BusinessMirror July 07, 2020

RTBs safe pandemic investment–Palace

M

ALACAÑANG on Monday urged the public to avail themselves of the new retail treasury bonds (RTB), which will soon become available as a “safe” investment during the novel coronavirus disease (Covid-19) pandemic.

“This is one of the safest investments where we could allocate our cash. Once it matures, you will get for sure in full your initial investment with interest,” Presidential spokesperson Harry Roque said in an online press briefing on Monday.

He said aspiring investors could buy the bonds for

MYLES ANTONIO, owner of a sari-sari store in Las Piñas City, arranges her merchandise for sale. Reports said some senators are considering the imposition of taxes on so-called junk food to raise funds for easing the economic impact of the coronavirus pandemic. NONIE REYES

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year

as low as P5,000.

The Palace official also noted funds, which will be invested in RTBs, have a higher interest rate compared to that in banks.

“And if they will encounter an emergency and they will need cash, it is easy to sell their RTBs,” Roque said.

The auction is expected to be held on July 15, 2020.

“So if you will have any cash left during the 15th [of July], we urge you to invest [in the RTB] for our country,” Roque said.

The Bureau of the Treasury (BTr) disclosed it will be releasing additional details

about its second RTB later this week.

In February, the Treasury was able to raise P310.8 billion from its first RTB offer.

The BTr said it is part of its fund-raising initiative to provide budget support to the government amid the Covid-19 crisis.

“We are taking advantage of low rates and provide secure investment outlets. [This is] a win-win proposition [for investors and the government] and demonstrates our solidarity against [the] pandemic,” National Treasurer Rosalia V. De Leon said.

Samuel P. Medenilla

NATIONAL Treasurer Rosalia V. De Leon: “[This is] a win-win proposition [for investors and the government] and demonstrates our solidarity against [the] pandemic.”

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR (2017, 2018)

DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

PHILIPPINE STATISTICS AUTHORITY

DATA CHAMPION

REMITTANCE INFLOWS www.businessmirror.com.ph

n

Tuesday, July 7, 2020 Vol. 15 No. 271

P25.00 nationwide | 2 sections 16 pages | 7 DAYS A WEEK

SEEN CUT BY A THIRD T

By Cai U. Ordinario

HE coronavirus 2019 (Covid-19) pandemic would likely cut remittance inflows by a third and have a negative impact on living standards of families, according to a Japan-based think tank.

The study by a unit of Japan International Cooperation Agency (Jica) titled, “The potential impact of the Covid-19 pandemic on the welfare of remittance-dependent households in the Philippines,” had estimates showing that remittances to the country, usually nearing $30 billion annually, will contract by 23 percent to 32 percent this year and cut household spending per capita by 2.2 percent to 3.3 percent.

The study was done by Jica Ogata Sadako Research Institute

for Peace and Development Research Fellow Enerelt Murakami, Executive Senior Research Fellow Satoshi Shimizutani and Research Fellow Eiji Yamada.

The research fellows said “There is a growing uncertainty about how the Covid-19 pandemic is affecting the world economy and it is difficult to forecast the consequences of the disaster.”

The authors said they used two scenarios in estimating the impact of Covid-19 on overseas Filipino workers’ (OFWs) remittances. The

first scenario is a non-Covid scenario which showed the decline in remittances would reach 23.2 percent.

They said this estimate is consistent with World Bank estimates which see a 19.7-percent decline in remittances this year. This would likely cause household per capita spending to decline by 2.2 percent.

The second scenario estimates remittance inflows based on the assumption that the pandemic will fade in the second half of the year and there would be a gradual lifting of containment measures.

The authors said the assumption takes into account that the pandemic lasts 50 percent longer and global output is 3 percent lower than the first scenario.

“We see that the adverse effects are more pronounced; the negative effect on remittances is 32.4 percent for all households.

Household spending per capita would reduce by 3.3 percent, which would likely put significant negative pressure on household living standards,” they said.

Continued on A2

INFECTIONS FORCE 5-DAY MRT HALT, ECQ HANGS OVER NCR

By Lorenz S. Marasigan & Samuel P. Medenilla

T

EMPORARY suspension of the MRT 3 for five days was resorted to starting Tuesday owing to the rising number of Covid-19 infections among the light rail employees.

However, despite recording 186 positive cases, completely shutting down the operations of the Metro Rail Transit (MRT) Line 3 is not an option for the government, a transport official said on Monday.

In a separate development, Palace officials said the National

Capital Region (NCR) is now at risk of being placed back under enhanced community quarantine (ECQ) if local critical healthcare units in the region are overwhelmed by new Covid-19 cases.

The Interagency Task Force for the Management of Emerging Infectious Diseases (IATF) recommended the temporary suspension of the MRT 3 starting Tuesday (July 7), after the management found 186 personnel were positive of Covid-19.

These include station personnel, depot staff, and workforce from contractors.

Resuming operations may

run the risk of Covid-19 transmission, but according to Transportation Undersecretary for Railways Timothy Batan, the Department of Transportation (DOTr) is still looking at resuming the operations of the railway line by July 11.

“At this point, we are balancing out the mandate of supporting the reopening of the economy through transportation, and the health and safety of passengers and personnel. Our focus now is to manage the Covid-19 situation at the MRT 3,” he said in a virtual press briefing.

Continued on A2

PHOTO at Bangkok’s Suvarnabhumin International Airport shows some of the 232 Filipinos brought back to Manila on July 6 by the Philippine Embassy in Thailand, through its partnership with Filipino community leaders and Philippine Airlines. Story on page A3, Nation. In all, repatriations facilitated or partly financed by the Department of Foreign Affairs have brought home over 68,000 overseas Filipinos displaced by the pandemic around the globe. PHOTO COURTESY OF DFA-PHL

‘Bill shock’ spurs call to revisit Epira in bid to lower power rates

By Butch Fernandez

T UNIVERSITY of the Philippines Professor Rene Ofreneo: Epira’s flaws may be “a possible cause of high electricity rates.”

HE furor over numerous complaints about electric bill “shock” during the Covid-19 quarantines should make policy makers revisit calls for an extensive review of the Electric Power Industry Reform Act (Epira), an economist said on Monday.

University of the Philippines Professor Rene Ofreneo, testify-

PESO EXCHANGE RATES n US 49.6310

ing at the Senate inquiry into the “Meralco bill shock,” pressed for an extensive review of the 20-year reform measure, which critics had often blamed for the Philippines having one of the highest power costs in the region.

The experience with power bills in the quarantine revives the need for a thorough review of Epira, which is now over two decades old, Ofreneo, president of the Freedom

from Debt Coalition, told the Senate Committee on Energy, chaired

by Sen. Sherwin Gatchalian.

Ofreneo reminded senators that Epira’s flaws may be “a possible cause of high electricity rates.”

While at it, Ofreneo suggested, “let us review what happened to stranded debts of National Power Corporation [Napocor]” and the performance of the Wholesale Electricity Spot Market (WESM).

Moreover, Ofreneo prodded Meralco to “seriously move away from insisting on having most of its power supply agreements (PSAs) based on coal sources,” noting that this bias for coal comes at a time “when costs of renewables are now lower.”

Various nonprofit groups, including FDC, have been egging power players in the country to drop coal as their main source

and look toward solar, hydro and wind, where increasing efficiencies in recent years and improving economies of scale have brought down costs.

Meralco itself, through its foundation, has been backing initiatives to supply communities on off-grid islands with the means for solar power, among others.

See “Epira,” A2

n JAPAN 0.4616 n UK 61.9296 n HK 6.4040 n CHINA 7.0229 n SINGAPORE 35.6033 n AUSTRALIA 34.3844 n EU 55.8249 n SAUDI ARABIA 13.2321

Source: BSP (July 6, 2020)

News BusinessMirror

A2 Tuesday, July 7, 2020

www.businessmirror.com.ph

House will take ‘conscience vote’ on ABS-CBN franchise–Speaker

T

By Jovee Marie N. Dela Cruz

HE leadership of the House of Representatives said on Monday lawmakers will be allowed to do a “conscience vote” on bills granting ABSCBN Corp. a new franchise.

Speaker Alan Peter Cayetano said this as the House Committee on Legislative Franchises is set to terminate the hearings on the Lopez-led network’s franchise this week.

“Well, I cannot speak for the parties, because they would still discuss this among themselves, but from the start, we’ve been urging a conscience vote,” Cayetano said.

“From the start we’ve been saying if you are pro, then you should open your mind to those who are against. If you are one of the oppositors, then open your mind to the answers of the management,” he added.

Meanwhile, Cayetano will submit a statement, to form part of the testimonies heard before the committee, based on his personal knowledge and belief, on matters relating to ABS-CBN’s alleged bias, partiality and favoritism prior to and during the campaign period of the 2016 national elections.

House Committee on Good Government Chairman Jose An-

tonio Sy-Alvarado said the Speaker has opted not to personally testify or probe ABS-CBN in order “to maintain the fairness and impartiality of this proceeding, and not unduly influence the perception of all parties on the issue, as he is the institutional leader of the House of Representatives.”

In 2016 then Senator Alan Peter Cayetano was the one who filed the Temporary Restraining Order (TRO) against the controversial ad made by former Senator Antonio Trillanes IV. The ad showed children reacting to some of then presidential candidate Rodrigo Duterte’s controversial remarks and acts. The former senator and now House Speaker obtained a TRO against the negative political advertisement.

Help vs ‘cyberbullying’

DEPUTY Speaker Rep. Jesus Cris­pin Remulla, meanwhile, asked the National Bureau of Investigation (NBI) to look into the “cyberbullying” which he said he and other lawmakers experienced in connection with

CAYETANO: “From the start, we’ve been urging a conscience vote.” AP

the ongoing franchise hearing.

“I thought this wise because we are doing our job for this country, we are not doing this job for personal reasons. This matter of scrutinizing a constitutional franchise, this franchise of ABS-CBN, is a constitutional duty. This is our duty under the Constitution to look into this matter,” he said.

“In other words, those who are lying before the committee should be punished for contempt. We have always been reminding them to tell nothing but the truth,” he added.

Remulla was criticized on social media after a video showed

him taking notes while the national anthem was being played, while all around him people stood at attention, their right hand on their chest. When he was called out for alleged violation of the flag law, Remulla claimed he was being “cyber bullied” by “trolls” in ABSCBN’s employ.

Importance of journalism

AT the 12th legislative hearing for the ABS-CBN franchise, ABS-CBN News head Ging Reyes, meanwhile, emphasized the importance of journalism to Filipinos as she defended her news organization from

allegations of media bias.

“Every reporter, writer, producer, anchor, every editor, in the newsroom knows that what we do is not just a job. It is a response to a call to tell the truth and work for a cause greater than ourselves,” Reyes said in her opening statement.

She said they have strived “to keep biases in check and to report on newsworthy events, persons and issues in an accurate, fair and balanced manner.”

Reyes said truth-telling and public service is the goal of every journalist as they brave every disaster to provide news and information that can save lives, or when they tell the stories behind the statistics, and give voice to Filipinos in need.

“The shutdown has deprived more than 69 million Filipinos of the kind of information analysis and commentary and public service provided by ABS-CBN News. It has cut off our reach such that two out of three viewers are unable to watch our news programs,” she said.

However, Reyes admitted they also make mistakes, which they immediately correct. She said the company has mechanisms for handling mistakes such as an independent network ombudsman that receives, investigates and makes recommendations on complaints against news personnel; and a standards and practices unit that ensures journalists adhere to their own code of ethics and observe the highest professional and ethical standards.

PUMP PRICES GOING DOWN; NO D.O.E. GUIDANCE YET ON ADDITIONAL OIL DUTY

P

UMP prices are going down this week.

In separate advisories, oil firms said on Monday that they will implement a P0.65 per liter price rollback for gasoline products and P0.40 per liter on kerosene.

Diesel prices, however, remain unchanged.

Epira…

Continued from A1

Ofreneo stressed, however, that Meralco should do more to support the drive “toward clean energy.”

At the same hearing, Sen. Francis Tolentino said he is proposing a measure in tandem with Gatchalian, whereby someone who did his work from home can claim as a deductible expense, when paying taxes, whatever costs they incurred, whether they work for a government agency or a private corporation. When they are working in the office, they consume electricity for airconditioning. So, when they work at home, that will add to their bills at home, he noted.

The measure will amend the National Internal Revenue Code “providing for an appropriate, considerable, reasonable deduction on gross income of any taxpayer who was able or required to work away from the office and then generated additional Meralco consumption because he was able to produce something for the government office or for a private employer.”

The price adjustment will take effect at 6 am of July 7, according to PTT Philippines, Phoenix Petroleum, Pilipinas Shell, Seaoil Philippines, Clean Fuel and Petro Gazz.

Other oil firms will follow suit.

The price adjustment already includes the additional 10-per-

cent tax on crude and petroleum products.

However, consumer advocacy group Laban Konsyumer Inc. (LKI) President Atty. Vic Dimagiba said on Monday the collection of the 10-percent tariff on fuel products should have ended on June 25, based on Section 7 of Executive Order 113 Series of

2020 and the Bayanihan to Heal As One Law.

While this is accurate, there are no guidelines issued by the Department of Energy (DOE).

“We are hoping the DOE and the oil companies can come to terms and find an arrangement in which they should immediately stop collecting charges from

the consumers. And technically, with no guidelines, there already is no real or actual basis on what the motorists should pay, and this is very dangerous unless DOE and the oil companies already step up to the plate, and not abuse their power,” he said.

The DOE has yet to comment as of press time. Lenie Lectura

Infections force 5-day MRT halt, ECQ hangs over NCR Continued from A1

Batan added: “If we see that we could operate without sacrificing health and safety of riders and passengers, and support the gradual reopening of economy, then we can resume.”

Currently, all 3,200 staff of the MRT 3 are undergoing swab testing for Covid-19. Batan said the railway line only needs 1,300 personnel to operate at minimum capacity.

“Once we achieve that, we can resume operations earlier than five days or, if not, we can extend the suspension of the operations,” Batan said.

Contact tracing among personnel is now also being done, but contact tracing for passengers who may have been exposed to Covid-19 positive personnel could not be easily done at this point. This is because unlike other establishments and transport options, passengers are not required to fill out contact tracing forms.

MRT 3 Director Michael Capati noted that the management is now formulating ways to conduct contact tracing for passengers. The

THIS June 1, 2020, file photo shows rush hour at an MRT 3 station on Day One of the implementation of general community quarantine in Metro Manila. ROY DOMINGO

group is looking at two options: manual forms or app-based forms.

“While we are waiting for results of the testing, we will also sanitize the depot and the mainline. We will also review the capacity plan in the days to come to know when and how many manpower personnel are needed to resume operation of MRT 3,” he said.

As an alternative, MRT 3 passengers may ride buses fielded by the government along Edsa.

“Initially, we have 90 buses for

MRT 3 bus augmentation. We also have additional 150 buses from the Edsa Busway service. We are now talking with LTFRB to add more buses to support passengers who will have no access to MRT 3 starting Tuesday,” Batan said.

ECQ again for NCR?

AS for the possibility of Metro Manila returning to ECQ status, the matter was raised on Monday as officials noted the rise in number of infections as lockdowns were eased, vis-à-vis the increasing prospect of having the capital region’s bed capacity for treating cases shrink.

“If there is decline in the critical care capacity…and there is a faster doubling rate [in NCR], this is a possibility,” Presidential spokesperson Harry Roque said during an online press briefing on Monday. Doubling rate refers to the number of days it takes for the number of infections to double in one place.

He made the remark after the Chinese General Hospital in Manila reported during the weekend it could no longer accommodate additional Covid-19 patients because its designated ward for them is already at full capacity.

The issue prompted the Department of Health (DOH) to meet with representatives of NCR hospitals on July 6. They were told to strictly comply with the rule that they should allocate 30 percent of their bed capacities for Covid-19 patients.

Roque, who was present in the meeting, said some of the hospitals appealed to be allowed for them to allocate an initial 20 percent of their bed capacity, which they will gradually increase until it reaches the mandatory 30 percent.

The stricter enforcement of the “30-percent rule” was raised since the utilization rate of dedicated beds for all Covid-19 patients in NCR is already at 63 percent.

The utilization rate could decline once all hospitals in NCR fully comply with the 30-percent rule.

Roque noted the government is now striving to ensure that NCR and other parts of the country will no longer be placed under another lockdown.

“As our economic managers have said, and they have gone public with this, we cannot afford another complete lockdown,” Roque said.

Currently, NCR is under general community quarantine (GCQ) up to July 15, 2020. Its community quarantine classification may be raised or downgraded depending on its critical care capacity and doubling rate.

Remittance inflows seen cut by a third Continued from A1

In April, the World Bank said global remittances were projected to decline by 20 percent this year due to the economic fallout from Covid-19, which forced nations around the globe to impose months-long lockdowns in a desperate bid to stop transmission of the respiratory disease, for which there is yet no vaccine or cure.

The lockdowns paralyzed economies and forced thousands of businesses to shut down, some permanently, leaving millions of workers jobless.

Migrant workers were among those impacted. As of Saturday (July 4), the Department of Foreign Affairs (DFA) said repatriation missions it had facilitated or helped finance had brought home more than 68,000 overseas Filipinos impacted by the pandemic. At a recent Senate hearing, labor officials said some 62,000 Filipinos had expressed intent to be repatriated.

According to a migration and development brief, remittances to low- and middle-income countries (LMICs) are also projected to decline by 19.7 percent to $445 billion.

In East Asia and the Pacific, the regional grouping the Philippines belongs to, the World Bank projects remittances to decline by as much as 13 percent this year.

Remittance flows are also expected to fall in Europe and Central Asia at 27.5 percent followed by Sub-Saharan Africa, 23.1 percent; South Asia, 22.1 percent; the Middle East and North Africa, 19.6 percent; and Latin America and the Caribbean, 19.3 percent.

AFP, PNP set up probe board on Sulu soldiers’ slay

By Rene Acosta

T

HE Philippine National Police and the Armed Forces of the Philippines will create a board of inquiry that will look into the death of four soldiers in Sulu more than a week ago in a shooting attributed to nine members of the Jolo Municipal Police Station.

PNP chief General Archie Gamboa said, however, the inquiry is not related to the one being conducted by the National Bureau of Investigation over the incident, where the nine policemen are accused of killing four Army men, including two junior officers.

“The inspector general of the AFP will be arriving here in Crame to thresh out organizational matters in the creation of a board of inquiry which will be launched together with the AFP inspector general and the inspector general of the Internal Affairs Service of the PNP,” Gamboa said on Monday.

“This is just organizational. Me and the AFP through their chief of staff have agreed to come up with this BOI primarily to determine operational lapses and how we can improve our operational procedures, both the AFP and PNP,” he added.

Last week, President Duterte ordered the military in Sulu to exercise restraint over the death of its four members, whom military officials said were killed by policemen in cold blood near the Jolo police station.

The soldiers were in civilian clothes but their higher-ups attested they were on an intelligence mission tracking suspected suicide bombers when flagged down by the policemen. CCTV showed none of the soldiers pulled out a gun when accosted by the policemen.

Gamboa said the nine policemen will be transported to Manila in order to defuse the tension between soldiers and policemen in Sulu and for them to undergo restrictive custody at the national headquarters. One of the policemen, however, was reported to have tested positive for Covid-19.

The policemen were presented to President Duterte when he went to Mindanao over the weekend.

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Tuesday, July 7, 2020 A3

Groups ask SC to declare ATL as unconstitutional

S

By Joel R. San Juan @jrsanjuan1573 & Jovee Marie N. dela Cruz @joveemarie

EVERAL groups opposing the newly signed Anti-Terrorism law (ATL) trooped to the Supreme Court on Monday to file separate petitions to declare the controversial legislation as unconstitutional.

Four petitions were officially filed before the Court on Monday, which also sought the immediate issuance of a temporary restraining order (TRO) to enjoin the government from enforcing the ATL, or Republic Act 11479, which was signed by President Duterte last Friday and will take effect 15 days after its publication.

Lawyers Howard Calleja, Joseph Peter Calleja and Christopher Lao and the De La Salle Brothers led by Armin Luistro, a former secretary of the Department of Education during the past administration, were the first to electronically file their petition last Saturday. They submitted the hard copies of the petition on Monday.

They were followed by opposition lawmaker Rep. Edcel Lagman of A lbay; Far Eastern Un iversit y ( FEU ) Col lege of Law Dean Mel Sta. Maria and several law professors of the said university; and opposition lawmakers belonging to the socalled Makabayan bloc.

Lagman, the first lawmaker to challenge the constitutionality of the ATL, argued that the people’s fundamental rights should not take a backseat in the govern-

ment’s efforts to address the terrorism problem besetting the country.

“The war against suspected terrorists and the campaign against terrorism cannot be pursued and intensified by sacrificing human rights, civil liberties and fundamental freedoms, which are enshrined in and protected by the Constitution,” Lagman pointed out.

He also branded as mere motherhood declaration the claim of the proponents and supporters of the new law that there are existing safeguards to prevent abuses in the implementation of ATL. “The purported acknowledgment of the people’s advocacy and right to dissent is decimated by a killer caveat which categorically states that people’s acts lose protection if they are ‘intended to cause death or serious physical harm to a person, to endanger a person’s life, or to create a serious risk to public safety,” Lagman stated.

“All that a devious and underhanded law enforcer or prosecutor has to do is to conveniently invoke the killer proviso to stifle political dissent and peaceably assembly for redress of grievances,” he added.

He described this “killer proviso”

TFBM chief hails signing of anti-terror bill as gain for peace-loving citizens

T

ASK Force Bangon Marawi (TFBM) Chairman Secretary Eduardo del Rosario has hailed the signing of the Anti-Terrorism Act of 2020 as a “victory for all peace-loving Filipinos.”

In a news statement issued on Monday, del Rosario said DEL ROSARIO “President Rodrigo Duterte’s signing of Republic Act 11479 is a victory for all peace-loving Filipinos and a huge setback for the terrorists.”

“The law provides necessary power to the government to protect the people and the state while adding more teeth in dealing with the enemies of the state,” he added.

Last Friday, the President signed the Anti-Terrorism Act of 2020, or Republic Act 11479.

As TFBM chief, del Rosario oversees the massive rehabilitation efforts in Marawi City that was left in ruins by the five-month siege laid by Daesh-inspired terrorists in 2017.

“All of us know how the Daesh-inspired Islamic terrorists brought Marawi City to ruins and their remnants continue to sow fear and disrupt peace and development in some parts of southern Philippines,” he said.

“With this new law, our government is now better equipped to defeat these terrorists,” added del Rosario, who also heads the Department of Human Settlements and Urban Development (DHSUD).

He stressed that in addressing terrorism and other related violence, the government is giving more opportunities to the people, especially in the rural areas.

“For years, violent terrorism has been dragging our country down. It’s high time that we put a stop to these vicious tactics and provide the much-deserved lasting peace and development to our countrymen,” del Rosario said.

as the “malevolent torpedo” that renders the supposed safeguards provided for in the ATL useless.

Lagman cited other unconstitutional provisions of the ATL such as the criminalization of “threat,” “proposal,” and “inciting” to commit terrorism which, he said, has a chilling effects on the exercise of the people’s right to free speech and dissent; the imposition of 24 days of prolonged detention of a suspect without a judicial warrant, or without charging him before a judicial authority violates the Bill of Rights for unreasonable seizure of a person; a maximum of 90 days technical surveillance and wiretapping of communications which, he said, is an unreasonable invasion of a person’s privacy guaranteed under the Constitution; the maximum of six-month investigation of a suspect’s bank accounts and the freezing of his assets without judicial authorization constitute unreasonable seizure of one’s assets; the designation of a person or association of a terrorist without judicial authorization infringes on the freedom of association and due process; and the grant of judicial powers to the Anti-Terrorism Council (ATC) and the Anti-Money Laundering Council (AMLC) violates the doctrine of separation of powers.

Lagman is also questioning the constitutionality of the redefinition of the crime of terrorism which, he said, is “vague” and “ambiguous” making it difficult for the people to ascertain what acts are prohibited and should be avoided.

The lawmaker also said that contrary to the claims of some of the authors of the ATL, the implementing rules and regulations (IRR) cannot rectify the deficiencies and excesses in the new law because the

IRR cannot modify, amend or repeal a statute.

Justice Secretary Menardo Guevarra, who is a member of the ATC, earlier assured that the council would come up with its IRR that would safeguard the basic rights of the people.

Lagman is also seeking the issuance of a TRO to enjoin the ATL’s implementation.

On the other hand, the Sta. Maria et al petition argued that the implementation of ATL would be a waste of financial resources considering that the country is still facing the Covid-19 pandemic.

Like Lagman’s petition, the group of Sta. Maria also questioned the broad definition of terrorism under Section 4 of the ATL. Considering the overly broad definition of terrorism, the petitioners said this might lead to the inclusion of traditionally recognized and protected forms of expression against perceived government shortcomings and excesses.

Furthermore, they also asserted that the qualification under Section 4 implies that all speeches may be treated as within the punishable acts defined under the ATL unless it is shown that no intent to cause death or serious physical harm on the part of the speakers.

“In effect, the general manner by which the provision is couched puts constitutionally protected speeches and expression under a criminal class, or at least, to a suspect class, to the detriment of these freedoms,” the petition read.

The petition added that the threat of arrest without a judicial warrant and prolonged detention would be “more than chilling enough to stifle, suppress, if not totally snuff out, any fire, flame, or even flicker, of indignation or protest

against government corruption, oppression and abuse.”

In another petition, the Makabayan bloc asked the Court to immediately enjoin the government from implementing RA 11479 and from promulgating its IRR. After due hearing and deliberation, the group asked the SC to eventually declare the said law null and void.

The group also echoed the call of the other petitioners for the Court to declare as unconstitutional Section 4 as it violates basic rights of the people under the Constitution; Sections 16, 17, 18, 19, 20, and 22 as these provisions violate the fundamental right to privacy; the designation power of the ATC under Section 25 as it violates certain rights and preliminary order of proscription under Section 26 and 27 for being unconstitutional; the period of detention without judicial charge under Section 29 for being arbitrary, unreasonable and unjustified; and Section 34 as it impairs the constitutional right to bail.

