BusinessMirror July 08, 2020 by BusinessMirror

NG 4-mo borrowing exceeds 2019 level By Bernadette D. Nicolas

T only took four months for the Philippine government to surpass the total amount it borrowed for the entire 2019. Citing latest data from the Bureau of the Treasury, the Department of Finance (DOF) on Tuesday said the state has already borrowed P1.22 trillion as of end-April. In 2019 the national government’s gross borrowing was at P1.02 trillion. The new data already adjusted the net financing data to include the Bangko Sentral ng Pilipinas’ (BSP) purchase of P300-billion government securities under a repurchase agreement, with a maximum repayment period of six months. Net of repayments to government’s creditors and bondholders for existing loans, the government’s financing increased by an additional P873 billion from end-2019 to April this year, the DOF said.

RED stickers dot the floor at the Ninoy Aquino International Airport Terminal 3, one of the health security measures being implemented at the airport as it prepares for the reopening of international flights. 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

Eighty-one percent of the new borrowings or around P982 billion was sourced domestically through the sale of Treasury bills and Treasury bonds and through BSP’s P300billion short-term loan. The balance, amounting to around P237 billion or 19 percent of the total, was sourced externally through a mix of concessional foreign loans and bond issuances. Since the state already borrowed P1.22 trillion as of end-April, Finance Secretary Carlos G. Dominguez III said the Duterte administration will be sticking to its position to limit state spending only to a “manageable and sustainable level” of 9-percent budget deficit. Dominguez said the higher borrowings this year would be used by the Duterte administration to address the effects of its measures against the coronavirus disease 2019 (Covid-19) pandemic and the eruption of the Taal Volcano on the economy. “None of us knows how long this

pandemic will last. As we have borrowed a lot—P1.22 trillion in just four months, to be exact—fiscal space should be saved to afford us elbow room in case future circumstances require a new round of big health-care spending, subsidies and/or stimulus programs,” he said. “Loans are not free money,” he added. “They are advances that we, or even our children and their children, will have to pay for in some way in the future. The Duterte administration’s policy is to be careful not to borrow beyond sustainable levels, lest we fall into a vicious cycle of accumulating unmanageable debt, which might drastically increase our financing costs, and plunge us deeper into debt.” The economic team earlier reported that a target budget deficit of 9 percent, which takes into account the administration’s proposed stimulus measures, would

See “Debt,” A2

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

AMID INFLATION UPTICK, REBOUND STILL UNCLEAR www.businessmirror.com.ph

Wednesday, July 8, 2020 Vol. 15 No. 272

P25.00 nationwide | 2 sections 18 pages | 7 DAYS A WEEK

BSP TOOLS READY IF ECONOMY NEEDS ANOTHER BOOST

FOLLOWING the five-day suspension of operations of the MRT 3 due to the rising number of Covid-19 infections among its employees, passengers at the MRT North Edsa station in Quezon City on Tuesday take the alternative Edsa Busway, buses fielded by the government to augment the rail service. NONOY LACZA

By Cai U. Ordinario

OCAL economists said the recent increase in inflation is not yet a clear indication that domestic demand has indeed recovered or is recovering from the lockdowns imposed in March. Based on the latest data released by the Philippine Statistics Authority (PSA) on Tuesday, inflation averaged 2.5 percent in June, higher than the 2.1 percent posted in May but still slower than the 2.7 percent posted in June 2019. Infla-

tion averaged 2.5 percent in the first semester of the year. Core inflation, which is an indicator of long-term inflation trend and future inflation, averaged 3 percent in June, higher than the 2.9 percent posted in May

PESO EXCHANGE RATES n US 49.4590

but slower than the 3.3 percent in June last year. “Gradual opening up of the economy correlates with consumption spending, which then puts pressure on prices to rise. But this does not mean that we are on the verge of recovery, particularly in light of the recent surge in Covid-19 cases. This will force people to limit mobility and reduce spending,” Action for Economic Reforms (AER) Coordinator Filomeno Sta. Ana III told the BusinessMirror via SMS. Former University of the Philippines Dean Ramon Clarete said that while demand may have improved “a bit” given the latest inflation data, it will have little influence over the

country’s growth prospects. It may be noted that inflation is an indicator of demand, which is crucial in boosting economic growth. In the Philippines’ case, Clarete said, the economy is still in a recession with GDP growth forecasted to contract this year.

‘Temporary’ reaction

UNIONBANK Chief Economist Ruben Carlo V. Asuncion told the BusinessMirror that the recent increase in inflation may have been a “temporary or knee-jerk” reaction to the lifting of lockdowns in some areas and easing of restrictions on others.

HE Bangko Sentral ng Pilipinas (BSP) reiterated its readiness to act promptly should the economy need another boost, following the government’s announcement that inflation has picked up in June. In a statement to reporters, BSP governor Benjamin Diokno said although inflation accelerated in June, the outturn is “consistent with the BSP’s prevailing assessment” that inflation pressures remain limited due largely to the adverse impact of the Covid-19 pandemic on the domestic and global economic conditions. Inflation in June hit 2.5 percent, the first uptick since the start of the year. “The BSP remains committed to use of monetary instruments and regulatory relief measures when needed further in fulfillment of its mandate to promote non-inflationary and sustainable growth,” Diokno said. “The BSP likewise reiterates its support for the health and fiscal programs already being rolled out by the national government to support the needs of Filipino households and firms amid the pandemic,” he added. Also despite the uptick, the BSP believes that the inflation environment will remain for the rest of 2020 and up until 2021. They expect inflation to average at 2.3 percent for this year—lower than the actual six-month average of 2.5 percent. For next year, the BSP expects an inflation average of 2.6 percent. ING Bank economist Nicholas Mapa also believes that inflation will continue to be muted in the coming months, but because of a different indicator: unemployment. He said in an assessment report that price pressures will remain subdued as demand remains crippled by record-high unemployment. “Despite the acceleration in June, price pressures remain subdued with the economy reeling from the ill effects of the threemonth lockdown imposed in March. With unemployment skyrocketing to 17.7 percent in 2Q, demand for commodities remains weak,” he said. He also believes that the BSP will refrain from cutting its policy rates in the next meeting and will resort to other additional liquidity enhancement measures should the economy need more stimulus. Diokno said they expect the economy to recover via a U-shaped path: output is likely to contract further in the remaining quarters of 2020 before recovering in 2021 once the impact of government policy support measures gains traction. Diokno also said their outlook for the global economy has further deteriorated with considerable uncertainty brought about by the magnitude and duration of containment measures across all economies. See “BSP,” A2

Continued on A2

n JAPAN 0.4607 n UK 61.7941 n HK 6.3818 n CHINA 7.0460 n SINGAPORE 35.5258 n AUSTRALIA 34.4927 n EU 55.9480 n SAUDI ARABIA 13.1883

Source: BSP (July 7, 2020)

News BusinessMirror

A2 Wednesday, July 8, 2020

www.businessmirror.com.ph

Manufacturing shrinks 40.3% in May amid subdued demand T By Cai U. Ordinario

HE country’s manufacturing sector output continued to post a doubledigit contraction in May, according to the latest data from the Monthly Integrated Survey of Selected Industries (Missi), according to the Philippine Statistics Authority (PSA). The PSA said the Volume of Production Index (VoPI) contracted 40.3 percent in May 2020 from a contraction of 43.6 percent in April and 7.8 percent in May 2019. The country’s Value of Production Index (VaPI) also declined to 42.1 percent in May this year, from 45.5 percent in April and 6.9 percent in May last year. “The low production and sales indices for the manufacturing sector are expected given that most of the country was still on enhanced community quarantine (ECQ) in

May. Demand was also subdued as people’s mobility remains limited,” Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua explained.

Recovery

“DESPITE this, we are seeing some signs of resurgence of the sector. As we transition to a new normal, we expect gradual recovery with improvements in logistics, particularly in the transport of essential goods and raw materials,” he added.

Chua said part of the recovery is reflected in the latest results of the Purchasing Manager’s Index (PMI), showing an improvement in manufacturing performance moving forward as the PMI rose from 40.1 in May to 49.7 in June. In order to further support the recovery, the government will continue to provide assistance through grants, low-interest loans, credit guarantee, among others, to enable enterprises to safely resume business operations, Chua said. He said the government will also support efforts of firms to redirect production to focus on the supply of essential goods and intermediate inputs, particularly for increasing the country’s capacity to address health and medical needs amid the pandemic. “As more firms reopen, we need to remind everyone that the risk of Covid-19 infection remains. It is very important for firms to strictly comply with minimum health standards to mitigate risks in the workplace. We need to make sure that our workers’ health is not

compromised and that we are able to contain the spread of the virus,” the Neda chief said. As of May, the average capacity utilization rate was at 73.4 percent in May 2020, higher than the 71.2 percent posted in April 2020. This was largely due to the posting of at least 80 percent capacity utilization rate of a quarter of the 20 industry groups. PSA data showed these were led by wood and wood products (91.7 percent), textiles (90.6 percent), footwear and wearing apparel (85.8 percent), rubber and plastic products (82.2 percent) and electrical machinery (81.4 percent).

Major revision

THE Missi data showed that the VoPI data for April 2020 was significantly revised upward to a contraction of 43.6 percent from the initial estimate of a contraction of 59.8 percent. The revision also covered the April VaPI, which showed it posted a contraction of only 45.5 percent from the earlier estimate of a con-

traction of 61.4 percent. “This is due to the additional companies that reported [their data],” National Statistician Claire Dennis S. Mapa told the BusinessMirror via SMS. Mapa said that particularly for the VoPI, an additional 15 firms from the food manufacturing sector submitted their data after the preliminary figures were released. He added that there were other firms—35 from the chemical products and 19 from electrical machinery manufacturing industries— that submitted after the release of the April data last month. These three groups (totalling an addition of 69 companies) accounted for “about 60 percent of the adjustment in the revised VoPI,” Mapa said. Missi is a report that monitors the production, net sales, inventories and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector.

‘LIQUID’ INVESTORS SWAMP AUCTIONS FOR T-BONDS By Bernadette D. Nicolas

HE Bureau of the Treasury (BTr) on Tuesday fully awarded P30 billion in new 10-year Treasury Bonds (Tbonds) despite its coupon rate crashing by 400 basis points to 2.875 percent. The last new 10-year bond issued in January last year had a coupon rate of 6.875 percent. National Treasurer Rosalia V. De Leon told reporters the market is still awash with liquidity and inflation

remains benign at 2.5 percent. Headline inflation in June quickened to 2.5 percent after four months of deceleration, according to the Philippine Statistics Authority’s report on Tuesday. In May, inflation was slower at 2.1 percent. Meanwhile, the auction attracted total tenders of P59.7 billion, almost twice the P30-billion offer. Originally, the Treasury scheduled to auction 7-year T-bonds on Tuesday but later on changed to 10-year tenor as De Leon said they saw

investors wanting “more yields since rates [were] super low.” “Results speak for itself,” she told the BusinessMirror. For this week, the Treasury raised a total of P54 billion from its sale of Treasury Bills (T-bills) and T-bonds. On Monday, the Treasury upsized the volume of T-bills it awarded to P24 billion, higher than the initial P20-billion offering. For this month, the Treasury has programmed to borrow P205 billion, bigger than P170 billion it programmed

in June. Malacañang also announced on Monday that the BTr will be offering a new batch of Retail Treasury Bonds (RTBs) on July 15. However, De Leon told reporters the auction has been moved to July 16. While the Treasury has yet to announce further details about the new RTB issuance, De Leon said earlier that proceeds from this year’s second RTB issuance will go to the country’s budgetary support. Prior to lockdown measures as

Covid-19 pandemic hit the Philippines, the Treasury was able to raise P310.8 billion in 3-year T-bonds in a one-week offer period that started on January 28 and ended on February 4. RTBs are generally considered low risk for investors as these allow them to earn on a fixed interest based on prevailing market rates and are paid quarterly during the term of the bond. For minimum denominations of P5,000, the general investing public was given the chance to take advantage of the issuance during the offer period.

Amid inflation uptick, rebound still unclear Continued from A1 Asuncion said the economy has yet to take stock of the real damage of the pandemic on micro, small and medium enterprises (MSMEs). Some firms are operating at reduced capacity while others have folded entirely. “I have observed that some have gone back to as much as 70 percent capacity [compared to pre-Covid level]. Some may be lower but are still hoping they can jumpstart and keep people employed,” Asuncion said. “Incomes have been shocked and it’s an important part of whether demand is actually beginning to recover.” ING Bank Manila Senior Economist Nicholas T. Mapa told this newspaper in an e-mail that domestic demand will “remain crippled in the medium term with record high unemployment and depressed economic conditions.” Mapa said this trend will likely continue even with the easing of lockdowns. Household consumption will take some time before it retains its “pre-pandemic form” and that average 2020 inflation rate would likely settle at 2.4 percent this year. “Even with lockdowns gradually being relaxed, household consumption will not likely return to its pre-pandemic form with social distancing and general fear of the virus keeping most of the even hardiest mallgoers indoors,” Mapa said.

