SSS seeks Senate support to avert rate-hike halt
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HE Social Security System sought Senate support Tuesday to avert a suspension of its collection of higher contributions from SSS members, as mandated by law. Facing a hearing held by the Senate Committee on Government Corporations, SSS President and Chief Executive Officer Aurora Ignacio justified the increased contribution, saying the financial status of SSS was impacted by the pandemic, and suspending the mandated contribution rate hike will further hamper the agency’s efforts to deliver services. She admitted the agency’s critical financial status is likely to impact on the benefits for the next generation. In the House of Representa-
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tives, meanwhile, lawmakers on Tuesday passed on second reading the bill granting the President the power to suspend the scheduled increases in the Philippine Health Insurance Corporation (PhilHealth) premium rates. Labor and some legislators had sought to stop the rate hikes in both SSS and PhilHealth, citing the impact of the pandemic on displaced workers. At the morning’s hearing at the Senate, the SSS chief aired concerns that if the higher contribution is not enforced, the SSS is projected to incur P14.9-billion deficit this year. Ignacio estimated that about a trillion pesos worth of “unfunded liability” of SSS cannot be paid for lack of available funds. This was because the SSS pension benefits
for its members were increased “25 times” but the contribution rate was increased “only eight times,” she explained. Recalling the SSS had raised by P1,000 the monthly benefit allowance in 2017, Ignacio also cited the expansion of maternity benefits to 105 days since 2019, as well as the grant of unemployment insurance, even as nothing was added in the SSS fund for the extra benefit. Ignacio further recalled that in accordance with the law, the SSS only increased its members’ contribution from 12 to 13 percent of members’ salary. Among the pending remedial legislations under consideration are Senate Bill 1996 granting the President of the Philippines the power to suspend the scheduled
increases in SSS contribution rates, and Senate Bill 1965 and Senate Bill 1970, deferring the increase in contribution of the SSS. These were all filed amid a clamor from labor and other groups for a halt in the enforcement of the higher contribution rate this year, given the still-difficult times in which millions of workers languish under the continuing impact of the pandemic and its resulting lockdowns. This was reiterated by Sen. Joel Villanueva, chairman of the Labor committee, in his opening remarks at the Senate hearing. Villanueva had filed Senate Bill 1965 to “provide a reprieve to our battle-weary workers and employers through the suspension of the
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Wednesday, January 27, 2021 Vol. 16 No. 108
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CGD: PHL NEEDS TO OPEN UP ECONOMY TO ALIENS TO ITS ‘WIDEST EXTENT’ By Bernadette D. Nicolas & Jovee Marie N. Dela Cruz
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FROM left: MMDA General Manager Jojo Garcia; Pasig City Mayor Vico Sotto; Vince Dizon, Deputy Chief Implementer of the National Task Force Against Covid-19; and Vaccine Czar Carlito Galvez Jr. talk about the government’s efforts in securing Covid vaccines for the country during a presentation at the Tanghalang Pasigueño in Pasig City on Tuesday, January 26, 2021. NONOY LACZA
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By Bianca Cuaresma
HE International Monetary Fund (IMF) slashed its growth projection of the Philippine economy for 2020 and 2021, as the country performed worse than earlier expected in the third quarter of 2020. In an e-mail in response to reporters, IMF resident representative to the Philippines Yongzheng
Yang said that the IMF now forecasts a real gross domestic product (GDP) contraction of 9.6 percent
PESO EXCHANGE RATES n US 48.0670
for the Philippines in 2020. This is a downward revision from their earlier forecast of negative 8.3 percent in October. Yang also said they revised the real GDP growth forecast of the Philippines for 2021, at 6.6 percent. This is also lower than the earlier projection of 7.4 percent. The IMF’s new projections for the Philippine economy are in contrast to the new outlooks made by the IMF in their latest World Economic Outlook (WEO). In their January 2021 WEO, the IMF revised the world economy’s growth upwards to 5.5 per-
cent in 2021 from the 5.2-percent projection in the October WEO. The IMF said this reflects expectations of a “vaccine-powered” strengthening of activity later in the year and additional policy support in a few large economies. “The downward revision for [the Philippine economy in] 2020 mainly reflects the larger-thanexpected year-on-year contraction in the third quarter. The projected rebound in 2021 and 2022 is primarily driven by a renewed infrastructure investment push and a
INANCE Secretary Carlos G. Dominguez III is backing the opening of the economy to foreign investors “to its widest extent” except for land ownership. During the House Hearing on Resolution of Both Houses 2 on Tuesday, Dominguez said the restrictive economic provisions in the 1987 Constitution account for why the Philippines has “received vastly less” foreign direct investments than its neighbors in the Association of Southeast Asian Nations (Asean). “The international community perceives us as the most restrictive economy in the Asean, so once they take a look at that, maybe they won’t even take a second look at us,” Dominguez said. The finance chief lamented that the country’s Asean neighbors, such as Vietnam and Indonesia, have already made moves to ease foreign investment restrictions. “The dramatic overhaul in Indonesia’s investment policies will leave us the only country in the Asean still maintaining inordinate restrictions on foreign investment participation in economic growth. This does not bode well for our competitiveness in the coming years,” he said. Dominguez said he fully supports easing the foreign investment restrictions on public utilities, ban on exploitation of natural resources, ban on ownership of education institutions, ban on ownership of media and advertising, as well as the prohibition on the practice of foreign professionals in the country. “The ban on the foreign ownership of land, however, should remain since this evokes strong emotional reactions. The rest of the investment liberalization strategies should accomplish enough to enable our rapid economic recovery,” he said. While the finance chief “doubts” that Congress can push through with easing the foreign ownership restriction on land, Dominguez said he is amenable to Congress passing legislation where the 60-40 foreign ownership rule would remain, but land leasing to foreigners should be opened to at least 99 years—longer than the current setup allowing foreigners to lease land for 25 years, renewable for another 25 years. Article XII, Section 7, of the 1987 Constitution states that: “Save in cases of hereditary succession, no private lands shall be transferred or conveyed except to individuals, corporations or associations qualified to acquire or hold lands of the public domain.” Continued on A2
See “GDP,” A2
n JAPAN 0.4634 n UK 65.7412 n HK 6.2012 n CHINA 7.4180 n SINGAPORE 36.2196 n AUSTRALIA 37.0500 n EU 58.3581 n SAUDI ARABIA 12.8148
Source: BSP (January 26, 2021)
News BusinessMirror
A2 Wednesday, January 27, 2021
GDP… Continued from A1
gradual recovery of the private sector supported by accommodative monetary policy and global recovery,” Yang said. IMF projects a 6.5-percent growth for the Philippines in 2022. While the 2021 and 2022 growth projections are above the world growth estimates and the forecasts for the Asean-5—which is at 5.2 percent in 2021 and 6 percent for 2022—they are still below the government’s growth projections for both years. In December, the DBCC forecast the Philippines to grow between 6.5 percent and 7.5 percent in 2021; and 8 percent to 10 percent in 2022. Earlier this month, Moody’s Analytics said the Philippines will be the last country in the Asia Pacific to regain its economic performance to pre-Covid levels as the country still grapples to make a concrete plan on vaccine procurement and fiscal stimulus remains relatively minute. The Philippine Statistics Authority is expected to release the Philippines’s full-year GDP on Thursday.
‘92% of ₧15B in questioned PhilHealth funds liquidated’
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By Samuel P. Medenilla
VER 90 percent of the P15 billion allegedly stolen from the funds of the Philippine Health Insurance Corporation (PhilHealth) has now been accounted for. In an online press briefing on Tuesday, PhilHealth President and CEO Dante Gierran disclosed that 92 percent of the amount earlier feared lost to several scams and inefficient systems was already liquidated in compliance with the order of the Senate and the House of Representatives. “So only a few [of the monies remain unliquidated]. I will not
allow the money of Filipinos to be lost,” Gierran said. The anti-fraud legal officer of PhilHealth, Thorrsson Montes Keith, earlier claimed the amount was supposedly pocketed by some corrupt officials from the state insurer. Keith resigned from his post last year due to the alleged widespread corruption in PhilHealth before the administration of Gier-
NEDA, BUSINESS GROUPS PITCH KEY REFORMS AHEAD OF CHA-CHA Continued from A10
Neda’s pitch
NEDA Undersecretary for Policy and Planning Rosemarie G. Edillon told the BusinessMirror on Tuesday that while the government’s planning agency supports Charter change, passing economic reform bills should be done immediately. These economic reform bills are the amendments to the PSA and RTLA, and the Foreign Investment Act (FIA). “Yes [we support an economic Cha-cha] but we are requesting Congress to immediately pass the economic reform bills [amendments to PSA, FIA, RTLA],” Edillon said in a message. Edillon also said the Neda has not made any assessments on the impact of such an economic Charter change on the economy, at a time when it is recovering from the pandemic. While Neda will be updating the Foreign Investment Negative List this year, Edillon told Congress some limitations require legislative actions. “There is little we can do as we have already opened almost all sectors that the executive is allowed to do, except for profes-
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sions. That is why legislation is now needed immediately to liberalize the economy while waiting for the more permanent solution of constitutional amendment,” she added.
Negative list
DESPITE the economic limitations that still exist in the Constitution and with the amendments to the PSA, FIA and RTLA still pending, Edillon said Neda can still update the country’s negative list for its 12th version. The Negative List or the regular foreign investment negative list (RFINL) consists of a list of areas or sectors and professions where foreign investment is not allowed or limited in the Philippines. It consists of two categories: List A, or areas of investment where foreign ownership is not allowed or limited by mandate of the Constitution and specific laws. List B, meanwhile, are areas where foreign ownership is limited due to national security, health, morals, and as protection for small and medium enterprises. “I also don’t think we can do away with the FINL anytime soon, especially since constitutional
amendments will just insert the phrase ‘unless otherwise provided by law,’” Edillon said. The 11th RFINL reflected amendments in existing laws such as reciprocity provisions in certain laws on professions (like pharmacy and forestry), limitations on foreign participation in investment areas/activities provided in new laws (e.g., RA 10635 for marine deck/engine officers), and exclusions from limitations on foreign participation in some investment areas/activities identified that do not need legislative action. It also liberalized foreign participation in Internet businesses, which have been excluded from mass media; teaching at higher education levels provided the subject being taught is not a professional subject (i.e., included in a government board or bar examination); and training centers that are engaged in short-term highlevel skills development that do not form part of the formal education system. The existing negative list also liberalized foreign investment in adjustment companies, lending companies, financing companies and investment houses and wellness centers, which were excluded in item 4 of List B.
GIERRAN: “So only a few [of the monies remain unliquidated]. I will not allow the money of Filipinos to be lost.”
ran, who was appointed to head PhilHealth in August 2020. Gierran asserted that PhilHealth’s finances remain sustainable for now even after President Duterte ordered it to defer the implementation of its scheduled premium hike this year as employers and workers struggle to cope with the economic slowdown from the Covid-19-related lockdowns. In fact, he said they still have P132 billion in reserve fund as of November 2020. “In the event we have difficulty with the collection, we have [a] reserve fund,” Gierran said. He assured the public the reserve fund will be sufficient to settle the claims of health-care providers, including the Philippine Red Cross and Medical City. PhilHealth recently paid P3.4 billion worth of claims.
Independent IAS, annual tests for PNP officers eyed Continued from A10
Annual tests
THIS developed as the Senate lined up for committee consideration other police reform measures, including the proposed PNP Modernization Act, Strengthening the Internal Affairs Service, Mandatory Annual Psychiatric, Psychological, Drug and Physical Tests for police officers. Sen. Imee Marcos advocated the annual conduct of psychiatric, psychological, drug and physical tests for all police officers, saying such sustained monitoring of the physical and mental health of policemen could help prevent many cases of abuse, the latest of which was the cold-blooded shooting by a Parañaque policeman of a mother and her son in Tarlac. Senate Bill 2005 filed by Marcos requires the annual conduct of random psychiatric, psychological, drug and physical tests for the police. According to Marcos, in the present setup, police officers only undergo such tests when they are being recruited or are seeking entry to the PNP; or applying for a promotion; or are directed by a supervisor to have a random test. Marcos said lessons should be
MARCOS
drawn from the case of police senior master sergeant Jonel Nuezca, who shot dead two people in Tarlac in December. It was learned that Nuezca had faced six administrative cases for grave misconduct and homicide, and shunned taking a drug test. Marcos said that while the Tarlac shooting may be deemed an isolated case, the PNP must still guarantee the psychiatric and psychological fitness of its members. The Marcos bill also makes mandatory the stress debriefing for policemen who have been tapped for operations that entailed traumatic conditions. Overweight cops are also a no-no. The bill requires that any variance from the standard weight suited for a policeman’s height, age and gender should not go beyond 5 kilos. Butch Fernandez
SSS… Continued from A1
mandated increase in social security contribution rate in the event of a pandemic.” He cited the October 2020 Labor Force Survey showing the unemployment rate in the country at 8.7 percent, equivalent to around 3.8 million unemployed Filipinos, and much higher than the unemployment rate of 4.6 percent in October 2019. An SWS survey report in August 2020 highlighted an even “bleaker picture” on the country’s employment crisis, with around 27.3 million Filipinos or 45.5 percent of the labor force losing their jobs during the pandemic, Villanueva said. “Many companies implemented alternative work arrangements, such as reduction of workdays and forced leaves, just to stay afloat during the pandemic. As a result, many of our workers are forced to receive lower take-home pay and compensation,” he noted.
PhilHealth halt
TO provide financial relief amid the pandemic, the House of Representatives on Tuesday passed on second reading the bill granting the President the power to suspend the scheduled increases in the PhilHealth premium rates. House Bill 8461 was principally authored by Speaker Lord Allan Velasco and Marikina Rep. Stella Luz Quimbo. Under the measure, which amends Section 10 of the Universal Healthcare (UHC) Law, “the President of the Philippines may, in consultation with the Secretary of Finance and the Secretary of Health as chairperson of PhilHealth, suspend the implementation of the scheduled increases in premium rates in times of national emergencies when public interest so requires.” The UHC law mandates increases in member premiums by increments of 0.5 percent every year, starting 2021 until it reaches the 5-percent limit in 2025. For her part, Quimbo said the PhilHealth’s P163-billion reserve fund is sufficient to cushion the impact of the hike deferment. According to Quimbo, the forgone revenue from the rate suspension is estimated at P433 million in 2021. Velasco said the approval of the bill is meant to ease the financial burden faced by Filipinos amid the Covid-19 crisis. “These are extraordinary times, thus the remedy needed to further unburden our countrymen [is] also extraordinary,” he said. Butch Fernandez, Jovee Marie N. Dela Cruz
CGD: PHL needs to open up economy to aliens to its ‘widest extent’ Continued from A1
Only Filipino citizens and corporations with at least 60 percent of the capital owned by Filipinos are allowed to acquire or hold lands of the public domain. ‘Doable’ bills DOMINGUEZ also urged legislators to also focus on pending “doable” economic priority bills, such as the Corporate Recovery and Tax Incentives for Enterprises bill, as well as the proposed amendments to the Public Service Act, Retail Trade Liberalization Act, and the Foreign Investments Act. See related story on page A10, “Neda, business groups pitch key reforms ahead of Chacha.”
These measures, he said, can help restart the country’s economy. “What is most important is to undertake what is immediately achievable. It is preferable, of course, to achieve the liberalization reforms in one blow. But if there are things that we can do to open up the economy through administrative measures, we must implement them. If there are areas that we can liberalize by amending our existing laws, then let’s do that,” he said.
Ledac track
TO facilitate the process of the constitutional amendments in Congress, an economist on Tuesday recommended to Congress and the Executive to convene the Legislative-Executive Development Advisory Council (Ledac).
At the hearing of the House Committee on Constitutional Amendments, former Finance Secretary Gary Teves of the Foundation for Economic Freedom said both Speaker Lord Allan Velasco and Senate President Vicente Sotto III shall recommend to President Duterte the convening of Ledac as soon as possible to discuss the Charter-change proposals. “[This is] to discuss and agree on the substance and process of procedure in amending the economic provisions of the 1987 Constitution,” Teves said. “In that meeting, we proposed the Ledac to agree on the timetable and continuously monitor this initiative. Preferably, the President shall convene Ledac every two to three weeks for this purpose to help ensure
meeting the deadline in time for its approval by Congress and a subquest ratification to coincide with the 2022 national elections,” he added. The Ledac was created by virtue of RA 7640 as a consultative and advisory body to the President, who chairs the Neda Board on certain programs and policies essential to the realization of the goals of the national economy. Teves also recommended that both Houses adopt House Resolution of Both Houses 2 to remove what are deemed restrictive economic provisions of the Constitution. “The Philippines needs a significant policy shift towards foreign direct investments as the Philippines is the most restrictive country in Asean,” he said.
Unleash
THE Department of Trade and Industry (DTI), also on Tuesday, welcomed efforts to remove the economic restrictions in the Constitution, saying this will help unleash the economic potential of the Philippines, the second fastest-growing economy in Southeast Asia. At the continuation of the public hearing of the House Committee on Constitutional Amendments on Resolution of Both Houses (RBH) 2, Trade
Secretary Ramon Lopez said removing the economic barriers will lure more foreign investors into the country. “Our economy has been recognized as the second fastest-growing economy in Southeast Asia until the year 2019, right before the pandemic struck, with average growth of 6 percent for 14 consecutive quarters. We also know that such growth rates could even be higher if we were able to remove basic restrictions, such as the foreign ownership of businesses in certain sectors stipulated in the Constitution,” Lopez said. “We therefore welcome the efforts—whether through a Charter change or the enactment of laws—in removing these economic restrictions and any barriers that limit foreign participation in investments and economic activities,” the Cabinet official said. Prior to the pandemic, Lopez said the department already had 90 investment leads, or serious investors that had decided to set shop in the Philippines. However, this number was only half of the investors the country could have attracted if the economy were less restrictive, he pointed out. Though members of the government economic team did not immediately provide projections of the foreign direct investment (FDI) that
could result from lifting the restrictive economic provisions of the Constitution, House Ways and Means Chairman and Albay 2nd District Rep. Joey Salceda shared figures he had computed after consulting economists and experts. His estimates show that RBH 2 could lead to an additional average annual FDI of P330 billion ($6.8 billion) and generate 6.6 million jobs over a 10-year period. A report by the 38th Global Investment Trends Monitor recently revealed that FDI flows into the Philippines for 2020 amounted to $6.4 billion. Velasco’s RBH 2 seeks to add the phrase “unless otherwise provided by law” to certain economic provisions of the 34-year-old Charter, which restrict foreign ownership of land, natural resources, public utilities, educational institutions, media and advertising. Such proposal would allow Congress to pass enabling laws easing restrictions on foreign ownership in order to boost foreign investments, which is critical to the country’s economic recovery. RBH 2 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.
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Navy set to receive second warship from South Korea By Rene Acosta @reneacostaBM
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HE Navy is expecting the arrival of its second brandnew frigate next month to complete the acquisition of a pair of newly built warships from South Korea under the second phase of its capability upgrade program. Navy chief Vice Admiral Giovanni Carlo Bacordo said the BRP Antonio Luna (FF151), which was built by South Korean Hyundai Heavy Industries (HHI), should drop anchor in Philippine waters by the third week of February, thus giving the Navy its second brand-new missile-capable warship. “[She] is expected in February. There is no schedule yet, but it’s in the third week of February,” Bacordo said, noting that the frigate should have been delivered on February 10 had it not been postponed due to the Covid-19 that also hit Korea. The Del Pilar’s sister ship, BRP Jose Rizal, was already delivered by HHI, and was christened into the service by the Navy, with its baptism of fire in the form of a naval exercise courtesy of the world’s biggest and largest naval war games, the Rim of the Pacific (RIMPAC), which was held in Hawaii last year. The delivery of the Jose Rizal, which is fully capable of fighting in all spheres of asymmetric warfare, saw the dawning of the missile age for the Navy. Meanwhile, a statement from the Navy said its frigate technical inspection team began on Tuesday its “final inspection” of Antonio Luna in Ulsan, South Korea. “For verification/validation is the contractor’s strict compliance to the agreed Technical Specifications and Build Specifications [TS&BS] in building and equipping PN [Philippine Navy] Frigate 2,” it said. “Initial reports from PN owner’s representative headed by Capt. Sergio Bartolome PN state that PN Frigate 2 is almost 100 percent complete and has satisfactorily passed harbor and sea trials. However, due to travel restrictions and production disruption caused by the Covid-19 pandemic, some training activities and ILS deliveries have been delayed. Hence, completion dates and delivery schedules have been adjusted,” it added.
SC says arresting officers mishandled evidence; orders release of drug suspect
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By Joel R. San Juan
@jrsanjuan1573
HE Supreme Court has reminded anti-illegal drug operatives that keeping the integrity of items confiscated from an accused is vital in the successful prosecution of drug cases. In a 12-page resolution made public on January 19, the Court’s First Division issued the reminder after it reversed and set aside the decision made by the Court of Appeals (CA) upholding the conviction of Chiu Chien Chun, a Chinese national suspected of being a member of a Chinese drug syndicate operating in the country. The Regional Trial Court of Pasay City made the ruling on July 3, 2017, convicting the accused for illegal possession of almost 10 kilos of shabu amounting to P50 million. The SC acquitted Chiu, also known as “Qui Jian Jun,” of the charges and ordered his immediate release from jail. Chiu was arrested during a buybust operation on December 12,
2015 at the corner of Diokno Street and Coral Way, Mall of Asia, Pasay City by operatives of the Philippine Drug Enforcement Agency-Special Enforcement Service (PDEA-SES) and Philippine National Police-AntiIllegal Drug Group (PNP-AIDG). During the trial, Chiu insisted that he was arrested without a warrant and there was no buy-bust that took place on December 12, 2015. He said he went to SM Mall of Asia to meet his friend, Michael Lee, when, suddenly, a vehicle collided with his car. A man then came out from the other vehicle pointing a gun at him while another one began rummaging through his car. Afterwards, the man with the gun boarded on the driver’s seat of Chiu’s
car while he was led by the other man to the back passenger seat. However, the Pasay RTC did not give weight to Chiu’s claim that he was framed-up by operatives. Thus, Chiu was sentenced to life imprisonment and made to pay a fine amounting to P2,000,000. The CA affirmed the Pasay RTC’s ruling on September 20, 2018 and held that his warrantless arrest and the search of his vehicle came about as a result of a sanctioned entrapment.
Arresting officers linked to drug trade
FOLLOWING the denial of appeal, Chiu elevated his case before the SC where he reiterated that no buy-bust operation took place against him. In his supplemental brief, Chiu told the Court that the operation led by then PDEA-SES Director Ismael Fajardo Jr. and Police Inspector Lorenzo Bacia of the PNP-AIDG should not be given credence because President Duterte included them among police officers involved in illegal drug trade in the country. It can be recalled that Fajardo and Bacia were included in Duterte’s list of the top officials of
PDEA and PNP that were involved in illegal drug trade. PDEA Director General Aaron Aquino fired Fajardo from his post on September 14, 2018. He claimed the two were known to recycle illegal drugs and use the same for their illegal activities. The petitioner added that the gym bag allegedly containing illegal drugs found in his car could have been recycled from other drug criminal cases. Chiu also asked the Court for his acquittal because the chain of custody was not observed in the handling of the items allegedly seized from his car.
SC says operatives mishandled evidence
IN granting the petition of accusedappellant Chiu, the Court held that it was able to establish that the buybust team “poorly mishandled” the evidence as there were several lapses in their conduct of the seizure and custody of the items. The SC said instead of opening the gym bag at the place of the arrest as required under the rules, the buybust team proceeded to the PDEA headquarters in Quezon City with the gym bag and the seized items.
“We emphasize that the initial links in the chain of custody begin with the seizure and immediate marking of the items. This step is vital as it forestalls switching, planting or contamination of evidence,” the SC explained. The SC added that the police officers did not immediately mark the evidence seized during the operations, and there was also no written account on who kept guard of the gym bag while it was in transit to PDEA together with Chiu. “What is critical in drug cases is not the bare conduct of inventory, marking, and photographing. Instead, it is the certainty that the items allegedly taken from the accused retain their integrity, even as they make their way from the accused to an officer effecting the seizure, to an investigating officer, to a forensic chemist, and ultimately, to courts where they are introduced as evidence,” the Court said. “What is clearly established here is that the prosecution failed to convince us that planting, tampering, alteration, or substitution of substance in the initial link in the chain of custody is unlikely,” the SC added.
Floods cause ₧642.45-million agriculture losses in 5 regions
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HE Department of Agriculture (DA) said P642.45 million worth of farm produce was damaged and lost due to flooding caused by the combined effects of Tail-End of Frontal System (TEFS) and Low Pressure Area (LPA) in five regions nationwide. In its latest damage report, the DA Disaster Risk Reduction and Management Operations Center (DADRRM OpCen) said 39,992 farmers and 35,991 hectares of agricultural areas were affected by TEFS and LPA. “The affected commodities include rice, corn, high-value crops, livestock and poultry in Calabarzon, Bicol, Western Visayas, Eastern Visayas and Caraga regions, while damage in agricultural infrastructures were also recorded in Aklan,” DA-DRRM OpCen added. DA-DRRM OpCen said affected farmers would receive assistance from the government in the form of rice, corn and assorted vegetables seeds; drugs and biologics for livestock
and poultry; Survival and Recovery (SURE) Loan Program of Agricultural Credit Policy Council (ACPC) and indemnification from the Philippine Crop Insurance Corp. (PCIC). “The Department is in close coordination with concerned NGAs [national government agencies], LGUs and other DRRM-related offices for the impact of the flooding caused by the TEFS and LPA, as well as available resources for interventions and assistance,” DADRRM OpCen said. DA-DR R M OpCen d ata showed that the rice sector bore the brunt of the
Belmonte assures UP of support to help protect academic freedom there is a free discourse of ideas by all members of the community,” she said. Quezon City is known as a bastion of higher learning, being host to many prestigious universities and colleges. “In Quezon City, academic freedom will always be protected and upheld,” Belmonte stressed. Belmonte taught MA students at the University of the Philippines’s Archaeological Studies Program after completing her postgraduate degrees in Archaeology and Museum Studies in the United Kingdom. For his part, the Executive OfA STUDENT hangs a sign on the UP Oblation that reads, “defend academic ficer of the People’s Law Enforcefreedom, uphold human rights” on Tuesday, January 26, 2021. The DND ment Board (PLEB), or the people’s terminated the UP-DND Accord that prevents military and police from entering court for erring policemen, vowed the campus without prior notice. NONOY LACZA that any abusive conduct of policemen that may be done in the UP Campus will AYOR Joy Belmonte has assured all be dealt with accordingly. University of the Philippines faculty “We pledge that disciplinary action awaits and students that the city government possible abusive conduct by policemen inside will support them in their fight to protect acathe UP Diliman campus. Please be reminded demic freedom in the state university. that we all live in a democracy where basic “I was a lecturer at the UP before, and I freedoms, including academic freedom, must know how important academic freedom is be upheld,” said Atty. Rafael Calinisan, a UP in an educational institution. True learning Diliman alumnus. will only happen in an environment where
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Editor: Vittorio V. Vitug • Wednesday, January 27, 2021 A3
damage as 35,454 hectares were affected, with and estimated volume loss of 10,659 MT worth P598.66 million. DA-DRRM OpCen also showed that P21.08 million worth of 891 MT of high-value crops produced from 297 hectares were affected while
damage to the corn sector reached P6.45 million, involving 40 MT of production loss from 241 hectares. DA-DRRM OpCen said 5,906 heads of livestock and poultry, which include chicken, swine, cattle, carabao, goat, sheep, duck and turkey
with a total value of P6.24 million were affected by the TEFS and LPA. DA-DRRM OpCen added that the weather disturbance also damaged livestock and poultry houses and approach bridges worth P10.02 million. Jasper Emmanuel Y. Arcalas
A4 Wednesday, January 27, 2021 • Editor: Vittorio V. Vitug
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Lockdowns amid pandemic adversely affected job sector By Cai U. Ordinario @caiordinario
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HE lockdowns imposed to protect the health of Filipinos resulted in a wave of job losses nationwide that saw 76 workers per 1,000 employees losing their jobs at the height of the Enhanced Community Quarantine (ECQ), according to the Philippine
Statistics Authority (PSA). Based on the Labor Turnover Survey (LTS) results for the first and second quarter of 2020, PSA added that 14 workers per 1,000 employees also lost their jobs in the first quarter of last year. “The first and second quarters of 2020 showed evident drops in employment growth in establishments located in the National Capital Re-
gion [NCR] as the Covid-19 pandemic started to progress,” PSA said. PSA explained that labor turnover is an indicator of employment growth. It is measured by the difference in accession and separation rates. During the first quarter, labor turnover was at -1.4 percent, and it continued to decline during the second quarter to -7.6 percent.
