -12,971,258.50 4,066,585 -1,562,220 -17,623,654 -29,120 -3,000 -14,579,120 -

MINING & OIL

ATOK 8.35 8.4 8.7 8.7 8.22 8.35 1,757,400 14,757,681 1.82 1.83 1.84 1.86 1.8 1.82 11,800,000 21,550,870 -431,040 APEX MINING 0.005 0.0051 0.0034 0.0051 0.0033 0.0051 135,581,000,000 604,074,400 -3,760,800 ABRA MINING 6.8 6.82 6.82 6.9 6.8 6.82 148,200 1,009,505 -176,921 ATLAS MINING 3.16 3.33 3.32 3.36 3.15 3.33 80,000 263,510 BENGUET A 3.12 3.2 3.2 3.2 3.12 3.12 22,000 68,880 BENGUET B 0.295 0.305 0.305 0.305 0.29 0.305 3,520,000 1,061,550 COAL ASIA HLDG 2.85 2.94 2.92 2.94 2.92 2.94 92,000 269,260 175,460 CENTURY PEAK 8.6 8.79 8.88 8.9 8.58 8.79 27,300 237,407 DIZON MINES 3.04 3.05 3.02 3.13 3.01 3.04 13,403,000 40,821,340 3,892,480.00 FERRONICKEL 0.395 0.4 0.4 0.415 0.39 0.395 6,670,000 2,636,100 GEOGRACE 0.166 0.167 0.174 0.174 0.165 0.166 56,850,000 9,532,500 LEPANTO A 0.167 0.171 0.174 0.174 0.167 0.171 3,110,000 532,540 LEPANTO B 0.01 0.011 0.011 0.011 0.0099 0.011 671,100,000 6,802,850 MANILA MINING A 0.01 0.011 0.01 0.011 0.0099 0.011 534,300,000 5,386,290 370,000 MANILA MINING B 1.88 1.89 1.84 1.97 1.82 1.88 7,321,000 13,917,490 116,260 MARCVENTURES 3.35 3.36 3.27 3.45 3.26 3.35 289,000 951,470 NIHAO 5.8 5.81 5.82 5.93 5.75 5.8 9,621,600 55,980,677 -514,336 NICKEL ASIA 0.415 0.42 0.43 0.43 0.415 0.42 1,230,000 519,700 OMICO CORP ORNTL PENINSULA 1.31 1.32 1.25 1.37 1.23 1.31 25,054,000 32,545,760 -723,590 PX MINING 5.03 5.06 5.1 5.15 5.03 5.03 1,526,200 7,730,191 -111,320.00 SEMIRARA MINING 13.74 13.8 13.96 13.96 13.56 13.8 1,558,400 21,448,018 4,262,908 UNITED PARAGON 0.007 0.0075 0.0069 0.0075 0.0065 0.0075 246,000,000 1,777,500 163,200 ACE ENEXOR 16.5 16.52 15.24 17 15.24 16.52 1,318,200 21,473,256 192,294.00 ORNTL PETROL A 0.013 0.014 0.013 0.014 0.012 0.014 1,239,900,000 16,530,200 0.013 0.014 0.012 0.014 0.012 0.013 437,200,000 5,678,000 -2,759,900 ORNTL PETROL B PHILODRILL 0.012 0.013 0.013 0.013 0.012 0.013 782,800,000 9,864,600 180,000 PXP ENERGY 12.48 12.52 12.7 12.82 12.24 12.48 1,983,600 24,915,344 -135,602 PREFFERED AC PREF B1 515.5 530 530 530 530 530 520 275,600 101 102.4 101 102.5 101 101 1,330 134,389 117,160 DD PREF 108.1 111.9 108.1 108.1 108.1 108.1 150 16,215 -16,215 FGEN PREF G 1,018 1,039 1,039 1,039 1,039 1,039 20 20,780 GTCAP PREF A 101.5 101.9 101.9 101.9 101.9 101.9 130 13,247 MWIDE PREF 101 101.5 101.8 101.8 101.8 101.8 1,040 105,872 MWIDE PREF 2B 104.9 106 104.3 106 104.3 104.9 170 17,825 -14,662 PNX PREF 3B 1,008 1,010 1,010 1,010 1,010 1,010 535 540,350 PNX PREF 4 1,006 1,019 1,023 1,023 1,020 1,020 190 194,250 PCOR PREF 2B 1,085 1,090 1,090 1,090 1,090 1,090 2,000 2,180,000 PCOR PREF 3A 1,093 1,100 1,093 1,100 1,093 1,093 1,780 1,947,150 PCOR PREF 3B 78.5 78.85 78.9 78.9 78.5 78.5 1,980 155,716.50 SMC PREF 2C 77.35 77.6 77.3 77.5 77.3 77.3 96,960 7,504,008 SMC PREF 2F 75.8 76 76 76 76 76 13,210 1,003,960 SMC PREF 2G 76.2 77 77.3 77.3 77.3 77.3 120 9,276 SMC PREF 2H 76.05 76.2 76.1 76.2 76.05 76.2 2,600 197,851 SMC PREF 2J 76.1 76.25 76 76.25 76 76.25 54,510 4,155,860 -160,610 SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 12.7 13.56 12.54 13 12.54 12.6 23,300 301,550 260,000 WARRANTS LR WARRANT 0.96 1 0.99 1 0.95 1 754,000 729,380 19,510 SMALL & MEDIUM ENTERPRISES ALTUS PROP 13.2 13.4 12.8 13.6 12.8 13.4 763,600 10,182,672 -35,152 3.72 3.73 3.49 3.72 3.4 3.72 7,508,000 27,394,470 -644,030 ITALPINAS 6.15 6.25 6.2 6.24 6.15 6.15 64,700 398,478 KEPWEALTH 2.78 3.2 3 3.2 3 3.2 11,000 34,100 MAKATI FINANCE 7.6 7.61 7.24 7.68 7.1 7.6 32,759,000 242,498,684 -3,888,043 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 109 109.6 109.5 109.9 109 109 13,980 1,529,926 115,538

www.businessmirror.com.ph

Digital shift allows CIMB to expand customer base

By Tyrone Jasper C. Piad

@TyronePiad

IMB Bank Philippines grew its deposits by 800 percent in the past year on the back of increasing customer base amid the digital shift.

The digital bank said in a recent statement that its deposit customer base doubled to over 3 million last year. Of these clients, 30 percent said CIMB was their first bank account. Amid CIMB’s initiative to promote financial literacy, average balance per customer and average cashin per customer rose by 350 percent and 400 percent, respectively. CIMB said that it was also offer-

ing banking services that customers were looking for. In a survey conducted by the bank, majority of the respondents said they want the best deposit interest rates, ease of opening a bank account and bonus insurance coverage. “These 3 features have been the core of [CIMB]’s customer value proposition with its 4-percent savings interest rate, 10-minute bank

STOCK-MARKET OUTLOOK Last week

Share prices fell last week as investors were more cautious due to issues hounding the roll out of a vaccine in the country and due to growing fear that a stricter lockdown may be implemented to contain the spread of the new Covid-19 variant. The benchmark Philippine Stock Exchange index (PSEi) fell 51.42 points to close at 7,238.46 points. The PSEi started the week up, but eventually declined on Tuesday after failing to break the 7,300-resistance level. It then continued to move sideways until the end of the week as investors took a wait-and-see stance, until economic activity can justify current blue-chip valuations before buying any higher, Christopher Mangun, research head at AAA Securities Inc., said. “Volatility on blue chips continued to die down with investors focusing on highly volatile and speculative third liners. There were expectations of a sell-down after reports came out that the new Covid-19 variant was detected from a traveler that recently returned to the country. However this was not the case as most investors have already factored in the possibility of this,” he said. Foreign investors remained net sellers at P216.18 million, while average value of trade reached P9.95 billion. Other subindices ended mixed with the broader All Shares index declining 11.79 points to close at 4,342.48 points, the Financials index rose 8.08 to 1,495.45, the Industrial index fell 113.14 to 9,479.01, the Holding Firms index shed 51.10 to 7,371.35, the Property index lost 90.20 to 3,694.82, the Services index increased 18.28 to 1,558.56 and the Mining and Oil index retreated 40.93 to 9,948.66. For the week, gainers managed to edge losers 140 to 95 and 23 shares were unchanged. Top gainers were Basic Energy Corp., Metro Alliance Holdings and Equities Corp. A and B shares, TKC Metals Corp., Premiere Horizon Alliance Corp., Millennium Global Holdings Inc. and Transpacific Broadband Group International Inc. Top losers were AC Energy Corp., Philippine Bank of Communications, Benguet Corp. A and B shares, PTFC Redevelopment Corp., Primex Corp. and DITO CME Holdings Corp.