Oil factor UNIVERSITY of Asia and the Pacific (UA&P) School of Economics professor Victor A. Abola is of the same view. The recent increase

in inflation may have been caused by the increase in oil prices abroad, he told this newspaper in an e-mail. This directly affected the Transport sub-index which, Abola said, accounted for 96 percent of the climb in Consumer Price Index (CPI) from May to June. He said the decline in food prices was just insufficient to offset the increase of prices in the transport index. Abola expects, however, that the increase in crude oil prices will remain muted given the amount of inventory there is and the overall weakness in local growth. He said inflation may “hover close to 2.5 percent” in the next few months. Philippine Economic Society (PES) President Emilio S. Neri Jr. said GDP growth will only return in 2021. The third quarter or the July to September period will be better than the second quarter. Neri said if the national government spending will not be “forceful enough” or would only be below 20 percent, recovering from this crisis will take even more time. “Demand has probably increased but maybe part of the increase in inflation could be due to added costs [because of] protocols under the new normal,” former UA&P Dean Peter Lee U told the BusinessMirror via SMS. “Oil prices could increase but may not really kick up until the world economy recovers.” Foundation for Economic Freedom President Calixto V. Chikiamco told the BusinessMirror that minimum health standards led to the modest increase in inflation in June. As the demand increased for modes of transportation that allow Filipinos to maintain social distancing, inflation also increased. Chikiamco said the further easing of restrictions would likely increase inflation but this will still be within check and will remain within the Bangko Sentral ng Pilipinas’ targets this year. Ultimately, former Socioeconomic Planning Secretary Romulo L. Neri said it is difficult to say whether demand has in-

deed recovered given the current situation of the country.

Fear stymies demand DEMAND remains weak due to joblessness and fear, prompting Filipinos to conserve their cash. The April Labor Force Survey data showed that the number of jobless Filipinos shot up to 7.3 million and unemployment rate to 17.7 percent. Neri added that on the supply side, local and international supply chains continue to experience problems. He also noted that the government is deficitspending to support unemployed Filipinos. “It’s so difficult to make projections. The safest is to project more of the same until things normalize, but we don’t know when,” Neri told this newspaper.

Tricycles boost inflation NATIONAL Statistician Dennis S. Mapa said the primary reason for the uptick in inflation in June was the transportation index; Alcoholic Beverages and Tobacco index or “sin products;” and the Housing, Water, Electricity, Gas and Other Fuels index. Mapa said the partial opening led to the 2.3-percent increase in the transport index from a contraction of 5.3 percent in May and 1.6 percent in June 2019. He said tricycle fares were the main culprit in the increase, with a 26.04-percent increase from 6.6 percent in May. Mapa said this is only the average nationwide. In Metro Manila, tricycle prices surged 43.7 percent on a month-on-month basis. This means that if the minimum fare was P12 in May, this reached P17 in June. The increase in tricycle prices was even more staggering when compared year on year. Mapa said on annual basis, tricycle prices skyrocketed 129.3 percent in June, meaning prices this year were more than double last year. The rapid increase in tricycle prices was also observed in Bicol, which had the highest increase in inflation in June at 4.3

percent in June 2020. “It is possible that [because of] the social distancing guidelines, they may accommodate only a single passenger that’s why they are adjusting the price. But that is what we have observed with the data,” Mapa said. “This is true not only in the NCR but also in key cities in the regions like, for example, Bicol. So you’ve seen the Bicol region with the highest inflation for this month across different regions and partly that is also due to transport index, primarily the tricycle fare,” he explained. Mapa also said the increase in the index of bicycle and tricycles was faster in June at 7.5 percent from may 2020 at 5.3 percent. The index of petroleum and fuels for personal transport equipment declined at a slower rate of 15.1 percent in June 2020, from an annual drop of 28.8 percent in May 2020. The PSA said annual increases in the indices of alcoholic beverages and tobacco at 18.5 percent; and in housing, water, electricity, gas, and other fuels; and communication, both at 0.4 percent, also pushed up the June 2020 inflation. Mapa said cigarette prices rose 22.7 percent in June 2020 from 22.2 percent in May 2020; beer, 7.2 percent from 6.5 percent; and brandy, 6.7 percent from 6.3 percent. He said LPG prices grew 1.7 percent in June 2020, from -6.3 percent in May 2020; kerosene, 19. percent, from -31.7 percent; and fuelwood, 7.4 percent, from 6.9 percent. Inflation in NCR climbed 2 percent in June 2020. In the previous month, inflation in the area was posted at 1.4 percent and in June 2019, 3 percent. Similar to the trend at the national level, inflation in AONCR accelerated to 2.7 percent in June 2020, after four successive months of deceleration. Inflation in the area in May 2020 was observed at 2.2 percent, while in the same month of the previous year, it was noted at 2.6 percent.

Digital technologies

THE National Economic and Development Authority (Neda) said Filipinos can make better use of technology to keep commodity prices stable. In a statement, Acting Socioeconomic Planning Secretary Karl Kendrick Chua said the use of technology and supporting the agriculture value chain will help build consumer confidence and support gradual economic recovery. Chua said that as the Covid-19 pandemic continues to affect the daily lives of Filipinos, the government needs to ensure that commodity prices remain low and stable to preserve the purchasing power of Filipino consumers, especially those in the bottom 30 percent income households. This will help build up consumer confidence and support the gradual opening and recovery of the domestic economy. With the onset of the rainy season and continued implementation of community quarantine measures, the government and the private sector need to use existing digital technologies to better address supply bottlenecks and ensure stable prices, he added. “Digital technologies, such as eKadiwa, a digital marketing platform, the Supply Chain Analytics [SCAn] Dashboard and the SCAn Reporter, are important government platforms to address potential supply bottlenecks and ensure ample and unhampered supply of commodities while many regions are still on various forms of community quarantine,” Chua added. This is crucial as inflation could increase in the coming months. Chua said the government is closely monitoring the possible upside risks in inflation as more of the economy starts reopening. He said this is despite the slowdown in food inflation to 2.7 percent—a matter attributed to the stable supply of agricultural commodities with the implementation of the food resiliency protocol and related guidelines which ensured the unhampered delivery of essential items.

Credit flow slows in May on Covid disruptions Continued from A12

For household loans, growth was also at a slower pace of 30.2 percent in May compared to 33.3 percent in April. The BSP traced this to the slowdown in credit card and motor vehicle loans during the period. “Amid the challenge of keeping credit flowing to affected businesses and households, the BSP has adopted a range of measures to support bank lending, including a further reduction of the policy rate to complement the various liquidityenhancing and regulatory measures by the BSP,” the BSP said in a statement. “The BSP expects credit activity to pick up in the coming months, as economic activity resumes with the gradual reopening of the economy,” it added. Despite the slowdown, overall cash circulating in the local economy continued to pick up during the month. Domestic liquidity, which is broadly measured as M3, grew 16.6 percent to about P13.7 trillion in May. “The continued stabilization of domestic liquidity conditions has given the BSP some room to gradually rescale its monetary operations while maintaining the accommodative stance of monetary policy. This will help the BSP’s earlier liquidity measures gain further traction by providing better guidance to short-term market interest rates,” the BSP said.

BSP…

Continued from A1

Uptick expected–Palace

MALACAÑANG on Tuesday said the slight increase in inflation rate last month is “expected” with the resumption of more businesses during the said period. “So when the economy reopened…there was an increase in demand and probably there was a limited supply that is why there was slight increase in inflation,” Presidential spokesperson Harry Roque said in an online press briefing on Tuesday. The Palace official, however, noted the increase is nothing to be alarmed about since it is still within the government target. “Well, the 2 percent [inflation rate] is still very low. We expected this to increase because we came from a complete lockdown,” Roque noted. The BSP earlier said inflation rate this year will average between 2 percent and 4 percent. To recall, many business operations were disrupted in March after the government imposed community quarantines to contain the spread of Covid-19. With only a few businesses allowed to operate and most people confined to their homes, there was a decline in the demand of many goods and services from March to May. By June, the government opted to relax community quarantine in many parts of the country allowing more businesses to operate and people to go out of their homes. Samuel P. Medenilla

Debt… Continued from A1

place it at the median of the Philippines’ peer group. In 2019 the country’s budget deficit was only at P660.2 billion or 3.4 percent of GDP. Budget deficit occurs when the government expenditures exceed its revenues. The government borrows to meet its spending requirements and to finance its budget deficit. The country’s debt-to-GDP ratio is also seen to increase to 49.8 percent this year from 39.6 percent last year. Despite the projected increase in the country’s debt-to-GDP ratio, economic managers had said this is still far lower than the most recent peak of 71.6 percent in 2004.

News

BusinessMirror

A4 Wednesday, July 8, 2020 • Editor: Vittorio V. Vitug

Duplications delay distribution of 2nd tranche of SAP–DSWD

By Jovee Marie N. Dela Cruz @joveemarie

HE Department of Social Welfare and Development (DSWD) on Tuesday admitted that “duplication” on the list of beneficiaries is delaying the distribution of the second tranche of the social amelioration program (SAP). During the hearing of the House Committee on Good Government, DSWD Secretary Rolando Bautista said the agency has recorded around 48,000 duplicate beneficiaries for the SAP. “In the first stage of ‘deduplication,’ there were more or less 48,000 beneficiaries who received double subsidies,” he said.

For the second tranche, Bautista said the government is targeting 12 million family beneficiaries and around 5 million wait-listed families. But as of Tuesday, DSWD Undersecretary Danilo Pamonag said there are only 1.38 million beneficiaries who received the second tranche, majority of whom are members of the Pantawid Pamilyang Pilipino Program. For his part, Deputy Speaker Luis Raymund Villafuerte said the fear of duplication should not prevent the DSWD from fast-tracking the distribution of the cash aid. “My point, why will the 10.7 million suffer if there are 48,000 duplications? It was already stipulated in DSWD guidelines, and in

a MOA [memorandum of agreement] with LGUs [local government units], that if ever there are duplications, they could return the money?” Villafuerte said. Moreover, Pamonag said the agency is still waiting for the final list of beneficiaries, assuring the distribution could be finished in a week once the full list is submitted by local governments. “As long as the names of beneficiaries are completed, we could complete the distribution of the emergency subsidy for a period of… [one] week. What we’re seeing now is that the list of beneficiaries is still at the ground level. Precisely, we are reminding those on the ground to facilitate or hasten the submission

of names,” said Pamonag. Pamonag also said the list of beneficiaries has to undergo validation to avoid duplications. “We are in the process now of what we call deduplication. This is the part where we validate names to avoid double so that we can avoid the duplicates,” he said. “Once the names are submitted and deduplicated, then we will proceed with the digital payment,” he added. To fast-track the distribution, DSWD Undersecretary Aimee Neri said the DSWD had already signed agreements with GCash RCBC, Robinsons Bank, PayMaya, Starpay, and UnionBank for the digital distribution of the emergency subsidy.

www.businessmirror.com.ph

Manila prosecutor shot dead in Paco; DOJ vows justice By Joel R. San Juan @jrsanjuan1573

HE Department of Justice (DOJ) has condemned the ambush-slay of the chief inquest of the Manila City Prosecutor’s Office on Tuesday morning along Quirino Highway in Paco, Manila. Justice Secretary Menardo Guevarra immediately directed the National Bureau of Investigation to investigate the motive behind the killing of 62-year-old Jovencio Senados and identify the perpetrators. Senados was traversing Quirino Highway when the gunmen on board a black SUV with plate number ABG 8133 opened fire at his car at the corner of Anakbayan Street around 11 a.m. “We are shocked by the audacity of this attack. It highlights once again the grave peril that our prosecutors

face each day in the discharge of their duties,” Guevarra said. Police authorities are still conducting pursuit operations to catch the assailants. At least 50 lawyers, prosecutors and judges have been killed under the Duterte administration. Prosecutor General Benedicto Malcontento vowed to utilize the resources of the justice department to solve the killing. “We condemn this to the highest level. We will… [tap] all the resources of the DOJ to obtain justice,” Malcontento vowed. Meanwhile, the National Union of People’s Lawyers also denounced the killing of Senados and blamed it to the “prevailing culture of violence and climate of impunity engendered by official hate speech and penchant for vindictiveness.”