The Makabayan bloc is composed of Bayan Muna Party-list Reps. Carlos Isagani Zarate, Ferdinand Gaite, and Eufemia Cullamat; Gabriela Women’s Party-list Rep. Arlene Brosas; ACT Teachers Party-list Rep. Francisca Castro and K abataan Party-list Rep. Sarah Jane Elago.

Also among the petitioners are Bayan Muna Party-list President Saturnino Ocampo, Makabayan co-chairman Liza Maza, Bayan Muna Party-list Chairman Neri Colmenares, ACT Teachers Party-list President Antonio Tinio, Anakpawis Party-list Vice President Ariel Casilao and Makabayan Secretary-General Nathaniel Santiago.

Calleja’s petition also challenged as unconstitutional at least 11 provisions of RA 11479.

Among other things, the challenged provisions deal mainly on the definition of terrorism, how terrorism is committed, recruitment and membership in terrorist organizations, surveillance of suspects and interception and recording of communications, and detention of suspects without judicial warrant of arrest.

The group pointed out that RA 11479 could be used by the government “to weaponize itself for statesponsored repression that makes a mockery of the rule of law.”

“The effectivity and implementation of the Anti-Terrorism Act will materially and substantially prejudice basic constitutional rights and may result [in] the permanent contradiction of civil and political liberties,” it added.

Earlier, the National Union of People’s Lawyers (NUPL) said it deferred the immediate filing of a petition against RA 11479 “upon further consultations and deliberation with the clients we represent.”

Named respondents in the petition were Executive Secretary Salvador Medialdea, National Security Adviser Hermogenes Esperon, the secretaries of defense, interior, finance, justice, and information and communications technology, and the executive director of the AMLC. For his part, Guevarra said the government welcomes the filing of the petitions before the SC, being the final arbiter of all constitutional issues raised against the ATL. “The Court ruling will also guide the DOJ and the ATC in the preparation of the implementing rules and regulation of the law,” he said.

Lawmaker urges creation of ‘virus-resistant’ shelters

A

DEPUTY speaker on Sunday urged the National Disaster Risk Reduction and Management Council (NDRRMC) to produce a new template for emergency evacuation centers that are resistant to Covid-19.

Deputy Speaker and Surigao del Sur Rep. Johnny Pimentel called for the creation of virus-resistant evacuation centers as the country is now bracing for the typhoon season.

“We would urge the NDRRMC, along with the Covid-19 task force, to set the standards and guidelines for the new evacuation centers that hopefully will be resistant to the highly contagious respiratory disease,” he said.

“We certainly don’t want the centers to become ‘super spreaders’ of

Covid-19, in the event that local governments have to move out communities threatened by storm surges, or flooding,” Pimentel added.

According to the Philippine Atmospheric, Geophysical and Astronomical Services Administration, more tropical cyclones are entering the Philippine Area of Responsibility (PAR) than anywhere else in the world.

It said with the average of 20 tropical cyclones in this region per year, with about eight or nine of them crossing the Philippines. The peak of the typhoon season is July through October, when nearly 70 percent of all typhoons develop, government weathermen said.

“Clearly, our pre-pandemic temporary shelters—wherein residents are haphaz-

ardly jam-packed into school buildings and gymnasiums without adequate precautions in place—won’t work anymore,” Pimentel said.

The lawmaker explained that the new virus-resistant evacuation centers should be less congested to allow more distancing between makeshift tents and to have segregation areas for the elderly and those with pre-existing health conditions.

“We also expect the centers to have temperature scans, ample hand-washing facilities and personal hygiene provisions, apart from ready supplies of face masks,” Pimentel said.

The lawmaker is also counting on the centers to be routinely disinfected, have access to personal protective

PHL Embassy in Thailand, community leaders, PAL bring home 232 Filipinos

T

HE Philippine Embassy in Thailand has brought 232 Filipinos back to the country on Monday through its partnership with Filipino community leaders and Philippine Airlines.

The stranded Filipinos included an infant, several young children and four senior citizens.

The number of Filipinos brought home from Thailand now total 966.

The Department of Foreign Affairs (DFA), in a news statement, said the latest repatriation would not have been possible without the support of Thai-Filipino entrepreneur, hotelier and Filipino community civic leader Zenaida Vannaying of Bangkok Vista Holiday Co. Ltd., other Filipino community leaders and organizations, the Civil Aviation Authority of the Philippines, the Department of Foreign Affairs, and the Royal Thai Government.

With the Covid-19 pandemic leading to abrupt cancellations of scheduled commercial flights, many overseas Filipinos are relying on chartered repatriation flights to bring them home to their loved ones.

Three Philippine government chartered repatriation flights were organized by the Philippine Embassy in April, May and June, while Thai and Philippine government permits and clearances for two special flights, which include this latest flight, have been secured to give Filipinos in Thailand more flight options and certainty against cancellations.

The DFA said the government is committed to continue organizing or facilitating repatriation flights to reunite overseas Filipinos with THE PAL plane is seen parked at Bangkok airport their families back home during this difficult time, the DFA said. before the repatriation. DFA-PHL PHOTO

equipment, provide for the contactless distribution of food packs and to be staffed by first responders who can quickly spot possible Covid-19 symptoms among evacuees.

Pimentel cited the London-based global risk-consulting firm Verisk Maplecroft as having ranked the Philippines as one of the four most unsafe countries in the world in terms of vulnerability to storms, floods, earthquakes, volcanoes, tsunamis, landslides and other natural disasters. The three others are China, Japan and Bangladesh.

The Philippines not only lies in the world’s most active tropical cyclone basin.

It is also situated in the Pacific Ring of Fire where many volcanoes and earthquakes are formed, he said. Jovee Marie N. dela Cruz

Economy BusinessMirror

A4 Tuesday, July 7, 2020 • Editor: Vittorio V. Vitug

DA’s Dar creates agri experts group

By Jasper Emmanuel Y. Arcalas @jearcalas

A

GR ICULTUR E Secretar y William D. Dar has formed a group of experts comprised of former chiefs of the Department of Agriculture (DA) and other pundits to help address current and longterm issues of the farm sector.

Dar issued Special Order (SO) 519, Series of 2020 that authorized the creation of a group called the Secretary of Agriculture’s Group of Experts, or SAGE. The group of experts would be chaired by National Scientist Dr. Emil Q. Javier with its members composed of three former agriculture secretaries Senen C. Bacani, Leonardo Q. Montemayor and Domingo F. Panganiban.

Bacani was appointed by the late former President Corazon C. Aquino as the country’s agriculture chief and stayed in the post from 1990 until the middle of 1992. Bacani succeeded incumbent Finance Secretary Carlos G. Dominguez III as the DA secretary.

Panganiban served the country as DA chief under two different administrations: first under President Joseph E. Estrada where he held the post in 2001 and his second stint was under President Gloria Macapagal-Arroyo from the middle of 2005 to 2006.

Montemayor was also appointed by President Arroyo as DA chief from 2001 to 2002, succeeding Panganiban.

Based on the SO, Presidential Adviser for Entrepreneurship Jose Maria A. Concepcion III, economist

Cielito F. Habito and University of the East President Ester A. Garcia are also part of the SAGE group.

The DA’s Bureau of Agricultural Research shall serve as the new group’s secretariat, according to the document, dated June 29, 2020.

“The members of the SAGE are expected to provide strategic, broad, and long-term stroke recommendations to drive the agriculture sector into the next higher level of performance,” Dar said in the order.

Based on the order, the SAGE shall provide policy recommendations to address major and current issues affecting the agriculture sector.

The group is also tasked to provide assistance in identifying and formulating special actions and appropriate measures needed by various technical offices of the DA.

“[They shall] provide expert assistance in assessing essential and appropriate interventions needed in delivering development programs in the countryside,” the SO read. “[They shall] provide guidance in activities that will review and improve the cooperation and coordination between the Philippines and other countries or intergovernmental organizations in different development programs,” the document added.

Under the SO, the DA shall shoulder all expenses, including payment of honoraria, traveling allowances, per diems and other incidental expenses that would be incurred by the SAGE group in the performance of their functions, duties and responsibilities.

MWSS reports DAR chief goes on a house-to-house completion of visit to ARBs for CLOA distribution P3.29-B Angat tunnel project A

By Jonathan L. Mayuga @jonlmayuga

T

HE Metropolitan Waterworks and Sewerage System (MWSS) has announced the completion of all the components and subsequent commissioning of the Angat Water Transmission Improvement Project (AWTIP) three months ahead of schedule.

In a news statement released on Monday, MWSS said completion of AWTIP, or Tunnel 4 project, marks another milestone in the MWSS promise of water security for Metro Manila.

The completion of Tunnel 4 is the culmination of the joint efforts of the Philippine government, with the MWSS as the implementing agency and the Asian Development Bank.

The centerpiece of AWTIP is a 6.3 kilometers tunnel with a finished internal span diameter of 4 meters, designed to accommodate 19 cubic meters per second (m3 /s) raw water from Angat Dam. The construction of the P3.29billion tunnel project started in June 2016 and was completed in June 2020, which is three months ahead of the original completion date target in September 2020.

The AWTIP is a critical component of the Duterte administration’s water supply security program as it mitigates the risk of a partial, or total disruption of water supply for Metro Manila, according to the MWSS. It will provide redundancy and enable the system’s full design capacity to be restored by allowing the upstream tunnels and downstream aqueducts to be sequentially closed, inspected, and rehabilitated, or decommissioned.

“I am very pleased to see the completion of Tunnel 4 as it now paves the way for the rehabilitation of the transmission system’s main components that are as old 75 years, in poor condition, and most likely not in compliance with current structural and seismic requirements,” Administrator Emmanuel B. Salamat who visited the project site said.

Meanwhile, the MWSS said that minor delays due to the enhanced community quarantine (ECQ) restrictions thwarted its efforts to place on stream the additional 19 m3 /s (equivalent to 1,600 million liters per day) into the delivery system.

“We have partially operated the tunnel last April, which solved the summer’s annual water supply problem. We are currently in commissioning activities and continue to work non-stop,” the MWSS said.

Meanwhile, a one-month testing period will ensure the performance of each system and the overall system meet the design standards and operating requirements.

MID the increasing number of Covid-19 cases, the Department of Agrarian Reform (DAR) continues to distribute certificates of land ownership awards (CLOAs) to select agrarian reform beneficiaries in Bataan and Laguna.

DAR Secretary John R. Castriciones has led the house-to-house distribution of CLOAs, or land titles, issued to beneficiaries of the Comprehensive Agrarian Reform Program (CARP).

Over the past few days, Castriciones personally handed over to CARP beneficiaries their individual CLOAs.

Living in a remote area in Barangay Mabayo in Morong, Bataan, Neptali Martin and Diosdado Gonzales got an unexpected visit from the DAR chief on July 3.

The CLOAs each cover 3 hectares.

Besides the farm lots, Martin and Gonzales were also awarded home lots, the firsts to receive such benefit from DAR. “This is to show the government’s sincerity of bringing to the people its services wherever they are,” said Castriciones in a news statement.

Gonzales, 63, and Martin, 62, were among the 20 beneficiaries who received their CLOAs, covering 31.3 hectares of agricultural land.

Iloilo oil spill sparks calls to limit use of fossil fuels continued from a8

AC Energy said 63 families were relocated to safer ground as they moved to put in place an oil boom to prevent the oil from reaching the shores.

The Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) warned that if not contained immediately, the oil spill may reach major fishing grounds in the Visayas, threatening the livelihood of hundreds, if not thousands of small fishermen.

In particular, Pamalakaya said the oil spill should not reach the Guimaras Strait and the Visayan Sea where small fishermen from the Guimaras Island, Negros Occidental, Masbate, and Eastern and Western Visayas sail to catch fish.

FernandoHicap,Pamalakayanationalchairman said in a statement: “We don’t want the repeat of the Guimaras oil spill that did not only literally paint the waters black, but devastated the marine environment and economic lives of thousands of fisherfolk,” referring to the Guimaras oil spill of 2006, which was consideredastheworstoilspillinthecountry’shistory.

Last, Hicap said AC Energy should pay for the damage and shoulder the cleanup cost of the massive oil spill.

Greenpeace, Kalikasan-People’s Network for the Environment and Power for the People Coalition (P4P)haveexpressedgraveconcernovertheincident.

Khevin Yu, Greenpeace Philippines campaigner, said communities shouldn’t have to suffer from

fossil-fuel-based energy and its local impacts.

“Beyond a cleanup, we are asking power companies to rethink their businesses to immediately shift to RE sources and phase out their oil and coal facilities,” said Yu. According to Yu, RE sources, such as solar and wind,havealreadybeenshowntobesaferandcheaper and are the solution to the climate emergency.

These are also readily available, abundant, and do not require importation. Replacing fossil fuels with RE will lead us to a low-carbon future and a better normal.

“This oil spill will have lasting effects on the marine environment and communities. As a response, the government should ensure that the centerpiece of the country’s post-pandemic recovery plan is an urgentandjusttransitionto100-percentrenewable energy power generation,” he said.

For his part, Leon Dulce, national coordinator of Kalikasan-PNE said “the oil spill in Iloilo is the latest evidence of how fossil fuel energy sources bear too much risk of ecological damages in a disaster-prone country such as the Philippines.”

“Immediately, the DENR should impose stricter regulations and stiffer penalties on fossil fuel power facilities. In the long run, they should be serious in weaning away our economy from dirty fossil fuels towards cleaner and renewable energy systems,” he said. Jonathan L. Mayuga

Meralco vows to clear confusion over quarantine days’ ‘bill shock’ continued from a8

He said his team would work on a clarificatory letter to all customers soon, particularly those whose meters were read in May but whose bills contain a previous reading that is actually based on estimated March and/or April consumption.

‘No overcharge’

MEANTIME, Meralco assured the senators that customers are only charged for electricity they actually consumed. “Our assurance is that they will not be overcharged. Let me assure the chair and the committee members, and the public that there is no intention on the part of Meralco to charge a customer and have that customer pay more than the actual consumptionregisteredinthemeter,”saidEspinosa.

Sen. Risa Hontiveros appreciated Meralco’s deci-

sion to allow customers to settle the bills during the quarantine period in equal installments of up to six months as advised by the ERC, but underscored the confusion caused by letters sent to customers in June.

Espinosa said Meralco even went beyond the coverage of ERC’s advisory, which only starts from March 16 and ends on May 31. He said Meralco even included customer bills due from March 1. He also said that Meralco has implemented a moratorium onservicedisconnectionuntilSeptember30thisyear.

Meanwhile, Espinosa also announced that the company will now shoulder the P47-Meralco Online convenience fee for online payments, for the entire ECQ and GCQ period, and will correspondingly refund the amount paid by customers when they previously settled their electricity bills.

The DAR chief urged the farmerbeneficiaries to make their farms productive and avoid the practice of selling, or pawning them, for quick cash.

Meanwhile, Undersecretary Emily Padilla handed an added surprise—a bag of planting materials comprising of vegetable seeds, some pesticides and four seedling trays, plus a sack of fertilizer, all for free under the PaSSOver: ARBold Move to Heal as One for Deliverance of ARBs (agrarian reform beneficiaries) from Covid-19, or ARBold Move.

The same bags of farm inputs, with each costing P2, 166, were distributed to 107 farmer-beneficiaries as part of the government’s effort to enlist them in pursuit of its food sufficiency program.

www.businessmirror.com.ph

Group pushes development of ‘better’ digital infra for transparent governance

By Rizal Raoul S. Reyes @brownindio

G

OVERNANCE advocates urged the government on Monday to develop a digital infrastructure that could deliver of better services, especially in this time of the pandemic.

At a recent virtual roundtable discussion organized by Stratbase ADR Institute and Democracy Watch Philippines, Paco Pangalangan, lead convener of Democracy Watch Philippines, emphasized that a robust digital infrastructure can develop greater transparency, fight corruption, enhance institutional integrity toward greater foreign direct investments and strengthen anti-Covid-19 efforts.

“E-governance can reduce contact points and opportunities for entrenched ‘for the boys’ bribery practices, fixers, and excessive red tape,” Pangalangan said.

E-governance, he pointed out, would also allow the country to harness technology to address issues on transparency and efficiency, notably in the areas of procurement, taxation, and customs.

Furthermore, Pangalangan said the adoption of emerging technologies such as live feeds, blockchain, and cloud-based technologies give civil-society groups and watchdog institutions a platform to virtually “sit-in” during hearings and deliberations, track government transactions and decisions in real-time, and communicate more effectively with the public at large.

“The government must remove red tape and clunky regulatory barri-

ers and speed up permit issuance. The removal of bureaucratic chokepoints will facilitate the swift development of ICT [information communications technology] infrastructure, making E-governance accessible to every Filipino. Besides removing red tape, the national government should also put a premium on public-sector investments in digital infrastructures such as telecommunications towers and free Wi-fi, especially in underserved areas. After all, in our journey into a more democratic, transparent, and accountable normal, no Filipino can be left behind,” Pangalangan said.

As part of boosting transparency, Francisco Magno, trustee and program convener of Stratbase ADR Institute, pointed out the need for open access to reliable public documents and data which requires more budgetary support for building data infrastructure and capacity building in government.

Victor Andres Manhit, president of the ADR Institute, said establishing the foundation of transparency can move forward only with collaboration and a firm commitment to responsiveness and transparency.

“Through responsive and collaborative governance, we would be able to effectively address citizens’ real needs, especially the poor and underrepresented amid the Covid-19 crisis,” Manhit said.

Also in the virtual forum, Ronald Mendoza, dean of the Ateneo School of government, stressed how transparency, accountability, freedom of information, strong democratic governance and the rule of law underpins any well-functioning economy.

Where are we heading?

By Henry J. Schumacher

W

E are suffering from two crises: The Covid-19’s very contagious influenza infection, and the hype and to some extent the “overreactions” manifested largely in overly bureaucratic restrictions that undermine the revival of business.

I am sick and tired of the negative news being thrown at me without silver linings made visible and being implemented. We know which sectors in the Philippine economy merit prioritizing in reopening; the list on my desk identifies 65. Are we really moving to provide those sectors with what is needed to start and employ? I don’t see it. And I am not talking about handing out cash!

Let’s agree that we will stop looking at the negative news and start focusing on the more positive news that is available also but is overwhelmed by negatives.

We are all aware that we have no choice but to reevaluate our company’s purpose, whether we own it, whether we are on C-level or whether—as employees —we just want the organization to come stronger out of the economic dilemma we are facing at the moment.

Given the “new tomorrow,” I believe we have no choice but to design an innovation strategy that takes sustainability, social impact, and integrity into account.

All organizations can and should play a role in investing in future-centered innovation. When judging social responsibility, we need to acknowledge the difference between corporations that simply participate in philanthropy, versus those that are driven by a clear mission to innovate for good and lead by example.

Of course, I don’t want to discourage corporate giving which is imperative for the survival of many incredibly impactful NGOs. For me, it’s more important to consider how your organization can do well with the products and services that you create and sell, bearing: 1) desirability (human) 2) viability (business) 3) feasibility (technology), and 4) integrity (impact) in mind.

While we are going to do this now, there is still the question: When will things return to normal?

The answer is simple, if not exactly satisfying: when enough of the population—possibly 60 percent or 80 percent of people—is resistant to Covid-19 to stifle the disease’s spread from person to person.

There are two realistic paths to achieving this “population-level immunity.” One is the development of a vaccine. The other is for the disease to work its way through the population—with smart approaches to testing and contact tracing.

Projecting when each facet of daily life will be restored would be easier if public-health authorities had a wellinformed view of who is infected, who has recovered and become immune, and who is still susceptible. This is the information that would emerge from widespread testing, which the Philippines and many other countries are still behind on deploying.

With this new information, it might be possible to isolate contagious, or more vulnerable people, while a large portion of the population returns to something resembling normal life. We can all accept fewer tables in a restaurant, for instance, or a smaller number of people at a bar. Social distancing is not that bad.

On the other hand, pharma companies are coming up with vaccines, but unfortunately there are a series of methodical trials done to make sure they don’t harm healthy people, to make sure they generate the desired antibodies, and to make sure those antibodies actually defend against the disease.

If researchers are making something that’s going to be pumped into the arms of hundreds of millions, probably billions, of people, they want to make sure it’s just right.

Even in a vaccine-less world, reaching population-level immunity means that future outbreaks of Covid-19 should be far less damaging than the one we are currently confronted with.

In conclusion, let’s get ready to take advantage of opportunities rather than seeing problems only. I am interested in your feedback; contact me at Schumacher@eitsc.com

The World BusinessMirror

Editor: Angel R. Calso

Fear of Covid-19 prompts Mexican town to block road from U.S. border

M

EXICO CITY—Residents of the town of Sonoyta, across from Lukeville, Arizona, briefly blocked the main road leading south from the US border over the weekend over fears of coronavirus outbreaks.

Arizona has seen a major upsurge in infections and there were worries about intensified contagion during the July 4 weekend.

The mayor of Sonoyta, José Ramos Arzate, issued a statement on Saturday “inviting US tourists not to visit Mexico.”

Local residents organized to block the road with their cars on the Mexican side on Saturday.

Video posted by residents showed several travelers complaining that they had a right to cross because they were Mexican citizens. The road is the quickest route to the seaside resort of Puerto Peñasco, also known as Rocky Point.

Ramos Arzate wrote that people from the United States should only be allowed in “for essential activities, and for that reason, the checkpoint and inspection point a few meters from the SonoytaLukeville AZ crossing will continue operating.”

“We had agreed on this in order to safeguard the health of our community in the face of an accelerated rate of Covid-19 contagion in the neighboring state of Arizona,” Ramos Arzate wrote.

“It is our duty as municipal authorities to protect the health of our town.”

Mexico and the United States agreed previously to limit border crossings to essential activities, but up until this week, that had mainly been enforced for people entering the US, not the other way.

Residents of Sonoyta demanded health checks on incoming visitors, better health care facilities and broader testing.

There has been some resentment that tourists, but not local residents, had reportedly been allowed into Puerto Peñasco, where many banks and other services are located.

In view of continued high infection rates and deaths in Mexico, some states are backpedaling on reopening businesses. For example, the Mexico City government said Sunday that more streets in the city’s colonial-era downtown would be closed to traffic but open to pedestrians.

The city already allows businesses with even-numbered addresses to open one day, and odd-numbered businesses the next.

But on Sunday the city proposed a new, voluntary measure to reduce crowds downtown: officials asked people whose last names begin with the letters A to L to shop on Monday, Wednesday and Friday. Those whose names begin with the letters M to Z would be encouraged to shop Tuesday, Thursday and Saturday. There was no proposal to enforce the rule. AP

A5

World economy that took elevator down tackles steep stairs back up

T

he world economy is entering the second half of 2020 still deeply weighed down by the coronavirus pandemic with a full recovery now ruled-out for this year and even a 2021 comeback dependent on a lot going right.

It’s a scenario few if any predicted at the start of the year when most economists were banking on another year of expansion and a US and China trade agreement was meant to give corporate and investor confidence a shot in the arm.

Instead, the rare pandemic forced swathes of the global population into what the International Monetary Fund dubs “The Great Lockdown.” Central banks and governments responded with trillions of dollars in unprecedented support to prevent markets from melting down and to keep furloughed workers and struggling companies afloat until the virus passed.

Even with those rescue efforts, the world is still suffering its worst economic crisis since the Great Depression. While some gauges of manufacturing and retail sales in major economies are showing improvement, hopes for a V-shaped rebound have been shattered as the reopening of businesses looks shaky at best and job losses risk turning from temporary to permanent.

It’s an economic trajectory Federal Reserve Bank of Richmond President Thomas Barkin has likened to riding the elevator down, but needing to take the stairs back up.

“There is a real danger of confusing rebound with recovery,” Carmen Reinhart, the World Bank’s chief economist, said at the Bloomberg Invest Global conference on June 23. “True recovery means you are at least as well off as you were before the crisis started and I think we are a long way off that.”

Uncertain times

Much depends on the spread of the coronavirus, a vaccine for which remains out of grasp. The World Health Organization warns the worst of the pandemic is still to come as cases top 11 million and deaths have risen beyond 500,000. And even in countries where the virus appeared contained, fresh flare-ups are frequent.

The IMF estimates that by the end of this year 170 countries—or almost 90 percent of the world—will have lower per capita income. That’s a reversal from January, when it predicted 160 countries would end the year with bigger economies and positive per capita income growth.

It’s now likely that global gross domestic product by the end of 2021 will in many cases still be lower than where it was at the end of 2019, according to HSBC Holdings Plc economists led by Janet Henry. Bloomberg

Economics describes it as “Goodbye Victory V, Hello Worry W.”z Central bankers remain on the alert to do more. Federal Reserve Chairman Jerome Powell has warned the outlook is “extraordinarily uncertain” and European Central Bank President Christine Lagarde has spoken of a “restrained” recovery that will change parts of the economy permanently.

To be sure, there are pockets of recovery that could gain traction. Morgan Stanley economists are sticking to forecasts of a V-shaped recovery, pointing to positive surprises in recent economic data, especially in the US and euro region. Goldman Sachs Group Inc. economists revised down their estimates for the US economy this quarter, but predicted it will be back on track in September.

Global markets are split between investors who are betting on a V-shape recovery, and those expecting significant dislocations. The MSCI All-Country World Index of global stocks has gained nearly 40 percent from a March low, but is still down about 6 percent this year, as investors bet policy stimulus around the world will cushion the economic impact from the pandemic. US 10-year Treasury yields have tumbled by more than 100 basis points this year to around 0.67 percent.

Mixed performance

Lessons on how the recovery plays out are being drawn from Asia where the virus has been brought under control but the rebound has been mixed.

In South Korea, which flattened its infection curve months ago, the emergence of new virus clusters is casting a chill on shoppers.

China’s manufacturing activity climbed in June, as did other manufacturing gauges across the region, yet

new orders continue to show weakness.