This week

Share prices may move sideways to a decline this week as the pandemic worries heighten with the arrival of the new Covid-19 variant in the country, fanning fears of another hard lockdown in key Philippine cities. “Covid-19 vaccine narratives primarily those which would point to a roll out in the Philippines soon may spur optimism. Investors may also look towards the upcoming foreign trade data of the Philippines for clues on the local economy’s condition relative to its trading partners,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said. The PSEi may test its 7,150-7,200 support range. If it falls below this, its next support is at 6,900, he said. The local market’s current resistance is at the 7,400-7,500 range, he said. Mangun, meanwhile, said investors are comfortable with current blue chip valuations but are hesitant to buy any higher until more signs of economic recovery come to light. This week, trade data for the month of December and GDP figures for the fourth quarter are scheduled to be announced this week. “We are expecting imports as well as exports to continue to decline after peaking back in September. We are also expecting GDP growth to remain negative, coming in between -7 to -8 percent year-on-year, for the fourth quarter which would amount to a 9 to 10 percent contraction for the full year of 2020. We believe that this contraction is already priced in by the market, however, we still may see a pickup in selling,” he said.

Stock picks

Broker Regina Capital Development Corp. gave a buy rating on the stock of All Home Corp. after the company quickly recovered from the devastating effects of the lockdown. “While the pandemic hammered down on AllHome sales during the height of the country’s community quarantines in 2020, the rebound thereafter quickly brought the firm back to pre-pandemic levels,” it said. The broker said it expects positive sales and earnings for the company this year, possibly even a double-digit same stores sales growth due to the low base effect of last year’s weakness and the well-positioned store network. It gave a 12-month target price on the stock at P11.20 per share. AllHome shares closed at P9.15 apiece on Friday. Meanwhile, the broker advised to take profits on the stock of Globe Telecom Inc. after its share price hit its 4-month high last week as its indicators have just started to turn bullish. “Do note, however, that momentum is starting to weaken. All signs points to a possible pullback, but consolidation at a higher range is likely. A new support could possibly form at P2,050,” it said. Globe shares closed last week at P2,100 apiece. VG Cabuag

account opening process, zero fees and on top of all that, a bonus free insurance coverage that is accorded to eligible customers to ensure that while they save, they are also protected with insurance,” the bank said. To provide a wider access to insurance coverage, CIMB revised the eligibility rules. Before, customers must have a minimum of P100,000 balance to be qualified for a coverage. The bank now just needs the clients to “maintain P5,000 to get a free life insurance coverage that’s worth their average daily balance of up to P250,000.” “By continuously improving our products, we enable Filipinos to seize their life goals by providing them with the best-in-market deposit products,” CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said.

mutual funds

Digital personal loan applications, meanwhile, registered 160-percent growth as loan disbursement grew by sixfold. CIMB said the growth was due to its all-digital, quick loan application process via the mobile application. The digital bank added that it was promoting responsible borrowing habit by launching a loan loyalty program. This offering rewards customers who have a good payment record with interest rebates of up to 30 percent. This year, CIMB said it is set to launch new products and services in a bid to make banking more accessible in the country. “We want to give back to more Filipinos who work hard to earn and save,” Manoharan said. “We strongly believe this is the foundation of getting more people to move forward in their lives.”

January 15, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 230.8 -8.17% -8.4% 0.08% 1.76% ATRAM Alpha Opportunity Fund, Inc. -a 1.3274 -0.89% -6.45% 4.97% 1.41% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1816 -10.11% -12.25% -1.07% 1.71% Climbs Share Capital Equity Investment Fund Corp. -a 0.8112 -8.37% -7.37% n.a. 1.29% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7483 -11.67% n.a. n.a. 0.92% First Metro Save and Learn Equity Fund,Inc. -a 5.0273 -5.01% -6.26% 0.79% 1.93% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7686 -9.59% -8.81% -4.68% 1.25% MBG Equity Investment Fund, Inc. -a 102.4 0.23% -4.7% n.a. 1.67% PAMI Equity Index Fund, Inc. -a 47.6896 -6.68% -6.27% 1.92% 2.04% Philam Strategic Growth Fund, Inc. -a 496.61 -6.45% -6.33% 0.98% 1.75% Philequity Alpha One Fund, Inc. -a,d,5 1.1064 8% n.a. n.a. 2.3% Philequity Dividend Yield Fund, Inc. -a 1.1895 -7.39% -5.98% 1.66% 2.33% Philequity Fund, Inc. -a 35.3871 -6.18% -5.61% 2.46% 2.28% Philequity MSCI Philippine Index Fund, Inc. -a 0.9297 -8.33% n.a. n.a. 2.19% Philequity PSE Index Fund Inc. -a 4.879 -6.29% -5.81% 2.73% 2.06% Philippine Stock Index Fund Corp. -a 816.39 -6.07% -5.7% 2.71% 2.08% Soldivo Strategic Growth Fund, Inc. -a 0.7294 -11.12% -9.69% -1.81% 1.5% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.6885 -11.56% -7.83% 0.95% 1.88% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9346 -6.32% -5.99% 2.5% 2.08% United Fund, Inc. -a 3.364 -7.66% -5.12% 3.15% 1.44% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 109.5388 -6.04% -5.46% 3.46% 2.09% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.2984 24.13% 4.09% 9.93% 9.5% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7069 21.94% 9.46% n.a. 2.25% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6904 9.57% -3.76% 0.46% 1.47% ATRAM Philippine Balanced Fund, Inc. -a 2.3174 7.53% -2.41% 2.67% 1.67% First Metro Save and Learn Balanced Fund Inc. -a 2.6544 1.57% -1.69% 1.19% 1.17% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.2006 -12.97% n.a. n.a. 1.16% NCM Mutual Fund of the Phils., Inc. -a 1.985 1.32% -0.61% 2.87% 1.07% PAMI Horizon Fund, Inc. -a 3.8218 1.39% -1.47% 2.25% 1.01% Philam Fund, Inc. -a 17.0929 1.33% -1.46% 2.18% 1.06% Solidaritas Fund, Inc. -a 2.1171 -2.43% 1.89% 1.16% -0.57% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.6124 -5.76% -3.93% 1.06% 1.37% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.0307 2.46% n.a. n.a. 0.9% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.962 -2.94% n.a. n.a. 1.54% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9469 -4.18% n.a. n.a. 1.69% Sun Life Prosperity Dynamic Fund, Inc. -a 0.9011 -6.6% -4.58% 0.41% 1.56% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03889 1.57% 2.47% 1.9% -0.64% 7.51% PAMI Asia Balanced Fund, Inc. -b $1.2031 14.79% 3.71% 5.29% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.5824 15.94% 7.16% 9.06% 1.79% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2078 8.37% 3.89% n.a. 0.68% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.17 3.62% 3.24% 2.85% 0.04% ATRAM Corporate Bond Fund, Inc. -a 1.9021 -0.1% 0.13% 0.12% 0.11% Cocolife Fixed Income Fund, Inc. -a 3.2161 3.09% 4.44% 4.8% 0.07% Ekklesia Mutual Fund Inc. -a 2.2947 3.4% 2.89% 2.44% -0.07% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4504 4.3% 3.37% 2.18% -0.09% Philam Bond Fund, Inc. -a 4.6295 6.62% 3.17% -0.05% 4.47% Philam Managed Income Fund, Inc. -a,6 1.3207 5.63% 4.47% 2.71% -0.02% Philequity Peso Bond Fund, Inc. -a 3.9861 5.56% 4.52% 2.94% -0.36% Soldivo Bond Fund, Inc. -a 1.0396 8.51% 4.05% 2.68% -0.18% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1997 4.92% 4.79% 3.67% -0.02% Sun Life Prosperity GS Fund, Inc. -a 1.7487 3.98% 4.04% 3.1% -0.3% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $483.79 3.14% 2.73% 2.88% 0% ALFM Euro Bond Fund, Inc. -a Є219.45 -0.11% 0.87% 1.27% 0.14% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.266 4.75% 3.79% 2.93% -1.12% 1.7% 1.59% -1.13% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0263 1.54% PAMI Global Bond Fund, Inc -b $1.086 -1.12% 0.51% 0.55% -0.63% Philam Dollar Bond Fund, Inc. -a $2.5172 4.45% 3.83% 3.46% -0.67% Philequity Dollar Income Fund Inc. -a $0.062231 3.01% 2.88% 2.31% -0.29% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2 0.24% 2.01% 2.31% -0.7% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.89 3.12% 3.34% 2.58% 0.07% First Metro Save and Learn Money Market Fund, Inc. -a 1.0483 1.8% n.a. n.a. 0.03% 2.47% 2.98% 2.61% 0.08% Sun Life Prosperity Money Market Fund, Inc. -a 1.2975 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0529 1.45% 1.77% n.a. 0.05% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1579 n.a. n.a. n.a. 3.94% 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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Banking&Finance BusinessMirror