This is because for every 1,000 people employed, 107 workers in the first quarter, and 120 workers in the second quarter either quit their jobs or were laid off by their employers. Data showed, meanwhile, that accession rates registered for the two quarters implied that for every 1,000 employed, 93 workers in the first quarter, and 44 workers in the second quarter were hired either for
business expansion or as replacement for separated workers. In terms of sectors, data showed that agriculture, forestry, and fishing recorded a sudden fall in labor turnover from 9.4 percent in the first quarter to -0.8 percent during the second quarter. A similar trend was observed in the industry sector for the same periods wherein employment growth was at 0.9 percent and -5.1 percent, respectively. The services sector depicted a decline in labor turnover in the first quarter of the year at -2 percent and -8.1 percent by the end of the second quarter, the lowest among the three sectors. The contraction in labor turnover in the services sector during the first quarter was mainly due to the reduction of employees in the accommodation and food service activities followed by other service activities, including personal services for wellness, except sports activities;
laundry services; domestic services; and other personal activities. In the second quarter, the decline was due to the reduction of work force in the services sector, which was mostly attributable to administrative support and service activities, followed by the wholesale and retail trade, and other service activities. The LTS is one of the regular surveys of the PSA and is an offshoot of the Employment, Hours and Earnings Survey (EHES) conducted from 1987 to 2002 by the former Bureau of Labor and Employment Statistics (BLES). The survey aims to provide quarterly data on labor turnover and existing job vacancies as indicators of labor market activity and general business situation of the country. This provides the government and the private sector a complete picture of labor demand and job turnover as inputs to decisionmaking and policy formulation.
GOVT ASKED TO ALLOW HOG PRODUCERS TO IMPORT PORK TO STABILIZE PRICES We will discuss the lowering of tariffs for both imports inside MAV and outside MAV. We will study and discuss this at the CTRM meeting to what extent we are going to reduce tariffs. Agriculture Secretary William D. Dar
T
HE Philippine Association of Meat Processors Inc. (Pampi) on Tuesday asked the government to allow hog producers to import at least 50,000 metric tons (MT) of pork at zero tariff to boost domestic supply and stabilize retail prices. In a letter addressed to Agriculture Secretary William D. Dar and other officials, Pampi said this measure will help address the current high retail prices of pork in the market. The letter was also sent to the Pork Producers Federation of the Philippines and National Federation of Hog Farmers. Pampi’s other proposed measures include provision of financing or trade credit to qualified hog raisers and producers at concessional rates by the Land Bank of the Philippines (LandBank), and allowing the sale of frozen meat in public markets not equipped with refrigeration facilities during the duration of the shortage. Pampi said these are “alternative” recommendations to the Minimum Access Volume (MAV) plus mechanism to import pork. The MAV plus mechanism is the expansion of MAV to allow more imports to enter at a lower tariff rate. Pork imports that enter within 54,000 MT MAV are slapped with 30-percent tariff, while those outside the MAV are levied with 40percent tariff. The DA earlier disclosed that they are now in the process of tripling that MAV to 162,000 MT to increase domestic supply in a bid to arrest rising prices. “The foregoing is intended to provide fiscal support to hog farmers/producers to afford them the opportunity to generate income and compensate for huge losses arising from the ASF [African swine fever] decimation of their hog farms,” Pampi said. “Our recommendation, we believe, is a much better way of alleviating the plight of the hog sector at no cost to the government rather than giving them financial dole-outs,” it added. Pampi said it is not unusual for hog producers to “import goods in
BM
emergency situations during which they are unable to produce them so that they can continue providing supply to consumers and the general public as well.” “It is incumbent on the national government, and the meat processing industry which is a partner of the livestock sector and which Pampi represents, to support and ensure the survival and rehabilitation of hog farms,” Pampi added. In a virtual press briefing on Tuesday, Dar said the Cabinet-level Committee on Tariff and Related Matters (CTRM) is set to meet on January 27 to discuss the possible reduction of pork tariffs. ��������������������������� Dar added that Pampi’s proposal would be discussed during the high-level meeting. “We will discuss the lowering of tariffs for both imports inside MAV and outside MAV. We will study and discuss this at the CTRM meeting to what extent we are going to reduce tariffs,” he said. The BusinessMirror first broke the story that the DA has been considering tariff reduction for pork imports to facilitate the entry of cheaper imported supply. (Related story: https://businessmirror.com.ph/2021/01/21/government-targets-below-p300pork-price/). In a letter submitted to economic managers and Dar last week, the Meat Importers Association of the Philippines (Mita) argued that expanding the MAV alone would not make a significant impact on pork prices. Mita President Jesus C. Cham said the tariff on pork imports should be reduced to 10 percent for in-quota imports and to 20 percent for out-quota imports in order to bring down pork prices below P300 per kilogram. “The reduction of pork duty by a nominal 10 percent will translate into a reduction in landed cost by P15 per kg at current CIF and Forex rates, which savings can be easily passed on to consumers,” he said in the letter obtained by the BusinessMirror. “This way SRP for pork liempo, kasim and pigue below P300 per kg becomes attainable!” he added. Jasper Emmanuel Y. Arcalas
www.businessmirror.com.ph • Editor: Angel R. Calso
UN chief urges global alliance to counter rise of neo-Nazis
U
NITED NATIONS —Secretar y- Genera l A ntonio Guterres urged coordinated global action on Monday to build an alliance against the growth and spread of neo-Nazism and white supremacy and the resurgence of xenophobia, anti-Semitism, and hate speech sparked partly by the Covid-19 pandemic. The UN chief also urged international action “to fight propaganda and disinformation.” And he called for stepped up education on Nazi actions during World War II, stressing that almost two-thirds of young Americans do not know that 6 million Jews were killed during the Holocaust. Guterres spoke at the annual Park East Synagogue and United Nations International Holocaust Remembrance Service marking Wednesday’s 76th anniversary of the liberation of the Auschwitz-Birkenau concentration camp, held virtually this year because of Covid-19. He said the pandemic “has exacerbated longstanding injustices and divisions.” “Propaganda linking Jews with the pandemic, for example, by accusing them of creating the virus as part of a bid for global domination, would be ridiculous, if it were not so dangerous,” he said. “This is just the latest manifestation of an anti-Semitic trope that dates back to at least the 14th century, when Jews were accused of spreading the bubonic plague.” The secretary-general said it’s sad but not surprising that the pandemic has triggered another eruption of Holocaust denial, distortion and minimizing history. “In Europe, the United States and elsewhere, white supremacists are organizing and recruiting across borders, flaunting the symbols and tropes of the Nazis and their murderous ambitious,” he said. “Tragically, after decades in the shadows, neo-Nazis and their ideas are now gaining currency.” Guterres said. US authorities have warned that neo-Nazis are on the rise across the country and around the world. In some unnamed countries, he said, neo-Nazis have infiltrated police and state security services and their ideas can be heard in debates of mainstream political parties. “The continued rise of white supremacy and neo-Nazi ideology must be seen in the context of a global attack on truth that has reduced the role of science and fact-based analysis in public life,” he said. Guterres said fragmentation of the traditional media and the growth of social media are contributing to the absence of shared facts. “We need coordinated global action, on the scale of the threat we face, to build an alliance against the growth and spread of neo-Nazism and white supremacy, and to fight propaganda and disinformation,” he said. Rabbi Arthur Schneier, a Holocaust survivor, warned that “if we do not carry the tragic lessons of history, they are doomed to be repeated.” “This guiding principle—memory not amnesia—is a moral imperative to quell the rise of hate, which is greater today than at any time since the end of World War II,” he said. Schneier said Nazi swastikas are again defacing synagogues and cemeteries in France, Germany and most recently Montreal, and among those storming the US Capitol on January 6 were people wearing shirts saying “Camp Auschwitz” and “6MWE”—short for “Six Million Wasn’t Enough.” “Children are not born with hatred; they are taught how to hate,” the 90-year-old rabbi said. “Holocaust education in schools is a must.” AP
The World BusinessMirror
Wednesday, January 27, 2021
A5
Trump impeachment case delivered to Senate, testing his sway over GOP
W
ASHINGTON—House Democrats delivered the impeachment case against Donald Trump to the Senate late Monday for the start of his historic trial, but Republican senators were easing off their criticism of the former president and shunning calls to convict him over the deadly siege at the US Capitol. It’s an early sign of Trump’s enduring sway over the party. The nine House prosecutors carried the sole impeachment charge of “incitement of insurrection” across the Capitol, making a solemn and ceremonial march to the Senate along the same halls the rioters ransacked just weeks ago. But Republican denunciations of Trump have cooled since the January 6 riot. Instead Republicans are presenting a tangle of legal arguments against the legitimacy of the trial and questioning whether Trump’s repeated demands to overturn Joe Biden’s election really amounted to incitement. What seemed for some Democrats like an open-and-shut case that played out for the world on live television, as Trump encouraged a rally mob to “fight like hell” for his presidency, is running into a Republican Party that feels very differently. Not only are there legal concerns, but senators are wary of crossing the former president and his legions of followers—who are their voters. Security remains tight at the Capitol. Sen. John Cor ny n, R-Texas, asked if Congress starts holding impeachment trials of former officials, what’s next: “Could we go back and try President Obama?” Besides, he suggested, Trump has already been held to account. “One way in our system you get punished
is losing an election.” Arguments in the Senate trial will begin the week of Feb. 8, and the case against Trump, the first former president to face impeachment trial, will test a political party still sorting itself out for the postTrump era. Republican senators are balancing the demands of deeppocketed donors who are distancing themselves from Trump and voters who demand loyalty to him. One Republican, Sen. Rob Portman of Ohio, announced Monday he would not seek reelection in 2022, citing the polarized political atmosphere. For Democrats the tone, tenor and length of the upcoming trial, so early in Biden’s presidency, poses its own challenge, forcing them to strike a balance between their vow to hold Trump accountable and their eagerness to deliver on the new administration’s priorities following their sweep of control of the House, Senate and White House. Biden himself told CNN late Monday that the impeachment trial “has to happen.” While acknowledging the effect it could have on his agenda, he said there would be “a worse effect if it didn’t happen.” Biden said he didn’t think enough Republican senators would vote for impeachment to convict, though he also said the outcome might well have been different if Trump had six
Clerk of the House Cheryl Johnson along with acting House Sergeant-at-Arms Tim Blodgett, lead the Democratic House impeachment managers as they walk through Statuary Hall in the Capitol, to deliver to the Senate the article of impeachment alleging incitement of insurrection against former President Donald Trump on January 25 in Washington. AP/Susan Walsh
months left in his term. In a Monday evening scene reminiscent of just a year ago—Trump is now the first president twice impeached—the lead prosecutor from the House, this time Rep. Jamie Raskin of Maryland, stood before the Senate to read the House resolution charging “high crimes and misdemeanors.” Earlier, Senate Majority Leader Chuck Schumer said failing to conduct the trial would amount to a “get-out-jail-free card” for others accused of wrongdoing on their way out the door. Republicans appear more eager to argue over trial process than the substance of the case, he said, perhaps to avoid casting judgment on Trump’s “role in fomenting the despicable attack” on the Capitol. Schumer said there’s only one question “senators of both parties will have to answer before God and their own conscience: Is former President Trump guilty of inciting an insurrection against the United States?” On Monday, it was learned that Chief Justice John Roberts is not expected to preside at the trial, as he did during Trump’s first impeachment, potentially affecting the gravitas of
the proceedings. The shift is said to be in keeping with protocol because Trump is no longer in office. Instead, Sen. Patrick Leahy, D- Vt., who serves in the largely ceremonial role of Senate president pro tempore, is set to preside. Leaders in both parties agreed to a short delay in the proceedings that serves their political and practical interests, even as National Guard troops remain at the Capitol amid security threats on lawmakers ahead of the trial. The start date gives Trump’s new legal team time to prepare its case, while also providing more than a month ’s distance from the passions of the bloody riot. For the Democratic-led Senate, the intervening weeks provide prime time to confirm some of Biden’s key Cabinet nominees. Sen. Chris Coons, D-Del., questioned how his colleagues who were in the Capitol that day could see the insurrection as anything other than a “stunning violation” of the nation’s history of peaceful transfers of power. “It is a critical moment in American history,” Coons said Sunday in an interview. An early vote to dismiss the trial
probably would not succeed, given that Democrats now control the Senate. The House approved the charge against Trump on January 13, with 10 Republicans joining the Democrats. Still, the mounting Republican opposition to the proceedings indicates that many GOP senators will eventually vote to acquit Trump. Democrats would need the support of 17 Republicans—a high bar—to convict him. One by one, Republican senators are explaining their objections to the unprecedented trial and scoffing at the idea of trying to convict Trump now that he’s no longer in office. Rand Paul of Kentucky said that without the chief justice presiding the proceedings are a “sham.” Joni Ernst of Iowa said that while Trump “exhibited poor leadership,” it’s those who assaulted the Capitol who “bear the responsibility.” New Sen. Tommy Tuberville of Alabama said Trump is one of the reasons he is in the Senate, so “I’m proud to do everything I can for him.” Sen. Tom Cotton, R-Ark., is among those who say the Senate does not have the constitutional authority to convict a former president. Democrats reject that argument, pointing to an 1876 impeachment of a secretary of war who had already resigned and to opinions by many legal scholars. Democrats also say that a reckoning of the first invasion of the Capitol since the War of 1812, perpetrated by rioters egged on by a president as Electoral College votes were being tallied, is necessary. A few GOP senators have agreed with Democrats, though not close to the number that will be needed to convict Trump. Mitt Romney of Utah said he believes “what is being alleged and what we saw, which is incitement to insurrection, is an impeachable offense.... If not, what is?” Romney was the only Republican senator to vote for conviction when the Senate acquitted Trump in his first impeachment trial. AP
Xi warns against new Cold War as Biden team reviews strategy U.N. forecasts 4.7 percent global economic growth in 2021
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resident Xi Jinping called on the world to abandon “ideological prejudice” and shun an “outdated Cold-War mentality” as he signaled that China will continue to forge its own path regardless of western criticism. It’s vital to stay committed to international law and international rules “instead of staying committed to supremacy,” Xi told the Davos Agenda event on Monday, in his first address since Joe Biden entered the White House. “Confrontation will lead us to a dead end,” he said, and urged a return to mutual respect to help the recovery from the pandemic. “To build small circles and start a new Cold War, to reject, threaten or intimidate others, to willfully impose decoupling, supply disruptions, or sanctions, or to create isolation or estrangement, will only push the world into division and even confrontation,” he said. Xi’s speech had been widely anticipated for the tone it would set for relations between the world’s biggest economies over the next four years. Though Xi did not name Biden by name, many of his comments were clearly targeted at the new US administration. Xi repeated many of the same talking points about multilateralism and “win-win” outcomes that he deployed in his last address to Davos four years ago, days before Donald Trump’s inauguration, but he also signaled that he does not intend to change course in the face of US pressure. “Each country is unique with its own history, culture and social system, and none is superior to the other,” Xi said, warning against imposing a “hierarchy on human civilization” or forcing one’s own systems onto others. China’s leaders have long embraced Davos as a forum to showcase economic reforms while sidestepping difficult questions about politics. Former Premier Li Peng visited in 1992 as China sought to
attract foreign investors in the wake of the 1989 Tiananmen massacre. Xi signaled his desire to put aside political issues which have helped drive a deterioration in ties with Western countries, including his abolition of term limits and use of “re-education” camps in the far western region of Xinjiang. “No two leaves are identical,” Xi told his online audience. Xi’s desire to set aside political differences won’t be an easy sell. On the campaign trail, Biden said China’s policies in Xinjiang were “unconscionable” and even branded Xi a “thug.” The European Union also officially labeled China as a “systemic rival” in 2019, although it went on to sign an investment deal with the Asian nation in the final days of 2020. “Xi’s efforts to pitch China as a force for multilateralism is likely received with more skepticism today than perhaps it was in 2017,” Patricia Kim, a Wilson Center global fellow, told Bloomberg TV on Tuesday. Kim cited China’s initial handling of Covid-19 and resistance to global investigation of the virus’s origins, along with its behavior toward Hong Kong, Xinjiang and Taiwan. “Global context has dramatically changed for China,” she said. “Since 2017, China’s global image has really plummeted.”
White House reaction
White House spokesman Jen Psaki said Monday that Xi’s remarks “don’t change anything” about how the administration is approaching the relationship with Beijing. Psaki said Biden’s view is that the US needs to “play a better defense” when it comes to protecting American technology and said the administration will continue to review key issues such as the investments by Chinese companies and the blacklisting of Chinese telecommunications companies.
“Those complex reviews are just starting, and I noted, they will need to go through the interagency so the State Department, the Treasury Department, a number of others who will review how we move forward,” Psaki said. “We’re starting from an approach of patience as it relates to our relationship with China.” During his speech, Xi hinted at his desire to reestablish high-level dialogue with the incoming administration, calling for countries to “enhance political trust through strategic communication.” The Chinese leader succeeded in building a cordial personal relationship with Trump even as the two powers descended into a trade war. That effort began with a trip to the former president’s Mar-a-Lago estate in April 2017 and led to the development of official dialogue tracks, which eventually disintegrated over the course of Trump’s presidency. By the time Biden was sworn-in, more than 100 officially organized exchange forums had been disbanded, companies like Huawei Technologies have been hit with export curbs and tariffs imposed on almost $500 billion of products. While Biden hasn’t given many specifics on how he’ll deal with these and other flashpoints, he has signaled a shift from confrontation to competition. In his speech, Xi steered clear of the triumphal tone evident in some of his domestic addresses in recent years. In a speech last September, Xi said China’s pandemic response demonstrated the “superiority” of China’s political system. In others, he has argued that “China is moving closer to the center of the world stage.” Still, the president spoke from a position of strength: China has been the only major economy to report growth amid the pandemic last year, and economists are forecasting an expansion of 8.3 percent this year, compared with 4.1 percent in the US. Bloomberg News
U
NITED NATIONS—The United Nations warned on Monday that the world economy is “on a cliffhanger,” still reeling from the Covid-19 pandemic whose impact will be felt for years but still expected to make a modest recovery of 4.7 percent in 2021 which would barely offset 2020 losses. The UN’s new report on the World Economic Situation and Prospects said the once-in-a-century crisis sparked by the global impact of the coronavirus caused the global economy to shrink by 4.3 percent in 2020—the sharpest contraction in global output since the Great Depression that began in 1929 and far higher than the 1.7 percent reduction during the Great Recession of 2009. “The depth and severity of the unprecedented crisis foreshadows a slow and painful recovery,” said UN chief economist Elliott Harris, the assistant secretary-general for economic development. “As we step into a long recovery phase with the roll out of the vaccines against Covid-19, we need to start boosting longer-term investments that chart the path toward a more resilient recovery—accompanied by a fiscal stance that avoids premature austerity.” According to the report, the lockdowns, quarantine measures and social distancing introduced during the second quarter of 2020 “helped to save lives but also disrupted the livelihoods of hundreds of millions of people worldwide.” By April, it said, “full or partial lockdown measures had affected almost 2.7 billion workers, representing about 81 percent of the world’s work force.” And it said another 131 million people were pushed into poverty, many of them women, children and people from marginalized communities. China, the world’s second-largest economy where Covid-19 first emerged, was the only country in the world to register positive economic growth in 2020—2.4 percent—and the UN forecasts that it will grow by 7.2 percent in 2021. Hamid Rashid, chief of the UN’s Global Economic Monitoring Branch and the report’s lead author, told a
news conference launching the report that China will account for about 30 percent of global growth in 2021. If that happens, he said, it will help many countries in Africa, Latin America and the Caribbean that supply resources and commodities to China. According to the UN forecasts, the US economy will grow 3.4 percent in 2021 after shrinking 3.9 percent in 2020, Japan’s economy will grow 3 percent this year after contracting 5.4 percent last year, and economies of Euro-zone countries will grow 5 percent in 2021 after shrinking 7.4 percent in 2020. Developing countries saw a less severe contraction of 2.5 percent last year, and the UN is forecasting a 5.7 percent rebound in 2021. The UN said “it will remain critical” that the Group of 20—the world’s 20 major economies accounting for nearly 80 percent of world output—“return to the trajectory of growth, not only to lift the rest of the world economies but also to make the world economy more resilient to future shocks.” The $12.7 trillion in global fiscal stimulus— more than half from Germany, Japan and the United States—“prevented a Great Depression-like economic catastrophe worldwide,” the UN said. “In dollar terms, stimulus spending per capita averaged nearly $10,000 in the developed countries, while it amounted to less than $20 per capita in the least developed countries,” the report said. Rashid, the UN official, said the primary goal of the fiscal stimulus was to stabilize the global economy “so there was no drying up of liquidity.”This was achieved, he said, but the secondary goal was to stimulate investments and prevent bankruptcies and “here we see significant slack.” Rashid said all the major economies saw significant increases in money supply, about 23 percent for the United States, which isn’t surprising since most stimulus money went into the financial markets because households were unable to spend the money or businesses were unable to invest because they were uncertain about the future. The big winners were stock markets, he said. AP
BusinessMirror
A6 Wednesday, January 27, 2021
ESTABLISHMENT / ADDRESS NO.
FOREIGN NATIONAL / NATIONALITY
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24/7 BUSINESS PROCESSING INC. 5th-6th-7th Flr. 81 Newport Bl Newport City Brgy. 183 Pasay City 1.
EDDY LAM YUAN KHAI Malaysian
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HOO KHIN ONN Malaysian
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KONG CHENG JIE Malaysian
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LEE WEN WEI Malaysian
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MAK JUNE ONN Malaysian
CUSTOMER SERVICE REPRESENTATIVE (CHINESE ACCOUNTS)
YAN YWIN LIKE Myanmari
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8 STONE BUSINESS OUTSOURCING OPC 5/f To 10/f, Tower 4 Pitx #01 Kennedy Road Tambo Parañaque City 7.
CHENG, XIAOFANG Chinese
MANDARIN CUSTOMER SERVICE REPRESENTATIVE
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LIANG, JINCHENG Chinese
MANDARIN CUSTOMER SERVICE REPRESENTATIVE
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OUYANG, ZHIGANG Chinese
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SUN, JIANMIN Chinese
MANDARIN CUSTOMER SERVICE REPRESENTATIVE
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TONG, TIANJIE Chinese
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WU, FAN Chinese
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WU, XIANYU Chinese
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YU, CHENGHUI Chinese
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ZHU, SHUN Chinese
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ANOC99 CORPORATION 5/f Ayala Malls Manila Bay Building D. Macapagal Blvd. Cor. Aseana Street Tambo Parañaque City 17.
CHEN, ZHOUWEN Chinese
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CHI, QIHUI Chinese
CHINESE CUSTOMER SERVICE
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DINH THI NGOC ANH Vietnamese
CHINESE CUSTOMER SERVICE
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HE, JIANXIONG Chinese
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PHAN ZAW Myanmari
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SRI DEWI KOMALA SARI Indonesian
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SU, MEIFENG Chinese
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SUN, GUANGYU Chinese
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WANG, SHAOJUN Chinese
CHINESE CUSTOMER SERVICE
CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE
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NO.
45.
YANG, GUI Chinese
MANDARIN ASSISTANT MARKETING MANAGER
80.
46.
SU, ZHICHENG Chinese
MANDARIN ASSISTANT OPERATIONS MANAGER
47.
WANG, ZHONGHUA Chinese
MANDARIN ELECTRICAL COMMISSIONING MANAGER
48.
HUANG, ZHIPENG Chinese
MANDARIN FIELD SERVICE COORDINATOR
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QI, HONGRONG Chinese
MANDARIN HEAVY LIFTING MAINTENANCE MANAGER
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WANG, YANGUO Chinese
MANDARIN QUALITY INSPECTOR
51.
LIU, RONGHUI Chinese
MANDARIN STRUCTURAL MAINTENANCE SPECIALIST
52.
LIU, ZHE Chinese
MANDARIN STRUCTURAL MAINTENANCE SPECIALIST
CHINA RAILWAY GROUP LIMITED PHILIPPINE BRANCH U-a &b 20/f Rufino Pacific Tower 6784 Ayala Ave. Cor. V.a. Rufino St. San Lorenzo Makati City 53.
QIAO, YONG Chinese
MANDARIN GENERAL MANAGER
COGNIZANT TECHNOLOGY SOLUTIONS PHILIPPINES, INC. 5th And 6th Floors, 8/10 Upper Mckinley Building Mckinley Hill Cyberpark Fort Bonifacio Taguig City 54.
MARSIUS MAMPOLANGI MALKHIZEDEK Indonesian
SENIOR PROCESS EXECUTIVE
DA SUCCESS BUSINESS TRADING INCORPORATED 2503 The Finance Centre 26th Street Corner 9th Avenue Fort Bonifacio Taguig City 55.
JIA, SHANXING Chinese
MANDARIN SPEAKING MARKETING SPECIALIST
DAXIFA CORPORATION Mpire Center 93 West Avenue Project 7 Bungad 1 Quezon City 56.