MMDA office closed Sea search for missing victims of Mindoro boat collision ends with no recovery–PCG on July 9, 10 after 4 employees tested T positive for virus By Rene Acosta

By Claudeth Mocon-Ciriaco | Correspondent

HE Metropolitan Manila Development Authority (MMDA) main office will be suspending work on Thursday and Friday (July 9 and 10) to give way to the complete sanitation and disinfection of all its offices and adjacent premises after four agency personnel tested positive for the virus. MMDA Chairman Danilo Lim also ordered the immediate lockdown and sanitization of the offices of the four infected personnel and contract tracing. “Upon the recommendation of the MMDA Covid-19 Committee, we have decided to suspend the operations at all our offices for sanitation and disinfection to protect not only our personnel but also the transacting public against the virus,” Lim said. Lim ordered that those who have made contact with the virus-infected personnel to strictly comply with the 14-day quarantine period and be subjected to swab tests. All personnel will be allowed to go home at 2 p.m. on Tuesday as their workplaces will undergo sanitation and disinfection procedures until Sunday. “We assure the public that our offices will resume operations as soon as we have completed the sanitation and disinfection of our all offices by Monday,” said Lim as he reminded that no employee shall be allowed to enter any office during the sanitation and disinfection period. Others employees who tested positive in the rapid test were also made to undergo swab test and quarantine according to protocol. The MMDA has its own isolation facility to accommodate employees exposed to persons with Covid-19, tested positive on rapid test, and for those awaiting swab test results. The 800-square-meter isolation facility, located at the MMDA’s parking area, has two sections for suspected and probable cases. Each section of the isolation facility has a 24bed capacity equipped with shower rooms, comfort rooms and lavatories. The rooms are fully air-conditioned, with Wi-fi connection and are regularly cleaned and sanitized. Free meals are also provided. The MMDA’s Medical Clinic is also closely monitoring and providing guidance and assistance to employees. Meanwhile, the MMDA has put in place protocols for visitors entering the building to prevent spread of Covid-19. “This pandemic is a difficult time for all of us and we must do everything we can to protect our personnel and visitors,” said Lim. According to the guidelines, all visitors with official business with the agency shall initially stay in the reception area for verification if the visitor will be allowed to go to the concerned office.

@reneacostaBM

HE Philippine Coast Guard (PCG) has ended its search and retrieval operations without recovering any of the 14 persons aboard the fishing vessel F/V Liberty 5, which sank in the waters of Occidental Mindoro following a collision with a Hong Kong-registered carrier vessel more than a week ago. An islander plane scoured the waters within and near where the Metro Manilabound fishing vessel with 12 crewmen and two passengers went down on June 27 for the last time on Tuesday before the PCG decided to terminate the operations, according to its spokesman Commodore Armand Balilo. “The Coast Guard Aviation Force [CGAF] is prepping to conduct another aerial surveillance in the vicinity waters off Mamburao, Occidental Mindoro today, or the last day of full search and retrieval operations, to aid the 14 missing fishermen/passengers of FV Liberty 5,” Balilo said in a message before the

plane made its sortie. “Starting tomorrow, large ships and aerial assets will be pulled out, but our SAR [search and rescue] teams will continue in actively monitoring the incident area,” he added. On Monday, the PCG filed charges before the prosecutor’s office in Mindoro against the owner and four officers—all Chinese— of the MV Vienna Wood, the vessel involved in the collision with the fishing vessel on June 27 in the waters of Tayaman, Mamburao, Occidental Mindoro. The Liberty 5, which is from Palawan, was on its way to Navotas from a fishing activity in Tawi-Tawi when it figured in the collision with the Vienna Wood, which came from Subic and was on its way to Australia. “Taking into consideration the eye-witness accounts of fishermen who were within the area on the time of the collision, fishing vessels who were first to respond, admission of the collision from the Captain of the MV Vienna Wood, the nature and extent of the damages to both vessels, as well as evidence

Hotels refund close to ₧30 million due to Covid-canceled bookings By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

OTELS have refunded customers their canceled bookings, when community quarantines and travel restrictions were imposed to contain the spread of Covid-19. In an interview with the BusinessMirror, Christine Ann U. Ibarreta, president of the Hotel Sales and Marketing Association Inc. (HSMA) said, “Many of our members have striven hard to refund the canceled bookings of our guests, whether made directly, or through travel agencies.” She added, “So far, our estimates have shown refunds from various HSMA members of close to P30 million. We have done this at great cost to our own financial standing. But we have done so, just to maintain our good relations with our customers.” HSMA has 120 member-resorts and hotels across the Philippines. The hotel group issued the statement in response to the Philippine Travel Agencies Association’s (PTAA) open letter to the public, asking for understanding that they are yet unable to process customers’ requests for refunds because they had yet to be refunded by their respective suppliers such as hotels, airlines, tour operators, and the like. This, after the Inter-Agency Task Force on Emerging Infectious Diseases approved the reopening of travel agencies to process refunds. (See, “Travel agencies harassed over refund demands,” in the BusinessMirror, July 6, 2020.) According to PTAA President Ritchie Tuaño, his members didn’t identify specific hotels which have yet to refund their members, but this “includes local and overseas [hotels].” For its part, pioneering flag carrier Philippine Airlines also appealed to the public for understanding on the slow pace of processing their refunds since the onset of the quarantine. PAL spokesman Cielo Villaluna said, “We are dealing with an unprecedented number of requests because of the thousands of flights canceled and more than a million affected customers, as well as the limitations imposed by the quarantine period. We will continue to work on the refund requests in coordination with concerned units and credit-card companies.” Meanwhile, Cebu Pacific Airways spokesman Charo Logarta-Lagamon said, “We’re doing everything we can to expedite the refund process. This is an unpredecented situation, and the flight cancellations ran right smack into the peak summer season, when hundreds of thousands of passengers were supposed to fly.” The Board of Airline Representatives, which includes international carriers as members, have yet to officially respond to this paper’s request for comment. Customers have also complained about foreign carriers not allowing refunds or ignoring calls. For instance, Mylene (real name withheld upon request) said she was supposed to fly to Hamburg with her companion via Turkish Airlines on April 22 but wanted to cancel their round-trip business class bookings at $1,600 each, in February, because she already read about impending travel restrictions due to Covid-19. “But when I called them, and asked for an option to refund, they said there weren’t canceling [the flight] at that time so they will not refund. However, I was told I could rebook until February next year.” In the case of her brother-in-law, Mylene narrated, he had booked a flight back to Hamburg via Emirates Airlines, even before he arrived in Manila in February. Despite repeated tries, the carrier has not been responding to phone calls. He was forced to buy another ticket from another international carrier so he could go home.

gathered from the PCG Monitoring Posts in Mamburao, Occidental Mindoro and the PCG Southern Luzon District in Batangas City where the MV Vienna Wood is currently detained by port authorities, led the Coast Guard Station—Mamburao and the Coast Guard Legal Service to believe that there is a finding of criminal negligence on the part of the MV Vienna Wood in relation to the collision, sufficient to file a case against it,” the PCG said in filing the charges. Named as respondents were Vienna Wood’s owner Nomikos Transworld Maritime and seven of the vessel’s officers identified as Zhang Wei Wei (Master), Shi Bin, Yi Lei, Yang Xifeng, Fan Qoujin, Xia Zhen and Wang Xingtu. In Zamboanga City, a small plane bearing four people, three of them foreigners, made an emergency landing on the coastline of Sinunuc Boulevard in Barangay Sinunuc on Tuesday after it developed engine trouble. A report from the Zamboanga City Police sent to Camp Crame said the white

training plane—a Piper Seneca with registry number RPC834—went down at around past 9 a.m. shortly after it lifted from the ground, although none of its four occupants were killed. The four were identified as Nepalese Suramya Khanal, 28, student pilot; Jyothis John Pulinthanam, Indian, 27, captain; Jemy Chacko Domen, Indian, 34, instructor and passenger; and Razel Dulay, 27 mechanic. All of them are residing in Dumaguete City. “Investigation disclosed that as soon as takeoff one of the engines had an engine failure forcing them to ditch into the sea to prevent further harm to the passengers,” the report said, adding no one was hurt during the incident. The PCG also responded to the crash and reported that when its teams arrived, the “private plane” was already on the water, approximately 6 feet depth and 6 meters away from the shoreline of Barangay Sinunuc.

DFA, Red Cross extend aid to stranded foreign seafarers onboard Spanish tanker By Recto Mercene

@rectomercene

HE Philippine Red Cross (PRC) has provided medical assistance to 15 stranded foreign seafarers on board the Spanish-flagged vessel MV Celanova which has remained stranded one nautical mile from the shore of Manila since February. A four-man team from the PRC boarded the vessel to provide medical aid, and to distribute hygiene kits and food items to the distressed seafarers composed of 13 Cuban and two Spanish nationals. According to news reports, MV Celanova, a Spanish LPG tanker ship owned by Global Gas SA from Madrid, Spain, had been abandoned by its owner and eventually held by Philippine port state control authorities for rudder damage and some technical issues. It was also reported that the crew onboard were left without water for drinking, medicine and basic supplies, and enough food to eat. “When we learned about the incident, we immediately sent a team to check on the seafarers’ conditions and to know what other assistance are needed so we can provide right away. The Philippine Red Cross is always ready to help not just our fellow Filipinos but other nations and international organizations, as well,” PRC Chairman and Chief Executive Officer Sen. Richard J. Gordon said. In a letter addressed to Gordon, Foreign Affairs

Secretary Teodoro Locsin Jr. expressed gratitude for the assistance extended by the PRC to the seafarers. “The timely assistance of the Philippine Red Cross shows the world the compassionate and encompassing heart of the Filipinos. The kind gesture manifests that we do not only take care of our own, but also other nationalities in need,” Locsin stated in the letter. Foreign Affairs Assistant Secretary for Maritime and Ocean Affairs Office Generoso D.G. Calonge likewise visited the abandoned vessel also to provide humanitarian assistance to the ship’s captain and crew, assess their needs and take note of their general concerns. Calonge joined the PRC in providing medical checkups and other humanitarian assistance to the crew onboard the abandoned Spanishflagged vessel. “The Department of Foreign Affairs [DFA] sought the assistance of the PRC, recognizing it as a dependable partner of the department, in its desire to provide medical assistance to the seafarers,” Calonge said, adding “the Philippine Coast Guard [PCG] assisted the group during their visit.” The crew were all found to be in good health and without symptom of the coronavirus, even as they have been on the vessel “for an extended period of time and without contact with other people.”

Congress pressed to prioritize national housing financing bill By Butch Fernandez

@butchfBM

ONGRESS was pressed to front-load passage of enabling laws to effectively “address homelessness” embodied in the pending National Housing Development, Production and Financing bill as soon as lawmakers reconvene regular sessions on July 27. Sen. Christopher Lawrence “Bong” Go, in a news statement issued on Tuesday, stressed the need for the Senate and the House of Representatives to facilitate enactment into law of pending remedial legislations embodied in Senate Bill 203 and Senate Bill 1227 crafted to “lessen housing problems in the country by providing means for Filipinos to have a home of their own, especially displaced families affected by incidents such as fire and disasters.” SB 203, to be known as the National Housing

Development, Production and Financing Act seeks to “significantly accelerate housing production and ensure sufficient reliable government funding and financing” for socialized housing, while SB 1227, or the Rental Subsidy Program Act, aims to “provide homes for displaced families and help them sustain their livelihoods by offering them various options during the interim process of construction and relocation.” Go said responding to fire victims rendered homeless prompted the filing of the two remedial legislations. “Marami po akong napupuntahang mga nasunugan, nawalan po sila ng tirahan. Kailangan natin silang tulungang makabangon muli through low-cost housing programs and development, including the construction of safe and permanent evacuation centers, and housing assistance for fire victims,” the neophyte senator added.

Wednesday, July 8, 2020

The World BusinessMirror

UN warns Covid-19 opens opportunities for terrorists

NITED NATIONS—UN Secretary-General Antonio Guterres warned on Monday that the Covid-19 pandemic provides new opportunities for the Islamic State extremist group, al-Qaida and their affiliates as well as neo-Nazis, white supremacists and hate groups. The UN chief said it’s too early to fully assess the implications of the coronavirus pandemic on terrorism, but all these groups seek to exploit divisions, local conflicts, failures in governing, and other grievances to advance their aims. Guterres told the launch of United Nations Counter-Terrorism Week that the Islamic State group, which once controlled a vast swath of Syria and Iraq, is trying to reassert itself in both countries, “while thousands of foreign terrorist fighters battle in the region.” “The pandemic has also highlighted vulnerabilities to new and emerging forms of terrorism, such as misuse of digital technology, cyber attacks and bio-terrorism,” he said.