Monday, January 18, 2021

‘EastWest shares to track probe of missing funds’ By Tyrone Jasper C. Piad @Tyronepiad

nvestment sentiment may turn sour for East West Banking Corp.’s shares in the near term following reports about the missing cash deposited in the bank, according to analysts. “The recent reports that have circulated may affect the company’s stock price over the short-term, as in-

vestors may feel concerned over the bank’s image in the coming months,” Timson Securities Inc. trader Darren T. Pangan told the BusinessMirror. The Gotianun-led bank confirmed late Thursday that “a branch manager of ours has gone missing together with the deposits of her two customers with whom she had been transacting for years.” While EastWest did not disclose the amount due to confidentiality, the bank said it was “not significant.”

However, ACT-CIS Party-list representative Niña Taduran claimed in a radio interview that an EastWest branch lost money worth hundreds of millions of pesos owned by two depositors. EastWest’s stock movement “may be influenced by further developments in the investigation,” Pangan said. The listed bank said it had already reached out to the affected customers and informed them about the

ongoing internal probe. “[We] will credit back to their account the amount taken,” EastWest added. The next trading day after the news broke out, the bank’s shares slid 0.19 percent, or 2 centavos, to close at P10.34 each amid the 0.48-percent drop for the benchmark index. The stocks traded as high as P10.38 and as low as P10.14 that day. The bank’s volume turnover in the previous week’s last trading day reached 949,100, which was lower

than 1.55 million the day before. Value turnover, meanwhile, dropped by around 39 percent to P9.78 million on Friday from nearly P16 million on the previous day. While the recent narrative appeared to have affected the bank’s share performance last week, Regina Capital Development Corp. Head of Sales Luis A. Limlingan said it was “not conclusive” because the market was also reacting to other developments as well.

“ The index has been drifting sideways so this also influenced the bank’s price in the market,” he explained, noting the recent events surrounding the new Covid-19 strain. For this week, Limlingan pegged EastWest shares’ support at P10.30 and resistance at 50-day moving average around P10.82. Pangan, meanwhile, placed the nearest support level at P10 and next support in P9.40 to P9.50 mark.

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Imagine a hiring process without resumes

By David DeLong & Sara Marcus

espite near record unemployment during the Covid-19 recession, plenty of employers will face major challenges in hiring low-skill, entry-level workers when economic conditions improve. This is, in part, because the overall US work force will grow only 0.4 percent in the next several decades. To compound the problem, employers continue to create barriers to hiring by screening people out based on their resumes, background checks and drug tests. These practices lead companies to exclude millions of potential hires, including people who were formerly incarcerated, are homeless or in recovery. The concept of “open hiring” is an innovative strategy worth considering if your organization finds it difficult to recruit and retain dependable entry-level workers. This approach, which eschews resumes, interviews and background checks, focuses solely on human potential and provides employment to anyone willing and able to work. Requirements such as background checks may be necessary in sectors such as education, government, health care and finance. But for industries that rely heavily on front-line talent—manufacturing, distribution, retail and food services—open hiring offers the opportunity for more diverse talent that would otherwise be passed over or ignored. Since 1982, Greyston Bakery in Yonkers, New York, has used the "open hire" approach with 70 employees. New hires are offered a position when their name comes up next on the list of people who have expressed interest in working at the bakery. No resume, job interview, background check or drug test is required. As a result, the business has virtually no hiring costs. Greyston then invests about $1,900 in hard and soft skills training for new bakers. Understanding that a

job is just the first step for many in achieving success, the bakery connects employees with health, housing, child care and transportation needs to resources that will help keep them employed. This model has enabled Greyston to build a profitable business over its 38-year history, while also putting money back into the community through public assistance savings, increased tax revenue and reduced incarceration costs. Greyston is now working to scale open hiring and guide other employers in adopting this innovative staffing approach through its Center for Open Hiring, where Sara, one of the authors, is the director. About half a dozen businesses have successfully adapted this model to their operations already. One such company is The Body Shop, the international cosmetics business, which piloted open hiring in one of its distribution centers in late 2019. The Body Shop typically hires 200 seasonal employees to handle the holiday rush in its warehouse located in Raleigh, North Carolina. Adopting the open hiring approach, recruiters asked people just three questions: n Can you work legally in the US? n Can you stand on your feet for eight hours? n Can you lift up to 50 pounds? The results? Executives said they were able to quickly fill positions with fewer resources during the holiday rush. Turnover among the seasonal workers was down 60 percent over the previous year and warehouse productivity increased by 13 percent. Management re-

ported the best hiring season in the distribution center in years. Due to this success, The Body Shop now is expanding this new hiring practice to other entry-level positions in its retail stores. While your company may not be able to adopt open hiring as broadly as Greyston Bakery and The Body Shop, it is possible to apply parts of the practice to ease your hiring challenges. Here are four keys that are essential for open hiring to succeed:

committed, successfully navigate any barriers to implementation.

Tie open hiring to the company’s mission

Reinforce accountability

“You have to be passionate and persistent,” said Trish Patton, vice president of human resources at The Body Shop. “I wasn’t going to drop this idea. It’s what we should be doing for our business and our communities, and it leads back to our purpose — that we exist to fight for a fairer more beautiful world.” As with any strategy, you must also tie the benefits of open hiring back to your business needs and, once

Pursue internal buy-in

Bringing this approach into any organization may feel uncomfortable to managers and current employees. People may express concern about whether they’ll be able to trust co-workers with troubled pasts. Greyston leadership found that having a dialogue with management and current employees about these concerns is vital. “Open hiring does not mean no accountability,” said Joe Kenner, Greyston’s CEO. “All we have gotten rid of are the interviews and background checks. Food, safety and professional standards — all those must be met. This job is not a promise. It’s an opportunity." To implement open hiring successfully, an organization must have a clear, consistent accountability system in place. But it must be used in a way that enables conversations about

why an employee is having performance problems—for example, transportation, child care or mental health issues. Richard Jamesley, Greyston’s general manager said that, in his experience, performance problems are usually driven by what is happening in an employee’s life today, not by his past.

Create an ecosystem that supports the whole employee

Greyston’s leaders know open hiring doesn’t work unless there is an ecosystem set up to support employees’ success at work. This means finding other partners who can help workers address barriers to successful employment. For example, the bakery partners with a local social service agency to fund a care coordinator who helps Greyston’s workers find resources such as housing, child care, substance abuse counseling or whatever else might be needed to keep them on the job. The coordinator will also help the bakers with career planning and job searches when

they want to move on. Though funded by Greyston, the coordinator works for the agency and acts independently from the bakery, to ensure employee confidentiality. Although not for all businesses, open hiring can be a practical, profitable and inspiring solution to what seem like two intractable problems: finding productive talent and creating good job opportunities for individuals that are often ignored by the job market. For businesses that struggle to find and retain entry-level employees who can be trained on the job, the challenge is often knowing where to begin. Our advice is to start slowly. Maybe you can adopt the solution for filling one position, or perhaps your first step is removing one barrier to employment, such as requiring a high school degree or a background check. Just start somewhere. The payoff will be worth it. David DeLong is president of Smart Workforce Strategies. Sara Marcus is director of the Greyston Center for Open Hiring.