That worrisome outlook means businesses are navigating in the dark, according to Joerg Wuttke, president of the EU Chamber of Commerce in China, who expects the uncertainty to last for another couple of years.

‘Chainsaw’ recovery

“The recovery is not V, it is not W, it is looking like the top of a chainsaw,” he said. “Up and down and up and down and painful all the way.”

It also means that fast-expanding emerging economies won’t be the global growth engine they have been, with the World Bank predicting this group of countries will shrink 2.5 percent— their worst performance in data that starts in 1960. Latin America is now on the front lines of the virus.

A complete rebound to pre-crisis levels looks impossible until the virus is controlled—an outlook that’s especially true for sectors such as tourism, transport and entertainment where restrictions are expected to linger.

The hit to labor markets has been worse than initially estimated and will be impossible to repair in the second half of 2020 even under the most optimistic scenario, according to the International Labor Organization. It last week estimated that working hours in the second quarter were 14 percent lower than before the virus, equivalent to a loss of 400 million full-time positions.

Although US companies added 4.8 million people to payrolls in June, only three in 10 jobs lost have been recovered and initial applications for unemployment benefits remain elevated.

More than 2.8 million Americans lost their jobs for good in June.

Debt worries

“While a near-term mechanical

bounce in economic activity in response to the easing of lockdown measures looks likely, we expect the subsequent climb to be long and arduous,” said Joachim Fels, global economic adviser at Pacific Investment Management Co. There are other challenges too.

Record levels of debt will restrain how much additional support governments can roll out—on top of the $11 trillion fiscal stimulus already in train.

Governments are grappling with how to extend or terminate costly near-term measures to fund wages and keep companies alive, while at the same time gearing up for longer-term stimulus to drive a recovery.

That borrowing won’t come without side effects, such as keeping zombie companies going, according to Alicia Garcia Herrero, chief Asia Pacific economist with Natixis SA. “If there is no clean-up of debt, going back to pre-crisis levels will take even longer,” said Garcia Herrero.

Meantime, central banks have slashed interest rates to new lows with some embracing negative borrowing costs. In a bid to cap market rates, multiple types of assets have been bought and policy makers continue to tweak their tool kit with hints of more innovation to come.

Morgan Stanley predicts $13 trillion in cumulative central bank balzance-sheet expansion from the US, euro region, Japan and UK through the end of 2021.

Even with those steps, it’s too soon to conclude they will be enough, said Kazuo Momma, who used to be in charge of monetary policy at the Bank of Japan.

“The crisis is far from over,” he said.

Bloomberg News

WHO reports record cases; U.S. infections hit 2.9 million

T

Germany to revamp financial oversight after Wirecard scandal

he World Health Organization reported a one-day high in global coronavirus infections over the weekend, as worldwide cases top 11.4 million and deaths exceed 533,000.

Mexico overtook France with the fifth-deadliest outbreak, while India was poised to surpass Russia with the third-highest number of cases.

B

ERLIN—Germany’s finance minister says he wants to revamp the oversight system for the country’s financial industry in the wake of the accounting scandal at payment systems provider Wirecard.

T he Munich-based Wirecard filed for bankruptcy recently after auditors couldn’t find accounts in the Philippines that were supposed to contain €1.9 billion ($2.1 billion). The company’s former CEO was arrested and released on bail, while its former chief operating officer is on the run.

Finance Minister Olaf Scholz told German weekly Frankfurter Allgemeine Sonntagszeitung in an interview published on Sunday that he wants to empower the country’s financial supervisory authority, BaFin, to conduct unannounced checks at any moment.

He also proposed ensuring that BaFin has oversight of large payment processing companies—even if they don’t fall neatly into the category of a financial institution—and discuss whether auditors need to rotate more frequently.

German authorities have been criticized for failing to step in sooner despite reports of irregularities dating back at least five years.

Fabio De Masi, a lawmaker with the opposition Left party, largely welcomed the proposals but called for a lower threshold of liability for auditors’ failings. AP

Tuesday, July 7, 2020

US cases rise 2 percent, approach 2.9 million

Luis Abinader, presidential candidate of the opposition Modern Revolutionary Party, greets the crowd while he is surrounded by journalists at a voting center during the presidential elections, in Santo Domingo, Dominican Republic on July 5, 2020. AP/Tatiana Fernandez

Dominican Republic chooses leader amid rising virus cases

S

ANTO DOMINGO, Dominican Republic—With Covid-19 cases still surging, the Dominican Republic on Sunday held presidential elections that had already been delayed by the pandemic, and polls indicated that a businessman with no previous experience in government was favored to oust a party that has ruled for the past 16 years.

Luís Abinader, a 52-year-old tourism industry leader who finished second in the last election, was leading in most recent surveys, with the governing party’s Gonzalo Castillo, a former public works minister, trailing. Former President Leonel Fernández, who served three previous terms, was also on the ballot, along with three minor parties.

Term limits prevented outgoing

President Danilo Medina from seeking a third, four-year term for the center-left Dominican Liberation Party, which has won every presidential election since 2004.

Both Abinader and Castillo, 59, have proposed social assistance programs to cope with the new coronavirus crisis.

T he s pread i ng coron av i r u s prompted officials to delay the election, which had originally been scheduled for May. It went ahead on Sunday even though the Health Ministry on Saturday reported the highest daily count of new confirmed Covid-19 cases, 1,241. The country of some 10.5 million people has reported 794 deaths from the disease.

Lines were long and many voters appeared to ignore physical distancing rules as they cast ballots for 32

senators and 190 members of the lower house of congress. Polls were to close at 5 p.m. local time but lines were seen at some polling stations as that hour passed.

If no candidate tops 50 percent of the vote, a runoff would be held on July 26. The new president takes office on August 16.

“I came out to vote because we have to get out of this in the first round,” said Aracelis Castillo after voting in the capital.

The campaign was notably low key, with none of the mass meetings and street caravans common in previous years.

On election day itself, at least one fatal altercation broke out with the polling place shooting of a worker for Albinader’s party. Authorities said two other people were wounded. AP

Coronavirus cases in the US increased by almost 56,000 from Saturday, a 2 percent rise that outpaced the 1.8 percent average daily increase over the past week, according to Johns Hopkins University, which updated its tracking website on Sunday after more than five hours without new data. With US cases totaling 2,874,396, deaths rose by 269 to 129,870, an increase of 0.2 percent.

California reported 5,410 new cases, an increase of 2.1 percent. Florida reported 200,111 cases, up 5.3 percent from a day earlier and equal to the average increase for the previous seven days. Arizona reported 3,536 new cases, a 3.7 percent rise, pushing the total to 98,089. The hard-hit state has a 4.1 percent sevenday average for new infections.

Democrats seek override on WHO funds

A House Democratic spending bill will set aside $10 billion for the coronavirus response and require the US to send funds to the World Health Organization, an agency targeted by President Donald Trump over its handling of the pandemic.

The bill, released on Sunday, would require the US to send $200 million to the WHO, despite Trump’s decision, citing China’s influence over the United Nations agency, to cut US funding for the group. The spending for the Covid-19 response would cover a variety of emergency funds and would be exempt from spending limits, according to the bill.

Australia states close border

Australia’s two most-populous states will close their shared border from Tuesday night as authorities battle to contain Victoria’s worst spike in coronavirus cases since the crisis began.

The decision taken by the governments of New South Wales and Victoria marks a dramatic escalation of efforts to contain the virus and could jeopardize the nation’s economic recovery as restrictions are eased elsewhere. Victoria, which has locked down 12 areas of the state capital Melbourne, recorded 127 cases overnight, its biggest daily increase.

While Australia has been one of the standout performers globally in limiting the spread of the virus to less than 9,000 cases, Victoria’s flareup—mainly amid Melbourne’s poorer and more multicultural suburbs—shows just how hard it will be to eradicate without a vaccine.

Record death toll in South Africa

South Africa reported a record 173 deaths, bringing the total to 3,199. The number came after four consecutive days of record rises in cases.

Cumulative infections rose to 196,750 with 8,773 new cases in the latest daily report.

Gauteng province, South Africa’s economic hub that includes Johannesburg and Pretoria, had the most deaths.

UK cases continue to mount

The Depar tment for Health and Social Care reported that the UK had another 516 positive cases on Saturday, down from 624 the day before and taking the total to more than 285,000. There were 22 new deaths from the virus.

Second Spanish lockdown declared

A lockdown has been ordered for a region of Galicia in northwestern Spain, restricting travel in and out of A Marina for about 70,000 residents. The five-day measure was ordered after cases started to rise from two different outbreaks.

Spain put an agricultural region with more than 200,000 residents under indefinite lockdown on Saturday. The number of cases in the Segria region of 210,000 has soared 20 percent in the past two weeks to 3,312. Four of nine outbreaks currently being monitored by authorities are associated with companies harvesting and processing fruit and vegetables. Bloomberg News

A6 Tuesday, July 7, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Wear your face mask, Covid-19 is airborne

T

he Philippines registered its biggest singleday jump in new coronavirus cases on Sunday, July 5, 2020, adding 2,434 confirmed infections and taking the total count to 44,254, according to the Department of Health. DOH officials attributed this to increased contact among people as the country started to ease lockdown measures to mitigate the pandemic’s adverse effect on the economy. This means it’s not yet safe for people to socialize or join groups outside their homes.

Hypothetical question: What if there’s a pill that can help prevent Covid-19 infection by 85 percent, will you take it? We assume most people would take it, especially if they are assured that the pill is safe and no side effects can occur.

From livescience.com: “Face masks may reduce Covid-19 spread by 85 percent, WHO-backed study suggests.” The review commissioned by the World Health Organization also found that keeping a distance of at least 3 feet (1 meter) from other people lowered the chances of coronavirus infection or spread by 82 percent, and keeping a distance of 6 feet (2 meters) could be even more effective. The need to wear face mask becomes imperative amid findings that the coronavirus is spreading through the air.

Writing for The Conversation, Dr. Douglas Reed said respiratory infections are generally spread in three possible ways: from direct contact, from droplets and from airborne particles. The aerosolized particles can contain live viruses and float in the air for hours. Reed said: “Airborne transmission happens because of airborne particles known as droplet nuclei. Droplet nuclei are any bit of mucus or saliva smaller than 5 microns across. People produce droplet nuclei when they talk, but they can also be formed when small droplets evaporate and shrink in size. Many of these droplets shrink so much that they begin to float before they hit the ground, thus becoming aerosols. People produce thousands of these droplet nuclei per second while talking and the aerosolized particles can contain live viruses and float in the air for hours. They are easy to inhale, and if they contain live virus, can get people sick.”

In an article published on July 6 by The New York Times—“239 scientists worldwide claim coronavirus is airborne”—Apoorva Mandavilli said: “In an open letter to the WHO, 239 scientists in 32 countries have outlined the evidence showing that smaller particles can infect people and are calling for the agency to revise its recommendations. The researchers plan to publish their letter in a scientific journal.”

Mandavilli added: “The coronavirus is finding new victims worldwide, in bars and restaurants, offices, markets and casinos, giving rise to frightening clusters of infection that increasingly confirm what many scientists have been saying for months: The virus lingers in the air indoors, infecting those nearby. If airborne transmission is a significant factor in the pandemic, especially in crowded spaces with poor ventilation, the consequences for containment will be significant. Masks may be needed indoors, even in socially distant settings. Health-care workers may need N95 masks that filter out even the smallest respiratory droplets as they care for coronavirus patients.”

Laboratory studies can provide valuable insight, but real world scenarios point to the true risk that airborne particles can infect anybody.

We all must seriously take the necessary measures to reduce the chances of Covid-19 infection. These include staying at home, avoiding crowded places, keeping distance from others, and frequent washing of hands with soap and water. At all times, avoid touching the eyes, nose, or mouth with unwashed hands.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

Online Editor Creative Director Chief Photographer Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager

Manny B. Villar

THE Entrepreneur

T

he economy is showing signs of life in the early phase of its reopening. It is an encouraging sign that health authorities should appreciate while the Philippines continues its battle against the Covid-19 pandemic.

I believe that with the government adopting a surgical approach to contain the coronavirus pandemic, now is the time to allow more industries to reopen under the more relaxed modified general community quarantine (MGCQ) in Metro Manila and nearby provinces.

I fully agree with Finance Secretary Carlos Dominguez III. Putting Metro Manila and the Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) corridor under the more moderate MGCQ will accelerate economic recovery “as quickly as possible.”

Secretary Dominguez is being pragmatic about the pandemic.

The reality is that the virus will not go away. The country, he says, will have to live with it for a longer period, but “we really should begin opening,” citing that Metro Manila

and Calabarzon account for about 67 percent of the country’s gross domestic product.

The economy is now throbbing compared with the early stages of the lockdown. A survey by London-based research firm IHS Markit shows the Philippines’ purchasing manager’s index, which represents factory production, improved to 49.7 in June from 40.1 in May. This is the highest PMI since February this year and signals a movement toward stabilization of the manufacturing sector.

IHS Markit economist David Owen credited the improved PMI to the government’s decision to shift from the enhanced community quarantine to the GCQ in June, allowing factories to resume operations, albeit at a limited capacity. A shift to MGCQ is expected to further boost manufacturing capacity utilization rates.

Lourdes M. Fernandez

John Mangun

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso Ruben M. Cruz Jr. Eduardo A. Davad Nonilon G. Reyes Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan

Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.

www.businessmirror.com.ph

Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila

I believe that with the government adopting a surgical approach to contain the coronavirus pandemic, now is the time to allow more industries to reopen under the more relaxed modified general community quarantine in Metro Manila and nearby provinces.

Another encouraging sign is the 28-percent increase in revenue collections in June, following a 49-percent nosedive in May, after authorities allowed more government offices to reopen.

Combined collections of the Bureau of Internal Revenue and Bureau of Customs reached P211.50 billion in June, up by P59.28 billion or 28 percent from the same month last year, according to Department of Finance data.

The June figures brought total collections in the first half to P1.155 trillion, although they are still down

by P220.47 billion or 16 percent from P1.375 trillion a year ago. The DOF noted that the “unprecedented coronavirus pandemic continued to pummel the economy and restrict business activity in most parts of the country.”

Economists from First Metro Investment Corp. and University of Asia & the Pacific also noted similar

Figuring out the stock market

T. Anthony C. Cabangon

BusinessMirror is published daily by the Philippine Business Daily Mirror

MEMBER OF

Time to shift to modified GCQ

OUTSIDE THE BOX

I

nvesting in the stock market is like walking on a tightrope and requires being nimble and proactive. It is wonderful to talk about all the money being made on the Initial Public Offerings and with the “rocketchips” before they crash.

However, most traditional investing practices such as buying on news and earnings are precarious. Along with that, part of the problem is that investors and players are looking for anything to hang their trades on.

They are suspicious and that is the right attitude to take.

Let me share some thoughts. I had been anticipating for a long time that 2020 was not going to be a good year economically as the cycle was due to change to negative in January. I did not anticipate that the global everything would turn to dust so badly and quickly. But I did write last December that I would be looking for companies with creative thinking for the glorious year—at least in the forecasts of

some Feng shui experts—that 2020 would become.

I wanted to see flexible funding and financing in a world of low interest rates, I wanted to see new business models that could better operate in the light of the declining economies of China and the United States.

The “fundamentals” of a company are not that important to me as far as the ratios and relation to the stock price in the short term are concerned.

But I am concerned with the overall trend of revenues and profits because that tells me if the people in charge know what they are doing. Full-year and last quarter 2019 revenues indicated if there was upside business momentum, since 2019 was bumpy.

Looking forward, the Great Beasts of Gorgoroth—go watch Lord of the Rings—stand guard at 8,000. Until then, buy the movers particularly on higher volume and as the economy recovers.

The results from first quarter 2020 gave some interesting insights into the corporate management.

For those companies that reported dismal results, it was all because of the “quarantine.” For those that turned in respectable results, it was noted how much better things would have been if not for the quarantine. Remember, the lockdown was only for the last two weeks of March. Of great importance was whether or not companies reduced expenses in the first quarter since things turned ugly on January 12 with the Taal eruption.

April and May will be “black holes” on the income statements of virtually every company. June will see some small “green shoots” for a few but nothing exciting. What I have been watching is what companies have been doing to survive and what some that have started operating since the first of June have been doing to

favorable economic indicators, such as the increase in government spending, stable inflation rate and strong peso. They recommended further easing of quarantine restrictions, such as allowing more employees to return to work and authorizing more public utility vehicles to operate.

While the second-quarter gross domestic product may be worse than the first-quarter contraction of 0.2 percent, there are indications the third quarter may see a much better economic performance, especially as the country’s major trading partners begin to recover.

China, for one, is now moving toward recovery as lockdown restrictions across the globe are slowly being lifted. Multinational holding company Franklin Templeton noted that China’s manufacturing companies reopened with at least 90-percent capacity utilization in a strong sign of movement toward normalcy.

Here in the Philippines, the government is allowing more industries to reopen as long as they observe the health protocols, such as social distancing of at least 1 meter, wearing of face masks, and proper hygiene. We should remain cautious at all times, while continuing our work and daily errands to support the needs of our families.

We are hopeful that vaccines are just within months of becoming See “Villar,” A7

thrive in the future.

All forms of hospitality businesses—hotels, gambling and airlines— are still dead meat. Retail and food services are slowly starting to wake up. Property companies are making adjustments not only in capital expenditures but also to the potential loss of foreign and OFW business.

Now that I have covered all that brilliant nonsense, how do we make any money?

I still believe that we are at the beginning of an historic upside rally and will keep that forecast until something changes. When the market was much lower I said the year would end with the main index at 6,300. That idea did not take much brains or cojones. But anything above that level is bonus money as far as I am concerned.

Looking forward, the Great Beasts of Gorgoroth—go watch Lord of the Rings—stand guard at 8,000. Until then, buy the movers particularly on higher volume and as the economy recovers.

E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

www.businessmirror.com.ph

Why Europe is in better shape than the US

‘The American president who defeated a pandemic’ Manny F. Dooc

By Ferdinando Giugliano | Bloomberg View

A

fter the great recession, the American economy rebounded faster and stronger than the euro zone, raising doubts over the effectiveness of the “European social model.” As Europe emerges from the first wave of the Covid-19 epidemic in better shape than the US, its combination of welfare states and strong public health systems suddenly seems appealing again.

The US is still struggling to contain outbreaks in several states from Texas to Florida, whose health-care systems are being pushed to the brink. The federal government has failed to articulate a unified message for the country, as state governors have taken conflicting decisions on the length and strictness of their lockdowns.

Meanwhile, in most European countries, the situation appears under control. From Germany to Greece, countries are dealing with a handful of flare-ups, but they’re being contained by localized restrictions. Governments have reopened their economies steadily, without causing a new surge of infections. The sacrifices of months of lockdown appear to be paying off for now.

Europe’s economy also appears to be improving. The euro zone is in the middle of a very steep recession, and the European Commission expects the bloc’s gross domestic product to fall by nearly 8 percent in 2020. The difficulties in other parts of the world in managing the pandemic will weigh on exports—and especially on tourism. But restaurants, bars and shops don’t seem to be heading for a mass round of fresh lockdowns, unlike in the US. Domestic demand, from consumers and governments, should keep recovering as long as the pandemic is kept in check.

Europe’s labor market institutions are cushioning the blow. Countries from Germany and France to Italy and the UK have generous furlough schemes, where governments are subsidizing workers for the hours they’re not employed. Companies can keep more employees on their payroll without triggering a downward spiral of unemployment and falling demand. As the economy restarts, businesses don’t have to go through the long and costly process of rehiring workers. The biggest problem for Europe will be making sure this doesn’t turn into never-ending life support for unviable companies and industries.

The experience of the euro zone and US labor markets since the pandemic shows the difference of the two approaches. The US unemployment rate stood at 11.1 percent in June, up from 3.5% in February. The actual number was probably worse.

Jason Furman and Wilson Powell III at the Peterson Institute of Interna-

Villar. . .

Continued from A6

widely available, with several companies already testing their products among human patients. Pharmaceutical companies Pfizer and BioNTech recently began a clinical trial of an experimental vaccine that triggered immune responses among healthy patients. This is an initial positive report, but it will take larger and more clinical studies to confirm if the vaccine is really safe and successful.

Dozens of candidate vaccines are also on the way to clinical trials, including those being developed by the likes of Inovio, CanSino, AstraZeneca and Moderna. We can only hope that one of them will soon be available to protect us from Covid-19.

For the moment, let us listen to health experts who prescribe health protocols under the new normal. We need to observe these protocols to ensure that the opening of more business establishments won’t be derailed.

The Department of Trade and Industry, meanwhile, plans to increase the dine-in capacity of restaurants,

tional Economy believe the “realistic unemployment rate” was 13 percent in June, correcting for misclassification errors. The data don’t take into account the worsening medical crisis in the second half of June, which has prompted a number of states to reverse their reopening plans. The euro area unemployment rate has risen much less: It climbed to 7.4 percent in May, up from 7.2 percent in February.

This divergence is the result of the euro zone’s use of furlough schemes, which have covered more than 35 million people in the bloc’s five largest economies. A group of economists at the European Central Bank found that these salary-support programs buffered the impact of the epidemic on households’ disposable income.

In the absence of these benefits, the drop of worker income across the euro area would have been 22 percent during the lockdowns. Thanks to the governments’ measures, it was only 7 percent—although there were differences between member states, with Germans receiving the most help.

The problem for Europe is that these schemes are very expensive and provide perverse incentives for companies and workers, who may be in no hurry to return to the their jobs. Employers will still need to adapt to the new economic reality post-Covid, whether that’s downsizing to reflect lower demand or changing their business models. The longer the furloughs last, the more this process will be delayed. That’s especially true in countries such as Italy, which have banned companies from firing workers.

This doesn’t mean furloughing is a bad idea. But governments need to accompany them with active labor market policies, such as retraining those who are likely to become unemployed. In the past, these areas of spending have been neglected in those countries that have been worst affected by the crisis, such as Italy and Spain. Their reopenings might be especially tough.

The euro zone deserves two cheers for its health-care and labor institutions, which have helped it to weather the pandemic better than the US. However, it needs to ensure it doesn’t merely prop up zombie companies. Freezing the jobs market makes sense in the short term, but it’s not a viable long-term strategy. hotels and other establishments from 30 percent to 50 percent in areas under the GCQ. This will encourage these businesses to hire more employees and generate more sales.

Trade Secretary Ramon Lopez was quoted as saying last week that “the higher operating capacity, the more jobs and sources of income we can provide for our workers.”

The Department of Tourism, for its part, wants more tourism establishments to reopen, as it defers to local government units to determine the best time to reopen their respective destinations, sites, attractions and enterprises to tourists. Boracay Island, the country’s major destination, reopened on June 16 to guests from Western Visayas in a phased approach to revive the industry.

We should allow the tourism industry and other sectors to reopen gradually to generate jobs and provide opportunities for millions of Filipinos. Reopening lessens the burden of the government to provide subsidies and paves the strategic path to normalcy.

For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

Tuesday, July 7, 2020 A7

TELLTALES

O

ne of the most underrated presidents of the US is General Dwight Eisenhower, despite the fact that Ike gave his country eight long years of peace and security. He commanded the largest army ever assembled in the history of warfare and orchestrated the invasion of Europe, which resulted in the victory of the Allied forces against the Axis powers. He was a decent and highly principled man who inspired his men to support and fight for his cause—both in war and peace. He was a simple man not given to grandiloquent speeches like General Douglas McArthur, nor flamboyant and egotistical like General George Patton.

As mentioned in his memoir, “Eisenhower: In War and Peace,” “he valued understatement.” Eisenhower, just like the army of his day, “did not decorate themselves like Christmas trees.” He was molded in the fine tradition of Generals George Washington and Ulysses Grant who were greatly respected by the soldiers they led and the citizens they protected.

He served the White House for two terms by defeating a muchheralded candidate renowned for his cerebral prowess, Adlai Stevenson, in two successive presidential contests. He was the most popular president well loved by the Americans with a monthly approval rating of 64 percent, a number unsurpassed since President Franklin Delano Roosevelt. Notwithstanding his colorful military exploits, Eisenhower shunned war. He made peace in Korea and despite the Joint Chiefs of Staff recommendation to intervene at Dien Bien Phu to save the French from an embarrassing defeat in Vietnam, he disapproved

of the proposal, including the use of the atomic bomb. He virtually scolded them, “You boys must be crazy. We can’t use those awful things against Asians for the second time in less than 10 years. My God.” He abhorred the so-called gunboat diplomacy and refrained from using military force to influence or control foreign relations. During the Suez Canal crisis in 1956 when Britain, Israel and France invaded Egypt following Egypt’s nationalization and control of the canal, Eisenhower applied pressure to the three governments to cease military action and withdraw from their takeover of the vital passageway. While the

coalition forces emerged victorious, Egypt scored a military victory.

Eisenhower proclaimed that “there is no substitute for peace.” Eisenhower’s fairness and evenhanded approach to international turmoil earned him the admiration and respect from all corners of the world.

The Eisenhower years could well be considered the “Pax Americana” which had earned America the affection of all freedom-loving people of the world.

Despite his greatness, Eisenhower has receded from our memory. But one exceptional display of his executive ability and leadership, which made him very relevant today, was his handling of the Spanish Flu epidemic in 1918 that ravaged the US and many parts of the world. The exact number of people that died was never known but more than 548,000 Americans succumbed to the virus, and an estimated 50 million to 100 million people infected around the world. Pretty much similar to the current Covid-19 pandemic which is gripping our planet right now. The dreaded Spanish Flu greatly devastated the US that the average life expectancy of the Americans dropped by 12 years. The virus was first reported on September 8, 1918 at a military camp, Fort Devens, Massachusetts. Unfortunately, 124 soldiers from Fort Devens were transferred to Camp Colt, the military training camp commanded by Major Eisenhower. Within the day, Spanish flu was diagnosed prompting Eisenhower, with the help of the camp’s surgeon, to undertake measures and protocols to contain the spread of the virus. Eisenhower isolated every sol-

dier with the slightest symptoms by putting up tents with makeshift beddings. Not more than four men occupied each tent except those found positive who were given an exclusive tent. He ordered the entire camp to be quarantined and MPs were posted to prevent soldiers without medical clearance from leaving. Outside restaurants and bars were ordered not to accommodate and serve soldiers and even the churches in the vicinity were placed off-limits to soldiers.