Josep Borrell, the European Union’s top diplomat, told the virtual meeting that a global understanding of the pandemic’s implications on counter-terrorism efforts across the world is needed. “It is true that, in some places, the crisis has led to a reduction of terrorist activity, mainly due to the mobilization of state security services,” he said. “But in other regions, terrorism and human suffering caused by it continue unabated.” Former American diplomat Richard Haas, who heads the Council on Foreign Relations, said he believes Covid-19 “will add to the challenges of counter-terrorism.” “It will perhaps create an environment where more countries

become weak or fail,” he said, and recruitment for terrorist organizations will quite possibly go up. Tunisia’s UN Ambassador Kais Kabtani, who chairs the UN Security Council’s counter-terrorism committee, said its recent report on Covid-19 described how the pandemic may have temporarily limited operations of terrorist groups because of lockdowns and travel restrictions—but also how groups including the Islamic State are exploiting increased social isolation and online use “to spread their propaganda through virtual platforms.” W it h g loba l at tent ion fo cused on tackling the pandemic, Kabtani said, terrorist groups are also seeking to capitalize “ by undermining state authority and launching new attacks.” The report by the committee’s executive directorate said the global population, including over 1 billion students, is spending more time on the Internet as a result of Covid-19. “The increase in the number of young people engaging in unsupervised Internet usage—particularly on gaming platforms—offers terrorist groups an opportunity to expose a greater number of people to their ideas, although the relationship between online activity

and radicalization to violence is not fully understood,” the experts’ report said. “The reported rise in cyber crime could also lead to increased connectivity between terrorist and criminal actors.” The UN experts said a wide variety of terrorist groups have a l re ady i nteg r ated Cov id-19 into their propaganda “to exploit divisions and weaknesses among their enemies” including by intensif ying hatred for certain groups, “resulting in racist, anti-Semitic, Islamophobic and anti-immigrant hate speech.” “These narratives have been fused with an array of new or existing conspiracy theories, particularly by the extreme right, including through the linkage of 5G technology to the spread of the virus,” the experts said. On the negative side, they said the pandemic in addition to limiting the movement of terrorists may disrupt their supply chains making it difficult for them to get food, medicine, money and weapons. With the overwhelming global focus on Covid-19, the experts said terrorists may seek “even more `attention grabbing’ targets or techniques—as with the May 2020 attack on a maternity hospital in Afghanistan.” AP

China blasts U.S. joint carrier exercises in South China Sea

EIJING—China on Monday accused the US of flexing its military muscles in the South China Sea by conducting joint exercises with two US aircraft carrier groups in the strategic waterway. Foreign ministry spokesperson Zhao Lijian said the exercises were performed “totally out of ulterior motives” and undermined stability in the area. “Against such a backdrop, the US

deliberately dispatched massive forces to conduct large-scale military exercises in the relevant waters of the South China Sea to flex its military muscle,” Zhao said at a daily briefing. The US Navy said over the weekend that the USS Nimitz and the USS Ronald Reagan along with their accompanying vessels and aircraft conducted exercises “designed to maximize air defense

capabilities, and extend the reach of long-range precision maritime strikes from carrier-based aircraft in a rapidly evolving area of operations.” China claims almost all of the South China Sea and routinely objects to any action by the US military in the region. Five other governments claim all or part of the sea, through which approximately $5 trillion in goods are shipped every year.

China has sought to shore up its claim to the sea by building military bases on coral atolls, leading the US to sail warships through the region in what it calls freedom of operation missions. Washington does not officially take a stand on the rival territorial claims in the region, but is closely allied with several of the claimants and insists that the waters and the airspace above be free to all countries. AP

www.businessmirror.com.ph

Scientists urge WHO to accede coronavirus can spread in air

ONDON—More than 200 scientists have called for the World Health Organization and others to acknowledge that the coronavirus can spread in the air— a change that could alter some of the current measures being taken to stop the pandemic. In a letter published this week in the journal Clinical Infectious Diseases, two scientists from Australia and the US wrote that studies have shown “beyond any reasonable doubt that viruses are released during exhalation, talking and coughing in microdroplets small enough to remain aloft in the air.” That means people in certain indoor conditions could be at greater risk of being infected than was previously thought. The WHO has long maintained that Covid-19 is spread via larger respiratory droplets, most often when people cough or sneeze, that fall to the ground. It has dismissed the possibility of airborne transmission, except for certain high-risk medical procedures, like when patients are first put on breathing machines. In a statement on Monday, the UN health agency said it was aware of the article and was reviewing it with technical experts. WHO has been criticized in recent weeks and months for its seeming divergence from the scientific community. The organization for months declined to recommend mask wearing, partly out of supply concerns and has also continued to describe the transmission of Covid-19 from people without symptoms as “rare.” The letter was endorsed by 239 scientists from a variety of fields. It stated that the issue of whether or not Covid-19 was airborne was of “heightened significance” as many countries stop restrictive lockdown measures. The authors cited previous studies suggesting that germs closely related to the new virus were spread via airborne transmission. They said “there is every reason to expect” that the coronavirus

behaves similarly. They also cited a Washington state choir practice and research about a poorly ventilated restaurant in Guangzhou, China, each of which raised the possibility of infections from airborne droplets. “We are concerned that the lack of recognition of the risk of airborne transmission of Covid-19 and the lack of clear recommendations on the control measures against the airborne virus will have significant consequences,” the scientists wrote. “People may think they are fully protected by adhering to the current recommendations but in fact, additional airborne interventions are needed.” Scientists around the world have been working furiously to understand the new virus. The US Centers for Disease Control and Prevention says it is thought to mainly jump from person to person through close contact, but adds: “We are still learning about how the virus spreads.” Martin McKee, a professor of European Public Health at the London School of Hygiene and Tropical Medicine who was not linked to the letter, said the scientists’ arguments sounded “entirely reasonable.” “Part of the problem is that everybody at WHO was moving with the paradigm of influenza, even though we know there are lots of differences between influenza and coronaviruses,” he said. McKee noted that with Britain’s recent reopening of its pubs, restaurants and salons, the possibility of airborne coronavirus transmission might mean stricter interventions are needed indoors, including more mask-wearing and continued physical distancing. “We’re getting accumulating evidence about super-spreading events happening in indoor spaces where there are large numbers of people in confined spaces,” he said. “Many of these are in exactly the circumstances that governments now want to open up.” AP

Japan flooding death toll rises to 50, dozen missing

A man walks on heavily damaged road following a heavy rain in Kumamura, Kumamoto prefecture, southern Japan on Monday. Rescue operations continued and rain threatened wider areas of the main island of Kyushu. Koji Harada/Kyodo News via AP

OKYO—Japan’s disaster management agency said the death toll from recent flooding has risen to 50 and at least a dozen others are still missing. Pounding rain since late Friday in Japan’s southern region of Kyushu has triggered widespread flooding.

The Fire and Disaster Management Agency said 49 of the dead confirmed as of Tuesday morning were from riverside towns in the Kumamoto prefecture. One person was found dead in another prefecture of Fukuoka as the heavy rain spread across the southern area. At least a dozen

people are missing. Tens of thousands of army troops, police and other rescue workers mobilized from around the country worked their way through mud and debris in the hardest-hit riverside towns along the Kuma River. Rescue operations have been

hampered by the floodwater and continuing harsh weather that have caused more flooding elsewhere in the Kyushu region including Fukuoka and Oita. In the Omuta district of Fuk uok a, residents were bei ng rescued on boats by defense troops. A 2-month old baby was among them. An elderly woman who was also evacuated told NHK television that she started walking down the road to evacuate, but floodwater rose quickly up to her neck. “I was almost washed away and had to grab a electrical pole.” About 3 million residents were advised to evacuate across the Kyushu region. Among the victims were 14 of the 65 elderly residents of a nursing home next to the Kuma River, known as the “raging river” because it is joined by another river just upstream and is prone to flooding. The river rose abruptly and its embankment gave in, causing floodwater to gush into the nursing home Senjuen. Most of the residents were bedridden or wheelchair users. There was no elevator at the facility. UN Secretary-General Antonio Guterres was “deeply saddened” by the deaths and “expressed his deep condolences to the families of the victims, as well as to the people and government of Japan,” UN spokesman Stephane Dujarric said. AP

In this April 9, 2019 file photo, Brazil’s President Jair Bolsonaro speaks during a swearing-in ceremony at the Planalto Presidential Palace, in Brasilia, Brazil. Bolsonaro’s latest education minister offered his resignation on June 30, just days after his appointment, creating a new headache for the embattled leader as he struggles to start a new chapter at the ministry and shore up flagging support. AP Photo/Eraldo Peres

Brazil’s Bolsonaro tested for Covid-19, feels well

AO PAULO—Brazilian President Jair Bolsonaro was tested for Covid-19 after having an X-ray of his lungs on Monday. He didn’t say whether he was showing symptoms of the new coronavirus. Brazil’s presidency said in a statement the result of the test will be known on Tuesday. Earlier, Bolsonaro, who has repeatedly downplayed the risks of the disease, told supporters outside the presidential residence in capital Brasilia that he is feeling well. B ra z i l ’s S u p re m e Co u r t p u b l i s h e d documents in May showing that Bolsonaro tested negative three times in March after meeting with US President Donald J. Trump

in Florida. The Brazilian leader hasn’t said whether he took any additional tests for the disease since. Bolsonaro’s prior tests were conducted using pseudonyms, as is customar y for medical tests performed on Brazilian leaders in order to preserve their privacy. The president has repeatedly appeared in public without wearing a mask, shaking hands with supporters and mingling with crowds. He has fiercely criticized local leaders’ restrictions on activity and said the economic impact of shutdowns would inflict more hardship than the virus. More than 65,000 people have died from Covid-19 in Brazil. AP

Show BusinessMirror

Wednesday, July 8, 2020

AN INVITATION TO MOVE

HOW true is it that a certain network is trying to “pirate” onscreen and offscreen talents from another network? This certain network is reportedly very keen on the writers and producers, and has reportedly offered to double their salaries. The network is not rating well (an understatement) and they would do anything to beat the other network that’s in the ratings game lead right now. The writers and producers have reportedly been given permission by their network to leave if they wish to, as things look bleak for them right now. With an offer of almost double their present salaries, it must be quite tempting. But for now, we heard they’re staying loyal to their network with the hope that things can only get better for them. As for the network that wants to “pirate” them, it’s surprising that they’d want to spend that much money considering how much they have already lost.

HE NEEDS HELP

A FEW years ago, this young actor was hit by depression because he started losing his hair. It was a case of alopecia. Thankfully, the hair loss problem has been controlled but he still has bouts of depression. Lately, the actor has been depressed again and it’s largely because of his career. It’s not that he’s not talented or good-looking because he is both. It’s just that his career is at a standstill because of many reasons. He reportedly went to a doctor after the hair loss episode and it helped him a lot but he stopped going because of his busy schedule. Right now, he can’t go because of MCQ and he doesn’t want to burden the health system by going to an overcrowded hospital.

ADULTS ONLY

DURING the wake for a prominent man, everyone expected drama because he had a wife and another family. He died with his second family but as expected, it was his first family that organized the wake. The second family was allowed to be there on the understanding that they would not create a scene. Unfortunately for the first family, the prominent man’s partner is close to many of his friends and business associates. The prominent man had lived with his partner and their kids before his death, and everybody knew her to be the love of his life. So there was no drama. Only adults mourning over a man.

TOO LATE?

SO this girl, who used to be a sexy star, now regrets that she missed the chance to be a social-media darling just because she was in relationship with a (very rich) married man. Her former boyfriend was very possessive and didn’t want her career to flourish. She wanted to put up a YouTube channel but he stopped her. They eventually broke up and now, she’s opened her own channel that is doing okay but not as well as the one of a social-media darling who is kind of similar to her in looks and sex appeal. But it’s not too late. There is still time to catch up.

www.businessmirror.com.ph

Australian court upholds Geoffrey Rush’s defamation payout C

By Rod McGuirk The Associated Press

ANBERRA, Australia—An Australian court on Thursday rejected a newspaper publisher’s appeal against Oscar-winning actor Geoffrey Rush’s $2.9 million Australian dollars ($2 million) payout for defamation. Three Federal Court judges ruled that articles published by Sydney’s The Daily Telegraph newspaper in 2017 conveyed the imputation that Rush was a pervert and that the trial judge had correctly included the actor’s loss of earnings in calculating damages. The Australian actor, who turns 69 on July 6, did not attend the Sydney court to hear the verdict. News Corp.-owned Nationwide News appealed trial judge Michael Wigney’s ruling last year that Rush was defamed by newspaper reports saying he had been accused of inappropriate behavior by actor Eryn Jean Norvill. She played the daughter of Rush’s starring character in a Sydney theater production of King Lear in 2015 and 2016. The publisher also appealed against the amount of Rush’s payout, including almost AU$2 million for past and future economic loss, for two articles published in the newspaper and a billboard poster that Wigney found portrayed him untruly as a pervert and a sexual predator. David English, the newspaper’s editor, said he was disappointed by the appeals court ruling that highlighted the need for Australia to change its defamation laws. “The Rush case exposes the inadequacies of Australia’s defamation laws and heightens the need for urgent legislative reform to enable public debate and to encourage women to come forward with their concerns,” English said in a statement. “We will continue to report on the issues such as these which are of great concern to the Australian public,” he added. Rush’s lawyer did not immediately respond to a request for comment. The publisher’s lawyer Tom Blackburn told the two-day appeal hearing that the trial judge “cobbled

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Sophia Bush, 38; Milo Ventimiglia, 43; Kevin Bacon, 62; Anjelica Huston, 69. HAPPY BIRTHDAY: Look for opportunities, and you will find a way to get ahead. Turn any negative you encounter this year into something spectacular. Use your imagination, and you will develop a plan that allows you to use your skills, education and experience in ways you find exciting and entertaining. Keep up with the times, and adapt to lifestyle changes. Your numbers are 8, 11, 21, 27, 33, 39, 41.