Good leadership is about asking good questions L

By John Hagel III

eaders today need to revisit an overlooked skill: asking questions. In my 40 years as an executive and adviser in Silicon Valley, I’ve often seen leaders assume that people look to them for answers—bold assertions that build people’s confidence in their competence. But in reality, that kind of approach erodes trust, especially at a time when so much is manifestly uncertain. You think you have the answers to all important questions? That suggests that you are either clueless—you have no idea how rapidly the world is changing—or that you are lying. In either case, you won’t find that trust that you’ve been looking for. Instead, leaders should ask powerful and inspiring questions, convey that they don’t have the answers, and solicit others’ help in responding. The leaders I talk to tend to be nervous about this approach: Won’t it look like they don’t know what they’re doing? On the contrary, research has shown that expressing vulnerability and asking for help is a strong signal to others that you are trusting, and you’re more likely to be trusted in

return. In fact, if you can learn to ask questions well, it can help you connect with others. Thinking together with the people that report to you can put you on the path to solving intractable problems and sparking innovative thinking.

Ask big questions

To be clear: I’m not saying you should ask pointed questions that put others on the spot, like “How can you deliver 10 percent higher productivity?” or “Are you missing anything here?” The kind of questions leaders need to ask are those that invite people to come together and explore new opportunities that your organization hasn’t identified yet. Here are some examples: n What is a game-changing opportunity that could create much more value than what we have delivered in the past? n What are emerging unmet needs of our customers that could provide the foundation for an entirely new business? n How could we leverage the resources of third parties to address a broader range of needs for our customers? n How can we move from standardized, mass-market products and services to personalizing our

products and services to the specific needs of each customer? n How can we develop supply networks that are more flexible in responding to unanticipated disruptions in production or logistics? n How could we harness sensor technology to create more visibility into how our customers are using our products, and use this information to deliver more value to our customers? Focusing your questions on these kinds of new and big opportunities rather than on the existing activities of the organization can also help you sidestep your fear that questioning will be seen as a sign of weakness, since there’s no way you could be expected to know the answers. These broader questions communicate that you have a sense of ambition and that you want to take the organization way beyond where it is today. You can bolster your credibility by providing evidence of the long-term trends that underlie your question — for example, emerging technologies that are likely to offer new opportunities, or demographic shifts that will create some significant unmet needs among your customers.

Involve others

These questions also invite collaboration. To make the most of them, don’t ask them in closed leadership meetings. Instead, broadcast them throughout your organization and even beyond it. It’s not just you posing a question to your people; it’s your brand reaching out to learn from its consumers. Reaching out beyond the institution to connect with expertise and perspectives from a broader set of more diverse sources will help your company learn faster. Consider the case of Domino’s Pizza. About 10 years ago, Domino’s was hearing from customers that they did not like the company’s pizza. Many organizations might have tried to hide this information or work behind the scenes to correct the problem. Domino’s Pizza did something different. The company made public the feedback it was receiving and asked for suggestions on how it could improve the quality of its pies. This open question generated an avalanche of suggestions that proved very helpful in improving the pizzas. But beyond that, the impact was even more fundamental: By expressing vulnerability, the company built trust with customers.

Here was a company that was willing to acknowledge it had a problem and to ask for help in addressing it. If more organizations were willing to ask for help from their customers and other stakeholders when experiencing an issue, they would likely have much greater success in rebuilding trust.

Change your culture

Anxiety can run high in volatile times, and by asking the right questions you can help people overcome some of their fears. It’s well established in the psychology field that coming together with others can reduce anxiety — that’s the idea behind group therapy. And achieving real impact can also help overcome feelings of being overwhelmed. Thus by helping people to focus on short-term actions they can take together, your questions can provide a focusing and calming effect during a crisis. By asking questions as a leader, you also communicate that questioning is important. You’ll inspire people to identify new opportunities and ask for help when they need it. These behaviors lead to a culture of learning, which is critical, since the institutions that will thrive in the future are those that encourage

everyone to learn faster and that more rapidly expand the value they deliver to their stakeholders. This will be especially true if you encourage exploration that can generate new insights into potential answers to your questions, rather than simply expecting complete answers and nothing less. This will encourage people to make small moves that can help increase excitement about the question, since participants can quickly begin to see progress. As early answers to your question begin to emerge (as a result of experiments or research, for example), share them, even if they are not groundbreaking. They’ll contribute to your culture of learning and show your stakeholders that your questioning is generating new insights, increasing their confidence in your methods. Leaders who ask powerful questions have the greatest success in both seizing new opportunities and addressing unexpected challenges—and they build cultures that will carry these benefits into the future. John Hagel III is the author of The Journey Beyond Fear, out this spring.

Style

BusinessMirror

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Editor: Gerard S. Ramos

• Monday, January 18, 2021

RINGING IN THE NEW YEAR WITH SPECIAL SURPRISES LUXURY retail destination Shangri-La Plaza (www. facebook.com/shangrilaplazaofficial) kicks off another year right by giving their mall guests a chance for a fresh start. Mall guests can now upgrade their wardrobe and shop for their home at marked-down prices throughout the month. The start of the year is always the best time to clean out the closet and refresh the wardrobe. Serve new looks with pieces that are up for grabs at up to 70-percent off at “Fashion Refresh, Weekend Fashion Haul,” featuring timeless pieces from Details, Mico, Plains and Prints, RAF by Plains and Prints, and Pink Manila; footwear must-haves from Res Toe Run and Sneakpeek; outdoor essentials from Columbia and The North Face; and errand-friendly clothes from Quicksilver. Planning home improvement projects this year? Get a head start by checking out the True Value Super Sale from January 21 to 24, and The Great Appliance Sale from January 28 to 31, with participating brands including Abenson, True Value, and Rustan’s Department Store at up to 70-percent off.

A whimsical and enchanting luxury collection

VERY time my daughter and I visit Hong Kong, one of our favorite destinations is always Donguri Republic, a gift shop that specializes in character-themed merchandise based on the animated films helmed by world-renowned directors Hayao Miyazaki and Isao Takahata for Studio Ghibli, the leading Japanese animation studio. My daughter is a big fan of the movie My Neighbor Totoro, which tells the story of two young girls who move to the countryside with their father during the postwar to look after their mother who is confined to a hospital. The girls wander out into the forest and discover spirits in and among the trees. One the

creatures they encounter is a giant, plushy, rabbit-like figure named Totoro. Spanish luxury brand Loewe is joining forces with the movie’s director Hayao Miyazaki and Studio Ghibli for a collection featuring imagery from the 1988 animated cult classic. “The connection between Loewe and Studio Ghibli is this mutual love of craft and artisanal techniques, expressed in our respective languages,” said Loewe creative director Jonathan Anderson in the brand’s press release. “The result, Loewe x My Neighbor Totoro, transports the protagonists of the movie onto a range of clothing, leather bags and accessories. The collection celebrates the poetry and immediacy of these characters’ iconography—qualities which have made My Neighbor Totoro a true cultural landmark,” said Anderson. The collection is playful and very youthful. Totoro’s silhouette is seen on loose T-shirts, vibrantly colored hoodies, oversized shirts and hand-painted leather jackets. Characters from the film come to life on leather accessories such as wallets and pouches and, of course, the iconic Loewe Puzzle, Balloon and Hammock bags. I would buy the Hammock bag if I had the money. My picks are mostly

from the leather goods. Aside from the Hammock, I like the Totoro Heel Bag in Soft Calfskin and Totoro Plain Cardholder in Classic Calfskin. The tote bags are embellished with a tapestry technique, using meticulous craftsmanship to recreate the world of My Neighbor Totoro. Studio Ghibli’s original drawings are interpreted for this collaboration as prints, leather marquetry and jacquard intarsia for a timeless and mythic feel. Intarsia is a marquetry technique where designers hand trace and peel off sketches of the Totoro characters and backdrops before these are cut into the leather. In the campaign images, models are captured in the woods as they hide, seek and find. The notion of connection is conveyed through light, while a sense of wonder permeates the ambiance and the narrative, said Anderson. “The message is one of dreamy serenity and handson creativity—of being at one with nature and with one’s own inner child—which is especially important right now and, I think, always will be,” he said. In the Philippines, Loewe is exclusively distributed by Stores Specialists Inc., and is at Shangri-La Plaza East Wing. More information can be found at www.ssilife.com. ph or @ssilifeph on Instagram. ■