DU, XU Chinese
MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE
57.
KANG, LINCHUN Chinese
MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE
58.
LUO, JUNLIANG Chinese
MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE
59.
WAN, SHIXIONG Chinese
MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE
60.
WANG, QIANG Chinese
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61.
ZHU, LONGAN Chinese
MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE
FIRST GENPACT INFORMATION TECH. INC. Unit G-16/ M01 019/ M02 G25 Solemare Parksuites Units Bradco Avenue Tambo Parañaque City 62.
LIU, GUIXIANG Chinese
CUSTOMER SERVICE REPRESENTATIVE
CHINESE CUSTOMER SERVICE
63.
YU, CHENGFEI Chinese
CUSTOMER SERVICE REPRESENTATIVE
CHINESE CUSTOMER SERVICE
FLYING DRAGON NETWORK PHILIPPINES INC. 4th-11th Floor Aseana 3 Building Aseana Avenue Corner Diosdado Macapagal Tambo Parañaque City
CHINESE CUSTOMER SERVICE
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64.
CHEN, XIONGFEI Chinese
CHINESE CUSTOMER SERVICE REPRESENTATIVE
65.
HAN, ZHONGZHONG Chinese
CHINESE CUSTOMER SERVICE REPRESENTATIVE
66.
TU, JUNHUA Chinese
CHINESE CUSTOMER SERVICE REPRESENTATIVE
67.
WU, SHUIQING Chinese
CHINESE CUSTOMER SERVICE REPRESENTATIVE
68.
XIE, ERWEI Chinese
CHINESE CUSTOMER SERVICE REPRESENTATIVE
69.
XU, XIAOQIANG Chinese
CHINESE CUSTOMER SERVICE REPRESENTATIVE
70.
YANG, JIANXIAO Chinese
CHINESE CUSTOMER SERVICE REPRESENTATIVE
28.
WEI, CHAOYUAN Chinese
CHINESE CUSTOMER SERVICE
29.
WU, LIPING Chinese
CHINESE CUSTOMER SERVICE
30.
XU, QIANLIN Chinese
CHINESE CUSTOMER SERVICE
31.
YANG, GUIZHEN Chinese
CHINESE CUSTOMER SERVICE
32.
YUAN, DONG Chinese
CHINESE CUSTOMER SERVICE
33.
ZHAN, YUESHENG Chinese
CHINESE CUSTOMER SERVICE
34.
ZHANG, CANHUI Chinese
CHINESE CUSTOMER SERVICE
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ZHU, XUEFEN Chinese
CHINESE CUSTOMER SERVICE
72.
XU, YIBIN Chinese
CHINESE CUSTOMER SERVICE
73.
ZHU, CHENGWEI Chinese
CHINESE CUSTOMER SERVICE
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CHEN, YANYAN Chinese
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37.
NIE, JUN Chinese
MANDARIN CUSTOMER SERVICE
38.
TIAN, LEI Chinese
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WANG, GUO Chinese
71.
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CHINESE CUSTOMER SERVICE REPRESENTATIVE
GENX SPORTS & MEDIA PRODUCTION CORP. 11/f Aseana I Bldg. Bradco Ave. Aseana City Tambo Parañaque City 74.
WEI, LUOMIN Chinese
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75.
ZHANG, MAN Chinese
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YAO, LUXING Chinese
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GLOBALLGA BUSINESS PROCESS OUTSOURCING Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City 76.
42.
SHI, JINGJING Chinese
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LI, SHAOBIN Chinese
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SHAO, WEI Chinese
BLOOMBERRY RESORTS AND HOTELS INC. Solaire Resort And Casino 1 Asean Avenue, Entertainment City Tambo Parañaque City 43.
CHO, JAEWOO South Korean
DIRECTOR, MKTG INT’L KOREA
CHINA HARBOUR ENGINEERING COMPANY 5/f Rm 501 Ramon Magsaysay Center 1680 Roxas Blvd. 076, Bgy. 699 Malate Manila 44.
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The World
www.businessmirror.com.ph
Wednesday, January 27, 2021
A7
Biden bullish on vaccination drive, open to 1.5-million daily shot goal
W
A SHINGTON—President Joe Biden on Monday appeared to boost his goal for coronavirus vaccinations in his first 100 days in office, suggesting the nation could soon be injecting 1.5 million shots on an average per day. Biden signaled his increasing bullishness on the pace of vaccinations after signing an executive order to boost government purchases from US manufacturers. It was among a flurry of moves by Biden during his first full week to show he’s taking swift action to heal an ailing economy as talks with Congress over a $1.9 trillion stimulus package showed few signs of progress. Biden reiterated that he believes the country is in a precarious spot and that relief is urgently needed, even as he dismissed the possibility of embracing a scaled-down bill to secure passage faster. Among the features of the stimulus plan are a national vaccination program, aid to reopen schools, direct payments of $1,400 to individuals and financial relief for state and local governments. “Time is of the essence,” Biden said. “I am reluctant to cherry-pick and take out one or two items here.” Biden’s new vaccination target comes after he and his aides faced criticism for the 100 million goal in his first 100 days in office. The US has exceeded a pace of 1 million doses per day over the last week. “I think we may be able to get that to...1.5 million a day, rather than 1 million a day,” Biden said, “but we have to meet that goal of a million a day.” Biden added that he expects widespread availability of the vaccines for Americans by spring, with the US “well on our way to herd immunity” necessary to end the pandemic by summer. Even so, he warned the nation was going to be “in this for a while, and could see between “600,000 and 660,000 deaths before we begin to turn the corner in a major way.” As of Sunday, the federal government had distributed 41.4 million vaccine doses to states and other jurisdictions. Of that, 21.8 million doses had been administered, or about 53 percent. About 3.2 million people had received their full two-dose vaccination, a little less than 1 percent of the population. That’s according to statistics from the Centers for Disease Control and Prevention. Already, more than 420,000 Americans have
died from the coronavirus. Biden’s team held a call Sunday to outline the stimulus plan with at least a dozen senators, while the president also privately talked with lawmakers. “There’s an urgency to moving it forward, and he certainly believes there has to be progress in the next couple of weeks,” White House press secretary Jen Psaki said Monday. She warned that action needed to be taken before the US reaches an “unemployment cliff” in March, when long-term unemployment benefits expire for millions of Americans. But Republicans on Capitol Hill were not joining in the push for immediate action. One key Republican, Sen. Susan Collins of Maine, said after Sunday’s call that “it seems premature to be considering a package of this size and scope.” Collins described the additional funding for vaccinations as useful while cautioning that any economic aid should be more targeted. Senate Minority Leader Mitch McConnell, R-Ky., said Monday that “any further action should be smart and targeted, not just an imprecise deluge of borrowed money that would direct huge sums toward those who don’t need it.” Biden sought to downplay the rhetoric from GOP lawmakers, saying, “I have been doing legislative negotiations for a large part of my life. I know how the system works.” “This is just the process beginning,” he added. “No one wants to give up on their position until there’s no other alternative.” Monday’s order will likely take 45 days or longer to make its way through the federal bureaucracy, during which time wrangling with Congress could produce a new aid package. That would be a follow-up to the roughly $4 trillion previously approved to tackle the economic and medical fallout from the coronavirus. The order was aimed at increasing factory jobs, which have slumped by 540,000 since the pandemic began last year. “America can’t sit on the sidelines in the race for the future,” Biden said before signing the order in the Eisenhower Executive Office Building. “We’re ready, despite all we’re facing.” Biden’s order would modify the rules for the Buy American program, making it harder for contractors to qualify for a waiver and
sell foreign-made goods to federal agencies. It also changes rules so that more of a manufactured good’s components must originate from US factories. America-made goods would also be protected by an increase in the government’s threshold and price preferences, the difference in price over which the government can buy a foreign product. It’s an order that channels Biden’s own blue-collar persona and his promise to use the government’s market power to support its industrial base, an initiative that former President Donald Trump also attempted with executive actions and import taxes. “Thanks to past presidents granting a trade-pact waiver to Buy American, today billions in US tax dollars leak offshore every year because the goods and companies from 60 other countries are treated like they are American for government procurement purposes,” said Lori Wallach, director of Public Citizen’s Global Trade Watch and a critic of past trade agreements. While Trump also issued a series of executive actions and tariffs with the goal of boosting manufacturing, he didn’t attempt to rewrite the guidance for what constitutes a US-made component or tighten the process for granting exemptions to buy foreign goods, a key difference from Biden’s agenda, Biden’s administration said. The order also has elements that apply to the separate Buy America program that applies to highways and bridges. It aims to open up government procurement contracts to new companies by scouting potential contractors. The order would create a public website for companies that received waivers to sell foreign goods to the government, so that US manufacturers can have more information and be in a more competitive position. Past presidents have promised to revitalize manufacturing as a source of job growth and achieved mixed results. The government helped save the automotive sector after the 2008 financial crisis, but the number of factory jobs has been steadily shrinking over the course of four decades. The number of US manufacturing jobs peaked in 1979 at 19.5 million and now totals 12.3 million, according to the Labor Department. AP
EU pressures AstraZeneca to deliver jabs as promised
B
RUSSELS—The European Union lashed out Monday at pharmaceutical company AstraZeneca, accusing it of failing to guarantee delivery of coronavirus vaccines without valid explanation, and threatened to impose tight export controls within days on Covid-19 vaccines made in the bloc. Health Commissioner Stella Kyriakides said the EU, already facing heavy criticism for a slow vaccine rollout around its 27 nations, “will take any action required to protect its citizens and its rights.” The EU, which has 450 million citizens and the economic and political clout of the world’s biggest trading bloc, is lagging badly behind countries like Israel and Britain in rolling out coronavirus vaccine shots for its health care workers and most vulnerable people. That’s despite having over 400,000 confirmed virus deaths since the pandemic began. The shortfall of planned deliveries of the AstraZeneca vaccine, which is expected to get medical approval in the bloc on Friday, combined with hiccups in the distribution of Pfizer-BioNTech shots is putting EU nations under pressure. “EU member states are united: vaccine developers have societal and contractual responsibilities they need to uphold,” Kyriakides said after two tense negotiating sessions with AstraZeneca that ended late Monday. Both sides will reconvene Wednesday. The backlog is all the more galling since Kyriakides said the EU had paid 2.7 billion euros ($3.28 billion) to several pharma companies to back the rapid development and ramp up the production potential of several vaccines. She said Monday ’s talks ended “in
dissatisfaction with the lack of clarity and insufficient explanations.” The open lack of trust contrasted sharply with the exultant tone only a few months ago when the leading pharma giants made quick and massive strides toward a vaccine against a pandemic the likes of which had not been seen in over a century. “With our Member States, we have requested from [AstraZeneca] a detailed planning of vaccine deliveries and when distribution will take place,” she said in a Twitter message. Kyriakides immediately got the support from the bloc’s largest member on the vaccine export controls plan. “We, as the EU, must be able to know whether and what vaccines are being exported from the EU,” German Health Minister Jens Spahn said. “Only that way can we understand whether our EU contracts with the producers are being served fairly. An obligation to get approval for vaccine exports on the EU level makes sense.” Humanitarian deliveries would be exempt. European Commission President Ursula von der Leyen held urgent talks with AstraZeneca chief Pascal Soriot, and EU nations also met with AstraZeneca to encourage the British-Swedish company to ramp up its vaccine production and meet its contractual targets. The EU has committed to buying 300 million AstraZeneca doses with option on 100 million extra shots. Late last week, the company said it was planning to reduce a first contingent of 80 million to 31 million. Th e Eu ro p e a n M e d i c i n e s Ag e n c y i s scheduled to review the Oxford-AstraZeneca coronavirus vaccine Friday and its approval is hotly anticipated. The AstraZeneca vaccine
is already being used in Britain and has been approved for emergency use by half a dozen countries, including India, Pakistan, Argentina and Mexico. AstraZeneca’s announcement that it will deliver fewer vaccines to the EU early on has only increased pressure on the bloc, especially since Pfizer-BioNTech, the first vaccine to get EU approval, failed last week to keep up its promised deliveries to the EU. Pfizer has temporarily reduced vaccine deliveries to the EU and Canada as it revamps its plant in Belgium to increase overall production. Italy has threatened to sue Pfizer for the delays. The political pressure started with von der Leyen’s phone call to the AstraZeneca chief. “She made it clear that she expects AstraZeneca to deliver on the contractual arrangements foreseen in the advance purchasing agreement,” said her spokesman Eric Mamer. “She reminded Mr. Soriot that the EU has invested significant amounts in the company up front precisely to ensure that production is ramped up even before the conditional market authorization is delivered by the European Medicines Agency.” The company said in a statement that Soriot “stressed the importance of working in partnership and how AstraZeneca is doing everything it can to bring its vaccine to millions of Europeans as soon as possible.” The delays will make it harder to meet early targets in EU’s goal of vaccinating 70 percent of its adult population by late summer. The EU has signed six vaccine contracts for more than 2 billion doses, but only the PfizerBioNTech and Moderna vaccines have been approved for use so far. AP
A8 Wednesday, January 27, 2021 • Editor: Angel R. Calso
Opinion BusinessMirror
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editorial
Collective action needed against ASF
T
he plan to impose a price ceiling on pork and chicken would certainly give consumers a reprieve from sharp spikes in the cost of food (See, “DA, DTI pin hopes on price-freeze order on pork and chicken,” in the BusinessMirror, January 26, 2021). A price freeze will benefit the so-called Bottom 30 of the population who spend more than 50 percent of their earnings for food. Small businesses that rely on wet markets for meat products will also get a reprieve from exorbitant prices. The push for a price freeze on meat products and other agricultural produce came after government data indicated that wet markets and even supermarkets in Metro Manila are retailing pork at record prices in recent weeks. The tight pork supply is affecting other meat products as consumers were forced to look for alternatives for their favorite source of protein. The price situation was aggravated by high prices of vegetables, particularly those sourced from areas struck by the successive typhoons last year. A price freeze, however, is just a temporary measure, one that should give the government enough elbow room to fix the issues that are hampering the delivery of food products to urban areas. Of particular concern is the dreaded African swine fever, which has struck hog farms in Luzon and in some areas in Mindanao. More than a year after the government first confirmed the presence of ASF in hog farms in Rizal, the Philippines continues to grapple with the disease that is fatal to hogs. According to the government’s report to the World Animal Health Organization or OIE dated September 2020, the sources of infection are swill feeding, illegal movement of animals, and fomites on humans, vehicles, and feeds. The government said containing the hog disease presents a huge challenge, given the fact that it can live for days in rubber tires, shoes and in chilled meat. The hog disease is so vicious that it threatened to wipe out the hog population of China, the world’s top producer of pork. As China continues to struggle with ASF, it would have to rely on other sources of pork, which is also a favorite source of protein of the Chinese. The discovery of two new strains of ASF could pose a threat to China’s pork production. This would consequently put a pressure on global supply and international prices and make it more expensive for countries like the Philippines to import pork. The government is now taking additional steps to combat the hog disease (See, “Rapid test kit seen boosting fight against ASF,” in the BusinessMirror, January 25, 2021), but it must do more to eradicate ASF and stabilize the domestic supply of pork. For one, government must ensure the compliance of hog raisers and traders with the biosecurity protocols put in place to prevent the spread of the hog disease, including the proper disposal of dead hogs. The cooperation of hog raisers and the public is crucial if the Philippines is to win the war against ASF. No less than the country’s food security is now at stake. Since 2005
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Aurora C. Ignacio
All About Social Security
S
ince the Social Security System (SSS) announced late last year the implementation of a 1-percent increase in contribution rate for 2021, we have received calls for its postponement from various groups—particularly from the labor and employers sectors—as the country is still facing the health and economic crises brought about by the Covid-19 pandemic.
Being the primary agency that manages and facilitates the private sector pension fund, we at SSS remains cognizant of our responsibility to our 38.8 million members from the private sector and almost 2.8 million pensioners. Last Thursday, January 21, 2021, we were invited to attend the House Committee Hearing on Government Enterprises and Privatization chaired by Parañaque Rep. Eric L. Olivarez, to explain our position on several House bills proposing to defer and/or altogether stop the implementation of the increase in member-contribution as authorized under Republic Act 11199, otherwise known as the Social Security Act of 2018. I was with some of our top officials from the Actuary, Legal and Operations Group to address the matter. For this column, I would like to share parts of the Opening State-
ment I read during the committee hearing: “At the outset, however, we would like to state that the provisions of the bills tend to weaken, rather than strengthen the SSS, especially in these difficult times. “The SSS, therefore, respectfully expresses its opposition to the proposals because of their expected adverse financial impact to the financial health of the SSS, and eventually, on the benefits of pensioners, members, and their beneficiaries. “As the Honorable Committee may know, the SSS has implemented various Bayanihan measures as its institutional response to the Covid-19 emergency. These included the extension on contribution payment deadline, advance pension, Covid-19 calamity loan, unemployment insurance benefit and moratorium on loan payments. These have posed considerable strain on our liquidity, with the financial
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outflows outpacing the inflows. “Postponing or stopping the implementation of the increase in member contribution will further exacerbate our already dire financial position. Our studies show these actions will lead to the following: n A projected loss of P41.37billion in Y2021 contributions, increasing annually, in the event of suspension of implementation of contribution increase; n A projected deficit of P14.90billion in Y2021 (inflow vs. outflow); and; n Increasing unfunded liabilities that are already running in trillions of pesos. “We submit that the additional peso contributions are relatively small, ranging between P15 and P100 for employed members; between P30 and P200 for self-employed and voluntary members; and between P80 and P200 for OFW members. “Pre-determined contribution schedule is a long overdue reform, which will serve to offset the financial impact of improved and expanded benefits that the SSS has provided since 2017. Apart from the emergency Covid pandemic responses, these are the additional P1,000 monthly benefit allowance, expanded maternity benefit and unemployment insurance benefit, with no corresponding additional funding. “When put together, the minimal scheduled increase in contributions would be equivalent to around P41 billion in benefits and loans to 3.3 million beneficiaries. This amount should continue to enable the SSS
to provide even more benefits and loans for the greater good of the SSS members, both present and future ones. “At this time of the Covid-19 pandemic, when members and pensioners have clamored for heightened benefits, including allowable loans, we would expect that proposed measures should clearly strengthen the SSS, not weaken it financially. Stopping the collection of this considerable amount would clearly weaken our institution established to provide social protection. “We, therefore, urge everyone to join us as we take a long hard look at our fiduciary duty to shore up the capacities of the SSS, and continue to effectively secure our members in times of unwanted shock situations and contingencies, through a responsive lifeline they themselves created and maintain through their hard-earned contributions.” At this point, I would like to extend our gratitude to the House of Representatives for giving us the opportunity to air our side. We now entrust our case to the President, and will accept whatever decision he may take regarding our appeal. As always, we are good soldiers, ready to follow and take orders as we give respect and honor to authority. A blessed week ahead for everyone. Aurora C. Ignacio is SSS president and chief executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.
Academic freedom and the termination of the UP-DND Accord
T. Anthony C. Cabangon
BusinessMirror is published daily by the Philippine Business Daily Mirror
MEMBER OF
SSS appeals for impartial decision
Kuwentong kule
#
DefendUP and #DefendAcademicFreedom became trending hashtags for the past few days due to the sudden, arbitrary, and unilateral termination by the Department of National Defense of the so-called 1989 University of the Philippines (UP)DND Accord. The UP-DND Accord was signed on June 30, 1989 by then UP President Jose Abueva and then Secretary of Defense Fidel V. Ramos, which established certain norms and protocols governing relations between the university and military and police forces. These protocols include, among others, that prior notification shall be given by the AFP or the PNP to the UP administration before conducting any military or police operations in any of the UP campuses of the eight UP constituent universities, and that, except in cases of hot pur-
suit or similar emergencies or ordinary transit through UP premises, no member of the AFP or PNP shall enter the premises of any of the UP campuses. The UP-DND Accord was preceded by the Soto-Enrile Accord of 1981, which stemmed from a letter from then Defense Minister Juan Ponce Enrile to former League of Filipino Students national chair Sonia Soto. This was intended to protect schools and their students, faculty and staff from police and military incursions intended to suppress dissent and protest actions.
It was also through the activism of our generation, led by the Sandigan Para sa Mag-aaral at Sambayanan (SAMASA) and the Nagkaisang Tugon (TUGON), that the 1981 SotoEnrile Accord and the 1989 UP-DND Accord were executed. SAMASA and TUGON were major student political parties during my student days in the 1980s and 1990s at the UP Diliman. The stated objective of the unilateral termination is to “reach out to the youth” and “see their Armed Forces and Police as protectors worthy of trust, not fear.” Ironically, it had an opposite outcome as the DND has earned the reputation as the antagonist of academic freedom due to its overbroad accusations that UP as well as other universities are hotbeds of recruitment by the New People’s Army (NPA). The government has been releasing propaganda materials maliciously associating critical thinking and dissent to extremism or terrorism. In a joint statement, former members of SAMASA and TUGON stressed that the termination is an assault on the academic freedom
and institutional autonomy that are guaranteed by Republic Act 9500 (Declaring UP as the National University). I am one of the signatories as part of SAMASA. As intellectual liberty is foundational to democracy, from it springs the great freedoms guaranteed by the Constitution to each and every Filipino: free speech and expression, a free press, freedom of association, religious freedom, the right to assemble for the redress of grievances, and academic freedom, the statement said. And in no place should academic freedom be most zealously guarded than in our schools and universities, where it stands as the first protection of the unfettered life of the mind. The statement stressed that the right to study and think freely, to discuss and debate, challenge and interrogate the assumptions and prescriptions of ideas even from the extreme ends of the ideological spectrum, must be unhampered by such insidious tags and labels as “red,” “communist,” or “terrorist.” Academic freedom is the freedom of an academic institution through See “Gorecho,” A9
Opinion BusinessMirror
www.businessmirror.com.ph
Wednesday, January 27, 2021 A9
Under Biden, China faces Adversity quotient and the pandemic renewed trade pressure By Joe Mcdonald & Paul Wiseman
Dr. Carl E. Balita
AP Business Writers
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EIJING—The US-Chinese trade war isn’t going away under President Joe Biden. Biden won’t confront Beijing right away, economists say, because he wants to focus on the coronavirus and the economy. However, Biden looks set to renew pressure over trade and technology grievances that prompted President Donald J. Trump to hike tariffs on Chinese imports in 2017. Negotiators might tone down Trump’s focus on narrowing China’s multibillion-dollar trade surplus with the United States and push harder to open its state-dominated economy, which matters more in the long run, economists say. But no abrupt tariff cuts or other big changes are expected. “I think Biden will focus more on trying to extract structural reforms,” said Louis Kuijs of Oxford Economics. “It’s going to take some time before we get any shift or explicit announcements.” Biden is evaluating tariffs on Chinese goods and wants to coordinate future steps with allies, White House spokeswoman Jen Psaki said Monday. She gave no indication of possible changes. “The president is committed to stopping China’s economic abuses,” Psaki said. Trump acted on complaints that are shared by Europe and other traders, but Washington has little to show for its bruising war. It brought President Xi Jinping’s government to the bargaining table but roiled global trade, raised consumer prices and wiped out jobs. The last major development was a year ago, when Beiing promised in the “Phase One” agreement of January 2020 to buy more soybeans and other US exports and stop pressuring companies to hand over technology. China fell short on those purchases. Amid the coronavirus turmoil, it bought about 55 percent of what it promised. As for tech policy, some economists say those changes matter but question whether it counts as a win. They say Beijing might have made them anyway to suit its own plans. China faces more opposition than ever in Washington due to its trade record, territorial disputes with neighbors, crackdown on Hong Kong, reports of abuses against ethnic Muslims and accusations of technology theft and spying. “The ground has shifted in a significant way,” said Nathan Sheets, a former Treasury undersecretary for international affairs in the Obama administration. Katherine Tai, Biden’s choice to succeed US Trade Representative Robert Lighthizer, sounded a hawkish note on China in a speech this month. “We face stiffening competition from a growing and ambitious China,’’ said Tai. “A China whose economy is directed by central planners who are not subject to the pressures of political pluralism, democratic elections or popular opinion.’’ That means China has to make changes if wants to make progress, said Raoul Leering, global trade analyst for ING. He said that while many of Trump’s statements were “close to nonsense,” he was right that China has more trade barriers and official intervention in the economy than the United States. “It will depend on China, the speed at which they reform and change policies, to see whether Biden will roll back trade barriers,” he said. Chinese officials say they want better relations but have announced no potential concessions. Foreign Ministry Wang Yi, quoted by the official Xinhua News Agency, expressed hope Washington “will regain its rationality.” A foreign ministry spokeswoman, Hua Chunying, appealed to Washington to “bring China-US relations back to the right track of development as soon as possible.” After 2 1/2 years and 13 rounds of talks, negotiators have yet to tackle
one of the biggest irritants for China’s trading partners—the status of politically favored state companies that dominate industries from banking to oil to telecoms. Europe, Japan and other governments criticized Trump’s tactics but echo complaints that Beijing steals technology and breaks market-opening promises by subsidizing and shielding companies from competition. Those complaints strike at the heart of a state-led development model Communist Party leaders see as the basis of China’s success. They are building up “national champions” such as PetroChina Ltd., Asia’s biggest oil producer, and China Mobile Ltd., the world’s biggest phone carrier by subscribers. The party in 2013 declared state industry the “core of the economy.” Outside the state sector, the party is nurturing industrial leaders in solar power, electric cars, next-generation telecoms and other fields. Beijing could offer to drop its claim to being a developing economy, a status it insists on despite having become one of the biggest manufacturers and a middle-income society, Leering said. Under WTO rules, that allows the Communist Party to protect industries and intervene more in the economy. Giving that up “would be a very important gesture,” Leering said. Trump’s opening shot in 2017 was a tax hike on $360 billion worth of Chinese imports. Beijing retaliated with tariff hikes and suspended soybean imports, hitting farm states that voted for Trump in 2016. The US trade deficit with China narrowed by by 19 percent in 2019 over a year earlier and by 15 percent in the first nine months of 2020. That failed to achieve Trump’s goal of moving jobs to the United States. Importers shifted instead to Taiwan, Mexico and other suppliers. The total US trade deficit dipped slightly in 2019, then rose nearly 14 percent through November last year. Meanwhile, the Congressional Budget Office estimates tariff hikes cost the average US household nearly $1,300 last year. Businesses postponed investments, undoing some of the benefits of Trump’s 2017 corporate tax cut. A study by the US-China Business Council and Oxford Economics found the US economy lost 245,000 jobs due to the tariffs. It said even a modest reduction would create 145,000 jobs by 2025. Trump stepped up pressure by cutting off access to US technology for telecom equipment giant Huawei Technologies Ltd. and other companies seen by American officials as possible security risks and a threat to US industrial leadership. Americans were ordered to sell shares in Chinese companies Washington says have links to the military. The Communist Party responded by vowing to accelerate its two-decade-old campaign to make China a self-reliant “technology power.” Psaki, the White House spokeswoman, said Biden also was reviewing those issues but gave no indication of possible changes. Biden wants to hold Beijing accountable for “unfair and illegal practices” and make sure American technology doesn’t facilitate its military buildup, Psaki said. Biden’s envoys have the option of fine-tuning Trump’s penalties by dropping some in exchange for Chinese policy changes, said Kuijs. But he and other economists say rolling back tariffs and curbs on access to technology and financial markets is unlikely to be a priority.