ARIES (March 21-April 19): You’ll have the courage to face situations you don’t like, but before you get into a debate, make sure you have the facts and figures required to win your case. Go after what you feel passionate about, and you will succeed. HHHH

TAURUS (April 20-May 20): Don’t waste time on the impossible or get involved in an emotional stalemate. Implement a change that will help you sidestep controversy and negativity and encourage you to do what’s best for you. HH

GEMINI (May 21-June 20): Set your sights on what you want, and don’t stop until you reach your goal. Brute force, along with preparation and discipline, will help you outmaneuver anyone who gets in your way. Personal gain is heading for you. HHHHH

CANCER (June 21-July 22): Turn a negative into a positive. When something doesn’t go your way, change course and find a way to make things work. Be willing to put in the work, and you will reap the rewards. HHH

LEO (July 23-Aug. 22): Reclaim something that belongs to you. Whether it’s a possession, idea or your self-esteem you want, it’s time to take control of your life and to refuse to settle for something that makes you feel like you’ve been taken advantage of or used. HHH

VIRGO (Aug. 23-Sept. 22): An emotional incident will lead to an overdue adjustment. Embrace a change and turn it into something you’ve wanted for some time. Discard what you don’t need, and take care of what you want. Choose peace over discord. HHH

together” speculation and inference to find Rush was unable to work because of his state of mind following the publications and had fewer job offers since then. The actor’s lawyer Bret Walker replied that Rush testified about the devastating effects the publications had on his mental state while other evidence heard during the trial supported conclusions that he was unable to work and had fewer job offers. Rush received the best actor Oscar in 1996 for his portrayal of pianist David Helfgott in Shine and was nominated for roles in Shakespeare In Love, Quills and The King’s Speech. He is also famed for his portrayal of Captain Barbossa in the Pirates of the Caribbean films. He received Australia’s highest civilian honor in 2014, the Companion of the Order of Australia, for service to the arts. n

Cinemalaya 2020 announces short films finalists THE Cinemalaya Philippine Independent Film Festival has announced the 10 finalists who will compete in the Short Film Category. The finalists are Ang Gasgas na Plaka ni Lolo Bert by Janina Gacosta and Cheska Marfori; Ang Pagpakalma sa Unos (To Calm the Pig Inside) by Joanna Vasquez Arong; Excuse Me Miss, Miss, Miss by Sonny Calvento; Fatigued by James Robin M. Mayo; Living Things by Martika Ramirez Escobar; Quing Lalam ning Aldo (Under the Sun) by Reeden Fajardo; Pabasa Kan Pasyon by Hubert Tibi; Tokwifi by Carla Pulido Ocampo; Utwas by Richard

Today’s Horoscope

Jeroui Salvadico and Arlie Sweet Sumagaysay; and The Slums by Jan Andrei Cobey. Because of the Covid-19 pandemic, the country’s biggest independent film festival will transition to virtual theater via Vimeo. This year’s festival will focus on Short Films in Competition, Gawad CCP Para sa Alternatibong Pelikula at Video, Cinemalaya Retrospectives, Short Films in Exhibition, and many more. Coproduced by the Cultural Center of the Philippines and the Cinemalaya Foundation, Cinemalaya 2020 will run from August 7 to 16.

LIBRA (Sept. 23-Oct. 22): Take a back seat and observe. The information you gather will help you make an important decision regarding your relationships and lifestyle. Evaluate, and prepare to take physical action to encourage you to get what you want. Romance is featured. HHHHH

SCORPIO (Oct. 23-Nov. 21): Put more into your home environment. The added comfort will lead to peace and tranquility. Investing time and money in yourself, as well as your surroundings and pursuits, will put you in a better position when dealing with outside influences. HH

SAGITTARIUS (Nov. 22-Dec. 21): Keep your emotions under control and your energy focused on improvements, not discord. You won’t be disappointed if you keep your secrets to yourself. Call the shots instead of becoming someone’s puppet. HHHH

CAPRICORN (Dec. 22-Jan. 19): Put money matters first. You may need to alter the way you spend or handle personal issues. Don’t wait until it’s too late to make a move. Initiate change, and don’t look back. Do what’s best for you. HHH

AQUARIUS (Jan. 20-Feb. 18): Take the time to make an effort and improve your life personally, professionally and financially. The changes you make at home or to the way you handle loved ones will bring promising results. Physical activity will encourage a healthier lifestyle. HHH

PISCES (Feb. 19-March 20): Refuse to let a sentimental situation put you in a vulnerable position. Use your knowledge, experience and ability to see clearly to avoid getting stuck doing something you don’t want to do. HHH BIRTHDAY BABY: You are helpful, opportunistic and demanding. You are aggressive and systematic.

‘fantastic directions’ BY LEE TAYLOR The Universal Crossword/Edited by David Steinberg

ACROSS 1 Kimono closers 5 Took it easy 10 Dalai ___ 14 ___ wolf (solitary sort) 15 Muscat resident 16 Symbol of Silicon Valley? 17 Checked off a checklist 18 To get here, go down the rabbit hole 20 Egyptian bird 21 Manitoba tribe 22 Fake name 23 Beethoven’s Pathetique, e.g. 25 Pop star Lovato 27 ...catch the train at platform 9 3/4 30 Horrify 34 Duck musician in “Peter and the Wolf” 36 Luau instruments, for short 37 ___ of Sunset (Bravo show) 41 Cellular messenger 42 Sedate 43 Circle of light 44 Party with a pinata, perhaps 46 Fit for consumption

48 ...go inside a speck of dust on a clover flower 53 Dutch South African 55 Take down a peg 56 Cambodians’ neighbors 59 Like many summer drinks 62 Role in a play 63 ...travel north on the Kingsroad from Moat Cailin 65 Outskirts 66 Seller of a Double Stuf Cookie pillow 67 Kate’s sitcom friend 68 One may be white-tailed 69 Stitched 70 Fare tracker 71 Blunders DOWN 1 Getting on in years 2 Kid’s owie 3 It has six outs 4 Go up and down 5 Like the Atkins diet 6 Love, to Isabel Allende 7 Author Grey 8 Wound up or wound down

9 Fizzle out 10 ...sail near the island of Blefuscu 11 Berry that some call a superfood 12 ___ Lisa 13 “No ifs, ___ or buts!” 19 Highway exit 24 New Mexico art town 26 Elizabeth Gilbert’s ___, Pray, Love 28 “Spark” singer Amos 29 Muscular strength 31 22-Across lead-in 32 Hawaiian welcome gift 33 Timothy Leary’s trip starter 35 Girl Scout uniform part 37 “He said, ___ said” 38 Possessed 39 2001 boxing biopic 40 ...venture to the center of The Shire 42 Goalie’s feat 44 Electrician’s charge? 45 Child who’s just starting to walk 47 Word before “heart” or “touch” 49 Get in the way of 50 Front-runner 51 ___-than-life

52 Comes onstage 54 Biathlon firearm 56 “Terrible” phase 57 Corporate verb whose consonants are apt? 58 With a clean slate 60 Ancient Briton 61 Saab of fashion 64 Aries animal Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Wednesday, July 8, 2020

Leadership lessons from a 12-year-old Beyond cars and watches: A look through men’s common concerns IT’S time for men to admit it—looks matter, too. And getting older doesn’t make that any easier. Contrary to popular belief, women aren’t the only ones burdened by the pressure to look good as they age. Men may not think about it as much, but once they start losing hair, the downward spiral begins. At leading health institution Makati Medical Center (MakatiMed, www. makatimed.net.ph), men can discover how to cope with physical age-related changes. n HOW DO I MANAGE A RECEDING HAIRLINE? Balding is probably every man’s secret fear. But this doesn’t mean you should panic once you start thinning. Today, there are many ways of combating hair loss. “Finasteride or dutasteride are some of the effective drugs to prevent baldness,” says Stephen Lacson, MD, FPDS of MakatiMed’s Aesthetic Center. “Finasteride reduces the production of DHT, the male sex hormone that causes hair loss. This in turn helps prevent hair loss and promotes hair growth.” Lacson, who is also the head of procedural dermatology in MakatiMed, also recommends Minoxidil, which can be found in many over-the-counter hair products. “I remind my patients that these treatments are only effective for as long as you use them,” Lacson says. “For more effective long-term solutions, men can opt to do hair transplants, laser therapy or Platelet Rich Plasma [PRP] treatments.” To prevent hair loss early on, Lacson recommends that men keep a balanced diet, have a regular exercise routine, and manage their stress, which can accelerate the balding process. “Keep your eyes peeled for harmful chemicals that could be in your hair product,” he adds. “It’s better to use all-natural shampoos and conditioners.” n HOW DO I DEAL WITH THIS DAD BOD? It’s very normal for men to gain more weight than usual once they hit 30. Because their metabolism slows down, men tend to lose some of their muscle mass, resulting in the look known as the “dad bod.” This is where diet becomes more important than ever. “You can’t be eating the same way you used to when you were in your 20s,” says Arlene Lamban, MD of the MakatiMed Section of Nephrology. “Stay away from fatty food and alcohol. If you are on the heavy side, try to keep your portions small but still balanced.” Refer to the “Pinggang Pinoy” by the Food and Nutrition Research institute (FNRI), which has age-specific recommendations on the right proportion of nutrient sources per meal. Diet should go hand in hand with targeted exercises to improve muscle tone and keep the flabs at bay. At this phase in life, men tend to turn to over-thecounter supplements that promise to help them burn fat quickly. “Don’t fall for it,” says Lamban. Those drugs and remedies aren’t always tested for their long-term effects, and could increase your chances of kidney damage.” Instead, dad bods should be treated the good old-fashioned way—with regular exercise and a clean diet. n WHY IS MY SKIN SO ROUGH? You may have thought that your skin problems began and ended with acne during your puberty years. But aging can make your skin look rough and haggard. How do you deal with this? “A lot of men forego one essential product,” says Valerie Herbosa, MD, chairman of MakatiMed’s Department of Dermatology. “And that’s sunscreen. Sunscreen is a must and should be applied 20 minutes prior to going out. It’s especially important if they play a lot of outdoor sports, like football or golf.” It’s also a good idea to keep a skin-care routine—nothing too complex or pricey, just a gentle facial wash and a toner, if needed. If your wish is for a chance at regenerating wornout cells and feeling rejuvenated, a stem cell treatment at the Center for Regenerative Medicine is possible. Aging brings a whole new set of problems to the male ego, but with today’s medical technology, they don’t have to lose their confidence.

HAT started out as a general cleaning of my son’s room turned into a fullblown makeover. Zhak just started homeschooling and while cleaning his room for the new setup, I realized we needed to upgrade his room so he would enjoy doing his schoolwork. So last Sunday, we spent the morning clearing and cleaning the room, and painting the walls the entire afternoon. And after renovations, I realized there were so many things I learned from him on how to be a better leader. n FOCUS ON ONE THING AT A TIME. When I threw the idea of painting the room, he became so excited that we started looking at different color palettes for his room. We eventually decided to get something in the blue family. When we had prepared all the tools, he wanted to just dive right in and paint. I had to show him that we had to prepare the wall first by sanding and wiping it so the paint would stick to the wall. There has to be a good foundation for the paint; otherwise, it will just peel off. Just like in handling people. As a leader, your role is to prepare your people so that the lessons you hope they learn along the way would stick. If you want people to learn for a lifetime, lay down a good foundation for more lessons. As a leader, our role is to identify what our teams need and provide them the opportunity to reach their potential by giving them the needed coaching and training. n HAVE A VISION IN MIND. After sanding the wall and putting masking tape on the borders, we started painting. Zhak used the rollers to paint the middle parts of the wall while I used a small brush to paint the edges. He was singing to himself when we began but pretty soon, he got tired. And when I saw him looking beat, I asked him what he thought the room would look like after we had finished and he told me all the decorations he would like to put. That helped boost his morale and made him work harder. As leaders, when we remind people of what is in store for them and what they can accomplish, they become motivated and push themselves further. It is just a matter of helping them see a vision of a better version of themselves and their work. It is no wonder that after we painted the room, Zhak started showing me what he wanted to add to his room and the decorations we wanted to install. Similarly, when people have a clear vision, they become invested and it becomes easier for them to contribute to the fulfillment of the vision. n LOOK AT THE BIGGER PICTURE. While painting, there were plenty of paint drips and paint that went outside the masking tape, especially since it was the first time Zhak ever painted a room. But what I also noticed about him was that he was enjoying himself and he was just happy painting. I just reminded him to put pages of newspaper near his area to catch accidental drips. What was important was that he was doing what he sought out to do, and I needed to ensure there were enough safeguards to prevent him from making a mess. As leaders, we need to allow our people to learn as they go about their work and provide enough safeguards so they do not veer away from the main goal. We need to look at the bigger picture and not excessively focus on mistakes which can be easily remedied. As long as people are headed in the right direction, we need to encourage and motivate them as much as we can. n ALLOW PEOPLE TO TAKE OWNERSHIP. Whenever Zhak accidentally dripped paint, he would look at me

As leaders, we need to give time for people to catch their breath. People work at different paces. Discover your team’s work pace and allow them to manage their own time as long as they meet agreed deadlines. Understand what you can do to help them meet targets but let them manage their own pace.