Protocols were strictly enforced.

Tents were exposed and beddings were warmed under the sun. The amp was sprayed with disinfectants everyday and all soldiers and civilian staff were required to undergo daily medical exams. From September 15 to October 5, 1918, out of more than 10,000 men under his command at the camp, only 321 were admitted to the hospital due to the virus, and 175 died from the disease. By October 24, Camp Colt was free of the Spanish flu.

The Camp Colt experience relative to the handling of the virus compared favorably with all the other military camps in the US and as a recognition of Eisenhower’s achievement, 15 of his team members were sent to different military camps to flatten and contain the pandemic. The epidemic killed 52,019 American servicemen in 1918, which was slightly lower than the 53,402 casualties who died in combat. When World War I ended, Eisenhower was awarded the Distinguished Service Medal, the Army’s highest peacetime decoration.

Eisenhower was the American President who defeated a pandemic.

He did it not by tweeting or distorting facts.

Easing the closing of business due to Covid-19 Atty. Lino Ernie M. Guevara

Tax law for business

T

he Covid-19 pandemic kills…not only lives but also businesses.

In a briefing held last month, the Department of Labor and Employment (Dole) claimed that more than 2,000 establishments had closed down during the Covid-19 health crisis, displacing almost 70,000 workers. By now, the numbers have surely climbed up.

Due to the devastating toll of this deadly pandemic on all types of businesses, from individual entrepreneurs or micro enterprises to the big players, many entrepreneurs are struggling to decide whether to continue their operations or if it’s time to fold up. Businesses that have temporarily closed shop due to the government-imposed quarantine may no longer be able to flip back their welcome sign saying “Open for Business.” Instead, many will continue to go on lockdown, permanently.

But the decision to close shop does not stop there. Once that bitter decision is made, you have to get down to the equally daunting business of closing down your business, legally. And this could be no simple feat having to contend with at least eight government agencies or instrumentalities to comply with their varying requirements, or give the proper notifications before your business could be formally and legally retired. The procedures and requirements for closure would also depend on the kind of entity that you set up in the first place.

Was it merely a single proprietorship registered with the Department of Trade and Industry? Or was it a corporation or partnership established through the Securities and Exchange Commission? The kind of entity also determines the specific agency you need to deal with.

Aside from these main government agencies that gave “birth” to your business and where it will also be “interred,” so to speak, you also need to deal with other government instrumentalities from the Barangay up to the Municipality or City where your business is located. You also have to cancel your business registrations and give proper notifications to other

government agencies such as the Social Security System (SSS), Philippine Health Insurance Corp. (PhilHealth), Home Development Mutual Fund (Pag-IBIG Fund) as well as the Dole relative to the separated employees.

And yes, saving the most challenging for last, you have to retire your business with the Bureau of Internal Revenue (BIR) and secure that treasured Tax Clearance evidencing your entity’s clean bill of tax health.

For this, you need to start with the filing of BIR Form 1905 with the BIR for the cancellation of the Taxpayer Identification Number (TIN) in relation to the dissolution of the corporation or partnership or cessation of registration due to permanent closure of the business of an individual. Revenue Memorandum Circular (RMC) 57-2020 provides an updated list of requirements as follows: 1. BIR Form 1905 (2 originals) 2. List of ending inventory of goods, supplies, including capital goods (1 original) 3. Inventory of unused sales invoices (SIs)/official receipts (ORs) (1 original) 4. Unused SIs/ORs/Accounting forms (e.g., vouchers, debit/credit memo, delivery receipts, purchase orders), including Certificate of Registration (COR), business notices and permits (1) Note that these will all be subject for destruction to be witnessed by BIR personnel and officials.

Our Tax Code requires that all corporations, partnerships or persons that retire from business shall submit their books of accounts, including the subsidiary books and other accounting records for examination.

Entities contemplating dissolution must notify the BIR Commissioner

and shall not be dissolved until cleared of any tax liability. In this regard, the BIR’s implementing regulation provides that “(a)ll taxpayers who filed for cancellation of registration due to closure/cessation or termination of business” shall be “subjected to immediate investigation by the BIR office concerned to determine the taxpayer’s tax liabilities.”

For its examination, the BIR usually goes back to the entity’s three unaudited taxable years prior to the closure of business. Thus, some companies opt to just coast through first during this period even without operations and just religiously comply with the nil filing of tax returns before formally applying for business retirement. But for others, waiting is just not a practical option.

The BIR examination relating to your application for retirement ends up like a full-blown audit that other regularly operating companies are subjected to annually. Based on actual experiences, securing a Tax Clearance could take several months but, more often, could run up to several years, especially if the BIR findings amount to millions of pesos being assessed. Imagine a venture closing down due to a major business downturn like this pandemic but will be assessed with that dizzying amount of tax deficiencies. This burden is indeed heavier and costlier than the closing of business itself.

Admittedly, securing a Tax Clearance is the Gordian knot in the dissolution process. It could unduly and unjustifiably delay the dissolution or retirement of the business. In turn, this would negatively impact future business plans of the owner or shareholder, or in some cases, the planned re-organization of the business. It could also scare away taxpayers wanting to comply.

So, it may be timely to evaluate now. Can the retirement procedures by the concerned agencies be expedited and further streamlined given the Covid-19 impact? Most of these are administrative in nature, thus, could easily be revised or amended by the agencies themselves. Can a one-stop shop be set up now by all agencies concerned for this purpose in line with the law on the ease of doing business and anti-red tape?

Specifically, can the scope of the tax audit be restricted as to the year covered as well as limiting the coverage of taxes to be examined, especially for businesses closing due to and

during this pandemic? Can some form of condonation or any form of limited reliefs be likewise extended to designated or classified entities (i.e., closure due to the pandemic; specified income brackets or covering small and micro enterprises, etc.) similar to those afforded by the BIR to online sellers under RMC 60-2020? Under the latter, they can declare voluntarily their past transactions and pay the taxes due without corresponding penalties within the prescribed deadline. The BIR did this through a mere administrative issuance with no legislation to back it up.

Note that unlike regular operating corporations, these entities intending to close now would do so because they are already in the red and left with no option to continue operating.

And slapping them with tons of tax deficiencies could both be ill timed for the taxpayer and unproductive in terms of the BIR’s collection efforts.

They simply don’t have the resources to pay, even if they want to.

This pandemic, a time when many businesses are forced to shut down, may be a golden opportunity for our Legislators and implementing regulatory agencies to evaluate our current policies, laws and rules governing dissolution, particularly the aspect of securing a Tax Clearance. The more it will be timely now since any form of relief is critical, especially for individual entrepreneurs or micro or small enterprises in the precipice of bankruptcy. It may even be considered as one of the reliefs to be included in the Bayanihan 2 bill up for deliberation during Congress’ special session or under such other measures to cope with this crisis.

Closing down one’s business is, to say the least, a painful rite. The government could at least temper the torment by easing and rationalizing its closing, thus, allowing business owners to move on much faster to newer ventures and endeavors to rise up and recover.

The author is a Special Counsel of Du-Baladad and Associates Law Offices (BDB Law), a memberfirm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at ernie.guevara@ bdblaw.com.ph or call 8403-201 local 160.

A8 Tuesday, July 7, 2020

Pag-IBIG suffers 10.4% dip in Q1 net income

By Bernadette D. Nicolas

T

@BNicolasBM

HE Home Development Mutual Fund (Pag-IBIG Fund) suffered a double-digit drop in its net income for the first quarter of the year compared to the same period in 2019.

Pa g - I BIG Fu nd s aw a 10.4-percent plunge in its net income as of end-March this year to P8.029 billion from P8.96 billion a year ago, based on its statements of comprehensive income.

Meanwhile, its gross income for the three-month period also dipped by 1.73 percent to P12.47 billion from P12.69 billion in 2019.

T h e B u s i n e s s M i r r or tried to reach Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti for an explanation on the drop of its net and gross income, but he has yet to respond as of press time.

In 2019, Pag-IBIG Fund achieved its highest-ever net income of P34.38 billion, up by 3.5 percent from P33.17 billion in 2018.

The agency also booked a higher gross income at P56.896 billion last year, a 7.7-percent increase from P52.82 billion in 2018.

Last month, Moti said in an interview with the BusinessMirror that it is still expecting a “decent” net income even in the worst-case scenario of a 75-percent drop on their performing loans ratio due to the impact of the Covid-19 pandemic, citing their latest stress tests.

According to Moti, Pag-IBIG Fund exceeded its P15.75-billion target for housing loan releases for the first quarter as it posted P15.77 billion during the period.

However, he earlier said they expect a 20-percent drop in housing loan takeouts this year due to the impact of the lockdown. With the expected plunge in housing loans to P76.32 billion, this would be below their 2020 revised target of P95.4 billion.

In 2019, housing loan releases also reached a record P86.7 billion, a 15-percent surge from P75.3 billion in 2018.

In terms of short-term loan availments, Pag-IBIG also failed to hit its P12.88 billion target as of end-March as it recorded only P11.61 billion in actual availments during the period.

Nonetheless, he expressed optimism that they are going to hit their P56.2-billion target for short-term loans.

EASTERLIES AFFECTING EASTERN SECTIONS OF VISAYAS AND MINDANAO as of 4:00 am - July 6, 2020

Amid glut, DA told to seek powers for meat imports halt

L

By Jasper Emmanuel Y. Arcalas

@jearcalas

OCAL broiler producers are urging the Department of Agriculture (DA) to initiate legislative efforts to be able to suspend meat importation, and thus help the industry cope with the persisting domestic supply glut.

In an open letter to Agriculture Secretary William D. Dar, the United Broiler Raisers Association (Ubra) raised anew the high inventory of dressed chicken in cold storages, indicating that demand for poultry meat remains anemic.

Citing latest National Meat Inspection Service (NMIS) data, Ubra

said dressed chicken inventory as of June 22 stood at 85,759.250 metric tons (MT), more than double the 35,913.54 MT inventory in the same period of last year.

Likewise, the latest dressed chicken inventory is 60.24 percent higher than the 53,518.66 MT recorded level on March 16, or when the Luzon-wide enhanced community quarantine (ECQ) was implemented.

Fu r t he r more, N M I S d at a showed that half of the present dressed chicken inventor y or about 42,487.29 MT are locallyproduced broilers while the remaining volume of 43,271.96 MT were imported.

Ubra said they are hoping there would not be another round of ECQ, particularly in Metro Manila, Central Luzon and Calabarzon, as it would leave broiler raisers helpless on where to put their live chickens.

“As a way forward, we are requesting that the DA spearhead a legislative effort to seek clear authority that in certain circumstances the Secretary of Agriculture may suspend importation,” Ubra said in the letter dated July 2.

Ubra President Elias Jose Inciong told the BusinessMirror that the farm-gate price of broilers is back on a downward trend due to depressed demand despite the resumption of some activity in the fast-food service sector.

Inciong added that higher loading by some broiler farms also contributed to the decline of farmgate prices as some raisers were attracted by high farm-gate price few weeks ago.

“Our assessment is that the hotel, restaurant and institutional sector is just at 30 percent of its demand levels,” he said.

Latest Ubra data showed that the average farm-gate price of regular-sized broilers as of July 3 slightly declined to P88.8 per kilogram from P89.8 per kilogram in the previous week. Ubra data also showed that the average farm-gate price of prime-sized broiler fell to P90.71 per kilogram from last week’s P91.62 per kilogram.

Iloilo oil spill sparks calls to limit use of fossil fuels

A

C Energy is facing severe penalty and fine for the Iloilo oil spill under Republic Act 9275 or the Philippine Clean Water Act of 2004.

This, as several groups have expressed fear that failure to contain the oil spill may lead to an environmental disaster damaging coastal communities in Iloilo and nearby provinces.

An oil spill is one of the worst man-made disasters. Aside from exposing communities to serious health risks and potentiallycausing long-term job loss or livelihood, its impact on the environment is severe as it threatens not only marine life but marine and coastal habitats.

Under the Philippine Clean Water Act of 2004, upon the recommendation of the Pollution Adjudication Board (PAB), the fine for causing water pollution is computed for every day of violation range from P10,000 to P200,000.

DENR Undersecretary Benny D. Antiporda, the deputy spokesman of Secretary Roy A. Cimatu, earlier said a notice of violation will be issued to AC Energy, a unit of the Ayala Corp., for the oil spill. Nevertheless, he said via text message on Tuesday that the computation of the fine to be slapped against the company begins on July 3, Day 1 of the spill.

AC Energy is now stepping up to contain the oil spill. Around 48,000 liters of its Power Barge 102 in Lapuz, Iloilo, was spilled following an explosion.

Continued on A4

Meralco vows to clear confusion over quarantine days’ ‘bill shock’

By Lenie Lectura

T

@llectura

HE Manila Electric Co. (Meralco) once again caught the ire of lawmakers who complained of “confusing and hard to understand” electricity bills.

At a virtual hearing on Monday, Senate Energy Committee Chairman Sherwin Gatchalian said his office received numerous complaints from people who could not understand how their bills were computed, given earlier assurances by regulators and the distribution utility that special consideration will be given for the months when Covid-19 quarantines were in place, beginning mid-March until end of June.

Gatc ha l ia n pointed to his own experience as an example: his bill shot up for the months of March and April, for a total of P20,539.68, when he was not even staying in his condominium on those months. Compared to his May bill, Gatchalian said this only amounted to P3,368.05. This led the senator to believe that Meralco overcharged him.

Meralco refuted this, saying Gatchalian’s May bill already ref lected his actual consumption. “Your consumption in the month of May is actually lower so it means that what happened during that period was that anything that was overly estimated in March and April was already adjusted in your May consumption,” Meralco First Vice President and Head of Customer Retail Services and Corporate Communications Victor Genuino explained to the senator.

Gatchalian then chided Meralco for not explaining this in the bill that he received. “It’s nowhere in the bill. You expect me to blindly trust Meralco? If the Energy committee chairman cannot understand your bill, what more the ordinary citizens? It’s proven that your bill is confusing. If Meralco had just followed ERC [Energy Regulatory Commission],” then there wouldn’t have been chaos, he added, in a mix of English and Filipino. Why, Gatchalian wanted to know, “did Meralco not follow the breakdown as directed by ERC?” Other members of the committee raised their respective complaints at the hearing that lasted for over four hours.

Other DUs in violation, too

FOR the regulator’s part, ERC chief Agnes Devanadera said there are many distribution utilities (DUs) that violated the agency’s billing advisories during the lockdown.

As such, her office will issue show-cause orders to all violators, including Meralco.

In all, the ERC has received 47,000 complaints related to “bill shock” and noncompliance with ERC advisories from May up to present. Majority of the 47,000 complaints came from Meralco customers. “ N o w, t h e r e a r e a l r e a d y 47,000 complaints filed with the ERC. Most of the complaints are focused on this. Despite the advisories we issued, marami pa din ang nag violate. The violation is clearly on advisories because we specifically directed them how billing should be done. The bills given to the people should not have been

stated that way,” said the ERC chief, partly in Filipino.

Meralco apologizes

THE utility firm, meanwhile, apologized to the Energy committee.

“We have shortcomings. The May bill is the real problematic billing that has created confusion because of estimates,” Meralco President Ray Espinosa acknowledged. The confusion stemmed from Meralco’s move to send “estimates” in the April-May bills based on average past three billing periods of customers. When meter readers were finally able to get out and measure actual consumption, this was reflected in the June billings. However, people got confused, according to Sen. Risa Hontiveros, because the June billing that contained the official measurements gave a “June 30” payment deadline, contradicting assurances they could pay in installment for what they used in the lockdown season.

Pressed for action by Gatchalian, Espinosa said the confusion would be cleared via the issuance of a letter to all Meralco customers that will contain the breakdown of the estimated bills for March and April as against the actual bill for the said months.

“That is something we want to correct by this letter. May pagkukulang kami. Iyung previous estimates ng March and April, iyun ang nakadagdag sa kaguluhan. Ang balak ko gawin ay linawin iyun sa sulat [We have our shortcomings. The previous estimates for March and April, those added to the confusion. We plan to clear up everything in a letter],” said Espinosa.

Continued on A4

Companies BusinessMirror

www.businessmirror.com.ph

ICTSI kicks off tender offer for senior perpetual bonds

P

By VG Cabuag

@villygc

ort operator International Container Terminal Services Inc. (ICTSI) on Monday launched a tender offer for its 5.5 percent senior guaranteed perpetual bonds worth $450 million.

In its disclosure, the company said ICTSI unit Royal Capital B.V. will repurchase outstanding bonds starting July 6 until July 14. The company said it had the right to extend the said tender offer period if necessary, subject to market conditions.

The company said some $264.86 million of its perpetual bonds are currently outstanding.

The board of ICTSI also approved Royal Capital’s issuance of new se-

nior perpetual securities guaranteed by the port operator.

“The company is undertaking the tender offer [through the issuer] as part of its strategy to manage the profile of its existing financings,” ICTSI said.

The company has appointed Citigroup Global Markets Ltd., The Hongkong and Shanghai Banking Corp.

Ltd. and Standard Chartered Bank as joint lead managers for the new se-

curities offer and as dealer managers for the tender offer. It also appointed Morrow Sodali Ltd. as information agent for the tender offer.

Earlier last month, ICTSI raised some $400 million from its offering of 10-year unsecured senior notes in the offshore market, the first local company to do so against the backdrop of the coronavirus pandemic.

This is the first time that the port operator tapped the offshore market in two years, since its offering of perpetual bonds in 2018.

Proceeds of the notes issuance will be used to refinance and extend the maturity of ICTSI’s liabilities and for general corporate purposes.

The notes were priced with a fixed coupon of 4.75 percent per year, payable on a semi-annual basis and a price of 99.607 to yield 4.8 percent per year.

Billionaire Enrique K. Razon Jr., ICTSI chairman, earlier said he will keep on expanding the company’s

portfolio even as the company has decided to reduce its capital expenditures to a minimum.

“But even during this crisis, we are still keenly on the lookout for opportunities to expand our portfolio and continue to be very active in seeking out potential acquisitions or new projects whose potential or valuation makes sense in this environment,” Razon said during the company's stockholders’ meeting last month.

“Given the great uncertainty of many economies and the global economy itself, we have shored up our balance sheet, and we will continue to seize every opportunity to further strengthen our finances going forward.”

At the moment, the company already controls most of the profitable ports nationwide. ICTSI is also embarking on the modernization of the Iloilo Commercial Port Complex and the Port of Dumangas.

‘Suntrust exempt from foreign ownership cap’

S

untrust Home Developers Inc., now majority owned by Hong Kong’s Suncity Group Holdings Ltd., on Monday said it is no longer subject to foreign ownership limit.

The company which will operate Andrew Tan’s integrated main hotel and casino in Entertainment City, said it does not own land and is not engaged in any nationalized or partly nationalized activity.

“On December 20, 2019, the Securities and Exchange Commission approved the company’s application for registration under the Foreign Investments Act of 1991. On June 17, 2020, it also approved the amendments to the company’s primary and

secondary purposes, allowing the company to focus on tourism-related businesses,” the company said in its disclosure to the Philippine Stock Exchange (PSE).

Suntrust is 51 percent-owned by Fortune Noble, a wholly owned subsidiary of Suncity Group Holdings Ltd., which is listed at Hong Kong Stock Exchange.

Suntrust earlier in May has signed an agreement to operate and manage the main hotel casino, to be developed at the Manila Bayshore Integrated City in Parañaque.

“The O and M [operation and management] agreement takes effect upon its execution on May 4, 2020 and has a term of until July

11, 2033, and shall be automatically extended or renewed, unless terminated earlier in accordance with the provisions of the O and M agreement,” it said.

The said deal is part of the series of transactions signed in October last year between Suntrust and Westside, the co-licensee of Tan’s Travellers International Hotel Group Inc. It holds the gambling license issued by the Philippine Amusement and Gaming Corp. for the operation of at least $1 billion worth of integrated resort and casino. It may enter into any agreement or contract for the operation and management of the main hotel casino.

The company’s share price was

Grab program aids jobless workers in cities

T

he local governments of Navotas and Quezon City have partnered with Grab to provide livelihood opportunities to their residents amid the Covid-19 pandemic.

Through its GrabBayanihan program, Grab has committed to help Quezon City residents recover from the impacts of the Covid-19 pandemic by aiming to provide livelihood opportunities to around 1,000 tricycle drivers, displaced workers, and small business owners in the city who have been severely impacted by the pandemic.

Furthermore, Grab Philippines and the Quezon City government will provide livelihood opportunities to 500 tricycle drivers and displaced workers to be part of Grab’s delivery fleet.

The partnership will likewise offer market access to at least 500 small businesses in Quezon City who are greatly affected by the pandemic.

“With responsible use of technology as well as our enduring partnership with the Quezon City government, we hope to continue helping our kababayans in Quezon City who have been greatly affected by the pandemic, get back on their feet through the many livelihood opportunities available on our Grab platform,” said Brian Cu, Grab Philippines president.

“We are thankful for the trust and confidence that the city government has placed on us, as its partner in helping this great city through its residents, recover from the pandemic and navigate the new normal.”

In the past, the company said Grab, and the Quezon City government have shared several milestone

BusinessMirror file photo

initiatives particularly in responding to the initial threats of the pandemic by providing mobility and delivery solutions to the city in the form of GrabWheels, and a specialized delivery fleet, respectively.

Small Business and Cooperatives Development and Promotions Office Head Mona Yap explained said 500 displaced workers and tricycle drivers would be trained and onboarded as GrabFood and GrabExpress delivery-partners. At the same time, 500 small businesses will be provided with market access through the Grab app.

Under its partnership with the local government of Navotas, Grab said it will provide livelihood opportunities to around 500 tricycle drivers and displaced workers in Navotas. They will be trained and be onboarded as GrabFood and GrabExpress delivery-partners.

Aside from this, Grab will be providing 500 micro, small, and medium

enterprises in the city with access to digital tools to promote their businesses through the Grab app.

“We hope to continue helping our Navoteños who have been greatly affected by the pandemic get back on their feet through the many livelihood opportunities available on our Grab platform,” Cu said.

The partnership with the Navotas government is also an offshoot of GrabBayanihan, a program that was launched at the onset of the pandemic to help displaced workers and affected businesses recover from the effects of the community quarantines.

“This is a welcome opportunity for Navoteños who strive to support their families amid the pandemic. The GrabBayanihan program not only provides livelihood to our people; it also brings hope that life will become better if we help and lift each other up,” Navotas Mayor Toby Tiangco said. Lorenz S. Marasigan

last traded at P1.43 per share. Its foreign ownership level is still at 40 percent, according to PSE. VG Cabuag

Tuesday, July 7, 2020

Cisco unveils financing scheme for local SMEs

By Lorenz S. Marasigan @lorenzmarasigan

C

isco Philippines is offering a financing option that will enable micro, small and medium enterprises (MSMEs) to purchase hardware and software solutions to adapt to the so-called new normal, where digital is the preferred option for almost all services.

Karrie Ilagan, the managing director of the company, said her group decided to offer businesses with a zero percent interest, three-year term financing option, as a way of helping businesses cope with the effects of the Covid-19 pandemic.

“The outbreak of Covid-19 has had a huge impact on SMEs across the country. However, the situation has also brought about a rapid shift in mindset of SMEs to be more receptive to the idea of integrating technology in various aspects of their business and accelerate their digital transformation journey not as a means of survival in the current environment but also for driving future growth,” she said.

Ilagan said these enterprises are crucial to the economy, as 99.5 percent of all businesses in the Philippines are considered

B1

MSMEs. They also account for 63 percent of the country’s total employment.

Given this, she said, her group deemed it “crucial to provide support for the recovery of the MSME industry to ultimately provide support for the overall recovery of the national economy.”

Under the financing program, Cisco will provide financial support to MSMEs that seek to equip themselves with the necessary tools and solutions to accelerate their business in the new digital era. These include tools for virtual meetings and collaboration, cyber-security solutions and networking equipment.

Cisco’s program is a lease-toown package for tools and softwares that cost between $20,000 to $300,000, depending on the tech requirements of buyers.

“Technology can help solve some of their key challenges and revitalize their operations. It is more important than ever for partners like Cisco to provide the much-needed assistance, not just through our solutions and expertise but also through programs that can help alleviate financial concerns,” Cisco Director Raz Mohamad said.