Entrepreneurs’ Footprints
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T has been established that intelligence is neither limited to what academics can prove nor what humans can display as emotional control and self-mastery. There is a form of intelligence that determines if one can go pass through the turbulence of life and ascend towards success and happiness, no matter what. This intelligence is called adversity quotient. The Covid-19 pandemic is probably the worst adversity that modern humanity has collectively faced so far. It may have not caused more deaths and worst economic effects than the previous world wars but the pandemic is so massive in impact that it spared no one. While humanity was busy bracing to face the disruption brought about by the Fourth Industrial Revolution, the invisible enemy rendered the advanced science and technology to retreat and challenged the whole of humankind to face the unprecedented adversity. Survival is never enough for people who can turn adversities into opportunities. With vision anchored on dream and sustained amid adversity, the helplessness and hopelessness maybe transformed into hopefulness and helpfulness.
Adversity Quotient as a Theory
Dr. Paul Stoltz, in 1997 introduced AQ and asserted that success in life is largely determined by AQ. Citing that neither intelligence quotient (IQ) and emotional intelligence (EQ) appear to determine one’s success, he presents AQ as a complementary conceptual framework for understanding and enhancing all facets of success, as well as a scientifically-grounded tool to measure how one responds to adversity. AQ tells us how well one withstands adversity and the ability to surmount it. It also predicts who will overcome and who will be crushed by adversity. It becomes an indi-
cator of who will exceed and who will fall short of the expectations of performance. AQ predicts who gives up and who prevails. AQ is anchored on Cognitive Psychology, Neurophysiology and Psychoneuroimmunology.
The Quitter, the Camper and the Climber
A core human drive is to ascend— to move forward and upward. This purpose becomes the spark of the profound energy towards what is important in one’s life. Successful people share the profound urge in striving to make progress, and in achieving goals to fulfill dreams. But even if it is core human drive to ascend, the mountaintop remains uncrowded by peak achievers, while the base of the mountain remains comparatively populated. Examining the three types of people in the journey towards the ascent, we find individuals with different responses to enjoy varying levels of success and joys in their lives. We encounter quitters—people who choose to opt out, cop out, back out and drop out. They abandon the climb. They ignore, mask, or desert their human drive to ascend. They just do enough to get by. They lead compromised lives, abandoning their dreams to take the easy path. In the end, they suffer far greater pain than that which they attempted to avoid in climbing. They use the language of limitations full of excuses. There are also campers—those who go only so far to become weary
and terminate the ascend upon the discovery of a smooth comfortable plateau on which to hide from adversity. They took on the challenge to climb and gain some grounds and the partial ascent may be viewed as some degree of success, feeling quite contented trading off between sacrificing the “what could be” to hang onto an illusion of keeping the “what is.” Campers create a “comfortable prison” in the camp yard, satisfied with sufficing rather than striving. They are strongly motivated by comfort in their cozy little camp yard and by fear of losing ground. Over time, the campers lose the ability to climb, until they lose grounds because they stop learning, growing and achieving. Hence, they do not reach their full potential. Then there are the climbers who are dedicated to lifelong ascent; these are the types of people that live life fully. They are possibility thinkers, never allowing any obstacle to get in their way to ascend, who never forget the power of the journey over the destination. Climbers feel a deep sense of purpose and passion for what they do. They acknowledge that setbacks are natural part of the ascent and that change is inevitable but since they are catalyst for action, they make things happen. As they grow weary in the climb, climbers rejuvenate and re-energize for the ascent ahead towards their envisioned mountaintop. They understand adversity as part of life—by avoiding adversity, one avoids life. AQ separates climbers from campers and quitters. When the going gets tough, quitters give up and campers entrench, while climbers dig in and ascend.
The CORE of AQ
AQ is comprised of four elements of CO2RE in an acronym, namely control, origin and ownership, reach and endurance. People with high AQ display the internal and highly individual perception of greater control over one’s life events making them ready to take action, which results in more control. Those with sense of control develop resilience and grit.
O2 stands for origin and ownership. It asks two questions: who and what was the origin of the adversity? And to what degree do I own the outcomes of the adversity? People with high AQ consider the external origin or source of adversity with a measured dose of accurate and fair degree of self-blame to put their own role into a proactive perspective. People with high AQ have higher ownership of the outcomes through the adversity, regardless of its origin. Owning the outcomes reflects accountability, which enlarges control, empowerment and motivation that propel action. Reach refers to how far adversity extends into other areas of one’s life. People with high AQ limit the reach of the problem to the situation at hand. They contain or compartmentalize the reach of the adversity, and, in effect, feel more empowered and less overwhelmed. They will be able to think clearly, focus and take action. Endurance asks the question “how long will the cause of the adversity, and this adversity last?” People with high AQ consider adversity and its causes to be temporary, fleeting and unlikely to recur, which in effect bolster their ability to survive life’s darkest moments and greatest challenges like this pandemic.
AQ and the Pandemic
We are facing a pandemic we cannot control, but our responses to the situation are choices we may control. We cannot blame ourselves for the pandemic, but can decide not to contribute to its spread. We take accountability for our actions, which reach and effect should be limited to some limited areas of our lives, but not in all areas of our lives. And our endurance is derived from our reasonable optimism that this pandemic and its effects are temporary and fleeting, and its recurrence is least likely because of the lessons we are learning neither as quitters nor as campers but rather as climbers who will leave footprints in our ascent to become greater human beings. For feedback, please send e-mail to drcarlbalita@yahoo.com.
Biden walking a high wire with Russia ahead of Putin call
arrest of opposition figure Alexei Navalny and the weekend crackdown on his supporters, raise charges that Russian security services were behind the recent massive cybersecurity breach, and press allegations that Russia offered the Taliban bounties to kill American troops in Afghanistan. At the same time, Biden must be mindful of his own proposal to extend for five years the last remaining US-Russia arms control treaty that is due to expire in early February. On Monday, Biden told reporters that he had not yet decided how to respond to the Navalny situation but expressed hope that the US and Russia could cooperate in areas where both see benefit. “I find that we can both operate in the mutual self-interest of our countries as a New START agreement and make it clear to Russia that we are very concerned about their behavior, whether it’s Navalny, whether it’s SolarWinds or reports of bounties on heads of Americans in Afghanistan,” Biden said.
Biden has already ordered the intelligence community to launch reviews of each of those issues, according to the White House, which on Friday said the US proposal to extend New START would be accompanied by a reckoning on the other matters. That approach has met with approval from some former US diplomats who have dealt with Russia and are looking forward to how Biden’s team, including national security adviser Jake Sullivan and his nominee to be the No. 3 at the State Department, Victoria Nuland, delineate the contours of Russia policy. Nuland, in particular, is reviled by Putin and his aides for her support of pro-Western politicians in Ukraine and held the Europe portfolio at the State Department in President Barack Obama’s second term. She and Sullivan are said to share opinions about how to deal with Moscow, taking a tough line on human rights and Russia’s intentions in eastern and central Europe while keeping an open channel to the Kremlin on other matters. But their starting position is complicated, they say, particularly given Putin’s experience in dealing with Trump, who frequently undercut his own administration’s hawkish stance on Russia by privately trying to cozy up to the Russian leader. “It’s hard but it’s doable,” said Daniel Fried, a US ambassador to Poland and assistant secretary of state for European
affairs in the George W. Bush administration. “They’re going to have to figure this out on the fly, but it’s important to pursue New START without hesitation and push back on the Navalny arrest and other issues without guilt.” “They need to do both and not let Putin tell them he won’t accept New START unless they drop Navalny, SolarWinds or Afghanistan,” said Fried, who is now with the Atlantic Council. “You have to push back and you can’t let Putin set the terms.” Putin, however, may be cautious given his uncertain domestic standing in the aftermath of the pro-Navalny protests that took place in more than 100 cities over the weekend. Biden’s team has already reacted strongly to the crackdown on Navalny supporters over the weekend in which more than 3,700 people were arrested at the demonstrations across Russia, including more than 1,400 in Moscow. Navalny, an anti-corruption campaigner and Putin’s fiercest critic, was arrested Jan. 17 as he returned to Russia from Germany, where he had spent nearly five months recovering from nerve-agent poisoning that he blames on the Kremlin. Russian authorities deny the accusations. White House press secretary Jen Psaki and State Department spokesman Ned Price have urged the immediate and unconditional release of Navalny, as well as those who were detained in the crackdown.
pression, where students and teachers can discuss freely without fear of censorship or retaliation. The university has taught us the vision of service to the people. The campus molded us to fight for the causes we believe in, trained us for the skills we need to communicate ideas and rally others to effect changes in society. However, UP doesn’t control the lives of its students outside the campus. It does have a say on its curriculum, and the faculty that
implements it, and to this extent, it controls their education. But not a step farther. What the students choose to do with their education, for ill or good, is entirely up to them. Any form or semblance of militarization must be rejected on campuses since they have a chilling effect deleterious to academic freedom that would cause people to hesitate to exercise a legitimate right for fear of legal repercussions. The unbridled entry of the po-
lice and other military forces in the university would instill fear and curtail freedom, therefore threatening to destroy the very essence of a university. Without academic freedom, UP would lose its meaning and purpose.
By Matthew Lee | AP Diplomatic Writer
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ASHINGTON—President Joe Biden has been quickly thrown into a high-wire balancing act with Russia as he seeks to toughen his administration’s stance against Vladimir Putin while preserving room for diplomacy in a post-Donald J. Trump era.
The relationship is sure to be different than the one Putin enjoyed with Trump, who was enamored of the Russian leader and sought his approval, casting doubt on Russian interference in the 2016 elections and involvement in a massive hack last year. Despite this conciliatory approach, his administration toed a tough line against Moscow, imposing sanctions on the country, Russian companies and business leaders for issues ranging from Ukraine to energy supplies and attacks on dissidents. Unlike his immediate predecessors, Biden has not held out hope for a “reset” in relations with Russia but has instead indicated he wants to manage differences with the former Cold War foe without necessarily resolving them or improving ties. And, with a heavy domestic agenda and looming decisions needed on Iran and China, a direct confrontation with Russia is not something he seeks. When Biden first speaks with Putin, he’s expected to call Putin out for the
Gorecho. . .
continued from A8
its faculty, researchers and students to search for the truth, and to pursue knowledge, wherever it may lead without unreasonable interference or restriction from the state, church or public pressure. All educational institutions must be maintained as safe havens for civilized and intelligent discourse of all beliefs and forms of democratic ex-
Kule is the monicker of Philippine Collegian, the official student publication of UP Diliman. Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@sapalovelez.com, or call 0917-5025808 or 0908-8665786.
A10 Wednesday, January 27, 2021
Neda, business groups pitch key reforms ahead of Cha-cha
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By Cai U. Ordinario @caiordinario & Jovee Marie N. dela Cruz @joveemarie
HE National Economic and Development Authority (Neda) has appealed to Congress to pass key economic reform bills before embarking on economic Charter change, an advocacy that some business groups indirectly support with their pitch for timely passage of liberalization bills.
If Charter change is not possible during the 18th Congress, Cabinet members and business groups said Congress can instead pass such liberalization measures that also seek to open the economy to foreign investments. John Forbes, senior sdviser, American Chamber of Commerce of the Philippines Inc. (AmCham) and Joint Foreign Chambers of the Philippines (JFC), said the business group supports the proposal in Resolution of Both Houses 2 to insert phrase “unless otherwise provided by law,” to leave responsibility for further reform to future Congresses. “This signals openess but will not result in significant new FDI
until corrective laws are enacted. Historically, it takes several congresses to complete investment and regulatory reform,” he said. With this, Forbes recommended the immediate enactment of other measures that also provide new FDI opportunities such as the amendments to the Public Service Act (PSA) and Retail Trade Liberalization (RTL), and programs that increase competitiveness to surpass levels of FDI achieved by the country’s neighbors. He said several sectors will benefit from the removal of foreign equity restrictions, such as advertising, education, energy, manufacturing, media, retirement, telecommunication and transportation.
The House of Representatives has already moved with the amendments to the Public Service Act, the Foreign Investment Act, and the Retail Trade Liberalization Act and Corporate Recovery and Tax Incentives for Enterprises Act (CREATE), which are seen to open up the country for foreign investment significantly. The first three measures are pending with the Senate while the CREATE is with a bicameral committee. Trade Secretary Ramon Lopez said Congress should “equally look” with favor on the ongoing legislative actions that will likewise open the restrictions, such as the modifications to the RTL and PSA, “if only to improve investment inflows in the country and equalize opportunities with our Asian neighbors.” “Modifying the current Retail Trade Liberalization Act will boost foreign investments in the Philippine retail industry through amendments that lower the minimum paid-up capital requirement for foreign-owned businesses. This would give the country greater access to diverse consumer products, more competition among retailers, more retail market access and lower entry cost for MSME products and services, further technology and skills transfer, and additional
jobs for Filipinos,” he said. Lopez said liberalizing the present PSA by refining or limiting what constitutes a public utility may take certain industries out of the coverage of the constitutional limitations on foreign ownership. For example, should legislators “deem it proper to remove power generation, water infrastructure, irrigation facilities, sewerage systems, or telecom from the coverage of the Public Service Act, restrictions in these industries would be eased, and would allow for much needed productivity and competitiveness enhancements in various industries through foreign investments and technology flows,” he said. With a nod to CREATE, he thanked members of Congress “for helping us work towards modernizing the Philippines’s corporate tax and incentives system. We consider CREATE as a game-changer that will help the country’s economy recover much faster and stronger, with the immediate reduction of corporate income tax rates, and modernized set of performancebased, focused and timebound incentives along with the removal of nationality requirements and export-bias inherent in our current incentive system.” Continued on A2
GUIDELINES ON VIRTUAL ASSET SERVICE PROVIDERS OKAYED
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HE Ba ng ko Sent ra l ng Pilipinas (BSP) announced on Tuesday that it has approved the guidelines on virtual asset service providers (VASP) to promote financial innovation. VASPs are defined by the Financial Action Task Force (FATF) as businesses that facilitate virtual asset (VA) activities on behalf of their clients. These guidelines amended the regulations on virtual currency exchanges (VCE) that were issued in 2017. “We have seen accelerated growth in the use of VCEs in the past three years and it is high time that we broaden the scope of existing regulations in recognition of the evolving nature of this financial innovation and set out commensurate risk management expectations,” BSP Governor Benjamin Diokno said. The framework expanded the activities subject to the licensing regime of the BSP. Initially, BSP’s scope only covered those involved in facilitating the exchange of fiat and VA. With the new guidelines, the exchange between one or more forms of VAs, transfer of VAs and safekeeping and administration of VAs or instruments enabling control over VAs are now subject to the
Controversial party in Baguio had LGU’s approval–sources By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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HE Department of Tourism (DOT) has launched an investigation into the party hosted by a so-called social-media influencer in a Baguio City hotel, following reports and videos of the flamboyant unsocially-distanced mass gathering on the Internet. “The DOT-Cordillera Administrative Region is currently investigating the reported party at a DOT-accredited accommodation establishment in Baguio City. A Notice to Explain has already been issued to the establishment,” said Tourism Secretary Bernadette Romulo Puyat in a Viber message to the BusinessMirror. Netizens have been having a field day over photos and videos shared by celebrity socialite Tim Yap, showing him garbed in an Ifugao headdress and sablay riding on a white horse, escorted by Ifugao natives in traditional wear. The birthday party on January 18 was held at The Manor at Camp John Hay, and included KC Concepion, daughter of Megastar Sharon Cuneta and 1980s-era matinee idol Gabby Concepcion.
Organized by former DOT exec?
Meanwhile, this paper’s various sources said the birthday party was organized by a former DOT official, although they declined to disclose the person’s identity. Also, sources said, “there were smaller parties every evening” starting January 16, “with invited friends/inhouse guests [limited guests only based on IATF guidelines]” leading up to the grand birthday party on January 18. The same sources disclosed “there was an approval letter from the city for all events” of Yap’s group. Baguio City Mayor Benjamin Magalong has yet to make a state-
ment on the controversy. Baguio City, which was the first destination to open for tourism, has 4,585 confirmed Covid-19 cases, and 13,195 suspected cases undergoing a 14-day quarantine. However, the Cordillera Administrative Region, to which Baguio belongs, now has 10,491 confirmed Covid-19 cases, including a new variant similar to that of the United Kingdom’s.
Unequal treatment of VIPs hit
Netizens were furious that the party was held without proper social distancing, with many guests not wearing any masks. Yap’s posts on Facebook, however, stressed that all the guests took RT-PCR tests. He did not say if the test results were all negative. A neonatologist and pediatrician in Baguio who goes by @simply_clinton, posted on Twitter: “Rewatching that party video of Tim Yap and again Im shaking in anger. Daming hindi naka-mask sa mga guests. Meron kasi dito sa Baguio, ordinaryong civilian, nagbaba lang ng mask para uminom, hinuli! Pero etong mga VIPs, lantarang hindi nagsuot ng masks, Pero scot-free!” Katrina Stuart Santiago who tweets with the handle @radikalchick also called out the apparent insensitivity of Yap’s group: “That was a bubble created precisely to sell tourism and Baguio. The question is not whether they should be partying or traveling. The question: should rich influencers even be doing this at all, at a time when people are DYING? The answer is NO. #TimYap” On January 22, the Taguig local government closed down a restaurant, La Picara, after videos circulated of celebrity host Raymond Gutierrez’s birthday party, where guests were not socially-distanced and did not wear masks.
BSP’s licensing requirements, regulatory expectations for mone y ser v ice bu si nesses (MSB), anti-money laundering, countering the financing of terrorism and proliferation financing obligations. T he B SP a l so s a id t he VASP regulatory framework is aligned with fintech industry’s best practices and is consistent with risk management standards set by international standard-setting bodies such as the FATF. “This will ensure that activities relating to VASP are executed within an unbroken chain of regulated entities,” Diokno said. Other existing rules and regulations for MSBs, such as those on outsourcing, liquidity risk management, operational risk management, information technology risk management, and financial consumer protection, must also be complied with upon securing the authority to perform VASP activities from BSP. “The issuance of the VASP guidelines is in line with the BSP’s commitment to remain responsive to technological developments by espousing a balanced and coherent approach in supervising financial technology innovation,” the BSP said. Bianca Cuaresma
Independent IAS, annual tests for PNP officers eyed
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OVES to strengthen the Internal A ffairs Service (IAS) and take it out of the Philippine National Police received support from severa l quar ters at a Senate hearing Tuesday, including the Department of the Interior and Loca l Gover nment, the Civ i l Ser vice Commission and Senator Ronald dela Rosa, a former PNP chief. Presiding over a hearing on Senate Bill 514 on “PNP revitalization,” De la Rosa however, acknowledged reservations over the proposed localized application of the National Police Clearance System (NPCS). He cited the automated verification of records is already existing in the PNP crime-related data base that also collects and stores digital fingerprint, as well as its improved process of criminal records checking. De la Rosa, however, added, “we will also make sure that the national clearing house of criminal records will still be maintained by the National Bureau of Investigation.” He clar ified the Senate bill “w ill not a llow the PNP to take over but allow integration,” acknowledging that “NBI cleara nc e s w e re t e s t e d o v e r t he years [and] required by other countr ies.” Taking out the IAS from the PNP had long been advocated by some quarters, bothered by the restrictive condition of the unit under the head of an organization it is supposed to be a watchdog for. At Tuesday’s hearing, proposals floated included putting the IAS under the National Police Commission (Napolcom), or under the Department of the Interior and Local Government, since the DILG secretary has oversight powers over the PNP. Continued on A2
www.businessmirror.com.ph
Companies BusinessMirror
Wednesday, January 27, 2021
B1
SM Prime sets interest rates for bond offer By VG Cabuag
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@villygc
hopping mall operator SM Prime Holdings Inc. on Tuesday said it has priced its P10-billion debt, which the company started offering to the public this week. The company said its 2.5-year peso-denominated series M retail bond is priced at 2.4565 percent while the 5-year series N bond is at 3.8547 percent. SM Prime issued an aggregate
principal amount of P5 billion of the Series M and N bonds, with oversubscription option of an additional P5 billion. The retail bonds will be offered by SM Prime to investors through underwrit-
ers from January 25 to 29, following the receipt of the permit to sell from the Securities and Exchange Commission (SEC). The retail bonds are set to be issued on February 5. “The proceeds of the retail bonds will allow SM Prime to continue its expansions plans in its core business, which will further drive the company’s growth,” said SM Prime CFO John Nai Peng C. Ong. Yield on SM Prime’s paper are both higher than the current rates of government securities pegged at 2.073 percent for the 3-year paper and 2.533 percent
Survey: Google, Nestle top sustainable brands in PHL By Elijah Felice E. Rosales @alyasjah
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echnology giant Google, its subsidiary YouTube and multinational Nestle were listed by Filipinos as brands they trust in terms of employing sustainability in their operations, according to a study. A survey carried out by data firms Blackbox Research and Dynata showed nearly all of Filipino buyers are willing to spend on brands that model adhere to sustainability standards in producing their goods and lending their services. The survey reported 96 percent of Filipinos will put money on sustainable products, making it an untapped opportunity for many firms. Likewise, about 2 in every 5 said they think the private sector carries much of the load in driving sustainability in the consumer market. However, only 29 percent said the government is living up to its responsibility to put first issues on sustainability, which ranges from employment to environmental factors. The study also found that foreign brands are dominating the Philippine sustainability space. According to the sustainability
index, Google received a score of 1.47, followed by YouTube at 1.37 and Nestle at 1.27, to lead the way. Samsung and Shopee are among the only Asian bands that rank above average with a score of 1.13 and 1.04, respectively. Saurabh Sardana, chief operating officer at Blackbox Research, said there is a strong opportunity for local brands that employ sustainable methods to connect with consumers, especially as the Covid-19 pandemic has severely disrupted the country’s trajectory in achieving its sustainability goals. Before the pandemic, the Philippines had attained progress in the implementation of the United Nations’ Sustainable Development Goals, through the Philippine Development Plan 2017-2022 and the 2030 Development Agenda. Poverty incidence fell to 16.6 percent in 2018, from 23.3 percent in 2015, and underemployment and unemployment rates hit all-time lows. However, the impact of the health crisis on economic sectors throughout last year has interrupted this momentum. “The pandemic has highlighted a need to fast-track our efforts to end poverty, protect the planet and improve the lives and prospects of
everyone, everywhere. Our research makes it clear that this has major economic implications, given that Filipinos have demonstrated a preference for brands that are sustainable,” Sardana said. “Business is leading the way for sustainability in the Philippines. While our study found global companies dominating the market in this respect, Blackbox Research believes that progressive Filipino brands can lead the way when it comes to pioneering sustainable business that would help create a brighter future for all, while winning the hearts, minds, and spending power of consumers.” Based on the survey, 39 percent of Filipinos said they will patronize businesses that provide an equal footing for their would be workers. Also, 35 percent claimed they support firms that promote fair and just trading system in between countries, and 32 percent said they are looking at brands that make use of responsible consumption and production methods. As such, the survey concluded sustainability is not limited to environmental concerns, and that issues of social justice are of equal factor to Filipinos.
SMC Tondo center food donation hits 55,000 kg
C
onglomerate San Miguel Corp. (SMC) on Tuesday said its food assistance for families in the poorest areas in Tondo, Manila, has reached 55,000 kilograms of staple goods, distributed weekly to families since the health crisis struck in March last year. The program is just one of the initiatives undertaken by the company’s Better World Tondo feeding and community learning center. Company president Ramon S. Ang said for the past 10 months, some 465 families have been receiving grocery products every week from its center. The grocery packs consist of meat and other frozen products and various canned goods from its food unit, San Miguel Foods, as well as fish and vegetables. When the coronavirus pandemic struck last year, the center shifted its operations from providing daily meals to handing out weekly groceries for children attending its afterschool program and their families. “Through our SMC Better World Tondo, we’ve been able to have a direct impact on the day-to-day lives of our families there. Even if the children are not able to attend daily classes and have their meals at the center, every week, we provide grocery products for their entire families, to make sure they stay healthy,
SMC’s Better World Tondo facility has been helping some 465 families in Manila’s poorest districts for more than a year now, providing meals and after-school tutorials for children. Since the start of the pandemic, it has been providing weekly food supplies for these families, with grocery donations reaching 55,000 kilos to date. Contributed Photo
and also help keep more of them at home,” Ang said. “We assure the families that our San Miguel Foundation and San Miguel Foods will continue this program. We recognize that our poorest families also continue to be the most vulnerable to the impacts of this pandemic, and we will continue to find ways to help them out.” The company also staged a food donation drive for some 22 provinces hit hard by typhoons towards the end of 2020. At the height of pandemic restrictions, the Tondo facility also provided daily hot meals for locally-stranded individuals at various ports as well as
to fire victims, and other poor communities in need. Better World Tondo is the first center under the company’s sustainable communities initiative. It utilizes its idle, unused properties and turns these into community centers that address critical issues. Its second center, Better World EDSA, is a Covid-19 testing laboratory that has served to boost the country’s testing capacity and offers quick and affordable RT-PCR testing. Meanwhile, Better World Diliman provides local farmers a ready-market for their excess produce, increasing their income and lessening food waste. VG Cabuag
for the 5-year debt. The said offering is the second drawdown from SM Prime’s P100-billion debt securities program under the shelf registration registered with the SEC. BDO Capital and Investment Corp. and China Bank Capital Corp. were picked as joint issue managers for the deal. Both banks are also acting as joint lead underwriters together with BPI Capital, First Metro Investment Corp. and SB Capital Investment Corp. In March last year, just shortly after the declaration of lockdown in the country, SM Prime was able to raise some P15 billion in
fixed-rate bonds, with a tenor of 5 and 7 years. The proceeds will primarily finance capital expenditures for new malls and expansion projects. SM Prime earlier said its income fell by half during the three quarters of the year ending September to P14.4 billion from P27.6 billion in 2019 still caused by the effects of the lockdown measures to contain the spread of Covid-19. Revenues reached P60.7 billion for the period, 29 percent lower from the previous year’s P85 billion, the company said.
“SM Prime’s core businesses, primarily its malls, showed slight recovery as the government started to reopen more industries to help the economy going in to the second half of the year,” said Jeffrey C. Lim, SM Prime president. “We have also implemented tighter controls on our expenses achieving a major reduction in operating expenses quarter on quarter. Nevertheless, we continue to provide further assistance to our various stakeholders as well as to the programs led by the government in containing the spread of the virus and strengthening back our economy.”
