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NEW LOCKDOWN NIXED AMID 9.5% CONTRACTION www.businessmirror.com.ph

Friday, January 29, 2021 Vol. 16 No. 110

P25.00 nationwide | 4 sections 26 pages | 7 DAYS A WEEK

Reform, more stimulus, biz reopening to boost growth By Samuel P. Medenilla, Jovee Marie N. Dela Cruz

See “BSP,” A2

HE worst economic performance of the Philippines since 1946 is a serious setback, but recovery can be hastened in 2021 as reforms to boost business amid the lingering impact of the Covid-19 pandemic are pursued, lawmakers and Executive officials said on Thursday. Malacañang said the country’s gross domestic product (GDP) growth is expected to return to positive territory this year once more businesses reopen. Citing data from the National Economic and Development Authority (Neda), Presidential spokesperson Harry Roque disclosed GDP is projected to grow to 6.5 percent to 7.5 percent this year and 8 percent to 10 percent by 2022. “But I would like to clarify, this will happen if the economy will fully reopen,” Roque said in an online press briefing.

NCR classification

CONSUMERS troop to the Manila Electric Co. headquarters in Pasig City on Thursday, January 28, 2021, to oppose a recent rate increase and to call for the end of January disconnections experienced by those who were unable to pay their bills during the Luzon lockdown last year. Meralco earlier increased its power rates for January by 27 centavos per kilowatt hour (kWh) to P8.75/kWh. Despite the increase, this month’s overall rate is still more than 70 centavos/kWh lower than January 2020’s rate of P9.45/kWh. On Thursday, Meralco forecast power rates will go down in February given the strong demand in the Luzon grid this month, which resulted in lower rates from power suppliers. NONOY LACZA

By Cai U. Ordinario

HE economy can no longer stay on lockdown, and prolonging the mobility restrictions would condemn even more Filipinos to poverty and hunger, according to the National Economic and Development Authority (Neda).

In a briefing on Thursday, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said this is the economic team’s stance despite the presence of a new Covid-19 strain in the country. Chua led the briefing after the economy posted its worst annual performance on record—a contraction of 9.5 percent—in 2020. Spending in the last quarter of

the year also failed to prop fourthquarter economic performance, which contracted 8.3 percent. “We cannot afford any more prolonged quarantines, or risk aversion. We have to strike that better balance, and we will continue to use data, both from the economic and the health side, to inform our decision, and our recommendation to the

HE noted this may depend on the lowering of the community classification of the National Capital Region (NCR), where 60 percent of the country’s business operations are located, to the more relaxed modified general community quarantine (MGCQ). The Inter-Agency Task Force on Emerging Infectious Diseases (IATF) will only consider downgrading the community quarantine classification of NCR if Covid-19 cases in the region are kept in check through strict implementation of minimum health standards among residents. NCR is under general community quarantine (GCQ), which limits mass gatherings and prevents some establishments from resuming operations. Roque issued the statement after economic managers reported the GDP for the entire 2020 contracted by 9.5 percent, the low end of government’s projections, as the country suffered the impact of crippling lockdowns forced by the Covid-19 pandemic. GDP in 2019 grew by 6 percent.

Continued on A2

COVID RESPONSE: PHL BESTS U.S., BUT TRAILS PEERS

HE Philippines outranked the United States but trailed behind most of its Southeast Asian neighbors in its efforts to fight Covid-19, according to the Australiabased think tank Lowy Institute. The Department of Health (DOH) was unfazed, however, saying the metrics used was like “comparing apples to oranges.” Still, DOH said it appreciated the value of all researches on Covid response, so the Philippines can learn from the best practices of others. In the Covid-19 Performance Index, the Philippines ranked 79th out of 98 countries with a score of only 30.6. The United States ranked 94th with a score of only 17.3. Vietnam ranked 2nd overall and is the highest ranked Asean country in the index followed by Thailand, which ranked 4th; Singapore, 13th; Malaysia, 16th; and Myanmar, 24th. Indonesia,

meanwhile, ranked 85th in the index. “Some countries have managed the pandemic better than others—but most countries outcompeted each other only by degrees of underperformance. The severity of the pandemic in many countries also changed significantly over time, with infections surging again in many places that had apparent success in suppressing initial outbreaks,” the Lowy Institute said. “No single type of country emerged the unanimous winner in the period examined.” In order to measure the performance of countries, the Lowy Institute tracked six measures of Covid-19 in 98 countries that had available data. These are confirmed cases; confirmed deaths; confirmed cases per million people; confirmed deaths per million people; confirmed cases as a proportion of tests; and tests per thou-

sand people. The 14-day rolling averages of new daily figures were calculated for these indicators. The average across these indicators was calculated for individual countries to produce a score from zero which meant “worst performing” to 100, which referred to “best performing.” “Collectively, these indicators point to how well or poorly countries have managed the pandemic in the 36 weeks that followed their hundredth case of Covid-19,” the Lowy Institute said. The country that topped the rankings was New Zealand, with a score of 94.4, followed by Vietnam with a score of 90.8; Taiwan, 86.4; Thailand, 84.2; and Cyprus, 83.3. The top 10 in the index were completed by Rwanda with a score of 80.8;

See “Covid,” A2

SALCEDA: “This is a turning point. If we get 2021 right, we will get 2030 right. If we don’t, we’re in trouble.”

3 solutions

THE chairman of the House Committee on Ways and Means on Thursday urged the government to prioritize three solutions and avoid what he calls “temptations” on policy. Albay Rep. Joey Sarte Salceda wants government to expedite spending, accelerate vaccine rollout, and be open to more private investments. “The most important one is vaccine rollout. We need herd immunity before this year ends. There can be no ifs and buts here. I urge the government to

Continued on A2

PESO EXCHANGE RATES n US 48.0730

n JAPAN 0.4618 n UK 65.8119 n HK 6.2015 n CHINA 7.4162 n SINGAPORE 36.1832 n AUSTRALIA 36.8335 n EU 58.2260 n SAUDI ARABIA 12.8171

Source: BSP (January 28, 2021)

News BusinessMirror

A2 Friday, January 29, 2021

Reform, more stimulus, biz reopening to boost growth Continued from A1

support the Bayanihan sa Bakuna Act (House Bill 8285) because it will expedite procurement, rollout and administration of vaccines. No point in gradual reopening of the economy if we will not give people the confidence to go out,” Salceda said. “The second most important solution is to make sure we spend the 2021 budget and exhaust the 2020 budget completely this year. No toleration of delays in spending should be tolerated. I sternly warn implementing agencies that Congress will hold you accountable for the budget requests you submitted but cannot spend,” Salceda added. Finally, the economist-lawmaker said the country must signal to the domestic and international investing communities that the Philippines is serious about being open for business. “That means passing CREATE [Corporate Recovery and Tax Incentives for Enterprises bill], Economic Charter Change in the form of RBH 2, and being more open to public-private partnerships that are fair,” he said. He said CREATE and RBH2 combined will produce 7.7 million jobs over the next 10 years. “This is a turning point. If we get 2021 right, we will get 2030 right. If we don’t, we’re in trouble,” Salceda concluded. Salceda said the country must prevent the long-term impacts of economic decline on future productivity. “Our people are our best investments. If our young suffer from malnutrition now because of widespread hunger, we will suffer for generations. The future will be an information age. If the ability of the young to learn and be productive is limited now, we have a very concerning prospect,” Salceda warned. “As I said just this week, we need to ramp up Plant, Plant, Plant to feed our people and lower food prices. And we need direct transfers of cash to the poor,” Salceda added.

Temptations

HE, however, warned against policy temptations, listing three things to be avoided. “One is to deplete the revenue base by making redundant incentives too generous, or by making unreasonable or impulsive tax exemptions. Apart from those we can clearly justify, I am averse to any more erosion of revenues,” Salceda said. The second temptation is to build credit barriers, the solon said. Finally, the government should avoid the fear of the deficit. “These are extraordinary times. The best way to protect credit ratings is not to avoid borrowing, but to avoid further economic decline. The measure of our

borrowing capacity is economic health, not debt stock. If at some point, we need to supplement social spending, we should be open to it. I would rather have high growth and high deficit than low growth and low deficit. Low growth is the enemy, because it is what drives people to poverty and hunger,” Salceda said.

Stimulus

GLOBAL real-estate services firm Cushman & Wakefield also weighed in. Claro Cordero Jr., its director and head of research, consulting and advisory services, said: “Along with the fresh policies to be implemented by the government to arrest the downward trend of the economy this year, there are other stimulus measures” that could put back on growth track the Philippine real-estate sector, also impacted by the pandemic. “Apart from improving the competitiveness of the credit sector by keeping interest rates low, the advancement of digital technology will be able to assist the sectors, such as those working from home and the boom in e-commerce, that greatly depend on connectivity. The swift passage into law of important pending legislations, such as CREATE, which seeks to reduce the corporate income tax, and the Financial Institutions Strategic Transfer (FIST) Act, which will free up the banking system from bad loans and nonperforming loans—are seen to relieve the burden on the micro, small and medium enterprises (MSMEs) severely affected by the pandemic.”

Misery on ground validated

THE PSA announcement simply validated the widespread economic hardship felt by the Filipinos, Marikina Rep. Stella Luz Quimbo said, but added this can be addressed by right spending, passage of economic bills and another stimulus package. Prior to the pandemic, Quimbo said the government spending growth in 2019 was already at 8.7 percent. “Now that there is a pandemic, and economic downturn, government spending growth is only 10.38 percent for 2020,” she said. According to Quimbo, Philippine spending is the lowest in the Asean. Quimbo said the government’s plan on moving forward relies on five pieces of legislation: Bayanihan 2, the 2020 and 2021 budgets, CREATE bill, the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) and the FIST Act. Quimbo also said the only way that risk aversion can be addressed is for government to increase its spending. “My version proposes a P400-billion spending, P330 billion as Covid response and P70 billion as disaster response,” she said.

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New lockdown nixed amid 9.5% contraction Continued from A1

President,” Chua said. Based on Neda estimates, Chua said quarantine restrictions reduced household spending by P801 billion in 2020 or an average of around P2.2 billion per day. Chua said the decline in consumption translated into a total income loss of around P1.04 trillion in 2020 or an average of around P2.8 billion per day. On a per capita basis, Chua said annual family income declined by some P23,000 per worker. However, he said this masked wide differences across sectors and jobs since some workers were hit much harder, while others lost their jobs completely.

P1-T productivity loss

APART from these, Chua cited an Asian Development Bank (ADB) study that P1 trillion in productivity will be lost if children do not go back to school. “We have to live with the new strain and move on,” Chua told BusinessMirror after the press briefing. Economists agreed with the economic team and echoed calls to open the economy to reverse the lockdown’s ill effects. De La Salle University economist Maria Ella Oplas said loosening restrictions will not make the new Covid-19 variant any less real for Filipinos. After all, she said, there are reports of Filipinos testing positive for the new strain. Except for schools, Oplas said, other sectors of the economy should start opening up. It would also do good for Filipinos to “enjoy the outdoors at regulated head counts” while wearing face masks and face shields. “I think that instead of doing another round of lockdowns, the government should focus on the entry gates making sure that those coming do not come in most especially with the new strain,” Oplas said. Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang told the BusinessMirror that loosening mobility restrictions would be possible as long as the “Test, Trace and Isolate system” is still implemented. Ang said market jitters about the new strain in the country and loosening restrictions need not be “inconsistent” as long as the government is consistent in enforcing protocols. Former Philippine Economic Society President Emilio S. Neri Jr. said the business community is committed to increase its investments, ensuring that even if new variants come out, firms can sustain their growth and profitability. These investments, Neri said, in-

clude those that improve logistics, transport, telcos, farms and manufacturing. These new investments will be done while repurposing their resources. “What I worry more is the speed of economic recovery, which won’t take a faster pace unless the government abandons the GCQ, etc. method which is a shotgun approach that impedes people and goods movement (resulting also in varying requirements, including testing, for different municipalities, provinces). A corollary to this would be to limit LGU to at most barangay level lockdowns (i.e., it could be blocks or several blocks usually),” University of Asia and the Pacific economist Victor A. Abola said.

Quid pro quo

HOWEVER, Foundation for Economic Freedom (FEF) President Calixto V. Chikiamco said more needs to be done before the economy can open. Government must ensure that Filipinos are protected from Covid-19 strains, and must keep out travelers from countries where these variants are raging, Chikiamco said, adding that a variant surveillance and regular testing must be sustained. For former Socioeconomic Planning Secretary Romulo L. Neri, the government can already loosen restrictions with the presence of fast and cheaper testing. Neri urged Secretary Francisco Duque III to look into Ivermectin as a potential prophylactic and curative. A new, cheaper quick-result saliva test will also help, Neri said. Abola said LGUs should also provide UV-light disinfection centers for public transportation and implement good governance in issuing permits for the free movement of goods. The government or the Bangko Sentral ng Pilipinas (BSP) through rural banks and microfinance institutions should provide emergency lending facilities to MSMEs payable in seven years, with a two-year grace period. The BSP, through commercial banks, should provide emergency lending facilities to large companies to support their supply chains, he said. Other proposals he listed: creating new vegetable-growing centers closer to Metro Manila, such as Tanay in Rizal and Tagaytay, to facilitate access to ample and affordable food supply; and accelerating infrastructure spending to facilitate movement of goods and people and health. “Infra spending, which has longterm positive effects, is basically horizontal and affords natural social distancing. It’s more the sleeping and eating facilities that contractors have to be careful about,” he added. Meanwhile, Action for Economic Reforms (AER) coordinator Filomeno Sta. Ana III noted that the new Covid-19 variant only shows that the vaccine is no silver bullet.

ing more fiscal stimulus, if for instance, there is no confidence or consumer confidence to spend. There’s no point in giving more subsidies, if the families cannot even go out and spend,” Chua said. “We have to give the support not only from one instrument, but from a package to address multiple concerns of businesses and individuals.”

Economic performance

CHUA: “We have to live with the new strain and move on.” He said new mutations of Covid-19 could come out and “first-generation vaccines” may not be able to address the risks brought by these new strains on Filipinos. Sta. Ana said this poses risks, especially given the “bungling” of the country’s vaccination strategy. He said the economic team needs to consider containing the virus first before opening up the economy.

Recovering

AMID the economic challenges, Chua and the rest of the economic team believe the prospects for 2021 remain encouraging, largely due to the possibility of a “calibrated reopening of businesses and mass transportation, and the relaxation of age group restrictions.” Chua thinks this will lead to a strong recovery, especially if the government’s plan of distributing vaccines against Covid-19 before yearend is implemented. The government is also relying on its recovery package—the Bayanihan to Recover as One Act (Bayanihan 2); 2020 and 2021 budgets; and reform bills, he added. These bills are the CREATE, which aims to lower taxes and give tax incentives; FIST on addressing liquidity problems of firms; and GUIDE on addressing solvency problems of firms. Extending the use of Bayanihan 2 and the 2020 budget combined will give an additional P195-billion boost to the economy. A package approach, Chua said, is a better way to help the economy recover instead of just extending grants such as the Social Amelioration Program (SAP). Chua said if consumer confidence is down or low, providing subsidies will not help the economy. If families cannot go out and spend the SAP or subsidies, this will not translate to economic growth. He cited surveys done by Neda showing SAP or ayuda is not among the needs of Filipinos at this time. What they said they needed are deferment of fixed payments; rental loan utilities; and deferment of taxes and lower taxes—all of which cannot be resolved by extending fixed financial grants. “There is I think no point in giv-

CRIPPLED by lockdowns, the Philippine economy posted a contraction of 9.5 percent in pandemic year 2020, the worst performance on record since 1946, according to data released by PSA on Thursday. In a briefing, National Statistician Claire Dennis S. Mapa said economic growth was the worst since the PSA started collecting annual data in 1946. Mapa said the fourth quarter also saw the economy contract 8.3 percent, despite the holidays. “In the fourth quarter of 2020, our economy performed better with a smaller GDP contraction of -8.3 percent. This brings the full-year GDP contraction to -9.5 percent, which is at the low end of the DBCC estimate of -8.5 to -9.5 percent for 2020. On a quarter-onquarter basis, the economy grew by 5.6 percent,” Chua said. The top contributors to the decline of GDP growth for the fourth quarter of 2020 were construction, which declined 25.3 percent; other services, 45.2 percent; and accommodation and food service activities, 42.7 percent. Among the major economic sectors, agriculture, forestry, and fishing (AFF) registered a contraction of 2.5 percent in the fourth quarter of 2020. Services and industry posted declines of 8.4 percent and 9.9 percent, respectively. In 2020, PSA said AFF contracted 0.2 percent; services, 9.1 percent; and industry, 13.1 percent. On the expenditure side, PSA said the Government Final Consumption Expenditure (GFCE) posted positive growth of 4.4 percent in the fourth quarter of 2020. Household Final Consumption Expenditure (HFCE) declined by 7.2 percent, along with the Gross Capital Formation (GCF) at 29 percent; exports, 10.5 percent; and imports, 18.8 percent. For the whole of 2020, GFCE grew by 10.4 percent while HFCE contracted 7.9 percent; GCF, 35.8 percent; exports, 16.7 percent; and imports, 21.9 percent. PSA data showed Net Primary Income (NPl) from the Rest of the World, and the Gross National Income (GNl) contracted 53.2 percent and 12 percent in the fourth quarter of 2020, while full-year 2020 growth rates of NPI and GNI declined 27.3 percent and 11.1 percent, respectively.

BSP taps mobility monitors to track economic activity By Bianca Cuaresma

HE Bangko Sentral ng Pilipinas (BSP) announced on Thursday that it is starting to adopt so-called userbased “mobility indicators” to track economic activity in the country, especially in relation to pre-Covid levels. In a press briefing, BSP Governor Benjamin Diokno said the new strategy of using mobility indicators is part of BSP’s aim to expand its surveillance toolkit and gather more data on the pace of the country’s return to prepandemic activity amid the gradual opening of the economy. Mobility indicators are datasets gathered by navigational applications like Google and Apple on people’s movements.

Covid… Continued from A1

“Ensuring access to relevant and timely data to assess economic activity is crucial amid the Covid-19 pandemic, which has limited people’s mobility and altered the functioning of the economy,” Diokno said. For example, early assessment from the BSP using Apple mobility data showed that the Philippines is among the slowest in the Asean-5 to regain its mobility in 2020. As of December, the Philippines has the lowest mobility indicator followed by Singapore and then Thailand. Malaysia, Vietnam and Indonesia are already back to pre-Covid mobility levels. “These indicators provide a more granular and real-time

Iceland, 80.1; Australia, 77.9; Latvia, 77.5; and Sri Lanka, 76.8. Those at the bottom 10 of the index were Brazil, which ranked 98th overall with a score of 4.3; Mexico, 6.5; Colombia, 7.7; Iran, 15.9; and the United States. The bottom of the index also included Bolivia with a score of 18.9; Panama, 19.7; Oman, 20.3; Ukraine, 20.7; and Chile, 22.

‘Apples to oranges’

DESPITE being ranked 79th out of 98 countries in terms of Covid-19 response by Australia’s leading independent international policy think tank, the Department of Health was unfazed, saying, “We can’t be comparing apples to oranges.” Sought for a reaction, the DOH said it welcomes all research on Covid-19 and “the opportunities to learn from good practices of other countries.”

look at consumer and business activity. They complement the usual macroeconomic indicators like manufacturing indices and gross domestic product (GDP),” Diokno said. The governor also said in his presentation that Google’s Community Mobility, on the other hand, shows the level of sectoral activity. It showed that in the Philippines, the mobility index for grocery and pharmacy temporarily reached prequarantine levels in December due to the onset of the holiday season. Transit, malls, parks and workplaces, meanwhile, all had below-quarantine mobility levels for the entire 2020. “Data on mobility indicators offer a way for authorities to gauge the return of economic

“Please note that the pandemic is very dynamic, and the capture of proper context is crucial in assessing the performance of a country,” the DOH said. The DOH added, “Usual issues in any measurement across different contexts include the difficulties in choosing what components should be measured, which indicator best represents that component, transforming and comparing data from different sources/ definitions/ interpretations across countries, and the very unique environmental or historical influences that affect overall performance. We can’t be comparing apples to oranges.” The DOH explained: “If you look at their methodology—the measures they used did not capture the complex nature of pandemic response; for example, how quickly a country initiates contact tracing, readiness of health facilities to address the

DIOKNO: “Ensuring access to relevant and timely data to assess economic activity is crucial amid the Covid-19 pandemic, which has limited people’s mobility and altered the functioning of the economy.”

activity to normal as the economy reopens. Mobility data offer much potential in providing inputs for policymaking under the new economy,” Diokno said. surges, etc.” “The indicators of performance used by the Philippines are multidimensional, with both strategic and operational indicators of health and economic performance and across the Prevent-Detect-Isolate-TestTreat strategies.” Nonetheless, the DOH vowed to continue to improve its response and increase its capacities, “not just for this pandemic, but as we endeavor to achieve Universal Health Care and deliver health for all.” As of January 28, the DOH logged an additional 1,169 Covid-19 cases, bringing the total number of infections in the country to 519,575. Of the total number of infections, 6.4 percent (33,427) are active, 91.5 percent (475,596) have recovered, and 2.03 percent (10,552) have died.

Cai U. Ordinario and Claudeth Mocon-Ciriaco

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Friday, January 29, 2021 A3

AFP intelligence chief axed over ‘erroneous’ Reds list The publication of an erroneous list, originating from his office, OJ2, of alleged NPA killed by the military is an unforgivable lapse. Defense Secretary Delfin N. Lorenzana

By Rene Acosta @reneacostaBM

EFENSE Secretar y Delfin Lorenzana relieved on Thursday the military’s intelligence chief of his post following the publication of an error-riddled list of individuals tagged as members of the New People’s Army (NPA) which, it said, had either been killed or arrested. The list, which partly became the basis of military officials in branding the University of the Philippines (UP) as a recruitment ground for rebels and the abrogation of the UP and

Department of National Defense Accord, include the names of individuals, including well known lawyers and former government officials. “I am relieving MGen [Major General] Alex Luna from his post as Deputy Chief of Staff for Intelligence, J2, effective today [January 28, 2021],” said Lorenzana in a news statement released through the office of DND spokesman Arsenio “Popong” Andolong. “The publication of an erroneous list, originating from his office, OJ2, of alleged NPA killed by the military is an unforgivable lapse,” the defense chief stressed.

Luna’s relief came just days after the defense chief said that the flawed list and its public disclosure was an “unpardonable gaffe” after one of the individuals named in the list, lawyer Rafael Aquino, a UP graduate and member of the Free Legal Assistance Group, demanded for a public apology from military officials. Other personalities named in the list include lawyer Alex Padilla, a former undersecretary of the Department of Health and president of PhilHealth, and Juan Mercado, a former executive of the Department of Environment and Natural Resources. Following Aquino’s call, Maj. General Benedict Arevalo, Armed

Villafuerte backs call to skip Charter change, focus on ‘doable’ legislation By Jovee Marie N. Dela Cruz

@joveemarie

SEN IOR l aw m a ker on T hu rs day backed the call of economic managers and business groups for Congress to focus on “doable” legislations to attract foreign direct investments (FDI) and accelerate economic recovery. Camarines Sur Rep. Luis Raymund Villafuerte issued the statement, saying that the revival of the Charter change (Cha-cha) initiative at this time would only sidetrack national efforts to overcome the coronavirus pandemic and save sectors in distress. While he has long been a Cha-cha advocate, Villafuerte said “now is the wrong time to pursue this politically sensitive and potentially divisive issue as it would only deflect national attention from the principal concerns of Covid-19 response and economic recovery.” “Charter change should have been done yesterday,” said Villafuerte. “Amid the health and economic crises now sweeping across the globe, we should keep our focus on the Covid-19 vaccine program, which will be the only way of putting any semblance of normalcy back into our lives.” According to Villafuerte, Congress and all other sectors should work together with Malacañang in making sure that Filipinos are able to acquire sufficient vaccines at a reasonable cost soon enough, and that the government could deliver on its commitment to inoculate some 70 million Filipinos. “Right now we are just catching up with other countries that have already rolled out their mass vaccination programs,” he added. Villafuerte said lawmakers should also help carry out an information blitz in their respective districts amid the apparent low public support nationwide for the Covid-19 immunization program. Alongside Covid-19 response, Villafuerte said the nation’s focus should also remain at this point on accelerating economic recovery and regaining the economy’s pre-Covid growth momentum. Villafuerte agreed with Finance Secretary Carlos Dominguez III who said at a Tuesday hearing of the House Committee on Constitutional Amendments that Congress can help speed up economic recovery by passing the pro-

posed Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) and the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) Act as stimulus packages. Dominguez said the approval of these measures should be complemented by the congressional passage of pending bills to make the economy more attractive to foreign investors, particularly the amendments to the Foreign Investment Act (FIA), Retail Trade Liberalization Act (RTLA) and the Public Service Act (PSA). Trade Secretary Ramon M. Lopez similarly batted for the passage of the proposed FIA, PSA and RTLA during the same House committee hearing. According to Villafuerte, “ These bills should be our doables this year in lieu of Cha-cha.” In contrast, said Villafuerte, “the pending economic bills meant to stimulate the economy and ease restrictions on foreign participation in local businesses would, once passed and enacted into law, usher in immediate reform that would helphasteneconomicrecoveryandtransformthe Philippines into a magnet for FDI in the region.” CREATE, for instance would reduce the corporate income tax (CIT) for micro, small and medium scale enterprises (MSMEs) from the current 30 percent to just 20 percent, thus becoming the biggest stimulus ever for businesses, said Villafuerte who co-authored the House-approved version of this bill. The hefty CIT cut as proposed by CREATE will be essential to economic recovery, he said, considering that MSMEs comprise 99 percent of local enterprises and employ almost 70 percent of the country’s workers. On the other hand, he said, the necessary amendments to the FIA, RTLA and the PSA would immediately ease the restrictive economic rules for foreign businesses and thus encourage overseas investors to at once set up shop in the Philippines or expand their existing enterprises here. The Joint Foreign Chambers of the Philippines (JFC) has also recommended the immediate enactment of other measures that also provide new FDI opportunities such as PSA and RTLA amendments, and programs that increase competitiveness to surpass levels of FDI achieved by the country’s neighbors.

PCG officer fired from Naia for ‘encroachment’ of duties By Recto Mercene

@rectomercene

PHILIPPINE Coast Guard (PCG) officer was relieved from his post at the Ninoy Aquino International Airport (Naia) following a written complaint filed by a ranking Customs official for alleged “encroachment” into functions of the Bureau of Customs (BOC). Customs-Naia deputy collector for passengers services Atty. Ma. Lourdes Mangaoang identified official as Undersecretary Raul del Rosario, commander of the Task Force Group on Covid-19 and a commander of the PCG and a certain PO2 Fiesta. Mangaoang said the PCG men apologized for what they have done following a meeting last

Wednesday afternoon. Mangaoang said that the “PCG personnel ought to be educated on the mandate of the BOC,” and briefed them as well on the limitations of their jobs as detailed personnel at the premier airport. Mangaoang sent an official letter to Admiral George Ursabi Jr., PCG, commanding general, where she cited a recent incident recorded on CCTV at the arrival area of Naia Terminal 2. She said a certain PO2 Fiesta allegedly intimidated female Customs officer, Mona Cielo Magnaye, last December 28, 2020, while another unidentified PCG personnel was seen inspecting a passenger’s declaration form and BOC official receipt from an arriving passenger.

Forces of the Philippines (AFP) deputy chief of staff for civil-military operations (J7), issued an apology, saying it was his office that prepared the list. He said an investigation was also being conducted to determine where the list emanated from. The military’s information arm, AFP Intelligence Exchange, whose has presence on the social media,

which also carried the list on its Facebook page, has since taken down the list from its page. Lorenzana was stern in his statement in relieving Luna as chief of the military’s intelligence office. “His negligence only shows a lackadaisical attitude towards his job, resulting to confusion and damage to reputation. We do not take these

offenses lightly and I want to hold the people involved accountable,” the defense chief said. The military’s circulation of the list was followed later by statements from other military officials claiming that 18 schools and universities, nearly all of which are in Metro Manila, are recruitment grounds for rebels.