B2

Companies BusinessMirror

Tuesday, July 7, 2020

PSE STOCK QUOTATIONS

July 6, 2020

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

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

46 97.5 72 20.6 7.5 37.9 17 20.65 47.25 17.04 105.6 54.8 0.68 20.05 2.48 7.87 0.93 0.27 0.57 163 1676

46.9 97.8 72.2 21 7.53 38.3 17.62 20.7 48.75 17.06 105.7 54.95 0.77 21 2.79 - 1.02 0.29 0.59 167 1740

46.75 100 73.4 21 7.55 38.95 17.16 21.25 48.95 17.2 109.4 54.75 0.72 19.2 2.45 7.14 0.9 0.275 0.59 167 1750

46.75 101.7 73.4 21 7.6 39 17.16 21.3 48.95 17.2 109.4 54.95 0.79 20.05 2.45 7.87 1.04 0.275 0.59 167 1750

46.05 97.5 71.55 20.5 7.5 37.7 17 20.4 47 17 105.3 54.75 0.72 19.2 2.43 7.14 0.88 0.27 0.56 163 1675

46.05 97.5 72 20.9 7.53 37.9 17 20.7 47.2 17.04 105.7 54.95 0.77 20.05 2.45 7.87 1.04 0.27 0.59 167 1750

6000 5395710 2619370 60900 324900 2394000 2500 135100 7600 27600 319520 740 65000 132000 8000 44900 7000 460000 45000 1360 40

277200 528911358.5 188861569.5 1271290 2444782 91343240 42740 2797555 360330 470326 33954677 40608 48330 2599460 19580 342053 6520 124550 25810 223000 68500

INDUSTRIAL

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

2.23 1.15 27.8 0.156 25.7 63.2 278 14.8 3.19 3.15 11.2 18.64 8.02 7.34 2.54 11.7 14.42 4.18 5.03 7.8 70.1 0.56 1.27 31.55 147.1 30.2 6.5 5.44 0.139 6.07 1.47 4.26 0.106 128.9 0.85 56 60 1.02 9.82 5.2 6.23 7.34 8.38 0.7 0.83 1.8 2.01 3.65 4.05 19.9 1.87 5.71 1.1 6.07 1.26 8.17

2.24 1.2 28 0.158 25.75 63.4 283 14.82 3.2 3.28 11.44 18.68 8.03 7.45 2.58 13 14.5 4.2 5.09 7.82 70.5 0.58 1.28 31.6 147.3 43 6.88 5.46 0.15 6.08 1.48 4.44 0.113 129 0.86 61.05 67 1.03 9.92 5.22 6.24 7.35 9 0.73 0.85 1.98 2.06 3.71 4.16 20 1.88 5.8 1.11 - 1.27 8.19

2.2 1.21 27.85 0.155 26.65 62.7 279 13.66 3.11 3.17 11.4 18.48 8.05 7.61 2.59 12.1 14.78 4.2 5.12 8 70.5 0.55 1.28 32 147.5 43 6.45 5.49 0.154 6.12 1.43 4.25 0.107 132 0.85 55.05 67 1.04 9.9 5.18 6.3 7.3 9 0.7 0.84 1.98 2.11 3.72 4.05 20 1.88 5.7 1.11 4.5 1.24 8.23

2.29 1.21 28 0.159 26.65 63.2 283 14.82 3.19 3.29 11.44 18.7 8.05 7.62 2.59 12.1 14.78 4.2 5.12 8 70.5 0.56 1.28 32 148 43 6.88 5.5 0.158 6.14 1.48 4.25 0.107 132 0.86 65.25 67 1.04 9.9 5.25 6.3 7.6 9 0.73 0.86 1.98 2.11 3.73 4.25 20.3 1.89 5.82 1.12 6.07 1.29 8.39

2.2 1.14 27.3 0.155 25.1 62.7 275 13.66 3.11 3.15 11.2 18.44 8.02 7.34 2.54 12 14.5 4.2 4.95 7.8 70 0.55 1.26 31.6 145.7 43 6.45 5.44 0.138 6.05 1.4 4.25 0.106 129 0.84 55.05 66 1.02 9.78 5.17 6.14 7.16 9 0.7 0.8 1.98 2.01 3.72 4.02 20 1.8 5.7 1.09 4.5 1.24 8.05

2.24 1.15 28 0.159 25.7 63.2 283 14.82 3.19 3.28 11.44 18.64 8.03 7.45 2.54 12 14.5 4.2 5.03 7.8 70.5 0.56 1.28 31.6 147.3 43 6.88 5.44 0.139 6.07 1.48 4.25 0.106 129 0.86 61.05 67 1.02 9.82 5.2 6.24 7.35 9 0.73 0.85 1.98 2.01 3.73 4.25 20 1.88 5.8 1.1 6.07 1.27 8.19

11945000 67000 345000 60000 2131800 64440 106860 16480100 4277000 460000 47200 271800 66300 81100 634000 2800 1170900 28000 626100 10997500 43190 734000 4484000 9700 513790 500 23100 545500 1910000 1142800 10221000 5000 450000 732030 2195000 60800 460 8835000 2149700 416200 5068100 4195200 100 202000 3570000 6000 1474000 62000 15000 2129800 5715000 110000 807000 259000 1066000 2823300

26860770 78380 9603380 9400 54645710 4063030.5 29943066 235005586 13547610 1505510 537848 5049158 532537 606124 1615100 33630 17057380 117600 3141394 86165719 3036298.5 409200 5699330 306640 75577103 21500 151687 2976494 272890 6940854 14496900 21250 48060 94762140 1864180 3349937.5 30810 9057040 21065956 2157506 31390795 30948386 900 142210 2963050 11880 3017020 230690 60830 43071135 10542290 633404 896850 1491160 1341880 23320704

HOLDING & FRIMS

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

0.47 8.31 761.5 48 6.7 1.68 6.1 0.48 0.54 0.55 5.4 4.2 8.49 459.6 3.36 67.25 5.13 0.66 2.77 8.2 3.7 0.82 1.02 160 940 103 0.63 1.81 128 0.179 0.134

0.48 8.35 765 49 6.72 1.7 6.23 0.5 0.55 0.58 5.42 4.21 8.55 460 3.4 67.45 5.5 0.67 2.79 8.22 3.71 0.85 1.04 169 942 103.3 0.64 1.98 133 0.189 0.14

0.49 8.27 768 48.9 6.7 1.71 6.1 0.5 0.54 0.58 5.47 4.18 8.6 459.8 3.36 67.25 5.11 0.65 2.86 8.23 3.68 0.85 0.97 160 952 103 0.61 1.81 128 0.18 0.135

0.49 8.31 775 49 6.79 1.71 6.15 0.5 0.55 0.58 5.48 4.22 8.6 469 3.4 68.8 5.11 0.69 2.95 8.3 3.73 0.85 1.05 160 952.5 104.5 0.63 1.81 128 0.18 0.135

0.47 8.16 761.5 47.75 6.65 1.68 6.1 0.5 0.53 0.58 5.22 4.16 8.49 448 3.36 65.2 5.11 0.64 2.77 8.2 3.67 0.85 0.97 150 931.5 102.8 0.61 1.81 128 0.179 0.134

0.47 8.31 761.5 49 6.7 1.7 6.15 0.5 0.55 0.58 5.42 4.21 8.49 459.6 3.4 67.25 5.11 0.66 2.77 8.22 3.7 0.85 1.02 160 940 103 0.63 1.81 128 0.179 0.134

4990000 12000 323850 518300 5420100 642000 4900 10000 832000 10000 286200 10085000 15800 168730 72000 1806690 100 2419000 1011000 9792800 19862000 49000 317000 660 268730 236960 111000 20000 6100 170000 730000

-254853166.5 -59383380 -534413 -28883555 -821810 136300 -178899.9997 -20095974 12056 -691380 -29320 33500 695780 -805950 1407610 -1856793 3831514 30499110 2304760 124574 125267.9999 199685 10200 -5887852 -113400 -1158405 1374249 -73225 180580 29041844 -265810 24679.9999 54324 -682910 8500 -44661762 259250 -3769500 -873820 72570 5159014 -16770161 38760 -442280 1027570 22150 -67623.9998

2359600 99056 248175670 25291900 36227486 1087430 29990 5000 444280 5800 1526412 42376210 135286 77528066 244720 121691205 511 1597630 2852740 80483007 73714030 41650 321140 104300 252791920 24442610 68530 36200 780800 30500 97880

-194050 -83663455 12996610 -19349792 8450 -25995 -22063910 -16553024 -238000 17174764 148580 -53893598 -30243180 -45369070 13417585 -396800 -

PROPERTY ARTHALAND CORP 0.55 0.56 0.54 0.57 0.54 0.56 404000 225180 8.11 8.89 8.89 8.89 8.89 8.89 3000 26670 ANCHOR LAND 35.05 35.1 35.2 35.7 34 35.1 12948800 455592650 AYALA LAND 1 1.05 0.97 1.06 0.97 1.05 135000 140190 ARANETA PROP 1.41 1.46 1.43 1.43 1.4 1.41 125000 175550 BELLE CORP 0.71 0.72 0.73 0.73 0.7 0.71 1511000 1066030 A BROWN 0.75 0.77 0.77 0.77 0.77 0.77 14000 10780 CITYLAND DEVT 0.118 0.123 0.118 0.125 0.118 0.124 480000 58240 CROWN EQUITIES 5.9 6.16 6.16 6.16 5.9 6.16 5100 30350 CEBU HLDG 4.91 4.95 4.85 4.95 4.85 4.95 4207000 20703660 CEB LANDMASTERS 0.37 0.375 0.37 0.375 0.37 0.375 4890000 1816850 CENTURY PROP 0.25 0.27 0.245 0.245 0.245 0.245 30000 7350 CYBER BAY 17.02 17.04 17.02 17.08 16.94 17 102900 1747812 DOUBLEDRAGON 6 6.05 6 6.05 5.98 6 52800 316420 DM WENCESLAO 0.248 0.26 0.246 0.25 0.246 0.25 190000 47100 EMPIRE EAST 0.103 0.104 0.098 0.104 0.098 0.104 170000 16720 EVER GOTESCO 1.01 1.02 1.03 1.03 1.01 1.02 35052000 35771430 FILINVEST LAND 0.81 0.83 0.82 0.83 0.81 0.81 251000 204950 GLOBAL ESTATE 8990 HLDG 9.41 9.45 9.51 9.51 9.41 9.41 58700 557064 PHIL INFRADEV 0.81 0.82 0.83 0.83 0.81 0.82 222000 181950 3.24 3.26 3.19 3.27 3.14 3.26 24362000 78618550 MEGAWORLD MRC ALLIED 0.149 0.15 0.148 0.15 0.148 0.15 2630000 391390 1.37 1.45 1.37 1.45 1.37 1.45 2000 2820 PRIMEX CORP 17.38 17.42 17.2 17.58 16.8 17.42 1457200 25340004 ROBINSONS LAND PHIL REALTY 0.236 0.237 0.231 0.236 0.23 0.236 470000 108490 1.61 1.63 1.62 1.62 1.62 1.62 345000 558900 ROCKWELL 2.68 2.69 2.69 2.7 2.69 2.69 44000 118760 SHANG PROP 1.83 1.91 1.92 1.92 1.81 1.9 24000 43940 STA LUCIA LAND 32.7 32.75 33.4 33.4 32.65 32.7 7186400 235448630 SM PRIME HLDG VISTAMALLS 3.66 3.72 3.62 3.66 3.62 3.66 13000 47180 1.43 1.44 1.28 1.46 1.26 1.43 13237000 18308130 SUNTRUST HOME PTFC REDEV CORP 38 44.95 37.05 37.05 37 37 700 25915 3.97 3.99 4.05 4.05 3.95 3.97 967000 3857870 VISTA LAND

-18349230 -8420 41870 -1200140 7350 181952 -27952440 -9010 -478020 19872130 -2123240 -9392470 -430000 922150.0002

SERVICES

ABS CBN GMA NETWORK MANILA BULLETIN MLA BRDCASTING GLOBE TELECOM PLDT APOLLO GLOBAL DFNN INC DITO CME HLDG IMPERIAL JACKSTONES NOW CORP TRANSPACIFIC BR PHILWEB 2GO GROUP CHELSEA CEBU AIR INTL CONTAINER LBC EXPRESS MACROASIA METROALLIANCE A METROALLIANCE B PAL HLDG HARBOR STAR BOULEVARD HLDG WATERFRONT IPEOPLE STI HLDG BERJAYA BLOOMBERRY PACIFIC ONLINE LEISURE AND RES PH RESORTS GRP PREMIUM LEISURE PHIL RACING ALLHOME METRO RETAIL PUREGOLD ROBINSONS RTL PHIL SEVEN CORP SSI GROUP WILCON DEPOT APC GROUP EASYCALL GOLDEN BRIA IPM HLDG PRMIERE HORIZON SBS PHIL CORP

15.62 4.91 0.35 11.22 2138 1312 0.049 2.75 3.04 1.36 2.04 2.14 0.174 2.18 9.62 3.4 43.5 104.9 12.8 6.54 2.1 2.09 6.68 0.83 0.023 0.38 7.69 0.3 2.1 8.2 1.9 1.37 2.43 0.32 7.64 7.27 1.57 46.6 64.8 125 1.17 15.94 0.32 6.6 281 4.45 0.202 4.58

15.66 4.95 0.36 12.82 2140 1330 0.051 2.89 3.05 1.62 2.1 2.15 0.177 2.19 9.66 3.41 43.95 105 13 6.55 2.11 2.25 6.72 0.86 0.024 0.395 8.66 0.305 2.16 8.22 1.99 1.38 2.49 0.325 8.38 7.29 1.58 46.9 65 127 1.18 15.96 0.325 6.99 300 5.89 0.205 5.07

14.9 5 0.35 10.02 2120 1290 0.051 2.63 2.92 1.17 2.3 2.1 0.172 2.19 9.69 3.45 43.05 104 12.72 6.49 2.19 2.09 6.74 0.87 0.024 0.38 8.4 0.3 2.1 7.88 1.89 1.34 2.45 0.315 7.61 7.2 1.6 46.6 65 127 1.15 15.6 0.335 6.94 282 4.51 0.203 5.28

16.1 5 0.35 11.04 2150 1336 0.051 2.89 3.04 1.65 2.54 2.18 0.179 2.25 9.88 3.45 44.85 106.3 13 6.63 2.19 2.25 6.75 0.87 0.024 0.38 8.4 0.305 2.18 8.2 1.91 1.37 2.5 0.32 7.61 7.39 1.62 46.95 65.55 128 1.18 15.94 0.335 6.99 282 4.51 0.206 5.28

14.9 4.87 0.34 10.02 2092 1276 0.05 2.63 2.76 1.17 1.93 2.08 0.172 2.18 9.55 3.27 43 102.8 12.7 6.3 2.05 2.09 6.68 0.8 0.023 0.375 7.67 0.3 2.1 7.31 1.89 1.31 2.34 0.315 7.61 7.2 1.57 46.25 64.8 125 1.15 15.56 0.32 6.56 281 4.41 0.199 4.5

15.66 4.91 0.34 11.04 2140 1312 0.051 2.89 3.04 1.65 2.04 2.14 0.177 2.19 9.62 3.4 43.5 105 13 6.54 2.1 2.25 6.68 0.85 0.024 0.375 7.67 0.305 2.16 8.2 1.89 1.37 2.5 0.32 7.61 7.29 1.58 46.6 64.8 125 1.17 15.94 0.325 6.99 281 4.41 0.205 5.07

1409300 400000 260000 1500 128895 257330 9430000 12000 170328000 31000 2148000 3588000 370000 969000 29000 1420000 443100 2098560 3100 8929600 1820000 8000 74800 1338000 16600000 270000 2100 950000 68000 3630400 11000 558000 218000 1940000 200 828000 748000 2403600 360660 136680 2072000 340300 1780000 18500 80 10000 1480000 382200

22138268 1965270 90400 15946 275580830 338205950 473620 32690 492926640 44810 4470390 7636420 64070 2140000 280855 4773290 19512190 219903339 39590 58122647 3831070 17820 502366 1135160 385800 101700 16837 288650 143470 28885761 20920 740170 531860 617300 1522 6041877 1182150 112132290 23417740.5 17194780 2431160 5366396 593200 128863 22550 44930 298040 2013290

-106440600 -4360270 102000 -16250 427400 78880 10450 44240 237500 -3472450 -41373259 -8137166 24360 6000 13036565 12110 -1240457 -184930 -8420055 -12176653.5 -32740 -398990 3392250 -

MINING & OIL ATOK 9.7 10.18 9.99 9.99 9.71 9.71 4100 40511 1.27 1.28 1.24 1.29 1.24 1.28 6663000 8482870 -2323070 APEX MINING 0.0008 0.0009 0.0008 0.0009 0.0008 0.0009 195000000 166100 ABRA MINING 2.22 2.25 2.29 2.29 2.22 2.25 272000 612540 45000 ATLAS MINING 1.33 1.35 1.4 1.4 1.31 1.34 224000 299390 BENGUET A 1.3 1.43 1.54 1.54 1.25 1.43 163000 218230 BENGUET B 0.181 0.192 0.193 0.193 0.192 0.192 50000 9610 COAL ASIA HLDG 2.66 2.7 2.69 2.7 2.67 2.7 289000 776760 509760 CENTURY PEAK 7.19 7.38 7.4 7.4 7.18 7.19 1300 9447 DIZON MINES 1.05 1.06 0.98 1.05 0.92 1.05 27483000 27693630 -1099130 FERRONICKEL 0.236 0.238 0.241 0.241 0.237 0.239 650000 154170 GEOGRACE 0.094 0.095 0.094 0.095 0.093 0.095 8130000 766760 LEPANTO A 0.1 0.105 0.1 0.107 0.1 0.1 820000 82930 LEPANTO B 0.0071 0.0073 0.0071 0.0072 0.0071 0.0071 42000000 298700 MANILA MINING A 0.0074 0.0075 0.0074 0.0074 0.0074 0.0074 3000000 22200 MANILA MINING B 0.64 0.67 0.59 0.7 0.58 0.67 2783000 1797170 -5580 MARCVENTURES 1.29 1.3 1.35 1.35 1.28 1.29 387000 504210 NIHAO NICKEL ASIA 2.13 2.14 2.07 2.16 2.02 2.13 30877000 64463000 788120.0003 OMICO CORP 0.36 0.385 0.38 0.385 0.38 0.385 40000 15350 0.54 0.55 0.485 0.61 0.485 0.55 1122000 609690 ORNTL PENINSULA 2.66 2.68 2.7 2.7 2.63 2.67 448000 1193960 320000 PX MINING SEMIRARA MINING 12.66 12.68 12.7 12.76 12.64 12.68 1108600 14062770 -7501774 ACE ENEXOR 6.5 6.68 6.5 6.7 6.5 6.68 142600 932198 668 ORNTL PETROL A 0.0092 0.0095 0.0089 0.0094 0.0089 0.0094 100000000 914400 0.0097 0.0099 0.009 0.0097 0.009 0.0097 27000000 246200 ORNTL PETROL B 0.0075 0.0077 0.0076 0.0076 0.0075 0.0075 3000000 22700 PHILODRILL 6.27 6.3 6.08 6.44 5.97 6.3 1741100 10764359 -528136 PXP ENERGY

PREFFERED HOUSE PREF A 99.1 99.7 99.5 100 99.5 100 5100 509471 506 519 518 519 518 519 3030 1570740 AC PREF B1 101 103.5 103.4 103.5 103.4 103.5 280 28972 ALCO PREF B 100.2 104.9 104.9 104.9 104.9 104.9 80 8392 ALCO PREF C 503 505 505 506 505 506 30 15160 -5060 AC PREF B2R 100.1 102.6 100.1 100.1 100.1 100.1 100 10010 CPG PREF A 101.1 102 101.2 101.2 101.1 101.2 17000 1720200 DD PREF 105 109 109 109 109 109 2040 222360 FGEN PREF G 500 525 530 530 530 530 20 10600 FPH PREF C 515 520 517.5 517.5 517 517.5 670 346540 GLO PREF P 100.2 101 101 101 101 101 80 8080 MWIDE PREF 100 100.4 100.5 100.5 100 100 760 76250 PNX PREF 3A 102.5 106.8 106.8 106.8 106.8 106.8 80 8544 PNX PREF 3B 1012 1016 1014 1014 1014 1014 1000 1014000 PNX PREF 4 1001 1040 1035 1035 1035 1035 1025 1060875 PCOR PREF 2B 1042 1045 1040 1045 1040 1045 1300 1357000 PCOR PREF 3A 1065 1075 1050 1065 1050 1065 450 474750 PCOR PREF 3B 77.75 78 78.75 78.75 77.75 78 3380 263660 SMC PREF 2C SMC PREF 2D 75.5 75.6 75.5 75.5 75.5 75.5 2000 151000 76 77.15 77.15 77.15 77.15 77.15 110 8486.5 SMC PREF 2E 79 79.45 78.3 79 78.1 79 44470 3491800 SMC PREF 2F 75.55 76.8 77.85 77.85 77.85 77.85 110 8563.5 SMC PREF 2G 75.6 76 76 77 76 76 15570 1183430 SMC PREF 2H 78.3 79 78.9 79 78.3 79 21450 1694450 SMC PREF 2I

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 15 15.4 14.7 15.4 14.7 15.4 430300 6448324 -2590194 4.69 4.84 4.67 4.67 4.67 4.67 2000 9340 GMA HLDG PDR

WARRANTS LR WARRANT 0.68 0.7 - - - - - -

SMALL & MEDIUM ENTERPRISES ALTUS PROP 28 28.2 31 32.8 26.5 28 6853900 199141940 -12221070 2.01 2.02 2.04 2.06 1.96 2.02 5485000 11007480 40200 ITALPINAS 6.07 6.08 6.03 6.07 5.8 6.07 64900 386845 6380 KEPWEALTH 2.93 2.94 3 3.09 2.88 2.93 52944000 156927870 4211400 MERRYMART 0.57 0.59 0.57 0.6 0.57 0.57 1053000 605490 XURPAS

EXHANGE TRADE FUNDS

FIRST METRO ETF 96 96.5 96.5 97 96 96 16090 1553673 -120625

www.businessmirror.com.ph

AboitizPower gets PDEx nod to list fixed-rate bonds

By Lenie Lectura

A

@llectura

boitiz Power Corp. (AboitizPower) has received the green light of the Philippine Dealing and Exchange Corporation (PDEx) to list P6 billion worth of bonds.

The amount represents the fourth tranche of its P30-billion debt securities program.

The bond offering will be composed of a principal amount of P6 billion and an oversubscription

option of up to P3.55 billion.

The bonds were issued in two series: Series E fixed rate bonds due 2022 with interest rate of 3.125 percent per annum, and Series F fixed rate bonds due 2025 with interest rate of 3.935 percent.

“The PDEx approval paves the way for the secondary market trading of the bonds,” it added.

In April, Philippine Rating Services Corp. (PhilRatings) assigned the top rating for AboitizPower’s proposed bond offering of up to P9.55 billion.

The company had filed an application with the Securities and Exchange Commission (SEC) to issue the amount in the second or third quarter of this year.

The proceeds will be used primarily to reimburse AboitizPower’s equity infusions in AA Thermal Inc., to fund succeeding equity infusions in AA Thermal, and to fund equity infusions in Therma Power Inc., in relation to GNPower Dinginin Ltd. Co.’s construction of the 2x668-megawatt supercritical coal-fired power plant located in Mariveles, Bataan.

Calax operator remits concession fees to govt

By Lorenz S. Marasigan @lorenzmarasigan

M

PCALA Holdings Inc., which operates the CaviteLaguna Expressway (Calax), has paid in advance P4.368 billion in concession fees to the Department of Public Works and Highways (DPWH).

Manuel V. Pangilinan, who chairs Metro Pacific Tollways Corp. (MPTC), said the payment is the second tranche of the concession fees that amount to P27.3 billion, the premium it submitted to win the Calax contract during the previous administration.

A total of six tranches of payments will be made throughout the 35-year concession of the Calax.

“It is our privilege to be government’s private sector partner in this project of national significance. And despite this Covid-19 pandemic, our work continues to serve our communities, and our people,” Pangilinan said. Public Works Secretary Mark A. Villar welcomed this development, along with the P1.03-billion tax payment made by the tollways group last May. “This payment will help enable the national government to fund development projects, high-priority resource management programs, operations, and concession-support

activities,” he said.

Calax is envisioned to be a fourlane, 45-kilometer roll road that will connect the Manila-Cavite Toll Expressway (Cavitex) and the South Luzon Expressway (Slex). It will have eight interchanges, namely: Kawit, Daang Hari, Governor’s Drive, Aguinaldo Highway, Silang, Sta. RosaTagaytay, Laguna Blvd., Technopark, and a Toll Barrier before Slex.

The expressway will be equipped with Automatic License Plate Recognition System, which enables a “barrier-less entry.” It will also sport IP-based Speed Detection Cameras, CCTVs, and will feature various commercial establishments, such as gasoline stations, retail outlets, convenience stores and restaurants, among others.

So far, an initial 10 kilometers of the expressway has been opened.

This particular section runs between Mamplasan, Biñan City and Sta. Rosa City.

“We are making good construction progress and together with DPWH Secretary Villar’s team, we are pulling out all the stops to deliver this important expressway,” said MPCALA President Roberto V. Bontia.

“We believe the Calax will enable mobility and become a real commuting option for our traffic harassed motorists in this new road corridor.”

Lawyers: Bea Zobel de Ayala has vacated Palawan timberland

By VG Cabuag @villygc

T

he camp of Beatriz Zobel de Ayala, daughter of billionaire Don Jaime Zobel, said they have vacated the timberland they allegedly occupied in Taytay town in Palawan, which is part of a large protected area.

“Ms. Beatriz Zobel de Ayala vacated the property you are referencing.

She learned of the Notice to Vacate from the news, after which she immediately requested for a copy from the DENR [Department of Environment and Natural Resources] and has since been coordinating directly with them on this issue. The organic vegetables that were being grown on the land were turned over to the Indigenous Peoples of Barangay Pancol, Taytay to avoid wastage,” lawyers of Zobel’s camp said in an e-mailed statement to the BusinessMirror.

“Ms. Zobel only wishes to continue her social development endeavors in Barangay Pancol, Taytay in close cooperation with the Indigenous Peoples, the DENR and the local community.”

The Palawan’s Provincial Environment and Natural Resources Office earlier said Community Environment and Natural Resources Officer Allan Valle has issued a notice to vacate to the group of Zobel de Ayala as early as March 9 for alleged violation of Republic Act 11038, or the Expanded National Integrated Protected Areas System Act of 2018.

The investigation stemmed from a complaint filed by a tribal group about the alleged illegal occupation of and construction of structures by the group of Zobel in Sitio Maypa, Barangay Pancol, Taytay, Palawan.

The tribal group has since withdrawn their complaint, but another group—the Puerto Princesa City-Environmental Legal Assistance Center Inc.—has asked the DENR to pursue its investigation into the case.

The property, officials said, is part of Malampaya Sound Protected Landscape and Seascape which covers 200,115 hectares of both aquatic and terrestrial environment with diverse ecosystems in Palawan. It was declared a marine protected area in 2000.

mutual funds

July 6, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 207.96 -22.68% -8.72% -5.05% -17.44% ATRAM Alpha Opportunity Fund, Inc. -a 1.0689 -35.86% -13.04% -5.41% -22.66% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8217 -32.4% -13.14% -7.31% -23.29% Climbs Share Capital Equity Investment Fund Corp. -a 0.7142 -25.53% n.a. n.a. -20.39% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.686 -22.73% n.a. n.a. -19.23% First Metro Save and Learn Equity Fund,Inc. -a 4.4463 -19.91% -7.29% -4.67% -16.55% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7072 -20.81% -9.69% n.a.