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Companies BusinessMirror
Wednesday, January 27, 2021
PSE STOCK QUOTATIONS
January 26, 2021
Net Foreign Bid Ask Open High Low Close Volume Value Trade (Peso) Stocks Buy (Sell) FINANCIALs
ASIA UNITED BDO UNIBANK BANK PH ISLANDS CHINABANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FIRST ABACUS FERRONOUX HLDG IREMIT MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE
43.6 107.9 82.75 24.6 9.98 46.9 10.96 27.3 54.1 17.7 131.7 70 0.92 3.91 0.58 3.5 1.41 0.37 0.69 152.2 2,100 1.05
43.8 108 82.95 24.7 10 46.95 11.42 27.35 55 17.8 133 71.4 0.99 3.92 0.62 3.58 1.54 0.4 0.75 152.3 2,170 1.08
43.6 110.7 82.5 24.6 10.08 48.2 11 27.95 56.3 18.1 133 71.5 0.95 4.12 0.58 4 1.54 0.385 0.75 152.7 2,180 1.05
43.6 110.8 83 24.7 10.2 48.2 11.44 27.95 56.65 18.1 133 71.5 0.95 4.12 0.58 4 1.55 0.4 0.75 152.7 2,180 1.05
43.6 106.8 82.05 24.5 10 46.7 11 27.25 55 17.8 131.2 69.7 0.92 3.88 0.58 3.48 1.41 0.37 0.68 152.3 2,100 1.05
43.6 108 82.95 24.6 10 46.95 11.44 27.3 55 17.8 133 71.4 0.92 3.92 0.58 3.58 1.54 0.37 0.75 152.3 2,168 1.05
2,800 3,517,350 1,925,620 27,000 953,900 2,166,000 35,200 307,800 24,300 48,300 627,040 3,120 73,000 301,000 11,000 317,000 119,000 1,640,000 442,000 1,190 30 607,000
122,080 382,984,669 159,419,496 665,150 9,563,438 102,357,430 387,244 8,470,740 1,368,013.50 865,538 82,987,448 220,395 67,450 1,187,020 6,380 1,172,990 171,800 615,250 312,890 181,404 64,890 637,350
23,952,652 70,730,463.50 -3,828,672 -12,179,970 -1,183,165 -234,416.50 21,472 22,894,343 -248,410 3,830 135,000 -16,753 10,500 584,850
INDUSTRIAL AC ENERGY 6.55 6.58 6.88 6.89 6.5 6.55 32,673,800 216,559,972 ALSONS CONS 1.26 1.27 1.42 1.46 1.26 1.27 16,094,000 21,995,180 25.85 26 26 26.2 25.75 26 1,766,500 45,869,210 ABOITIZ POWER BASIC ENERGY 0.74 0.75 1.02 1.08 0.74 0.74 510,773,000 459,046,600 FIRST GEN 29.8 29.9 31.55 31.95 29.8 29.8 1,611,000 48,701,820 76.8 77 78 78 77 77 69,010 5,315,070.50 FIRST PHIL HLDG MERALCO 282 285 284 285 282 282 141,210 39,926,716 14.9 14.98 15.86 15.88 14.8 14.9 3,588,400 54,527,706 MANILA WATER 3.51 3.6 3.6 3.6 3.51 3.6 1,736,000 6,188,480 PETRON PETROENERGY 3.65 3.66 3.78 3.98 3.66 3.66 650,000 2,394,650 11.28 11.8 11.88 11.88 11.26 11.8 81,800 941,966 PHX PETROLEUM PILIPINAS SHELL 20.65 20.7 21 21 20.2 20.65 507,200 10,470,740 SPC POWER 9.87 9.88 9.98 9.99 9.82 9.88 176,500 1,745,831 13.52 14.48 14.5 14.5 14.5 14.5 300 4,350 VIVANT AGRINURTURE 7.4 7.7 7.87 7.87 7.48 7.7 411,200 3,125,930 2.88 3 3.05 3.09 2.88 3 1,751,000 5,243,230 AXELUM 71.15 81.25 71.1 71.1 71.1 71.1 10 711 BOGO MEDELLIN CNTRL AZUCARERA 13.82 13.92 14 14 13.84 13.84 2,000 27,792 17.2 17.4 17.5 17.5 17.18 17.2 2,418,500 41,603,062 CENTURY FOOD DEL MONTE 8.45 8.5 10 10.48 8.5 8.5 994,600 9,304,174 DNL INDUS 6.98 7 7.29 7.34 6.95 7 3,456,700 24,542,710 9.94 9.98 9.93 9.98 9.85 9.98 3,352,500 33,346,394 EMPERADOR SMC FOODANDBEV 67.65 68 68.5 68.5 67.6 68 32,000 2,175,976 0.63 0.65 0.67 0.67 0.62 0.62 2,858,000 1,804,220 ALLIANCE SELECT FRUITAS HLDG 1.5 1.52 1.65 1.65 1.49 1.52 81,947,000 125,852,520 GINEBRA 57.15 57.9 57.85 58.5 55.2 57.9 169,880 9,690,202.50 179.9 180 185.6 185.6 180 180 1,291,110 235,231,856 JOLLIBEE 34.1 35.5 36 36 35.5 35.5 5,300 188,490 LIBERTY FLOUR MAXS GROUP 6.28 6.3 6.47 6.5 6.26 6.3 513,300 3,258,539 0.29 0.295 0.405 0.405 0.29 0.29 55,040,000 18,905,400 MG HLDG SHAKEYS PIZZA 7.15 7.16 7.25 7.27 7.13 7.16 429,100 3,082,990 ROXAS AND CO 1.11 1.13 1.14 1.15 1.1 1.12 7,897,000 8,852,590 4.75 4.77 4.76 4.77 4.64 4.75 29,000 137,880 RFM CORP ROXAS HLDG 1.66 1.74 1.74 1.81 1.66 1.66 67,000 116,600 0.128 0.13 0.128 0.14 0.128 0.13 4,960,000 668,140 SWIFT FOODS 145 151 145.7 151 144.8 151 732,580 107,106,459 UNIV ROBINA VITARICH 0.9 0.91 0.97 0.97 0.91 0.91 18,608,000 17,549,460 52.35 53 55.1 55.1 53 53 11,630 622,081 CONCRETE A CONCRETE B 55.45 56.85 55.3 55.45 55.3 55.45 1,380 76,321.50 CEMEX HLDG 1.32 1.34 1.4 1.4 1.32 1.32 13,138,000 17,815,510 5.86 5.98 6 6.2 5.86 5.86 761,700 4,509,045 DAVINCI CAPITAL EAGLE CEMENT 13.8 14 13.6 14.18 13.5 14 154,100 2,132,304 7.34 7.5 7.8 7.8 7.22 7.34 274,100 2,020,088 EEI CORP 6.29 6.3 6.67 6.67 6.19 6.29 1,323,400 8,469,723 HOLCIM MEGAWIDE 7.5 7.51 7.83 7.89 7.5 7.51 2,880,900 21,896,706 9.6 9.9 9.99 9.99 9.6 9.9 34,400 335,984 PHINMA TKC METALS 1.05 1.06 1.28 1.28 1.05 1.05 1,907,000 2,222,770 VULCAN INDL 1.5 1.51 1.92 1.92 1.42 1.5 15,511,000 26,864,860 170 175 170 170 170 170 20 3,400 CHEMPHIL CROWN ASIA 1.79 1.86 1.88 1.88 1.79 1.79 33,000 59,740 2.16 2.17 2.26 2.26 2.16 2.17 312,000 682,050 EUROMED 5.17 5.34 5.43 5.43 5.17 5.17 12,000 62,923 PRYCE CORP CONCEPCION 21.45 21.65 21.7 22.6 21.65 21.65 343,600 7,503,205 3.1 3.14 3.22 3.34 2.86 3.14 38,075,000 119,370,290 GREENERGY 11.46 11.7 11 12.48 10.28 11.46 10,104,000 113,945,358 INTEGRATED MICR IONICS 1.22 1.27 1.34 1.37 1.2 1.22 1,821,000 2,293,190 5.55 6 6 6 6 6 1,000 6,000 PANASONIC SFA SEMICON 1.34 1.39 1.47 1.5 1.33 1.39 3,637,000 5,125,170 CIRTEK HLDG 6.72 6.85 7.3 7.31 6.7 6.85 14,529,600 100,734,078
86,980,549 43,800 13,722,790 791,880 -15,461,845 -2,127,854 -20,585,302 4,192,192 832,600 -7,480 3,248,790 -104,696 110,592 -800,150 -12,905,710 900,000 114,004 -766,517.00 -162,093 -10,960 5,496,223.50 -98,747,873 36,453 717,550 646,761 -372,300.00 -19,010 -27,000 -3,802,778 1,666,750 1,215,720 698,864 -15,780 916,005 -685,022 -96,208 167,900 373,370 34,560 -648,410 1,241,560 27,968,644 138,000 421,920 -6,639,914
HOLDING & FRIMS ABACORE CAPITAL 0.84 0.85 1 1 0.78 0.85 116,163,000 101,582,180 ASIABEST GROUP 8.11 8.39 8.11 8.47 8.11 8.11 16,300 132,699 791 795 800 803 790 791 291,910 231,551,105 AYALA CORP ABOITIZ EQUITY 43.15 43.55 43.4 43.55 43.2 43.55 873,900 37,989,890 ALLIANCE GLOBAL 9.6 9.61 9.72 9.74 9.55 9.61 7,918,300 76,140,314 2.7 2.72 2.99 2.99 2.68 2.7 4,883,000 13,730,960 AYALA LAND LOG ANSCOR 6.67 6.94 6.88 6.94 6.62 6.94 3,400 23,118 0.73 0.74 0.86 0.86 0.7 0.74 7,438,000 5,750,930 ANGLO PHIL HLDG ATN HLDG A 0.76 0.78 0.88 0.88 0.76 0.76 15,261,000 12,376,700 ATN HLDG B 0.81 0.82 0.87 0.87 0.79 0.81 842,000 697,860 5.25 5.27 5.34 5.34 5.22 5.25 1,061,300 5,582,729 COSCO CAPITAL DMCI HLDG 5.12 5.15 5.35 5.35 5.12 5.12 3,972,900 20,744,310 FILINVEST DEV 8.81 9.08 8.8 9.14 8.8 8.81 9,500 85,226 0.225 0.245 0.245 0.245 0.245 0.245 30,000 7,350 FORUM PACIFIC GT CAPITAL 528 530 539 539 525.5 530 264,890 140,014,585 3.41 3.68 3.7 3.75 3.68 3.68 71,000 261,850 HOUSE OF INV 70.45 70.8 72 72.7 70.45 70.45 750,660 53,164,957.50 JG SUMMIT KEPPEL HLDG A 4.61 5.76 4.64 5.76 4.63 5.76 6,300 29,446 0.91 0.95 1.07 1.08 0.9 0.94 10,141,000 9,937,850 LODESTAR LOPEZ HLDG 3.71 3.73 3.7 3.73 3.7 3.73 1,525,000 5,685,230 LT GROUP 13.1 13.2 13.38 13.48 13.1 13.1 1,965,800 25,968,508 0.53 0.54 0.57 0.57 0.53 0.54 130,000 69,210 MABUHAY HLDG METRO PAC INV 4.2 4.23 4.29 4.29 4.16 4.2 18,957,000 79,854,500 4.19 4.2 6 6 4.2 4.2 725,000 3,513,251 PACIFICA HLDG 0.83 0.88 0.88 0.88 0.83 0.83 97,000 81,760 PRIME MEDIA REPUBLIC GLASS 2.79 2.97 2.77 2.77 2.77 2.77 1,000 2,770 1.21 1.22 1.3 1.3 1.21 1.22 290,000 357,290 SOLID GROUP SYNERGY GRID 310 330 330.2 330.2 310 310 1,350 432,114 SM INVESTMENTS 1,020 1,022 1,035 1,035 1,020 1,020 219,635 224,638,435 126.9 127.9 128.9 128.9 126.5 127.9 147,420 18,760,336 SAN MIGUEL CORP SOC RESOURCES 0.79 0.8 0.89 0.89 0.8 0.8 270,000 218,210 TOP FRONTIER 135.9 139.4 135.6 135.6 135.5 135.5 160 21,690 0.222 0.223 0.236 0.237 0.222 0.222 3,390,000 756,390 WELLEX INDUS ZEUS HLDG 0.205 0.21 0.24 0.24 0.205 0.205 6,690,000 1,446,280
2,546,240 40,700 20,069,100 5,993,125 23,874,744 -780,230 24,600 1,510,725 -3,749,863.00 -22,500 -61,890,550 -125,360 -1,695,755.50 -1,080 -5,244,380 -12,782,462 -504,940 144,000 -24,381,505 932,069 -
PROPERTY ARTHALAND CORP 0.65 0.66 0.71 0.71 0.66 0.66 2,746,000 1,855,310 ANCHOR LAND 7.61 8.4 7.61 7.61 7.61 7.61 1,100 8,371 40 40.05 39.5 40 39.3 40 8,480,100 337,239,270 AYALA LAND ARANETA PROP 1.36 1.4 1.38 1.4 1.35 1.36 186,000 252,260 AREIT RT 31.75 31.8 32 32 31.6 31.75 1,191,000 37,814,760 1.61 1.62 1.68 1.68 1.62 1.62 674,000 1,102,020 BELLE CORP A BROWN 0.86 0.87 0.95 0.95 0.85 0.86 10,764,000 9,703,470 0.79 0.8 0.77 0.8 0.77 0.8 39,000 31,080 CITYLAND DEVT 0.147 0.158 0.155 0.157 0.147 0.147 2,420,000 366,760 CROWN EQUITIES CEBU HLDG 5.62 5.8 5.58 5.58 5.58 5.58 11,000 61,380 5.02 5.05 5.1 5.1 5.01 5.02 489,700 2,468,090 CEB LANDMASTERS CENTURY PROP 0.415 0.42 0.435 0.435 0.42 0.42 20,030,000 8,497,050 CYBER BAY 0.33 0.335 0.365 0.365 0.33 0.33 5,950,000 2,045,750 14.24 14.3 14.56 14.88 14.24 14.24 1,932,300 28,230,098 DOUBLEDRAGON DM WENCESLAO 7 7.1 7.25 7.25 6.98 7 212,100 1,498,703 0.305 0.31 0.335 0.335 0.3 0.31 9,460,000 2,955,500 EMPIRE EAST 0.085 0.097 0.097 0.097 0.085 0.085 1,160,000 99,830 EVER GOTESCO FILINVEST LAND 1.11 1.12 1.15 1.15 1.11 1.11 14,693,000 16,472,700 0.86 0.89 0.88 0.9 0.86 0.86 1,311,000 1,137,800 GLOBAL ESTATE 8990 HLDG 7.9 7.99 8 8 7.71 7.9 83,900 660,277 PHIL INFRADEV 1.32 1.33 1.41 1.41 1.32 1.32 5,410,000 7,358,830 3 3.1 3.1 3.1 3.1 3.1 12,000 37,200 KEPPEL PROP CITY AND LAND 0.71 0.72 0.72 0.72 0.7 0.7 81,000 57,820 3.78 3.8 4 4.01 3.75 3.8 34,166,000 131,819,840 MEGAWORLD 0.455 0.46 0.61 0.62 0.455 0.46 667,433,000 352,848,015 MRC ALLIED PHIL ESTATES 0.39 0.4 0.39 0.39 0.39 0.39 440,000 171,600 1.33 1.34 1.4 1.4 1.33 1.34 465,000 631,880 PRIMEX CORP ROBINSONS LAND 19.66 19.68 20.5 20.5 19.68 19.68 4,924,300 97,947,049 PHIL REALTY 0.3 0.305 0.335 0.335 0.305 0.305 2,570,000 807,550 1.54 1.55 1.52 1.55 1.48 1.55 1,216,000 1,825,570 ROCKWELL SHANG PROP 2.6 2.62 2.6 2.67 2.6 2.67 56,000 145,770 STA LUCIA LAND 2.1 2.12 2.3 2.37 2.12 2.12 1,031,000 2,236,910 37.7 37.8 38 38 37.05 37.7 8,049,500 302,329,595 SM PRIME HLDG VISTAMALLS 4.01 4.06 4.18 4.23 4.01 4.01 103,000 424,900 1.63 1.64 1.88 1.88 1.6 1.64 15,538,000 26,013,760 SUNTRUST HOME 40.95 47.2 40.9 40.9 40.9 40.9 400 16,360 PTFC REDEV CORP VISTA LAND 4.33 4.34 4.52 4.52 4.33 4.34 7,835,000 34,466,020
-53,350 118,671,955 -40,800 -22,067,210 1,620 -67,120 3,080 155,000 225,008 172,550 3,600 1,802,532 144,250 5,784,710.00 42,943 409,010.00 700 -62,097,180 781,780 -20,569,356 9,000 39,100 -149,127,585 187,750 -9,751,310.00
SERVICES ABS CBN 13.22 13.3 13.7 13.8 13.3 13.3 339,200 4,565,916 GMA NETWORK 5.88 5.93 5.99 6 5.86 5.88 1,356,000 8,027,153 0.45 0.455 0.455 0.475 0.445 0.45 1,200,000 548,950 MANILA BULLETIN GLOBE TELECOM 2,010 2,030 2,044 2,044 2,010 2,010 43,055 86,926,890 PLDT 1,399 1,400 1,400 1,415 1,386 1,400 76,080 106,454,095 0.197 0.198 0.25 0.255 0.196 0.197 7,521,110,000 1,705,273,990 APOLLO GLOBAL CONVERGE 15.5 15.6 15.9 15.9 15.48 15.5 3,165,400 49,427,660 5.1 5.12 5.02 5.74 5.02 5.12 11,189,000 60,096,310 DFNN INC 11.02 11.04 12 12.1 11 11.02 42,344,100 494,881,276 DITO CME HLDG IMPERIAL 1.8 1.81 1.85 1.94 1.8 1.81 37,000 67,290 0.12 0.123 0.141 0.141 0.12 0.12 45,510,000 5,783,000 ISLAND INFO JACKSTONES 1.89 1.9 1.96 1.96 1.89 1.9 149,000 289,310 NOW CORP 3.19 3.2 3.62 3.62 3.15 3.19 13,838,000 45,954,280 0.295 0.3 0.35 0.355 0.29 0.295 54,150,000 17,552,450 TRANSPACIFIC BR PHILWEB 2.68 2.72 2.77 2.8 2.6 2.72 3,800,000 10,188,740 8.35 8.38 8.63 8.63 8.35 8.35 50,141,100 418,679,638 2GO GROUP 15 15.5 15 15 15 15 1,400 21,000 ASIAN TERMINALS CHELSEA 4.49 4.5 4.8 4.8 4.21 4.49 4,888,000 22,113,020 50 50.05 51.45 51.45 48.1 50 1,100,810 54,859,842.50 CEBU AIR INTL CONTAINER 126.7 127 127.5 127.5 125.7 127 729,980 92,537,897 LBC EXPRESS 16.22 16.3 15.9 16.36 15.9 16.22 315,100 5,049,358 0.96 1.03 1.01 1.01 0.96 0.96 628,000 614,540 LORENZO SHIPPNG MACROASIA 5.51 5.53 6 6 5.5 5.53 8,768,900 49,839,090 2.15 2.22 2.48 2.48 2.14 2.22 1,375,000 3,079,410 METROALLIANCE A METROALLIANCE B 2.37 2.6 2.35 2.37 2.35 2.37 25,000 58,880 PAL HLDG 6.5 6.53 6.54 6.55 6.5 6.5 54,200 352,957 1.31 1.33 1.5 1.51 1.3 1.33 7,791,000 10,946,810 HARBOR STAR 1.45 1.54 1.46 1.55 1.45 1.55 261,000 388,500 ACESITE HOTEL BOULEVARD HLDG 0.036 0.037 0.041 0.042 0.036 0.037 234,800,000 9,132,300 3.4 3.41 3.48 3.5 3.27 3.41 367,000 1,251,840 DISCOVERY WORLD WATERFRONT 0.49 0.5 0.55 0.56 0.49 0.5 16,979,000 9,029,740 CENTRO ESCOLAR 6.5 7.48 6.51 6.51 6.5 6.5 2,000 13,005 555 595 560.5 560.5 555 555 40 22,365 FAR EASTERN U IPEOPLE 8.07 8.59 8.06 8.59 8.06 8.59 32,900 265,495 0.415 0.42 0.43 0.435 0.415 0.42 7,110,000 3,044,850 STI HLDG 4.52 4.9 5.33 5.33 4.5 4.52 114,500 569,078 BERJAYA BLOOMBERRY 7.48 7.5 7.73 7.75 7.4 7.5 3,086,200 23,319,803 2.02 2.03 2.05 2.05 2.03 2.03 141,000 287,290 PACIFIC ONLINE LEISURE AND RES 1.7 1.72 1.83 1.83 1.72 1.72 1,359,000 2,418,760 MANILA JOCKEY 2.15 2.16 2.16 2.16 2.16 2.16 10,000 21,600 2.75 2.76 3.1 3.12 2.7 2.75 22,545,000 64,233,080 PH RESORTS GRP PREMIUM LEISURE 0.44 0.445 0.495 0.495 0.43 0.44 36,980,000 16,815,300 6.6 6.8 6.7 6.7 6.6 6.6 13,100 86,470 PHIL RACING ALLHOME 8.42 8.45 8.8 8.8 8.4 8.45 1,506,300 12,846,366 METRO RETAIL 1.48 1.5 1.5 1.54 1.47 1.49 10,892,000 16,332,270 38.25 38.35 38.5 38.95 38.1 38.35 2,092,500 80,205,920 PUREGOLD ROBINSONS RTL 61.95 62 62.2 62.2 61.95 62 553,910 34,365,090.50 PHIL SEVEN CORP 110 113 116.3 118.9 110 110 210,470 24,734,467 1.3 1.31 1.45 1.45 1.27 1.3 12,175,000 16,345,670 SSI GROUP WILCON DEPOT 17.7 18 18.1 18.1 17.12 17.7 1,850,600 32,695,280 0.42 0.435 0.49 0.5 0.415 0.435 15,090,000 6,635,650 APC GROUP 7 7.09 7.05 7.09 7 7 104,800 734,659 EASYCALL GOLDEN BRIA 430 450 430.2 450 430.2 450 20 8,802 5.01 5.89 5.01 5.01 5.01 5.01 8,300 41,583 IPM HLDG PAXYS 2.33 2.45 2.35 2.35 2.35 2.35 3,000 7,050 PRMIERE HORIZON 1.78 1.79 2.31 2.45 1.78 1.79 291,476,000 599,657,710 5.11 5.12 5.13 5.13 5.11 5.11 13,300 68,074 SBS PHIL CORP
-33,668,870 1,102,435 10,060,700 25,839,368 -5,425,380.00 -7,668,620 211,700 26,460 393,550 768,850 -220,630 -417,436,160 267,890 32,501,710 9,900,295 32,440.00 -5,817,872 -23,500 -3,250 -292,210 42,500 -3,310 45,270 -241,800 -1,500,700 -106,000 -6,227,544 -40,800 37,710 -400,430 1,454,900 1,657,508 -6,900,930 -19,539,470 -2,306,221.50 -810,276 215,140 -5,850,110 171,600 -11,110,040 -
MINING & OIL ATOK 5.76 5.8 6.55 6.64 5.8 5.8 1,068,200 6,411,628 113,540 1.54 1.55 1.6 1.62 1.54 1.55 10,092,000 15,763,860 -186,740 APEX MINING ABRA MINING - 0.005 0.0062 0.0064 0.005 0.005 59,523,000,000 341,316,500 -7,977,000 ATLAS MINING 6.42 6.6 6.85 6.85 6.42 6.42 1,607,500 10,685,262 264,200 2.95 3.1 3.07 3.15 2.96 3.1 311,000 942,660 BENGUET A BENGUET B 2.93 3.07 3.01 3.07 3.01 3.07 58,000 175,060 -60,200 0.3 0.31 0.31 0.31 0.3 0.305 420,000 128,250 COAL ASIA HLDG CENTURY PEAK 2.84 2.86 2.83 2.86 2.81 2.86 378,000 1,065,550 582,920 DIZON MINES 7.71 8.3 8.3 8.4 7.84 8.3 250,200 2,017,090 -160,501 2.52 2.53 2.74 2.75 2.5 2.52 23,250,000 60,064,960 16,588,180 FERRONICKEL GEOGRACE 0.32 0.325 0.365 0.38 0.315 0.325 7,710,000 2,657,800 320,000 LEPANTO A 0.156 0.158 0.169 0.169 0.154 0.156 68,000,000 10,764,750 0.162 0.165 0.17 0.17 0.16 0.16 4,780,000 797,890 79,740 LEPANTO B MANILA MINING A 0.01 0.011 0.01 0.011 0.01 0.011 573,900,000 5,764,600 0.01 0.011 0.011 0.011 0.01 0.011 96,600,000 1,059,600 MANILA MINING B MARCVENTURES 1.39 1.4 1.66 1.66 1.4 1.4 8,096,000 12,114,440 1,481,120 NIHAO 2.73 2.74 2.87 2.9 2.64 2.73 871,000 2,414,760 5.15 5.17 5.36 5.36 5.08 5.15 12,907,400 67,185,992 19,195,135 NICKEL ASIA OMICO CORP 0.385 0.4 0.405 0.405 0.385 0.4 370,000 144,000 ORNTL PENINSULA 0.88 0.9 1.01 1.02 0.87 0.9 4,606,000 4,212,640 45,180 4.56 4.57 4.97 4.99 4.52 4.57 2,673,000 12,532,200 -1,011,460 PX MINING SEMIRARA MINING 12.3 12.32 13 13.02 12.3 12.32 3,698,300 46,576,880 1,838,736 0.006 0.0064 0.0073 0.0073 0.006 0.006 162,000,000 1,080,200 UNITED PARAGON ACE ENEXOR 12.22 12.4 15 15.8 12.1 12.22 1,566,700 20,923,900 688,068 ORNTL PETROL A 0.012 0.013 0.014 0.014 0.011 0.013 1,662,700,000 20,824,100 0.012 0.013 0.015 0.015 0.012 0.013 165,900,000 2,190,300 2,400 ORNTL PETROL B 0.012 0.013 0.015 0.015 0.012 0.013 1,664,300,000 21,392,300 299,000 PHILODRILL PXP ENERGY 10 10.02 10.7 10.7 10 10 1,714,800 17,386,512 -330,330 PREFFERED AC PREF B1 516 528 528 528 516 516 4,040 2,085,120 AC PREF B2R 512 517 512 512 512 512 110 56,320 102.3 103 104.4 104.4 104.4 104.4 410 42,804 CPG PREF A DD PREF 100.6 102.5 100.6 100.6 100.6 100.6 60 6,036 FGEN PREF G 108.1 111.5 108.2 111.6 108.1 111.5 320 35,002 1,001 1,038 980 980 980 980 15 14,700 GTCAP PREF A MWIDE PREF 101.9 102 101.9 101.9 101.8 101.9 87,100 8,874,522 100.1 101.5 101.5 101.5 101.5 101.5 5,000 507,500 MWIDE PREF 2B PNX PREF 3B 103.5 104.7 104.7 104.7 103.5 104.7 740 76,842 PNX PREF 4 1,002 1,005 1,005 1,009 1,001 1,005 20,180 20,266,545 1,017 1,050 1,050 1,050 1,050 1,050 95 99,750 PCOR PREF 2B PCOR PREF 3A 1,094 1,096 1,095 1,095 1,095 1,095 2,000 2,190,000 PCOR PREF 3B 1,120 1,129 1,120 1,120 1,100 1,120 5,050 5,556,100 1.6 1.78 1.55 1.6 1.55 1.6 41,000 64,000 SFI PREF SMC PREF 2C 79 79.3 79 79.3 79 79.3 130 10,273 77.4 77.8 77.4 77.4 77.4 77.4 20,000 1,548,000 SMC PREF 2F SMC PREF 2G 76.15 76.65 76.7 76.7 76.7 76.7 1,300 99,710 SMC PREF 2H 76.5 76.8 76.8 76.8 76.8 76.8 790,200 60,687,360 77.05 78.7 77 77 77 77 801,900 61,746,300 SMC PREF 2I SMC PREF 2J 76.15 76.25 76.3 76.35 76.15 76.3 12,650 965,077.50 SMC PREF 2K 76.05 76.2 76.05 76.2 76 76.2 22,310 1,696,703 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 13.7 13.8 13.7 13.7 13.7 13.7 63,000 863,100 860,360 GMA HLDG PDR 5.98 6 6 6 5.95 5.98 640,600 3,828,216 806,066 WARRANTS LR WARRANT 0.81 0.87 0.92 0.92 0.8 0.81 460,000 382,500 23,580 SMALL & MEDIUM ENTERPRISES ALTUS PROP 15.54 15.98 19 19.48 15.3 15.54 2,436,700 40,502,536 376,550 ITALPINAS 3.08 3.09 3.69 3.7 3.03 3.09 9,089,000 30,214,640 4,557,330 5.85 5.9 6 6.2 5.9 5.9 62,400 373,269 KEPWEALTH MAKATI FINANCE 2.84 3.4 3.3 3.3 3.3 3.3 1,000 3,300 MERRYMART 6.89 6.9 7.98 8.2 6.81 6.89 87,654,800 658,985,603 540,809 EXHANGE TRADE FUNDS FIRST METRO ETF 105.5 106 108.9 108.9 105.5 105.5 52,090 5,533,949 1,204,405
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DTI to ensure compliance of firms with health protocols
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By Elijah Felice E. Rosales
@alyasjah
he Department of Trade and Industry (DTI) is focusing on efforts to improve the compliance of business establishments with minimum health protocols to raise consumer confidence. Trade Secretary Ramon M. Lopez on Tuesday said the DTI respects the decision of President Duterte’s to raise the age restriction back to 15 years old. The Interagency Task Force for the Management of Emerging Infectious Diseases (IATF) had brought it down to 10 years old to encourage families to go out with their children.