A4 Friday, January 29, 2021 • Editor: Vittorio V. Vitug

Economy BusinessMirror

www.businessmirror.com.ph

CTRM endorses tariff reduction on pork imports By Jasper Emmanuel Y. Arcalas @jearcalas Cai U. Ordinario @caiordinario

& Elijah Felice E. Rosales @alyasjah

HE Cabinet-level Committee on Tariff and Related Matters (CTRM) has agreed to lower pork tariffs to allow entry of cheaper imports in a bid to boost domestic

supply and pull down rising prices of meat products. Agriculture Secretary William D. Dar confirmed to the BusinessMirror that the CTRM has endorsed the lowering of pork tariffs to the Tariff Commission (TC) to undergo due process. Documents released by the TC on Thursday showed that the Department of Agriculture (DA) petitioned

to lower the in-quota tariffs for pork imports to 5 percent for the first six months and raise it to 10 percent in the next six months. The DA also petitioned to lower the out-quota tariff for pork to 15 percent for the first six months and increase it to 20 percent for the next six months. Pork imports within the minimum access volume (MAV) or in-quota are currently slapped with 30 percent, while imports outside the MAV are levied with 40-percent tariff. “The idea of lowering tariff for pork is agreed and the Tariff Commission will do the required consultation,” Dar told the BusinessMirror via SMS. The BusinessMirror first broke the story that the DA was mulling over lowering pork tariffs to allow entry of cheaper imports to boost local supply and stabilize prices. The DA is eyeing to pull down pork prices to below P300 per kilogram from the current average of about P400 per kg. (Related story: https://businessmirror.com.ph/2021/01/21/ government-targets-below-p300pork-price/). The lowering of the pork tariffs is on top of the possible tripling of the pork MAV, which currently stands at 54,000 MT, to 162,000 MT, a move that was also first reported by this newspaper. (Related story: https://businessmirror.com. ph/2021/01/18/asf-prompts-phlto-mull-over-hike-in-mav-allocation-for-pork/). Industry groups like the Meat Importers and Traders Association (Mita) and Philippine Association of Meat Processors Inc. (Pampi) have earlier proposed to the government to lower pork tariffs to as low as zero. In a letter submitted to economic managers and Dar last week, 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

The idea of lowering tariff for pork is agreed and the Tariff Commission will do the required consultation. Agriculture Secretary William D. Dar

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 the consumers,” he said in the letter obtained by the BusinessMirror. For its part, Pampi proposed to allow hog producers to import at least 50,000 MT of pork at zero tariff. In the past, the government has lowered tariffs on pork products as a response to escalating domestic prices such as in 2004 when President Gloria Macapagal-Arroyo lowered tariffs on the meat product to 10 percent. Economic managers also endorsed to the TC the petition to allow hog producers to import pork at zero tariff. The Cabinet-level CTRM has submitted to the TC the proposal of an industry group to buy overseas 50,000 metric tons (MT) of pork at no duty. The move, filed by a group of meat processors, seeks to fill in the local supply of pork and, in effect, cut their consumer prices. Trade Secretary and CTRM Chairman Ramon M. Lopez told the BusinessMirror the panel in its meeting on Wednesday decided that the petition to reduce pork tariffs “be subjected as soon as possible first to a Tariff Commission hearing.” Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua, for

his part, said the committee supports the petition of DA to lower the tariff rates set for pork imports. In a briefing on Thursday, Chua said, the decision to lower tariffs on imported pork products will help the country ensure its food supply. Chua, however, did not elaborate on the tariff rate that Neda and the CTRM is supporting. Currently, the tariff for pork imports outside MAV is at 40 percent while imports within MAV is 30 percent. “In general, we support the proposal of the Department of Agriculture. In fact, the CTRM met and endorsed it but it will have to go through the proper process under the Customs Modernization and Tariff Act and the Tariff Commission is going to immediately conduct the consultation and the due diligence,” Chua said. Lopez, likewise, said the CTRM directed the TC to consider the matter “urgent” and, as such, be deliberated first above all else. At present, the agency is evaluating petitions made by both the government and private sector mostly on safeguard measures, including the planned retaliation against Thailand over an international dispute. “All tariff adjustments need to go through public consultation at TC before finalizing the position and decision at the CTRM for recommendation to the President to issue an EO [executive order],” Lopez said. The CTRM on Wednesday convened to discuss the proposal filed

by Pampi to authorize the duty free importation 50,000 MT of pork. The panel is mandated to recommend to the President policies on tariffs, especially on whether to increase or bring these down. In a letter addressed to Secretary Dar, Pampi requested the government to address the retail prices of pork products by granting hog producers the authority to import at zero tariff. 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 and allowing the sale of frozen meat in public markets not equipped with refrigeration facilities during the duration of the shortage. Labeling it as an alternative to the MAV, Pampi argued such a move may contribute in stabilizing both supply and prices at the retail level. Last week, the DA also asked President Duterte to issue an order capping the retail price of pork kasim at P270 per kilogram and of liempo at P300 a kilo. Families are finding it difficult to serve pork dishes on their tables, as prices of the meat product in the market have reached as high as P400 per kilo, on supply constrains brought about by the deadly ASF contagion. Consumer groups, such as the Samahan at Ugnayan ng mga Konsyumer para sa Ikauunlad ng Bayan, have demanded the government to hand down a price freeze on farm products to give buyers some form of relief from the cost spikes. Chua said the government’s priority right now is ensuring that households have adequate food supply amid the Covid-19 pandemic. He said that by ensuring sufficient food supply, the government will prevent households affected by Covid-19 and the lockdowns from suffering from higher inflation.

Customs files smuggling charges against three importers By Bernadette D. Nicolas @BNicolasBM

HE Bureau of Customs (BOC) filed criminal charges before the Department of Justice (DOJ) against three companies for alleged misdeclaration and illegal importation of prohibited goods. In a news statement issued on Thursday, BOC said officials of Akiza One Six Eight Eight Eight Trading, Summer Beast Enterprises Co. and GT Enterprise may be held responsible for alleged smuggling. The Bureau’s Action Team Against Smugglers (BATAS) said Akiza One Six Eight Eight Eight Trading illegally imported and misdeclared 100 sacks of used clothing, 450 sacks and 150 cartons of mixed fabrics and swatches. According to BATAS, the consignee declared its shipment as used surplus and kitchenware. The

alleged violation was committed on October 25 last year at the Manila International Container Port (MICP). Meanwhile, Summer Beast Enterprises Co. was charged for alleged illegal importation and misdeclaration of 539 bales of used clothing and other goods when the consignee declared its shipment as Xueya brand paper products, Blue King brand led light strip, Medial brand yoga mat, Wellone Brand wearing apparel, and Topo brand phone holder. The alleged violation was also committed at MICP on October 19 last year. Last GT Enterprise declared its five shipments as 6,060 cartons of ceramic kitchenware but these were found loaded with 9,102 cartons of Banma mosquito coils, 218 cartons of kitchenwares, dinnerware, and 50 pieces of banma mosquito empty cartons. The alleged unlawful act

happened on August 19 at the Port of Cagayan de Oro. The consignees and their respective Licensed Customs Brokers purportedly committed various violations of Republic Act 10863, otherwise known as the Customs Modernization and Tariff Act (CMTA); Republic Act 4653 otherwise known as “An Act to Safeguard the Health of the People and Maintain the Dignity of the Nation by Declaring it a National Policy to Prohibit the Commercial Importation of Textile Articles Commonly Known as Used Clothing and Rags”; Department of Health Administrative Order 2014-0038 or the Rules and Regulations Governing Household/Urban Pesticides Licensing of Establishments and Operators, Registration of Their Products and for Other Purpose; and Article 172 in relation to Article 171 of the Re-

vised Penal Code, as amended. Also, BOC warned unscrupulous importers that rampant misdeclaration of goods defraud the government of its rightful revenues while importation of prohibited goods such as used clothing could pose harm when exposed to the general public. To date, 112 cases have already been filed before DOJ against importers and customs brokers under the leadership of Customs Commissioner Rey Leonardo B. Guerrero. In 2020, BOC seized P10.629 billion worth of smuggled goods, with cigarettes accounting for more than half of its total haul. In terms of the estimated value of smuggled goods that the BOC seized from January to December last year, cigarettes comprised 54 percent, or P5.77 billion, followed by illegal drugs (P1.855 billion) and counterfeit goods (P1.056 billion).

Blinken to Locsin: US to honor treaty vow amid sea disputes continued from a10 The DFA chief said that “while enacting law is a sovereign prerogative, this one—given the area involved, or for that matter the open South China Sea—is a verbal threat of war to any country that defies the law.” China’s Coast Guard Law, passed on January 22, empowers the seaborne force to “take all necessary measures, including the use of weapons, when national sovereignty, sovereign rights, and jurisdiction are being illegally infringed upon by foreign organizations or individuals at sea.” The law also authorizes the coast guard to demolish other countries’ structures built on reefs and islands claimed by China and to seize or order foreign vessels illegally entering China’s territorial waters to leave. Aside from the Philippines and China, other claimants to the strategic waters are Vietnam,

Malaysia, Brunei and Taiwan.

Vital to commerce

THE Chinese Coast Guard law is seen to increase tension in the area, where an estimated $3 billion worth of seaborne trade passes through yearly, aside from oil and gas beneath the waves that remains to be tapped. However, the Philippines and China are in a discussion to exploit the oil and gas resources in the West Philippine Sea and have agreed to a 60-40 sharing scheme, where the larger share goes to the Philippines. The six littoral states have been engaged in territorial rivalries in the South China Sea for decades, and some countries are seen to accede to China’s demand for bilateral negotiations. Although it has no stake in the SCS, the United States Navy continues to challenge the

Asian giant, deploying a flotilla of warships frequently, calling the move freedom of navigation operations (Fonops), allegedly to keep the 3.5 million square miles open to trade and commerce. China’s 9-dash line, swinging in a roughly U-shape pattern covering the entire 3.5 million square miles of the SCS, has been declared illegal by the International Tribunal in The Hague, following a 2016 ruling on a case filed by Manila. China has ignored the ruling and continued an island-building spree that began in 2013, and transformed seven disputed reefs in the Spratlys into military installations. The Chinese built runways, radar installations and missile batteries, which remain unchallenged by the small littoral states. The Association of Southeast Asian

Nations (Asean) have been crafting a code of conduct (COC) for almost a decade, to spell out the proper behavior of the claimants in the SCS, and prevent all-out conflict. However, the coronavirus pandemic which started early in 2020 has delayed the talks. Five days ago, a US Navy aircraft carrier, the USS Theodore Roosevelt, sailed into the South China Sea on “routine operations,” to promote freedom of the seas and reassure America’s allies, Rear Admiral Doug Verissimo said in a statement. Blinken was recently confirmed by the US Senate as President Joseph Biden’s Secretary of State. Formerly, he had served as Deputy National Security Advisor from 2013 to 2015 and Deputy Secretary of State from 2015 to 2017 under President Barack Obama.

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

The World BusinessMirror

Biden team slams China claims W in swift outreach to Asian allies

Friday, January 29, 2021

Virus will kill many more, WH projects as briefings resume

nited States President Joe Biden and his team hit out at Chinese territorial claims in disputed waters in a series of calls to Asian allies from Japan to the Philippines and Thailand. Biden reaffirmed in a telephone call with the Japanese prime minister the US’s commitment to defend uninhabited islands controlled by Japan and claimed by China that have been a persistent point of contention between the Asian powerhouses. Meanwhile, Secretary of State Antony Blinken rejected Chinese territorial claims in a call with his Philippine counterpart and emphasized the strength of the US alliance with Thailand in a telephone discussion with the deputy prime minister. While some observers had anticipated a ratcheting down of US-China tensions under Biden, the series of calls didn’t indicate any softening of security policies in Asia. The swift outreach to allies across the region comes after China sent an early warning to the new US administration by flying 13 warplanes into the Taiwan Strait over the weekend. The US move followed Chinese President Xi

Jinping’s call this week for the world to abandon “ideological prejudice” and shun an “outdated Cold-War mentality” as he signaled in his first international address since Biden entered the White House that Beijing will continue to forge its own path regardless of western criticism.

Japan ties

Biden’s pledge to Japan, which was made in his first call since taking office with Prime Minister Yoshihide Suga, poses the risk of the US becoming embroiled in any potential conflict arising in the dispute between China and Japan, the US’s biggest ally in Asia. Suga and Biden spoke in the early hours of Thursday Japan time, according to a statement issued by Foreign Ministry. “President Biden expressed his unwavering commitment to the defense of Japan, including the application of Article 5

of the US-Japan Security Treaty to the Senkaku islands,” the ministry said. Biden also expressed a commitment to “extended deterrence,” both governments said, a term that refers to the potential use of nuclear weapons to defend an ally. Vessels from Japan and China often come into close contact around the East China Sea islands— called the Senkakus in Japan and the Diaoyus in China—raising concerns of a bigger confrontation. China this month passed a law allowing its coastguard vessels to fire on foreign ships, in a development that could ratchet up tensions with several of its Asian neighbors. The White House said in its statement that Biden and Suga discussed “the United States’ unwavering commitment to the defense of Japan,” specifying that this covers the Senkaku islands. Japan, whose pacifist constitution limits the activities of its military, seeks regular assurances from the US—its only defense ally. New Secretary of State Antony Blinken and Defense Secretary Lloyd Austin have made similar comments on island defense in talks with their Japanese counterparts in recent days.

Maritime claims

Blinken told Philippine Secretary of Foreign

Affairs Teodoro Locsin Jr. the US rejects China’s maritime claims in the South China Sea if they exceed the maritime zones that China is permitted under international law, and pledged to stand with Southeast Asian claimants in the face of Chinese pressure. Malaysia and Vietnam are among other countries embroiled in similar disputes with China, which claims about 80 percent of the resourcerich South China Sea. Blinken also discussed with Thai Deputy Prime Minister Don Pramudwinai the importance of working together to “advance our shared prosperity, security, and values across the free and open Indo-Pacific region.” In a call with Australian Foreign Minister Marise Payne, the State Department said Blinken reaffirmed his commitment to the Quad. This is a grouping of the US, Australia, India and Japan that became elevated under the Trump administration and has been admonished by China as a “clique” that could stoke a “new Cold War.” Earlier this week, White House Press Secretary Jen Psaki said the Biden administration was approaching its relationship with Beijing with “patience” and plans to review hardline policies that were a hallmark of Donald Trump’s presidency. Bloomberg News

Tensions rise as AstraZeneca, EU spar over vaccine delays

RUSSELS—The European Union and drugmaker AstraZeneca sparred on Wednesday over a delay in coronavirus vaccine deliveries amid a deepening dispute that raises concerns about international competition for limited supplies of the shots needed to end the pandemic. AstraZeneca Chief Executive Pascal Soriot addressed the dispute for the first time, rejecting the EU’s assertion that the company was failing to honor its commitments. Soriot said vaccine delivery figures in AstraZeneca’s contract with the 27-nation bloc were targets, not firm commitments, and the company was unable to meet them because of problems in rapidly expanding production capacity. “Our contract is not a contractual commitment, it’s a best effort,’’ Soriot said in an interview with the Italian newspaper La Repubblica. “Basically, we said we’re going to try our best, but we can’t guarantee we’re going to succeed. In fact, getting there, we are a little bit delayed.” AstraZeneca said last week that it planned to cut initial deliveries in the EU to 31 million doses from 80 million due to reduced yields from its manufacturing plants in Europe. The EU claimed Wednesday that it will receive even less than that—just one quarter of the doses that member states were supposed to get during January-March 2021. The EU says it expects the company to deliver the full amount on time, and on Monday threatened to put export controls on all vaccines made in its territory. Stella Kyriakides, the European Commissioner for health and food safety, rejected Soriot’s explanation for the delays, saying that “not being able to ensure manufacturing capacity is against the letter and spirit of our agreement.”

Kyriakides said AstraZeneca should provide vaccines from its UK facilities if it is unable to meet commitments from factories in the EU. The comments are certain to create tension in the UK, which completed its exit from the bloc less than a month ago. “I call on AstraZeneca to engage fully to rebuild trust, to provide complete information and to live up to its contractual, societal and moral obligations,” Kyriakides said at a media briefing in Brussels. The EU’s contract with AstraZeneca is confidential and can’t be released without the agreement of both sides. The EU has asked AstraZeneca for permission to release the contract, Kyriakides said. After a third round of talks aimed at resolving the dispute on Wednesday evening, Kyriakides regretted the “continued lack of clarity on the delivery schedule” and urged AstraZeneca to come up with a clear plan for a quick delivery of the doses reserved by the EU for the first quarter. In a message posted on Twitter, Kyriakides however noted “a constructive tone” in the discussions with Soriot. A spokesman for AstraZeneca said after the meeting that the company has “committed to even closer coordination to jointly chart a path for the delivery of our vaccine over the coming months as we continue our efforts to bring this vaccine to millions of Europeans at no profit during the pandemic.” The dispute comes as the EU, which has 450 million citizens and the economic clout of the world’s biggest trading bloc, lags far behind countries like Israel and Britain in delivering coronavirus vaccines to its people. The EU has signed deals for six different vaccines, but so far regulators have only authorized the use of two, one

made by Pfizer and another by Moderna. The EU’s drug regulator will consider the AstraZeneca vaccine on Friday. Robert Yates, director of the global health program at the Chatham House think tank in London, said the EU-AstraZeneca dispute highlights the danger of “vaccine nationalism” as countries compete for limited supplies. “For politicians, this is red hot. And, you know, unfortunately, what we’re seeing as well is that Brexit politics is playing into this,’’ he said. “This is really, really bad news— not only bad news for the European countries involved,’’ he said. “I think what’s much worse is that these squabbles between rich countries potentially deny vaccines to people in the rest of the world.” AstraZeneca is setting up more than a dozen regional supply chains worldwide to meet regional demand for its vaccine. Overall, AstraZeneca plans to deliver up to 3 billion doses to countries around the world by the end of 2021. However, establishing each facility is a complicated process that involves training people and ensuring each batch of vaccine is safe and effective. Sometimes this goes smoothly, but in other cases there are problems, Soriot said. “We train them on how to manufacture,’’ he said. “And then, you know, some people are new to this process....They don’t know how to make the vaccine and they’re not as efficient as others.” There are two basic steps in producing the vaccine. The first is a biological process that involves growing cells, which are injected with a virus, Soriot said. The second involves turning this “drug substance” into the final product, filling vials and testing each batch of vaccine.

Soriot said AstraZeneca had to reduce deliveries to the EU because plants in Europe had lower than expected yields from the biological process used to produce the vaccine. This has also happened in other regions as AstraZeneca sought to rapidly expand production capacity to meet demands from countries battling the pandemic. “We’ve also had teething issues like this in the UK supply chain,” Soriot said. “But the UK contract was signed three months before the European vaccine deal, so with the UK we have had an extra three months to fix all the glitches we experienced. As for Europe, we are three months behind in fixing those glitches.” An official from the European Commission, the EU’s executive, said the bloc has agreed to give 336 million euros ($407 million) to AstraZeneca to develop its vaccine and deliver doses. The official, who wasn’t authorized to speak publicly, said the commission would be entitled to recover part of the money if the company fails to live up to the terms of this advance purchase agreement. “We reject the logic of first come, first served,” Kyriakides said. “That may work at the neighborhood butchers, but not in contracts and not in our advance purchase agreements. There’s no priority clause in the advanced purchase agreement.” The shortfall in planned deliveries of the AstraZeneca vaccine is coming at the same time as a slowdown in the distribution of Pfizer-BioNTech shots as Pfizer upgrades production facilities at a plant in Belgium. “There are a lot of emotions running in this process right now, and I can understand it: people want vaccine,” Soriot said. “I want the vaccine too, I want it today. But, at the end of the day, it’s a complicated process.” AP

ASHINGTON—The Biden administration launched its new level-with-America health briefings on Wednesday with a projection that as many as 90,000 more in the US will die from the coronavirus in the next four weeks—a sobering warning as the government strains to improve delivery and injection of vaccines. The tone of the hour-long briefing was in line with President Joe Biden’s promise to be straight with the nation about the state of the outbreak that has already claimed more than 425,000 US lives. It marked a sharp contrast to what had become the Trump show in the past administration, when public health officials were repeatedly undermined by a president who shared his unproven ideas without hesitation. The deaths projection wasn’t much different from what Biden himself has said, but nonetheless served as a stark reminder of the brutal road ahead. “I know this is not news we all want to hear, but this is something we must say so we are all aware,” said Dr.

Rochelle Walensky, the new director of the Centers for Disease Control and Prevention. “If we are united in action we can turn things around.” The new briefings, set for three times a week, are part of Biden’s attempt to rebuild trust and mobilize Americans to follow health guidance on the coronavirus and to break down public resistance to the vaccine. Wednesday’s briefing was conducted virtually, with no shortage of technical glitches and audio gaps. Administration officials appeared on Zoom from separate locations, in keeping with the Biden administration’s efforts to model best practices for safe work habits in the pandemic. One by one, the officials laid out administration efforts to contain the virus, speed vaccinations and bring Americans along with the effort. “The White House respects and will follow the science, and the scientists will speak independently,” promised Andy Slavitt, a senior administration adviser on the pandemic. Jeff Zients, the White House

coronavirus coordinator, said the Biden administration was examining additional ways of speeding vaccine production, a day after the president announced the US plans to provide states with enough doses for 300 million Americans by the end of summer. But actually injecting those shots is another matter. “Most states are getting better at putting needles in arms,” Zients said. He called on Congress to swiftly pass Biden’s “American Rescue Plan.” The $1.9 trillion bill, which has given lawmakers in both parties sticker shock, includes $400 billion for measures aimed at controlling the virus, including dramatically increasing the pace of vaccination and ensuring more widespread testing. Zients noted that the federal Department of Health and Human Services acted Wednesday to make more people available to administer vaccinations. The government will authorize retired nurses and doctors, and professionals licensed in one state will be able to give shots in other states. AP

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CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

56.

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

COSMOLINK GLOBAL SOLUTIONS INC. Flr. No. 6th, 7th & 8th Bldg. No. 100 Necc Bldg., Andrews Ave. St. Newport City Subd. District 1, Barangay 183 Pasay City

LIU, JINZHAO Chinese PEI, LING Chinese SU, XIAOYU Chinese WANG, XUE Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

57.

DAI, MENGYUE Chinese ZHOU, YUCHAN Chinese

LI, JING Chinese

CHINESE IT SUPPORT SPECIALIST CHINESE IT SUPPORT SPECIALIST

CUSTOMER SERVICE REPRESENTATIVE

CROWN WORLDWIDE GLOBAL BUSINESS SERVICES, INC. 11th Floor Menarco Tower 32nd Street, Bonifacio Global City Fort Bonifacio Taguig City BRITTON, PHILIP ANDREW British

PROJECT ADVISOR FOR RECORDS MANAGEMENT BUSINESS UNIT

GLOBALLGA BUSINESS PROCESS OUTSOURCING Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City 85.

BU, HUIYE Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

86.

CHENG, BINBIN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

87.

DONG, HUANBIAO Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

88.

HUA, XIAOLI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

89.

LI, KAI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

90.

LIU, MINGYING Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

91.

LIU, JINHUI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

LIU, QIANG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

LUO, QIN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

KATAHIRA & ENGINEERS INTERNATIONAL Unit 10-c 10/f Jmt Condo. Corporation Adb Ave., Ortigas Center San Antonio Pasig City 115.

NGUYEN NANG AN Vietnamese

STRUCTURE EXPERT

KPI ELEVATORS, INC. 25/f Bdo Equitable Bank Tower 8751 Paseo De Roxas Bel-air Makati City 116.

NISULA, MARKUS OLAVI Finnish

PRESIDENT AND MANAGING DIRECTOR

MARKETROLE ASIA PACIFIC SERVICES, INC. 26/f, 27/f, 28/f The Enterprise Center Tower 1 6766 Ayala Ave. Cor. Paseo De Roxas San Lorenzo Makati City 117.

GU, MING Chinese

CHINESE SPEAKING CUSTOMER SERVICE STAFF

MEGA-WEB TECHNOLOGIES INC. 6,7,8,9,10,11/f Met Live Bldg. Edsa Cor. Macapagal Blvd. Brgy. 076 Pasay City 118.

ZHANG, BAIXIAN Chinese

MANDARIN SPEAKING CUSTOMER RELATIONS SERVICE PROVIDER

MOA CLOUDZONE CORP. 4th-11th Flr. Nexgen Tower C4 Rd. Edsa Ext. Brgy. 076 Pasay City 119.

CHAN CHOON PO Malaysian

CHINESE CUSTOMER SERVICE

120.

CHEN, JUANJUAN Chinese

CHINESE CUSTOMER SERVICE

121.

CHEN, MENG Chinese

CHINESE CUSTOMER SERVICE

122.

DAI, WENWEN Chinese

CHINESE CUSTOMER SERVICE

123.

GONG, YUPING Chinese

CHINESE CUSTOMER SERVICE

124.

CHINESE CUSTOMER SERVICE

NIU, TIANCHI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

GUO, SHOUWEI Chinese

125.

CHINESE CUSTOMER SERVICE

95.

VONG NGOC PHAN Vietnamese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

HENDRO Indonesian

126.

HU, SHENG Chinese

CHINESE CUSTOMER SERVICE

127.

KAUK YIN CHAN Myanmari

CHINESE CUSTOMER SERVICE

128.

LEE KAI HWA Malaysian

CHINESE CUSTOMER SERVICE

92.

WEI, ZEGUO Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

58.

26.

YU, JINBAO Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

DAXIFA CORPORATION Mpire Center 93 West Avenue Project 7 Bungad 1 Quezon City

27.

ZHAI, JIAN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

59.

28.

ZHENG, WEIXIANG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ZHENG, XIANBO Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

60.

XU, QIUYU Chinese

CUSTOMER SERVICE REPRESENTATIVE

96.

WANG, BAOCHANG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ZHOU, YANFEI Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

61.

ZHAO, FUYANG Chinese

CUSTOMER SERVICE REPRESENTATIVE

97.

WEI, YUFENG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

ZHU, SHENG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

98.

XU, YANGLIN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

129.

LIANG, LIEWEN Chinese

CHINESE CUSTOMER SERVICE

ZHUANG, XUPENG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

99.

ZHANG, JIANLONG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

130.

LIANG, GUIMEI Chinese

CHINESE CUSTOMER SERVICE

131.

LING, XIAOXIA Chinese

CHINESE CUSTOMER SERVICE

132.

LIU, WEI Chinese

CHINESE CUSTOMER SERVICE

133.

MENG, XIAOGANG Chinese

CHINESE CUSTOMER SERVICE

134.

MO, ZHONGXUAN Chinese

CHINESE CUSTOMER SERVICE

135.

SEIN KYAW HTWE Myanmari

CHINESE CUSTOMER SERVICE

25.

29.

30.

31.

32.

AMUSETECH BUSINESS OUTSOURCING 2/f Rivergreen Residences 2217 Pedro Gil St. 096, Bgy 880 Santa Ana Manila 33.

34.

35.

LIAO, JIAWEN Chinese

MANDARIN SPEAKING CUSTOMER REPRESENTATIVE

FIRST GENPACT INFORMATION TECH. INC. Unit G-16/ M01 019/ M02 G25 Solemare Parksuites Units Bradco Avenue Tambo Parañaque City

FLYING DRAGON NETWORK PHILIPPINES INC. 4th-11th Floor Aseana 3 Building Aseana Avenue Corner Diosdado Macapagal Tambo Parañaque City 62.

BAO, YONGZHI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

63.

CHEN, YANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

64.

CHENG, DAWEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

LI, ZHAOSHENG Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

65.

CHINESE CUSTOMER SERVICE REPRESENTATIVE

LU, XUXIN Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

GAO, XIONG Chinese

66.

GAO, LUOWEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

SHEN, JIAO Chinese

CUSTOMER SERVICE REPRESENTATIVE MANDARIN SPEAKING

67.

HE, RONGHAO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

93.

94.

GULF AIR COMPANY Lpt Bldg. 4th Flr. Naia Vitalez Parañaque City 100.

ISA ABDULRAHMAN MOHAMED ALHASHIMI Bahraini

AIPORT MANAGER-MANILA

INDOFIL PHILIPPINES INC. Unit 3201 32/f Robinsons Equitable Tower Adb Avenue, Ortigas Center San Antonio Pasig City 101.

BHARTIA, ASHRANT Indian

DIRECTOR, BUSINESS DEVELOPMENT

INVECH TREASURE PROCESSING CORPORATION 2nd, 3rd, 4th, 5th Floor Six West Campus Mckinley West Fort Bonifacio Taguig City

BusinessMirror

www.businessmirror.com.ph ESTABLISHMENT / ADDRESS NO.

FOREIGN NATIONAL / NATIONALITY

ESTABLISHMENT / ADDRESS POSITION

NO.