but I would just tell him to wipe it off with a rag. I told him it was his room anyway so he would not want to have drips of paint all over. And so, he became careful but when he unintentionally dripped paint, he just wiped it off without having to ask me. Since he already knew what to do, he just did it. People in our team are sometimes reluctant to come up with solutions because they think every decision should come from us. But when we empower our teams to see the bigger picture and make decisions for themselves, you give them also the ability to be creative in their problemsolving. This also frees you to focus on managing and leading the whole team rather than focusing on just one person. n TAKE RISKS AND ENJOY THE LEARNING PROCESS. After I showed Zhak how to use the roller and the paint pan, I asked him to repeat the process so I would know if he really understood how to do it so the paint would not drip. He followed my instructions for a time but then did it another way. There were times I allowed him to do as he wanted and then I pointed it out to him why it did not work. He needed to see the results before actually following what I had taught him. When that happens, in painting a room or otherwise, you just have to be patient and let people fail. And when they do, use it as a learning opportunity and not as a means to assert

your superiority by saying, “I told you so.” Allow people to take risks but also allow them to save face when things go awry. Our role as leaders is to make people the best version of themselves. And if it means they will make mistakes, then so be it. Everybody has different learning curves. Such mistakes could possibly help them build a better foundation for new lessons later on. n LET PEOPLE PACE THEMSELVES. There were times Zhak would ask for a five-minute break because he said his arms were getting tired. I would tell him to take all the breaks he needed because we had the time anyway. Even with all his excitement, he got tired. People do get tired. As leaders, we need to give time for people to catch their breath. People work at different paces. Discover your team’s work pace, and allow them to manage their own time as long as they meet agreed deadlines. Understand what you can do to help them meet targets but let them manage their own pace. The day ended with a sore back and some speckles of paint on the arms and legs. But after seeing the end result, Zhak could only marvel at what we had accomplished. And I could only be glad that the work was finished. More importantly, I was surprised that a daylong activity could yield so many lessons on how to be not only a better person but also be a better people manager. n

Sustainable leaders have these traits in common By Emily Chasan Bloomberg News INVESTORS have long used environmental, social and governance investing as a technique for finding high quality corporate managers, but companies have yet to do the same when looking at their own staff. As companies grapple with challenges from the coronavirus to climate change inequality, finding future leaders capable of managing and reorienting their business is going to be more crucial, said Clarke Murphy, CEO at recruiting firm Russell Reynolds Associates. Sustainable leaders aren’t just people with an

innate desire to do good, but often ones who “woke up” to ESG issues over the course of their career, Murphy said. They also saw the economic benefit of focusing on solving those problems. “There is a mindset, and then there is a skillset,” he said. His recruiting firm worked with the United Nations Global Compact to come up with the top traits of leaders at companies that are performing well on sustainability metrics (such as Unilever and Hilton Hotels). Those traits include leaders who are multilevel systems thinkers, actively able to include stakeholders in their decisions, have a long-term mindset and courage to challenge traditional approaches.

Companies that identify sustainable leaders sooner, and give them opportunities to lead, should be able to hit sustainability goals more quickly, Murphy said. They will also be more successful in the current tumult, and ultimately make themselves more attractive to long-term investors. “The factors that make strong sustainability leaders also make them able to pivot,” said Megan Starr, global head of impact at private equity firm The Carlyle Group. “Management teams that focus on where the world is going as opposed to where it has been, and leaders who think expansively about the different ways they have to drive business performance, also deliver the best financial performance.”

A10 Wednesday, July 8, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Preventing deadly zoonotic diseases

he United Nations Environment Programme and the International Livestock Research Institute warned in a report on Monday that the world can expect to see an increase in other diseases that pass from animals to humans. The report, “Preventing the Next Pandemic,” was published on World Zoonoses Day, which commemorates biologist Louis Pasteur who, on July 6, 1885, successfully administered the first vaccine against the zoonotic disease rabies on a nine-year-old boy who was mauled by a dog. UNEP and the ILRI noted that Covid-19 is only the latest in a growing number of diseases whose spread from animal hosts to human populations has been intensified by environmental degradation. The UNEP-ILRI report indicated that about 60 percent of human infections are estimated to have an animal origin, and of all new and emerging human infectious diseases, some 75 percent “jump species” from animals to people. Excluding the spiraling cost of the Covid-19 pandemic that has so far claimed more than 500,000 lives, the UN said every year some 2 million individuals, mostly in low- and middle-income countries, die from neglected zoonotic diseases. In recent decades, emerging diseases of zoonotic origin have had direct costs of more than $100 billion and if these outbreaks had become human pandemics, the losses would have amounted to $7 trillion. Even before the world could defeat Covid-19, some scientists said they are closely monitoring the “G4” strain of swine flu virus, which has become more infectious to humans. While China’s Ministry of Agriculture and Rural Affairs and other scientists said the G4 strain is not a cause for alarm, the UNEP report warned that the continuous exploitation of wildlife and destruction of ecosystems would give rise to other diseases that could jump from animals to humans. Unfortunately, despite the massive real and potential socioeconomic impacts of emerging zoonotic diseases and despite the consensus that prevention is better than cure, UNEP said government efforts to control them at their source have been insufficient. UNEP and ILRI outlined 10 practical steps that nations, including the Philippines, can take right now to reduce the risk of the emergence of zoonotic diseases. These include expanded research into zoonotic diseases, improved monitoring and regulation of food systems, and incentivizing sustainable land management practices. The report also made a pitch for a “One Health” approach that brings together public health, veterinary and environmental expertise to prevent and respond to zoonotic disease outbreaks. Given its porous borders, the Philippines’s biggest concern in terms of ensuring the effectiveness of its biosecurity measures is the problem of smuggling. Even government officials have acknowledged the difficulty of preventing animal diseases from entering the Philippines if smuggling of various products, which can carry viruses, is not eliminated. The increase in trade among countries has also made it more challenging to control the entry of shipments from countries where animal diseases, such as African swine fever, have originated. The Covid-19 pandemic should serve as a stark reminder of the kind of damage that zoonotic diseases can inflict on countries. Policy-makers can no longer just brush aside biosecurity control measures and surveillance systems. They must consider investing more in strengthening mechanisms that will allow us to prevent the next pandemic from a virus that may just be lurking around the corner.

Since 2005

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

T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Online Editor

Ruben M. Cruz Jr.

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

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

BusinessMirror is published daily by the Philippine Business Daily Mirror 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 MEMBER OF

SSS, building strong partnerships with cooperatives and MFIs

or the past six decades, the Social Security System (SSS) has been keen in promoting adequate safety nets for all working Filipinos. In fact, our mandate transcends the spectrum of social status or working class—a private sector employee, selfemployed businessman or professional, overseas Filipino worker (OFWs), household helper, non-working spouse, as well as worker in the informal sector could be all SSS members.

To qualify as a PA, a cooperative must be registered with the Cooperative Development Authority. For an MFI or other organization, it must be registered with the Securities and Exchange Commission and must be in operation for at least three years. Further, its operations must pass the financial evaluation criteria set by the SSS. Application forms for accreditation are available at all SSS branches nationwide.

However, access to SSS services has been challenging for members living in far-flung communities. Some of them have to take land or boat travel to go to the city proper just to pay their SSS contributions and submit their benefit claims. Although SSS has representative offices in municipal halls, the fact remains that members still have to leave their work areas, thereby reducing the opportunity to earn more for the rest of the day. Related to these scenarios, SSS thought of looking for new prospective partners within communities that are reliable in facilitating various SSS transactions. Meanwhile, farmers, fisherfolk, small and micro

to receive and collect SSS contributions, loans, and miscellaneous payments from self-employed and voluntary members who would like to continue paying their SSS contributions as such, and avail themselves of SSS services under the terms and conditions set in the Memorandum of Agreement for Collection Services. Meanwhile, servicing PAs are authorized to receive and screen various application forms of self-employed, voluntary, OFW members, and non-working spouses, which include loan and funeral benefit applications. In return, the SSS gives service fees for successfully posted transactions and approved SSS registrations,

Aurora C. Ignacio

All About Social Security

entrepreneurs, and other self-employed workers from the informal economy can also join organized groups such as cooperatives and microfinance institutions. Given their significant role in building resilient and sustainable communities, SSS decided to tap these organized groups to become our valuable partners. The SSS Accreditation Program was launched in 2012 wherein cooperatives, microfinance institutions (MFIs) and other organized groups are authorized by SSS as partner agents (PAs) to provide services to their own members who are also SSS members. Collecting PAs are authorized

To fix discrimination, we need to see it

By Narayana Kocherlakota | Bloomberg Opinion

cademic research has a big role to play in addressing the problem of racial and gender discrimination that the Black Lives Matter and Me Too movements have made newly urgent: To root it out, policy-makers need good evidence on where and how it’s doing damage. Unfortunately, researchers’ supposedly neutral methods are biased against finding bias. This needs to change. Suppose we’re studying bias in employment. Managers are regularly presented with pairs of equally qualified Black and White candidates. If the process isn’t biased against Black people, the probability of choosing someone of one or the other race should be the same as a coin toss, 50%. If it is biased, there would be a higher probability (say, 60 percent) of choosing a White person—and there would need to be a policy intervention to fix the process. Typically, we can’t know what the actual probabilities are. We have to estimate them by studying a sample

of the hiring decisions. In doing so, we need to be aware of two kinds of potential mistakes. We might find bias where there is none, and hence erroneously recommend action. Or we might miss bias that actually exists, and thus fail to act. Say, for example, we’re looking at a sample of 20 decisions, in which 14 White candidates have been hired. On the surface, this looks like evidence of bias. But it might just be a random deviation: Maybe 14 Black candidates will be selected out of the next 20. In drawing a conclusion, we must weigh the risk of finding bias where it isn’t (what statisticians call a type one error) against the risk of failing to find bias when it actually

Given the long history of racial and gender discrimination, there’s ample reason for a researcher to believe that type two errors—failure to recommend action—are more costly. Or the investigator might well have evidence of bias from outside the sample. In either case, the social justice criterion would be more appropriate.

exists (a type two error). These risks are calculable. If we set the threshold for finding bias at 14 out of 20, there’s a 6 percent probability of a type one error and a 75 percent probability of a type two error. If we set the threshold at 13—which is more likely to lead to an intervention—the probabilities shift to 13 percent and 58 percent, respectively. So which threshold should we choose? There’s no neutral answer. If we’re more conservative, and hence more concerned about recommending unnecessary actions, then we’ll go with the higher bar. If we prioritize social justice, then we’ll set the bar lower—in part because we believe that the cost of failing to act when bias exists is much greater than the cost of acting when it doesn’t. One might expect analyses of racial and gender discrimination to use

which could be a form of additional income for the PAs. To qualify as a PA, a cooperative must be registered with the Cooperative Development Authority. For an MFI or other organization, it must be registered with the Securities and Exchange Commission and must be in operation for at least three years. Further, its operations must pass the financial evaluation criteria set by the SSS. Application forms for accreditation are available at all SSS branches nationwide. As of May this year, there are 68 accredited Servicing and Collecting Partner Agents nationwide—eight in the National Capital Region, 34 in Luzon, 18 in Visayas, and eight in Mindanao. We believe that this program will continue to expand as we find more cooperatives and MFIs that never cease to empower communities through social security protection. I would like to share Henry Ford’s quotation on teamwork and partnership: “Coming together is a beginning; keeping together is progress; working together is success.” Aurora C. Ignacio is SSS president and chief executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

a range of thresholds, depending on researchers’ and policy-makers’ priorities. But they don’t. Investigators are taught to keep the probability of a type one error below a certain level, usually 5 percent or 1 percent, with no reference to the probability or consequences of making a type two error. They—and pretty much any journal considering publishing their results—would see the “social justice” threshold as too aggressive, merely because it entails a 13 percent chance of a type one error. Such an approach might seem scientifically consistent, in the sense that different investigators would reach the same conclusions from the same data. But it makes no sense. Given the long history of racial and gender discrimination, there’s ample reason for a researcher to believe that type two errors—failure to recommend action—are more costly. Or the investigator might well have evidence of bias from outside the sample. In either case, the social justice criterion would be more appropriate. Don’t get me wrong: Researchers have convincingly demonstrated the existence of racial and gender discrimination in many contexts. My point is that we should be cautious about treating studies that don’t find evidence of bias as a justification for doing nothing. See “Discrimination,” A11

Opinion BusinessMirror

www.businessmirror.com.ph

Wednesday, July 8, 2020 A11

The wealthy and Jerusalem offers a grim model for a post-annexation future privileged can revolt, too