“We heard the decision of the President last night to revert back from 10 years old to 15 years old the minimum age restriction, so it’s back to status quo allowed persons outside of residence of 15 to 65 years old,” Lopez said in a text message to reporters. The IATF and economic manag-
ers were hoping that lowering the age restriction may improve economic activity in commercial areas on the principle that families will be encouraged to go out as a unit. The IATF heeded the proposal of the state economists, and went on to bring down the age restriction to 10 years old in areas under modified general community quarantine. However, on Monday night the President recalled the policy on concerns that the new Covid-19 variant may spread and the strain might infect children. According to Lopez, Duterte directed the IATF and economic managers to study the new variant of the virus before relaxing quarantine rules. He added the President was just wary a surge in new cases may take place when more people start leaving their houses.
“He asks us to study further the new variant because it might spread and the blame might be put on the easing of age restriction,” Lopez said. “So better to observe further the new variant and it might be safer to adjust once we are able to control the spread of the new variant. Better to err on the side of caution.” To enhance consumer confidence, the trade chief disclosed the DTI will intensify its monitoring of private firms as to their compliance with minimum health protocols. He argued this way, buyers will be enticed to go out and purchase from physical stores knowing they have been adhering to regulations set by the government. These rules include checking of temperature at the entrance, maintaining a contact tracing file, as well as sanitizing the space every hour.
RFM income, revenues flat in 2020 F
ood and beverage company RFM Corp. on Tuesday said its preliminary data showed that its income and revenues last year were flat despite the doubledigit growth of its main consumer products. In its disclosure, RFM said its income may have reached P1.27 billion, at par with the previous year’s P1.23 billion. Revenues came in at P15.7 billion or almost the same as the previous year’s P15.33 billion. RFM said its consumer brand Selecta milk expanded at 56 percent last year while pasta brands Fiesta and Royal grew 16 percent and 44 percent, respectively, from yearago levels. White King hotcakes and other bowl mixes also recorded a 36-percent increase as consumers purchased and cooked more in their
homes during the lockdown. “Selecta Ice cream and bread bun revenues were naturally impacted by the pandemic-induced closures of fastfood chains and stores,” Jose Ma. A. Concepcion III, the company’s president and CEO, said. “We have a strong balance sheet in RFM which supports the continuation of our dividend policy and share buyback programs. While RFM continues to look out for any (merger and acquisition) opportunities to boost shareholder value, the organic growth in milk, ice cream, pasta and mixes will be our growth drivers for 2021.” For the year, Concepcion said RFM continues to watch trends in consumer sentiment and income as well as the ability of the coming vaccines to restore normalcy in the economy and daily lives of the people. VG Cabuag
Ookla report: PLDT, Smart win speed wars
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LDT Inc. and Smart Communications Inc. won in the speed wars for both fixed broadband and mobile data in the second half of 2020, data from Internet testing and analysis provider Ookla showed. Based on the recent Speedtest report of Ookla, PLDT bested competition with a speed score of 27.28 points, beating Converge ICT (23.92 points), Sky (20.55 points), and Globe (11.11 points), while Smart outperformed Globe’s network after garnering 24.99 points, way ahead of the competition’s 15.30 points. PLDT’s top download speeds reached 79.48 Mbps and top upload speeds peaked at 92.18 Mbps, while Smart’s average download speeds settled at 20.08 Mbps and average upload speeds were at 7.42 Mbps. “Over half a billion users rely on Speedtest to measure their internet performance every year. Ookla analyzes these test results to get an unparalleled view into mobile and fixed broadband metrics around the world. It is our pleasure to recognize PLDT and Smart as the Fastest Fixed and Mobile Network’s in the Philippines based on our rigorous analysis,” said Doug Suttles, CEO at Ookla. Mario G. Tamayo, Head of Technology at PLDT-Smart, said the group was able to achieve this feat through its continued development program for both its fixed line and wireless networks. “These awards bear witness to the impact of the company’s
sustained network investments over the past years, enabling us to provide our customers with the best data experience, despite the challenges of the pandemic,” he said. PLDT is spending between P88 billion and P92 billion in capital expenditures this year, as it puts prime focus on deploying new technologies in its existing networks and building new sites to expand its coverage and capacity. The Philippines ranked 96th in terms of mobile Internet speed, while it ranked 100th in rankings for fixed line broadband, according to Ookla’s Speedtest Global Index for December 2020. This means that from its November standing the Philippines climbed 14 notches from its previous ranking for mobile, and 3 notches from its standing for fixed broadband. Ookla’s index involves 139 countries for mobile Internet and 176 nations for fixed broadband. According to Ookla, the Philippines had an average mobile Internet speed of 22.50 Mbps, far below the global average of 47.20 Mbps and almost nine times worse than Qatar, the nation with the fastest mobile Internet speed of 178.01 Mbps. The Philippine fixed broadband speed averaged at 31.44 Mbps in December, 3 times lower than that of the global average of 96.43 Mbps, and more than 10 times slower than top country Thailand’s 308.35 Mbps. Lorenz S. Marasigan
mutual funds
January 26, 2021
NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 224.9 -8.67% -9.64% -0.47% -1.02% ATRAM Alpha Opportunity Fund, Inc. -a 1.2957 -2.23% -7.91% 5.09% -1.32% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.1043 -10.07% -13.47% -1.53% -0.92% Climbs Share Capital Equity Investment Fund Corp. -a 0.7867 -8.69% -8.48% n.a. -2.14% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7266 -12.19% n.a. n.a. -2.02% First Metro Save and Learn Equity Fund,Inc. -a 4.8984 -5.57% -7.62% 0.31% -0.87% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7455 -10.17% -10.06% -5.26% -1.88% MBG Equity Investment Fund, Inc. -a 101.82 -0.06% -4.95% n.a. -0.12% PAMI Equity Index Fund, Inc. -a 46.3541 -7.15% -7.72% 1.39% -1.05% Philam Strategic Growth Fund, Inc. -a 484.01 -6.71% -7.65% 0.55% -1.02% Philequity Alpha One Fund, Inc. -a,d,5 1.0811 7.66% n.a. n.a. -1.48% Philequity Dividend Yield Fund, Inc. -a 1.1615 -7.55% -7.16% 1.13% -0.57% Philequity Fund, Inc. -a 34.4558 -6.58% -7% 1.92% -0.9% Philequity MSCI Philippine Index Fund, Inc. -a 0.9052 -8.94% n.a. n.a. -0.85% Philequity PSE Index Fund Inc. -a 4.7419 -6.77% -7.33% 2.08% -1.03% Philippine Stock Index Fund Corp. -a 793.53 -6.55% -7.21% 2.06% -1.01% Soldivo Strategic Growth Fund, Inc. -a 0.7126 -11.11% -10.97% -2.14% -0.88% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.5959 -11.36% -9.22% 0.43% -0.77% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.9084 -6.8% -7.49% 1.86% -1.01% United Fund, Inc. -a 3.2883 -7.36% -6.25% 2.7% -0.92% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 106.4864 -6.51% -6.98% 2.8% -0.99% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.3289 27.99% 3.56% 11.05% 10.47% 8.84% n.a. Sun Life Prosperity World Voyager Fund, Inc. -a $1.7328 22.08% 3.59% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.6706 8.88% -4.59% 0.22% 0.12% ATRAM Philippine Balanced Fund, Inc. -a 2.2786 7.27% -3.3% 2.32% -0.3% First Metro Save and Learn Balanced Fund Inc. -a 2.613 1.08% -2.58% 0.96% -0.53% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1974 -12.5% n.a. n.a. -0.6% NCM Mutual Fund of the Phils., Inc. -a 1.9632 1.01% -1.37% 2.6% -0.04% PAMI Horizon Fund, Inc. -a 3.7736 1.44% -2.24% 2.01% -0.38% Philam Fund, Inc. -a 16.876 1.32% -2.24% 1.92% -0.36% -3.26% Solidaritas Fund, Inc. -a 2.0858 -0.85% 1.52% -0.4% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.5599 -5.63% -4.89% 0.72% -0.37% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.022 2.64% n.a. n.a. -0.06% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.9413 -3.33% n.a. n.a. -0.83% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9243 -4.72% n.a. n.a. -0.94% Sun Life Prosperity Dynamic Fund, Inc. -a 0.887 -6.29% -5.56% 0.09% -0.08% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03896 1.48% 2.69% 1.92% -0.41% PAMI Asia Balanced Fund, Inc. -b $1.2222 16.76% 3.44% 6.26% 8.23% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6376 16.11% 6.7% 9.45% 2.76% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2151 8.27% 3.54% n.a. 1.08% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.67 3.76% 3.25% 2.84% 0.16% ATRAM Corporate Bond Fund, Inc. -a 1.9035 -0.06% 0.21% 0.22% 0.17% Cocolife Fixed Income Fund, Inc. -a 3.2177 3.06% 4.39% 4.77% 0.09% Ekklesia Mutual Fund Inc. -a 2.3017 3.54% 2.91% 2.47% 0.25% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.454 4.38% 3.41% 2.2% 0.03% Philam Bond Fund, Inc. -a 4.6517 7.01% 3.15% 0.37% 4.71% Philam Managed Income Fund, Inc. -a,6 1.323 5.82% 4.47% 2.74% 0.14% Philequity Peso Bond Fund, Inc. -a 3.9887 6.09% 4.47% 2.96% -0.31% Soldivo Bond Fund, Inc. -a 1.0416 8.3% 4.07% 2.65% -0.04% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2107 5.06% 4.77% 3.65% 0.15% Sun Life Prosperity GS Fund, Inc. -a 1.7542 4.11% 4.02% 3.04% -0.05% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $484.56 3.15% 2.83% 2.88% 0.14% ALFM Euro Bond Fund, Inc. -a Є219.32 -0.27% 0.85% 1.27% 0.06% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2795 5.78% 4.24% 3.09% -0.07% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0264 1.93% 1.83% 1.67% -0.75% PAMI Global Bond Fund, Inc -b $1.0903 -1.03% 0.79% 0.67% -0.22% Philam Dollar Bond Fund, Inc. -a $2.5312 4.57% 4.21% 3.47% -0.17% Philequity Dollar Income Fund Inc. -a $0.062394 3.07% 3.05% 2.34% 0.12% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2168 0.01% 2.33% 2.31% -0.21% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.96 3.07% 3.33% 2.58% 0.12% First Metro Save and Learn Money Market Fund, Inc. -a 1.0488 1.85% n.a. n.a. 0.07% Sun Life Prosperity Money Market Fund, Inc. -a 1.2979 2.43% 2.95% 2.61% 0.1% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0532 1.43% 1.77% n.a. 0.08% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1663 n.a. n.a. n.a. 3.25% 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
Security Bank rolls out e-Learning hub for staff
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ECURITY Bank Corp. announced it plans to provide all its employees access to the e-learning platform of LinkedIn Corp. “Through this deal, Security Bank becomes the first Philippine bank to engage with the US-based professional networking company for their enterprise wide e-learning services,” the bank said. The bank added that inder the terms of the collaboration, its employees will have “access to an extensive library of online courses to help them develop professionally, amidst the sudden shift to other working modalities as a result of the pandemic.” The bank said its internal training arm rolled out in April last year an initial run participated by over 500 employees. During the pilot run, the tool allowed the participants to choose from thousands of business, creative and technology courses curated by industry experts and learn in-demand skills at their own pace and time. Following the success of the pilot run, Security Bank said it pursued a deal with LinkedIn. “During these uncertain times, it pays to be both well-rounded
and focused on developing specific areas of strength,” Nerissa Berba, Senior Vice-President and head of Human Capital Management, was quoted in a statement as saying. “LinkedIn’s learning [platform] will enable us to achieve the bank’s goals and to empower [bank employees] to continuously succeed in their career.” The collaboration between the two companies saw a unique approach adopted in curating courses for every user, according to the bank. LinkedIn Head of Asia for Talent and Learning Solutions Frank Koo expressed they are pleased to sign the agreement with the bank towards the professional development of their employees. “As we see more business functions undergo change during this time, it is important for professionals to pick up new skills or brush up on their existing ones in order to adapt,” Koo said. “This will help them stay relevant in their current role or be of use to them in future. LinkedIn is committed to providing tools and resources to support the professional community prepare for the workforce of the future.”
Taxes collected from Pogos rise to ₧7.18B in ’20, up 11%
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By Bernadette D. Nicolas
@BNicolasBM
AXES collected from Philippine Offshore Gaming Operators (Pogos) by Bureau of Internal Revenue (BIR) even rose to P7.18 billion last year amid the impact of lockdown measures to contain the Covid-19 pandemic. This was up by 11.71 percent compared to P6.42 billion in 2019. In a statement last Tuesday, the BIR disclosed that its collections from Pogos continued to increase every year since 2018. The BIR said in a statement its collections from Pogos continued to increase from P2.36 billion in 2018. It grew by 172.43 percent in 2019 and by 11.71 percent in 2020,
the statement added. In May last year, the government allowed some Pogos to operate while several parts of the country remain under strict lockdown. POGOs deemed not tax-compliant were prohibited from resuming operations. Executives behind Pogos have insisted they are not liable to pay the 5-percent franchise tax since they are an offshore business. They
CIMB Bank eyes to extend more borrowings this year By Tyrone Jasper C. Piad @Tyronepiad
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IMB Bank Philippines is eyeing to grow its loan portfolio by at least three times this year as consumers seek additional sources of funding. Vijay Manoharan, the digital bank’s CEO, told the BusinessMirror that the CIMB is banking on the tightening of lending standards among conventional financial institutions to beef up its loan portfolio. “If you look at industry statistics, most banks are tightening and reducing the lending facilities given the pandemic,” he said, noting there is an “unfulfilled” demand. In fact, the growth of outstanding loans extended by universal and commercial banks declined further to 0.3 percent in November last year from 1.8 percent the previous month, according to the Bangko Sentral ng Pilipinas. This is in contrast to the uptrend in borrowings for CIMB, Manoharan said. Last year,
CIMB’s digital personal loan applications grew by 160 percent while loan disbursement improved by sixfold. “As you can imagine, with the current economic stress, consumers need banks to help them up for that extra credit facility to get them to cross over the hurdle,” the bank official said adding that they “found a space where we can still lend.” Asked regarding the potential increase in bad loans, Manoharan said that the bank has been closely monitoring its lending policies and credit practices, making sure that they lend responsibly. As of end-November 2020, the Philippine banking system’s gross nonperforming loan ratio stood at 3.81 percent, which is the highest in recent years. He shared that CIMB has an advanced risk management scheme as well, using data analytics and alternative credit model, among others, to assess the borrowers more accurately.
Mastercard launches site to back SMEs’ digital rejig
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O help small and medium enterprises (SMEs) recover from the pandemic and prepare for the future, Mastercard Inc. said it has launched a microsite across most of its Asia-Pacific websites with information and resources on how to digitalize and run businesses more efficiently. “As Covid-19 drives a rapid and lasting shift to e-commerce and contactless payments, the one-stop center features guides on digital transformation, elearning courses, information about Mastercard products and services for SMEs, cyber security insights and tools to reduce vulnerabilities and access to discounts on business software solutions, e-commerce platforms and digital marketing services,” a statement Mastercard issued from Singapore said. “SMEs have taken a particularly hard hit from the pandemic, so it’s vital for them to get the knowledge, skills and resources they need to offer an omnichannel shopping and payment experience that drives business and builds customer loyalty in the physical and digital worlds,” Mastercard Asia Pacific Executive Vice President, Products & Innovation Sandeep Malhotra said. “With consumer buying habits and expectations evolving so quickly, this initiative is just one of the ways that Mastercard is fostering financial inclusion and helping small businesses to go digital across their operations to reduce costs, increase efficiency and improve cash flow management—all while staying safe and protected from cyber risks and fraud,” Malhotra added. The microsite is available across Mastercard’s English-language websites for Singapore, Malaysia, the Philippines,
Thailand, Hong Kong, India and Southeast Asia. It will be rolled out selectively on non-English sites in the future. To enhance the resources for SMEs, Mastercard said it tapped a website builder and a cloud solutions provider. “These partners are sponsoring online guides and articles on various topics— from creating an online store and choosing the right domain name to migrating to an online expense management and accounting platform,” the statement said. According to Mastercard, the benefits of going digital are far-reaching. “Digitalization of SMEs could add $2.6 trillion to $3.1 trillion to Asia Pacific’s GDP [gross domestic product] by 2024, a recent study by International Data Corp. showed,” the statement said. “Due to the impact of Covid-19, it said, nearly 70 percent of SMEs in Asia Pacific are accelerating digitization and 86 percent believe this will help build resilience against future events.” “Reflecting the huge shift to a ‘digital first’ mindset, contactless payments via the Mastercard network were 41 percent of in-person transactions in the third quarter of 2020—up from 37 percent in the second quarter and 30 percent a year earlier.” With ATM withdrawals at an all-time low, Mastercard said its research shows more than 70 percent of consumers globally plan to continue or increase online purchases and that 74 percent intend to keep using contactless payments after the pandemic subsides. “In Asia Pacific, touch-free payments are here to stay, according to 71 percent of consumers in Australia, 77 percent in India, 73 percent in China and 62 percent in Japan.”
Wednesday, January 27, 2021 B3
CIMB, meanwhile, was also aiming to grow the deposit books by at least 1.5 to two times this year. Last year, the all-digital bank’s deposits rose by 800 percent on the back of increasing customer base. In a few months, Manoharan said that the digital bank is set to launch upgrades in its services. The mobile application will have more features and functionalities to make transactions easier and quicker. “We are future-proofing our mobile app and we are adding new services to make transactions a lot easier,” he said. CIMB is also set to introduce InstaPay soon, Manoharan said. The bank is aiming to have 5 million customers this year. In 2020, the bank saw its customer base doubled to over three million. Of these clients, 30 percent said CIMB was their first bank account. “We are focused at the moment in terms of building a long-term sustainable business,” Manoharan concluded.
China asset-bubble warning threatens stock frenzy in HK
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chill swept through Chinese financial markets after the central bank withdrew cash from the banking system and an official warned about asset bubbles. The People’s Bank of China (PBOC) drained about $12 billion via open-market operations on Tuesday. The decision was unusual in the weeks before the Lunar New Year holiday, which in 2021 falls in mid-February, because residents typically need more cash to pay for seasonal travel and gifts. It also went against recent reports in Chinese newspapers that liquidity wouldn’t be tightened before the holidays. While Tuesday’s withdrawal was small in isolation, it added to signs that Beijing is growing wary of how cheap and plentiful liquidity has stoked excess in markets. PBOC adviser Ma Jun told local media that risks of asset bubbles―such as in the stock or property market―will remain if China doesn’t shift its focus toward job growth and inflation management instead. The reaction was particularly brutal in Hong Kong’s stock market, where onshore funds were helping underpin a world-beating rally. Mainland investors bought a net HK$250 billion ($32 billion) worth of Hong Kong stocks this year through Monday, almost 40 percent of last year’s total, and were buyers again on Tuesday. The Hang Seng Index fell 2.6 percent from its highest level since June 2018, led by a 7.2 percent drop in Hong Kong Exchanges & Clearing Ltd. and a 6.3 percent plunge in Tencent Holdings Ltd. In mainland markets, a gauge of interbank borrowing costs jumped 36 basis points to 2.78 percent on Tuesday, the highest level in a year. Futures on Chinese government bonds due in a decade were poised for the biggest decline since September, while the CSI 300 Index of shares in Shanghai and Shenzhen, which has been approaching 2007’s record high, fell 2 percent. “The PBOC wants to bring investors out of the euphoria caused by abundant liquidity in December,”says Xing Zhaopeng, an economist at Australia & New Zealand Banking Group. “The PBOC is unlikely to loosen its purse strings at least this week, which will make cross-month liquidity very tight.” PBOC Governor Yi Gang on Monday said the central bank will seek to support economic growth while limiting risks to the financial system―a continuation of its existing policy stance. Yi said China’s total debt-to-output ratio climbed to around 280 percent at the end of last year. Bloomberg News
gained a solid footing from a temporary restraining order (TRO) issued by the Supreme Court early this month. The TRO effectively stopped the government from imposing the 5-percent franchise tax on the gross bets from gaming operations of Pogos as mandated under Republic Act 11494. Meanwhile, the BIR also said last Tuesday that its tax-amnesty program yielded P5.63 billion in revenues last year through collecting tax delinquencies and estate taxes. For 2020, the BIR’s revenue take reached P1.94 trillion, breaching its downgraded goal of P1.69 trillion by 14.79 percent. The revised goal was a 34.4-percent cut from the original target set for BIR at P2.576 trillion prior to the pandemic. Apart from the collections from Pogos and the tax amnesty program, the BIR’s other tax enforcement initiatives also contributed to its overall collection last year. These include the
issuance of warrants of distraint and levy, warrants of garnishments and the implementation of compromise settlement that caused the collection of accounts receivable and/or delinquent accounts amounting to P998.96 million. The bureau also collected P607.87 million last year following the “vigorous” implementation of the “Run After Tax Evaders,” or Rate program. “The Rate program have been proven effective because the taxpayers feel that there is no ‘let-up’ in filing of cases against them [erring taxpayers]. We were able to collect about P607 million,” BIR Commissioner Caesar R. Dulay said. “That’s why we get a lot of complaints from taxpayers also about these programs. But we advised our people to just be polite and respectful but firm when they implement [the program].” For this year, the BIR is targeting to collect a total of P2.081 trillion, up by 23.14 percent from its P1.69 trillion revised goal in 2020.