179.

136.

SOE WIN AUNG Myanmari

CHINESE CUSTOMER SERVICE

137.

SU, YONG Chinese

CHINESE CUSTOMER SERVICE

138.

TANG, JUN Chinese

CHINESE CUSTOMER SERVICE

139.

WANG, BIN Chinese

CHINESE CUSTOMER SERVICE

140.

WANG, JIAN Chinese

CHINESE CUSTOMER SERVICE

141.

WANG, JIANGLIN Chinese

CHINESE CUSTOMER SERVICE

142.

WANG, LEI Chinese

CHINESE CUSTOMER SERVICE

143.

WANG, TIANTIAN Chinese

CHINESE CUSTOMER SERVICE

144.

WANG, YONGCHAO Chinese

CHINESE CUSTOMER SERVICE

145.

WANG, YUANZHONG Chinese

CHINESE CUSTOMER SERVICE

146.

WEN, XIN Chinese

CHINESE CUSTOMER SERVICE

147.

XIE, PINGQIANG Chinese

CHINESE CUSTOMER SERVICE

YANG, GANG Chinese

CHINESE CUSTOMER SERVICE

YANG, TIANYUAN Chinese

CHINESE CUSTOMER SERVICE

150.

YANG SOON HOCK Malaysian

CHINESE CUSTOMER SERVICE

151.

YIN, RUISHUAI Chinese

CHINESE CUSTOMER SERVICE

152.

ZHANG, WEI Chinese

CHINESE CUSTOMER SERVICE

153.

ZHANG, YING Chinese

CHINESE CUSTOMER SERVICE

154.

ZHANG, ENHUI Chinese

CHINESE CUSTOMER SERVICE

155.

ZHANG, PENG Chinese

CHINESE CUSTOMER SERVICE

156.

ZOU, SHANBO Chinese

CHINESE CUSTOMER SERVICE

HU, LIMIN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

MIAO, SHASHA Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

XIAO, JINGHUA Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

148. 149.

157. 158. 159.

160.

161.

162.

163.

FAN, HAO Chinese LI, ZHONGQIANG Chinese LI, DONG Chinese WANG, XU Chinese

CHINESE CUSTOMER SERVICE

165.

CAI, MINGMING Chinese

CHINESE CUSTOMER SERVICE

166.

CAO, QI Chinese

CHINESE CUSTOMER SERVICE

167.

CHANG, JIADONG Chinese

168.

CHEN, JINHUI Chinese

169.

170.

CHEN, BINGZHONG Chinese CHEN, JIAQI Chinese

CHINESE CUSTOMER SERVICE

172.

DAI, RENKUN Chinese

CHINESE CUSTOMER SERVICE

173.

DAN, YONGJUN Chinese

CHINESE CUSTOMER SERVICE

174.

175.

DING, WEIPING Chinese FAN, LIUJIE Chinese

CHINESE CUSTOMER SERVICE

226.

180.

GONG, XIUJIN Chinese

CHINESE CUSTOMER SERVICE

181.

GONG, FUJIN Chinese

CHINESE CUSTOMER SERVICE

GUO, HUANHUAN Chinese

183.

HE, XUEQING Chinese

184.

HE, LINGWEI Chinese

185.

HUANG, HUANBANG Chinese

186.

HUANG, JIANMIN Chinese

187.

HUANG, YANLAN Chinese

188.

HUANG, YUEZAO Chinese

189.

HUANG, YABIN Chinese

190.

HUANG, JINSONG Chinese

191.

JIAO, WEI Chinese

192.

JIN, XIN Chinese LI, SHENGHANG Chinese

194.

LI, KEHONG Chinese

195.

LI, DANYANG Chinese

196.

LI, JING Chinese

197.

LIANG, PENGCHENG Chinese

198.

LIANG, CHUNQIU Chinese

199.

LIAO, ZHENKAI Chinese

200.

LIU, SILIN Chinese

201.

LIU, BENFEN Chinese

202.

LIU, JIAWEN Chinese

203.

LIU, YUE Chinese

204.

LU, GUOZHOU Chinese

205.

LUO, TAO Chinese

CHINESE CUSTOMER SERVICE

TRIVES TECHNOLOGY CORPORATION Tower 4 Bayport West Naia Garden Residence, Naia Road Tambo Parañaque City

227.

XU, GANG Chinese

CHINESE CUSTOMER SERVICE

268.

CHEN, BAOCHEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

228.

YAN, YUMIN Chinese

CHINESE CUSTOMER SERVICE

269.

GUO, JINJIE Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

229.

YANG, WEIWEN Chinese

CHINESE CUSTOMER SERVICE

270.

HUANG, TENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

230.

YU, HAIQIANG Chinese

CHINESE CUSTOMER SERVICE

271.

HUANG, ZHIPENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

231.

YUE, LUNZHI Chinese

CHINESE CUSTOMER SERVICE

272.

JIANG, HAOWEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

232.

ZHANG, YUN Chinese

CHINESE CUSTOMER SERVICE

273.

JIANG, HUI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

233.

ZHANG, SHIYU Chinese

CHINESE CUSTOMER SERVICE

274.

JIANG, ZHIZHOU Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

234.

ZHANG, YILIN Chinese

CHINESE CUSTOMER SERVICE

275.

LI, XIANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

235.

ZHANG, HONGHUI Chinese

CHINESE CUSTOMER SERVICE

276.

LIANG, QIUXIAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

236.

ZHANG, YUANDAN Chinese

CHINESE CUSTOMER SERVICE

277.

LIU, XIANGGANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

237.

ZHANG, YISHENG Chinese

CHINESE CUSTOMER SERVICE

278.

QI, WENJUN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

238.

ZHENG, YUANHUI Chinese

CHINESE CUSTOMER SERVICE

279.

WANG, ZHANGLI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

239.

ZHONG, QUAN Chinese

CHINESE CUSTOMER SERVICE

280.

WANG, JIANTENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

240.

ZHOU, XUXIN Chinese

CHINESE CUSTOMER SERVICE

281.

WANG, FEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

241.

ZHOU, ZHIPENG Chinese

CHINESE CUSTOMER SERVICE

282.

YAN, DEMING Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

242.

ZHU, FUZHU Chinese

CHINESE CUSTOMER SERVICE

283.

YU, GUANG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

243.

ZOU, LI Chinese

CHINESE CUSTOMER SERVICE

284.

ZHANG, PENG Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

244.

LAI, CHANGMEI Chinese

CUSTOMER SERVICE REPRESENTATIVE

285.

ZHANG, HAIBO Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

245.

PEOR MIN HUI Malaysian

MALAYSIAN CUSTOMER SERVICE

VENTANAS PHILIPPINES CONSTRUCTION INC. 9/f Philamlife Tower 8767 Paseo De Roxas Bel-air Makati City

246.

TAY KE HUAN Malaysian

MALAYSIAN CUSTOMER SERVICE

286.

SEO, JIN South Korean

COST & PLANNING MANAGER

247.

YAP MEE LENG Malaysian

MALAYSIAN CUSTOMER SERVICE

287.

KANG, HYEONSEOG South Korean

PROJECT PIPING MANAGER

248.

HE, YUELING Chinese

MANDARIN CUSTOMER SERVICE SPECIALIST

288.

JEON, MYOUNGGUN South Korean

SAFETY MANAGER

249.

YANG, SHUAI Chinese

MANDARIN CUSTOMER SERVICE SPECIALIST

VOLENDAY INC. U1406 14/f Pacific Star Bldg. Sen. Gil Puyat Cor. Makati Ave. Bel-air Makati City

250.

KYAW HTET OO Myanmari

MYANMARI CUSTOMER SERVICE

289.

251.

KYAW YE NAING Myanmari

MYANMARI CUSTOMER SERVICE

252.

SITHU PHYO Myanmari

MYANMARI CUSTOMER SERVICE

253.

LU MU LAM Vietnamese

VIETNAMESE CUSTOMER SERVICE

254.

TRAN THI QUY Vietnamese

VIETNAMESE CUSTOMER SERVICE

255.

VO VAN HUNG Vietnamese

VIETNAMESE CUSTOMER SERVICE

CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE

207.

MA, YUANJING Chinese

208.

PAN, DIXIN Chinese

CHINESE CUSTOMER SERVICE

209.

PAN, ZHONGMING Chinese

CHINESE CUSTOMER SERVICE

210.

PEI, GUIKANG Chinese

211.

QIN, YONGJIE Chinese

212.

QIN, YIJUN Chinese

CHINESE CUSTOMER SERVICE

213.

SU, JIANGCHUAN Chinese

CHINESE CUSTOMER SERVICE

214.

SU, HONGTU Chinese

CHINESE CUSTOMER SERVICE

215.

SU, LIEZHANG Chinese

216.

WAN, GUO Chinese

CHINESE CUSTOMER SERVICE CHINESE CUSTOMER SERVICE

OPTIMUS SYSTEM SOLUTIONS INC. 8/f Alphaland Makati Tower 3 7232 Ayala Ave. Extn. Cor. Malugay St. Bel-air Makati City

CHINESE CUSTOMER SERVICE

WAN, XIAOJUN Chinese

CHINESE CUSTOMER SERVICE

218.

WANG, XIAOJIE Chinese

CHINESE CUSTOMER SERVICE

219.

WANG, ZILONG Chinese

CHINESE CUSTOMER SERVICE

220.

WANG, XIAOXIAO Chinese

CHINESE CUSTOMER SERVICE

221.

WANG, LIN Chinese

CHINESE CUSTOMER SERVICE

222.

WANG, XINGLONG Chinese

CHINESE CUSTOMER SERVICE

223.

WANG, SHUAI Chinese

CHINESE CUSTOMER SERVICE

176.

FENG, XIAOGANG Chinese

CHINESE CUSTOMER SERVICE

177.

GAO, YANG Chinese

CHINESE CUSTOMER SERVICE

224.

WANG, LINGJUAN Chinese

CHINESE CUSTOMER SERVICE

178.

GAO, BICHENG Chinese

CHINESE CUSTOMER SERVICE

225.

XIONG, QIFAN Chinese

CHINESE CUSTOMER SERVICE

XU, YINGLIANG Chinese

POSITION

CIVIL AND STRUCTURE EMPLOYEE

VPC CORPORATE SOLUTIONS INCORPORATED 11/f 100 West, Sen Gil Puyat Ave. Cor. Washington St. Pio Del Pilar Makati City 290.

PEI, FEIFEI Chinese

BILINGUAL MARKETING SPECIALIST

W.E.W RESOURCE MANAGEMENT, INC. 50/f Pbcom Tower 6795 Ayala Ave. Cor. V.a. Rufino St. Bel-air Makati City 291.

CHANG, KUO-CHEN Taiwanese

MANDARIN SPEAKING HR ADMIN MANAGER

WANFANG TECHNOLOGY MANAGEMENT, INC. 6-9/f Double Dragon Plaza Edsa Cor. Macapagal Ave. Brgy. 076 Pasay City 292.

HUANG, YIWEN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

HO, WAI CHUNG Chinese

CHINESE ASSISTANT MANAGER

293.

LI, PEI YU Taiwanese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

257.

SISKA Indonesian

INDONESIAN ACCOUNTS LEADER

294.

HOANG NGUYEN LAM Vietnamese

VIETNAMESE CUSTOMER SERVICE REPRESENTATIVE

258.

DEDIA Indonesian

INDONESIAN ACCOUNTS SUPERVISOR

259.

LOH VIENNE Malaysian

MALAYSIAN ACCOUNTS SUPERVISOR

CHINESE CUSTOMER SERVICE

FOREIGN NATIONAL / NATIONALITY

256. CHINESE CUSTOMER SERVICE

217.

CHINESE CUSTOMER SERVICE

XU, WENXIANG Chinese

CHINESE CUSTOMER SERVICE

206.

ESTABLISHMENT / ADDRESS NO.

CHINESE CUSTOMER SERVICE

FOREIGN NATIONAL / NATIONALITY

POSITION

CHINESE CUSTOMER SERVICE

LYU, BING Chinese

CHINESE CUSTOMER SERVICE

CHEN, JINZHU Chinese

171.

GAO, YUNFEI Chinese

CHINESE CUSTOMER SERVICE

ZHANG, ZHONGJIE Chinese

164.

NO.

193.

NEW ORIENTAL CLUB88 CORPORATION 1331 Pearl Plaza Bldg. Quirino Ave. Tambo Parañaque City

ESTABLISHMENT / ADDRESS POSITION

182.

FOREIGN NATIONAL / NATIONALITY

Friday, January 29, 2021

PHILIPPINE GEOTHERMAL PRODUCTION COMPANY, INC. 14/f 12 6750 Bldg. 6750 Ayala Ave. San Lorenzo Makati City 260.

JOBIN, THOMAS ARTHUR American

CONTRACT DRILLING ADVISOR

SEAPAC PHILIPPINES, INC. 8001 Osmena Highway Cor. Gen. Lim St. Bangkal Makati City 261.

SHEARER, MATHEW WAYNE Australian

GENERAL MANAGER

SKY DRAGON GLOBAL TECHNOLOGIES CORP. # 103 Mezzanine Floor Edsa Mandaluyong City

WISHLAND SOFTWARE TECHNOLOGY INC. 28/f Techzone Condo Corp. 213 Buendia Ave. San Antonio Makati City 295.

CHEN, YUANJIA Chinese

CHINESE LANGUAGE CUSTOMER SERVICE STAFF

296.

DUAN, HONG Chinese

CHINESE LANGUAGE CUSTOMER SERVICE STAFF

297.

QIN, YIQING Chinese

CHINESE LANGUAGE CUSTOMER SERVICE STAFF

298.

WANG, LI Chinese

CHINESE LANGUAGE CUSTOMER SERVICE STAFF

299.

XU, RUOCHAO Chinese

CHINESE LANGUAGE CUSTOMER SERVICE STAFF

300.

LE VAN TUONG Vietnamese

VIETNAMESE LANGUAGE CUSTOMER SERVICE STAFF

262.

CHAI, BAILIN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

*Date Generated: Jan 28, 2021

263.

HUANG, LIWEI Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

In the ad material of Notice of Filing of Application for Alien Employment Permits published on January 28, 2021, the name of PAN THI BAO TRANG under ALFANET GLOBAL SOLUTIONS, INC., should have been read as PHAN THI BAO TRANG and not as published.

264.

LIANG, WENPIN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

265.

YU, ZHENGYUAN Chinese

CHINESE CUSTOMER SERVICE REPRESENTATIVE

Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE-NCR Regional Office located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE-NCR if you have any information on criminal offense committed by the foreign nationals.

TIANYU TECHNOLOGY INC. 42/f Pbcom Tower Ayala Avenue Cor. V.a Rufino Street Bel-air Makati City 266.

LI, GUANGHUI Chinese

CHINESE IT SUPPORT SPECIALIST

267.

NGUYEN QUY THUY DUYEN Vietnamese

IT SUPPORT SPECIALIST

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

Friday, January 29, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Legislating PHL economic prosperity

ome of our lawmakers sometimes do execrable things that land them in jail. Sometimes, some of them do brilliant things that land on the front page of our national newspapers. Whether they realize it or not, members of the 18th Congress of the Philippines —the Pandemic Batch—have a good chance to identify themselves with greatness in the eyes of 110 million Filipinos. How? By knowing the kind of bills to prioritize amid the Covid-19 pandemic. There’s an aphorism that says “a rising tide lifts all boats,” which is associated with the idea that an improved economy will benefit all participants. This can be achieved if government economic policies focus on broad economic efforts to lift all sectors of society. Here’s good news for our lawmakers: A country’s economic prosperity can be legislated! One sector that needs immediate congressional action is nickel ore mining, particularly in Zambales where foreign miners, through Filipino dummies, have set up supposed “minahang bayan” or small-scale mines that have been helping these foreigners steal our natural resource. A BusinessMirror columnist, Engr. Graciano M. Calanog Jr., said that if a law can be passed requiring the domestic processing of nickel and banning the export of nickel ore, the Philippines can be a developed country in 10 years or less. Nickel can do for the Philippines what petroleum did for the oil exporting countries. (See, “Domestic nickel processing, the Dutch disease and the sovereign wealth fund,” in the BusinessMirror, January 28, 2021). In 2018, Calanog said the Philippines produced 26 million metric tons of raw nickel ore and exported all of them to China. In contrast, Indonesia processed 27 million metric tons of raw nickel ore into ferro-nickel in 11 domestic smelters before exporting them to China. By 2022, Indonesia would have 29 nickel smelters processing 70 million metric tons of raw ore. He said ferro-nickel is priced at 90 percent of the official price of the London Metal Exchange while raw nickel ore is generally priced at only 10 percent (or even lower, depending on the grade) of the official LME nickel price. Ferro-nickel, which enjoys a price advantage of nine times the price of raw nickel, is obviously the way forward for our country, not the export of raw nickel ore. In the third quarter of 2018, nickel prices jumped by 27.8 percent due to the ban on raw nickel exports by Indonesia. This simply means that a law banning the export of nickel ore from the Philippines would further trigger higher nickel prices. The House of Representatives Committee on Appropriations approved on January 22, 2020 an unnumbered substitute bill seeking to establish a fiscal regime for the mining industry. The bill, however, overlooks a very important mining policy issue: The establishment of nickel processing plants such as ferro-nickel smelters, leaching plants, converters and refineries. “I hope that the bill can include, side by side with the establishment of the National Resource Trust Fund [or sovereign wealth find], a provision banning the export of raw nickel ore and requiring the establishment of nickel smelters in the Philippines. In so doing, Congress would have legislated the industrialization of the Philippines in just one law,” Calanog said. Clearly, the ball is now in the court of Congress. Will our legislators rise up to the challenge? We hope that the 18th Congress will find a way to legislate the rising tide that lifts all boats. Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua

Keeping our guard up Sonny M. Angara

Better Days

ow that vaccines against the Covid-19 virus will soon be available, some may think we can finally lower our guard and put the pandemic behind us. But it’s very possible that this mindset is what’s driving the recent uptake in new cases in the country. Just this Wednesday, for instance, more than 2,200 new cases were recorded, accounting for the largest single-day increase since November 8 last year. Utmost caution and care is still necessary, especially with the rise of new variants of the virus across the world. The most infamous, named B117, was first identified in the United Kingdom last November. It is said to be up to 70 percent more contagious, and poses a mortality risk 30 percent higher than the baseline. Health officials in the United States are now saying that this may become the dominant version of the virus in the United States by March.

This variant has already been found in 45 countries, and unfortunately, that number includes the Philippines. Early this January, a Filipino who flew in from the United Arab Emirates tested positive. Further analysis by the Philippine Genome Center later found that he was carrying the more virulent version. The UK strain has also reached Samoki village in Bontoc, Mountain Province. A lockdown is currently in place there, and will most likely be

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The welfare of all the people is the first priority in society. In the Catholic social teaching Gaudium et Spes, it is said that political groups and institutions exist for the common good. And it is against the common good if our leaders are not honest to their constituents; if there are things they are hiding or not essentially fully clarifying.

Duterte insists that if we break this agreement by publicizing the prices of the vaccines, the shipment of the vaccines we need could get cancelled. This also wouldn’t be fair for other countries if they find out how much Sinovac’s vaccines cost. The government supposedly secured about 25 million doses of the CoronaVac supplied by Sinovac. From the information Sen. Ping Lacson gathered, one dose of the CoronaVac only costs $5 or P240 in neighboring countries in Southeast Asia. But in the Philippines, each dose will cost around $38 or

though the number of people who have recovered and healed is also high. While the number of people who died from the virus has reached around 10,000, this is far from the number of people who died in other countries because of the same virus. This is why it is quite important for the government to clarify its vaccination plans in order for our situation not to worsen. Wherever the vaccines we buy comes from, it is not only the prices we must find out. We must know its efficacy. The efficacy of Sinovac’s vaccine is far from Pfizer’s 95 percent, and Moderna’s 94.5 percent, even if their vaccines cost more than Sinovac’s. Second, it is our right to know the prices of the vaccines we will buy

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extended, as 11 people have been diagnosed so far as infected. Our health officials are still figuring out how the variant showed up in the area, suggesting that testing capacity and epidemiological surveillance still needs to be ramped up outside of Metro Manila. Given the rise of the new strains, there have been some questions about how effective the vaccines now available would be. Experts say that it’s very unlikely that the current vaccines will be ineffective against the new strains. But as recent article in The Atlantic suggested, if Covid-19 cases across the world remain high, that means the virus goes through

trillions of generations each minute, making adaptations inevitable. And unless infection rates are brought down, the virus could very well evolve to circumvent current vaccines. So, in the face of all these developments, what should we do? It seems that the tried-and-true methods are still the best. Physical distancing is still important, with a minimum of 6 feet; masks should now be worn even indoors, if possible; and proper hand washing must be done frequently. One should also avoid crowds, be it indoors or out. And what about those among us—such as myself—who have survived a bout with Covid-19? It turns out that we could still become carriers, with the virus staying in our noses or throats, to be passed on to those who have no immunity. And there is also a possibility that for some Covid-19 survivors, the immunity will only last for around five months. Also, according to the United States’ Center for Disease Control and Prevention, we must remember See “Angara,” A9

Why do we need to know the prices of the vaccines?

Founder Publisher

We have now reached more than 500,000 Covid-19 cases in all, with around 30,000 active cases, and more than 10,000 dead from the disease. Unless we see the numbers go down, we cannot think we are out of the woods. Caution and common sense are critical if we want a decisive win against Covid-19.

rothers and sisters, those overseeing the government’s purchase of Covid-19 vaccines are still silent about their prices, particularly for the vaccines coming from China’s Sinovac Biotech. President Duterte himself said that the prices of these vaccines must remain a secret because we have so-called “confidentiality agreements” with pharmaceutical companies. They insist this is routine for the pharmaceutical industry. over P1,800. Instead of clarifying the issue, Presidential Spokesman Harry Roque and vaccine czar Carlito Galvez, Jr. only explained that each dose from Sinovac will only cost P650 to P700. But such price is still higher compared to those sold in other countries. Why is it important for us to know the prices of the vaccines our government will purchase to save us from Covid-19? First and foremost, the health of the people is at stake here. In the past week, over 500,000 people have tested positive for Covid-19,

because it is the country’s funds to be used in purchasing them. We will borrow billions of pesos to buy these vaccines, and this debt will be paid by the succeeding generations of Filipinos. According to the Department of Finance, the government plans to borrow P62.5 billion from multilateral banks like the World Bank and Asian Development Bank. The welfare of all the people is the first priority in society. In the Catholic social teaching Gaudium et Spes, it is said that political groups and institutions exist for the common good. And it is against the common good if our leaders are not honest to their constituents; if there are things they are hiding or not essentially fully clarifying. Brothers and sisters, in ensuring that there will be vaccines to arrive in our country, we trust that our leaders exhibit what is said in the book of Philippians 2:4, “not looking to your own interests but each of you to the interests of the others.”

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Opinion

New money

Auguring the new head

BusinessMirror

Harald Eustachius A. Tomintz

here is a commemorative P5,000 banknote that has attracted the attention of Filipinos on social media. Indeed, this new bill sports imagery of national symbols, most notably that of the chieftain Lapu-Lapu, in what is seen as a nod to Philippine history before Spanish colonization. Romantic nationalist ideas aside, there is not much evidence to support that Lapu-Lapu himself personally participated in the Battle of Mactan to drive off Ferdinand Magellan, but we shall leave that for the historians to look into. The real topic of this article is about the printing of money itself. Introducing new currencies into the market is not something all that new. After all, the P200 banknote was introduced in the early 2000s, and the P5 and P10 banknotes fell out of circulation in the two decades leading up to this one. Are Filipinos getting richer, and thus need bigger denominations of money in their wallets? Is this indicative of inflation, or a weaker peso, and therefore the need for higher-value currencies? Regardless of the reasons, it is interesting to speculate if a P5,000 bill of some kind will eventually enter public circulation in the future. This leads to another fascinating idea though, namely the idea of simply printing new money, not just to introduce it into the market, but to give it to people for them to spend. Some of you might have considered this regarding paper money and wondered, well why do we not just print more bills and give them to the people? Why not have many new Lapu-Lapu bills swimming in the sea of the Philippine economy? In this time of a global pandemic, would it not be great if we could simply print an arbitrarily large amount of cash and give that out, so that people could buy what they needed in a crisis? There are reasons why this would not work in reality the way we imagine, but with talks of governments around the world creating stimulus packages for efforts against Covid-19, does it have merit? The Philippines does have a billions-of-pesos-heavy pandemic stimulus package to inject money, in the form of credit, into the economy and choice sectors in this time of crisis, through the Bayanihan to Recover as One Act. Similar policies are some of the ways many governments around the world are taking matters into their own hands. Even before this, such measures were not unheard of to deal with financial crises. Whether or not it is a good idea to add money into an economy to help bring businesses back to normal operations in a time of need really depends on who you ask: there are those who favor taking action over doing nothing, and those who contend that the economy would get worse over time if such actions are taken. Genera l ly, inter vent ionist Keynesian economists, influenced by the thoughts of John Maynard Keynes, would likely favor such measures in order to promote spending and bring the local economy back on track. It is an argument that an

Angara. . .

continued from A8

that it will take a few weeks for any vaccination to help our bodies build up enough antibodies to fight off an infection. In other words, those who have already been infected and have recovered should still be vaccinated, if only to prevent the possibility of being reinfected. In short, by remaining vigilant and continuing our quarantine and health protocols, we also reduce the opportunity for the virus to mutate into something more virulent. Of course, for many, this is no easy sacrifice to make. Many have no choice but to venture outside their homes to make a living and provide for their loved ones. Our economy

Whatever the truth behind the Battle of Mactan, it is clear that Ferdinand Magellan and his crew underestimated their opponents. It was a fatal mistake on their part. May the commemorative P5,000 bill at least remind us of a cautionary tale regarding what it means to lose sight of things as they really are, whether it be in the economic sense of making decisions based on costs, or otherwise. institution, such as the Federal Reserve in the US, would normally use to justify the injection of money to fix recessions. Criticisms from free market Austrian economists, influenced by the thoughts of Friedrich August von Hayek, on the other hand, might point out that these measures send the wrong price signals, lead to malinvestments, force decisions based on unsound money, and cause suffering industries to eat up more funds, hurting the economy as a whole as a consequence later on. Unlike other forms of economic crises though, the one posed by the pandemic creates new challenges due to how it affects the lives of people on a more personal level. It puts stress on health care, agriculture, transport, tourism and so on, however, this is not only a situation of bringing the economy back to life, but also preserving the well-being of people on the ground. Time will tell if the stimulus policies of governments worldwide will bring about positive change, but in a time of global crisis, a potentially warped perception of the value of already scarce resources is a real threat brought about by gigantic recovery packages as we go through this most uncomfortable time together. In this case, we should continue to be skeptical of causes and effects. Whatever the truth behind the Battle of Mactan, it is clear that Ferdinand Magellan and his crew underestimated their opponents. It was a fatal mistake on their part. May the commemorative P5,000 bill at least remind us of a cautionary tale regarding what it means to lose sight of things as they really are, whether it be in the economic sense of making decisions based on costs, or otherwise. Harald Eustachius A. Tomintz teaches at the Department of Economics of the Ateneo De Manila University in the Philippines.

likewise needs all the activity it can get given that our GDP shrunk by 9.5 percent in 2020, as recently reported by the Philippine Statistics Authority. We have now reached more than 500,000 Covid-19 cases in all, with around 30,000 active cases, and more than 10,000 dead from the disease. Unless we see the numbers go down, we cannot think we are out of the woods. Caution and common sense are critical if we want a decisive win against Covid-19. Sen. Sonny Angara has been in public service for 16 years—nine years as Representative of the Lone District of Aurora, and seven as Senator. He has authored and sponsored more than 200 laws. He is currently serving his second term in the Senate. E-mail: sensonnyangara@yahoo.com| Facebook, Twitter & Instagram: @sonnyangara

possessed the honor of being the queen if the new king would die. The woman was also described as a woman of color. This meant simply: she was not white. White, of course, is the absence of all colors

they knew how to fool the women. They knew when to release the pentup rage of their wives, mothers, sisters, and female colleagues. Once the simmering was over, the equality was also over. After the woman came out of that mighty door with her husband, who would never be king anyway even if the present-day king would perish, the door closed again. Trumpets were raised and the blaring notes came out. Were they stronger this time? I could be imagining things. The door opened again. The applause began and went on and on. The new king was coming out of the door, with a woman who would bear the title, “First Lady.” What that title meant, no one really knew. But it made the woman feel important. It made all women feel important.

and therefore not a color. In this kingdom, only people who are white, and therefore with no color, are deemed important. Every now and then, out of primal fear, the white people would allow in the center stage a person of color. That morning, a woman of color was up there. All women rejoiced because not only was she, the second most powerful individual in the land, a woman, she also was a woman of color. The men in this land were wise:

Soon, everyone was seated. More words and more men talking. From upstage came this woman with a gown as wide as the rings of Saturn. She looked dazed because her armor was heavy. The woman was to sing the song of the kingdom. She started singing, her hands moving here and there as if pointing to the elements that were in the song. Her voice was going up and up. The crowd was loving this kind of singing. Everyone was waiting for her voice

Tito Genova Valiente

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hey came one by one, ferried by dark chariots. Until they stepped out, no one could see them. Power is preserved through hiding—that is the first principle. Faint clapping greeted them. These few individuals were privileged to come up close to them (A curse did not allow the rest of the kingdom to go out and celebrate).