Milan opens 1st fashion week with no VIP guests due to virus BY COLLEEN BAR�Y The Associated Press MILAN—Italy’s fashion chamber is opening on Friday the first Milan Fashion Week that won’t have VIPS populating runway front rows, as the reality of Italy’s persistent resurgence of the coronavirus has forced an all-virtual format for presenting menswear previews. The National Fashion Chamber maintained a live element during the July and September fashion weeks in Milan. But after planning to stage live shows with guests during this round, Fendi, Etro and outdoor brand Kway announced their events will be livestreamed from behind closed doors. Dolce & Gabbana canceled its runway show entirely, citing restrictions in place due to Covid-19. The other 36 participating fashion houses on the pared-down calendar—including Zegna and Prada— will all have digital-only presentations. “We did everything to preserve some runway shows, but the anti-Covid norms in this moment don’t allow us to have guests, and, therefore, the runway shows will be closed-door,” fashion chamber president Carlo Capasa said. The organizers of Paris Fashion Week plan to hold audience-free men’s and haute couture shows later this month. Prospects for Milan’s February shows of mostly womenswear previews remain unclear; the Italian government on Friday announced a new round of virus-control restrictions through February 15 that extend a ban on traveling between regions. Capasa acknowledged that closed-door shows deprive fashion of some of its energy. But the pandemic, which has all but shut down global travel and closed retail stores for long periods, has made fashion houses quickly update their

CARLO CAPASA, head of the National Chamber of Italian Fashion

SUITING UP FOR THE NEW YEAR

digital communication strategies and e-commerce platforms, he said. There is some evidence the investments are paying off, with one-quarter of online luxury sales last year to consumers who went high-end for the first-time, Capasa said. The Italian fashion chamber found that 45 million people streamed Milan Fashion Week shows in September, a number that Capasa said was beyond his wildest dreams a year ago. Still, the fashion industry is in dire financial straits. The Italian industry recorded a 25 percent drop in revenues to €50.5 billion ($61.2 billion) in 2020 compared with 2019, with exports down 22 percent to nearly €3 billion ($52.1 billion). A more drastic decline was avoided thanks to so-called “revenge shopping” in China, with eager

consumers returning to luxury shopping as soon as lockdowns expired, and moves toward e-commerce and a bump in global luxury sales in October, Capasa said. In Europe, where governments have ordered new lockdowns, the market remained weakest. Capasa said the industry, one of the biggest generators of Italy’s gross domestic product, is seeking a share of the government’s recovery funds to help improve innovation and to keep small artisanal businesses from failing. He said he hopes to see a gradual return to normality in fashion show calendars and travel this summer, as vaccines reduce the threat of the coronavirus. “For now, we need to do the best we can, in the moment we are living,’’ Capasa said.

SUIT It Up Manila is greeting the new year with much optimism. They recently launched a partnership with Holland & Sherry, considered to be the Rolls Royce of fabrics because they use only the highest quality wool. “A bespoke tailored garment in luxury Holland & Sherry cloth is truly an investment and always a pleasure to wear,” describes Suit It Up Manila’s chief operating officer, Franco Ongkingco. Holland & Sherry has been supplying prestigious tailors and luxury brands since 1836. They invest heavily on research for fine and more luxurious fibers and fabric qualities, sourcing the finest natural fibers—ranging from Super 240’s wool and cashmere, to pure worsted Vicuña also known as the “fiber of the Gods.” Their head office is situated in Savile Row and they ship their fabrics directly from Peebles in Scotland. Dubbed “Suiting Forward,” the campaign also underscores Suit It Up Manila’s resolve to rise and lead despite the challenges brought about by the pandemic. “We hope it inspires our clients to live and experience the Suit It Up life,” Ongkingco says. “The Suit It Up life encapsulates the experience of suiting up with Suit It Up Manila, from the moment our clients enter our stores, and every time they wear our clothes during the most momentous occasions of their lives. It is that feeling of luxury, confidence, satisfaction and pleasure all combined into one expression.” And who better to model this than Nico Bolzico, known as the Argentinean with a Filipino heart of gold. “As a successful businessman, influencer, father, animal lover, environment advocate, and all-around good guy, Nico embodies the Suit It Up life,” says Ongkingco. More information can be found at www.suititupmanila.com.

B6 Monday, January 18, 2021

Enchanted Kingdom offers magical treat for 2021

Villar donates a modular office to DENR for monitoring activities at protected area

HE first and only world-class theme park in the Philippines is welcoming the new year with a magical treat! Enjoy the Park’s EKciting and Instagramworthy rides and attractions for only P711, complete with a free EK merchandise (face mask or safety pouch). Book your tickets via Enchanted Kingdom’s Official Online Store. Promo runs from January 6 to March 28, 2021. The promo is applicable for guests who are within the recommended 15-65 age group in accordance to the government’s precautionary measures and operational guidelines. Those who are 15 to 17 years old must be accompanied by his/her parent(s), guardian, and/or an adult companion (18 years old and above) with a signed permission/authorization letter from the minor’s parent and/or guardian. All guests are required to wear a face

mask and face shield inside the Park. For more details, Visit Enchanted Kingdom’s official FB page at www.facebook. com/enchantedkingdom.ph and website www.enchantedkingdom.ph.

Photo World Asia 2021 reels off January 29-31, 2021

AT turnover rites, Isidro L Mercado, Ph.D. DENR Officer Rizal Province and Sitio Chairman, Brgy. Pinugay Baras, Rizal, Yolanda S. Ortiz acknowledged receipt of the structure from Ricky Mark N. Aban,Technical Assistant II, DENR PENRO Rizal with Pat. Christian Morete and Pat. M.G. Oloroso.

ENATOR Cynthia Villar donated to Department of Environment and Natural Resources (DENR) a prefabricated modular structure to serve as the office/station of the joint monitoring team deployed to preserve and guard the grounds of the protected area Upper Marikina River Basin Protected Landscape (UMRBPL), including the Masungi Georeserve, the award-winning conservation project site found within the said protected area (PA). Usec. Edilberto Leonardo, the DENR Undersecretary for Special Concerns, appreciates Sen. Villar’s donation as it is a welcome complement to DENR’s action of forming a joint monitoring team, made up of DENR foresters, forest rangers, and pertinent units of PNP and AFP, who are deputized to guard and prevent illegal activities at the said PA. With the said physical structure, the deployed personnel will have a specific base where they could stay while on duty at the immense area of UMRBPL, encompassing around 26,125 hectares. The Joint Monitoring Team was formed as a pro-active initiative by DENR against intrusions and conduct of illegal activities at the protected

area, which may include illegal mining, quarrying, poaching of wildlife, slash and burn farming as well as other related operations. The presence of enforcers will serve as a deterrent against violation of environmental laws in the area. Sen. Villar said that “there is an urgent need for DENR to strengthen its law enforcement efforts at UMRBPL and the Masungi Georeserve in the light of alarming incidents of encroachment activities on the premises with the presence of armed men, which continuously undermine the conservation efforts and pose threats to the safety of Masungi’s conservationists and volunteers working at the protected area”. Moreover, DENR’s lack of presence at the protected area as contributed to the proliferation of the unregulated quarrying operations and other related activities, which are being blamed for the degradation of the Marikina watershed, as well as the resultant landslides and devastating flooding experienced by several towns and villages in the Province of Rizal and in Marikina City. In December last year, the Senate Committee on Environment, Natural

Resources and Climate Change chaired by Senator Cynthia Villar conducted a hearing-inquiry on the alleged denuded state of forests that largely contributed to the massive flooding in part of Luzon during the onslaught of typhoon Ulysses in November 2020. The conservation efforts or the lack of it at the UMRBPL, which is a legislated PA under RA No. 11038 or the Expanded NIPAS Act, was highlighted. Due to its protected area status, the said PA should be undergoing strict conservation and restoration interventions, yet it was revealed that through the years, it has been subjected to so much abuse due to quarrying operations and related activities. It was only as an aftermath of the Typhoon Ulysses which brought devastating flash floods and landslides to the residents of several towns in Rizal and Marikina City that the provincial government of Rizal has ordered the suspension of all quarrying, mining and other related activities in the province in December 2020. The DENR–Mines and Geosciences Bureau (MGB) Regional Office in Region 4-Afollowed suit with the suspension of 11 quarrying and crushing plant operators within the area.