Learnings for 2020 and beyond
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EVERAL months time to get a new job or ago, our normal setup a new business lives as we knew it, where you can earn from. came to a grinding halt. Have more than one Community quarantines source of income. If you Raymond Quisumbing were initiated; many peoare no longer able to earn ple lost their main source personal finance income by working or if of livelihood, and a good your salary simply isn’t number of people were forced to stay and enough to cover all your necessary exwork at home. penses, then you must consider earning A lot of us had to quickly adapt to the through other means. changing times. Restaurant owners shiftYou can earn by selling products and ed from dine-in to deliveries and online earning commissions. If you have idle propordering. Displaced employees in the food erties, then you can find potential lessees. industry made use of their work experiYou can also learn to cook and bake and ence, and set up their own home-based earn more by selling your own products. food delivery. Webinars and virtual conferInvest in healthcare and in insurance. ences became our new human interactions. The year 2020 has been full of calamities Amidst all of these changes, adapting aside from the current pandemic. Make to the new normal has not been easy. Most sure your premiums are updated when it types of industries such as retail thrive on comes to your property plans, HMO plans high foot traffic. Restaurant sales are noand medical insurance. We can never know where near pre-pandemic levels even with when we might become very ill and require deliveries and take-outs. Schools, and the hospital admittance. businesses that cater to the former, continIf you are on a no–work no–pay work ue to be at risk of shutting down for good. arrangement, consider having an insurStaying in at home most of the time has ance plan that provides hospitalization changed people’s spending priorities. Inincome benefits. For every day you are stead of dining out, we either cook for our confined, you are still able to earn income family or order via delivery. From watchfor your family. ing movies at the cinemas, people now Invest in yourself. As they say, health subscribe to streaming sites like Netflix. is wealth. Take time to build your physical Due to these fast changes in our external resistance. Take online classes to improve environment, many, if not all of us, were and expand your skills. Eat nutritious and forced to make a pivot, or get left behind. healthy food. With the year 2020 now has come to a By doing these things, you would have close, I, for one, have learned a lot of imporsaved a lot already. Income from worktant lessons, which I will list down here. I ing depends on a lot on your physical and hope that these lessons will be applied by mental well-being. our readers in order to be more prepared Trust in God. There are times in one’s for the challenges of 2021: life that you realize: a lot of factors are Track your expenses. With the reducbeyond one’s control. We do not know for tion or even loss of working income, exsure how long our emergency fund can penses have become harder to pay off. sustain us; contracting Covid-19 can come Make a list of all your spending and put from anywhere, anytime, and at the most them in categories such as needs and unexpected of sources; sales projections wants, transportation, medical, food, (and the commissions we earn) are never leisure, etc. Once you have enough data, fixed and are often uncertain; tenured emyou will know which expense you need to ployment can end anytime, even from the work on to reduce. most established of institutions. Settle your debts. Paying off your obligaHence, money alone, should not be tions can provide a sense of relief and frees the source of our sustenance. In the unyourself to focus more on other matters. certain length of time that we are given, If you owe past rentals to your landlord or we must also look beyond our own goals your friend, but are having difficulties in and seek out a truly personal relationsettling, set an online meeting with them ship with God, through Jesus Christ. As a to discuss your predicament and negotiate Christian, we must seek out our purpose for reasonable payment terms. and take the time to truly know who God The people you owe money to also have is, in His own Words, and not just what expenses to pay for. The debt you settle we project Him to be. In truly knowing with them helps them a long way. It will God and trusting God’s promises, we can also help you save much faster because overcome all the challenges we have now you will be able to prevent late fees and and beyond. interest charges. Let us all stay faithful, healthy, and Have an emergency savings account. committed to our life goals as we face anWhen a lockdown was declared, movement other new year. to and from work became very difficult. People also lost their source of livelihood Raymond Anthony Quisumbing is a Registered Financial because of it. Having an emergency fund Planner of RFP Philippines. Follow him at twitter at OhMyFiamounting to at least six-months’ to sixnancePH. To learn more about personal-financial planning, months’ worth of expenses allows you to attend the 87th RFP program this January 2021. To inquire, ride out any storm and will give you enough e-mail info@rfp.ph or text at 0917-6248110.
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Show BusinessMirror
Wednesday, January 27, 2021 • Editor: Gerard S. Ramos
NOT A GOOD TIME
SO the actor finally revealed a secret that he has kept for years. It should be a happy occasion but it wasn’t. While the actor and his girlfriend should have been celebrating their being a family publicly, that family is not a whole unit. Why? The actor fell in love with another woman, who he worked with on a project. For a long time, the actor was faithful to his GF but something happened to turn his head and make him leave her. To be fair, in the beginning he was just cheating on her and had no intention of leaving. But she discovered what was happening and gave him an ultimatum. The actor, strangely enough, chose the other girl. So yes, the actor and the GF are trying to be civil for the sake of the family even if things are difficult.
UNLIKELY COUPLE
LAST week, there were rumors that a controversial figure was pregnant and that the father was an equally controversial married actor. We have no way of knowing whether these rumors are true or not. What we’re sure of is that the controversial figure and the actor really did have a relationship in the past, and this is apparently common knowledge in their circle. The wife, as usual, is the last to know and she only started noticing things when the rumor started. This only proves that the actor hasn’t changed, and that having a young and beautiful wife hasn’t made him faithful. But even when he was younger and he had another young and beautiful wife, he still wasn’t faithful.
IS IT GOODBYE?
THERE are talks that a long-running popular show will soon be axed because the people behind it want a graceful exit. The show is doing relatively well considering the circumstances but not that well for the earnings to even cover expenses. There are already talks of ending the show soon but it’s one of the network’s flagship shows, and it will be painful to end it. So what brought on these talks of ending the show? One is, of course, the pandemic. The other is that the cast is not complete anymore, and there’s a replacement for someone and that star is very annoying as per the audience’s perception. The most important thing is that without its own physical network, the show is really suffering.
RUNAWAY PARTNER
THE former actress was already living abroad with her family when she asked her partner if she could come back to the Philippines to try acting again. The supportive partner agreed and so the former actress left him and their kids. Apparently, even before that she was already involved with an actor in the Philippines. They conducted their affair online before deciding to leave their respective families for each other. The bigger issue is that the former actress allegedly absconded with money that the ex-partner is now obliged to pay.
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Lawyer says ex-royal staff will shed light on Meghan letter By Jill Lawless | The Associated Press
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ONDON—A lawyer for the publisher of the Daily Mail newspaper said on Wednesday that the Duchess of Sussex had no reasonable expectation of privacy for a letter she sent to her estranged father after her marriage to Prince Harry. Arguing against the duchess’ privacyinfringement claim in a London court, attorney Antony White said “it’s to be inferred that the letter was written and sent by the claimant with a view to it being disclosed to third parties and read by the public.” He said ex-employees of Meghan and Harry would be able to shed light on the creation of the letter when the case comes to trial. The former Meghan Markle, 39, is suing publisher Associated Newspapers for invasion of privacy and copyright infringement over five February 2019 articles in the Mail on Sunday and on the MailOnline web site, which published portions of a handwritten letter to her father, Thomas Markle, after her 2018 wedding to Harry, a grandson of Queen Elizabeth II. Associated Newspapers is contesting the claim, and a full trial is due to be held in the autumn at the High Court. In hearings this week the duchess is seeking a summary judgment that would find in her favor and dismiss the newspaper’s defense case without a trial. Meghan’s lawyer, Justin Rushbrooke, argued on Tuesday that that the publisher had “no real prospect” of winning because “it’s a very straightforward case about the unlawful publication of a private letter.” Rushbrooke said Meghan’s five-page letter, sent in August 2018, was “a message of peace” intended for her father alone. But the defense argues Meghan wrote the letter as part of a media strategy to rebut a negative view conveyed by her father, and with help from the communications team in the royal couple’s Kensington Palace office. “Why was the Kensington Palace communications team involved at all in the wording of the letter if it was a wholly private letter?” White said. He said a full trial would be able to hear important evidence from former palace employees about how the contested letter was written.
n Inflammation’s role in lifestyle-related diseases. Unhealthy lifestyle behaviors produce a vicious cycle of inflammation. While inflammation is a healthy, natural way the body fights infections, injury, and stress, too much inflammation actually promotes or exacerbates the diseases described above. The inflammatory response is complex. We have been using machine learning and computer modeling to understand, predict, treat and reprogram inflammation—to retain the healing elements while minimizing the detrimental more chronic ones. n Overcoming challenges and barriers. We and others who study lifestyle medicine are now discussing how we can leverage all of these approaches to improve clinical studies on the impacts of lifestyle interventions. At the same time we and our colleagues realize that
By Eugenia Last
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CELEBRITIES BORN ON THIS DAY: Patton Oswalt, 52; Alan Cumming, 56; Bridget Fonda, 57; Cris Collinsworth, 62. Happy Birthday: Preparation will be essential this year. Go over every detail, and think matters through to the end before you jump into action. Situations will transform quickly, making it vital to keep everything updated and in its place. Well-thought-out plans and knowing what you want will help you reach the goals and receive the rewards you desire. Your numbers are 8, 11, 23, 25, 32, 39, 47.
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ARIES (March 21-April 19): Refuse to let your emotions take over. Ease into situations that are likely to turn vicious. You’ll excel if you keep your thoughts to yourself and put your energy into getting things done. Make up your mind, and take care of business. HH
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TAURUS (April 20-May 20): Take a creative approach to whatever you do at work or home. The outcome, if handled uniquely, will capture interest and bring issues of concern to the forefront. Full disclosure will help you settle matters once and for all. HHHH
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GEMINI (May 21-June 20): Take care of matters concerning health, finances and government institutions. The less you leave unfinished, the easier it will be to move on to something new and exciting. Don’t feel you have to pay for someone’s mistake. HHH
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Lawyers representing four former Kensington Palace staffers, including ex-communications secretary Jason Knauf, said in a letter submitted to the court that “one or more of our clients” would be able to provide insight on “whether or not the claimant anticipated that the letter might come into the public domain,” and whether or not Meghan “directly or indirectly provided private information” to the authors of a book about her and Harry, called Finding Freedom. Meghan, an American actress and star of TV legal drama Suits, married Harry at Windsor Castle in May 2018. Their son, Archie, was born the following year. A year ago, Meghan and Harry announced they were quitting royal duties and moving to North America, citing what they said were the unbearable intrusions and racist attitudes of the British media. They recently bought a house in Santa Barbara, California. Judge Mark Warby said he would give his ruling on the application for summary judgment “as soon as possible.” n
Try these underprescribed lifestyle medicines for a better, longer life Continued from B5
Today’s Horoscope
there are environmental challenges and barriers that prevent many people from embracing these lifestyle fixes. There are food deserts where healthier foods are not available or affordable. Unsafe neighborhoods, harmful chemicals and substances create constant stress. Poor education, poverty, cultural beliefs and racial and ethnic disparities and discrimination must be addressed for all people and patients to appreciate and embrace the six “pills.” The application of lifestyle medicines is particularly important now because unhealthy lifestyles have caused a pandemic of preventable chronic diseases that is now exacerbating the Covid-19 pandemic, which disproportionately afflicts those with these conditions. THE CONVERSATION
CANCER (June 21-July 22): Share your thoughts and feelings, and you’ll find out exactly where you stand. A partnership will encourage you to use your imagination more when looking for solutions. Distance yourself from what’s unfolding, and see what transpires. HHH
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LEO (July 23-Aug. 22): Walk away from explosive situations. Arguing will not benefit you; it will add to your uncertainty. Control your emotions when dealing with meaningful relationships. It’s better to play it safe than to end up sorry. HHH
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VIRGO (Aug. 23-Sept. 22): Spend time with the people who bring out the best in you, and you will bring about a positive change that will benefit everyone. A chance to share your feelings with someone you love will turn out to be rewarding. HHHH
g
LIBRA (Sept. 23-Oct. 22): Proceed with caution. Situations will get blown out of proportion if you are too elaborate regarding the changes you want to make and their costs. Look for cheaper alternatives before you share your plans. Intelligence and charm will pay off. HH
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SCORPIO (Oct. 23-Nov. 21): Make positive changes at home or to the way you live. Following your heart or living your dream is possible if you put in the time and effort to make it happen. Stop procrastinating; take care of unfinished business. HHHHH
i
SAGITTARIUS (Nov. 22-Dec. 21): Stop overspending unnecessarily. Put a budget in place based on your priorities. Refuse to give in to someone eager to use your hard-earned cash for their comfort. You can’t buy love. Offer kindness and support, not lavish gifts. HHH
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CAPRICORN (Dec. 22-Jan. 19): Draw on your charm, finesse and mindfulness, and you will ward off a problem with someone looking for a fight. Take the initiative to go above and beyond the call of duty to keep the peace. HHH
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AQUARIUS (Jan. 20-Feb. 18): Be ready for whatever comes your way. Think fast, but don’t act prematurely. Timing is everything, and it’s essential to know when to make your move and when to sit tight. HHH
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PISCES (Feb. 19-March 20): Reach out, find out how you can be of help and schmooze with people in a position to help you in return. Be innovative and demonstrative, and you will gain recognition for what you are trying to achieve. HHHHH
n The authors are a primary care preventive medicine physician and a computational immunologist.
Birthday Baby: You are passionate, endearing and complex. You are original and inspiring.
‘go fish!’ by mark mcclain The Universal Crossword/Edited by David Steinberg
ACROSS 1 Subject line abbr. 5 GoodFellas star Joe 10 ___ of Sandwich 14 Only state whose name starts with two vowels 15 What you may hear when you shear 16 Saber alternative 17 Like some experimental cars 19 Retained 20 Seatback item 21 Clothing line? 23 Pomeranian’s perch 24 In a foul mood 26 Woman from Manila 28 Era 29 Cereal whose box features a rooster 31 Crumples (up) 33 Rebel ___ (hoppy Samuel Adams beer) 34 Ships’ backbones 35 “Hey, you!” 37 Word with “market” or “media” 39 Bothered persistently 42 Bespectacled dwarf 43 List shortener
7 Consider carefully 4 50 Pleasure trip focus? 51 Roger, at times 52 Goes onstage 55 Inc., in the UK 56 NASDAQ listing: Abbr. 57 New York canal 58 Letters of urgency 60 Like the fish hidden in 20-, 34-, and 51-Across, if you look up a row? 65 You might navigate to one 66 “Nifty!” 67 “Aww”-inspiring 68 Leak a little 69 2016 Nobel Prize in Literature winner Bob 70 “Gangnam Style” genre DOWN 1 First ___ 2 Pirates of the Caribbean island 3 Spun around 4 Kind of air station 5 Big initials in beer 6 90-degree bend 7 Verb that sounds like the third letter 8 Call it a day at the casino
9 In ___ (per se) 10 Comic strip screech 11 Simian 12 Update, as den walls 13 Get out of the way of 18 Verb that sounds like the ninth letter 22 Exploits, in a sense 24 Its teeth are triangular 25 Spinoff of JAG 26 Title for a monk 27 Bel ___ 30 Make a choice 32 Gardening tool 36 Cooks slowly 37 Howard of Hollywood 38 Real estate unit 39 High school course such as Calculus BC 40 Chewy kind of roll 41 When things wrap up 42 Netflix mailing 44 Get the golf ball ready 45 Go along with 46 UCLA division? 48 Quite chubby 49 Scotland’s ___ Islands
3 Great eBay condition 5 54 Part of an album 59 Pizzazz 61 Indian lentil dish 62 Seventh Greek letter 63 Howard of Hollywood 64 One-___ max (bodybuilder’s stat)
Solution to Tuesday’s puzzle:
www.businessmirror.com.ph
Image BusinessMirror
Editor: Gerard S. Ramos
• Wednesday, January 27, 2021
Filipinos at forefront of changing cancer diagnostic landscape
Are you in, or are you out? H
IRING and retaining the best people for the job helps organizations sustain their business while also helping them adapt and thrive in an ever-changing business landscape. While some focus on looking outside the organization for new talents, others develop and implement a succession plan to increase their pool of talents. When it comes to recruiting talent for new positions, should you look within the organization, or hire someone from another company? Here are some considerations: Internal hires already know the work culture of the organization. And most often, they understand that while there is a formal organization chart, they know that the best people who can help them are not necessarily the ones in position. It is easier for them to navigate their way around office politics and avoid possible roadblocks in getting the work done. On the other hand, external hires bring new ways of working in the organization. They can provide insight into what other people do not see because they are too immersed in the organizational culture. In some cases, they can even bring in technical expertise which internal hires may not be capable of doing, or whose steep learning curve prevents the entire organization from adapting to new working conditions.
It should also be noted that external hires sometimes become an issue especially when they are put in leadership positions where they impose their previous culture, and especially so when they name-drop executives to demand obedience. This erodes teamwork and forces people to protect their own work and start looking for alternatives either within the organization or somewhere else. While there are many qualified candidates, culture fit plays a significant role in retaining an internal hire, more so for an external hire. Hiring internally also encourages professional growth within the organization. Hiring from within boosts employee morale and is tangible proof the organization rewards good performance. This only works when the organization has a clear performance evaluation for employees, and an objective way of ascertaining employee readiness for their next role. And even if you have that in place, the organization needs to review professional development plans especially when employees unnecessarily compete for promotion, or when there is a large pool of high potential candidates but no one wants to be promoted. But hiring externally can also provide the stimulus to encourage innovation and for members of your team to realize the need to upgrade their technical skills. This is especially helpful when you want your team to discover new ways of seeing things, or when there is a change in direction or mindset coming from either the management or the exigency of adapting to new work environments. But there is a need to review policies when there are no internal candidates who would like to take available positions. Hiring internally will also be faster and will cost less primarily because Human Resources can validate and check the candidate’s readiness for the role because the key people they need to talk to are within reach. For some organizations, internal hires also mean lower salary offerings as compared to an
external candidate who would negotiate for more before joining the organization. Of course, you also have to consider the costs involved in filling in the vacant position of the internal hire. Looking externally can mean costs in published advertisements and time spent in interviewing candidates which translates to money and time which could have been spent on something else. This would also mean longer periods of time because of the need to source candidates and filtering which fits the organization’s requirements. This involves time in reviewing resumes up to the time the candidate is given the job offer. The decision to hire from outside depends also on the performance evaluation within the organization. If the roles and required skills are clearly indicated in the employee’s scorecard and they are evaluated transparently and fairly, it becomes easier to develop current employees for future vacancies. You already have a history of an internal hire’s performance and how they work making it easier to assimilate into their new role. On the other hand, when it is not clear how people are appraised and evaluated, an external hire might be a better alternative since there is no way to objectively assess internally who is ready for the role. This works best when the role requires technical expertise which the organization lacks. This also entails close supervision on the new hire and the need to ease them into the organization and monitor their performance in the first three to six months. In the long run, recruiters need to understand what is required of the role beyond the job description. A clear understanding of what is expected from a candidate helps recruiters filter candidates from internal and external sources to find the best person for the position. And while it is good practice to promote from within, it might be more beneficial to get someone with a new perspective. n
NOBODY should ever be blindsided by disease. That is the mission that InterVenn Biosciences has set its sights on. “Genetic tests do not tell you if you have cancer; they only tell you the probability of yourself having cancer. But what if I can tell you with almost 99.9 percent accuracy that you have the disease at the very, very earliest stage?” asks InterVenn Biosciences founder and chief executive officer Aldo Carrascoso. That is what his team is working on. The InterVenn Ovarian Cancer Liquid biopsy is currently undergoing clinical validation in a global, multi-center clinical trial. VOCAL is a blood test for ovarian cancer aimed at distinguishing malignant pelvic tumors from benign ones. There is currently no early detection test for ovarian cancer, which is unfortunate because the survival rate is more than 90 percent when detected at an early stage. However, most ovarian cancer cases are diagnosed in Stage 4 where survival rate is less than 20 percent. Ovarian cancer ranks fifth in cancer deaths among women, accounting for more deaths than any other cancer of the female reproductive system. “Precision medicine” is how Carrascoso refers to what they are accomplishing by utilizing next generation glycomics, instrumentation and deep machine learning. In the simplest terms, they have delved into the study of glycans or short sugar chainlike attachments on the proteins in our bodies with artificial intelligence. So data that used to take several scientists and 12 months to analyze and interpret can now be processed in 12 minutes. “What we did was supercharge the scientists,” Carrascoso explains. Deep learning is used to automate the entire workflow, including sample processing, instrument calibration, and peak integration, all the way to run-analysis and results generation. Behind the the software development and cloud infrastructure efforts are Filipinos at InterVenn’s Pasig office. “Our engineering team in the Philippines takes care of the front end, back end, even security,” he says. The headquarters and main laboratory is located in the Bay Area in South San Francisco, California, where Carrascoso is based. The company also has an office in Kuala Lumpur. “I’m just proud that the technology, that the solution is from Filipinos,” he says. Carrascoso cofounded InterVenn with fellow Filipino Dr. Carlito Lebrilla, who has made his mark in the field of medicine in the US. The next step, which is happening very soon, is to commercialize VOCAL (www.vocal.ph). InterVenn is financially prepared for this, with the recent addition of $34 million to its funds raised from Anzu Partners with full participation of seasoned biotech investor Genoa Ventures, Amplify Partners, and True Ventures with Xeraya Capital and Ojjeh Family joining the syndicate as well. In 2018, InterVenn received an institutional investment of $9.4 million from Genoa Ventures, with participation from True Ventures, Amplify Partners, Boost VC, and Prado SV. Reni Salvador
Try these underprescribed lifestyle medicines for a better, longer life By Yoram Vodovotz & Michael Parkinson University of Pittsburgh THE majority of Americans are stressed, sleepdeprived and overweight and suffer from largely preventable lifestyle diseases such as heart disease, cancer, stroke and diabetes. Being overweight or obese contributes to the 50 percent of adults who suffer high blood pressure, 10 percent with diabetes and additional 35 percent with prediabetes. And the costs are unaffordable and growing. About 90 percent of the nearly $4 trillion Americans spend annually for health care in the US is for chronic diseases and mental health conditions. But there are new lifestyle “medicines” that are free that doctors could be prescribing for all their patients. Lifestyle medicine is the clinical application of healthy behaviors to prevent, treat and reverse disease. More than ever, researchunderscoresthatthe “pills” today’s physician should be prescribing for patients are the six domains of lifestyle medicine: whole food plant-based eating, regular physical activity, restorative sleep, stress management, addiction reduction or elimination, and positive
psychology and social connection. We are a primary care preventive medicine physician and a computational immunologist, both committed to applying state-of-the-art research to inform the clinical practice of lifestyle medicine. We highlight the key take-home points for each of the areas below. n Whole-food, plant-based eating. Diets high in fruits, vegetables and whole grains and lower in animal products and highly processed foods have been associatedwith prevention of many diseases. These diets have also improved health and even reversed common cardiovascular, metabolic, brain, hormonal, kidney and autoimmune diseases as well as 35 percent of all cancers. n Regular physical activity. For decades, surgeon generals’ guidelines have emphasized that daily moderate-to-vigorous aerobic physical activity has both immediate and long-term health benefits. For example, why we age and the rate at which we age—chronological age versus biological age—is determined by multiple molecular processes that are directly influenced by physical activity. And now scientists are gaining a better understanding of the cellular and molecular changes that exercise induces
to reduce disease risk. n Restorative sleep. Sleep helps the cells, organs and entire body to function better. Regular uninterrupted sleep of seven hours per night for adults, eight to 10 hours for teenagers and 10 or more for children is necessary for good health. Though understudied, there is evidence that high-quality sleep can reduce inflammation, immune dysfunction, oxidative stress, and epigenetic modification of DNA, all of which are associated with or cause chronic disease. n Stress management. Though some stress is beneficial, prolonged or extreme stress can overwhelm the brain and body. Chronic stress increases the risk of cardiovascular disease, irritable bowel disease, obesity, depression, asthma, arthritis, autoimmune diseases, cardiovascular disease, cancer, diabetes, neurological disorders and obesity. One of the most powerful mechanisms to reduce stress and enhance resilience is by eliciting a relaxation response using mind-body therapies and cognitive behavioral therapy. n Addiction reduction and elimination. Many social, economic and environmental factors have fueled the national rise in substance abuse generally
and, most tragically, the opioid epidemic. Physicians and researchers are beginning to understand the underlying physiology and psychology of addiction. Yet the continued stigma and disjointed or absent access to services remains a challenge. Clinicians and scientists need to explore how to predict who is more vulnerable to addiction and find ways of preventing it. Treatment that incorporates integrated care focused on all the patient’s needs should be prioritized. n Positive psychology and social connection. Maintaining a positive mindset through the practice of gratitude and forgiveness has a significant impact on psychological and subjective well-being, which are, in turn, associated with physical health benefits. Social connectivity, namely the quantity and quality of our relationships, has perhaps the most powerful health benefits. Conversely, social isolation—such as living alone, having a small social network, participating in few social activities, and feeling lonely—is associated with greater mortality, increased morbidity, lower immune system function, depression and cognitive decline.
Continued on B4
B5
InterVenn CEO and founder Aldo Carrascoso inspect the lab's cryogenic machine that keeps the samples taken from patients safe and secure for data gathering.
B6 Wednesday, January 27, 2021
WalterMart holds gift-giving for frontliners
GBP celebrates the graduation of its pioneer batch of college scholars
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LOBAL Business Power Corporation (GBP) had reason to celebrate as its pioneer batch of college scholars graduated amid the challenging educational environment posed by the coronavirus pandemic. The three GBP scholars – Kaye Nicole Bacalso, Kent John Caburnay and James Edoloverio – graduated with Bachelor of Science degrees in Mechanical Engineering from the Cebu Technological University Like a parent, GBP President Jaime T. Azurin was proud of the three graduates, especially since they have been scholars of the company since they were in Grade One. “We have seen them grow and have seen their hard work from elementary school students to college undergrads,” said Azurin. “Now they are ready to be productive members of society and be able to support their respective families.” There are 805 scholars under the GBP Scholarship program, as of 2020, with 239 from Cebu, 334 from Iloilo, 172 from Aklan, and 60 from Mindoro. Of this number, 305 are in elementary, 389 in high school, and 12 in college, including the three recent graduates. They were selected from deserving students from indigent families from GBP’s adopted communities near
their plant sites in Cebu, Iloilo, Aklan, and Mindoro. Aside from school fees, GBP supports the education of these students by providing school supplies and uniforms to its elementary scholars and money allowance to high school and college scholars. The courses offered for the scholarship programs are engineering courses. “We at GBP believe that these courses are crucial in nation-building and economic progress as these seek to
solve complex issues with modern and innovative solutions,” shared Azurin. “The graduation of Kaye, Kent and James shows that we are on the right track. We will continue to support and improve on the program as we pursue our vision of enlightening lives and empowering progress,” he added. The graduates (front, from left) are James Edoloverio, Kaye Nicole Bacalso, and Kent John Caburnay. With them are GBP officers in Cebu. WALTERMART turns over its Handog Pamasko gift pack donations to the Philippine National Police (PNP) in Baler Station.
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RUE to its commitment to be the friendly community hero, WalterMart brings ultimate shopping convenience to customers every day in the new normal, as well as cheers to frontliners in its Handog Pamasko gift giving held recently in all WalterMart Malls. A joint project with WalterMart Supermarket and WalterMart delivery, the Handog Pamasko program distributed
Bren Esports of the Philippines is the new World Champions of Mobile Legends: Bang Bang IN photo (front, from left) are James Edoloverio, Kaye Nicole Bacalso, and Kent John Caburnay, who have been a part of GBP’s scholarship program since Grade One, with GBP officers in Cebu.
Sec. Roque kicks off Rio Tuba Mining’s journey to 5-M trees
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IO Tuba Nickel Mining Corp. (RTN), a subsidiary of Nickel Asia Corp. (NAC), begins the last stretch of the company’s journey towards its goal of planting five million trees in Rio Tuba. Presidential Spokesperson Harry Roque graces the ceremonial planting of the first of the remaining 900,000 trees RTN needs to complete its 5M goal. Sec. Roque says he wanted to see for himself if trees are really being planted in the mining community and that he is impressed by what RTN is trying to do in Palawan, planting trees all over the province. “I will report to President Duterte what Rio Tuba Mining is doing in greening Palawan, we will tell the world, since PTV media is here with us, that in Rio Tuba, in Bataraza, there is no difference between the concept of jobs creation and the protection of the environment,” Spox Roque shares. To date, RTN has a record of about 4.1 Million surviving trees planted in various areas covered in its mine rehabilitation and reforestation programs. Sec. Roque congratulates and thanks Nickel Asia,
23,532 gift packs to chosen frontliners recipients in the community - medical frontliners, teachers, farmers and police – as its way of thanking them. Check out the Handog Pamasko Thank you video link: http://bit.ly/2XaxjEz. For more updates, visit our facebook page @WalterMartMallOfficial, @ WalterMartSupermarket or check our website at www.waltermart.com.ph
the LGU of Bataraza, and all the employees of the mining company for inviting him to Rio Tuba. “I feel that I am personally accepted here to also act as a protector of the environment, and this event is proof that the communities can well benefit from the economic contributions of mining while protecting and preserving nature,” Roque says. According to Environmental Planner, Janice M. Tupas, Manager of the Mines Environmental Protection and Enhancement Dept. (MEPED) of RTN, there is a mechanism that her team and the Mines and Geosciences Bureau of the DENR employ that actually monitors and counts the survival rates of the trees they plant. “This year, we will be more aggressive, we will build hectares upon hectares of bamboo plantations, we will engage the communities to turn their backyards into mini forests and we will have support from the Department to Environment and Natural Resources (DENR) Dept. of Education in Palawan that I feel we will even surpass 5 Million,” Tupas excitedly says.