They climbed up the long flight of stairs of a majestic temple. On the porch waiting for them were potentates and guards. They entered the dark lobby and walked through a long hallway. The women swept the floor with their long gowns in colors of gems and grandeur. The men were somber in black and long capes and toxic masculinity. Inside the hall it was spring; outside it was still winter. Then they descended again. This was the test of the gods that they be able to have strength and never falter as they passed through the maze. Anytime, if we follow the old myth, the Minotaur could come out of any of the secret passages. The virgins and princes, however, made sure the divine monstrosity and its cohorts were reined in. A few days ago, not one but thousands of Minotaurs went on a rampage outside the temple. The words of a defeated king urged his followers to go wild. The seers have a name for this—politics. But that was bad and sad memory. The morning was deemed auspicious by the council of men in black. There were rumors that retired and aging kings and queens were arriving to pay tribute to the new ruler. Indeed, they were there. For when the huge door opened to the sound of trumpets, they walked in pairs, down the flight of stairs and onto the front of the temple. Then as soon as they were seated, all eyes were on that door again. It was to open twice: first to a woman who

Amazing Pinay Manny F. Dooc

TELLTALES

resident Joe Biden has appointed an outstanding Filipina as the Acting Director of the US Agency for International Development, Gloria “Yoya” Diño-Steele. USAID is the world’s foremost international development agency that aims to end extreme global poverty. It operates in over 100 countries to promote global health and education, provide food security, further economic development, improve environmental sustainability and accelerate disaster response. For 2021, it has a budget of $20 billion, more or less, to fully or partially support its various programs. Steele will serve in an acting capacity while Samatha Power, a former US Ambassador to the United Nations, is awaiting confirmation on her appointment as the Director of USAID. It may take some time before Power is confirmed since the Senate faces a heavy workload discharging its regular legislative duties and conducting the impending second impeachment trial of former President Donald J. Trump. So far, only a handful of Biden appointees in the Cabinet have gotten the nod of the Senate. How long Yoya may stay in office is not clear, but what is indisputable is that President Biden, in giving her the interim position, has complete trust and confidence in her competence and leadership. I believe that she is the highest-placed official of Filipinodescent in the Biden administration. Yoya is a product of Miriam College (Class ’74) with a Bachelor of Arts degree. She is an Amazing Alumna Awardee (Triple A Award), the highest decoration given by Miriam Col-

Friday, January 29, 2021

lege to its graduates. Yoya practically spent her entire professional life with USAID, having worked 40 years with the agency. She held various important positions serving in USAID missions across the world. She handled critical assignments in Africa, Asia and Eastern Europe, and accomplished her jobs with honor and distinction. Yoya left USAID last year to accept the post as the COO of CARE USA, a non-profit organization dedicated to delivering emergency relief and long-term international development projects to povertystricken countries. Notably, it works alongside women to harness their full promise and potential. Yoya’s heart and passion, without doubt, are devoted to humanitarian work. In conferring Yoya her Triple A Award, her proud alma mater cited her exceptional accomplishments. In serving as the Assistant Administrator of the Bureau for Asia at the USAID, where “she oversees USAID’s development assistance programs in 25 countries in Asia, amounting to over $1.2 billion per

Yoya’s heart and passion, without doubt, is dedicated to humanitarian work. Her contributions to promote global health is immeasurable. As the head of the USAID’s Global Health Bureau, prior to her assignment in Manila, she had undertaken projects resulting in strategic changes in the field of global health. The foundation she had laid during her stint in the Bureau continues to reap benefits to this day. year.” As Mission Director in the Philippines from 2010-2015 with a budget of $1 billion over the five-year period, “she supported the Philippine government’s program to treat and control the spread of tuberculosis, reduce maternal and child mortality, improve the quality of basic, vocational, and higher education, mitigate corruption in government, strengthen the capacity of civil society, improve environmental management and support the growth of livelihood opportunities throughout the country.” Through her efforts, the US granted the Philippines $143 million to help the victims of Typhoon Haiyan in 2013 during her tour of duty here. This was supplemented by another $4 million to fund microenterprises to boost several livelihood programs in the countryside. At the end of Yoya’s term in the Philippines, then President Benigno Aquino III awarded her the Order of Sikatuna, a distinct diplomatic honor conferred to individuals who have provided exceptional service to our nation. Yoya’s heart and passion, without doubt, is dedicated to humanitarian work. Her contributions to promote global health is immea-

to crack but she went on and on. The crowd was hysterical. More songs would follow. Even a cowboy was invited to sing about how grace can be amazing. Amazing redundancy. It was beginning to feel like a grand variety show. In between the singing, an old priest was called in. He was very confident. He seemed to know well the new king. He started talking, dispensing wisdom and humor from God himself. Then the new king was introduced. Strange that he was to be introduced when everyone seemed to know him already. The new king talked for a long time. It was his right to talk and talk. It was the beginning of more talks in the future. His task was to talk even if he did not mean what he talked about. A young woman—a woman of color—went up the lectern and read her own poem. She called for unity and the warriors of the new king made sure they were around to protect her so she could talk about the nation being one. They were all ready to use force if only to foster togetherness. Nice. At the edge of the forest, before the festival at the steps of the huge temple started, another man was bidding farewell. He was the king before this new king. This king was the better showman. As his plane began taxiing for departure, a sentimental old song emanated from somewhere. Perfectly timed with the takeoff were the words of the song: I did it my way. Indeed, the old king was fond of doing it his own way, which was very much the favored conduct in the land. Do it your way. The dedicatory event at the temple ended. Then with their family members, the rulers and their families had to hold each other’s hand as they walked down the street—a fitting but tired ending to any sad, bad romantic film from the land.

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surable. As the head of the USAID’s Global Health Bureau, prior to her assignment in Manila, she had undertaken projects resulting in strategic changes in the field of global health. The foundation she had laid during her stint in the Bureau continues to reap benefits to this day. For instance, the US President’s Malaria Initiative which she launched has saved millions of lives in many parts of Africa and Asia. The maternal and child survival program has prevented the deaths of more than 5 million children and 200,000 women. In recognition of her valuable efforts to improve the plight of the poor, Yoya has received three presidential awards from the US Federal Government. Yoya was already solidly ensconced in a rewarding and prestigious job as the COO of CARE USA. CARE USA was formed to “save lives, defeat poverty, achieve social justice, and fight for women and girls.” It is present in over 100 countries and has served more than 90 million people through its various international projects. It was definitely a job that she loves. Yoya could have politely declined Biden’s offer, after all, the position is only temporary pending confirmation of the duly designated Administrator of USAID, Samantha Power. From a narrow perspective, she would only keep the seat warm for Power until the latter gets confirmed by the Senate. But public service beckons and to Yoya every moment in public service is an opportunity to serve the people. Her life is committed to enhance the lives of the disadvantaged. The humanitarian organizations—USAID and CARE USA—that Yoya has served unselfishly are gifts to mankind. Yoya is our gift to the world. Let’s pray for her success.

A10 Friday, January 29, 2021

UN sees PHL growing 6.2% in ’21 on low-base effects

By Cai U. Ordinario

@caiordinario

HE Philippine economy is expected to see better tides— thanks to low-base effects—which will allow a growth of 6 percent or better this year and next year, according to the United Nations (UN).

In the World Economic Situation and Prospects 2021, the Philippine economy is projected to post a 6.2-percent growth this year and 6 percent next year. However, with higher growth, inflation is also expected to increase by 2.1 percentage points in 2021 and 2.8 in 2022. “In many parts of the [East Asia] region, the pandemic has caused significant setbacks to social and economic development, with a disproportionate impact on the vulnerable segments of society,” the UN report stated. “The region will see a recovery in 2021, but this will be from a low base and with great uncertainty stemming from the potential for renewed lockdown measures,” it added.

The UN said the economic performance of East Asian economies, including the Philippines, will largely depend on their “reliance on other external sources of income.” This includes not only tourism but remittances. The UN said the Philippines and Vietnam are among the countries whose economies depended on remittances and account for 9 percent and 6 percent of GDP, respectively. The UN said as migrant workers continue to face job losses and wage cuts, households in remittancereceiving countries could see their incomes decline. From January to August 2020, the UN said Philippine remittance inflows contracted by 2.6 percent,

a stark contrast to solid annual average growth in remittances of 4.1 percent over the past five years. “The growth prospects of other economies in the region will largely depend on the strength of the global recovery, given their reliance on income from external sources, including tourism and remittances,” said Hamid Rashid, Chief of the Global Economic Monitoring Branch at the UN Department of Economic and Social Affairs, and the lead author of the report. The UN also warned that the socioeconomic impact of the Covid-19 pandemic will be felt for years to come. This, until smart investments in economic, societal and climate resilience solutions are put in place to ensure a robust and sustainable recovery of the global economy. East Asia is projected to recover from a low base, with growth rebounding to 6.4 percent in 2021, before moderating to 5.2 percent in 2022. The UN said that in most economies, domestic demand will be supported by continued monetary and fiscal stimulus. These baseline projections, however, are highly contingent on the successful containment of the virus, both domestically and abroad.

China will remain the region’s main driver of growth, with GDP growth projected to rebound to 7.2 percent in 2021, from 2.3 percent in 2020. China’s economic recovery, however, is expected to be uneven across sectors. While infrastructure investment is expected to rebound strongly, private consumption growth is likely to remain moderate. “We are facing the worst health and economic crisis in 90 years. As we mourn the growing death toll, we must remember that the choices we make now will determine our collective future,” said UN Secretary-General António Guterres, who addressed the Davos Agenda on Monday. “Let’s invest in an inclusive and sustainable future driven by smart policies, impactful investments, and a strong and effective multilateral system that places people at the heart of all socioeconomic efforts,” he added. The report underscored that sustained recovery from the pandemic will depend not only on the size of the stimulus measures, and the quick rollout of vaccines, but also on the quality and efficacy of these measures to build resilience against future shocks.

BLINKEN TO LOCSIN: U.S. TO HONOR TREATY VOW AMID SEA DISPUTES By Recto Mercene

@rectomercene

ECRETARY of State Antony J. Blinken on Wednesday repeated a previous commitment by the United States under the Mutual Defense Treaty (MDT) to support claimants to the contested waters of the South China Sea, in the face of continuing aggressive behavior by China. The Asian giant two days ago issued a controversial law that authorizes its coast guard to fire on foreign vessels and destroy other countries’ structures on islands it claims. Foreign Affairs Secretary Teodoro L. Locsin Jr. fired off a diplomatic protest over the new law, which he said cannot remain unchallenged given the context of China’s bullying in the South China Sea. “Secretary of State, Antony Blinken pledged to stand with Southeast Asian claimants in the face of PRC pressure,” said Spokesperson Ned Price in a statement following Blinken’s conversation with Locsin. “The two secretaries committed to continue building upon a

relationship founded on shared strategic interests and history, democratic values, and strong people-to-people ties,” the statement said. In his exchange with Locsin, Blinken affirmed that a strong US-Philippine Alliance is vital to a free and open Indo-Pacific region. Blinken stressed the importance of the MDT for the security of both nations, and its clear application to armed attacks against the Philippine armed forces, public vessels, or aircraft in the Pacific, which includes the South China Sea. The secretary of state also said the US rejects China’s maritime claims in the South China Sea to the extent they exceed the maritime zones that China is permitted to claim under international law, under the 1982 United Nations Convention on the Law of the Sea (Unclos). O n Wed nesd ay, L oc si n tweeted that the new Chinese law “is a verbal threat of war to any country that defies” it, adding that failure to challenge the law “is submission to it.” Continued on A4

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‘Low interest rates will push big firms to tap bond market’

By Tyrone Jasper C. Piad

@TyronePiad

ig corporates are likely to tap the debt market anew amid record low interest rates to raise funds, First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) said. “We expected aggressive fundraising by large firms in the bond market as interest rates remain very low,” FMIC and UA&P said in their joint report released on Thursday. Overnight reverse repurchase facility currently stands at 2 percent after the Bangko Sentral ng Pilipinas (BSP) cut it by a total of 200 basis points to inject more liquidity in the financial system. “Domestically, we do not see a case for major upward movement of interest rates, considering that the economy will likely remain negative even

up to first quarter,” the study noted. The Philippine Statistics Authority reported on Thursday that 2020 fourth GDP declined by 8.3 percent, bringing the full-year figure to -9.5 percent. Despite the GDP plunge— the deepest since 1947—ING Bank Manila said in a report on Thursday that the authorities are not expected to “whip out any form of stimulus to offset the downturn, both on the monetary or fiscal front.” ING noted that the Bangko Sentral ng Pilipinas (BSP) has already frontloaded the rate cuts last year.

FMIC and UA&P noted that big firms are also seeking another source of funding as banks “appear still hesitant in lending,” especially in the first quarter. To recall, 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 BSP. “Banks will move once they see firms begin to ramp up output on a monthly basis,” FMIC and UA&P said. In an online briefing earlier this year, FMIC Investment Banking Head Daniel D. Camacho said debt issuances from private sector bridged the gap in bank borrowing in 2020. He noted that private issuances rose by nearly 8 percent to P1.63 trillion in 2020 from P1.51 trillion in the previous year. This, as bank loans dropped by 3.21 percent to P8.42 trillion last year from P8.7 trillion in 2019. In December, total trading volume for corporate bonds reached

P5.8 billion, a 53-percent improvement from P3.8 billion in the previous month, amid the holiday season. Full-year trading volume last year rose by 65.9 percent to P75.9 billion from P67.1 billion in 2019. Local debt capital market issuances, meanwhile, nearly doubled to P1.22 trillion last year from P630 billion in 2019. The bulk or 68 percent of the issuances last year came from government bonds amounting to P830 billion, which is more than threefold compared to P241 billion in 2019. This was followed by bank issuances of P259 billion—nearly flat from P260 billion in 2019—accounting for 21 percent. Corporate bonds, comprising nearly 9 percent, grew by over 20 percent to P104 billion last year from P86 billion in 2019. Preferred shares accounted for the remaining P22-billion of issuances. Offshore issuances, meanwhile, doubled to nearly $9 billion year-onyear in 2020.

SMC starts work on Skyway 3-Nlex link road By Lorenz S. Marasigan @lorenzmarasigan

an Miguel Corp. (SMC) has started building the 1.2-kilometer link road that will connect the Skyway Stage 3 to the ongoing Nlex Connector, its chief said on Thursday. Ramon S. Ang, the company’s president, said this development comes despite some issues pertaining to right of way (ROW) acquisition, which has “delayed the construction of the vital link.” Currently, he said, the company is “working on what’s workable,” to mitigate delays in easement acquisition for the connection, located at the Nagtahan to Sta. Mesa areas in Manila. “This connection is vital because it will link two major expressways, Skyway Stage 3 and the Metro Pacific Tollways’ connector road project—making accessibility, interoperability, and ease of travel even better for the public,” said Ang. The connection is part of the design of

the Skyway 3. Should the ROW issues be resolved immediately, the link road should be completed within two years. “We’re already mobilizing our contractors to start work in areas that are unobstructed, where we’re permitted to work. We’re also already committing the funds needed to buy the ROW properties, so hopefully, these issues will be resolved the soonest,” Ang said. The alignment for the road was supposed to be built together with Section 2 of Skyway 3 in the Nagtahan to Sta. Mesa area. “However, about 2 years since we first worked on workable areas for Skyway 3, the

ROW issue in section 2 threatened to stall the project. That is why we proposed to realign Skyway 3 along the San Juan River, so that the project could be completed faster and provide a solution to traffic—not cause more of it,” Ang said. He said his group has signed a memorandum of agreement with the Toll Regulatory Board and Department of Public Works and Highways despite the change in alignment. “We basically already committed the budget for the ROW acquisition—we will pay for it—and we will complete this section within 24 months,” he said. Ang hopes that the easement issues will be addressed soon, as ideally, the link road should be completed before or by the time the Nlex Connector is built. “Originally, this was supposed to be delivered December 2020, but it’s now pushed back. But we want to assure the public and government that we will do everything to complete it in less than 24 months, once we get the ROW.”

SBMA to release ₧123-M revenue share to LGUs By Henry Empeño Correspondent

ubic Bay Freeport— Development assistance from the Subic Bay Metropolitan Authority (SBMA) to neighboring communities will continue despite the Covid-19 pandemic which has shuttered the operations of a few businesses here. SBMA Chairman and Administrator Wilma T. Eisma said the agency will release next week a total of P123.1 million in the form of revenue shares to the 7 municipalities and one city that either border this special economic zone or are affected by business operations here. The windfall came from revenue collections from Subic-registered enterprises from July to December 2020 and the retained amount from the 2018 second semester share for local government units (LGU). “The release for this per iod is 29.9 percent lower than the shares for the same period last year, which was P175.7 million. And this goes to show how

much the Covid-19 health crisis has impacted—and cont inues to impact— Freeport operations,” Eisma said. “But it also goes to show t hat despite Cov id-19, the SBMA and business locators in the Freeport have sustained economic growth and that Subic Bay will continue to be a catalyst for development in this part of the country.” For this per iod, Olongapo Cit y w ill receive P28,631,819.10 in LGU share; followed by Su bic , Z a mba le s w it h P 1 8 , 8 2 0 , 6 5 5 . 14 ; D i nalupihan, Bataan, P 1 5 , 3 1 1 ,74 1 . 9 8 ; S a n M a rc e l i no, Z a m b a l e s , P14,753,996.41; Hermosa, Bataan, P12,818,258.50; C a st i l le jos, Z a mba les, P11,522,821.52; Morong, Bataan, P10,697,853.76; and San Antonio, Zambales, P10,549,471.67. SBMA will release the shares to LGU officials in staggered schedules beginning next week. The LGU share is deter mined accord ing to population (50 percent), land area (25 percent), and equa l shar ing (25

percent). Olongapo, which is a highly urbanized city, always received the biggest chunk of the shares. The shares constitute 2 percent of the 5-percent gross corporate income taxes paid by business enterprises in the Subic Bay Freeport Zone and were intended to augment LGU funds for tourism, infrastructure, education, peace and order, health, and livelihood generation. With the advent of the Covid-19 pandemic last year, some

LGUs said they have rechanneled part of the shares to health and safety programs aimed at combating Covid-19. The LGU shares are released to LGUs twice a year, with tax collections from Januar y to June released in August, and collections from July to December released in February the following year. The SBMA said the latest amount would bring the LGU shares released for 2020 to a total of P277.98 million.

Friday, January 29, 2021

SMIC, DMCI land on Bloomberg’s Gender-Equality Index for 2021

he Sy family-led SM Investments Corp. (SMIC) and the Consunji-led DMCI Holdings Inc. were included in this year’s Bloomberg’s Gender-Equality Index (GEI). The index is a listing of hundreds of companies across 11 sectors in the world that takes into account best practices that increase the scope of a firm’s adherence to environmental, social and governance (ESG) principles. SMIC, DMCI and unit Semirara Mining and Power Corp. were the only local firms that landed on the list of 380 companies. The GEI expanded its list this year to represent 44 countries and regions, including firms headquartered in Indonesia and Bermuda for the first time. Companies range from a variety of industries, including automotive, banking, consumer services, engineering and construction and retail. The 2020 listing included 325 companies headquartered across 42 countries and regions. The GEI brings transparency to genderrelated practices and policies at publicly listed companies increasing the breadth of ESG data available to investors. The comprehensive, transparent GEI scoring methodology allows investors to assess company performance and compare across industry peer groups. “We are pleased to be recognized again and likewise extend our appreciation to Bloomberg. We believe in upholding equal opportunities for our people that promote a better workplace,” SMIC President and CEO Frederic C. DyBuncio said. “We recognize the value and contributions

of women across the DMCI group of companies. They occupy key positions in our board, management and workforce. With our companies’ inclusion in the GEI, we hope to provide more women with the opportunities and support they need to reach their full potential,” DMCI Chairman and CEO Isidro A. Consunji said. Through disclosure of gender-related metrics using the GEI framework, the firms included in the 2021 GEI have committed to provide a comprehensive look at their investment in workplace gender equality and the communities in which they operate, raising the bar of what should be expected from other companies within the same industry. The 3 firms were included in this year’s index for scoring at or above a global threshold established by Bloomberg to reflect a high level of disclosure and overall performance across the framework’s 5 pillars. Both the framework and the GEI are voluntary and have no associated costs. The GEI is a reference index and is not for use as a financial benchmark. The index is not ranked. While all public companies are encouraged to disclose supplemental gender data for their company’s investment profile on the Bloomberg Terminal, those that have a market capitalization of $1 billion are eligible for inclusion in the index. The reference index measures gender equality across 5 pillars female leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, sexual harassment policies and pro-women brand. VG Cabuag

Friday, January 29, 2021

Companies BusinessMirror

Europe stocks wipe out 2021 gains

lobal stocks fell further from records amid a panoply of concerns spanning earnings, valuations, coronavirus trends and the fallout of frenzied retail trading in parts of the United States market. The dollar rose. The Stoxx Europe 600 Index tumbled to its lowest since December 24, putting the gauge into negative territory for the year. Earnings beats from chipmaker STMicroelectronics NV and Diageo Plc were overshadowed by a miss from Swatch Group AG and a revenue drop at EasyJet Plc. Also weighing on sentiment is an ongoing dispute between AstraZeneca Plc and the European Union over vaccine supplies for the region. US equity futures slipped after disappointment over results from the likes of Apple Inc. and Tesla Inc. sent shares sliding after market. On Wednesday, the S&P 500 slumped 2.6 percent in its worst rout since October as retail traders piled into heavily-shorted companies, sparking losses at hedge funds and causing turmoil in parts

of the market. Treasury yields dipped toward the 1-percent level after Federal Reserve officials left their main interest rate unchanged and made clear the central bank was nowhere near exiting massive support for the economy. Stocks in Hong Kong and Australia saw the bulk of Asian losses. Stocks have stumbled after a prolonged rally that spurred talk of possible asset bubbles and predictions of a pullback given a raging pandemic and patchy rollout of vaccines. Adding to investor anxiety is a wave of retail traders bidding up heavily-shorted shares, whipsawing stocks around the globe. “The combination of a short covering in US equity markets and delays in vaccines distribution have led US and European equity markets 2 to 3 percent down,” according to Sebastien Galy, macro strategist at Nordea Funds. “One important point is that a dovish Fed still could not turn around the market, a signal that this may last a few days.” Bloomberg News

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ERC orders Luzon-based DUs to refund excess collections

By Lorenz S. Marasigan

@lorenzmarasigan

he Energy Regulatory Commission (ERC) has directed more than 20 Luzon-based distribution utilities (DUs), whose over collection ranged between P5,000 and P146 million, to refund the excess amount to their customers. Agnes Devanadera, the chairperson and chief executive of the ERC, said her group has issued separate orders for the refund of DU over collection between January 2017 and December 2019 for the following: Generation Rate, Transmission Rate, System Loss Rate, Lifeline Subsidy Rate and Senior Citizen Subsidy Rate.

“Upon our initial evaluation, the commission found that the Luzon-based DUs incurred over recoveries in the various pass-through charges that they collected from their customers. These pass-through charges should be revenue-neutral on the part of the DUs, and they are not allowed to incur any additional revenue or losses

therefrom,” she said. Devanadera said the ERC has adopted a policy that DUs with compliance filings with a resulting net over-recovery shall be directed to immediately refund the overrecovery, pending the complete and final evaluation of their applications. The said resolution, she said, is in line with the principle that automatic adjustments of pass-through components of retail rates by DUs must be revenue neutral and any over recovery therefrom must be immediately refunded to their customers. “The Commission resolved to prioritize the resolution of cases that will provide some customer relief in terms of rate reduction to help consumers cope with the still ongoing pandemic,” Devanadera said. DUs are required under ERC Resolution 16, Series of 2009 to file their respective applications to the ERC once every three years to ensure that the recovery of the various pass-through costs is fair and proper.

SEC approves Golden Bria’s name change By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has allowed the Villar Group’s listed socialized housing and deathcare business, Golden Bria Holdings Inc., to change its name to Golden MV Holdings Inc. “The company will gain further flexibility in undertaking business expansion,” it said as its reason for the name change. Included in its amended secondary purpose were to “conduct researches, investigations and examinations of business and enterprise of every kind and description throughout the world with the aim of securing information and particulars for the investment and employment of capital.” The company is also set “to undertake and transact all kinds of business relating to the gathering and distribution of financial and investment information and statistics throughout the world.” The firm needs two-thirds approval vote of its shareholders for it to effect the new name. This is not the first time that the company changed its name since its initial public offering in mid-2016, when it was still known as Golden Haven Memorial Park Inc. In October 2017, it changed its name to Golden Haven Inc. after it included memorial service and cremation as part of its new revenue streams. Later that year, it acquired Bria Homes Inc., the lowcost housing firm of the Villar Group. In February 2018, it changed its name to Golden Bria. Total net profits of the company fell 40 percent during the nine months of 2020 to P1.01 billion from P1.67 billion in 2019. Revenues fell by a third during the period to P4.01 billion from the previous year’s P5.88 billion as retail estate sales from its residential and memorial lots plunged due to the impact of the community quarantines on construction activities. It recorded revenues of P804.59 million from its deathcare business and P3.21 billion from the sale of residential lots.