-17.15% MBG Equity Investment Fund, Inc. -a 80.52 -34.46% n.a. n.a. -22.07% PAMI Equity Index Fund, Inc. -a 42.0189 -21.01% -6.83% -3.7% -18.06% Philam Strategic Growth Fund, Inc. -a 446.66 -19.17% -6.4% -4.15% -16.16% Philequity Alpha One Fund, Inc. -a,d,5 0.9162 n.a. n.a. n.a. -11.06% Philequity Dividend Yield Fund, Inc. -a 1.0527 -21.88% -6.84% -3.75% -18.2% Philequity Fund, Inc. -a 31.0192 -21.57% -6.37% -3.41% -18.15% Philequity MSCI Philippine Index Fund, Inc. -a 0.8272 -22.44% n.a. n.a. -18.75% Philequity PSE Index Fund Inc. -a 4.2762 -20.77% -6.36% -3.01% -18.14% Philippine Stock Index Fund Corp. -a 716.46 -20.5% -6.31% -3.19% -17.84% Soldivo Strategic Growth Fund, Inc. -a 0.6502 -31.22% -10.29% -7.37% -23.63% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.301 -25.11% -7.77% -4.49% -21.57% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8229 -20.52% -6.44% -3.11% -17.78% United Fund, Inc. -a 2.9959 -20.83% -5.17% -2.64% -17.99% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 96.1805 -20.3% -5.82% -2.35% -17.76% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $0.9951 -1.37% 0.25% -0.53% -3.24% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4072 6.4% 6.77% n.a.

2.07% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5759 -10.31% -3.9% -3.44% 0.84% ATRAM Philippine Balanced Fund, Inc. -a 2.0962 -10.67% -3.92% -1.67% -3.89% First Metro Save and Learn Balanced Fund Inc. -a 2.4676 -8.21% -2.21% -2.82% -6.23% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1895 n.a. n.a. n.a.

-17.07% NCM Mutual Fund of the Phils., Inc. -a 1.8736 -4.22% -0.52% -0.14% -4.56% PAMI Horizon Fund, Inc. -a 3.5724 -5.47% -1.44% -1.19% -5.72% Philam Fund, Inc. -a 15.8842 -6.74% -1.81% -1.41% -6.35% Solidaritas Fund, Inc. -a 1.9636 -9.33% -2.93% -1.26% -7.63% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3625 -14.39% -3.76% -2.42% -12.97% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9685 -5.88% n.a. n.a. -4.65% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8805 -14.46% n.a. n.a. -11.63% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.857 -16.47% n.a. n.a. -13.71% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8342 -17.17% -4.65% -3.51% -14.42% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03848 2.31% 2.48% 1.67% 0.65% PAMI Asia Balanced Fund, Inc. -b $0.9967 -0.43% 0.99% 0.19% -3.97% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9236 3.11% 4.8% 3.79% 0.33% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.121 0.58% 2.47% n.a. -0.69% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 366.16 4.52% 3.12% 2.57% 2.34% ATRAM Corporate Bond Fund, Inc. -a 1.9425 2.22% 0.91% -0.01% 2.13% Cocolife Fixed Income Fund, Inc. -a 3.1932 4.7% 5.11% 5.1% 2.47% Ekklesia Mutual Fund Inc. -a 2.3031 5.18% 3.04% 2.41% 3.51% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4541 5.93% 3.48% 2.02% 4.03% Philam Bond Fund, Inc. -a 4.6333 10.49% 4.35% 2.68% 5.95% Philam Managed Income Fund, Inc. -a,6 1.2998 6.87% 4.16% 2.28% 3.43% Philequity Peso Bond Fund, Inc. -a 3.961 7.56% 4.31% 2.35% 4.56% Soldivo Bond Fund, Inc. -a 1.029 9.63% 3.49% 1.75% 6.71% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1775 7.06% 4.85% 3% 3.3% Sun Life Prosperity GS Fund, Inc. -a 1.7458 5.93% 4.21% 2.48% 2.63% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $473.9 3.24% 2.48% 2.73% 1.21% ALFM Euro Bond Fund, Inc. -a Є215.44 -1.23% 0.63% 1% -1.95% 2.82% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2205 2.97% 2.54% 1.1% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.026 1.17% 1.45% 1.28% 0.78% PAMI Global Bond Fund, Inc -b $1.0705 -1.77% -0.05% 0.28% -2.26% Philam Dollar Bond Fund, Inc. -a $2.4438 3.65% 3.27% 3.09% 1.66% Philequity Dollar Income Fund Inc. -a $0.0606113 2.16% 1.95% 1.85% 0.49% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.177 2.54% 2.07% 2.41% 0.05% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.2 3.72% 3.22% 2.42% 1.92% First Metro Save and Learn Money Market Fund, Inc. -a 1.0418 2.61% n.a. n.a.

1.51% Sun Life Prosperity Money Market Fund, Inc. -a 1.2837 3.08% 3.03% 2.58% 1.51% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0452 1.63% n.a. n.a.

0.77% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -b,d,7 N.S. N.S. N.S. N.S. N.S. Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.93 n.a. n.a. n.a. -6.06%

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."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Investors still bet on T-bills as rates continue to drop

T

he Bureau of the Treasury (BTr) once again upsized the volume of Treasury Bills (Tbills) it awarded on Monday to P24 billion as rates continued to drop across the board; the BTr pointing to monetary authority’s policy cut as impetus.

The auction was more than 5.8-times oversubscribed as total tenders reached P116.9 billion. This prompted the Treasury to double the accepted non-competitive bids for the 91-day and 182-day securities to P4 billion each.

With such move, the Treasury exceeded its initial P20-billion offering on Monday. National Treasurer Rosalia V. De Leon still attributed the decline in the rates to the 50-basis point policy rate cut by Bangko Sentral ng Pilipinas Monetary Board and strong liquidity.

“We have 38.35 billion maturities back to the system,” De Leon said in a message to reporters.

Broken down, the Treasury raised P7 billion each from auctioning off 91-day and 182-day T-bills and P10 billion from the sale of 364-day T-bills.

All tenors also fetched lower average rates than the previous auction and the secondary market benchmark rates.

The 91-day T-bills capped at an average rate of 1.649 percent, dropping by 9.7 basis points from 1.746 percent in the previous auction. The security also attracted P32.657 billion; more than six times the initial P5-billion offering.

Meanwhile, the 182-day T-bills recorded a much lower average rate of 1.750 percent, plunging by 14.2 basis points from 1.892 percent previously. Tenders for the tenor amounted to 34.574 billion, also six times as much as the initial P5 billion offering.

Lastly, the 364-day T-bills had an average rate of 1.855 percent, crashing by 12.5 basis points from 1.980 percent previously. The tenor attracted P49.669-billion worth of bids, nearly five times the P10 billion offering.

For this month, the Treasury is set to borrow P205 billion from the local debt market, higher than the P170 billion programmed in June.

Bernadette D. Nicolas

The instruction manual

More than 80 schools keen to borrow from govt–DOF

T

By Bernadette D. Nicolas

@BNicolasBM

HE Department of Finance (DOF) revealed that an initial batch of over 80 private educational institutions have already expressed interest in accessing a credit facility that government launched last May. This as the state-owned Land Bank of the Philippines (LandBank) has so far approved less than 10 percent, about P260 million, of the allocated P3 billion under its “Study Now, Pay Later” program for private educational institutions.

Citing its President and CEO Cecilia Borromeo’s report, the DOF said LandBank’s Board approved the applications of three institutions for loans under its “Academe” lending program.

The facility extends credit to private high schools, private technicalvocational education training institutions, colleges and universities with the goal of encouraging students to enroll under a “study now, pay later” setup by allowing their parents to issue promissory notes for the academic fees.

Borromeo’s report cited that six schools have partially submitted their documentary requirements for the program, while one loan

E

very time I buy something, I make it a point to read the instruction manual putting it into operation. By following the manual, I am sure not to make mistake or damage the item I bought.

One day during the ECQ (enhanced community quarantine), my mother sought my help in turning on a mobile phone she borrowed from my brother.

As the gadget was a keypad type and an old one, I had a hard time finding the switch. I tried everything but to no avail. Finally I surrendered and told my mother to ask my brother once he comes back. Later, my mother told me my brother helped her and she showed me how.

That was the problem when I tried to turn it on blindly because I do not have the instruction manual. Had my brother left the phone with the manual, I would have found it easy to operate and not waste time experimenting on how it works. Such is the importance of a manual.

Why is it that when it comes to money, a lot of people are in financial mess? I realized the reason is the same. They do not have the instruction manual on how to manage money. All they know is spending on anything the money they earned. It is similar to my experience with the old mobile phone where I tried to press everything to turn it on. By following the instruction on how to manage money, an individual is sure to use his money wisely to his advantage.

Here are the simple instructions on operating money: 1. Increase income. There are two ways to increase one’s income. One is by decreasing expenses by eliminating the wants through proper budgeting. Cutting down on vices will free up money that can be saved.

If money is still not enough, then the only recourse is to free up more time to make more money. Time is money. The more time we allot for an income-generating activity, the more money he can earn.

2. Pay yourself first. This is the principle of saving. One pays all of the supplier of his needs but always forgets to pay the supplier of his finances: himself. By paying himself, he is actually saving money. It is good to save 20 percent of his income. This is similar to the story of Joseph when he governed Egypt. He followed God and instructed all to save 1/5 of the harvest in preparation for the coming drought. It is best to continue saving 20 percent up to the time he accumulates an amount equivalent to six months of living expenses for emergency purposes.

3. Minimize risk. Life is full of risks. Ever since our birth, we face the risk of death or sickness as we are merely mortals. We cannot eliminate risk. We can only manage it to minimize the impact. For the breadwinner, the occurrence of such risks will definitely bring a negative impact on

personal finance

Edmund Lao is registered financial planner of RFP Philippines. To learn more about personalfinancial planning, attend the 84th RFP program this August 2020.

To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

application will be up for approval when the Bank’s board and credit committee meet on the fourth week of July.

“We continue to pursue opportunities to offer this program to as many eligible schools as possible through various means available,” she said in her report to the DOF. Borromeo said follow-through meetings are being undertaken by LandBank with 15 other schools to assist them in assessing their loan eligibility, adding that the bank is also explaining the lending program’s benefits by arranging teleconferences with school administrators, distributing letters and brochures to potential borrowers, and through promotional efforts in the traditional and social media.

Another 61 schools across the country have likewise expressed interest in availing the credit facility, according to Borromeo.

Under the lending program, promissory notes will be refinanced or rediscounted, with schools al-

lowed to borrow as much as 70 percent of the sub-promissory note per semester and subject. The lending program is available until June 30, 2021.

However, schools can only borrow up to a certain maximum amount based on the net borrowing capacity of the institution.

Loans under the program carry an interest rate of three percent per annum and are payable based on the maturity of the sub-promissory notes but not to exceed three years.

Institutions eligible under the lending facility include private junior and senior high schools with permits to operate from the Department of Education and private technicalvocational education training institutions regulated by the Technical Education and Skills Development Authority.

LandBank said private colleges and universities can also borrow if they offer undergraduate programs authorized by the Commission on Higher Education.

Metrobank mulls over 5.5-year notes offering

Edmund Lao the finances of the family. The only way to negate the impact is by applying for an insurance policy as early as possible. Since insurance is a risk management tool, insurance companies will only accept clients who do not pose a risk to them at the time of application. Remember, when one is alive, his insurance policy is in the safety deposit box. When the time comes that he is in the box, his insurance policy comes alive and replaces his income for the family.

4. Invest for long term goal. After making sure his risks are managed, it is time to prepare for his golden age. As a rule, a person must plan for his retirement starting from the time he receives his first salary.

The earlier he does it, the lighter his load will be. He will only be needing a small amount to be invested regularly up to the time he reaches his retirement age. Ignoring this principle will guarantee that he will not be able to retire comfortably or that he will be surely a burden to his children. Remember that the only person who can take care of us in our old age is our younger self today.

Just avoid investment that promise quick and big return because it is likely a scam.

5. Wealth transfer. A wise man knows he has to leave his unspent money or assets to the next generation. Failing to do that will only ensure that his children will quarrel over his estate once he dies. Nobody is immune when it comes to issue about money. Even I myself encountered unwise wealth transfer from my late dad. But I did not come to the point of suing my sibling over money. What I got was a real-life lesson that i will not repeat when it is my time to go, I have planned well and even advised my wife on what to do. Whatever we have left will be shared equally by our children. One of the best ways to do it is via insurance.

6. Seek wise counsel. If in doubt, it is best to get advice from experts in managing finances. Always make it a point to review the portfolio annually because there will always be changes in life events.

Just like operating gadgets, by following the simple instructions on handling money, one can be certain that he will not go wrong in his financial journey.

Tuesday, July 7, 2020 B3

M

JAKARTA DEBT PLAN

A man walks past vendors on a street in an Indonesia locale.

Jakarta is pushing the central bank to help fund more of the nation’s fiscal response to the Covid-19 pandemic, proposing that Bank Indonesia buy bonds worth 574.4 trillion rupiah ($40 billion).

The currency tumbled 2.1 percent last week on concern the plan will weaken the central bank’s independence and trigger rating downgrades.

RCBC offers 2-year bonds, eyes to raise at least ₧3B

R

izal Commercial Banking Corp. (RCBC) is braving the bond market again, setting its goal to raise at least P3 billion from the offering.

In a disclosure on Monday, the listed bank said it was offering 2-year fixed-rate peso bonds to support asset growth, refinance maturing obligations and fund other general corporate matters. The bonds, which carry an interest rate of 3.25 percent per annum, have an option to upsize relative to market conditions.

The offer period began on July 6 and is set to conclude on July 17, unless the transaction managers deemed it necessary for the schedule to be revised, the bank said.

Listing of the bonds with the Philippine Dealing and Exchange Corporation (PDEx) is expected to be on July 27, its disclosure read.

The sole lead arranger of the transaction is ING Bank N.V., Manila Branch while RCBC Capital Corp is serving as the financial advisor. Both are selling agents.

The offering is the fifth tranche to be issued out from the bank’s P100billion bond and commercial paper program. The said program has an unissued amount of P62.45 billion.

Since RCBC launched its bond program—which is aimed at diversifying its funding base—last year, the company has raised a total of P37.55 billion already.

In April, the bank listed its P7.05billion fixed-rate bonds in PDEx, noting that a strong demand from investors allowed its offering to be oversubscribed by more than two times.

New payout partner

IN a separate statement, RCBC announced that Pampanga-based rural bank GRBank is now included in its payout partner network to boost digital services in Central Luzon.

GRBank will be part of RCBC’s “ATM Go,” a handheld automated teller machine service, and “DiskarTech Lite,” a disbursement platform for the government’s emergency financial support.

“RCBC’s accelerated digitalization efforts are well aligned with GRBank’s thrust in offering our unbanked and underserved Filipinos quick and simple access to financial services,” Elizabeth Carlos-Timbol, senior executive vice president and chief operating officer of GRBank, was quoted in the statement as saying.

RCBC Executive Vice President Angelito M. Villanueva said that the mobile ATM services have disbursed over P2.8 billion to more than five million individuals already.

GRBank has 25 branches located in Central Luzon and Metro Manila.

The Yuchengco-led bank reported that its net income grew by 77 percent to P2.3 billion while gross revenues rose by 23 percent to P10 billion in the first three months. Its topline figures were driven by net interest income and non-interest earnings, which climbed by 19 percent and 29 percent, respectively.

Shares in RCBC declined by 0.12 percent, or 2 centavos, to finish at P17.04 each amid the 0.69-percent dip for the benchmark index on Monday. Tyrone Jasper C. Piad

etropolitan Bank & Trust Co. (Metrobank) announced on Monday it was eyeing to offer senior unsecured notes amid the coronavirus disease 2019 (Covid-19) pandemic.

The listed bank told the local bourse via disclosure that its planned Regulation S, US-dollar denominated offering has a 5.5-year tenor.

It was rated Baa2 stable and BBBstable by Moody’s and Fitch Ratings, respectively.

Metrobank said that the offering is subject to market conditions.

Proceeds of the transaction will be allocated to refinance existing liabilities.

UBS and First Metro Investment Corp. are the joint global coordinators and bookrunners while Mitsubishi UFJ Financial Group and SMBC Nikko Capital Markets Ltd. are the joint lead managers.

Last month, Metrobank raised P10.5 billion from its bond offering on the back of robust demand from investors. Each bond carries a coupon

rate of 3 percent and has a tenor of 1.25 years.

This offering is the sixth tranche out of Metrobank ’s P100-billion bond and commercial paper program.

Metrobank has accumulated P70.5 billion from bond offerings since November 2018.

In the first quarter, Metrobank saw its net profits decline by 9 percent to P6.12 billion from P6.75 billion last year for the same period on the back of higher provisions for bad loans.

The Ty-led bank set aside P5billion allowance for nonperforming loans (NPL) in the first quarter, which is more than double of what was earmarked last year.

As of end-March, the bank’s NPL ratio was stable at 1.4 percent while NPL coverage stood at 114 percent.

Metrobank shares dropped by 2.70 percent, or P1.05, to close at P37.90 each amid the 0.69-percent decline for the benchmark index on Monday. Tyrone Jasper C. Piad

China imposes checks on large transactions after bank runs

C

hina imposed a program to keep large transactions in check amid heightened concerns over the state of its financial system as bad debt balloons in the wake of the coronavirus outbreak.

The People’s Bank of China (PBOC) this month kicked off a pilot plan in Hebei province that would require retail and business clients to pre-report any large withdrawals or deposits, according to a statement.

The 2-year program will be expanded to Zhejiang and Shenzhen in October, encompassing more than 70 million people.

Chinese lenders are facing a surge in bad debt with the economy set to expand at the slowest pace in four decades. Authorities stepped in last month to halt banks runs at two local lenders in Hebei and Shanxi. That comes on top of an already shaky situation last year, which saw China bail out and seize several struggling banks.

The pilot program aims to tighten monitoring of “unreasonable demands of large amounts of cash” to keep systematic risks in check, the PBOC said in the statement.

Regulators will protect the public’s normal need for large transactions, it said.

The plan will require businesses to provide information on transactions exceeding 500,000 yuan ($71,000). For individuals, the threshold spans from 100,000 yuan to 300,000 yuan depending on the region, according to the statement.

While the statement didn’t say banks can reject a transaction exceeding the amount, lenders will need submit reports, mark risks and follow up on customers that come from high-risk sectors or those make frequent transactions or deviate from past behavior.

Authorities are seeking to shore up their $41 trillion banking system, which could suffer an 8 trillion yuan increase in bad debt this year, according to S&P Global. Small Chinese banks tracked by UBS Group AG need an estimated $349 billion of fresh capital.

At the same time, regulators are asking banks to forgo profits and provide cheap loans to help support the economy, adding further strain on the system. Bloomberg News

B4

Art

BusinessMirror

Tuesday, July 7, 2020

www.businessmirror.com.ph

Todayâ&#x20AC;&#x2122;s Horoscope

â?ś HERMES Standard 6 Typewriter

By Eugenia Last

â?ˇ VINTAGE Louis Vuitton Suitcase

CELEBRITIES BORN ON THIS DAY: Michelle Kwan, 40; Berenice Bejo, 44; Shelley Duvall, 71; Ringo Starr, 80.

HAPPY BIRTHDAY: Dream on, enjoy using your imagination and take time to explore possibilities. Using your creative talents will give you a sense of security, hope and thoughts regarding new ways to bring in extra cash. Donâ&#x20AC;&#x2122;t sit back when you have so much to offer. Be part of the solution, and you will build a brighter future for you and those you love. Your numbers are 4, 13, 20, 27, 31, 38, 42.

ARIES (March 21-April 19): How you help others will also benefit you. An articulate adaptation of what you want to happen will help you get others to back you during critical times when social distancing has become a preference. Treat yourself to something special. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

â?ś

Matisse lithograph, vintage European pieces highlight new auction platform

century art. He experimented with the various postImpressionist approaches of Paul Gauguin, Vincent van Gogh and Georges Seurat, arriving at Fauvism, a style of painting characterized for the use of pure, brilliant colors aggressively applied straight from paint tubes.

The technique creates a sense of an explosion on the canvas, as is seen on Portrait of a Girl, which depicts a woman in red blouse against yellow background.

Aside from the Matisse lithograph, set to be auctioned off are a range of paintings, collectibles, tableware, sculptures and centerpieces. Among them are hand-painted iron sculptures by Spanish artist Victor Arrizabagala, as well as vases bearing Coat of Arms of King John I of Portugal and Queen Philippa of Lancaster.

The Casa Online 01 offers a wide selection of paintings from all over Europe that dates back from the 16th to 20th centuries. These include Eye Surgery by Robert Bernard, Mujer frente al mar by Jordi PuiggalĂ­, and Vendiamiadores by JosĂŠ Mongrell y Torrent.

The auction also features rare antiques and collectibles, such as a vintage Louis Vuitton suitcase, an Hermes Standard 6 Typewriter and a 1980â&#x20AC;&#x2122;s polychrome plaster head bust depicting the fictional character, Tintin.

Part of the proceeds from the auction will be donated to Sagip Kapamilya, the emergency humanitarian assistance program of the ABS-CBN Foundation. â&#x2013;

A

A LITHOGRAPH of Henri Mastisseâ&#x20AC;&#x2122;s Portrait of a Girl

â?ˇ

LITHOGRAPH of French master painter Henri Matisseâ&#x20AC;&#x2122;s Portrait of a Girl and other European artworks are set to go under the gavel at a new auction platform opening this weekend.

A project of Palacio de Memoriaâ&#x20AC;&#x2122;s auction house Casa de Memoria, The Casa Online is a digital auction designed to engage budding collectors with vintage items and historical pieces that are capped at P45,000.

The Casa Onlineâ&#x20AC;&#x2122;s first auction opens this Saturday, July 11, at www.casadememoria.com. â&#x20AC;&#x153;The world of auctions and the arts is at its best when it is all inclusive,â&#x20AC;? said Camille Lhuillier, Casa de Memoria general manager. â&#x20AC;&#x153;With The Casa Online 01 auction, we will be featuring an eclectic mix of modern and nostalgic items to suit the tastes of all ages.â&#x20AC;?

Matisse is regarded as one of the masters of 20th

Museum to remove Roosevelt statue decried as white supremacy NEW YORKâ&#x20AC;&#x201D;The American Museum of Natural History will remove a prominent statue of Theodore Roosevelt from its entrance after years of objections that it symbolizes colonial expansion and racial discrimination, Mayor Bill de Blasio has announced.

The bronze statue that has stood at the museumâ&#x20AC;&#x2122;s Central Park West entrance since 1940 depicts Roosevelt on horseback with a Native American man and an African man standing next to the horse. â&#x20AC;&#x153;The American Museum of Natural History has asked to remove the Theodore Roosevelt statue because it explicitly depicts Black and Indigenous

people as subjugated and racially inferior,â&#x20AC;? de Blasio said in a written statement. â&#x20AC;&#x153;The City supports the Museumâ&#x20AC;&#x2122;s request. It is the right decision and the right time to remove this problematic statue.â&#x20AC;?

Taking to Twitter, President Donald J. Trump objected to the statueâ&#x20AC;&#x2122;s removal. â&#x20AC;&#x153;Ridiculous, donâ&#x20AC;&#x2122;t do it!â&#x20AC;? he tweeted.

The museumâ&#x20AC;&#x2122;s president, Ellen Futter, told the New York Times that the museumâ&#x20AC;&#x2122;s â&#x20AC;&#x153;community has been profoundly moved by the ever-widening movement for racial justice that has emerged after the killing of

George Floyd.â&#x20AC;? â&#x20AC;&#x153;We have watched as the attention of the world and the country has increasingly turned to statues as powerful and hurtful symbols of systemic racism,â&#x20AC;?

Futter told the Times.

Officials said it hasnâ&#x20AC;&#x2122;t been determined when the Roosevelt statue will be removed and where it will go. â&#x20AC;&#x153;The composition of the Equestrian Statue does not reflect Theodore Rooseveltâ&#x20AC;&#x2122;s legacy,â&#x20AC;? Theodore Roosevelt IV, a great-grandson of the president, said in a statement to the Times. â&#x20AC;&#x153;It is time to move the statue and move forward.â&#x20AC;? AP

TAURUS (April 20-May 20): Set high goals and standards without deviating from your plan. Reach for the stars, and donâ&#x20AC;&#x2122;t settle for less. Youâ&#x20AC;&#x2122;ve got what it takes to turn a little into a lot.

Refuse to let emotions come between you and your goal. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

GEMINI (May 21-June 20): Look for the silver lining, and you will excel. Turn a negative into a positive, and refuse to get bogged down with people who can see only whatâ&#x20AC;&#x2122;s lacking. Make a lasting impression. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CANCER (June 21-July 22): Look for an outlet for pent-up energy before you implode.

Keeping busy is the best way to avoid getting into an argument. Reach out with love, affection and an offer to work with those you deal with daily. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LEO (July 23-Aug. 22): Emotional decisions or changes will not turn out as planned.

Spend more time figuring out the best way to proceed and less time letting others push you in a direction that makes you feel uncertain. Personal interests will fetch better results. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

VIRGO (Aug. 23-Sept. 22): Your mind will work like a sponge, soaking up information that will come in handy as trends kick in and lifestyle changes take place. Stay informed and make innovative suggestions; the result will be lucrative. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): Do your own thing. If you let others push you around or take advantage of you, it will lower your self-esteem.