Noah Smith

BLOOMBERG VIEW

lenty of people will tell you that the unrest spreading through the US is rooted in inequality—in the dissatisfaction of the 99 percent. But what if it’s not that simple? What if there’s also an important battle going on within the 1 percent? For the sake of the nation’s survival, it’s worth considering. No doubt, people are angry. According to a recent Pew survey, 87 percent of Americans say they’re dissatisfied with the way things are going in the country. Partisan animosity has been building for decades and is now at a fever pitch, with incendiary rhetoric a constant feature of Twitter and other social media. Recent nationwide protests over police brutality and racism have been some of the largest and most widespread in the country’s history. The rise of Donald Trump, a leader more polarizing, intolerant and incompetent than any in living memory, is itself a sign of deteriorating national stability. Historian Peter Turchin, who believes episodes of unrest happen every half century or so, has a theory to explain what’s troubling the country. According to Turchin, the basic problem is too much competition among elites. With more inherited wealth and more people getting advanced degrees, he reasons, there are more claimants to a relatively fixed number of positions in the upper echelons of politics, business and other social hierarchies. With so many destined to lose out in the increasingly fierce competition, there is bound to be widespread anger and disappointment. By itself, this elite-centric theory seems insufficient. Many workingclass people are also marching in the streets and voting for politicians with extremist views. But angry educated and rich people lend special weight to any revolution, since they are precisely the people who have the talent and resources to foment revolution and chaos. Ultimately they provide the funding and craft the messaging for organized extremism and violence. Turchin’s theory is all the more worrying because the number of elite spots has been shrinking in recent decades, as a result of technological and economic changes. Wealth and income have become increasingly concentrated at the top of the distribution: In 1990 there were only 99 billionaires in the US; now there are more than 600. Even accounting for inflation, that’s an enormous increase in the upper echelons of wealth. As inequality rises at the top, the standards for what counts as success rise accordingly. Having $10 million in the bank just doesn’t command the respect it used to, when Mark Zuckerberg’s fortune is 8,000 times as large. And structural changes in the economy are making it ever harder to reach the top tier. Across a broad range of industries, a few top companies are taking larger market shares. This might be because these companies are hoarding talent and intellectual property, because the Internet has extended the reach of corporate behemoths, because network effects have become more common, or for various other reasons. Whatever the cause, winner-take-all markets seem to be proliferating. That means a few ambitious entrepreneurs will

Turchin believes that low inequality helps explain why the unrest of the 1960s and 1970s was ultimately mild and didn’t threaten the integrity of the nation. It’s too late for the US to avoid the current period of turmoil, but by leveling the playing field and changing expectations, it can get an early start on minimizing the next one. become Zuckerbergs while the rest are left gnashing their teeth. It isn’t just the business world where top-level success is becoming less attainable. Consider academia. Many ambitious young educated people dream not of wealth but of the intellectual respect that comes with a tenured professorship. But the end of the mid-20th-century expansion of the US university system, along with more recent declines in state funding for colleges, mean that tenure-track positions are a shrinking part of university faculty. This has happened even as the number of PhDs awarded has risen by more than 50 percent since 1990. So more smart young people are seeing their dreams of a research career sour into a reality of permanent precarity as adjuncts and lecturers. This same pattern repeats in the legal profession and in politics, where the size of Congress hasn’t kept up with population growth. Smart, ambitious young people are told to compete ever harder for the plum spots, even as their efforts have a smaller chance of paying off. The danger is that eventually all the frustrated aspirants decide that the system itself is the problem, and seek to overthrow it. Over-competition is especially dangerous when combined with another factor: slowing growth. A long period of prosperity—such as that from 1985 to 2008—can create high expectations that leave a bitter taste in young people’s mouths when dashed by a slowdown. How can the US reverse the trend toward elite over-competition? Increasing the number of elite positions is very difficult. Instead, adjust expectations. Taxing inheritances heavily would reduce the number of young people who feel entitled to great wealth. Reducing the number of PhDs would mean fewer disappointed scholars who fail to achieve tenure track. And wealth taxes on the greatest fortunes can lower expectations to more reasonable levels, making people with $10 million feel rich again. Turchin believes that low inequality helps explain why the unrest of the 1960s and 1970s was ultimately mild and didn’t threaten the integrity of the nation. It’s too late for the US to avoid the current period of turmoil, but by leveling the playing field and changing expectations, it can get an early start on minimizing the next one.

Discrimination. . .

continued from A10

Social scientists need to recognize that they aren’t making conclusions about bias (and really any question of importance) in a vacuum. The past matters, in the sense that there is prior non-data evidence. And the future matters, in the sense that the

analysis will influence decisions that have social costs and benefits. Taking all this into account might lead different researchers—and policy makers—to read the same data differently. But, overall, they’ll also be more likely to do more good.

By Joseph Krauss | Associated Press

ERUSALEM—It’s hard to say what exactly will change in the West Bank if Israel follows through on its plans to annex parts of the occupied territory, but east Jerusalem, which was annexed more than a half-century ago, may provide some answers.

Israeli leaders paint Jerusalem as a model of coexistence, the “unified, eternal” capital of the Jewish people, where minorities have equal rights. But Palestinian residents face widespread discrimination, most lack citizenship and many live in fear of being forced out. Rights groups say that in some aspects, Palestinians in east Jerusalem have even fewer legal protections than those in the West Bank, where it’s possible to appeal to international laws governing the treatment of civilians in occupied territory. They point to Israel’s Absentee Property Law of 1950, which allows the state to take control of any property whose owner lives in an “enemy state” and was used to confiscate the lands and homes of the hundreds of thousands of Palestinians who fled or were forced out during the war surrounding Israel’s creation in 1948. Rights groups say that in recent decades, authorities have abused the law to seize homes in sensitive parts of Jerusalem, evicting Palestinian residents and paving the way for settlers to move in. The Sumarin family has been locked in a 30-year legal battle to prove ownership of their home in Silwan, an east Jerusalem neighborhood coveted by Jewish settlers because of its proximity to holy sites. When the original owner died in the 1980s, the property was deemed to have an absentee landlord because his four children lived in Jordan. The Israeli branch of the Jewish National

Fund then purchased the property from the state in 1991. Last week, a court ordered the family to vacate the property by mid-August and to pay around $5,800 in court fees. Family members say the original owner left it to his nephew, who was born and raised there, and from whom they are descended. The extended family living in the home, which now includes 15 men, women and children, says it will appeal the decision. “Who’s absent? We’re right here. I’ve been here for 40 years,” said Amal Sumarin, the wife of the nephew’s son. “Where are the families with their children supposed to go? Every house built in Silwan is under threat.” The Israeli branch of the Jewish National Fund, which promotes Jewish settlement in the Holy Land and is known by its Hebrew acronym KKL, did not respond to requests for comment. Rights groups fear that if annexation takes place, Israel will use the same law to strip Palestinians of privately held land in the West Bank. Israeli Prime Minister Benjamin Netanyahu has vowed to annex all of Israel’s settlements and the strategic Jordan Valley in line with President Donald Trump’s Middle East plan, which overwhelmingly favors Israel and was rejected by the Palestinians. It’s unclear when or even if Netanyahu will follow through on his pledge, but he has made clear that he wants to annex land but not people,

leaving cities, towns and villages under limited Palestinian self-rule. Tens of thousands of acres of privately owned land would likely become part of Israel, potentially leaving the owners “absent” in enclaves outside its new borders. “It’s not something that we will see the first day of annexation, and it won’t be a big announcement,” said Hagit Ofran, an expert on settlement policy at Peace Now, an Israeli rights group opposed to the settlements. “But the potential is that Israel will not only prevent the owners from accessing their land...but also take over their land.” Palestinians in the annexed territories are unlikely to be offered citizenship, due to Israel’s interest in preserving its Jewish majority, and many would refuse it so as not to legitimize Israeli rule. Instead, they are likely to get the same kind of permanent residency held by most Palestinians in east Jerusalem. That form of residency grants Palestinians access to social services, freedom of movement in Israel and the right to vote in local elections —but not national ones. It can be revoked if Palestinians reside outside the city, as many are tempted to do because of the difficulty of building or expanding homes in east Jerusalem. Peace Now has found evidence of systematic housing discrimination and says around half of all Palestinian housing units in east Jerusalem have been built without hard-to-get permits, putting them at risk of demolition by Israeli authorities. The inequities are on vivid display in Silwan, a crowded, run-down Palestinian neighborhood spilling into a valley just outside the walls of the Old City. It’s proximity to the bitterly-contested hilltop religious site known to Muslims as the Noble Sanctuary and to Jews as the Temple Mount has made it a focus for powerful settler organizations who have spent decades acquiring properties there. Palestinians view the sale of properties to such groups as a betrayal of

their national cause, so the transactions are often carried out in secret through Palestinian middlemen, leading to drawn-out legal disputes and in some cases the physical takeover of homes—or parts of homes— by settlers who claim to have bought them. Jawad Siyam’s backyard is divided by a crude wall of corrugated steel. On the other side, a group of settlers live in a building that belonged to his family for decades. The settlers took control last year after a complicated 25-year legal battle that they won, in part by invoking the Absentee Property Law. The two families don’t get along. Siyam says they shout at each other from their respective terraces. When the settlers held a party recently, Siyam responded to the loud music by dragging his speakers outside and blasting Arab pop. “He is not a settler that comes to be your neighbor, he comes to take the next house and the next house,” Siyam said. “These neighbors are coming to kick you out.” Daniel Luria, the executive director of Ateret Cohanim, one of the settler organizations that operates in Silwan, says Jews have as much right to live there as in Tel Aviv. For him and other ideological settlers, Jerusalem is the capital of the biblical homeland promised to the Jews, and the settlers are heirs to the “pioneers” who established Israel in the first place. “The Jews have a right, clearly, as the true sons of Abraham coming back home, to live in any neighborhood,” he said. “Especially if an Arab wants to sell, which is the case in 99 percent of the cases.” For many Palestinians living in the West Bank, which has been under Israeli military rule for decades, annexation seems like a grim formality. Siyam fears they will be in for a cruel awakening. “People think it will not change because they talk about the big image,” he said. “If you talk about the small image, and details, it will change a lot.”

Coronavirus slams Poland’s already-troubled coal industry

By Vanessa Gera | Associated Press

ARSAW, Poland—The coronavirus has ripped through Poland’s coal mines, where men descend deep underground in tightly packed elevators and work shoulderto-shoulder to extract the source of 75 percent of the nation’s electrical power. Of Poland’s more than 36,000 reported Covid-19 cases, about 6,500 are miners—making them nearly a fifth of all confirmed infections in the country, even though they make up only 80,000 of the country’s population of 38 million. The virus hot spots, centered in the southern Silesia region, have paralyzed an already-troubled industry, forcing many to stay home from work and triggering a threeweek closure of many state-run mines that are only now reopening. It is one more blow that the pandemic has dealt to the global coal sector, already in steep decline in much of the world as renewable and other energy sources get cheaper and societies increasingly reject its damaging environmental impact. Economic shutdowns from the virus also have cut electricity demand. Britain completely removed coal-fired power from its grid for 67 days starting April 9—a record set since the Industrial Revolution as the National Grid works toward a zero-carbon system by 2025. “Coal is in a long-term decline,” said Bob Ward, policy director at the Grantham Research Institute on Climate Change and the Environment at the London School of Economics. “It’s simply cheaper to use gas or renewables, and the economics of coal just no longer make sense in many parts of the world.” “The question is whether the reduction in coal use is sustainable and will last beyond the impacts of the pandemic,” Ward said.

US coal companies, already in financial trouble, are more likely to default because of the pandemic, according to S&P Global Market Intelligence. Italian utility ENEL says it will be able to close coal-fired power stations that it operates across the world sooner than anticipated due to the virus. But China, the world’s biggest emitter of greenhouse gases, actually has been accelerating plans for new coal power plant capacity as it tries to revive its virus-hit economy. Poland, under pressure from the 27-member European Union to lower carbon emissions, is seeing the pandemic complicate its coal troubles. Poland is the only EU state refusing to pledge carbon neutrality by 2050. Governments in Warsaw have argued for years that as an ex-communist country still trying to catch up with the West, it cannot give up the cheap and plentiful domestic energy source. It also says its reliance on coal is important for weaning itself from Russian gas. In reality, Poland’s coal production is becoming less efficient, and it has increasingly been importing cheaper coal from Mozambique, Colombia, Australia and even Russia. As it does so, Poland’s own coal piles up unused, and some mines have been closed. “Look what’s happening with coal, how many millions of tons are being imported from outside Poland, and it was supposed to be completely different,” Warsaw

Mayor Rafal Trzaskowski said at a campaign rally in Silesia. He faces conservative President Andrzej Duda in a presidential runoff election Sunday. Piotr Lewandowski, president of the Institute for Structural Research in Warsaw, says Poland’s coal sector is being pushed to a “tipping point” by several factors: falling demand for coal because of warmer winters; wind and other renewables becoming cheaper; rising costs of carbon emissions; and a society less willing to tolerate high levels of air pollution. “As coal mines struggle, their stock of unsold coal is the highest it has been in five years,” Lewandowski said. “The mines are between a rock and a hard place. They need to manage the outbreak while they are in financial tatters.” In an open letter on Fr iday to Prime Minister Mateusz Morawiecki, some 40 environmentalists, scientists and other groups urged him to urgently prepare a plan for phasing out coal use in order to receive EU funds for making a transition to a greener society. They said the pandemic has sped up “the economic, ecological and social problems” associated with coal. Miners, however, worry the government could use the outbreak as a pretext to permanently shut inefficient mines. Conservative leaders have tried to calm those fears, aware of the political costs of job cuts to the industry. When communism fell in Poland, it still had about 390,000 coal miners. Layoffs created high unemployment and poverty in Silesia, and miners staged violent protests in Warsaw. Jacek Sasin, the deputy prime minister in charge of mining, insists there is no reason for miners to fear for their long-term prospects.