Topacio joins LTA’s board of directors

ourdes T. de Arroyo Holdings Inc. (LTA, Inc.), the holding company of several closelyheld corporations owned and controlled by the Arroyo family led by former First Gentleman Jose Miguel Arroyo, has announced the appointment of lawyer Ferdinand Topacio as a member of its board of directors to replace the late Severo “Conkoy” Tuason Jr., who passed away last 2019. LTA, Inc. is a diversified company that has interests in real estate leasing, health care, power generation and financial services, among others. Topacio, who has represented former Presidents Gloria Macapagal-Arroyo and Joseph Estrada, actresses Claudine Barretto, Yasmien Kurdi and Bea Binene, as well as other known figures in business and politics, has been in litigation and corporate practice since 2001, after a 9-year stint in government, where he became an assistant secretary in the Department of the Interior and Local Government (DILG). He was a director and vice-president for legal affairs, respectively, of the family-owned Manhattan Chemical Corp. and Noxelle Properties Inc. led by his uncle, Eulogio Topacio, Jr. Topacio is also the managing partner of the Topacio Law Office, more popularly known in legal circles as TopLaw, and is the general manager of independent film company outfit Borracho Film Production.

mutual funds

January 28, 2021

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 218.48 -10.95% -10.51% -1.2% -3.85% ATRAM Alpha Opportunity Fund, Inc. -a 1.256 -4.96% -8.86% 4.4% -4.34% ATRAM Philippine Equity Opportunity Fund, Inc. -a 3.0153 -12.54% -14.31% -2.3% -3.76% Climbs Share Capital Equity Investment Fund Corp. -a 0.7651 -11.19% -9.33% n.a. -4.83% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7114 -13.8% n.a. n.a. -4.07% First Metro Save and Learn Equity Fund,Inc. -a 4.7614 -7.93% -8.49% -0.34% -3.64% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7232 -12.5% -10.97% -5.83% -4.82% MBG Equity Investment Fund, Inc. -a 98.34 -3.33% -6.04% n.a. -3.53% PAMI Equity Index Fund, Inc. -a 44.9957 -9.51% -8.63% 0.52% -3.95% Philam Strategic Growth Fund, Inc. -a 470.2 -9.08% -8.53% -0.26% -3.84% Philequity Alpha One Fund, Inc. -a,d,5 1.0558 5.35% n.a. n.a. -3.78% Philequity Dividend Yield Fund, Inc. -a 1.1315 -9.63% -7.97% 0.48% -3.14% Philequity Fund, Inc. -a 33.4906 -8.91% -7.88% 1.17% -3.68% Philequity MSCI Philippine Index Fund, Inc. -a 0.8752 -11.76% n.a. n.a. -4.14% Philequity PSE Index Fund Inc. -a 4.6021 -9.17% -8.25% 1.26% -3.95% Philippine Stock Index Fund Corp. -a 770.22 -8.94% -8.12% 1.23% -3.92% Soldivo Strategic Growth Fund, Inc. -a 0.6925 -13.59% -11.82% -2.9% -3.67% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.495 -13.6% -10.08% -0.32% -3.55% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8815 -9.2% -8.42% 1.03% -3.94% United Fund, Inc. -a 3.2049 -9.51% -7.05% 1.82% -3.44% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 103.3668 -8.9% -7.9% 1.96% -3.89% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.3256 29.73% 3.47% 11.22% 10.2% Sun Life Prosperity World Voyager Fund, Inc. -a $1.7357 22.91% 8.9% n.a. 3.76% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.651 7.66% -4.97% -0.1% -1.05% ATRAM Philippine Balanced Fund, Inc. -a 2.2356 5.58% -3.91% 1.82% -2.18% First Metro Save and Learn Balanced Fund Inc. -a 2.5653 -0.63% -3.18% 0.43% -2.35% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1937 -14.03% n.a. n.a. -2.47% -1.3% NCM Mutual Fund of the Phils., Inc. -a 1.9385 -0.18% -1.78% 2.23% PAMI Horizon Fund, Inc. -a 3.7066 -0.3% -2.83% 1.5% -2.15% Philam Fund, Inc. -a 16.574 -0.41% -2.83% 1.41% -2.14% Solidaritas Fund, Inc. -a 2.0489 -1.68% -3.83% 1.09% -2.16% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4969 -7.17% -5.46% 0.25% -2.14% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 1.0076 1.26% n.a. n.a. -1.47% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.92 -5.22% n.a. n.a. -3.08% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.9016 -6.77% n.a. n.a. -3.38% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8651 -8.5% -6.34% -0.51% -2.55% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03918 1.19% 2.88% 2.04% 0.15% PAMI Asia Balanced Fund, Inc. -b $1.2209 17.39% 3.4% 8.29% 6.15% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6496 16.7% 6.79% 9.57% 3.03% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2179 8.62% 3.62% n.a. 1.31% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 371.61 3.75% 3.25% 2.82% 0.15% ATRAM Corporate Bond Fund, Inc. -a 1.9034 -0.09% 0.21% 0.17% 0.16% Cocolife Fixed Income Fund, Inc. -a 3.2175 3.02% 4.39% 4.76% 0.09% Ekklesia Mutual Fund Inc. -a 2.2994 3.35% 2.88% 2.39% 0.15% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4517 4.16% 3.38% 2.17% -0.06% Philam Bond Fund, Inc. -a 4.647 6.68% 4.68% 3.1% 0.27% Philam Managed Income Fund, Inc. -a,6 1.3216 5.69% 4.44% 2.72% 0.03% Philequity Peso Bond Fund, Inc. -a 3.9936 5.95% 4.51% 2.94% -0.19% Soldivo Bond Fund, Inc. -a 1.0397 7.92% 4.01% 2.6% -0.22% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.2047 4.71% 4.71% 3.6% -0.04% Sun Life Prosperity GS Fund, Inc. -a 1.7506 3.84% 3.95% 3.02% -0.25% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $484.98 3.19% 2.86% 2.87% 0.23% ALFM Euro Bond Fund, Inc. -a Є219.35 -0.34% 0.85% 1.27% 0.08% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2862 6.29% 4.42% 3.14% 0.45% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0265 2.32% 1.96% 1.75% -0.38% PAMI Global Bond Fund, Inc -b $1.0923 -1.08% 0.85% 0.64% -0.04% Philam Dollar Bond Fund, Inc. -a $2.5344 4.39% 4.26% 3.47% -0.05% Philequity Dollar Income Fund Inc. -a $0.0624517 3% 3.08% 2.36% 0.21% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.2251 -0.17% 2.42% 2.35% 0.05% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 129.97 3.04% 3.33% 2.58% 0.12% First Metro Save and Learn Money Market Fund, Inc. -a 1.0487 1.78% n.a. n.a. 0.06% Sun Life Prosperity Money Market Fund, Inc. -a 1.298 2.41% 2.96% 2.61% 0.11% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0533 1.42% 1.77% n.a. 0.09% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.1667 n.a. n.a. n.a. 3.28% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.98 -1.01% n.a. n.a. 0% 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

Four ‘P’ priestly pointers

T has been a tradition in my organization, the Association of Development Financing Institutions in Asia and the Pacific (Adfiap), to start the year with a mass offering and office blessing. Despite the pandemic, we continued the tradition, this time organizing a hybrid event: 10 people in the office with health and safety protocols in place and others joining virtually on Zoom. We invited Rev. Fr. Rogelio A. Orpiada, resident guest priest of the National Shrine of the Sacred Heart Parish Makati, to say mass. During the sermon, he shared insights from his social development introspection and experience, which resonated with me in the context of associations. As you know, associations provide, among others, a platform for social development, defined as improving the well-being of individuals in society to enable them to reach their full potential. In essence, social development means investing in people. For associations, this relates to career advancement through continuing education, peer-to-peer learning and business networking. Interestingly, Fr. Orpiada talked about four things to consider when undertaking social development work, which coincidentally starts with the letter “P.” And because I like acronyms, which I use time and again in this column, I labeled these as the “4Ps” of social development for associations: Practice purity of life. This refers to being transparent with your actions and your dealings with other people. This is very true for associations since they represent a community with the same purpose and mission and relate to their stakeholders (members, volunteers and sponsors). Being transparent means, for instance, having your Board reporting the true state of your organization to your members through audited financial statements and other public communications. Persevere with patience. This connotes a continuing and enduring act to pursue the association’s cause and reason for being. Purpose guides the association and articulates why the association does what it does, why it exists and why it serves

Association World Octavio Peralta a higher goal. A study of the American Society of Association Executives (Asae) reveals that associations that align their products and services with their purpose succeed to be relevant and sustainable. Proclaim boldly. This relates to the confidence and the will that associations need to develop and nurture in communicating what they stand for in society and in nation building. With the availability of many communication channels, e.g., television, print and social media, associations need to announce and showcase the good deeds that they do—organizing health or disaster relief missions, producing industry quality and safety standards, running career development courses, etc. Pray constantly. This signifies the faith and culture that associations have to build and institutionalize within their organizations as a true representative of their members in advancing their work and advocacies. For members, this means devoting their time, energy, and resources (as volunteers) for the common good of their associations and the society-at-large. While most associations are agnostic in nature, scope and structure, there are things that associations can learn from the teachings of the clergy, in this case from a Catholic parish priest. I have written similar musings in this column before. The column contributor, Octavio ‘Bobby’ Peralta, is concurrently the secretary-general of the Association of Development Financing Institutions in Asia and the Pacific, Founder & CEO of the Philippine Council of Associations and Association Executives and President of the Asia-Pacific Federation of Association Organizations. The purpose of PCAAE— the “association of associations”—is to advance the association management profession and to make associations well-governed and sustainable. PCAAE enjoys the support of Adfiap, the Tourism Promotions Board and the Philippine International Convention Center. E-mail: obp@adfiap.org

ADB issues 5-yr benchmark bonds as borrowers’ lifeline

HE Asian Development Bank (ADB) announced on Thursday that it has issued a 5-year global benchmark bond priced at $4.5 billion. The issuance is part of ADB’s overall agenda to tap capital markets in 2021. The regional bank earlier said they plan to raise around $30 billion to $35 billion from the capital markets this year. “The dollar market has seen a very active start to the new year,” ADB Treasurer Pierre Van Peteghem said. “[The] ADB is very pleased with the strong reception to our first outing in 2021 which allowed us to issue $4.5 billion in the 5-year maturity.” “This issuance will support the much-needed assistance that we provide to our borrowers through this global pandemic,” Peteghem added. The proceeds of ADB’s latest issuance is expected to be part of its ordinary capital resources. The 5-year bond was priced at 99.759 percent to yield 14.43 basis

points over the 0.375-percent US Treasury notes due January 2026. It has a coupon rate of 0.5 percent per annum payable semi-annually and a maturity date of 4 February 2026. The ADB also reported that the issue achieved wide primary market distribution: 38 percent of the bonds were placed in Asia, 32 percent in Europe, Middle East and Africa and 30 percent in the Americas. Broken down by investor type, 52 percent of the bonds went to central banks and official institutions, 33 percent to banks and 15 percent to fund managers and other types of investors. The ADB said the transaction was lead-managed by Bank of America Securities Inc., Citigroup Inc., HSBC Holdings plc. and Morgan Stanley & Co. Llc. A syndicate group was also formed consisting of Daiwa Capital Markets America Holdings Inc., Danske Bank A/S, Mizuho Securities Co. Ltd., Natwest Markets Plc. and Swedbank AB. Bianca Cuaresma

BSP: Credit-card complaints bulk of consumer concerns

By Bianca Cuaresma

@BcuaresmaBM

fourth of all concerns coursed through the Bangko Sentral ng Pilipinas’ consumer assistance mechanism are complaints about credit cards during the pandemic, the BSP governor bared on Thursday. BSP Governor Benjamin Diokno said during an online forum that of the 23,000 concerns from the public that the central bank received in endDecember 2020, about 25 percent were related to credit cards. Diokno said that based on records of the BSP consumer protection and market conduct of-

fice, the top concern in credit card transactions in 2020 were fees and charges while the top concern in the previous year were about disputed transactions. Of the total credit card complaints in 2020, Diokno said 12 percent of these were related to the implementation of the mandatory

grace period for loan and credit card products. Meanwhile, the most common type of fraudulent scheme complaints involving credit cards were unauthorized or disputed transactions due to disclosure of personal information, phishing emails and breach of personal account information through use of a one-time pin (OTP) by a phone to a person representing a bank employee. “Credit card fraud is not a new phenomenon,” Diokno said. “It has been a long standing global problem, which confronts not just financial institutions, but also issuers, merchants, acquirers and payment processors.” The BSP earlier said that based on the “Reports on Crimes and Losses” filed by banks during the ECQ covering the period March 15 to May 18, 2020, 98.4 percent of all criminal incidents reported were classified as

fishers, or both. The remaining 46 percent are registered as farmers only. The LandBank said of the P237.62 billion total outstanding loans, about P43.98 billion were tapped by small farmers and fishers, cooperatives and farmers’ associations, rural financial institutions and other conduits. The LandBank added that small, medium and large agribusiness enterprises were granted P142.75 billion, while P50.89 billion was channeled to support agri-aqua related projects of local government units (LGUs) and government-owned and controlled corporations. “The year 2020 was undoubtedly

“cyber” or online in nature. This resulted in losses amounting to P60.6 million or 54.5 percent of all total bank losses during the twomonth period. In a recent survey conducted by the BSP, local banks showed decreased confidence in handling cyber financial threats in 2020 as digital payments surged in the midst of lockdowns and movement restrictions to curb the pandemic. The top six cybersecurity threats that concern banks include cyberattacks—or attacks that aim to disrupt the banks system, steal money and steal their IP Address, direct hacking, malware, fraud, phishing and insider attacks. Overall, 75 percent of surveyed banks said financial losses are the most worrisome impact of cybercrime events. This is followed by breaches on customer data and reputational risk.

DBP to finance ₧314.5-B borrowings in key sectors By Tyrone Jasper C. Piad @Tyronepiad

HE Development Bank of the Philippines (DBP) is aiming to bankroll P314.547-billion worth of financing to key sectors as the economy tries to bounce back this year. Data obtained by the BusinessMirror shows that the infrastructure and logistics sector accounts for the lion’s share of the loan allocation at P181.807 billion. These funds will be lodged under the bank’s Connecting Rail Urban Intermodal Systems Efficiently (Cruise) and Financing Utilities for Sustainable Energy Development (Fused) programs. Under said programs, the stateowned bank aims to fund projects in basic utilities such as power, water and communication. These lending windows also support financing for infrastructure to improve trade and investments, including expressways, industrial estates, transportation and storage. The bank is also targeting to disburse loans amounting to P84.788 billion for social services. These include projects for education, healthcare, community development and other related initiatives. The balance, P47.952 billion, is earmarked to finance environmental projects, including new and renewable energy resources, public water systems, pollution control, waste management and clean production technologies. “Consistent with DBP’s mandate and in support of the National Government’s efforts of building a stronger and more resilient Philippine economy, the DBP will also be focused on three other critical growth sectors, namely, infrastructure and logistics, social infrastructure, and the environment,” DBP President and CEO Emmanuel G. Herbosa told the BusinessMirror in an email interview. The bank, Herbosa said, is sourcing its funds for the loans from deposit liabilities and bank borrowings. In addition, DBP is also awaiting the P12.5-billion worth of additional equity

provided by Bayanihan 2. As of end-September 2020, the DBP official said that 94.63 percent of the bank’s funding sources came from deposits from government and private sources, non-ODA (official development assistance) borrowings, subordinated debt and dollar senior notes. The remaining 5.37 percent came from ODA borrowings.

Focus on MSMEs

THE state-owned bank vowed to continue giving focus on the micro, small and medium enterprises (MSMEs) sector—which is a major part of the economy—when it comes to providing loans. “Given the significant negative impact of the pandemic on these businesses, the bank, as mandated under Bayanihan 2, has created a new lending program specifically to support their operating expenses thereby helping them bounce back and continue to provide employment and contribute to the revival of the economy to pre-Covid condition,” Herbosa explained. Based on latest data available, DBP lent P27.182 billion to the MSME sector as of end-November 2020, which is approximately 7 percent of the total borrowings amounting to P387.39 billion for the period. Broken down, agriculture, forestry and fishing received the most loans at P5.78 billion. Other top borrowers include construction (P4.47 billion); human health and social work activities (P4.18 billion); wholesale and retail trade (P3.18 billion); transportation and storage (P2.59 billion). “The total loan portfolio of the Bank to the tourism industry cuts across various industries,” DBP added.

Potential credit loss

AS end-2020, Herbosa said that the bank’s nonperforming loans (NPL) stood at P11.946 billion, translating to gross NPL ratio of 2.58 percent and net NPL ratio of 1.28 percent. NPL coverage ratio, meanwhile, stood at 105.34 percent.

LandBank’s total 2020 agri loan inched up to ₧237.62B

HE Land Bank of the Philippines said its total loan portfolio to agriculture in 2020 grew slightly to P237.62 billion from P236.31 billion in 2019. The LandBank said the loan was tapped by 2.67 million farmers and fishermen by end-2020; more than its 2-million target beneficiaries for last year. According to the Department of Agriculture, of the 8.3 million agricultural workers in the Registry System for Basic Sectors in Agriculture in 2012, 33 percent are registered as farm workers only; another 21 percent are registered as farm workers, while simultaneously working as farmers,

Friday, January 29, 2021 B3

a challenging one, but LandBank remained steadfast in its commitment of delivering intensified support to the country’s agriculture sector,” Landbank President and CEO Cecilia C. Borromeo said in a statement last Thursday. “We will continue to address the specific requirements of more farmers, fishers, and other players in the local agribusiness value chain amid the pandemic and beyond.” The LandBank said it assisted farmers and fishers through its regular loan offerings and lending programs jointly implemented with the Department of Agriculture (DA) and the Department of Agrarian Reform.

As of December 31 last year, the Landbank said it has released a total of P8.36 billion under the programs it has been administering for DA and P600 million for the DAR’s creditassistance program. DA programs that are being administered by Landbank include the Agricultural Competitiveness Enhancement Fund, the Socialized Credit Program under the Sugarcane Industry Development Act, the Expanded Rice Credit Assistance under the Rice Competitiveness Enhancement Fund and the Survival and Recovery Assistance Program for Rice Farmers. Jasper Emmanuel Y. Arcalas

The bank allocated P3.842billion worth of provision for potential impairment losses amid increasing loan defaults because of economic slowdown amid the coronavirus pandemic. The adversely hit industries were construction, manufacturing, healthcare and hospitals, education, transport and storage, Herbosa enumerated. To help the said segments, DBP granted a payment moratorium program of up to six months. “The moratorium is the Bank’s response to government’s call to financial institutions for temporary credit relief to the pandemicaffected businesses,” Herbosa said, citing the mandate by Bayanihan 1 and 2. The program also allowed extension of the borrowing terms through loan restructuring, he added.

Providing loans

DESPITE the potential surge in NPLs, Herbosa said that it was necessary to provide financing to businesses during this ongoing pandemic. “Providing financing access during this public health emergency is particularly crucial as it gives borrowers a lifeline in ensuring the continuity of their businesses, allowing them to provide livelihood for the people under their employment, and access to services in the communities that they are in,” he explained. The DBP said that it did not see a decline in loan demand last year even during the early parts of the community quarantine. On Thursday, the state-owned bank announced that it granted a P4.17-billion term loan to a ship building firm, financing its expansion of facilities in Albuera, Leyte.

Friday, January 29, 2021 â&#x20AC;˘ Editor: Gerard S. Ramos

Relationships BusinessMirror

Zoom work relationships are a lot harder to buildâ&#x20AC;&#x201D;unless you can pick up on colleaguesâ&#x20AC;&#x2122; nonverbal cues BY NANCY R. BUCHAN University of South Carolina

ORKERS who communicate with their colleagues mainly through videoconferencing are far less effective at building relationships than when the communication is done face to face, according to a study we recently completed and just submitted for peer review. We also found two important ways employees can overcome the downside of video meetings. Workers in our study reported a sharp deterioration in their work relationships after more of their communications were done via videoconferencing during the pandemic, which our analysis suggested made the employees three times less effective at building relationships. Participants reported that it was harder to understand their coworkersâ&#x20AC;&#x2122; nonverbal cues and to listen intently to what others were saying during virtual meetings compared with their in-person communications. Without these two crucial elements, the positive effects of relationship-buildingâ&#x20AC;&#x201D;such as coordination and efficiencyâ&#x20AC;&#x201D;were tough to establish. Looking at the data more closely, we found that those who reported that they focused on nonverbal communication cues from their colleagues or said they tried harder to listen attentively were less likely to see any change in the quality of their work relationships. In fact, we found that when these two communication behaviors were present, video calls were comparable to meeting face to face in promoting team efficiency and even more effective in coordinating team activities. WHY IT MATTERS RELATIONSHIP-BUILDING is known to be key to improving team outcomesâ&#x20AC;&#x201D;and even more important when employees are communicating over video. But itâ&#x20AC;&#x2122;s also more difficult. But since the Covid-19 pandemic began in the

spring, when about 79 percent of those polled by Gallop said they were at least sometimes working from home, many companies and workers have complained about the drawbacks of remote work, such as declines in innovation and a lack of social connection. While more people have returned to the office since the spring, almost 60 percent of US workers said they were still telecommuting part time or full time in September. Given that about two-thirds of workers say theyâ&#x20AC;&#x2122;d like to continue working remotely at least some of the time after the pandemic ends, thereâ&#x20AC;&#x2122;s a clear need to find ways to make it better. Our findings suggest companies and workers could offset some of the downsides, which could pay dividends in the post-pandemic world.

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Sara Gilbert, 46; Heather Graham, 51; Oprah Winfrey, 67; Tom Selleck, 76. HAPPY BIRTHDAY: Let your intuition lead the way when dealing with emotional or personal matters. Think twice before you make a change at home or to the way you live. Too much or too little of anything will leave you confused. Strive for balance and stability, and it will be easier for you to make decisions that will help you succeed. Your numbers are 9, 14, 22, 28, 31, 34, 42. ARIES (March 21-April 19): Donâ&#x20AC;&#x2122;t dwell on what you canâ&#x20AC;&#x2122;t do; focus on whatâ&#x20AC;&#x2122;s possible. Pour your enthusiasm into what counts; it will ease stress. Refuse to let a change someone makes lead to a spat that will hold you back. Live in the moment. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

TAURUS (April 20-May 20): A stubborn attitude will not help you get your way. Rethink your strategy before you get into a verbal battle. Emotional manipulation will put your reputation, position or status under scrutiny. Do your best to get along and bypass trouble. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

VALENTINE-INSPIRED notebook and pen is perfect for love notes and love thoughts.

GEMINI (May 21-June 20): Youâ&#x20AC;&#x2122;ll get a false impression of what someone can do or what they have. Donâ&#x20AC;&#x2122;t sign up for something based on what you hear; get the facts, and protect your assets. Use your intelligence to advance. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

STAY healthy and hydrated with this We Bear Bears pink tumbler.

CANCER (June 21-July 22): Use your imagination regarding personal contracts, joint ventures and shared expenses. An equal division will help keep the peace. A close friend or relative will offer or verify facts that will help you avoid a loss. Encourage romance. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

HOW WE DID OUR WORK THROUGH Amazonâ&#x20AC;&#x2122;s Mechanical Turk platform, which researchers like us use to recruit participants from around the world, we surveyed 324 American working adults who, before the pandemic, conducted the vast majority of their meetings in person and now use videoconferencing for a substantial share of them. We asked them about their work relationships, their communication behaviors when working in person and over the web, and their work unitâ&#x20AC;&#x2122;s performance now compared with before the pandemic, and used a form of statistical analysis to reveal patterns. We conducted the research with the help of Ye Zhang, who just received her doctorate from Peking University, as well as Jeff Russell, managing director of InterCulturalEdge, which the four of us cofounded in 2015. THE CONVERSATION

LEO (July 23-Aug. 22): Take measures that allow you to work alone. The less interference you have, the easier it will be to get things done. Let your intuition be your guide, and youâ&#x20AC;&#x2122;ll recognize what and who to avoid to reach your target. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

VIRGO (Aug. 23-Sept. 22): Listen and learn. The less you say, the more you will discover about a friend, colleague or distant relative. Personal growth, self-improvement and a positive change at work will influence the way your day unfolds. If you love someone, let them know. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): Take pride in your home and the way you live. Refuse to let anyone belittle the things or people that mean something to you. You may be the master of keeping the peace, but sometimes you have to speak up. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): You wonâ&#x20AC;&#x2122;t see things clearly if you let someone poison your vision. Use your imagination and resources to envision how you want something to turn out. Itâ&#x20AC;&#x2122;s up to you to take charge if youâ&#x20AC;&#x2122;re going to live life your way. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

IPRA PHILIPPINES OPENS YEAR WITH COMMUNITALKS WEBINAR

IPRA president Philippe Borremans

Todayâ&#x20AC;&#x2122;s Horoscope

WHAT STILL ISNâ&#x20AC;&#x2122;T KNOWN OUR findings are based on a survey of employees in the US, where workplace communication norms are often direct, meaning that people tend to use explicit verbal messages. US-based results donâ&#x20AC;&#x2122;t easily apply to other cultures, such as those with communication styles that are indirect and relational.

IPRA Philippines, the local chapter of the International Public Relations Association, the leading global network for public relations professionals, kicks off the new year with a first-in-a-series webinar, titled â&#x20AC;&#x153;Communitalks 1: Communication Trends in 2021 and Beyond,â&#x20AC;? held on January 28. Elena â&#x20AC;&#x153;Jingjingâ&#x20AC;? Villanueva-Romero, president of Ipra Philippines Chapter explained how Communitalks aims to give participants valuable insights into the growing influence of public relations in various fields. â&#x20AC;&#x153;The objective of the webinar was to inform PR professionals, policy-makers, decision-makers in business and industry, in government and in the academe, on how to future-proof their organizations and move forward given the onslaught of uncertainties.â&#x20AC;? This yearâ&#x20AC;&#x2122;s webinar was led by no less than Ipra President Philippe Borremans. Borremans is an independent public relations consultant specializing in Emergency Risk and Crisis Communication. His works also include strategic communications projects for epidemic and pandemic preparedness for international organizations like the World Health Organization. In his keynote, Borremans covered trends, key

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priorities and changes that will influence internal and external communications in the months to come. Communitalks will also bring together five distinguished communications and PR professionals who shared how their experience in the past year has equipped them to face 2021 with optimism and confidence. The panel of speakers included DOSTScience and Technology Information Institute Director Richard Pomar Burgos; APR-IABC fellow Ritzi Villarico-Ronquill; Buensalido PR and Communications President and CEO Joy Lumawig-Buensalido; and Maynilad Assistant Vice President and Head of Advocacy and Marketing Abigail Ho-Torres. Burgos discussed valuable lessons in public relations from a government agencyâ&#x20AC;&#x2122;s point of view while Villarico-Ronquillo, on the emerging technologies and tools to capture niche opportunity across multiple channels. Meanwhile, Lumawig-Buensalido filled participants in on how her agency adapted to the pandemic and how adaptability has become an important skill in the industry. Finally, Ho-Torres shared her perspective on the importance and impact of sustainable business practices and CSR in the current social environment.

KEEP cool with these We Bear Bears-inspired water bottles.

Spread the love JAPANESE fast fashion brand Miniso celebrates love and life this Valentineâ&#x20AC;&#x2122;s Day with adorable finds that make perfect gifts in this season of love. There are pastel-colored heart shape pillows with embossed sweet Valentine messages to hug and to hold. Express your love and care through the power of words with Minisoâ&#x20AC;&#x2122;s Valentine-inspired notebooks and pens. Keep your loved ones cool and hydrated with We Bear Bears water tumblers and Cookie Monster water bottles. Spread the love to your special someone as well as family and friends with these heartwarming gifts from Miniso. All these and more are available in Miniso stores located in most SM Supermalls nationwide. A more convenient shopping experience can be had at Shopee, Lazada and Miniso Philippinesâ&#x20AC;&#x2122;s official shop.minisoph.com.

SAGITTARIUS (Nov. 22-Dec. 21): What you learn will help you get ahead. Pick up skills, knowledge, a license or anything else that can help you claim a position that interests you. Choose to put the focus on getting ahead, and refuse to be enticed by an indulgent situation. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CAPRICORN (Dec. 22-Jan. 19): Consider how you earn your living and what you have done to improve your life, and youâ&#x20AC;&#x2122;ll come up with a plan that will make you happy. Stop dreaming, and start living life your way. Romance is featured. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Check out whatâ&#x20AC;&#x2122;s going on around you before you make a decision. Uncertainty will be a signal that you are better off taking a pass. Nurture a relationship thatâ&#x20AC;&#x2122;s going through difficult times, and you will find a workable solution. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

PISCES (Feb. 19-March 20): Leave nothing unfinished, and you will avoid criticism and complaints. How you reach out to help others will determine the type of support you receive in return. Be prepared; a change of plans will leave you in an awkward position. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026; BIRTHDAY BABY: You are sensitive, caring and curious. You are innovative and stylish.