PAFP collaborates with eZConsult for FACETS Program

HE Philippine Academy of Family Physicians (PAFP) has collaborated with virtual healthcare app eZConsult as the digital platform for its remote consultation initiative dubbed Family and Community Engagement through Telehealth Service (FACETS), which is geared towards serving residents of local communities who are experiencing COVID-related symptoms but have not yet seen by a medical professional. “FACETS is the PAFP’s response to the COVID-19 pandemic,” said PAFP president Dr. Maria Victoria Concepcion P. Cruz, “Family Physicians are the first point of contact for a significant population of

patients. As such, we play an essential role in the fight against diseases including Covid-19.” The FACETS program aims to promote the creation of a private-public partnership between local government units and the PAFP. During the pandemic, the FACETS volunteer family physicians will offer free virtual consultation services for COVID cases, provide health education, and primary care counseling for patients and their families. PAFP, the specialty organization of Family Medicine specialists, is one of the largest medical specialty organizations under the umbrella of the Philippine

Medical Association with more than 7,000 members across the country. Their members include primary care physicians dedicated to providing holistic, accessible, continuous, comprehensive, family centered, coordinated, compassionate and culturally effective health care. Through FACETS, the PAFP proactively responds to medical needs of the community by helping to address the ongoing threat of COVID-19, which is in line with the academy’s long-term commitment to empower Filipino families with reliable access to efficient healthcare to all and as called for under the Universal Health Care Law. According to Dr. Cruz, eZConsult will provide Family Physicians with an end-to-end solution – from initial online consultations to the start of treatment and monitoring and nearly everything in between. Patients on the other hand, can easily connect with healthcare providers without leaving their homes, whether it is to book consultations, get e-prescriptions and medical certificates, or schedule laboratory tests. Available in both iOS and Android, the eZConsult mobile app has integrated retail pharmacy partners, laboratories, and fintech companies that can provide advice, support and services to both doctors and patients through the platform.

HOTO World Asia 2021, the biggest and longestrunning annual photography event in the Philippines, takes off January 29-31, 2021, with renowned local and international photographers gracing the list of speakers. Headlining the roster of speakers for the international photographers’ conference are Lisa Langell, an award-winning photographer from Scottsdale, Arizona and Heather Prince, a master photographer from Geelong, Australia. Both ladies will share their knowledge and demonstrate their expertise in the conference which will be streamed worldwide, live over the internet. Langell and Prince will be joined by Yusuf Hashim of Malaysia (Travel Photography), and Filipino photographers and visual artists EJ Mijares (Videography), Alecs Ongcal (Photojournalism), Ted Claudio (Live Streaming Production), Leandre Guevarra &amp; Mars Galang (Lighting and Posing with Models), Parc Cruz (Simplified Post-Processing Workflow), Hazel Sandian and; Manny Librodo (How to Publish a Book),

Rolly Magpayo (Digital Filmmaking), and Omell Cruz (Drone Videography). Photo World Asia is an annual project of the Federation of Philippine Photographers Foundation (FPPF). FPPF Chair Mrs. Eduviges Y. Huang said this year’s 35th edition shall be held online for the first time because of the prevailing pandemic. FPPF President Pablo Beltran, for his part said, “Photo World Asia has two components: the international photographers’ conference and photography trade show. The conference goes online, while the trade show will have a hybrid nature, online and in-person, so that attendees may still avail themselves of the big discounts traditionally offered in the trade show.” Chairman for Photo World Asia 2021 Ms. Cynthia “Cha” Pagdilao of Prima Camera Club will oversee preparations for the conference and trade show, assisted by various committees from camera clubs affiliated with the FPPF. For more details, visit the FPPF website, www. photoworldmanila.com.

Suiting up to rise and lead despite the challenges

NICO Bolzico, known as the Argentinean with a Filipino heart of gold: a successful businessman, influencer, father, animal lover, environment advocate, and all-around good guy, embodies the Suit it Up life.

UIT it Up Manila (www.suititupmanila.com), is greeting 2021 with much optimism. They recently launched a partnership with Holland & Sherry, considered to be the Rolls Royce of fabrics because they use only the highest quality wool. “A bespoke tailored garment in luxury Holland & Sherry cloth is truly an investment and always a pleasure to wear,” describes Suit it Up Manila’s chief operating officer, Franco Ongkingco. Holland & Sherry has been supplying prestigious tailors and luxury brands since 1836. They invest heavily on research for fine and more luxurious fibers and fabric qualities, sourcing the finest natural fibers—ranging from Super 240's, cashmere, to pure worsted Vicuña also known as the “fiber of the Gods”. Their head office is situated in Savile Row and they ship their fabrics directly from Peebles in Scotland. Dubbed “Suiting Forward”, the campaign also underscores Suit it Up Manila’s resolve to rise and lead

despite the challenges brought about by the pandemic. “We hope it inspires our clients to live and experience the Suit it Up life,” Ongkingco says. “The Suit it Up life encapsulates the experience of suiting up with Suit it Up Manila, from the moment our clients enter our stores and everytime they wear our clothes during the most momentous occasions of their lives. It is that feeling of luxury, confidence, satisfaction and pleasure all combined into one expression.” Three pieces are showcased as a glimpse of what to expect from Suit it Up Manila this year. A sophisticated dark teal wide velvet shawl lapel tuxedo made from the Velvet collection of Holland & Sherry, a relaxed silver gray tartan check notch lapel jacket made of wool silk and linen from the Holland & Sherry Crystal Springs 2020 collection paired with gray trousers, and a black diamond three-piece peak lapel suit with custom gold pinstripes lettering.

Smile Train PH‘s Cleft Con available via FB Live

N light of the COVID-19 pandemic, Smile Train Philippines, will be holding Cleft Con Philippines, a ground-breaking, first-of-its-kind conference by and for the global cleft community. The virtual conference will include a series of discussions from experts who will provide education materials, tips and guidance for parents and families who have children with clefts. The world’s leading cleft organization will live stream recorded sessions with its local experts through Facebook, which will run until February 5, 2020 every Fridays at 4pm with the following schedules: ‘Surgery and Post-Op Care’ on January 21 will have Dr. Bernard Tansipek, Plastic Surgeon and President, Noordhoff Craniofacial Foundation of the Philippines, Inc. as guest. For ‘Speech Therapy’ on January 21, Teacher Naomi Sambo, Speech Language Pathologist and Teacher Elma

Latayan Speech Language Pathologist will be on board while ‘Well-Being’ on February 5 will bring Dr. Arsenio Alianan, Assistant Professor, Department of Psychology-Ateneo De Manila University, with special guests Cris Daryl Magallanes (Real Estate Professional) & Paul Marney Leobrer (Singer/ Guitarist). This last discussion will be hosted by Ms. Menchie Silvestre of Alagang Kapatid, TV5. Interested viewers may still catch the 1st episode on Feeding and Nutrition aired on January 8 below: f a ce b o o k . co m / S m i l eTra i n P h i l i p p i n e s / videos/149064303657706. For more information about Smile Train’s global efforts and to donate, please visit smiletrain.org. To learn more about its local programs in the Philippines, visit smiletrain. ph. Follow its Twitter and Instagram @SmileTrainPh, and @ SmileTrainPhilippines.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, January 18, 2021 B7

How a simple need for free communication

turned into a messaging giant I

PR Matters

By Joy Lumawig-Buensalido

N 2010, four Israeli friends devised a way to simply solve a very personal yet relatable problem. They decided to initiate talking to each other at no cost. Two of these four friends ended up as couple but the group's simple goal was to offer free calls to Iphone users. Free communication which ended like magic! It didn’t take long before Viber turned into a leading communications platform, with a slew of features that provide convenience and ease to over a billion people around the world. In 2012, Viber became available for Android devices. It was in 2014 when Viber became part of Rakuten Inc., a world leader in ecommerce and financial services. Since then, Viber has evolved into a comprehensive communication platform that offers a suite of features like messaging, group chats, video calls and chatbots, all protected by end-to-end encryption, which the company introduced in 2016. Three years after it was created, Viber undoubtedly grew by leaps and bounds, as the app was being downloaded by 500,000 people every day, according to The Guardian. Rakuten Viber reported recently that despite the pandemic, the growth of Viber was quite significant across Asia-Pacific. In fact, Viber is now a world leader in messaging apps present in 190 countries. Over the past 10 years, it has undoubtedly built a global footprint, with strongest markets in Europe and Asia. In the Philippines, the series of lockdowns due to Covid-19 contributed to the spike in Viber usage. In the first half of 2020, there was a 22-percent increase in outgoing calls, a 43-percent increase in daily activations, and an 18-percent increase in daily active users. Community engagement experienced robust growth as well with a 2.5x increase in community viewers and a 2.7x growth in messages sent within communities. Considering that 2020 was a very challenging year, Viber as a communications company, experienced tremendous growth in all its services, from calls to chats to messaging. Not only person to person, but families, students and more individuals benefitted from the growing messaging service. At the helm of Viber is its chief executive officer (CEO), Djamel Agaoua. A graduate of Ecole Centrale Paris, one of the oldest and most prestigious engineering schools in France, Agaoua is also the former president and current board member of Bloom Association, a nonprofit organization that works to protect the oceans and endangered marine species through scientific studies. “In the past decade, we'd never

Design: H&M announces landmark collaboration with Irish designer Simone Rocha MANILA, PHILIPPINES—Continuing a long tradition of acclaimed designer collaborations, H&M is thrilled to announce a new collaboration with the Londonbased fashion designer Simone Rocha. The Simone Rocha x H&M collection will

Community engagement

imagined this small idea of connecting people freely would lead to trillions of messages being exchanged and more than 1 trillion free calling minutes made on Viber. This is the equivalent of one phone call lasting more than 2 million years. It’s pretty incredible,” says Agaoua.