SEC ROQUE plants his tree in Rio Tuba with assistance from Nelson Acob, barangay captain; JB Baylon, Corp. Comms VP for NAC; and Engr. Cynthia E. Rosero, Resident Mine Manager for RTN.
Despite its economic contributions to the fiscal health of the communities, the mining industry continues its campaign to foster appreciation and instill the sense of environmental stewardship among the people of Palawan. RTN believes that contributing to the restoration and protection of the rich forest ecosystem in Palawan is a moral obligation. Engineer Cynthia E. Rosero, Resident Mine Manager for RTN, says having Sec. Harry Roque grace this important event helps showcase RTN’s environment protection programs and to the mining company’s aggressive efforts to keep Palawan green. “Planting 5 Million Trees is no easy feat for a mining company and we are proud of this,” Rosero says. RTN is one of the mining companies deeply committed to achieving ecosystem restoration and reforestation in mined-out areas. Applying progressive rehabilitation strategies, RTN, in its more than 50 years of operation in Rio Tuba, proves that an active mining company can create a forest in its path and can be the catalyst in the re-greening of a province like Palawan. “RTN’s bold ambition is to plant 5 Million trees it can leave behind as a legacy. This year is the last stretch in achieving that ambition. With a balance of 900,000, many are cheering us on and many are putting in their support and we are honored and grateful,” adds Tupas. To date, RTN rehabilitated a total of 196.64 hectares of its mining area where it has planted 1,205,763 surviving trees of different species including as narra, ipil, apitong, agoho, udling, kupang, batino, tongkat ali, amugis, among others. Some 663.08 has. have been reforested with native tree species, coffee, mangroves, botanical plant, and some industrial trees, in support of the government’s Green Philippine Highway Project; Adopt-a-Mountain Project; and the National Greening Program RTN plants trees to fulfill the objective of mine rehabilitation to restore disturbed areas to a safe, non-erodible condition, establishing land use capability that is functional and back to the condition, if not better, before disturbance. Because people tend to ignore the role mining plays in the development of nations, mining companies like RTN would go above and beyond to prove that responsible mining exist – the kind that endeavors to provide a sustainable environment for the future. “Planting 5 million trees is not something ordinary organizations can easily do, but RTN endeavors this for Palawan and in fact, RTN intends to plant more in the years to come,” ends Tupas.
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ECORD-BREAKING M2 World Championship crowns new Kings of Mobile Legends: Bang Bang—Bren Esports of The Philippines. MOONTON Technology Co. Ltd. (MOONTON) is pleased to present the new World Champions of Mobile Legends: Bang Bang (MLBB) – Bren Esports (Bren) of the Philippines. Bren emerged victorious in the Grand Final of the M2 World Championship (M2) held in the Shangri-La Singapore, clinching a 4-3 win over Burmese Ghouls (BG) of Myanmar in a dramatic Best of Seven series that went down to the wire. Bren player KarlTzy was also named the Grand Final’s Most Valuable Player. Having received their prizes from Melvin Yong, Member of Parliament and Patron of Singapore’s Cybersports and Online Gaming Association (SCOGA), and Keith Tan, Chief Executive of the Singapore Tourism Board (STB), Bren will also be awarded with its very own M2-themed skin on a MLBB hero of the team’s choice. With the Grand Final victory, Bren avenged their 0-2 defeat to BG in the opening Best of Three series of the M2 Playoffs, which forced Bren down to the Lower Bracket and needing to take the longer route to the Grand Final. In the process of becoming the new kings of MLBB, Bren has also helped
AT the end of an exhilarating week of top quality Mobile Legends: Bang Bang action in the Shangri-La Singapore, Bren Esports of the Philippines have emerged as the new World Champions of Mobile Legends: Bang Bang. the Philippines reclaim the title of the strongest country in MLBB esports, ending Indonesia’s recent dominance by eliminating both Indonesian teams, Alter Ego Esports and RRQ Hoshi, en route to the Grand Final. Achieving a staggering 3.08 million peak concurrent global online viewership according to the Esports Charts analytics platform, setting one of many new MLBB esports viewership records, the Grand Final served as a fittingly epic finale for M2, the first global offline esports event to be held in Southeast Asia in 2021.
Devant shares the Joy of TV with its partner charities
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evant starts 2021 off on a high note by bringing happiness to their chosen charities, CRIBS Foundation and Golden Reception for the Elderly and Other Special Cases (GRACES). Earlier this month, the brand fulfilled its commitment to donate televisions to each of these organizations. The pledge was made as part of Devant’s World TV Day celebration last November, with the help of the social media community. Followers were asked to Like and Share a post on the brand’s Facebook page, empowering the community to play an active role in sharing the joy of TV with these partner charities, together with Devant. Located in Antipolo City, CRIBS Foundation provides care and shelter for neglected and abandoned infants and children. GRACES, which is found
in Quezon City, houses vulnerable, disadvantaged and marginalized senior citizens, within a friendly and home-like environment. The elderly residents of GRACES will get to enjoy their new Devant TV for recreation and entertainment, while at CRIBS, this will be used as a tool for learning and education. These meaningful gifts from Devant were accepted by representatives from the partner charities, Ma. Laisa Gonzales from the Volunteer and Resource Program of CRIBS, and GRACES Center Head, Ms. Virginia C. Daniles, together with Mr. Nilo Salgarino, SWO III. The brand plans to pursue more of these corporate social responsibility (CSR) efforts in the future, as it hopes to continue being a source of positivity for its customers, as well as for those in need.
BusinessMirror
Editor: Tet Andolong
Wednesday, January 27, 2021 B7
A getaway from the madding crowd
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By Rizal Raoul S. Reyes
HE advent of the Covid-19 pandemic has driven Filipinos to appreciate more of nature and pursue a suburban way of living. In this lifestyle, residents have found solace and a cleaner environment toward a healthier lifestyle.
Moving to Freia at Pico de Loro Cove is one of the options for individuals who want to get away from the madding crowd found in the city life. Located in Nasugbu, Batangas, the prime leisure resort community is dubbed by developer SM Prime’s Costa Del Hamilo Inc. as a fitting apex and the most luxurious after eight mid-rise residential condominium developments in the sprawling 40-hectare estate. It added that Freia at Pico de Loro Cove offers prime units with panoramic views of the West Philippine Sea and Mount Pico. Moreover, the company said Freia guarantees the seclusion, security and serenity required for a quick recharge or remote business supervision. Travel is not a hassle as it is a mere half-hour drive to Nasugbu town proper and an hour and a half commute to Metro Manila. Global design firm Broadway Malyan gave Freia a luxury setting highligthted by a visually pleasing shape—a singular panoramic rectangular structure with three towers suggestive of a mountain range—and a layout—lots of open spaces for air flow—that would make residents feel that Freia is a special spot in the inlet. Located in a beachfront resortcommunity, Freia has lots of open spaces to enable residents to feel
the sea breeze along the corridors, covered walkways and inside the spacious residences with oversized balconies. Moreover, Freia has a lot of shaded areas and pockets of landscape to provide cooling and health benefits. The tandem of Broadway Malyan and architect Arni Villanueva of GF + Partners Architect, has produced a contemporary tropical architecture that shows the expansive views of the sea, mountains and man-made Pico Lagoon. Villanueva added the local suppliers provided the materials to lessen the carbon footprint. Potential buyers will be delighted that Freia offers generous sizes of the two-bedroom condos from 67 sq m to 154 sq m, while the cuts of three-bedroom loft penthouses, range from 221 to 392 sq m, are as large as a house. To ensure privacy and space comfort, Freia has built only 223 units. “Units are outfitted with highquality fixtures to assure the security and well-being of its residents,’’ said Villanueva. “Other condo developments come with a bare concrete ceiling which makes it challenging to renovate or install fixtures. Freia’s units are built with a drop ceiling for easy placement of lighting fixtures and flexibility in lighting
Ultimately, the Freia lifestyle starts by waking up to crisp air and finishes to the symphony of crickets and other nature sounds. It will make you feel as if you’re always on a holiday.
The contemporary tropical architecture captures the expansive views of the sea, mountains and man-made Pico Lagoon. Freia’s distinctive three-step roofline mimics the rugged hillside terrain, (Artist’s perspective)
As a luxury condominium, dwellers can pamper themselves with exclusive amenities such as pools for adults and children, two function rooms, a cabana and themed gardens, designed by landscape architect Crearis. (Artist’s perspective)
design,” he added. As a lu xur y condominium, dwellers are assured of the luxuries in life with exclusive amenities such as pools for adults and chil-
dren, two function rooms, a cabana and themed gardens, designed by landscape architect Crearis. Furthermore, each unit comes with a Pico de Loro Beach and Coun-
try Club individual membership share bundled with the condo price. Since it’s a five-minute walk to the shoreline, residents can go to the beach anytime of the day.
While the sea view units inspire a socially active lifestyle, the hillside units are great for appreciating nature. While the sea view units are exposed to the action on the beach, the mountain view units lend solitude and quiet. Designed with the owner as the end-user, Freia’s units are not to be leased for rentals, thus giving another layer of security aside from the stringent club membership screening. There’s a convenience store at the Country Club so residents can order gourmet meals from Pico de Loro Cove’s three restaurants that can be served in their homes. For the health needs, there is a clinic that can assist in first-aid needs while a 24-hour ambulance service can bring patients to the nearest hospital in Nasugbu. For religious matters such as masses, the St. Therese of the Child Jesus, commonly known as the Glass Chapel, whose transparent walls bring the landscape inside. Ultimately, the Freia lifestyle starts by waking up to crisp air and finishes to the symphony of crickets and other sounds—a lovely way to start the day by bonding with Mother Nature.
Most lucrative memorial lots, hassle-free investments for OFWs
Golden Haven is now present in more than 30 major cities all over the Philippines
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N the wake of a turbulent year that upended jobs and threw people’s income opportunities in disarray, more Filipinos are now taking a hard look at investment options that could provide a safety net for the uncertain times. And one sector that is especially seen as potential investors is that of overseas Filipino workers (OFWs). Hardworking OFWs all over the world are aptly regarded as mga bagong bayani for helping keep the Philippine economy afloat through the remittances they send home. Their immense contribution to our national coffers can’t be understated. The Philippine Statistics Association discloses that in
2020 alone, these Filipinos sent an average of $2.8 billion despite the Covid-19 pandemic. Now, recent surveys reveal that OFWs are utilizing their remittances for investments as preparation for their retirement. These modern-day heroes are simply reaping the rewards of their hard work, one of which is having substantial cash to funnel into stable investment options such as treasury bonds, mutual funds, time deposits, stocks, and properties. However, OFWs who continue to toil abroad prefer passive income that requires little or no effort to grow. Seen as secure, no-fuss assets
that prove lucrative even for firsttime investors, memorial lots in the Philippines provide robust value appreciation, especially when offered by the most trusted realestate developers. Thus, there’s no better place to look than Golden Haven, a well-established name in the deathcare industry. Building their reputation off beautiful, inviting spaces that inspire loving tributes to the dearly departed, Golden Haven is now present in more than 30 major cities all over the Philippines, with more locations in the pipeline. As such, OFWs can choose to invest in memorial lots in or close to their hometowns.
In fact, almost 20 percent of Golden Haven’s buyers are OFWs who now earn an average of 20 percent annually in terms of value appreciation. Golden Haven memorial lots currently range from P53,800 for a single lawn lot to P10 million for mausoleums. These prices are only expected to rise with time as Golden Haven has shown consistent value appreciation through the years. Investors can also choose from a variety of payment options and plans that include long-lasting maintenance, wherein funds are used for the property and the overall maintenance of the park. Once a buyer has fully paid for their plan, they’re also guaranteed ownership in perpetuity. Red Rosales, COO of Golden Haven, is upbeat that with economic factors such as lower bank rates being more conducive to investing, OFWs can safely allocate their hard-earned money to the purchase of Golden Haven memorial properties. “We extend great care and consideration to all our clients to ensure that they get absolute benefits from investing in Golden Haven,” he says. “It’s that same love and care that have made Golden Haven an enduring name in the deathcare industry.” The process of investing in memorial properties has also been made easier for immigrants anywhere in the world as Golden Haven (www.goldenhaven.com.ph), now offers online services through their web site. Reservations and payments may be done with a simple click from their computer or mobile device. Reni Salvador
Aseana City’s visionary development plans unveiled
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SEANA City, dubbed as the Bay Area’s “Next Generation City,” is set for the implementation of the next phase of its progressive plans for the masterplanned community through the construction of critical power facilities that will provide quality, reliable and sustainable electric service to its residents and locators. Via a collaborative real-estate agreement with the Manila Electric Co. (Meralco), the Aseana-1 Substation Project is set to break ground in Q1 2021 and targeted for completion by 2H 2022. Aseana City, a 107-hectare mixed-use development situated between the Mall of Asia Complex and the Pagcor Entertainment City, is one of the fastest-growing master-planned township projects in the country developed by DM Wenceslao and Associates Inc. (PSE: DMW). Its existing locators
include City of Dreams Manila, Ayala Malls Manila Bay, S&R Membership Shopping, Department of Foreign Affairs, Singapore School Manila, Sequioa Hotel, Honda Manila Bay, among others. Through its partnership with Meralco, DM Wenceslao Group fulfills its commitment to provide world-class infrastructure for its locators and residents. The forthcoming substation will further enhance energy efficiency and strengthen the power supply capacity in the entire Aseana City estate. “Aseana City is a master-planned community that connects people to home, work, play, and more. And as our community continues to grow, we want to give them the security and assurance of future-proof resources that are mindfully designed to allow them to live a comfortable life,” shared Buds Wenceslao, CEO of DMW Group.
Sports
BVR hails Soriano’s election
BusinessMirror
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| Wednesday, January 27, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
CHARO SORIANO casts her vote.
SEN. Pia Cayetano is relentless in prioritizing the cycling community.
Senate passes Safe Pathways Network bill on second reading
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HE Senate has approved on second reading the bill that aims to provide safe and convenient pathways for Filipinos who prefer to walk or use non-motorized vehicles such as bicycles and electric personal mobility devices to get to their destinations. Sen. Pia S. Cayetano, the bill’s principal author and sponsor and herself a bike enthusiast, said that the passage of Senate Bill 1582, or the Safe Pathways Network bill, will primarily benefit the growing local biking community. “This is good news for all bicycle advocates and enthusiasts. Because during this time of Covid-19, there were more people who wanted to use a bicycle to get to work,” said Cayetano, Chairperson of the Senate Committee on Sustainable Development Goals (SDGs),
Innovation and Futures Thinking. “We must provide infrastructure that would encourage and accommodate sustainable and healthy modes of transportation such as walking, biking, and the use of other nonmotorized vehicles,” she added. Under the proposed measure, a Safe Pathways Network will be established throughout the country, consisting of bicycle lanes and “slow streets” along local roads that will provide pedestrians and non-motorized vehicle users safe and convenient access to frequented destinations. Non-motorized vehicles include bicycles, skates, skateboards, push scooters and hand carts, while electric bicycles and electric kick scooters are referred to as electric personal mobility devices, according to the bill.
Bicycle lanes shall be physically separated from the main road through physical barriers, or shall be elevated, or constructed separately from the main road. Painted road markers may also be used for roads with limited space. Motor vehicles, meanwhile, will have restricted access to slow streets and speed limits will be put in place on certain days or hours. Cayetano added that the proposed measure would promote a healthy lifestyle among Filipinos and benefit the environment due to reduced carbon emissions and less use of energy and resources.
FIBA GAMES CANCELED
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By Josef Ramos
TRICT travel restrictions forced the Samahang Basketbol ng Pilipinas (SBP) to cancel the country’s hosting of the third window of the International Basketball Federation (Fiba) Asian Qualifiers Group A set from February 18 to 21 in the Clark bubble. The SBP announced the cancellation in a statement signed by SBP President Alfredo “Al” Panlilio through his special assistant Ryan Gregorio on Tuesday. Panlilio said the National Task Force Against Covid-19 thumbed down the hosting. “We’ve constantly communicated with our partners from the National Task Force Against Covid-19 and they have informed us that there would be no exemptions from the current travel restrictions announced by the Department of Foreign Affairs,” Panlilio said.
The Covid-19 variant severely affected travel around the world including the Philippines, Panlilio said. “South Korea, Indonesia and Thailand also begged off from hosting games, and also Japan which was supposed to host Group B,” he said. The Philippine government imposed a strict travel ban for the whole month of January because of the new Covid-19 variant with the Department of Health announcing on Tuesday that 17 cases have been discovered in the country. Although Presidential and Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) Spokesperson Atty. Harry Roque Jr. said the travel ban will be imposed on “a case-to-case basis,” the hosting of an international competition especially basketball is not an exemption. Panlilio expressed his frustration on the cancellation because the SBP and the Bases Conversion and Development Authority (BCDA) headed by Vince
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HE Beach Volleyball Republic (BVR) hailed the election of one of its founders, Charo Soriano, as board member of the newly formed Philippine National Volleyball Federation Inc. (PNVFI). “Admittedly, the road that paved the way toward a united volleyball community had many pitfalls, but today is different—today is all about hope, unity and commitment.” Soriano said. The youngest member in the PNVFI Board at 35, Soriano was proclaimed by the Philippine Olympic Committee (POC) in the elections held at the East Ocean Seafood Restaurant in Parañaque City on Monday.
Dizon have been meticulously preparing the Clark facility since last December after a successful Philippine Basketball Association bubble season. “The SBP wanted nothing less than to be one with the international basketball community as it attempts to bounce back in 2021 after taking a huge hit during the pandemic,” said Panlilio, also the Philippine Olympic Committee’s first vice president. “The SBP has rendered its services of hosting not only Group A but also Group C composed of powerhouse New Zealand, Australia, Guam and Hong Kong, assuring everyone of a safest and world class state-of-the art facilities here in the Philippines,” he furthered in the statement. “Our commitment [to Fiba] has never wavered as evidenced by our participation in the Fiba Asia Cup Qualifiers in Manama, Bahrain, even amidst the difficult circumstances,” he said. “We’ve exerted a lot of effort into our hosting of the Fiba Asia Cup Qualifiers and this is why it is with great
The proud daughter of Tuguegarao managed the country’s beach volleyball national team program in the 2019 Southeast Asian Games where the men’s and women’s teams clinched a bronze medal each. “It is truly such an honor to be part of the federation and to materialize our responsibility to make the dreams of the Filipino volleyball athletes come true,” Soriano said. The FIVB is expected to officially recognize the PNVFI during its online world congress from February 5 to 7.
VACCINE A MUST FOR TOKYO HOPEFULS–REP. MIKEE
Panlilio REP. Mikee Romero makes a special appearance at Tuesday’s online forum.
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sadness that we announce it is no longer going to happen.” The Qatar Basketball Federation offered to host the games in Doha. Panlilio told BusinessMirror that the national pool for the supposed games in Clark would remain in the Inspire Sports Academy in Calamba, Laguna, and “continue training while they [SBP] await what to do next.” “We are working with Fiba to look for possible solutions to this situation. We look forward to the day that the SBP welcomes Fiba basketball to our shores again,” he added.
OUSE Deputy Speaker Mikee Romero is confident the Tokyo Olympics will push through this year and stressed on the importance of the Covid-19 vaccine for Filipino athletes preparing for the quadrennial event. “Vaccine is a must for the Tokyo Olympics so I’m espousing a House resolution prioritizing Filipino athletes,” said Romero in a special appearance in the online Philippine Sportswriters Association (PSA) Forum on Tuesday. Romero, owner of the Philippine Basketball Association team NorthPort and member of the national polo team, said that even those preparing for the Southeast Asian Games in
Pagdanganan stays focused on qualifying for Olympics
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BIANCA PAGDANGANAN is hanging on in the cutoff for the Tokyo Olympics.
IANCA PAGDANGANAN remained focused on her bid to qualify for the Tokyo Olympics as she hangs on to No. 41 in the world rankings—way within the world top 60 cutoff if the Games were to start tomorrow. “It is always been a goal of mine to play in the Olympics. It’s just different when you are playing for something bigger than yourself,” Pagdanganan, 23, told reporters Tuesday’s online news conference organized by the MVP Sports Foundation. “It definitely means a lot, and not everyone is given that chance.” Pagdanganan and Filipino-Japanese Yuka Saso, currently No. 21 in the world, are within the cutoff but they have to continue playing in International Golf Federation-sanctioned tournaments, especially the Ladies Professional Golf Association Tour, for them to qualify for the
Go, Nieto to open sports summit
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EN. Christopher Lawrence “Bong” Go and House Committee on Youth and Sports Chairman Rep. John Marvin “Yul Servo” Nieto will grace the opening ceremony of the National Sports Summit 2021 (NSS 2021) on Wednesday. Sports Conversations is a series of weekly conference-type online sessions hosted by the Philippine Sports Commission. It starts January 27 via Zoom and will run until May. “We are thankful to Senator Go and Chairman Nieto for their support. We know
how much they value the role of sports in nation-building.” PSC Chairman William “Butch” Ramirez said. “We hope that they will inspire our participants to excel also and make a difference in their respective fields,” added Ramirez, who will also deliver his message in the ceremony. NSS 2021 is a three-phased program aimed at gathering the insights of different sports stakeholder and using them as foundations in crafting a sustainable and
Pacquiao-McGregor fight needs 2nd look Al Mendoza | alsol47@yahoo.com
THAT’S ALL WILL Manny Pacquiao still fight Conor McGregor? Only a fool would say, yes. McGregor was knocked out by Dustin Poirier last weekend in a UFC fight that he was supposed to win. That’s because prior to that bout in Fight Island, Abu Dhabi, McGregor knocked Poirier out in the first round. That’s why after Poirier’s vengeful win by a decisive second-round knockout of McGregor, the planned Pacquiao-McGregor fight is not only in jeopardy, but should be a virtual no-go. Although formal fight talks have yet to commence, the question for the moment is, will McGregor still be a fitting foe for Pacquiao? I doubt. If last Sunday’s fight would be the gauge, McGregor was a screaming proof of a fighter that had seen better days. Fit for pastureland. At 32, he fought like a 42-year-old washout. A pathetic sight in the first round where
Hanoi in November must get the vaccine. “This is a chance of a lifetime for our athletes and the country to win an Olympic gold. And what we can do is to mitigate it by giving them vaccines,” Romero said. Romero said the national athletes should be among those to be prioritized for vaccination, including the medical frontliners, senior citizens, police, military and the less-privileged. The sports-minded congressman said the vaccines of various brands should arrive in the country in March or April, and will cover 80 million doses for 40 million Filipinos on two doses each. Also gracing the forum is NorthPort representative to the PBA board of governors Erick Arejola, who expressed the readiness of the Batang Pier in the league’s 46th season that starts in April. “We are currently signing the players [contracts]. They are doing individual training and we’re only waiting for the go-signal for team practices to resume,” Arejola said. “Our players are observing the health protocols,” he said. To make sure that the athletes are prioritized, Romero told the forum presented by San Miguel Corp., Go For Gold, Milo, Amelie Hotel Manila, Braska Restaurant, and the Philippine Amusement and Gaming Corp., and powered by Smart with Upstream Media as webcast partner that he is “espousing a House resolution.”
he practically groped for form, McGregor was picture-perfect for the slaughterhouse. Poirier, exploding with well-timed leg kicks followed by a flurry of punches to the face, knocked down a totally out-of-shape McGregor in the rematch that took six-and-a-half years of planning. When the referee waived McGregor out in 2:32 of the second round, it sort of also signaled what could be the end of the Irishman’s checkered career. “I’m happy but I’m not surprised,” Poirier said. “I put in the work.” Before the win, the 32-year-old Poirier, from Lafayette, Louisiana, USA, was on a 10-2, win-loss run, making McGregor the fifth former champion he had beaten in his last 13 fights. But McGregor’s rustiness was too visible, obviously the result of fighting only three times in the last four-and-a-half years prior to the Poirier fight. “It’s hard to overcome inactivity,” said
Olympics set for July 23 to August 8. Golf’s world governing body set a June 28 cutoff date for the Olympics. “For me, playing for my country is always one of the greatest things that golf has given me or the opportunity that comes to my life,”said Pagdanganan. Pagdanganan won the women’s team gold medal with Saso and Louis Kaye Go at the Jakarta 2018 Asian Games. She also clinched an individual bronze medal with Saso bagging the gold medal. “But I need to keep playing to stay in the top 60,” she said. “I think we [with Saso] have a good chance. Seeing how we played throughout the years, at the Southeast Asian Games and the Asian Games,” said Pagdanganan, who was also announced during the news conference as Smart Sports’ newest ambassador. Josef Ramos workable short- to long-term plan for Philippine sports. All data gathered in the Sports Conversations will be processed and studied to create a new set of resolutions to be presented to sports leaders for action. More than 700 stakeholders representing national sports associations, local government units, government agencies, schools, colleges, universities and sports-interested parties registered online for the program. The first session will feature United Sports Academy President TJ Rosandich who will talk about Sports Success from a First World Perspective. McGregor, a former two-division UFC champ. “You don’t get away with being inactive in this business.” One of McGregor’s three fights was that infamous 10th-round TKO loss to Floyd Mayweather Jr. on August 26, 2017, with both stashing away millions. Mayweather alone pocketed $275 million in just 28 minutes of that crossover bout, dubbed as “the biggest fight in combat sports history.” So that you are a hypocrite if you say Pacquiao isn’t thrilled with the mega-money promise an encounter with McGregor could bring to the ring. But, alas, that might not be the case anymore. With McGregor’s stunning loss to Poirier, it’d be best for Pacquiao to now look the other way. Or is Pacquiao that desperate for attention, if not dough, given that the presidential election is but a breath away? Ambition blinds. At times. THAT’S IT I love this kid, Kai Sotto, 18. With the 7-foot-3 teener giving his country top priority, he has my medal for valor. Although he’s glued now to the National Basketball Association’s G-League, Kai has committed to play for Gilas even if Gilas’ Fiba Cup Asia schedules at Clark Pampanga tangles a bit with his G-League tussles. So young, so mature. Cheers!