â&#x20AC;&#x2DC;the name gameâ&#x20AC;&#x2122; BY MARCIA BROTT AND TOM PEPPER The Universal Crossword/Edited by David Steinberg

ACROSS 1 Lionâ&#x20AC;&#x2122;s locks 5 500 sheets of paper 9 Scrub, NASA-style 14 Skin So Soft seller 15 Actress Kendrick of Pitch Perfect 3 16 Nintendo antihero with a W on his cap 17 â&#x20AC;&#x153;Thatâ&#x20AC;&#x2122;s not the half of it, Mr. Nicklaus!â&#x20AC;? 20 Part of BYOB 21 ___ Shake (viral 2013 dance) 22 Sore 23 Persian or Siamese 24 Letters before thetas 26 Sign before Virgo 27 Unethical 31 Inflatable pool fillers 33 â&#x20AC;&#x153;Go away, Mr. Sinatra!â&#x20AC;? 36 Get clean? 37 Benjamin Hoffâ&#x20AC;&#x2122;s The ___ of Pooh 38 Idris of The Wire 42 â&#x20AC;&#x153;Youâ&#x20AC;&#x2122;re mistaken about me, Mr. Fieri!â&#x20AC;? 47 Slow tempo 49 Small waterfall

50 51 54 55 57 59 62

Dr. Ruth subject Sweater spoiler Ultimate, degreewise â&#x20AC;&#x153;Come to ___!â&#x20AC;? Slip away, as time Facial spot? â&#x20AC;&#x153;You made yourself clear, Ms. Benatar!â&#x20AC;? 65 Any Friends episode, now 66 Wiener schnitzel meat 67 Coin with a map on one side 68 Lauder of cosmetics 69 Exxon, once 70 Chirpy bird DOWN 1 Cinco de ___ 2 Assert 3 Mad Libs request 4 Put the kibosh on 5 Drank first, paid later 6 ___â&#x20AC;&#x2122;acte (intermission) 7 Bad thing to twist 8 Artist friend of Degas 9 â&#x20AC;&#x153;Isnâ&#x20AC;&#x2122;t that precious!â&#x20AC;? 10 Mexicoâ&#x20AC;&#x2122;s ___ California 11 Prophet at Delphi

12 13 18 19 23 25 27 28 29 30 32 34 35 39 40 41 43 44 45 46 47 48 50 52 53

Wealth Apt anagram of Kyoto Alternative to Midway Warren Buffettâ&#x20AC;&#x2122;s Nebraska hometown Response to a knock Bart Simpson, to Homer Running a fever, say ___ culpa (my bad) 16 and Pregnant channel Drummer Shannon Rough draft Itâ&#x20AC;&#x2122;s okay in the Atkins diet Marching campus grp. JFK alternative Flower, at first â&#x20AC;&#x153;Okay, skipperâ&#x20AC;? Everest and others (Abbr.) Trio, tripled Kylo Renâ&#x20AC;&#x2122;s father In ___ (anxious) They may be added to the dinner table Whiz Pointy church part Still in the game Philanthropist Bill or Melinda

56 58 59 60 61 63 64

The shivers Smartphone predecessors, briefly San Antonio athlete Whittle (down) Some, and then some White bill in Monopoly Just out of the box

Solution to Wednesdayâ&#x20AC;&#x2122;s puzzle:

Show BusinessMirror

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Editor: Gerard S. Ramos

• Friday, January 29, 2021

The documentarians write and speak

AANG Dokyu ended with a book with the same title, Daang Dokyu: A Festival of Philippine Documentaries. Important events in the country always suffer from the lack of documentation. For all the films being material, there is an ephemerality in the medium. One needs to screen the film before we can experience the cinema created by the filmmakers, before we can appreciate, for example, the cinematography or the performance. A book or a written material about a festival or a conference grounds the same and locates it for easier access. A book allows a double take, which is always beneficent. What happened with Daang Dokyu, the documentary film festival, was near ideal. The festival ended last November; immediately after that, the book was made available online. Limited copies were printed soon and by December last year, books were being sent to partner schools and supporters of the festivals. The festival, as I have written earlier, was a watershed of a project, as it made up for the long neglect of documentaries as a practice and a medium. The book, therefore, is a gem of a resource all film scholars, film teachers and practitioners must have. The Note from the Editor succinctly puts it: “This DokBook, as the Daang Dokyu team lovingly calls it, was intended among other things to accompany festival-goers, a tangible item to remind them of the physicality of encounters even in this massively digital world.” The content of the book is described as “a collection of essays, memoirs and proofs of life.” Under the label of “Origin,” Monster Jimenez narrates the provenance of the project, that moment where she encountered and bonded with like-minded

new technology “revolutionized and democratized Philippine [cinema] in 2000, citing in the process the work of Hernandez on digital cinema in the Philippines, for Arumpac, the same technology “only made visible and intensified Philippine cinema latency.” As independent cinemas arose with the advent of accessible technologies, many problems with classifications remain. One of these crises is the marginalization of cinema in the new order where mainstream still corners the capital and the audience. With documentaries being realized because of the new techniques, the form remains a separate domain, unable to penetrate the superiority and acceptance in film concourses dominated by cinema of artifice and actors. The same access to technology, however, is reviewed by Gutierrez Mangansakan II in his “Resisting Dominance and Oblivion: Reflecting on the Documentary Practice in Mindanao.” For this documentarian, the new technology “allows the periphery to become its own center, locating Mindanawon cinema in the greater scheme of things,” which becomes “its own liberation.” The history that gave rise to the documentaries is faced head-on by Patrick Campos in “Thinking About Philippine Political Documentaries Today,” where he maps the contexts and situations where we produce and consume political documentaries in the country. For Campos, a singular reality, one that is presented by the documentarian at the expense of other voices, is not anymore tenable. For him, the documentary cannot promise what its old form has assumed as given—a fidelity to reality. What Campos proposes is practical: “The documentary, then, should be reflexive, acknowledging rather than concealing contradictions even in its very own constitution.” How important then is the documentarian? For Jewel Maranan, the presence of a documentarist promises that someone is chronicling; the absence means many things. Here is a suggestion to the people behind Daang Dokyu: consider having a webinar where participants can engage the documentarians with the essays in this book as talking points. The discussion can be solid with people expected to have read the essays before they asked their questions. The book Daang Dokyu can be accessed for free at www.daangdokyu.ph. ■

people—Jewel Maranan, Kara Magsanoc-Alikpala, and Baby Ruth Villarama. Then comes that blurb of an insight: “Women run the docs.” The words of Jimenez: “If there is a woman for every 10 directors in narrative filmmaking, I estimate it would be the opposite in today’s documentary world.” Jewel Maranan articulates the rationale of the project as she collects her thoughts and ideas with the essay “Prompting the Imaginings of Futures.” Maranan does not so much problematize history as positing the kind of history we have: a nation’s memory “officialized by the powers that be,” “one that revolves around the centers of culture, economy and politics and obscures or hegemonizes the peripheries.” The quote is important because more than the fiction and artifice of feature films, a documentary with its vaunted realities can suffer when controlled by the falsity of a dominant class or culture. While in feature films realities can be held up for a critique, the loss of real events in a documentary whose directions have been altered and tampered with by individuals or institutions out to preserve their own interests is tragic. Maranan goes on: “The underappreciated power of the documentary lies in its capacity to offer material fragments of memory and usher us into a space of visibility between the past and the present.” The same visibility provided by the histories contained in the documentary resonates in the acute ruminations of Nick Deocampo in his essay “In the Uncanny Resemblance of Reality, the Philippine Reality Finds Itself in a Portmanteau of Cultures.” According to Deocampo, “the history of the documentary reflects the history of the emerging Filipino nation.” He continues: “Told in it are narratives of colonization, struggle, and the life of the Filipinos lived since their independence.... Among films, none revealed a more uncanny resemblance to Filipino reality than the documentary.” For Adjani Arumpac, historicizing documentaries in her essay “Herein Lies Movement: Locating the Documentary in the Philippine Digital Cinema Landscape” meant calling our attention to a new form that is also a product of another point in history—the arrival of digital cinema. Interestingly, even as the

Campaign on health, wellness featuring SuperM launched PRUDENTIAL Corp. Asia (Prudential), the regional headquarter of Pru Life UK, is collaborating with K-pop supergroup SuperM to launch a new campaign, “We DO Well Together,” to encourage people across Asia to stay well and healthy, and have fun doing it. Prudential is excited to be the first regional life insurer to announce a partnership with a K-pop phenomena. Formed in 2019 by SM Entertainment and Capitol Music Group, SuperM brings together seven members from top K-pop groups beloved by millions of fans around the world. Their positive and energetic approach to music and performance embodies Prudential’s “We DO” spirit which celebrates the drive and optimism in today’s generation. Prudential Corp. Asia Chief Executive Nic Nicandrou said, “Prudential and SuperM share a common goal. We want to promote the importance of staying fit and healthy, especially during these times. Together, we want to motivate people to attain

K-POP band SuperM

wellness in a positive, proactive and fun way.” As a leading insurer focused on helping people get the most out of life, Prudential has helped millions of customers in Asia by protecting their health and growing their wealth so they can achieve their life goals. SuperM said, “As the world experiences challenging times due to the pandemic, it is our ambition to spread positive energy and help as many people as possible to achieve not just good physical health, but mental well-being as well. We share a common mission with Prudential to help improve people’s wellness, and drive optimism in good and bad times. Through ‘We DO Well Together,’ we call on everybody to put in the same energy and spirit as ‘We DO’ to achieve our life goals together.” Throughout 2021, Prudential and SuperM will hold a series of events to motivate people to lead healthier lives and achieve better wellness. More information is available at www.prulifeuk.com.ph.

‘My Fantastic Pag-ibig’ set to charm viewers beginning January 30 BEGINNING January 30, GMA Public Affairs begins airing My Fantastic Pag-ibig—the binge-worthy romancefantasy anthology airing Saturday evenings on GMA News TV. My Fantastic Pag-ibig is a collection of light, funny and feel-good love stories set in present times but infused with exciting and dynamic plots. Every story will have two episodes and will feature some of the country’s most promising love teams. Its maiden offering, titled “Love Wars,” features StarStruck 7 alumni Kim de Leon and Lexi Gonzales. It tells the story of star-crossed lovers Pido (Kim) and Lovelyn (Lexi). Pido is a modern-day cupid who believes dating apps only result in broken hearts. With their roles in the brink of extinction because of this technology, Pido is given a mission to break the cycle of finding love in the digital age by trying to sabotage

the company of the dating app called MatchMaker. He meets Lovelyn, who works at MatchMaker and is bent on making the app a success. What happens when Pido unintentionally falls in love with Lovelyn? Will he be able to face his true feelings and win the heart of his greatest enemy? Joining Kim and Lexi on “Love Wars,” which airs on January 30 and February 6, are Rodjun Cruz, Divine Aucina, Maey Bautista and Mike Liwag. Meanwhile, the well-loved tandem of Migo Adecer and Kate Valdez headline My Fantastic Pag-ibig’s second installment, “Exchange of Hearts,” airing on February 13 and 20. Migo and Kate bring to life the story of Popoy and Celine who have been in a relationship for quite some time. But it seems they are on the verge of breaking up because their personalities do not match. A photographer, Cocoy is the

“stop and smell the flower” kind of guy—something Celine wishes she could easily get herself into as she is too focused on her career. Joining Migo and Kate in the episode are Maureen Larrazabal, Jordan Herrera, Kevin Sagra and Karenina Haniel. Airing every Saturday at 7:45 pm on GMA News TV, My Fantastic Pag-ibig is from the award-winning team of GMA Public Affairs that produced the trueto-life anthologies Wagas, Karelasyon and Tadhana. Viewers abroad can watch its via GMA Life TV starting February 6. More information is available at www.gmapinoytv. com. LEXI GONZALES and Kim de Leon

REGINE VELASQUEZ

Regine to hold virtual Valentine’s Day concert

REGINE VELASQUEZ is one true diva—and by “diva,” I mean she’s a talented singer who can command an entire nation just by sustaining one high note. Not many people know this, but Regine also has a big heart when it comes to her friends. While she can fill the nation’s biggest venues to the rafters (and even her international tours are often sold-out gigs), she is notorious for also accepting small gigs in seedy karaoke bars just to support a friend or two. When her schedule permits, she would even sing in charity concerts. And she does these without question or hesitation. Heck, I’ve even heard the story of how organizers of a charity concert she performed in was pleasantly surprised when she returned the honorarium they had prepared for her. “Paki-sabi kay Father dagdag na lang niyo po sa mga nag-donate,” she once said following a concert appearance in her hometown Bulacan that the parish priests and nuns had organized. Anyway, this February 14, Regine will showcase her God-given talent in a Valentine concert, titled Freedom. It will be a digital concert livestreamed via KTX. The concert is a coproduction by ABS-CBN Events and I-Music Entertainment, and will be directed by Paolo Valenciano with Raul Mitra as the musical director. Previously, ABS-CBN Events and KTX similarly produced and streamed the digital concert of Daniel Padilla, titled Apollo. Aside from ABS-CBN offerings, KTX has also become the livestream platform of various events— from the Miss Universe Philippines pageant to the virtual staging of plays by the Philippine Educational Theater Association, among others. Regine is a regular of ASAP Natin ’To, which can now be seen on TV5 every Sunday at 12 noon. Launched in 1995, ASAP Natin ’To brings together the biggest and brightest performers to give viewers the best concert experience topbilled by Regine herself, Martin Nievera, Zsa Zsa Padilla, Gary Valenciano, Sarah Geronimo, Erik Santos and Ogie Alcasid, among others. Aside from ASAP Natin ’To, TV5 has also began to air FPJ: Da King, a movie block showcasing the films of Fernando Poe Jr. Fans of the Filipino cinema legend can watch FPJ: Da King every Sunday at 2 pm. “This collaboration between Cignal, TV5, Brightlight Productions, and ABS-CBN marks the start of greater cooperation among our various industry players and begins a new era of partnership,” said Robert P. Galang, president and CEO of Cignal and TV5. “The airing of ASAP and FPJ’s movies on TV5 showcases the desire of TV5 and ABS-CBN to serve our viewers in the best way possible.” “We are pleased to welcome the ASAP family and the films of the one and only king of Philippine movies to Cignal and TV5. The top-rated content, combined with Cignal and TV5’s strengths in technology, direct-to-consumer distribution, and mobile and broadband reach, will usher in a new viewing experience for fans and subscribers alike,” Galang added. “The future of entertainment media is rapidly converging around a dynamic mix of traditional and digital platforms, with Cignal and TV5 launching new content and synergies that will disrupt conventional broadcast methods. We are committed to continuously explore more initiatives to provide the best of both worlds to all our stakeholders,” he said.

B6 Friday, January 29, 2021

PhilHealth unveils new Member Portal

BDO foundation, CSC and BSP launch financial education videos

HE corporate social responsibility arm of BDO Unibank continues to fulfill its financial inclusion advocacy amid the novel coronavirus pandemic. In keeping with a shared advocacy to promote financial inclusion, BDO Foundation—in partnership with the Civil Service Commission (CSC) and Bangko Sentral ng Pilipinas (BSP)— recently developed three financial education videos for civil servants. The videos were launched and officially turned over to CSC, the government’s central human resource agency, in a virtual event led by BSP governor Benjamin E. Diokno, CSC chairperson Alicia Dela Rosa-Bala and BDO Unibank president and CEO Nestor V. Tan, who also serves as BDO Foundation trustee. The event was witnessed by BDO Foundation president Mario Deriquito and BDO Foundation trustees Evelyn Salagubang, Lazaro Jerome Guevarra, Ma. Corazon Mallillin and Ismael Estela Jr. “We would like to thank the technical working group composed of officers from BSP, CSC and BDO Foundation for making the videos as well as the financial literacy modules and online training of trainers possible,” Deriquito said. “With these items completed, we are ready to implement the rollout of the program.” The financial education program for civil servants, the partnership project of BDO Foundation, CSC and BSP, helps strengthen the capability of government agencies and local government units to provide financial literacy training to their personnel. Through the program,

BDO Foundation has produced a total of 26 financial education videos that can be used in the training and development programs of its partner institutions the partners aim to equip beneficiaries with the tools, knowledge and resources to make sound financial decisions. The tripartite initiative, which supports BSP’s National Strategy for Financial Inclusion, will benefit an estimated 900,000 government workers nationwide. Initially, the program will be integrated in the training sessions conducted by CSC for its personnel all over the country. Afterwards, it will be rolled out in the entire government bureaucracy and embedded in the regular training and development initiatives for civil servants. CSC will also explore the possibility of including financial education in its civil service eligibility assessments and

performance evaluation systems. The financial education videos share lessons on saving, financial planning, investments, insurance and digital literacy, among other topics. Specifically, they teach the target audience how to use debit and credit cards, budget small salaries and plan for retirement. The videos are especially useful now that training sessions are conducted online. The videos will be included in the resources used by CSC in its training initiatives for civil servants. Aside from the videos, the existing financial education resources developed by BDO Foundation and BSP will also be mainstreamed in CSC’s training and development programs.

Shopee makes going online easy and accessible for micro, small, and medium entrepreneurs through education and enhanced tools The Co-streaming Feature

Sellers can invite their viewers to join them in the stream and is best used when a seller wants to increase their engagement through games and interactions.

Seamless and convenient digital payments

HOPEE, the leading e-commerce platform in Southeast Asia and Taiwan, continues to enhance its robust e-commerce ecosystem to help entrepreneurs and MSMEs go digital more seamlessly and effectively. With most physical stores forced to close due to the pandemic, there has been a steady increase of online sellers onboarding the platform. With this, Shopee continues to expand its workable digital platform to help retailers future-proof their businesses, embrace digitalization, and establish a successful online presence. Shopee proves its commitment to support MSMEs by developing the Shopee Seller Education Hub, maintaining a robust digital infrastructure, and reinforcing partnerships with various organizations. Martin Yu, Director at Shopee Philippines, points out how important it is for businesses to embrace digitalization. “The global situation has accelerated digital transformation, as more brands and MSMEs explore the opportunities of e-commerce to reach a wider audience. As the marketing landscape changes at a rapid pace, Shopee will continue to offer improved in-app features and initiatives to cater to the growing demand for e-commerce here in the Philippines.”

Shopee Seller Education

THE Shopee Seller Education Hub hosts modules on how to cultivate an online presence and boost sales. It helps MSMEs ease their way into the digital world through seller masterclasses tackling various e-commerce topics. These include

sharing how-tos on running effective campaigns and growing the business, proper guidelines on handling return and refund requests, managing listing assets, boosting sales using available marketing tools, and creating awareness of the target market through activity and business insights.

Strong Marketing Tools

SHOPEE continues to help sellers maximize the features of its platform, engage with customers online, and understand the industry as a whole. With in-app features such as Shopee Live and ShopeePay, sellers can enjoy a smooth and engaging selling experience on the platform. Shopee Live is an in-app feature where sellers can interact with their customers and answer real-time questions and inquiries regarding a product. This feature gives the seller and the consumer a more connected shopping experience. Shopee Live added three new features to make online shopping more engaging and drives sales for businesses.

The ‘Mine’ Feature

USERS can reserve an item during a live stream by tapping the ‘Mine’ button. It will generate the usernames of the first ten tappers so that the seller can contact the buyers to make the sale.

The Poll Feature Guide

SELLERS can create engaging polls about trivia and questions. The Poll Feature also helps sellers decide which items are requested by the viewers.

SHOPEEPAY, Shopee’s in-app e-wallet, on the other hand, allows shoppers to pay for purchases and sellers to withdraw earnings conveniently. Recently, ShopeePay also added more billers to its lineup. Users can now topup RFID stickers, pay for NBI clearance applications, and pay for their Smart mobile plans, Meralco electricity bills, Maynilad bills, and many more.

HE Philippine Health Insurance Corporation (PhilHealth) recently reintroduced a new online facility in its website to provide registered members with safe, easy and hassle-free access to their own membership and contribution records. Dubbed “PhilHealth Member Portal,” this new facility can be accessed using smart phones, laptops, tablets or personal computers that have internet connection from the comfort of homes or offices, saving members from time-consuming lines, transportation costs and more importantly from that hazards of contracting COVID-19. This new facility allows registered members to view and verify the accuracy of the information reflected in their membership profiles such as name, date of birth,address, employer, names of dependents, and other pertinent details. It also allows downloading and printing of Member Data Record (MDR) as well as for those who opt to keep a hard copy on file. Members needing to update their membership profile may fill-out the PhilHealth Member Registration Form (PMRF) which can also be downloaded from the website (www. philhealth.gov.ph) or may use their printed MDR indicating therein the correction/s and together with supporting documents must be submitted either via email(clear scanned copy) to the email address to be provided by

their respective regional offices or in person at the nearest Local Health Insurance Office (LHIO) for updating. It also enables members to view their contribution history to see if they are updated with their premiums. Should there be discrepancies or adjustments to be made, members can quickly act in coordination with their concerned employers or with the nearest LHIO. To access their membership and contribution records, existing members must first register in the Portal using their PhilHealth Identification Number (PIN) to create their own user account and password. They should then confirm the account activation sent to their email address. Once their confirmation is received by PhilHealth, they can start using these services in the Portal. Self-paying individuals may soon avail themselves of an online payment facility using this Portal to pay contributions, anytime, anywhere while ensuring that their payments are credited automatically to their individual accounts.

Villar bats for Catanduanes as PH’s abaca capital

ENATOR Cynthia Villar, Chairperson of the Senate Committee on Agriculture and Food, is pushing for the declaration of the Province of Catanduanes as the ‘Abaca Capital of the Philippines’ in her recently filed Senate Bill No. 1748. The Philippines is the top producer of abaca in the world and Catanduanes is the top abaca producer of the country and the world also, as it contributes 90 percent to abaca production in Bicol Region. Villar’s proposed bill seeks to “promote and support the abaca industry of the province, while safeguarding it from destruction of plant diseases and calamitous events.” Statistics from the Department of Agriculture show that, “from 2013 to 2019, the Bicol Region is the top producer of abaca fiber having produced a total of 22,987 metric ton, which comprises 37% of the national production. The abaca harvested in the province of Catanduanes is even higher than the production of Ecuador, the second biggest abaca producer in the world after the Philippines. “It is but proper and apt that we officially name Catanduanes as the abaca capital of our country because it really is ever since. Once passed, the bill will also provide the province with additional government support and allocation. That will help them to further grow and develop the abaca industry to benefit the farmers and all the people who depend on it for livelihood,” said Villar. Abaca is the main source of livelihood of the people

living in Catanduanes. The abaca industry directly benefits nearly 13,000 farmers who are tending over 33,000 hectares of land in 11 abaca-producing municipalities in the province. “About 97% of all the total abaca produced in the country are exported as pulp,raw fiber, handloom fabric or handicraft. So, it is a high value agricultural commodity and top dollar earner. Demand for it is even increasing during the pandemic because abaca is the main raw materials for masks, PPE and other medical or healthcare-related product,” cited Villar. Abaca is also an important raw material for tea bags, coffee filters, food packaging, textile, clothing, shoes, bags, wall coverings, sheets, and even paper money. Japanese currency notes (Yen) actually contain up to 30% abaca. According to Villar, “The abaca sector alone contributes Php4.7 billion to country’s economy annually, so it deserves all the support it needs. Aside from its economic contribution, fiber from abaca also has great environmental benefits. The plant which is a species of banana native to Philippines is considered to be zero waste.” Besides abaca, Villar also bats for more government support to other natural fibers in the country such as bagasse, bamboo, banana, bariw, buntal, buri, cabonegro, cogon, coir, cotton, jute (saluyot), kapok, kenaf, kozo, maguey, nipa, nito, pandan, pina, raffia, ramie, rattan, rice straw, sabutan, salago, sansevieria, seagrass, sil, sisal, sword agave, talahib, tikog, vetiver and waterlily.

Pru Life UK continues its gift-giving drive to Bantayan communities amid COVID-19

Reinforced Partnerships

THROUGH strategic partnerships with government agencies and various organizations, Shopee can reach more MSMEs effectively and help them expand their businesses on Shopee’s platform. Joint initiatives with the government include CTRL + BIZ: Reboot Now!, a series of webinars where MSMEs can learn how to transform their businesses digitally. Shopee also partnered with regional and provincial DTI offices in providing masterclasses to sellers. Shopee assisted in onboarding sellers from Regions III, IV, and XII, and provinces such as Nueva Ecija and Zambales. Shopee partnered with foreign organizations such as USAID to provide more than 500 women entrepreneurs with integrated digital marketing training. These programs help sellers maximize the use of digital platforms to expand and boost their businesses. Yu said, “Shopee wants to make e-commerce accessible for everyone. Our goal is to evolve quickly to cater to our customers’ and sellers’ needs. Shopee continuously provides different initiatives that enable our retailers to go digital easily and quickly. It is a commitment that we take seriously, and we will continue to connect people and businesses, support MSMEs’ transition to a digital economy, and power the next wave of growth in the industry.” Download the Shopee app for free on the App Store or Google Play Store.

COMMUNITY officers of Habitat-MARCH Village in Barangay Sulangan Bantayan, Cebu, prepare the gift packs from Pru Life UK for distribution.

EADING life insurer Pru Life UK donated hundreds of food packages to its adopted communities in Bantayan Island, Cebu, amid the COVID-19 pandemic. A total of 421 families from Barangay Sulangan, Municipality of Bantayan, and Maricaban, Municipality of Santa Fe, benefited from the gift-giving initiative, an outcome achieved thanks to the volunteer efforts of community officers from the two barangays. “Our hearts are with the families of the Bantayan community at this time of the global pandemic. May this simple act of kindness from Pru Life UK bring them strength and resilience in these challenging times,” shared Pru Life UK President and Chief Executive Officer Antonio “Jumbing” De Rosas. Since 2013, Pru Life UK – through Prudence Foundation – has supported communities in Bantayan Island affected by super typhoon Yolanda through relief and long-term recovery efforts. “Prudence Foundation has a long-term

and heartfelt commitment to helping build safer and more resilient communities in the Philippines, and nothing is more fulfilling than supporting and seeing the people of Bantayan Island stand firm again,” shared Prudence Foundation Executive Director Marc Fancy. Since the disaster struck, the Regional PRUVolunteer Program, initiated by Prudence Foundation in partnership with Habitat for Humanity Philippines, has brought together employee-volunteers from various Prudential business units in Asia to build disaster-resilient homes for families displaced by the super typhoon. In 2017, the five-year initiative culminated with the handover of 126 homes, 183 motorized boats with fishing nets, and 140 pedicabs to families on the island. Meanwhile, in 2018 Pru Life UK donated water supply network systems to 401 homeowners, along with three portable ultrasound machines to the three municipalities of Bantayan, Madridejos, and Santa Fe.

Sports

CANCELLATION TALKS JUST WON’T GO AWAY By Graham Dunbar

The Associated Press

ENEVA—International Olympic Committee (IOC) president Thomas Bach hit back at continuing speculation about if the Tokyo Olympics may be canceled or postponed again, saying Wednesday that such talk is damaging for the thousands of athletes preparing to take part this year. The IOC and organizers in Japan have repeatedly insisted there is no Plan B for the Tokyo Games, which were already postponed by

one year during the coronavirus pandemic. Last week, Japan’s government quickly and firmly dismissed a report that it had concluded the Games would have be canceled. However, talk about whether the Games can go ahead refuses to go away. “All these speculations are hurting the athletes in their preparations,” Bach said after a monthly meeting of the IOC executive board. The Tokyo Games are scheduled to open on July 23, with 11,000 athletes competing in 33 sports. A total of 61 percent of entry places—more than 6,700—have been earned and confirmed, the IOC said. Bach noted that athletes don’t need more distractions as they already have “to overcome the challenges in their daily training and competitions with all the restrictions they are facing.” “We want not to destroy any Olympic dream of any athlete,” the IOC leader said, noting that not even scientists can know the global health situation in six months’ time. “For all these reasons we are not losing our time and energy on speculations.” The Times of London’s report last week quoted an anonymous senior official in Japan suggesting the country could focus on hosting in 2032. That’s the next available Summer Games after Paris hosts in

BusinessMirror

| Friday, January 29, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

2024 and Los Angeles in 2028. “I want to say ‘good luck’ if you would have to discuss this with an athlete who is preparing for the Olympic Games 2021,” Bach said Thursday. However, Bach stopped short of assuring the Games will open on time. Similar pledges were made at IOC news conferences last March and three weeks later the Games were postponed. Asked about vaccination programs, Bach repeated that athletes and workers at the Olympics are advised to be inoculated but it would not be mandatory to enter Japan. “We are not in favor of athletes jumping the queue,” he said. The 206 national Olympic bodies have been urged by the IOC to liaise with their governments about the place of sports in vaccination programs. The Covid-19 pandemic has also affected the other major gathering of Olympic officials this year. The IOC’s annual meeting, where Bach is set to be re-elected unopposed as president, will now take place online instead of in a conference hall in Athens. Bach said the virtual meeting will keep its March 10-12 dates, and Athens will host the annual meeting in 2025. That is when the next president will be elected after Bach reaches the limit of 12 years leading the Olympic body.

ALEX ON TRACK

Alex Eala keeps her momentum going with a 6-4, 3-6, 6-3 victory over No. 2 seed Mirjam Bjorklund of Sweden in the first round of the Rafael Nadal Academy International Tennis Federation (ITF) World Tennis Tournament’s second leg in Mallorca, Spain, on Wednesday. The Filipino prodigy and Globe Ambassador who is ranked No. 3 junior by the ITF is coming off a successful stint in the first leg three days ago, her first title as a pro. She faced home bet Alba Carrillo Marin in the round-of-16 late Thursday.