Forging key partnerships

DURING the pandemic, Viber had a partnership with the World Health Organization (WHO), allowing the international agency to share verified information on Covid-19 and answer the public's pressing questions on the coronavirus all within their messaging app. Here in the Philippines, Viber partnered with the Department of Health (DOH) which created its own Viber community and a Kira chatbot to amplify their online reach and provide crucial updates on the country's health situation as well as debunk fake news. The partnerships reinforced Viber’s commitment to the welfare of its billion-strong users.

How does Viber earn?

WHILE most global companies largely rely on advertising income, Viber’s budget does not depend on advertising alone. Its revenue sources are diversified. Viber revenues depend on building more and more tools to get more and more data. Subsequently, it will mean more advertising revenues. “We built our own model, which is very different from Facebook which is advertising 100 percent,” Agaoua explains. “ We do some advertising, which is less than 20 percent of our revenue and it will never be more than 20 percent of our revenue.

include Rocha’s signature womenswear, alongside menswear and childrenswear. This marks the first time that Rocha has offered a wardrobe for the entire family. Each category combines a full wardrobe; special occasionwear, including tulle dresses and tailoring, alongside knits, shirting, outerwear such as trenches, casual t-shirts, accessories, including Rocha’s signature sparkling jewellery and pearl-embellished footwear. Rocha is the first Irish designer to undertake such a collaboration with H&M. This collection, like all her work, celebrates her personal inter-ethnic heritage and the myriad inspirations which have defined the growth of her label, from the traditions and crafts of Hong Kong through to the greats of art history.

Djamel agaoua, Viber Chief Executive Officer

“We don’t have the same targeting capabilities that Facebook is using, and we are proud of that. It’s rare for a company not to have the same capabilities as its main competitor and say that it’s proud of it. That’s because we don’t want to sell our users. We don’t want to sell their intention or their private discussions to make money.”

Commitment to safety

EMPOWERING its users to take control of their own personal safety is a commitment to safety made by Viber, which recently introduced many safety features. “This year alone, we launched additional security features like Disappearing Messages that allow Viber users to set a limit on the lifespan of sensitive texts.” Agaoua insists Viber is also a secure place that he can confidently recommend to family and friends. “Viber is not a place where you can find chatbots that abuse women or any content that empower white supremacists. Because Viber is fighting it.”

The Simone Rocha x H&M collection considers the many silhouettes, fabrications, embellishments shapes and influences that have defined the Simone Rocha world, offering new twists on signatures and paying homage to key collections that have defined the Simone Rocha brand story. We see glimmers of Tudor courtiers, of wild florals, of portraits and photographs, of dolls and playthings. There is tartan, beading, florals, pinks, reds, and bespoke fabrications, developed in house, especially for this collaboration. In forming this collection, Rocha spent time reflecting on her brand’s archive, combing her past collections and carefully reworking favorites into dynamic new propositions that feel right for today. The collection, which will be launched

IN 2018, Viber launched Communities, a feature that allows users to create supergroup chats where they can add an unlimited number of people. A year later the group voice calls feature was launched. For this year, Viber introduced group video calls. Agaoua explains, “We quickly acted to bolster our capacities when the pandemic started to accommodate the higher-than-usual number of calls and messages within the app. We doubled the maximum number of participants to 20 people at once in Group Video and Audio Calls.” Viber has the ability to create group chats without limit to participants, who have open and safe conversations. You can call any phone in the world, landline or mobile, through Viber. Group chats can host up to 250 participants. Users can join a group chat through a direct link or when an admin has invited them to do so, which is perfect for groups of people who already know each other. Meanwhile, Viber Communities are much larger, public-facing groups, usually made up of people who don’t know each other. A community can have unlimited members and superadmins can allow all members to invite their friends to join. While this is a public supergroup, Viber Communities do not reveal the phone numbers of the participants. “Through our Viber Out, users can call non-Viber numbers around the world [landline or mobile] at low, competitive rates,” Agaoua informs. “That is a service for people who want to call nonViber numbers around the world. That is another revenue source

on March 11, 2021, also celebrates a decade of the Simone Rocha label—a great achievement for an independent Londonbased brand. Rocha’s label is acclaimed for the strength of its vision—and a consistency that runs throughout each new garment, allowing wearers of the brand to mix and match pieces across seasons. This collection is informed with a similar desire to create hard-working pieces to be loved, cherished and worn again and again. It is an invitation into the Simone Rocha world, extended to all. Simone Rocha commented: “I am so thrilled to be working with H&M on this very special collection. It truly is a celebration of the signatures of my brand, and the influences that have shaped me. As a designer, and as a customer, I’ve been such

for us.” Not wanting to exploit their users for profit, Viber thought about how to be more creative in thinking of ways to earn money. “Throughout the years, Viber has proven that it’s feasible to earn a profit without selling our users’ data,” Agaoua discloses. “We make a profit through our well-thoughtout brand partnerships and other strategic business solutions that help improve the lives of our users—all without requiring us to put our users at any risk.” Although Viber aims to be an allin-one app that has features that can help its users with their everyday lives, the company doesn’t wish to monopolize the market. That way, Viber can consistently put up with new technology that keeps on coming into the business and communications market. “We don’t want to do it all,” Agaoua insists. “Instead, we’d rather partner with brands or companies that are already doing a good job. In the end, Viber’s core service is to provide users a secure communication platform where they can have private conversations or exchange thoughts and ideas with family, friends, officemates and even small businesses and brands they love without the fear of being tracked or spied on.” As Viber looks forward to the next 10 years and beyond, Agaoua keeps the faith the company will be an even better communication tool used by more global users who continue to rely on Viber as part of their daily lives. With the pandemic restrictions and health protocols, Viber also adapted to being more flexible for the working schedule of all its employees in 16 countries. “We of course offered more flexibility to our employees to work from home or at the office.” Agaoua informs. “Maybe 50-60 percent will be spent in the office and the rest will be at home, which can save us time from commuting in on some days. “But being together is necessary. I’ve been working from home for a long time now. And I really miss my team. I can’t wait to see them again. Communicating remotely via Viber is great. But human interaction is also fantastic,” concludes Djamel Agaoua. PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premiere association for senior communications professionals around the world. Joy Lumawig-Buensalido is the President and CEO of Buensalido & Associates Public Relations. PR Matters is devoting a special column each month to answer our readers’ questions about public relations. Please send your questions or comments to askipraphil@gmail.com.

a fan of the H&M collaboration concept. Margiela, Alber Elbaz, Comme des Garcons—it’s such an amazing list of alumni to be a part of.” Ann-Sofie Johansson, H&M said: “Simone Rocha has been on the H&M wish-list for some time. This collaboration offers a new audience the chance to own a very special piece of design history. All of us at H&M have been so inspired to work with a female designer who spends so much time thinking about contemporary femininity, and womanhood, and who is so committed to excellence in craft and design, from the process of developing special fabrications, to pushing silhouettes, shapes and embellishments. Every garment within this collection is unique, special and the result of years of work and meticulous research.”