Stand up for your rights, beliefs and traditions, and you will gain respect. Romance is on the rise. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): Put emotions aside when it comes to personal or joint money matters. A situation at home will push you to make a lifestyle change. Make sure the decisions you make are for the right reason. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SAGITTARIUS (Nov. 22-Dec. 21): Learn through experience. Refuse to let anyone use you or feed you false information. Do background checks and go directly to the source before you make a move based on hearsay. Personal gains should include health, wealth and educational pursuits. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CAPRICORN (Dec. 22-Jan. 19): Put a change you want to make at home in motion. Get the family involved in your plans, and it will result in suggestions that make your life easier. An unexpected turn of events will favor you and your pursuits. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Direct your energy into personal gains, home improvements and physical fitness. Channel your energy into making your space a welcome and efficient environment that encourages you to be productive. A close relationship will improve with nurturing. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

PISCES (Feb. 19-March 20): Be creative in how you handle the changes in your community. Reach out virtually, and discover what the most recent boundaries are and how best to utilize them to get ahead. Turn a negative situation into a positive one. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026; BIRTHDAY BABY: You are intelligent, adaptable and convincing.

You are imaginative and helpful.

â&#x20AC;&#x2DC;these women rule!â&#x20AC;&#x2122; BY SEAN GRIFFITH The Universal Crossword/Edited by David Steinberg

ACROSS 1 Threads for bed 4 Like a bounced check 7 Drop the ball 11 Promise hidden in â&#x20AC;&#x153;impecuniousâ&#x20AC;?

12 Cats, in Catalonia 14 Disney heroine voiced by Auliâ&#x20AC;&#x2122;i Cravalho 15 Author Amy 16 Layer that blocks ultraviolet rays 17 Subsequently 18 German chancellor, 2005-present 21 Food label fig.

22 Not yet scheduled: Abbr.

23 Land unit 27 With 49-Across, British prime minister, 1979-90 31 Kind of statement in programming 33 In the red or in the black?

34 Tea of Madam Secretary 36 Charlottesville sch.

37 Puppyâ&#x20AC;&#x2122;s sharp sound 38 Some albums, briefly 40 ___ Lingus 41 CDâ&#x20AC;&#x2122;s backside?

42 Citrus drink suffix

43 45 47 49 51 52 54 55

â&#x20AC;&#x153;___ my case!â&#x20AC;? ___ Mode (2018 No. 1 hit) Prefix for â&#x20AC;&#x153;podâ&#x20AC;? or â&#x20AC;&#x153;pubâ&#x20AC;?

See 27-Across Analogy words Airborne anomaly â&#x20AC;&#x153;Xanaduâ&#x20AC;? group Indian prime minister, 1966 to 1977 and 1980 1o 1984 61 Musicianâ&#x20AC;&#x2122;s exercise 64 Vetoed 65 Sometimes-spiced drink 66 Formed a crust 67 What may feel interminable at a terminal 68 Chicken ___ king 69 Tablet choice 70 Bearâ&#x20AC;&#x2122;s abode 71 Opposite of wane DOWN 1 Gyro bread 2 ___ of Arc 3 Like chorus lines?

4 Middle Eastern marketplace 5 One of three in a water molecule 6 Hostess sweet with a hole

7 8 9 10 12 13 14 19 20 24 25 26 27 28 29 30 32 35 39 44 46 48 50 53

Lose air or fizz Grain in a skin care mask Bill featuring a pyramid Remote Israeli prime minister, 1969 to 1974 Person from Belgrade Actress West â&#x20AC;&#x153;It follows that...â&#x20AC;?

2016 vice presidential candidate Sunday school site Take away Completely charm The Karate Kid mentor Nike rival Closest to spoiling If nothing ___ Michelle Obama or Laura Bush...or any starred woman in this puzzle, for her position?

Pledge Like many parents at graduations Legendary Clickable image Worked up a sweat Creteâ&#x20AC;&#x2122;s sea Track down

56 57 58 59 60 61 62 63

Flanders on The Simpsons Shaft on a Sienna Tie game result Hawaiian dance Big-screen film format ___-fi Spending limit Letters between names

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

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, July 7, 2020

B5

Ex-wife of ‘Da Vinci Code’ author alleges he led double life B

By Michael Casey The Associated Press

without regard for the truth.” He said he never misled his ex-wife on their finances during their divorce and that she ended up with half their holdings after they divorced.

“For reasons known only to her and possibly her lawyer, Blythe Brown has created through this suit a fictional and vindictive account of aspects of our marriage designed to hurt and embarrass me,” Brown said in a statement Tuesday.

Blythe Brown, a horse enthusiast who is involved in horse and carriage driving competitions, insisted she was only filing the lawsuit to stand up for herself and assert her “self-worth.”

We worked so hard together, struggling to build something meaningful. With great success came our promises to each other that we would not let it change us or our life together,” she said in a statement Tuesday. “I don’t recognize the man that Dan has become. It is time to reveal his deceit and betrayal.

After so much pain, it is time for truth. It is time to right these wrongs.”

Brown, a New Hampshire native, has had a string of bestsellers but is best known for The Da Vinci Code, a puzzle-filled thriller that introduced readers to the notion that Jesus Christ and Mary Magdalene were married with children. The plot outraged church officials and scholars.

During a 2006 trial against the publisher of the The Da Vinci Code, the court heard how Blythe Brown was an essential contributor to his million-selling historical thriller. Two authors unsuccessfully sued, claiming that Brown “appropriated the architecture” of their book in a high-profile London court case.

According to witness statements and court testimony, Blythe Brown led the massive research effort, supplied countless notes and suggestions and offered an invaluable “female perspective” for a book immersed in “the sacred feminine.” n

OSTON—The ex-wife of The Da Vinci Code author Dan Brown has filed a lawsuit alleging the man known for writing about conspiracies and secret societies led a double life during their marriage that included a tryst with a Dutch horse trainer and other affairs.

In her lawsuit filed on Monday in New Hampshire, Blythe Brown also claimed credit for inspiring much of his work and coming up with the premise for The Da Vinci Code. She also alleged that Brown hid scores of future projects worth “millions” from her, including a television series as well as a children’s book due out in September.

The most explosive allegations, however, are the extramarital affairs. Describing Brown’s behavior as “unlawful and egregious,” Brown said she only learned about it after the pair divorced in 2019 after 21 years of marriage.

She accuses the best-selling author of secretly diverting funds to pay for gifts to an unnamed horse trainer, including several Friesian horses and financing for his lover’s horse training business.

She alleges the “illegal behavior” took place in New Hampshire, Europe and the Caribbean.

“Dan has lived a proverbial life of lies for at least the past six years, seeming to be the epitome of a world-famous novelist leading a simple life in his home state of New Hampshire, while in reality he was something quite different,” the lawsuit claims. “For years, Dan has secretly removed substantial funds from his and Blythe’s hard-earned marital assets to conduct sordid, extra-marital affairs with women— one half his age—and to pursue a clandestine life.”

Dan Brown, in a statement, said he was “stunned” by the allegations and called the complaint “written

Fox News fires Ed Henry after sexual misconduct allegation NEW YORK—Fox News on Wednesday fired daytime news anchor Ed Henry after an investigation of sexual misconduct in the workplace.

The network said it had received a complaint last Thursday from an attorney about the misconduct. An outside investigator was hired and, based on the results of that probe, Fox fired Henry.

Fox offered no details of the complaint that resulted in Henry’s firing, only to say that it happened “years ago.”

A lawyer for Henry, Catherine Foti, said he denied the allegations “and is confident that he will be

vindicated after a full hearing in an appropriate forum.

Henry, who coanchored America’s Newsroom between the hours of 9 am and noon on weekdays, had slowly rehabilitated his career on Fox following a four-month leave of absence that ended in 2016. That followed published reports of Henry’s extramarital affair with a Las Vegas cocktail waitress.

Meanwhile, HarperCollins said Wednesday that it would no longer publish a book by Henry that had been scheduled for September. Titled Saving Colleen: A Memoir of the Unbreakable Bond Between a Brother and Sister, it

was about Henry donating part of his liver to his sister.

The alleged victim is represented by noted sexual harassment attorney Douglas Wigdor.

He also would not provide any details of the case.

Henry’s former coanchor, Sandra Smith, announced the firing on the air.

Fox said she’ll continue in her role with rotating coanchors until a full-time replacement is hired.

Henry, a former White House correspondent for Fox, was only recently elevated to the role on America’s Newsroom. He got the job after Bill Hemmer moved to Shepard

Smith’s afternoon time slot.

In a memo to staff, Fox News Media CEO Suzanne Scott and President Jay Wallace reminded employees of Fox’s 2017 overhaul of its human resources operation and the avenues they can follow with a sexual harassment complaint.

Fox’s late former chairman, Roger Ailes, was fired in 2016 following harassment allegations made by former anchor Gretchen Carlson.

Prime-time anchor Bill O’Reilly lost his job a year later following the revelations of settlements reached with women who had complaints about his behavior. AP

Charlize Theron hopes daughters are represented in Hollywood

CHARLIZE THERON stars in Netflix’s The Old Guard, which starts streaming this July 10.

NEW YORK—Charlize Theron says she’s making choices as a producer and actor to ensure her “two small, beautiful African American daughters” will feel represented onscreen.

The Oscar winner said it can be hard for Black children to “kind of imagine the possibilities” when so few films and television series are centered on characters that look like them. “I was raised during the Apartheid era in South Africa. So, I come with a lot of that baggage already,” Theron said. “I was part of a system that I as a white person benefited from in South Africa. And that’s a tremendous amount of guilt that I carried, and still carry my entire life. I’m in therapy over it,” Theron said in an interview promoting her action thriller The Old Guard, which hits Netflix July 10.

“It would be impossible for me to not have that somehow be rectified in what I can do in my job as a

producer, as an actor—and the responsibility that I take, the accountability that I take of what I put out there for not only my two young girls, but for young girls out there in general.”

Director Gina Prince-Bythewood directed The Old Guard, which was based on a graphic novel and stars Theron alongside an international cast including Aladdin star Marwan Kenzari. KiKi Layne plays a US Marine who joins Theron’s group of centuries-old immortal warriors.

Theron says she’s been watching recent protests around racial injustice in the US through the lens of her home country’s history. She hopes the current movement leads to lasting change, particularly in promoting diversity within Hollywood. “We move five steps forward and we pat ourselves on the back, and then we just stop. And that’s been the danger, a dangerous place that we’ve lived in, in my industry,” she said. AP

GMA launches Heart of Asia digital channel AS it celebrates its 70th anniversary, GMA continues to change the game in providing top-notch entertainment to every Filipino household with the launch of its new digital TV channel Heart of Asia on June 29. Known as “Home of the best Asian dramas,” the network through Heart of Asia is bringing to digital TV viewers no less than the biggest and the freshest K-drama titles alongside the best Asianovela series that are sure to warm the hearts of Filipinos.

Perfectly complementing these are some of the most-loved GMA titles that include unforgettable stories that have captured the viewers’ hearts and touched their lives.

Heart of Asia viewers should look forward to the award-winning Korean series Sky Castle, which revolves around four housewives living in the luxurious residential area namesake in suburban Seoul. They all have one ambition: to get their

children to Seoul National University Medical School. Lending their voices to these powerful female characters are GMA actresses Lotlot de Leon, Angelu de Leon, Chynna Ortaleza, Angelika dela Cruz and Sunshine Dizon.

Meanwhile, be inspired by how a person’s rank in society does not dictate his or her fate in the grand epic Korean drama Dong Yi. Follow the title character (played by Han Hyo-joo) as she surpasses her low state to become one of Korea’s successful women.

All set to spread good vibes is Love in Trouble starring Ji Chang-wook as Gerald Noh and Nam Ji-hyun as Monique Eun. Things get complicated as their careers and love lives get entangled, but one thing brings them together—catching the real culprit responsible for a series of murders before they run out of time.

On the other hand, the Chinese fantasy series

Starry Night, Starry Sea follows Shen Luo (Bea Hayden), an ordinary girl who moves from the busy city life to a small cottage on the island.

Heart of Asia is also set to air the irresistible story of You’re My Destiny, the first-ever Lakorn or Thai series on Philippine TV. Starring Esther Supraleela as Martina, it tells the story of a law office clerk who was given the moniker “Sticky Note Girl” for being overly keen and a push-over employee. Her life changes after a one-night stand with company heir Paolo (Wisetkaew Sukrit).

Aside from Filipino-dubbed Asianovelas, Heart of Asia offers as well a blend of all-time favorite GMA content that vary from a variety of Pinoy hits and foreign movies.

Viewers can catch the Heart of Asia channel on the GMA Affordabox and on other digital TV boxes on free-to-air broadcast.

All episodes of Katherine Langford’s ‘Cursed’ on Netflix

BASED on the New York Times best-selling book, Cursed is a reimagination of the Arthurian legend, told through the eyes of Nimue, a young woman with a mysterious gift who is destined to become the powerful (and tragic) Lady of the Lake.

After her mother’s death, Nimue finds an unexpected partner in Arthur, a humble mercenary, in a quest to find Merlin and deliver an ancient sword.

Over the course of her journey, She will become a symbol of courage and rebellion against the terrifying Red Paladins, and their complicit King Uther. Cursed is a coming-of-age story whose themes are familiar to our own time: the obliteration of the natural world, religious terror, senseless war, and finding the courage to lead in the face of the impossible.

The cast includes Katherine Langford (Nimue), Devon Terrell (Arthur), Gustaf Skarsgård (Merlin), Daniel Sharman (Weeping Monk), Sebastian Armesto (King Uther Pendragon), Matt Stokoe (Gawain), Lily Newmark (Pym), Shalom Brune-Franklin (Igraine), Emily Coates (Sister Iris), Billy Jenkins (Squirrel), Bella Dayne (Red Spear) and Peter Mullan (Father Carden).

THE Da Vinci Code author Dan Brown

B6 Tuesday, July 7, 2020

Arrive at your destination with exciting July deals from Toyota

W

HEREVER you need to go, trust that a durable and reliable Toyota can get you there. From July 2-31, 2020, Toyota Motor Philippines is offering value for money deals which will help you get moving with your dream Toyota. Flexible financing, outright cash discounts, and other offers are available this month on well-loved Toyota models.

Get a Vios with up to P125,000 savings or light monthly payments for as low as P6,571 per month. Customers also get 5-year Warranty when they purchase a G Prime, E Prime, G, E, or XLE variant of the locally-assembled Vios.

Offers are also available for the Corolla Altis, Avanza, Rush, Innova, Fortuner, and Hiace. Hiace. Savings are also offered for the Hilux, with as much as P80,000 discount on the 4x4 G MT variant.

Aside from these offers, customers may also get free Periodic Maintenance

Services up to 20,000KMS for participating variants of the Vios, Corolla Altis, Rush, Innova, Fortuner, Hilux, and FMC Hiace or free 1 year comprehensive insurance when they purchase the New Wigo.

Trade-in rebates are also available when you trade in your vehicle for a Toyota. Get as much as P40,000 rebate when you trade-in your vehicle for a Corolla Altis, P35,000 for a Vios, and P20,000 rebate is also available for the Innova, Fortuner, Avanza, Wigo, Rush, Pre-FMC Hiace Commuter, and Hilux (except for PUV, Cab & Chassis, and FX).

The rebates can be used on top of existing

promos, and may also be used to purchase accessories.

For more information on available deals, visit toyota.com.ph/promos/ arrivedestination. You may also check out more information on any Toyota model in our Virtual Showroom at toyota.com.ph/ showroom.

For more Toyota updates, visit www.toyota.com.ph or check out Toyota’s official social media pages at ToyotaMotorPhilippines (Facebook and Instagram), and @ToyotaMotorPH (Twitter).

Nickel Asia among first responders to COVID challenge with a tab of more than P50M

Community Organizer Allan Bandoy, Jr. from Hinatuan Mining delivers food packs to Sitio Campandan, Hinatuan Island, Surigao del Norte.

N

ICKEL Asia Corp.

(NAC) acknowledges the threats of any possible crisis in the communities by immediately activating the company’s builtin system of methodically responding to any emergency.

So when President Rodrigo Duterte declared the Enhanced Community Quarantine (ECQ) on March 15 as response to the threat of COVID-19, NAC through its subsidiaries – Cagdianao Mining (CMC), Dinapigue Mining (DMC), Hinatuan Mining (HMC), Rio Tuba Nickel Mining (RTN) and Taganito Mining (TMC) with Emerging Power, Inc. (EPI) and Cordillera Exploration Inc. (CExCI) – started expending more than P50 Million pesos from these companies’ realigned Social Development Management Program (SDMP) and Corporate Social Responsibility funds.

Mining companies regularly assume the role of ‘first-responders’ during natural calamities such as typhoons and/or earthquakes, ensuring that the people in the mining communities get the necessary

assistance they need. And the threat of COVID-19 was no difference.

Mining companies are mandated by law to be responsible for the communities where they operate – designing and funding programs that provide jobs and boost the local economy in a sustainable manner.

The SDMP is a five-year plan budgeted to use as tool for the implementation of development programs in the mining communities, which the Mines and Geosciences Bureau (MGB) has allowed to be realigned to assist the mining companies’ host communities during the pandemic.

The accumulated P50M were used in part to buy sacks of rice, food packs, vitamins, and medical supplies such as alcohol and hand sanitizers that were distributed to thousands of families and frontliners. Some of the funds were used to build isolation and disinfecting facilities and to fund the extensive information campaign necessary to educate the communities about the pandemic and how they can be protected from the virus.

The Emergency Response Teams (ERTs) and Community Organizers (COs), whose members are regular employees of these mining companies, were immediately deployed to help the people cope with the health crisis as soon as movements in the mining communities were restricted and the residents compelled to stay home.

“Food is the first requirement during a crisis, then medicine and first-aid kits, you have to have a steady supply of these to make the people feel protected, then everyone needed guidance and information so we provided those too,” says Engr. Arnilo C. Milaor, Resident Mine Manager for CMC. A separate budget of P18M was turned over to the Philippine Red Cross (PRC) to build a molecular testing laboratory in Surigao City to support the province’s efforts for early detection of COVID-19 cases.

“The lab will be built with the P18M funding from Taganito HPAL Nickel Corp. and from NAC subsidiaries – TMC and CMC. The host province of Surigao del Norte will provide the location while PRC will be the lead in the overall operations of the facility,” explains Engr. Artemio E. Valeroso, Resident Mine Manager for TMC. As ‘first responders’, the mining companies also took care of the challenge of the face masks – the first supply to run out in the early days of the ECQ. The COs rallied the residents and employees to make washable masks and face shields that the companies bought and provided to families, employees and frontliners.

NAC companies contributed more than 50,000 washable face masks and face shields allowing residents and frontliners in far-flung areas to have protection against the virus.

“It is in our DNA as responsible miners, to be present at every opportunity to protect the people in the mining communities, we are mandated by law yes, but our support go above and beyond,” says Engr. Francis J. Arañes, Jr., Resident Mine Manager for HMC.

Sea turtle release at UN Environment Month

M

AITUM Mayor Alexander Bryan Reganit releases some of the 441 newly-hatched sea turtles in line with the recent local celebration of the United Nations World Environment Month at the Barangay Kiambing Pawikan Learning Center. Located at the Moro Gulf, the conservation center has released almost 10,000 pawikan hatchlings belonging to the Green Sea and Olive Ridley turtle species making the town number one in Sarangani province to do so for the first half of the year.

The Soccsksargen Region-wide observance, themed "Time for Nature", cited the need to sustain and restore the environment for future generations. Other related events included mass tree planting of some 50 narra and fruit trees at Kalaong village to help prevent landslides and help to contain climate change. The UN World Environment Month observance is supported by the Maitum Municipal Government and the Department of Environment and Natural Resources.

Megaworld Lifestyle Malls launches #SaferAndHappier safety campaign microsite

M

EGAWORLD Lifestyle Malls has launched a new customer-focused microsite that brings together vital information on its enhanced mall and in-store safety guidelines and protocols.

The #SaferandHappier microsite is designed to provide mall guests with quick access to the full details of Megaworld Lifestyle Malls’ efforts to ensure their safety and protection while they shop and dine at its lifestyle malls and commercial properties.

Through informational videos, articles, infographics and other visuals, mall guests can get useful information, which can come in handy for their next mall visit - from screening protocols and intensified sanitation procedures to social distancing reminders and cashless and contactless purchase options.

The microsite includes the following: #SaferandHappier Together, While Apart Contains information on Megaworld Lifestyle Malls’ social distancing measures including crowd and floor capacity control and the deployment of its own Social Distancing Ambassadors. #SaferandHappier Shopping Contains information on cashless and contactless payment options, mall and in-store screening and safety protocols, drive thru areas and pick up stations for advanced orders. #SaferandHappier Environment Contains detailed information on the enhanced sanitation efforts of Megaworld Lifestyle Malls including the use of state-ofthe-art disinfecting equipment, deployment of its own Sanitation Squad and partnerships with The Medical City and Safeguard.

“The microsite will provide our guests with

a faster and more visual way of getting hold of essential information on how they can keep themselves and others safe when they visit our malls. The microsite will constantly evolve and bring fresh content as we look to continue keeping our guests updated at all times,” says Graham Coates, first vice president and head, Megaworld Lifestyle Malls.

The microsite can be accessed through megaworld-lifestylemalls.com/safer-andhappier/ and is available in both desktop and mobile-friendly formats. The microsite is also directly linked to the main Megaworld Lifestyle Malls website at megaworld-lifestylemalls.com for additional information on store listings, mall schedule, leasing inquiries, the Megaworld Lifestyle Malls Helpline and other important mall updates.

For more information and details, visit https://megaworld-lifestylemalls.com/safer-andhappier/ or call the Megaworld Lifestyle Malls Helpline at 8-462-8888.

The Manila Hotel reopens in time for its 108th anniversary

The Grand Lobby of the historic Manila Hotel

J

UST a day before the historic hotel’s founding anniversary, The Manila Hotel partially open its doors with the famed Café Ilang Ilang, the Lobby Lounge, and the Delicatessen resuming operations on July 3. Likewise, room bookings have been accepted that same day.

With the lobby shining bright anew signifying eternal hope, the Hotel commemorates its 108th founding anniversary on July 4 by welcoming guests with an enduring brand of service that is now focused on enhanced health, hygiene, and sanitation protocols in line with DOH guidelines.

Atty Joey Lina, president of The Manila Hotel, assures the public, “You are safe here. We have taken every precaution to heart so you and your loved ones can have peace of mind when you visit or stay with us.”

Both Café Ilang Ilang and the Lobby Lounge will be opened with limited seating capacity. Thorough sanitation procedures will be implemented, and guests can order using disposable menu, eat using cutlery in sealed containers, and even use tables with acrylic dividers. Front-facing personnel communicating with guests like Guest Services Officers (GSOs) and waiters will don marks, gloves, and face shields. To limit contact with guests, Café Ilang Ilang is also fine-tuning its contactless ordering and payment system.

Adopting best practices, the hotel launches a comprehensive initiative to assure its patrons they are safe at The Manila Hotel. High-traffic public areas will have hygiene reminder signages and distance indicators, and guests will be asked to undergo mandatory temperature checks, and health declaration procedure.

Limited capacity will also be implemented in elevators, while several hotel facilities will remain closed including the spa, swimming pool, gym, and other areas.

High-touch points like door handles, elevator buttons, public area furniture, and others will be sanitized multiple times per

day using UV technology. Tests reveal that UV sanitation greatly reduces the bacteria count on surfaces, as demonstrated by lower RLU readings—whose value is used as a measure of surface cleanliness—after the procedure.

For patrons and valued guests the Hotel offers its 108th Anniversary Promo that gives the first 108 customers for the first 108 days of its reopening (including Saturdays and Sundays) a special dining rate of only Php1,250 for lunch, and only Php1,550 for dinner. Café Ilang Ilang likewise returns with a new system for dining where guests can “order and eat all you can,” meaning they can order as much food as they want from the selection of dishes at a fixed price.

The public is assured safe and hygienic rooms which are thoroughly cleaned by UV-C light technology to eliminate germs, bacteria, and viruses; followed by medicalgrade sterilizing and disinfecting solution.

A change of fresh and sanitized linens; sanitation of touch points in the room including remote controls, lamps, etc.; and thorough bathroom disinfection are also art of the procedure. Guests will also receive personal wellness kits, issued a UVsanitized keycard, and arrive to guestrooms with a seal of assurance that they are the first to enter the sanitized environment.

Because taking care of its own people means they can take better care of guests, The Manila Hotel has invested on testing its staff upon return to work to ensure they are healthy. The culinary team strictly adheres to stringent protocols on proper hygiene, hand washing, and food handling. Staff will be required to wear PPEs as needed, and a strict implementation of distancing measures will be done in the offices, front desk, and other areas frequent by guests.

The Manila Hotel looks forward to welcoming both loyal and new guests with the kind of service it is known for, with the assurance that “YOU ARE SAFE HERE” is not just a tagline but a commitment it truly means to uphold.

Sports BusinessMirror

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

PROTOCOL VIOLATORS AGUILAR, WONG FINED

Forum on basketball

O

FFICIALS of the Samahang Basketbol ng Pilipinas (SBP) will bare their comeback plans amid the Covid-19 pandemic in the Philippine Sportswriters Association (PSA) webcast on Tuesday.

SBP Executive Director Sonny Barrios and Director for Operations Butch Antonio are gracing the 10 a.m. session presented by San Miguel Corp., Go For Gold, Amelie Hotel, Braska Restaurant and the Philippine Amusement and Gaming Corp.

The SBP officials will expound on the Philippines’s bid to qualify for the Tokyo Olympics through its Gilas Pilipinas 3x3 men’s team.

Powered by Smart, the forum will be shown live via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and also on Radyo Pilipinas 2’s facebook page.

Bundesliga working with government to bring back fans

D

ÜSSELDORF, Germany—The German men’s soccer league is working with the government on a plan to get fans back into stadiums during the coronavirus pandemic, its CEO says.

Christian Seifert, CEO of the German Football League which runs the top two divisions, told German weekly Frankfurter Allgemeine Sonntagszeitung that ideas were being discussed with the government.

“Mass events are de facto ruled out until October 31 unless they have a hygiene concept and it’s possible to track the attendees afterwards,” Seifert said in an interview published Sunday.