PBA eyes partnership with PHL Red Cross on Covid-19 vaccine

International Olympic Committee president Thomas Bach says there’s no Plan B for the Tokyo Olympics. AP

World champ Gabuco to help Magno realize Olympic dream

By Josef Ramos

RISH MAGNO isn’t going elsewhere outside the country for now, but the Tokyo Olympicsbound boxer would still get world-class pointers—and even punches—from a world champion trainer. Josie Gabuco, the Philippines’s first women’s

FORMER world champion Josie Gabuco (left) will be Irish Magno’s sparring partner at the Calamba bubble.

world champion in 2012 in Quinhuangdao in China, will keep an eye on Magno’s training, alongside the other Olympic hopefuls, at the Inspire Sports Academy bubble in Calamba. “I know Irish as a very dedicated fighter and this Olympic stint means a lot to her,” Gabuco said. “With the help of our coaches and their expertise, I’m so confident Irish will be successful in Tokyo.” The country’s other Tokyo qualifier, men’s middleweight Eumir Felix Marcial, has turned pro and is honing for the Olympics under a world-class team led by Hall of Famer Freddie Roach at the world renowned Wild Card Gym in Los Angeles, California. Magno won’t get that professional handling, but with Gabuco, she expects to be as sharp and fearsome come the Olympics set from July 23 to August 8. Peeking into Gabuco’s résumé, take these: five-time Southeast Asian Games gold medalist (2009 and 2011 as a pinweight, 2013, 2015 and 2019 as a light flyweight). The 33-year-old said

she’s not done yet and will be defending her gold in the Hanoi SEA Games this November. Gabuco said she would do everything to help Magno, who earned her ticket to Tokyo as a flyweight at last year’s qualifiers in Amman, Jordan. “Our preparation is very important because Irish’s victory will be the victory of the entire team,” said Gabuco, whose weight division is not on the Tokyo program. “We will follow the instructions of our coaches to be more successful and that’s the key. While the Association of Boxing Alliances in the Philippines (ABAP) led by Nolito “Boy” Velasco are drawing strategies, Gabuco’s task is to be a vicious sparring partner for Magno. “I’ll give her pain,” Gabuco joked. But sparring would come later in the Laguna bubble, where the boxers are honing for Tokyo alongside their fellow hopefuls in karatedo and taekwondo. “There’s no sparring for the boxers for now because we are concentrating more on

NBA adjusts schedules for virus-affected teams

ASHINGTON’S second-half schedule might not be as jam-packed as first thought, after the National Basketball Association (NBA) said Wednesday it was rescheduling some Wizards games after a half-dozen of their contests were postponed in recent weeks for virus-related reasons. Portland will now visit Washington on Tuesday, a game that was originally set for the second half. Washington will play at Charlotte on February 7, a game that was rescheduled from January 20. And that means the Blazers, who were scheduled to visit the Hornets that day, will now go to Charlotte in the second half of the schedule. The league has postponed 22 games so far this season, 21 of them since January 10. The original intent was to push all those postponed games into the second half, when possible; now, the league said it would move some games into the first-half schedules, “with a specific focus on the teams with the most postponed games to date.” That would certainly include Washington

and Memphis, both of which have seen a league-high six games postponed. The Wizards went 13 days without games after six players tested positive for Covid-19 and three others had to sit out because of contact tracing. The Grizzlies will have gone 12 days without games if they play, as planned, in San Antonio on Saturday. Some good news for the league on Wednesday: The Grizzlies said they were returning to practice. And even better news: The NBA and the National Basketball Players Association said Wednesday that only one player in the league tested positive for Covid-19 in the past seven days, down from 16 two weeks ago and 11 last week. It remains possible that some of the stronger protocols put in place earlier this month, such as not allowing players to leave hotels on road trips for almost any reason other than games or practices, may be somewhat loosened soon as well. Without the schedule changes by the NBA, the Wizards and Grizzlies may have been

Game or no game, All-Star voting on as scheduled

ATIONAL Basketball Association (NBA) All-Star voting opens Thursday, without any final determination yet if there will be an actual All-Star Game this season. The league said Wednesday that “discussions surrounding a potential NBA All-Star Game are ongoing.” The Associated Press reported Monday that there have been talks about having an AllStar Game that would benefit historically Black institutions and Covid-19 relief, though no plan has been finalized. But the league also wants players worthy of being named All-Stars this season to get their due, whether the game is played or not. Voting opens at noon Eastern on Thursday and will run through 11:59 p.m. Eastern on Feb. 16. “Naming NBA All-Stars is an annual tradition that honors an exclusive group of players for extraordinary performances during the season,” Byron Spruell, the NBA’s President of League Operations, said in a statement released to AP. “We look forward to recognizing the best of the best this season.” The process will be the same as in recent years: All-Star starters will be selected in a formula that is 50 percent based on fan voting, 25 percent based on the votes of a media panel, and 25 percent based on votes from NBA players.

Fans can vote in a variety of methods, including the NBA app, NBA.com and on Twitter. There will be three frontcourt and two guards selected from each conference as starters. The All-Star starters will be announced on February 18. The All-Star reserves, as selected by NBA head coaches, will be revealed on February 23. Many decisions about the game itself, if it happens, still need to be finalized. Atlanta has been mentioned as a location. It’s also unknown if the game would have the same format as a year ago, when the NBA changed the rules to make the game much more competitive. Last year in Chicago, Anthony Davis made a game-ending free throw to give Team LeBron a 157-155 win over Team Giannis in the revamped NBA All-Star Game, the format overhauled to put in elements for charity and ensure that someone was going to hit a shot to end the game. LeBron James and Giannis Antetokounmpo were the captains as leading votegetters. AP Giannis Antetokounmpo is again on top of the list. AP

looking at playing 41 times in 67 days during the second half of the season—which will stretch from March 11 through May 16. Boston and Phoenix have had three games postponed apiece so far, and it’s not yet known publicly how their first-half schedules will be adjusted. “I’ve heard about one. I don’t think I’m supposed to say, so I won’t,” Celtics Coach Brad Stevens said Wednesday. “My preference is that they consider our travel appropriately. So, that’s the only thing I have to say about it. We obviously know in this condensed schedule anyway that we were going to be nonstop. “We’re just going to try to do our best to be ready for the next night, wherever that may be, whoever we may be playing and hopefully improve ourselves a little bit,” Stevens added. Teams also began arriving Wednesday at Walt Disney World in Lake Buena Vista, Florida, to begin quarantine and prepping for the G League season, which—like the NBA did last season—will utilize a bubble. AP

conditioning and getting their minds and bodies back in fighting shape,” Velasco said. “The more than eight months of lockdown slowed them down.” The other female Olympic hopefuls in the bubble are women’s featherweight world champion Nesthy Petecio, featherweight Aira Villegas and lightweights Quesedian Riza Pasuit and Analene Cellon. The ABAP also have 10 hopefuls in the men’s division—Rogen Ladon (52 kg), Carlo Paalam (52 kg), Marvin Tabamo (52 kg), Ian Clark Bautista (56 kg), Junilardo Ogayre (56kg), James Palicte (63kg), John Paul Panuayan (60kg), Mario Fernandez (56kg), Marjon Pianan (69kg) and Samuel de la Cruz (64kg).

HE Philippine Basketball Association (PBA) is eyeing a partnership with the Philippine Red Cross to secure anti-Covid-19 vaccine once it becomes available in the country. PBA Commissioner Willie Marcial told an online news conference on Thursday following the league’s first board meeting for this year that they would be discussing the partnership with Philippine Red Cross head Senator Dick Gordon. “I told the governors that we will be having a partnership with the Philippine Red Cross in terms of securing the vaccine [AstraZeneca], saliva tests and others,” Marcial said. “We’ll discuss how they will be used for our players.” On the East Asia Super League set this October to January 2022 on a home-and-away format, Marcial said the league’s participation in on hold until the players get vaccinated. “The decision is on hold until there is a vaccine, but we are not closing the door,” he said.

In last year’s Terrific 12 in Macau, three PBA teams—then Philippine Cup champion San Miguel Beer, TNT Tropang Giga and Blackwater— competed in the East Asia Super League. Marcial also said that former Chooks-toGo 3x3 Pilipinas commissioner Eric Altamirano was appointed tournament director of the PBA’s 3x3 league. Marcial, who was joined by Alaska team governor Dickie Bachmann, said the PBA’s 3x3 tournament tentatively begins before the opening of the 46th season in April. “We are welcoming Altamirano as tournament director. I will be meeting him together with Ronnie Magsanoc and Joey Guanio next week to discuss plans for 3-on-3,” Bachmann said. Also tackled was the special draft for Gilas Pilipinas cadets in the virtual Rookie Draft set on March 14. The deadline of submission of documents for Filipino-foreign players draft was also extended to March 5. Josef Ramos

Motoring BusinessMirror

B8 Friday, January 29, 2021

Editor: Tet Andolong

Kia targets triple-digit

sales growth in 2021 D

Story by Randy S. Peregrino

URING the recently concluded virtual media roundtable discussion, Kia Philippines remains optimistic for the new year. None other than president Manny Aligada projected that the Korean brand is poised to hit triple-digit sales growth on its way to doubling its market share in the local automotive industry in 2021. That is a significant recovery the South Korean automaker needs to achieve in the next 12 months. 2020 was a big challenge for the entire local automotive industry, which suffered a 40 percent decline in sales (for a year-end total of just 240,000 units sold) due to the onset of the Covid-19 pandemic its resulting community and business lockdowns. As for Kia Philippines, it managed to sell 2,129 units last year. Aligada’s optimism stems from Kia Philippines’s plan to “unbox” at least two new models this year. This move is expected to add significant sales firepower to the company’s top three sellers in 2020—the Soluto subcompact sedan, the K2500

business and utility truck, and the recently launched Stonic crossover. The Soluto held steady at the top with 39 percent of its total sales, followed by the K2500 with 17 percent. Despite being launched only in the last quarter of 2020, the Stonic achieved 200 units sales in December alone en route to cornering 16 percent of the volume of total deliveries. Likewise, the Seltos, Sportage, Picanto, Sorento, Carnival, and Kia’s roster contributed to total sales. Aligada also cited the company’s shift to the digital sphere in 2020, enabling the carmaker to gain a wider audience and tap varied markets. He stressed that their efforts to go digital would intensify this year. It will also be a year of going beyond just making the sale. In line with the Kia global brand’s focus on creating an emotional bond with its customers, Kia in the Philippines will also showcase its roster

We are here to stay–Nissan

HAT was closed last week was the manufacturing aspect of Almera, not Nissan. Almera is a Nissan model that hasn’t really connected well during its ill-fated, eightyear joust with our highly discerning car buffs. Here’s Nissan’s statement on the assembly stoppage of Almera in March, first articulated by Inquirer’s Tessa R. Salazar: “As this manufacturing plant is owned and operated by UMPI [Univation Motor Philippines Inc.], we were informed that UMPI is only ceasing its production of Nissan Almera in the country. UMPI will remain active in the Philippines and continue its other business operations in the country… With 133 workers affected…UMPI is properly communicating the EOP [End of Production] implementation with its employees, as well as coordinating with various government stakeholders. UMPI is also preparing the compensation package for affected employees.” So there. Fair enough insofar as the employees are concerned. For its part, Nissan Philippines Inc. (NPI) said its 48 dealerships nationwide remain in full operation while revealing that it “plans to open up to six more dealerships this year.” So there you go again. One model is being shuttered and yet close to 10 dealerships are to be opened? Talk about positivity. Said Nissan PI: “We are ensuring the sufficiency of not just the Nissan Almera units as well as our product lineup and spare parts’ availability to meet our customers’ demands. The Philippines also continues to be a key market for Nissan globally, and the company remains committed in providing our customers innovative products and excellent services through our dealerships nationwide…We are here to stay. The decision to halt the

Nissan Almera production locally was decided between NPI and UMPI upon the expiration of the vehicle assembly contract between the two companies. The decision is aligned with Nissan’s plan towards optimized production and efficient business operations in the Asean region, as part of the Nissan NEXT transformation plan.” Nissan further clarified that the NPI-UMPI contract originally expired in March 2019, “but both companies agreed to an extension.” Bottom line? There was a courageous effort to push the Almera some more but then, all went for naught with the onslaught of the pandemic in 2020, triggering cutthroat competition. Let’s all wish Nissan well as it navigates its way back into the realm of operations. A successful fightback would not only mean success for Nissan but more so for the beleaguered industry as well. One hurting finger pains the whole. Meanwhile, here’s more forecasts for 2021 from our persons of substance:

Ma. Cristina ‘Tini’ Arevalo Toyota Motor PHL First VP, New Mobility Business

“If there was anything positive that came out of the Covid-19 pandemic, it is the renewed relationships with family. The prolonged quarantine period and cautious movement of people allowed for families to spend more quality time together. “Because of the year-long travel restrictions, I think most Filipinos would love the opportunity to go places again, at least within the country. “Therefore, I see good, but gradual recovery of the Philippine auto industry. There will be more demand for vehicles as people gain more confidence to move around; having learned more on how to protect themselves from

Kia Philippines President Manny Aligada. Kia Philippines

The new Kia brand logo.

through various activities. Beginning with the ‘My Year, My Kia’ program would help customers acquire modish Kia units that would truly represent their renewed hope and optimism as they face the future. Come early second half of 2021; the Kia brand refresh would shift the positioning from “value-for-money” to just simply “valuable”—forging an enduring connection with customers. Kia Philippines is also putting dealership expansion in its to-do list with five more new branches to add to its current dealer network of 40. This expansion would make Kia’s products more accessible to more Filipinos while boosting customer experience through parts and service programs.

When it comes to strengthening brand relationships, Kia Philippines has several commitments. One is to improve parts availability using reliable partners for direct delivery, wherein parts would be available at the dealer within seven days. Another is enhancing service quality and lead time with real-time technical support using a remote diagnosis system. Last, lowering the cost of ownership. These are on top of the Promise to Care program, in which customers are assured of a worryfree experience with the five-year warranty or 160,000 kilometers, whichever comes first (the K2500 comes with a three-year or 110,000 km-warranty), and the 24/7 Roadside Assistance that’s free for the first five years.

Covid-19 and the prospect of being able to get vaccines by mid-year. “The 2022 national elections will also contribute to this upward push. “Likewise, the opening of new roads and infrastructure, such as the Skyway 3, provides renewed vigor for motorists to enjoy the use of their vehicles. “Lastly, it is possible to see new auto financing products and other mobility platforms that would enable more customers to experience the joy of driving cars.”

Kia Philippines

However, despite the thorough plans, Aligada concedes that the future is not set and that new challenges may present themselves along the way. “These new challenges will always be there, but Kia Philippines will remain resilient and strongwilled. After all, our Power to Surprise springs from our drive to serve,” he concluded.

A new era of brand

Meanwhile, also presented was the brand’s entry to a new era of brand transformation. It was in line with the global launch of Kia’s new logo early this year. Since 2013, the brand has been carrying “The Power to surprise” catchphrase. Moving forward, “Movement that inspires” will be the brand’s new slogan. The

new logo design conveys bold, connected and expansive. “We create the space for you to get inspired and more time to bring your ideas to life,” said Artur Martins, Head of Global Brand and Customer Experience. For his part, President and CEO of Kia Motors Corp. Ho Sung Song shared “Our vision is to create sustainable mobility solutions for consumers, communities, and societies globally. Today we start putting this vision into action with the launch of our new brand purpose and strategy for the future.” In the global event, Kia’s new brand purpose emphasizes that movement is human development’s genesis. Movement enables people to see new places, to meet new people, and to have new experiences. This connection is the essence of Kia’s new brand—to enable human progress by providing innovative in-car spaces, exciting new products, and meaningful, convenient services that inspire customers and free up time for the activities they enjoy the most. “Movement has always been at heart of our brand, and moving people at the core of our business. Movement helps humankind to constantly progress, improve, and evolve. That is why at Kia we believe that movement inspires ideas,” said Martins.

Pampanga business leader wants investigation on PMVIC after a failed test

Rommel Sytin President, Foton

“For Foton, we expect economy to be slowly regaining momentum better than 2020 with the vaccine arriving soon. “But we’re still cautious with our forecast because consumer retail business and tourism will have a hard time recovering most of the tourism sector implementing strict health protocols that discourage people from visiting local tourist areas. “Maybe a 10-20-percent improvement from 2020, depending on the economic recovery program of the government.”

Atty. Louie Soriano General Manager for Sales, Honda

“As the whole nation bounces back, we were initially looking forward to 2021 as a year of hope for the automotive industry. However, with the recent pronouncement by the government on the implementation of provisional safeguard duties levied on car imports, this, in itself, will make it even more difficult and harder for the industry to recover.”

PEE STOP Mayor Ramon Preza re-

cently received the 25 Isuzu Traviz trucks his town of Tiaong, Quezon, had purchased for use mainly of barangay operations. The vehicles are fitted with emergency response mechanisms suited for quick action especially amid the pandemic scourge. The vehicle delivery was led by Isuzu officials Roland Isaac Torres, Mario Ojales, Marcial Tolentino and Marcel Joseph Tolentino, with Isuzu bigwig Joseph Bautista as head of the IPC delegation. Cheers!

By Ashley Manabat @ashleymanabat

HE president of the Pampanga Chamber of Commerce and Industry Inc. (PamCham) wants an investigation on Private Motor Vehicle Inspection Centers (PMVIC) after his vehicle failed the roadworthiness test. PamCham President Rene Romero, 68, who is a known car enthusiast and an active member of several car clubs in the Philippines, wants an investigation on alleged questionable testing procedures and overcharging by PMVIC. This after his vehicle, a 2011 BMW Z4 sports car failed the roadworthiness test on January 11. Romero said his driver brought his car to the QWIK Private Motor Vehicle Inspection Center here last January 11 as part of its registration process with the Land Transportation Office (LTO). Romero said his Z4 is “casamaintained and well-preserved”

after logging some 7,000km. He said while mounting a new set of tires, he also checked the Z4’s under chassis to make sure that it’s in good condition. After paying the P1,800 for the PMVIC testing fee, his driver was handed Number 85 for his turn at the facility at around 9 in the morning. He said it took three hours before the technicians started the roadworthiness inspection on the Z4. Romero said he was surprised when his driver informed him that his car failed the testing procedure. Disappointed, he said he immediately took his car to the BMW dealership in the City of San Fernando to check on the brake system. But after a thorough inspection, the BMW mechanics did not find anything wrong. Romero said he kept a copy of the inspection result from the BMW dealership. He was able to return to QWIK PMVIC on January 15 to repeat the inspection process, which

cost him another P800. This time, he said, it was the manager who drove the Z4 to the inspection bay. The vehicle got a passing mark. Romero said he tried talking to the management of QWIK about the inconsistency in the testing process, but to no avail. When he started posting about his experience on social media, similar stories from other motorists started to pour in. Romero clarified that he respects the government’s policy to rid the streets of unsafe vehicles by checking for roadworthiness. But he said an investigation should be conducted on PMVIC since a number of motorists are also complaining. “Kawawa naman ‘yung ibang motorista na isang kahig, isang tuka. Mawawala parang bula ang kanilang pera dahil lang sa palpak sa sistema,” said Romero. “Nagdusa na nga sa haba ng pila sa testing center, tapos babagsak pa sa evaluation na hindi nila maipaliwanag kung bakit ganun ang nangyari. Dapat na maituwid natin ito,” he stressed.

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FINTECH BOOMS IN A CRISIS, ready to expand as economy recovers

By Lorenz S. Marasigan

S the Covid-19 pandemic progressed and strict quarantine measures were implemented, so did the financial technology (fintech) industry flourish in 2020. The industry is seen to persist on a growth trajectory now that Filipinos have become more accustomed to—even dependent on— digital finance.

Fintech companies such as PayMaya and GCash saw their user bases balloon in 2020, as more and more people were forced to adapt to the new normal and shield themselves from the deadly virus. Last year, when the pandemic hit the Philippines, the government placed the whole country in several degrees of lockdown. During the early days, people were barred from going out of their homes, forcing businesses to close temporarily or permanently. Enterprises of varying sizes then turned to the Internet to help them recuperate from their losses. Filipinos started buying their goods online—from food and essentials down to cosmetics and gadgets—and paid for their purchases using their mobile phones. Fintech companies such as PayMaya and GCash saw their user bases balloon in 2020, as more and more people were forced to adapt to the new normal and shield themselves from the deadly virus. “In 2020, we saw how cashless has increasingly become the default preference of many consumers when it comes to payments, not just because of the safety but also the convenience it brings,” PayMaya President Shailesh Baidwan said. PayMaya ended 2020 with over 28 million users across all its platforms. GCash, which claims to be the leading fintech in terms of user base, also saw its user base growing exponentially in 2020—from only 20 million users in 2019 to 33 million in end-December. “The remarkable growth GCash experienced this year shows that Filipinos have embraced financial technology. People have realized that fintech isn’t just an option but a necessity, allowing them to fulfill their financial lifestyle conveniently,” GCash President Martha Sazon said. The government saw to it that the fintech industry will grow rapidly in the coming years, as the Bangko Sentral ng Pilipinas (BSP) revises its goal of migrating at least 50 percent of retail transactions to digital by 2023. Baidwan believes that the exponential growth that the industry saw in 2020 is not a one-time event. He thinks that the industry will continue to ride on the momentum this year, as more and more people have adopted a more digital lifestyle. “We see fintech not just growing but further accelerating this year,” he said. “At PayMaya, we are more than ready for this accelerated growth. It is because our platforms and services are not limited to just one vertical.” Baidwan added that true growth for 2021 and beyond is directly related to the creation of an efficient ecosystem of payments

IN this March 24, 2020, file photo, a sign that prohibits non-residents from entering the area is hung at the entrance of a slum area as two men sit outside while the city goes on enhanced community quarantine to prevent the spread of the new coronavirus in Metro Manila. AP/AARON FAVILA

BAIDWAN: “In 2020, we saw how cashless has increasingly become the default preference of many consumers when it comes to payments, not just because of the safety but also the convenience it brings.”

SAZON: “The remarkable growth GCash experienced this year shows that Filipinos have embraced financial technology. People have realized that fintech isn’t just an option but a necessity, allowing them to fulfill their financial lifestyle conveniently.”

and digital financial services. “We are promoting ‘everyday’ use cases in our PayMaya wallet and making it even easier for any Filipino to own, top up and use an account. As the economy reopens, we are making it faster and more convenient for any enterprise— from large companies to microentrepreneurs—to accept and make payments,” he said. Sazon echoed that theme, noting that GCash now enables Filipinos to gain access to crucial financial services that were previously unavailable for them. These, she said, include savings, credit, insurance and investments. “Aside from regular financial transactions such as money transfer and bills payments, we’ve noticed shifting behaviors on how money and digital money is being used, namely on entertainment, savings, donations and online shopping,” she said. Sazon added: “While we experienced unprecedented growth in GCash this year, our ultimate objective is to democratize finance to all Filipinos, and further enable their financial lifestyles. We are positive that fintech services such

as GCash will play a key role in the ongoing payment revolution in the Philippines in the coming years.” Baidwan noted that the industry would also need strong government support to ensure that fintech will continue to flourish this year. This, he said, includes enabling regulations for cashless transactions. “The government has been very bullish about cashless transaction adoption both on the national and local levels. The aim is to promote Ease of Doing Business. The rollout of the National ID system and the deployment of the QR Philippine standard for merchants will also be factors,” he said. All that said, 2021 seems to be a year when the fintech industry will continue to grow exponentially—given that the whole country is still under quarantine, albeit more lenient. In fact, GCash is poised to become a unicorn. “We have made significant gains in 2020 that further cemented our status as the leading finance app in the country. We are further encouraged by the fact that Mynt’s momentum has continued, even as the country moved out of quarantine restrictions, suggesting a fundamental shift in our customers’ behavior toward a cashless lifestyle. We are confident in Mynt’s future prospects as a unicorn in the Philippines,” GCash Chairman Ernest Cu said. Meanwhile, PayMaya, according to Baidwan, will continue to focus on developing “new and enhanced services that can make the lives of Filipinos better.” “Our primary focus has always been growing the Philippines’s cashless ecosystem, by enabling consumers, merchants and the government with a faster and safer way to do financial transactions, whether online or via stores, whether they are using cards or ewallets,” he said.

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TOWARD ECONOMIC RECOVERY:

‘Digital banks make loans more accessible’

By Tyrone Jasper C. Piad

IGITAL banks can give the ailing economy a boost, as these allow financing to be more accessible to borrowers seeking to rebuild business or plug budget leaks.

With the great shift to digital amid lockdown restrictions, even the financial service providers are prompted to accelerate online banking product developments to meet the growing demand among clients, including providing loans. CredoLab Pte. Ltd. founder and CEO Peter Barcak said in an e-mail interview with the BusinessMirror that digital banks or the socalled neobanks can indeed improve access to loans. The new normal, he said, has made it clear that traditional bank offerings were needed to be digitally transformed. “With the rise of neobanks, users can do all these [banking transactions] and more from the safety of their own homes through a smartphone or laptop,” Barcak said. “Neobanks have also built processes that cut down on wait times

and friction, vastly improving customer experience and influencing faster credit decisions through stateof-the-art technology,” he added. Digital loan application means that borrowers can secure financing anytime and anywhere, RCBC Chief Economist Michael L. Ricafort said, and this promotes financial inclusion, especially for clients in rural and far-flung areas. It effectively minimizes the need for person-to-person transactions amid social-distancing measures and health protocols, he noted. Ricafort, however, stressed that digital initiatives “have already been in place even before the Covid-19 pandemic, not only locally, but also worldwide, as part of efforts to reduce cost-to-income ratio of banks and other financial institutions.” Digital banking was given more emphasis this time due to the changing needs, he explained. While digital banks allow transactions to be accomplished online, ING Bank Manila Economist Nicholas Antonio T. Mapa argued that some parts of the loan processing may need to be done face to face. “I do believe that in the end, submission of documents and signing of important paperwork may need to still be carried out in

MAPA: “I do believe that in the end, submission of documents and signing of important paperwork may need to still be carried out in person, but at least the bulk of the transaction can be carried out virtually.”

person, but at least the bulk of the transaction can be carried out virtually,” he said.

Evaluating credit worthiness

BEFORE getting loan approval, financial institutions look over the borrower’s credit history, which may not always be available. Digital banks, Barcak said, can provide loans to the underbanked and underserved segment despite having minimal or nonexisting credit score. The neobanks can do this by incorporating alternative credit scoring technology, which uses smartphone metadata to determine creditworthiness, Barcak explained. “Such an approach is genuine and difficult to fabricate, and would give more Filipinos access to loans to better their businesses and lives,” he added. This might also be ideal for the Philippines given its high mobile penetration, Barcak pointed out. Ricafort said knowing the credit information of borrowers allows the banks to reduce and better manage the lending risks involved.

Lower fees

GIVEN that digital banks have different business models, they may be able to package their loan products with lower rates, Barcak said. “Without physical branches, neobanks also offer transparent and lower fees compared to traditional banks,” he explained. With this, the CredoLab official said small business owners, students and young adults are given more opportunities to secure financing. However, Mapa said digital banks may not be able to offer a more affordable lending rate all the time. “Although there would be no clear-cut delineation in pricing, digital banks may find a way to offer more attractive rates than brick-andmortar branches, but…this is not always the case,” he explained. Currently, the overnight reverse purchase facility stands at 2 percent after the Bangko Sentral ng Pilipinas (BSP) cut the policy rates by a total of 200 basis points last year.

Financing recovery

FOR Alvin Joseph Arogo, vice

president and head of research at Philippine National Bank (PNB), extending credit—especially to micro, small and medium enterprises (MSMEs)—in an economic crisis is vital for recovery. “During an economic crisis, access to credit is very important for companies as this would help businesses adjust to the changing environment,” he told this newspaper. Securing additional financing may also ensure that MSMEs continue operating and avoid laying off employees during this crisis, Ricafort said. Arogo noted that financing MSMEs would help ease the current situation because they account for a significant portion of the economy. Citing the United Nations Development Program, the PNB economist said MSMEs provide 63 percent of the local employment and comprise about 40 percent of the country’s gross domestic product. Mapa, meanwhile, said that “financing at a time of crisis can help businesses and households survive the crisis as most cash flows have been frozen with the economic recession.”

Digital banking in PHL

IN November last year, the Central Bank approved the classification of digital banks as a new bank category, separate and distinct from existing categories. The BSP defined it as a bank that offers financial products and services that are processed end-toend via a digital channel and has no physical branches. “We see these banks as additional partners in further promoting market efficiencies and expanding access of Filipinos to a broad range of financial services,” BSP Governor Benjamin E. Diokno said in an earlier statement. The Central Bank is eyeing to shift at least 50 percent of the total retail payment transactions to digital and make 70 percent of adult Filipinos financially included by 2023. In the Philippines, the known all-digital banks include CIMB Bank Philippines and ING Bank Philippines. CIMB reported that digital personal loan applications grew by 160 percent last year as loan disbursements improved by sixfold, thanks to its all-digital loan application process. ING, meanwhile, is preparing its loan products, which are eyed to be launched this year. Last year, East West Banking Corp. also introduced a fully digital banking arm, Komo, operating under its rural banking subsidiary. Tonik Financial Pte Ltd., meanwhile, is set to introduce its new mobile banking platform by the first quarter of this year. The

neobank received its license from BSP in December 2019.