MATCH POINT FOR PHL VOLLEY P

By Josef Ramos

HILIPPINE volleyball moved a match point away from unification following an agreement along the sport’s major stakeholders to hold general elections in a week’s time. The Philippine Olympic Committee (POC) gathered the stakeholders on Saturday and laid the groundwork for the creation of a new national federation for the sport upon the request of the International Volleyball Federation (FIVB). POC President Rep. Abraham “Bambol” Tolentino called the important meeting among the stakeholders and POC officials at the Makati Shangri-La Hotel. There, they set a January 25 elections at the East Ocean Seafoods Restaurant in Parañaque City. “Volleyball is already unified at last and

the true winner here is Philippine volleyball,” Tolentino said. Present at the meeting were Alliances of Philippine Volleyball Inc.’s Ramon “Tats” Suzara, Larong Volleyball sa Pilipinas Inc. Secretary-General Ariel Paredes and Philippine Volleyball Federation SecretaryGeneral Rustico “Otie” Camangian. Ricky Palou and Tony Boy Liao of Sports Vision that organizes the Premier Volleyball League, were also in attendance. Besides Tolentino,POC CecretaryGeneral Atty. Ed Gastanes, membership and accreditation committee head Atty. Billy Sumagui and legal officer Atty. Wharton Chan also joined the historic meeting. Tolentino said the new national sports federation has yet to assume an official name and will be composed of 13 positions from the chairman, president and down to the

‘UN could rule on Tokyo Games’

YDNEY—Kevan Gosper, a former International Olympic Committee (IOC) vice president, is suggesting the United Nations might be the place to decide the fate of the postponed Tokyo Olympics. The Olympics are to open on July 23 but face mounting opposition at home as Covid-19 cases surge in Tokyo, across Gosper Japan and across the globe. Tokyo and other parts of Japan are under emergency orders with about 4,200 deaths in

the country attributed to Covid-19. Gosper, still an honorary IOC member, made the suggestion to Australia’s national broadcaster, the Australian Broadcasting Corp. “If you were looking for a third party that recognizes that this has gone beyond being an issue just related to sport, or just related to national interest, by virtue of the global Covid [pandemic] and its impact then there could be a case to go the United Nations

members of the board. Sumagui said the deadline, validation and submission of voting members will be today (Monday, January 18), the nomination of candidates will be on Wednesday. “We will report this to the FIVB and we’re going to invite them in the elections through video link,” Tolentino said. The FIVB requested the POC to supervise the creation—through general elections—of the national sports association. The international body withdrew its recognition of a Philippine federation since 2016.

Sports BusinessMirror

| Monday, January 18, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

PHILIPPINE Olympic Committee President Rep. Abraham “Bambol” Tolentino (third from left) and volleyball stakeholders (from left) Ariel Paredes, Ramon “Tats” Suzara and Rustico “Otie” Camangian pose for unity.

and seek their involvement in arbitrating whether the games go ahead or not,” Gosper told the ABC’s “The Ticket” program. The IOC and local organizers have said the Olympics cannot be postponed again. They will be canceled this time if they can’t be held. “We’ve done this before in the IOC, we’ve gone to the United Nations to give us assistance,” Gosper said. “Because we are talking about something that potentially is going to involve representatives from 205 countries.” Gosper did not indicate he had contacted the United Nations, and it’s not clear the body would enter into what is an intense political issue in Japan. AP

RAFAEL NADAL arrives at the Adelaide airport ahead of the Australian Open. AP

Aussie Open arrivals hit by 4 positive tests

OUR coronavirus cases have been detected from charter flights carrying tennis players, coaches and officials to Melbourne for the Australian Open, forcing 47 players into strict hotel quarantine. Health authorities confirmed there’d been three positive tests for Covid-19 returned on

Saturday, and another on Sunday. None of the cases have so far involved players. However, the players from the two affected flights—arriving from Los Angeles and Abu Dhabi—were in a strict 14-day quarantine, unable to leave their hotel rooms or practice, health authorities and tournament organizers said Saturday. The Australian Open starts on February 8. Health authorities initially said two positive Covid-19 cases—a coach and a member of the air crew—emerged from a charter flight from Los Angeles and the other positive test was a coach on the flight from Abu Dhabi. On Sunday, Victoria state’s Covid-19 quarantine commissioner Emma Cassar told a news conference another positive test, from a member of a television broadcast team, had been returned off Los Angeles flight. All four cases had tested negative before boarding their flights to Australia. All had been transferred to a health hotel. The coach of Canadian star Bianca Andreescu said he has tested positive after arriving from Abu Dhabi. Sylvain Bruneau said the “rest of my team is negative.” Tennis Australia confirmed there were 24 players on the flight from Los Angeles and 23 on the flight from Abu Dhabi. Those were among 17 charter flights from seven international destinations bringing up to 1,200 players, coaches,

staff and officials into Australia for the tournament. Australian Open tournament director Craig Tiley issued a statement Saturday saying organizers “are communicating with everyone on this flight, and particularly the playing group whose conditions have now changed, to ensure their needs are being catered to as much as possible, and that they are fully appraised of the situation.” On Sunday, Tiley told Australia’s Nine Network that organizers and players were forewarned there’d be a “significant risk” of restrictions being imposed on players if there were positive Covid-19 cases. “We did make it very clear in the beginning,” Tiley said. “Now we have to manage an environment over the next 14 days for those who won’t be able to practice. “It’s a tough situation. We’ve got to do whatever we can to make it as fair as possible for those player that are in lockdown.” Kei Nishikori, the 2014 US Open runner-up, and two-time Australian Open champion Victoria Azarenka were among a group of players who arrived on the flight from Los Angeles. British player Heather Watson said on Twitter that she others who arrived from Abu Dhabi “are NOT allowed out [of] our rooms.” She posted the notification that she and others who were on the flight received informing them of the quarantine. AP

Are you not entertained? Rick Olivares | bleachersbrew@gmail.com

Bleachers’ Brew WHEN news broke out that 47 participants in the upcoming Australian Open have to be confined because they tested Covid-19 positive, I had two thoughts—one, that’s an awful lot, and two, this is fricking insane. I can understand trying to get on with our lives but I am confused. I am not sure what professional tennis’ plans are for the inoculation of its players. I am also not sure if sports should be played. Look at it this way, almost 40,000 Australians are stranded because flights have cancelled flights to Melbourne, Sydney and Brisbane. Granted organizers of the Australian Open chartered their own planes is beside the point. However, with all those testing positive, that means their testing isn’t up to snuff. And that is the same from wherever they came from— hometowns, airports, even their own homes. And why the hell are people traveling? I am seeing pictures of people traveling and I really wonder about the wisdom of this. Yes, economies need to get back on track. But the virus isn’t beaten by a longshot. In fact, the numbers keep rising. And let me ask...has everyone been vaccinated? Going back to the Australian Open, who is reported to have come down with the virus? Andy Murray, Victoria Azarenka, Sloane Stephens and Heather Watson are just some of the players infected. If I look laterally to the English Premier League, the match between Everton and Aston Villa was cancelled because of Covid-19. Aston Villa, in fact, fielded a mix of under-23 and under-18 players during an FA Cup match. And there are players from other teams who have one time or another tested positive for Covid-19. Cross-continent, the Golden State Warriors’ match in Phoenix as well as the Washington Wizards-Detroit Pistons games were postponed because of contact tracing surrounding infected and possibly infected players. I guess that begs the question—why not put everyone in a bubble? That was successful last year.

Sports is fine, but this cross-country and cross-continent travel is insane. With the new virus strain causing all sorts of apprehension, I have to postulate whether or not this extracurricular activity is somewhat irresponsible. I am all for sports being played as it gives people something to look out for, but I also think of the ordinary folks who have lost their jobs or seen their income cut down while the privileged few “get on” with their lives. And yet, the argument of certain industries moving is fine... but come on! Either stick them all in a bubble, make sure everyone is vaccinated, and ensure that the safety measures are all stringent and tight. I know of one local league that was supposed to have placed themselves in a bubble. Only it wasn’t air tight as they like people to believe it was (as some folks moved to and fro in and out of the bubble). Every time I go out (only to buy food and the basic necessities I must stress) I am frightened. I see many many people not practicing social distancing or even the wearing of face masks and shields. You ask them to observe some distance, and they get upset. What the! What beggars my mind even more is that there are many people who do not believe that the pandemic is real. They believe it is some hoax perpetuated by governments and the rich to take over whatever. I believe the circumstances surrounding the virus spreading is suspicious and yes, some governments and corporate sectors took advantage of it, the virus is real. When I see the argument of professional sports supposedly providing escape and entertainment in this time of pandemic, I think to the character of Russell Crowe in the film, Gladiator, where he says to a confused audience in the Colosseum, “Are you not entertained?” He says it with utmost sarcasm at a crowd that howls for blood but at the expense of what? Me? I’ll admit, I don’t follow the sports I used to save for English football, and that’s to a certain extent. Overall...I am more concerned and frightened than entertained.