“We are working on guidelines of that sort and we have some first thoughts which we are exchanging with the Federal Ministry of Health.”

Germany was the first major European soccer league to resume in empty stadiums amid the pandemic on May 16. Only one more game remains in the season—a promotionrelegation playoff second leg on Monday between Werder Bremen and Heidenheim.

Seifert said any plans to play with fans present in the 2020-21 season would have to take into account the venues’ layout and the spread of the coronavirus in the local area. He also praised fans for showing “a lot of discipline” in not gathering outside stadiums hosting games.

German media have reported that topdivision clubs have been studying the idea of holding games with a reduced number of fans, typically with socially distanced seating.

Local health officials in Leipzig said Thursday they had approved a plan for up to 21,000 spectators—or 50 percent of capacity—at the Red Bull Arena with masks required and gaps between supporters, the dpa news agency reported.

Local officials have wide-ranging powers in Germany during the pandemic, but it’s not clear whether the league would allow some teams to resume with fans if others were still in empty stadiums. AP

HORAN HEADER

Portland Thorns midfielder Lindsey Horan heads the ball as Washington Spirit midfielder Bayley Feist defends during the first half of their National Women’s Soccer League Challenge Cup match at the Zions Bank Stadium on Sunday in Herriman, Utah. AP

Tuesday, July 7, 2020 B7

wong

aguilar

T

HE Philippine Basketball Association (PBA) fined Barangay Ginebra San Miguel’s Japeth Aguilar and Rain or Shine rookie Adrian Wong for playing hoops despite strict protocols enforced under the general community quarantine.

For their clear violation of quarantine rules, the PBA fined Aguilar and Wong P20,000 each and were ordered to undergo swab tests no later than Tuesday.

They would also be subjected to a 14-day quarantine before getting swab tested as a confirmatory procedure.

The Inter-Agency Task Force on Emerging Infectious Diseases previously banned playing basketball during the quarantine but lifted restrictions only last Friday, two days after the PBA players violated the law.

Aguilar and Wong were caught violating quarantine rules after a video of their game was uploaded in social media. They played basketball in a San Juan City gym with Gilas Pilipinas pool member Isaac Go, who has since apologized and reprimanded by the league.

They will also undergo 30 hours of community service, according to PBA

Commissioner Willie Marcial who met with the players online on Monday. The players, Marcial said, admitted to their mistakes.

With the IATF lifting the ban on certain professional sports, the PBA set a July 22 resumption of training for its member teams.

Football also got the go signal, but the Philippine Football Federation (PFF) said the safety and health of the athletes remain a priority.

“We would like to emphasize that the health and safety of the players are most important in ensuring that the league pushes through this year,” PFF Secretary-General Edwin Gastanes said.

The PFF laid down the protocols for the resumption of team practices with all players, officials and staff required to get tested for the

virus by the Department of Health.

The federation pinpointed its National Training Center in Carmona, Cavite, as the common training facility. The PFF encouraged individual travel and limited seating capacities to 50 percent for those with team buses.

Only 10 players will be allowed on the field at each time, with the next batch of 10 athletes taking their turn in 30-minute intervals.

The wearing of masks, physical distancing in nonplaying areas and sanitation of all equipment are compulsory, the PFF said.

Waiting in the wings for the IATF’s go signal are the Maharlika Pilipinas Basketball League and volleyball tournaments under the Philippine Superliga and Premier Volleyball League.

SOUND OF SILENCE THE scoreboard shows the final score during the English Premier League match between Manchester City and Liverpool at Etihad Stadium in Manchester, England, recently. AP

T

By Joe Reedy

The Associated Press

HERE’S clearly a huge difference between an English Premier League match and one played between friends on a local field. But when you take away 54,000 fans who would otherwise be singing and cheering at Liverpool’s Anfield, both sound the same.

That doesn’t seem appropriate to Pierre Moossa, NBC’s coordinating producer for Premier League coverage. He is one of those who have embraced adding crowd noise to telecasts with games being played in empty stadiums due to the coronavirus pandemic.

“All the different sports are trying to find ways to cover the game behind closed doors, but as you get down to it, certain sports are more tied or associated with certain experiences than others,” Moossa said. “It did surprise me how much something that is not natural to the game itself, meaning that it’s being enhanced, would make such a difference to the viewing experience.”

With leagues that already have returned using crowd audio, it is likely it also will be used in some form when Major League Baseball, the National Basketball Association, the National Hockey League and the National Football League resume. Those leagues have said they are evaluating options, but nothing has been finalized.

Los Angeles Angels Manager Joe Maddon said he would be for some sort of noise in ballparks during games.

“I would not be opposed to it because it would be weird to listen to broadcast from behind home plate.

You don’t want everyone to hear everything you are saying all the time,” he said. “You have to be mindful of that and have some kind of white noise to prevent

writing down the conversations.”

Before the Premier League returned last month, Moossa was all for authenticity. That is until he watched a game with natural sound and compared it to watching guys playing in a park. Others have said matches felt flat because the only sounds were the ball being kicked, the referee’s whistle and coaches giving direction.

“For a lot of us that didn’t play professional soccer or football, at that level the crowd is such a big part of it. I think the term soundtrack, it’s so ingrained,” Moossa said.

Fans at home are the only ones who can experience the roar of the crowd. The Korean baseball league is the only league regularly piping in crowd noise at stadiums so they are not completely silent, though the sound is barely audible during games aired on ESPN. The Premier League also realizes there are purists who think adding crowd noise is wrong.

Games on NBC and NBCSN can be viewed online using the natural sound from stadiums.

Fox Sports announcer Joe Buck said during a recent interview that some crowd noise was a “necessary tool to normalize the viewing experience at home.”

Even though soccer stadiums aren’t piping in crowd noise, NBC’s Arlo White is hearing the augmented sound in his headset while calling the game. He said it hasn’t been a distraction and that it does serve some useful purpose.

“It sounds in our ears like an actual game, albeit we can look around and see the crowd isn’t there, and to everybody at home, it sounds like an actual game,” he said. “When we are commentating on a game, it’s amazing how into that game you are.”

For the early adopters, it hasn’t been a onesize-fits-all approach. They do have something in common: It’s more than simply adding applause during a key moment.

Germany’s Bundesliga was the first to experiment when it returned in mid-May. German broadcaster Sky Deutschland had a

sound engineer with more than a dozen sound clips at his disposal for key plays. The clips were compiled from games played earlier in the season.

The Premier League and Spain’s La Liga went one step further by enlisting EA Sports to provide crowd effects that it compiled over the years for its Fifa video game franchise. Andrew Vance, a producer and designer for EA Sports, said broadcasters have more than 800 sound clips available for their respective leagues.

EA Sports could do the same thing for the NFL and NHL since it has the exclusive contracts for those leagues. The NBA has been in contact with 2K Sports about possibly using its sound library when the league is scheduled to resume outside Orlando, Florida.

The system that is drawing the most acclaim is the one created by Fox Sports Australia for its rugby and Australian rules football coverage.

Steve Crawley, Fox Sports Australia’s head of television, knew the status quo wasn’t going to be acceptable in mid-March when he watched St. George Illawarra’s Matt Dufty intercept a pass and go 80 meters for a try. It was a great play, but the effect was lost for fans because it

Japanese soccer, baseball leagues set to start allowing fans at games

T

OKYO—Japan’s professional baseball and soccer leagues will begin allowing fans this week, the heads of both leagues said on Monday.

Soccer and baseball officials said the first day with fans will be Friday.

The maximum number will be 5,000 or 50 percent of the stadium capacity— whichever is smaller.

Officials said they plan to allow stadiums to be filled to 50-percent

capacity beginning on August 1.

“We will keep a close eye on this guideline to see if it changes significantly,” said Mitsuru Murai, head of Japan’s soccer league, the J-League. “If there are no major changes, we’ll proceed with the original plan.”

Mitsuo Kaku, a professor at Tohoku Medical and Pharmaceutical University, was optimistic in an online news conference with league officials.

“Of course, we have to keep an eye on the infection situation, but I think it is necessary to try this,” he said. “We are in the situation where we need to continue to run social and economic activities while managing risks.”

Consadole Sapporo GK’s Sugino Takanori reacts during his team’s J-League match against Yokohama FC without spectators at the Nippatsu Stadium in Yokohama over the weekend. AP

was in an empty stadium.

When the National Rugby League was forced to shut down for eight weeks, Crawley and his team went to work trying to create their own system after another company said it could provide virtual crowd noise for the rest of the season but at a cost of $2 million.

Under the system created by Crawley and his team, each of the NRL’s 16 teams have at least 57 specialized clips gathered from previous games, ranging from when they score a try to when they commit an error. The clips are different depending on if they are home or away.

Crawley compared coordinating the sound and action to “playing an instrument.” In many respects, the audio engineers have to be a step ahead of what’s happening on the field so they can put in the appropriate reaction at the perfect time.

“This isn’t just a roar, a clap or some background murmur, we work very hard to get the sound right,” he said. “The most important thing is the game and what is going on followed by the crowd noise. We have worked very hard to get the right mix and have got better as the games have gone along.”

SPORTS WITHOUT BORDERS Vincent Juico | @VJuico Instagram vpjp_j vince.juico@gmail.com

Assumptions, speculations and guesses WITH the government allowing the return of the Philippine Basketball Association (PBA) and the Philippine Football Federation (PFF), professional basketball and football are back.

As the title of today’s column suggests, I can only assume, guess and speculate what protocols and measures will be implemented by the two leagues.

Both are contact sports so it is incumbent upon the players to strengthen their immune system, take a lot of vitamin C and zinc, eat right, get enough sleep and train well to either get in shape or stay in shape. Some of these protocols may be patterned after practices implemented by leagues abroad like the National Basketball Association and the European football leagues.

According to latimes.com, at the resumption of the NBA, “The core health practices relied upon in these protocols are physical distancing and use of face coverings, hand and respiratory hygiene, reduced use of shared objects and spaces, rigorous cleaning and disinfection procedures, and regular health monitoring and diagnostic testing.”

The social distancing rules are strict. People at the Disney World campus in Orlando, Florida, where 22 teams will convene to begin play come July 30, could wear a device that sets off an audible alarm when they are within 6 feet of another person for more than five seconds.

The league will also experiment with wearable medical technology that can monitor body temperature and blood oxygen levels.

According to straitstimes.com, in the English Premiere League (EPL), “Stadiums will be split into red, amber and green zones with the red zone to include 20 players, 12 coaching and medical staff and a further five “essential staff.”

Other measures include deep cleaning of corner flags, goalposts, substitution boards and match balls.

The straitstimes.com continues, “the guidelines put in place by La Liga for matches allow only around 270 people inside venues. All players are tested for the virus before games and will arrive wearing masks and gloves and have their temperatures checked before entering the stadium.”

Some of these measures could probably be temperature checks at the venue entrance, single entrance for venues, alcohol dispensers everywhere in the building and players, coaches, officials and executives tested weekly, maybe even daily.

Physical and social distancing will be imposed in the lockers and changing rooms.

Players may have to bathe when they arrive.

Teams might have to stay in one place and quartered near the playing venue. The PBA may want to try the Fiba format of having games three to four games in a day starting in the morning and ending in the evening.

Aside from their own protocols, look for the PFF to see how other leagues especially football leagues are doing with their measures and practices to further improve their own. The other leagues here in the country will be interested to see how the PBA and the PFF will implement their guidelines. Will both leagues immediately suspend their season indefinitely if, God forbid, one of the players gets infected? The NBA will resume its season whether a player or players get infected or not.

These two leagues will be setting the tone and the standard in protecting the many stakeholders under their respective umbrellas from an adversary we don’t know a lot about, an enemy we cannot see, taste, smell and feel.

One thing’s for sure, I’ll be pulling for both leagues to succeed despite the uncertainty.

Japanese baseball opened its season on June 19, and soccer resumed on Saturday after a four-month delay. The soccer J-League played one round of matches before the season was stopped in February.

Hiroshige Mikamo, a professor of infectious disease at Aichi Medical University, put the responsibility on the fans.

“The teams, staff, and player have worked really hard to protect the sporting culture,”he said.

“Now it’s the audience’s turn to make the effort.”

Japan has largely held the coronovirus pandemic in check with 1,000 deaths reported i na country of 126 million. By comparison, the United States has reported 130,000 deaths with a population estimated at 330 million.

However, new cases have increased recently in Tokyo. New cases on Sunday in Tokyo topped 100 for the fourth straight day. AP

Sports BusinessMirror

B8 Tuesday, July 7, 2020

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

SKOREAN TRIATHLON IN CRISIS

S

EOUL, South Korea—Top South Korean officials on Monday offered a public apology and vowed to delve into the death of a triathlete who had reported to government and sports bodies that she had been abused by her team coach, physical therapist and colleagues.

Choi Suk-hyeon, 22, was found dead late last month, after sending a mobile chat message asking her mother to disclose the alleged crimes of people who abused her. Public outrage later erupted after media revelations that authorities didn’t quickly act though Choi had registered petitions over the alleged abuses with several government and sports bodies.

On Monday, Sports Minister Park Yang-woo told a parliamentary committee meeting that he “feels heavy responsibility” for her death and apologized to her bereaved family and the South Korean public.

Vice Sports Minister Choi Yoon-hee told the same meeting that a 20-member investigation team was launched last week to find why authorities didn’t properly respond to the athlete’s petitions and whether related sports supervisory or support bodies functioned over the case in an appropriate manner.

“We will thoroughly investigate,” the vice minister said. “We’ll sternly punish those” responsible for Choi Suk-hyeon’s death.

During the parliament’s meeting, the team coach, identified by lawmakers as Kim Kyubong, and two athletes accused of abusing Choi said that they had never beaten or abused her.

Choi’s cause of death was ruled a suicide.

State prosecutors are separately investigating the abuse allegations she made before her death, according to the Korean Sports and Olympic Committee.

Last week, the world’s triathlon’s governing body expressed its shock over Choi’s death and asked South Korea’s local triathlon federation

and Olympic committee to share information about her case.

The alleged abuses happened when Choi belonged to a team run by the local government of Gyeongju city in the southeast.

Earlier Monday, two of her ex-teammates told reporters they and Choi had been beaten and suffered verbal and other abuses by their team’s coach, a physical therapist and senior teammates. One of them said she and Choi were once forced to eat 200,000 won ($167) worth of bread until dawn as a punishment for gaining weight.

The two women requested their names not be revealed, citing worries that media publicity would damage their private lives.

Choi, a junior bronze medalist at the 2015 Triathlon Asian Championships, was first picked in the national team in 2015, while still in high school. Her last major race was in October, when she finished the South Korean championship in 14th place.

The abusive treatment of athletes has been a deep-rooted problem in South Korea, which considers achievements in Olympics and other international sports events as a national pride. Athletes often live in dormitories, where coaches often exercise overbearing control, and they skip school from a young age in order to perform well at athletic events, leaving them with less education and career choices, which makes it harder for them to resist unjust treatment, experts say.

In recent years, South Korean female athletes, wrestlers and judo and taekwondo players accused their male coaches of sexually abusing them. Members of the country’s silver medal-winning Olympic curling team, cheered as the Garlic Girls for their hometown’s famed produce, accused their former coaches of verbal abuse and holding back prize money. AP

F1 DRIVERS: END RACISM Valtteri Bottas kneels with the winners’ trophy and so do many of the drivers. AP

Bernal: Chris Froome isn’t upset by my Tour leadership comments

E

GAN BERNAL said that he has a good relationship with Team Ineos coleader Chris Froome, adding that his various remarks to the media about the team’s Tour de France leadership conundrum has not affected their friendship or caused any tensions within the squad.

In a wide-ranging interview with Colombian newspaper El Tiempo, Bernal spoke about the effect of the Covid-19 pandemic on racing as well as his team’s Tour leadership and the possibility of riding the World Championships road race, which comes a week after Paris.

As one of three Tour de France winners at Ineos, it’s possible that the 23-year-old’s toughest competition will come from his own teammates, four-time race winner Froome and 2018 champion Geraint Thomas.

Bernal said in the past that the road will decide, also saying in May that he wouldn’t “throw away another opportunity to win another Tour de France” by sacrificing himself for his coleaders. He said that his statements hadn’t upset his teammates, having spoken to both Froome and Thomas at the time.

“He wasn’t [upset],” Bernal said of Froome.

“What happened was that we spoke at the time.

Froome’s statements came out and people took it as if he was angry at me, but he wasn’t. He never got mad at me for what I said.”

“We’re friends and we all want to go forward, to win. Here, the most important thing is that the team wins—we’re Ineos and the one that has to win is Ineos,” he added.

“Chris, Geraint and I are very honest with each other. When we see that one is better, then that will help. You can’t say ‘I’m the leader’—if I have to work for Froome I’ll do it; if he has to give himself up for me, I’m sure he will, and so will Geraint.”

Ineos management will decide who leads during the Tour, Bernal added, also stating that it’s far too early to set anything in

stone, given that racing hasn’t restarted yet.

“The team is going to decide on one, but that’s too soon to say. We haven’t even competed to know. We even have to wait until the first stages of the Tour. Besides, it’s a big question how everyone will be when they get there,” he said.

Bernal, like the rest of the peloton, hasn’t raced since the early months of 2020, with the Covid-19 pandemic forcing a halt to the calendar from mid-March onwards.

The lack of racing, plus the different lockdown and training circumstances for riders, will bring some surprises when the action gets under way once again in late July and early August, said Bernal.

Bernal, the reigning Tour champion, will surely be back to his best come September. He has been logging seven hour days in training ahead of a return to competition, where he will take on the Tour de l’Ain and Critérium du Dauphiné in the run-up to the Tour.

And while Covid-19 has massively disrupted his season thus far, Bernal has kept things in perspective.

“I can’t complain. I feel lucky,” he said. “I have the support of my team, of many people, of the group I work with. There are much more important sectors that have been affected, such as health-care workers, and those who have lost their jobs are having a hard time.”

One race that could possibly be in Bernal’s list is the World Championships set in Aigle Martigny in Switzerland near the UCI headquarters.

The road race will be one suited to climbers, though given its position in the calendar—a week on from the Tour and six days before the start of the Giro d’Italia—it remains to be seen which Grand Tour riders will target the race.

“First I have to ride the Tour. That’s the first objective” Bernal said. “Once it’s over, I’ll analyze the conditions I’ll be in to go to the World Championships. It would be ideal to go and fight for the title, but in Paris we’ll see what we’re up to, what we have left for that other objective.” Cyclingnews

By Jerome Pugmire

S

PIELBERG, Austria—Valtteri Bottas insisted before the season-opening Austrian Grand Prix on Sunday that he has what it takes to win the Formula One (F1) world championship.

That’s a tall order with six-time F1 champion Lewis Hamilton as his teammate at Mercedes.

Especially as Hamilton needs one more title to equal Michael Schumacher’s record of seven.

But Bottas showed impressive composure to win Sunday’s race—which had no fans present due to the coronavirus pandemic—with Hamilton just a half-second behind him for spells. Not easy for Bottas when Hamilton’s among the best drivers at overtaking in F1 history, and when a chaotic race restarts three times behind a safety car.

“There was definitely quite a bit of pressure.

One safety car was OK but by the last I was like, ‘Come on—again?’” a relieved Bottas said. “There were so many opportunities for Lewis to take the lead if I made a small mistake and he was really quick today. But I managed to keep it together, could really control the race from my side, and there’s obviously no better way to start the season.”

Hamilton crossed second but finished fourth

career podium and his superb final lap was the fastest of an exciting opening race. Norris became the youngest British driver to secure a podium finish and the third youngest ever in F1.

Only Verstappen and Lance Stroll were younger.

All drivers wore “End Racism” t-shirts before the race, but six drivers did not take the knee: Verstappen, Leclerc, Kimi Raikkonen, Daniil Kvyat, Antonio Giovinazzi and Carlos Sainz Jr. Hamilton, the only Black driver in F1, wore a t-shirt with Black Lives Matter on the front and End Racism on the back.

Verstappen was chasing a hat trick of wins at the Red Bull Ring, but his race ended early while Sebastian Vettel’s miserable form from last season carried over as he finished 10th.

Hamilton’s three-place grid penalty pushed Verstappen up to second place on the grid.

Norris jumped to third and Albon to fourth.

Bottas made a strong start from pole position while Hamilton took a little while to overtake Norris and Albon, but he was gifted a position as Verstappen crawled to a halt.

Daniel Ricciardo (Renault), Kevin Magnussen and Romain Grosjean (Haas), Stroll (Racing Point), George Russell (Williams), Raikkonen (Alfa Romeo) and Kvyat (AlphaTauri) also abandoned.

When Magnussen went off track after trying to overtake Esteban Ocon’s Renault, a first safety car was deployed for two laps—allowing Hamilton to claw back a few seconds on Bottas.

When the race restarted on Lap 30, Bottas got away cleanly.

But moments later Vettel tried to pass Sainz on the outside but misjudged his attack, spinning his car after nudging into the McLaren and losing several positions.

Hamilton lurked right behind Bottas for the next 20 laps but could not find a way past.

The safety car came out a second

DeChambeau books emotional 3-stroke victory at Rocket Mortgage Classic

D

EGAN BERNAL on Chris Froome: We’re friends and we all want to go forward, to win.

The Associated Press

after getting a late time penalty.

Bottas kneeled with the winners’ trophy and the podium trio—including second-place Charles Leclerc for Ferrari and thirdplace Lando Norris for McLaren—held up a black t-shirt with “End Racism” written on it.

Nine of 20 drivers abandoned, including both Red Bulls of Max Verstappen and Alexander Albon—who tried to overtake Hamilton on the outside with 10 laps left, touched wheels and flew off track.

It was better to be up ahead.

“I dodged a few bullets today,” Bottas said after the eighth F1 win of his career.

Hamilton was given a five-second time penalty for causing Albon’s crash, having earlier been hit with a three-place grid penalty after an incident in Saturday’s qualifying was reviewed by stewards.

“It was just a misjudgment by Lewis at the end of the day and it’d be good if he apologized for it,” Red Bull team principal Christian Horner said. “This sport can be pretty brutal sometimes and it feels like today’s been one of those days.

Alex drove a great race, he didn’t deserve that.”

The race had looked like a straight fight between the two Mercedes, as has been the case so often in recent years, but late drama in Spielberg ensured otherwise.

“It felt like a victory today. Second place is something I never would have expected,” said Leclerc, who started from seventh. “I will rate this as one of my best races, I didn’t do many mistakes.”

Norris sent McLaren’s garage into raptures, and threw social distancing out of the window amid the euphoria as CEO Zak Brown hugged everyone in sight.

His jubilation was understandable.

It was the 20-year-old British driver’s first

ETROIT—Bryson DeChambeau pounded protein shakes and lifted iron to transform his body, adding 40 pounds of mass, and changed his game to put a premium on power.

The plan is working.

With jaw-dropping drives and some clutch putts, DeChambeau won the Rocket Mortgage Classic by three strokes Sunday for his first victory of the season and sixth overall.

He became the first Professional Golfers’ Association (PGA) Tour player since 2004 to lead a tournament in driving distance, along with shots gained off the tee and putting.

“This is a little emotional for me because I did do something a little different,” the 26-yearold DeChambeau said. “I changed my body, changed my mindset in the game and I was able to accomplish a win while playing a completely

different style of golf. And, it’s pretty amazing to see that. I hope it’s an inspiration to a lot of people.”

DeChambeau shot a seven-under 65 at Detroit Golf Club, birdieing four of the first seven holes and closing with three straight. He finished at a career-best 23-under 265.

Matthew Wolff (71) was second. He started the day with a three-shot lead and hurt his chances with five bogeys over his first 10 holes. Kevin Kisner (66) finished another stroke back as part of a relatively weak field that continued to trend of exceptional play since the PGA Tour restarted.

“The level of play on tour in these first four weeks has been incredible, cuts at 4 and 5 under every week,” Kisner said.

With a strong finish, DeChambeau removed all doubt that he would win the second Rocket Mortgage Classic.

He made a 30-foot birdie putt at No. 16, which he said was his shot of the day. He also had a short putt for birdie on the next hole.

And finally, he uncorked a 367-yard drive to set up another short putt at 18.

DeChambeau came into the week with six straight top-eight finishes and was the only player with top 10s in the first three events after the restart from the coronavirus pandemic. He won for the first time since the Shriners Hospitals for Children Open in November 2018.

DeChambeau has dramatically altered his body, packing about 240 pounds on his 6-foot-1 body, and took advantage of the extra time he had to work on his physique during the Covid-19 pandemic. AP

time on Lap 52 and again after the right tire flew off the front of Raikkonen’s car and narrowly missed Vettel’s car.

After that restart, Albon made a daring but slightly hasty move on the outside of Hamilton, who appeared to impede him just as he was passing.

F1 stays in Austria next Sunday, then goes to Hungary as part of an eight-race European swing.

The rest of the calendar remains uncertain amid the pandemic. The canceled Australian GP had originally been scheduled as the opening race of the 2020 season in March.

Hamilton, who knelt alongside Vettel, at one point bowed his head pensively while Kvyat pointed to the anti-racism message on his t-shirt.

Hamilton has spoken widely about racism in recent weeks following the death in Minneapolis of George Floyd—a handcuffed and unarmed Black man—after a police officer pressed his knee on Floyd’s neck for nearly eight minutes in May. Hamilton attended a Black Lives Matter march in London and is setting up a commission to increase diversity in motorsport.

Leclerc and Verstappen wrote on Twitter before the race why they chose not to kneel.

“I believe that what matters are facts and behaviours in our daily life rather than formal gestures that could be seen as controversial in some countries,” Leclerc said. “I will not take the knee but this does not mean at all that I am less committed than others in the fight against racism.”

Verstappen explained his choice.

“I am very committed to equality and the fight against racism. But I believe everyone has the right to express themselves at a time and in a way that suits them,” the Dutch driver said. “I will not take the knee today but respect and support the personal choices every driver makes.”

BRYSON DECHAMBEAU snatches his first victory of the season and sixth overall in his career. AP