Shift to digital

TRADITIONAL banks have been keen on their digital transformation amid the changing banking needs of the clients. Several financial institutions have launched mobile digital platforms, allowing their clients to accomplish banking transactions at home. Among these big conventional banks, however, only Union Bank of the Philippines has expressed interest in potentially opening a digital banking subsidiary so far, apart from EastWest. “There have been discussions among management about this [digital bank], but nothing substantial to disclose yet so far,” UnionBank said in a recent interview with the BusinessMirror. “The plan is for it to be a digital mass market bank for financial inclusion and extend financial services to ecosystems that are largely untapped by the banks today— providing them access to digital channels, online payments, remittances, e-commerce, access to digital lending, etc., that would typically be costly for a regular bank,” it added. Should it pursue the plan, the Aboitiz-led bank said it has the capital to back up the venture. For Bank of the Philippine Islands, its outgoing president Cezar P. Consing told this newspaper that the bank is prioritizing to enhance its current digital offering. “At the present time our focus is on the continued digitalization of the bank, as opposed to the setting up of a stand-alone digital bank,” he said. BDO Unibank Inc. shared the same sentiment.

Changing the game

OVERALL, Barcak said that digital banks can make securing loans simpler and more efficient. “In the long run, neobanks can also increase competition across the industry, challenging traditional banks to accelerate their digital transformation plans,” he said. Leveraging technology, Barcak said, can ultimately provide better loan options and customer experience. The ING economist agreed that digital banks have prompted the traditional banks to step up their game. “I think the presence of digital banks has pushed the traditional players to adapt to the technological times, which will help broaden its scope and reach with access improved via virtual applications,” he said. “The incentive for brick-andmortar banks was apparent as they moved to shift towards online platforms, at least partially.”

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Nimble approach, seizing new opportunities crucial to helping recover all those lost jobs

IN this April 21, 2020, file photo, public-utility jeepney drivers in Pasay City practice physical distancing as they wait for the local government’s cash aid. Tens of thousands of jeepney and bus drivers are among the most impacted by the lockdown forced by the Covid-19 crisis, which included a ban on mass transportation in Luzon. NONIE REYES

By Samuel P. Medenilla

ESPITE the expected rollout of the National Employment Recovery Strategy (NERS) this year, the country’s work force is not seen to bounce back to its prepandemic level anytime soon. The Department of Labor and Employment (DOLE) candidly said the impact on the labor sector of the economic slowdown caused by Covid-19 is simply too extensive to be reversed in one year. Last year, it reported 420,000 people lost their jobs and another 4.5 million were engaged in flexible work arrangements or affected by temporary closure due to the pandemic. Labor Assistant Secretary Dominique R. Tutay, however, said they are confident that, once they start implementation of the National Employment Recovery Strategy (NERS), they will be able to facilitate the employment of the Covid-affected workers and reduce the number of the unemployed. “Full [employment] recovery may happen beyond this administration, but the situation will definitely be better this year compared to 2020,” Tutay told the BusinessMirror in a Viber message. She said NERS is a whole-ofgovernment approach, which aims to ensure safe working conditions, encourage job generation and produce qualified workers for such vacancies. DOLE has completed a draft

NERS components

INSTEAD of focusing on a onetime cash aid as they did last year, Tutay said, the government’s NERS aims to provide long-term assistance for Covid-affected firms and workers. The first is restarting the economy and ensuring compliance by providing interest-free loans to companies. It also has parts on restoring business confidence by “Covidproofing” businesses, i.e., installing systems and protocols to prevent the spread of infection in workplaces; as well as job facilitation such as job fairs through online platforms. Last, the plan focuses on upgrading the competencies of displaced workers or new job seekers so they will qualify for vacancies in the more digital-oriented labor market. Tutay said the sectors, which she tagged as in-demand and resilient to the economic slowdown caused by the pandemic, are health, construction, business-process outsourcing (BPO) and the government.

Scrapped program of the plan and submitted it to relevant agencies such as the Department of Trade and Industry (DTI) and the Technical Education Skills Development Authority (TESDA). “Some agencies requested [an] extension for their inputs, some for signature of their principals already and the others are routing to their OSEC [office of the secretary],” Tutay said. DOLE targets to have the NERS finalized in January.

SUPPOSEDLY, a key component of this initiative was a minimumwage subsidy for struggling micro, small and medium enterprises (MSMEs), which was supposed to encourage companies to retain their current workers. The proposal drew support from labor coalition Nagkaisa, which saw it as crucial in minimizing more job displacements this year. Nagkaisa chairman Sonny Matula wanted wage subsidy— proposed to last between two months and a year—to become an incentive for companies to com-

drastic change in the demographics of jobseekers last year.

New trends

TUTAY: “Full [employment] recovery may happen beyond this administration, but the situation will definitely be better this year compared to 2020.”

ply with occupational safety and health standards (OSH). However, due to lack of funding from the 2021 national budget, Tutay said they were forced to scrap the proposal and instead just integrated it in their existing youth employment program. “Under the youth employment program, we will be able to subsidize a portion of their wages,” Tutay said.

Youth challenges

ACCORDING to Tutay, the implementation of their youth-oriented programs this year will be stepped up, since young members of the labor market will face a harder time securing a job amid the pandemic. “So our youth, they should take advantage of our special programs for them such as the Special Program for Employment of Students, Government Internship Program and JobStart,” Tutay said. “We know they are the most affected [by the pandemic] in 2020 since they were unable to participate in the labor market,” she added. This was apparent in the updated JobsFit Labor Market Information report, which showed a

IN 2019, majority of jobseekers were fresh graduates (21 percent) followed by wage-employed individuals (20 percent) and unemployed workers (10 percent). With the onset of the pandemic in 2020, however, wageemployed workers accounted for the most number of jobseekers with 22 percent, followed by new entrants/fresh graduates (18 percent) and self-employed individuals (10 percent). The new trend came about as employers also changed the priority skills, which were sought by employers from their applicants as work-from-home arrangements became widespread. “Prior the pandemic the top skills of jobseekers were soft skills. However, the trend shifted during the pandemic whereas majority of the jobseekers highlight their digital and technical skills,” according to the 36-page report. Tutay said more young workers are expected to enter the labor market this year with the graduation of the first batch of students covered by the K-to-12 program of the government, which extended basic education to 13 years.

Unconventional measures

RENE E. OFRENEO, the former dean of the University of the Philippines-School of Labor and Industrial Relations (UP-Solair), said he is among those eagerly awaiting for the completion of the NERS, which he said must introduce new programs compared to government interventions in previous economic crises.

OFRENEO: “We need to trade but we need fairness and mutually beneficial trade arrangements and we need to protect jobs and businesses at home.”

He noted the traditional strategy of extending loans and skills training may be insufficient as the pandemic had changed international business and employment trends, particularly for the service sector—the country’s biggest job generator. The former labor undersecretary said a possible potent measure to restore business operations is the reduction of power cost, which will benefit the manufacturing industry. Also another potential job generator, he said, is the agriculture sector, which performed well last year. To spur further growth in this sector, he pushed for the implementation of a temporary safeguard duty for imported agricultural products during the pandemic. “We need to trade but we need fairness and mutually beneficial trade arrangements and we need to protect jobs and businesses at home,” Ofreneo said. He urged the Department of Labor and Employment (DOLE) to hold a Job Summit to get similar inputs from its stakeholders to make its NERS more responsive to the needs of the labor sector during the pandemic.

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Ecozones waiting with bated breath: Vaccine for people, reforms for biz

AERIAL view of a manufacturing economic zone in Maduya, Carmona, Cavite. TUPUNGATO | DREAMSTIME.COM

By Elijah Felice Rosales

O economic zone was raised last year, and the same may be expected this year.

As the business sector tries to reverse losses incurred from the Covid-19 lockdowns, a group of economic zone developers will play the year by ear. For the Philippine Ecozones Association (Philea), policymakers need to inject the vaccine on people the soonest, and reforms into the economy for its members to change their mind. Philea President Francisco S. Zaldarriaga told the BusinessMirror they share the private-sector sentiment that things may start to turn around once the government rolls out its plan to buy 148 million shots to vaccinate at least 70 million Filipinos. However, he admitted there are no plans among developers to put up new economic zones this year. For now, they will observe the pace in which the vaccination program will be enforced and wait for legislators to come up with the final version of the new tax law. “I am doubtful that there will be new developers putting up new facilities, unless we are able to fast track the vaccines into our economy and get things up to speed again,” Zaldarriaga said in a text message. The government recently announced it had secured an agreement with China’s Sinovac Biotech for the supply of 25 million doses of its vaccine. The first batch of 50,000 shots are supposed to arrive in February, and the rest of the order will come in from March to December. Authorities are also negotiating with pharmaceutical giants AstraZeneca, Moderna and Pfizer, as well as Russia’s Gamaleya Institute, for the purchase of the vaccines they created. Pfizer was first to apply, in December, for an emergency use authorization (EUA) from the Food and Drug Administration, and last week the filing was approved on the 95-percent efficacy rate of the vaccine. This month AstraZeneca, Gamaleya and Sinovach, in that order, followed suit by submitting their respective applications for an EUA. On the policy side, Zaldarriaga said developers are waiting for the final version of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act that

PLAZA: “Once we change an effective system and processes, we create worries and remove the ease of doing business, including the trust and confidence of investors to our government’s sincerity and credibility.”

ZALDARRIAGA: “I am doubtful that there will be new developers putting up new facilities, unless we are able to fast track the vaccines into our economy and get things up to speed again.”

lawmakers are crafting through a bicameral conference committee. “Philea is more hopeful that things will start picking up this year. We’re also keeping our fingers crossed that the intended amended version from the new Lower House leadership will indeed be an improvement over what was already agreed upon in the Senate,” he added. The CREATE Act, passed in November by the Senate, brings down the corporate income tax (CIT) to 25 percent, from 30 percent, the highest rate among Southeast Asian nations. Further, the CIT paid by firms earning below P5 million annually is cut to 20 percent. Economic zone locators, mostly multinationals, had tried to block the passage of the measure,

as it also lifts the incentives granted to them to introduce new ones. The Philippines may no longer afford another year of developers holding on to their construction plans, as economic zones employ roughly 1.6 million workers nationwide and contribute a huge sum to the country’s export total in a proof of their input to the economy. Last year, investments made in economic zones fell nearly a fifth to P95.03 billion, from P117.54 billion in 2019. As such, it marked the third straight year the Philippine Economic Zone Authority (Peza) suffered a double-digit decline in capital inflows. Peza Director General Charito B. Plaza, for her part, is standing by her position that economic zones and their locators should be allowed to keep the incentives they are enjoying, particularly the 5-percent tax on gross income earned paid in lieu of all local and national taxes. Plaza reiterated the new rules on taxation as required under the CREATE Act should only apply to domestic firms. She argued policymakers are making a mistake in treating domestic firms and economic zone locators—who are exporters by nature—all the same, as the former supplies for the local demand, while the latter serves the international market. “Once we change an effective system and processes, we create worries and remove the ease of doing business, including the trust and confidence of investors to our government’s sincerity and credibility,” Plaza warned. “It will complicate systems and processes, and investors’ FS [financial statement] will be affected. Every day delay in production caused by changing the rules and laws will discourage investors and make unstable our economy, creating more social problems,” she concluded.

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Pushing the limits of monetary policy still the norm for 2021 I

By Bianca Cuaresma

N the wake of the 1997-1998 Asian Financial Crisis, the Bangko Sentral ng Pilipinas (BSP) made a bold move: it raised its main monetary policy rates by over a hundred basis points to stabilize the foreign-exchange market. More than 10 years after, when the world was faced with the Global Financial Crisis (GFC), the BSP made another bold move. The BSP cut its main interest rates by a total of 150 basis points just in a span of one year in 2009 to stimulate the economy and bring inflation back to target. More than another decade after and the world economy is facing yet another crisis. In its World Economic Outlook in June 2020, the International Monetary Fund (IMF) dubbed the Covid-19 pandemic “a crisis like no other,” forecast global growth contraction of 4.9 percent and called for “multilateral cooperation” and “urgent liquidity assistance” from economic managers worldwide.

Extraordinary response

IN 2020, the BSP pulled off a massive monetary policy easing, topping off the bouts of the aggressive rate cuts in 2009. The Central Bank has cut its rates by a total of 200 basis points—25 basis points in February, 50 basis points in March, another 50 basis points in an offschedule Monetary Board meeting in April, another 50-basis-point cut in June and the latest 25-basispoint cut in November. In its last monetary policy meeting in December, BSP Governor Benjamin Diokno reiterated that the BSP still remains committed to deploying the BSP’s “full range of instruments” as needed to maintain price and financial stability conducive to growth. International think tanks, along with local economists, have since lauded the BSP’s strong and swift moves to cushion the blow of Covid-19 to the economy. In a response to the BusinessMirror’s queries, Fitch Solutions Senior Asia Country Risk Analyst Michael Langham called the BSP’s moves “adequate” to face the crisis. “While loan growth has slowed through 2020, the Philippines’s financing conditions as measured by the Citi Index have broadly been brought back to prepandemic levels. Moreover, the BSP took less

BSP Governor Benjamin Diokno NONIE REYES

“Without the sharp intervention from the BSP, the economy would have suffered far more damage. The bigger problem thus far has been fiscal policy, which has been modest.”—MOODY’S ANALYTICS ASSOCIATE ECONOMIST BRADY SEITZ orthodox policies outside of the usual tools of policy rate cuts and reserve requirement adjustments,” Langham said. Moody’s Analytics Associate Economist Brady Seitz also believes that “the BSP’s cuts have limited potential catastrophe following the pandemic.” “In addition to the aggressive rate cuts throughout the year, the BSP has greatly reduced reserve requirements. This has injected an additional P200 billion to lenders,” Seitz said. Local economists shared this sentiment. Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael Ricafort told the BusinessMirror that the BSP’s aggressive moves eventually resulted in the strong performance of government bonds. “The BSP has been one of the most aggressive central banks around the world in cutting policy rates by a total of 200 basis points since the start of 2020, resulting in the best performing government bonds in terms of price gains at some point,” Ricafort said. “This has resulted in a sharp reduction of borrowing costs/financing costs in the local economy, thereby helping spur greater demand for all types of loans for businesses, consumers, households and other institutions, all of which stimulate more investments, employment, and greater business and economic activities that help improve economic recovery prospects,” Ricafort said.

‘Bringing a knife to a gunfight’

WHILE the BSP’s efforts to prop up the local economy have been lauded by local and international economists, the country’s gross domestic product (GDP) performance remained in negative territory with a double-digit contraction for both the second and third quarter at 16.9 percent and 11.5 percent. Bank lending growth also almost ground to a halt in November 2020 to 0.3 percent as restrictions and uncertainty on the future of the global health crisis continue to dampen economic sentiment in the country. In comparison, the preCovid bank lending growth rate was at 13.6 percent in March 2020. “Although I tip my hat off to what the BSP has done so far, this crisis is a health crisis first and eventually an economic one,” Unionbank Chief Economist Ruben Carlo Asuncion told the BusinessMirror. “Consumer and business confidence collapsed and it was para-

mount to restore such before one can see general improvement in economic activity. Loan growth remains low because there is a policy mix that needs to be established to bring back, at most, a pre-pandemic level of market and consumer confidence.... The combination of economic, health, monetary and fiscal policies is important and their proper coordination, though very difficult in an economic crisis, is key to weather through the Covid-19 crisis,” he added. ING Bank Senior Economist Nicholas Antonio Mapa said BSP has taken on “more than its fair share of the load” in the pandemic economic response. “True, we can assail BSP for bringing a proverbial ‘knife to a gunfight’ but at this juncture, monetary tools are the only weapons BSP has at its disposal,” Mapa told the BusinessMirror.

How to restart?

LOOKING ahead, economists said BSP’s aggressive moves should be complemented by aggressive moves in other sectors of the economy— particularly the fiscal and legislative side—for it to be effective. “Without the sharp intervention from the BSP, the economy would have suffered far more damage. The bigger problem thus far has been fiscal policy, which has been modest,” Moody’s Analytics’s Seitz said. “Monetary policy is just part of the puzzle. With economic policies waiting in the wings—like the CREATE [Corporate Recovery and Tax Incentives for Enterprises] and FIST [Financial Institutions Strategic Transfer] bill—and further support from the 2021 national budget, including the continuation of Bayanihan 2 into 2021, the policy mix is almost complete,” Unionbank’s Asuncion said. Fitch Solutions’s Langham also said the Philippine recovery is “largely contingent on the country’s ability to contain outbreaks of Covid-19, roll out the vaccine and relax domestic containment measures through 2021.” “A combination of base effects, fiscal expenditure on infrastructure and returning domestic confidence, as well as stronger external demand, should prove drivers of growth; albeit the economy will not return to its pre-pandemic level until 2022,” Langham said. “Filipinos need to feel that they can continue and resume their normal activities, like buy, travel and move. If this is not prioritized, expect economic growth to continue to be stuck in low gear,” Asuncion added.

When all else fails…

FITCH Solutions estimates a 7.6-percent growth for this year, within the government’s 6.5-percent to 7.5-percent growth target and near the IMF’s 7.4-percent Philippine growth forecast. While a growth rate north of 7 percent may be a big “bounce back” feat, it mostly accounts for base effects from the dismal performance in 2020. “The Philippine economy will experience a ‘bounce back year’ as base effects help shadow-play a strong recovery. However, ING believes that the economy has been hit so badly by the pandemic that the projected strong recovery will not have the legs to carry through past 2021,” Mapa said. “Thus, the prognosis is for the Philippines to post a ‘strong’ 2021 GDP print, followed by a lower growth trajectory as we ‘marathon’ our way out of recession,” he added. In terms of further monetary policy cuts, views between economists remain divergent. Moody’s Analytics, for example, said the BSP is unlikely to cut rates further as it waits for its measures to fully filter through the economy. Fitch Solutions, meanwhile, believes the BSP will need to maintain an accommodative stance until there are clear signs of a sustained recovery in domestic activity and credit supply. “For now, we have pencilled in a single policy rate hike in late 2021, but with loan growth so anemic in 2020, there is a rising likelihood that the BSP will need to keep rates on hold to encourage the recovery,” Fitch Solutions’s Langham said. Unionbank’s Asuncion said the fourth-quarter GDP numbers will be “the important indicator” for the BSP’s monetary policy decision this year. “If the fourth quarter of 2020 GDP is lower than expected and lackluster, expect another 25-basis-point cut in the first quarter of 2021,” Asuncion said. RCBC’s Ricafort also said further monetary easing cannot be ruled out in the coming months as the economy needs all the support measures that it could get. “Monetary easing is expected to do more of the heavy lifting amid the limited funds for fiscal/ economic stimulus measures,” Ricafort said. This means that with the ultraaggressive monetary policy cuts in 2020 and the already record-low interest rate levels it yielded, the BSP is expected to be pushed to the limits a little bit further in 2021.

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TAX, FINANCIAL SECTOR REFORMS: Light at end of virus tunnel, or bad timing?

By Bernadette D. Nicolas

LL eyes are on the fiscal reforms backed by the Department of Finance (DOF), especially now that the pandemic threatens to wipe out the economic gains of the Duterte administration. Three years after President Duterte signed into law the Tax Reform for Acceleration and Inclusion Act (TRAIN)—the first package of the government’s Comprehensive Tax Reform Program (CTRP)—the Duterte administration is now finally much closer to getting its second package passed, albeit with some tweaks given the pandemic’s impact on businesses. As members of the bicameral conference committee aim to smooth out several items in the Senate and House versions of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) within the month, business owners are holding their breath on the passage of the measure that brings down the corporate income tax (CIT) rate in the country. Expressing optimism Congress will pass the bill this month, Finance Assistant Secretary Dakila Elteen M. Napao of the Revenue Operations Group said this first-ever revenue-eroding package proposed by the DOF will not only serve as a stimulus to businesses amid the pandemic, but it will also improve the country’s investment climate, boosting economic growth a year after record contraction. Under the Senate version of the bill, the CIT rate for businesses with total net taxable income below P5 million would be immediately cut to 20 percent from the current 30 percent. On the other hand, those with taxable income of above P5 million would see their CIT rate go down to 25 percent from the current 30 percent. Napao said micro, small and medium enterprises (MSMEs)—99 percent of corporate taxpayers—will benefit from CREATE’s passage. “MSMEs can use the cash tax savings to retain their current employees or hire new employees for their business. On the other hand, bigger businesses can use the cash tax savings to augment business operations,” he said in an e-mail interview with the BusinessMirror. Besides the immediate reduction in CIT rates, MSMEs will also benefit from the temporary reduc-

tion in the Minimum Corporate Income Tax Rate and extension of the Net Operating Loss Carryover (Nolco) from three to five years for losses in the pandemic. With CREATE’s passage, Napao said they envision a stabilized investment climate in the medium term, and a Philippines that’s more competitive in attracting businesses in the region while providing domestic enterprises equal opportunities for investment and long-term economic growth. “The DOF estimates that CREATE will increase real output by as much as 4.5 percent in 2030 as more jobs and investments are created resulting from savings due to lower CIT rate,” he added. The DOF also sees the measure helping generate as many as 400,000 jobs by 2030. While the DOF admitted that it has yet to finalize its estimates for additional foreign direct investments seen arising from CREATE’s passage, Napao cited the Bangko Sentral ng Pilipinas’s estimate that, should the bill be passed soon, incentives listed in the bill’s previous version—Corporate Income Tax and Incentives Rationalization Act (Citira) would drive up the expected net FDI inflow to more than $10 billion from an estimate of around $8 billion. “Considering that CREATE is an improvement over the Citira,

DOF is hopeful that the Philippines could attract even more investments under the provisions of the CREATE bill,” he said.

Foregone revenues

HOWEVER, the CIT reduction under the Senate version of CREATE spells immediate foregone government revenues of P34.6 billion in 2020, combined total of P441.4 billion from 2020 until 2025 and a total of P995 billion from 2020 until 2030, according to latest estimates provided by the DOF to the BusinessMirror. “Most of the tax relief provisions under CREATE are meant to address the negative impact of the pandemic on the business community, similar to other countries that are providing various fiscal support to the affected sectors of the economy. Our aim is to implement fiscally responsible reforms that will allow the government to manage our deficit without placing too much burden on the people,” he said. Although the CIT reduction means foregone revenues, former University of the Philippines School of Economics (UPSE) dean Ramon L. Clarete believes the government is taking the right step in passing into law the Senate version of the CREATE bill, which has a much faster reduction in CIT rate. “You are basically giving the subsidy to all corporate taxpayers for good. Something we need to [do] anyway in order to encourage recovery,” Clarete explained in a phone interview with BusinessMirror. He also welcomed the longer (10-year) transition period in the Senate version before the rationalization of incentives, as this move would prevent the “unneccessary shakeup” of the Philippine economy and the country’s export capability. However, he worries that the two-tiered corporate income tax structure under the Senate version has a “distortionary effect on the future structure of our corporate business sector,” since bigger businesses may pretend to be smaller ones so as to pay a lower CIT rate. Apart from an outright lowering of CIT rate to 20 percent for smaller businesses, he said he would be more open to a “phased reduction” of CIT for bigger businesses, wherein they get to enjoy an immediate CIT rate cut to 25 percent; then another 5-percentage-point cut to 20 percent after three years. “So long-term-wise, the intent is not really to discriminate, it’s just transition-wise…to cushion the adverse impact on revenues,” he said.

CLARETE: “You are basically giving the subsidy to all corporate taxpayers for good. Something we need to [do] anyway in order to encourage recovery.”

‘Fiscal drain’

HOWEVER, National Scientist and former UPSE Dean Raul V. Fabella opposes CREATE’s passage, especially at this time when the pandemic is crippling the economy. Fabella said passing the CREATE bill would be “bad” for the country’s fiscal health and its credit rating, as this means a “fiscal drain” while the government is “scrounging to borrow” for Covid-19 vaccines and its administration. “There is no guarantee that the tax bonanza will go to investments to create jobs as long as the economy is in dire straits,” he said in an e-mail to BusinessMirror. He said the CREATE bill would also drive away investors, as this would eventually reduce incentives for foreign investors should the special rate of 5 percent on gross income earned—that is in lieu of all taxes—be replaced with the 25-percent CIT rate.

Other recovery measures

BESIDES CREATE, the DOF relies on the passage of several “recovery measures” such as the Financial Institutions Strategic Transfer (FIST) bill and the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill. Napao said the FIST bill will allow banks to dispose of nonperforming loans and assets through asset management companies so they can lend more to MSMEs. The bill was ratified by the bicameral conference committee in December 2020 and passage into law is expected this month. “Once the FIST law is enacted, it will help banking institutions preserve their asset quality and ensure the continued strength of the financial sector, which, in turn, will help the economy recover faster from the Covid-19 pandemic,” he said. But just like the CREATE bill, the measure means foregone revenues, particularly between P3.3 billion and P13 billion every year for the next five years, to clear the

books of banks of bad loans and keep the economy going, based on DOF’s estimates. “Businesses should begin to recontribute in terms of tax payments when they recover,” Napao said. While Clarete supports the bill, he said the outcome of its passage would really depend on whether there is a market for these nonperforming loans. “Are there many takers who will absorb it? And if that is not so, then somehow that would be a cost to the system. So it’s not going to be a hindrance to the operations of the current banks and lending institutions but somehow to whomever those debts were owed, somehow they would be able to recover partly their losses if there is really a market for it,” he said. Besides these recovery measures, the DOF is optimistic that the remaining tax reform packages under CTRP would still be enacted before the end of the Duterte administration next year. These include Package 3 of the CTRP on real property valuation reform, as well as Package 4 or the Passive Income and Financial Intermediary Taxation Act. Package 3 aims to adopt true market-based values for taxation purposes to increase the national and local government unit revenues without adopting new tax measures. Meanwhile, Package 4 targets to simplify the taxation of passive income, financial services and transactions to make the Philippines competitive in attracting capital and investments needed to finance large-scale infrastructure, create jobs and boost economic growth.

Wrong timing

CLARETE, however, thinks this is not the best time to push these remaining tax reform packages given the economic downturn amid the pandemic. “For me, the best time to do this tax reform is when you are really growing faster. You know what I mean? So if you have 6 to 7 percent growth in the next three years, [that’s good] timing,” he said. The pandemic, he said, also did not make the government a reformer given that the country had to deal with the twin crisis of health and economy. But for Napao, the pandemic even highlighted the urgency for tax reforms. “The pandemic served as a catalyst, enabling the administration to decisively push for fiscally responsible reforms that will better address the needs of the Filipino people and affected sectors. The

FABELLA: “There is no guarantee that the tax bonanza will go to investments to create jobs as long as the economy is in dire straits.”

pandemic has highlighted the need to provide more cushions and contingencies to better safeguard our country against future disasters,” he said. In an e-mail to the BUSINESSMIRROR, Ateneo School of Government Dean Ronald U. Mendoza acknowledged that the Duterte administration pushed some “impressive” legislative reforms where previous administrations were unable to do so, including the Pantawid Pamilyang Pilipino Program, Universal Health Care (UHC) Law, tax and fiscal incentives reform and rice tarrification. Still, he said, many analysts do not see a credible anti-corruption and institutional reform agenda beyond legislation. Mendoza noted that more taxes were collected but corruption issues in infrastructure did not appear to be reduced; and rice tariffication was pushed, but support for farmers to boost food production and ensure proper land use planning (which requires a land use law) has been wanting. The UHC law, he said, was passed but governance problems hounding PhilHealth have not been resolved amid the pandemic; and fiscal incentives and pro-investment legislation were pushed but political moves eviscerated the rule of law vis-à-vis ABS-CBN, Manila Water, and did harm to foreign investor sentiments. The government’s failure to flatten the Covid-19 curve also resulted in one of the worst economic performances in the region, Mendoza added. It also “reveals the weak governance and leadership that ultimately undermined our efforts to maintain a robust economy that continued to entice foreign investments,” he said. “These [reforms] are impressive on paper and ideally these should trigger an extensive reform agenda to realize the full benefits. Absent that serious reform agenda of the government bureaucracy, failure to implement these reforms properly opens the door to producing more harm than good,” he added.