“All those who tried to argue that reduction was some sly plan to liquidate mines talked nonsense,” he said. Certainly nobody expects any big decisions about coal before Sunday’s election between Duda, the incumbent, and Trzaskowski. Coal miners already are frustrated by stagnant wages and a feeling the government is less committed to supporting them, said Patryk Kosela, a spokesman for a miners’ trade union, Sierpien 80. Adding to their concerns have been long waits for coronavirus test results and a state mining institute report issued at the start of the pandemic that said miners were not at risk. “It was wishful thinking,” Kosela said. “In mining, you work in tight groups. You go down in a packed small lift, people are crowded. Then you travel on an underground train, together, rubbing shoulders.” Polish miners normally wear only goggles and helmets with lamps, but one of the biggest companies said it supplied masks and disinfectant, and implemented other hygiene measures at the start of the outbreak. It was unclear how many workers actually wore the masks. The virus spread very fast, Kosela said. The good news is that very few have faced serious complications, and many have recovered. “Some are surprised that they are infected because they feel fine,” he said. Adam Henkelman, a 44-year-old miner who recovered from the virus, blames the government for the high infection rates and the other troubles in the sector. “They had lost interest in us,” said Henkelman, who works in the Murcki-Staszic coal mine in Katowice. “We don’t know what tomorrow will bring.”

A12 Wednesday, July 8, 2020

Credit flow slows in May on Covid disruptions

ANK lending slowed down in the country in May, reflecting constrained economic activity due to the nationwide coronavirus disease (Covid-19) restrictions during the month, the Bangko Sentral ng Pilipinas (BSP) reported. Data showed that loans of universal and commercial banks grew by 11.3 percent in May, slower than the 12.7 percent expansion in April. “The deceleration reflects in part constrained economic activity following the imposition of quarantine measures to contain the Covid-19 outbreak,” the BSP said in a statement. Loans for production activities grew by 9.8 percent in May from 11.1 percent in the previous month. The continued growth in production loans was driven primarily by lending to the following sectors: real-estate activities, which grew by 19.6 percent; financial and insurance activities with a 13.9-percent growth; electricity, gas, steam and air-conditioning supply at 8.6 percent; information and communication at 24.9 percent; and transportation and storage at 20.4 percent. The BSP said lending to other sectors also increased during the month, except for mining and quarrying which contracted by 5.6 percent, professional, scientific, and technical services which declined by 23.4 percent, and manufacturing with a 3.2 percent decline. Continued on A2

Analysts see more banks launching bond offerings

By Tyrone Jasper C. Piad

@Tyronepiad

HE banking industry is expected to launch more bond offerings in the coming months as a way to diversify funding sources amid the robust demand and favorable market conditions. Financial institutions have been maximizing the opportunities in the bond market recently because of low borrowing costs and healthy investor sentiment on the back of the country’s good credit rating, analysts said. RCBC Chief Economist Michael L. Ricafort said that the low interest rates—achieved after a series of monetary policy easing by the Bangko Sentral ng Pilipinas—are encouraging banks to raise funds via debt securities.

EASTERLIES AFFECTING EASTERN SECTIONS OF VISAYAS AND MINDANAO as of 4:00 am - July 7, 2020

“Record-low interest rates ...have made borrowings by banks through the bond market more compelling in [order] to further increase...their lending...portfolio as well as to increase other investment activities as well, in able to generate more interest income and other investment income,” he explained. The Monetary Board last month trimmed the interest rate on the Central Bank’s overnight reverse repurchase facility by 50 bp to 2.25

percent, bringing deposit and lending rates to 1.75 percent and 2.75 percent, respectively. The new policy rates were effective beginning June 26. Ricafort added that the trimming of policy rates made the “ bond market more attractive amid the search for higher yields by investors, amid near zero or negative interest rates in some developed countries, as a source of higher yielding outlets for excess funds by global fund managers/ investors.” The low interest rates could also boost market sentiment as this can encourage investment and create more business and economic activities which can then lead to more jobs, Ricafort said. While it was “not directly related,” Unionbank Chief Economist Ruben Carlo O. Asuncion said the “still robust and healthy” sovereign rating of the Philippines has been pushing banks to tap the bond market for funds. Japan Credit Rating Agency upgraded its ratings for the country from “BBB+” to “A-” and assigned a stable outlook in June. This means the rating is not expected to change in the next 12 to 18 months. The debt watcher credited the improved rating to the country’s resilient position amid the challenges brought about by the coronavirus pandemic. “This positive somehow translates to firms in the economy, and the local banks are not different from this general view,” Asuncion said. S&P Global Ratings and Fitch Ratings also gave the country a

stable outlook, pinning the ratings at “BBB+” and “BBB,” respectively. The Unionbank economist said that it was indeed advisable to participate in the bond market now given the favorable environment, but he shared that banks—or companies, in general—should also be able to look into other means of fundraising. “[T]here should be a mix of approaches depending on the goals of the banks and other companies,” he said. The Bankers Association of the Philippines (BAP) earlier suggested that capital markets could be accessed by the banks to raise funds and improve their capitalization amid the pandemic. “With good credit rating, banks may likewise opt to beef up their capital by raising funds through the capital markets,” BAP told this newspaper recently. According to a study by First Metro Investment Corp. and University of Asia and the Pacific, corporate bonds are seen bouncing back during the second half after slowing down in April. The report noted that most of the firms are refinancing existing debts by then since many have held off their expansion plans. Several banks have been braving the debt market recently to raise funds, including Security Bank Corp. and Bank of the Philippine Islands. Just this week, Rizal Commercial Banking Corp., Metropolitan Bank & Trust Co. and BDO Unibank Inc. disclosed their bond offering plans. All issued bonds already earlier this year.

SC tells govt to reply to anti-terror law suits By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court has given the government 10 days to justify the constitutionality of the controversial Republic Act 11479 or the Anti-Terrorism Law (ATL) of 2020. This was announced by SC spokesman Brian Keith Hosaka following the High Tribunal regular en banc session on Tuesday. Hosaka said the magistrates also required the various government agencies tasked to implement the ATL to comment also within 10 days on the plea of the four groups of petitioners for the issuance of a temporary restraining order (TRO) enjoining its implementation. The SC also ordered the consolidation of the four petitions which include lawyers Howard Calleja, Joseph Peter Calleja and Christopher Lao and De La Salle Brothers led by former education secretar y A rmin Luistro; opposition lawmaker Rep. Edcel Lagman of Albay; Far Eastern University (FEU) Law Dean Mel Sta. Maria and several law professors of the said university; a nd opposit ion cong ressmen from the so-called Makabayan bloc. “The four petitions are petitions for certiorari and prohibition with prayer for issuance of a temporary restraining order, and writ of preliminary injunction. They all relate to Republic Act 11479 or the Anti-Terrorism Act of 2020,” the SC noted. “Thus, the Supreme Court or-

dered the consolidation of the four petitions, and required respondents to file their respective comments on the petition and application for TRO within a period of 10 calendar days from notice,” the SC said. The petitioners want to declare as unconstitutional Section 4 of the ATL, saying that it violates basic rights of the p e o pl e u nd e r t he C on s t it u tion; 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 due process rights; preliminar y order of proscription, under Section 26 and 27 for being unconstitutional; the period of detention without judicial charge under Section 29 for being arbitrar y, unreasonable and unjustified; and Section 34 as it impairs the constitutional right to bail. Contrary to the claim of the government and the authors of ATL, the petitioners argued that its 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. Named respondents in the petition were Executive Secretar y Sa lvador Med ia ldea, National Security Adv iser Hermogenes Esperon, the secretaries of defense, the inter ior, finance, justice, and information and communications technolog y, and the executive director of the A nti-Money Launder ing Council.

Peza fair has 100K jobs for displaced workers By Elijah Felice E. Rosales

@alyasjah

T least 100,000 jobs will be opened in the job fair organized by the Philippine Economic Zone Authority (Peza) as part of efforts to provide employment to displaced laborers and repatriated overseas Filipino workers (OFWs). Peza Director Genera l Charito B. Plaza on Tuesday said her agency is throwing all efforts to get 100,000 job slots available before the launch of its job fair on Monday. The job expo is one of the five components of the Development Outreach for Labor, Livelihood and Advancement of Resources, or DOLLAR, program. Plaza said the job fair is meant to provide employment to workers who lost their income source to the coronavirus pandemic, especially returning OFWs. “This [expo] is in support of repatriated OFWs who lost their jobs due to the pandemic. We also want to support the Balik Probinsya program. As such, this will be open for all ages and will be simultaneously launched in four public economic zones. Almost 100,000 jobs that are needed by our locators will be opened,” Plaza said in a virtual briefing. More than 60,000 jobs are now secured to be made available for the launch on Monday, while another 30,000 are being discussed by the Peza with its locators, Plaza disclosed. Of the approved job slots, nearly 24,000 are located in the Metro Manila and Southern Tagalog regions; over 14,000 are in the northern and central portions of Luzon; and 2,500 are in Visayas and Mindanao. Close to 20,000 jobs will also be opened when the 26 newly approved projects of the Peza become operational. Further, the Peza Board is set to approve P2 billion worth of investments translating to 27 fresh projects seen to generate 3,694 jobs. “Most of these jobs are in the information technology and BPO [business-process outsourcing] industries, as well as in manufacturing. We also have some opportunities in the creative sector, as a couple of firms are looking for graphic designers and the like,” the Peza chief said. “Most of them will be situated in Metro Manila and Calabarzon; some are in Pampanga, Tarlac, Baguio and Ilocos; and the remaining are in Cebu, Iloilo and Mindanao,” she added. The Peza will facilitate matching of the skills of the applicants and the requirements set by the employers. In compliance with social distancing protocols, the job fair will be done through an online platform, according to Plaza. The expo is expected to gather applicants from different fields and ages, as millions of Filipinos are out of work right now due to the pandemic. Based on the April Labor Force Survey, unemployment rate in the country rose to 17.7 percent, from 5.1 percent during the same period last year. In real number, this translated to about 7.25 million unemployed Filipinos, most of whom lost their jobs during the lockdown.

Companies BusinessMirror

www.businessmirror.com.ph

GT Cap places bet on used car inspection, warranty biz By VG Cabuag

@villygc

T Capital Holdings Inc. on Tuesday said its automotive unit is venturing into the used car inspection and warranty business with a Japanese firm.

In its disclosure to the Philippine Stock Exchange, GT Capital Auto Dealership Holdings Inc. said it is partnering with Premium Group of Japan for the new business. The company said it is establishing GT Mobility Ventures Inc., a joint venture with Mitsui and Co. and GTCAD as shareholders. “GT Capital’s effective ownership stake will be 47 percent,” the

company said. GT Capital’s income slid by 25 percent in the first quarter to P2.54 billion, from last year’s P3.42 billion, due to the weak performance of its core businesses of banking and automotive. Core income fell at a slower pace of 15 percent to P2.8 billion, from last year's P3.3 billion. GT Capital’s consolidated rev-

enues reached P39.01 billion, down 13 percent from P44.92 billion last year. Healthy booked real-estate sales from Federal Land Inc., as well as higher contributions from net income of associate Sumisho Motor Finance Corp., supported GT Capital’s performance in the first quarter, the company said. Toyota Philippines consolidated revenues for January-to-March period reached P28.8 billion, some 15 percent slower than last year's P33.8 billion, as sales dropped. Toyota’s retail vehicle sales during the period reached 25,686 units, down from 33,546 units last year. By the last two weeks of March, however, most of its dealers nationwide were closed, in compliance with the government' s implementation of the enhanced community quar-

antine (ECQ). Toyota has remained the country’s number one automotive brand with a 36.3-percent overall market share in the first quarter. “As we saw in Toyota’s first quarter results, 2020 was off to a respectable start. The prospects for the rest of 2020, however, face very significant headwinds brought about by the Taal eruption and, of course, the Covid-19 pandemic,” GTCAD Chairman Vince S. Socco said. “We are confident, though, that when the ECQ is lifted, transportation and mobility will be among the essential drivers of economic recovery. Given the resilience of the Philippine economy and the robust capabilities of Toyota Philippines we believe that we can emerge from this crisis on solid footing.”

ERC: Firms collecting FiT-ALL face sanctions By Lenie Lectura @llectura

he Energy Regulatory Commission (ERC) said it will impose administrative sanctions against distribution utilities (DUs) that continue to collect from their customers the Universal Charges-Environmental Charges (UC-EC) and the Feed-in-Tariff Allowance (FiT-ALL) during quarantine period. “There are items in our bill that customers should not be charged of. One of which is FiT-ALL, which should not be collected from electricity customers for two months since this is government’s way of helping the public. But there are DUs that continue to collect FiT-ALL from their customers.

Converge ICT investing in high-capacity backbone

We have said that the UC should not be charged in May, but there are still DUs that continue to do so. These are the violations,” ERC Chairman Agnes Devanadera said Tuesday. The suspension of FiT-ALL and UC-EC payments are part of the advisories issued by the ERC to all DUs during the quarantine. Devanadera said her office has already identified the DUs that defied the commission’s billing advisories. “We wrote them. There are corresponding administrative sanctions. They should comply to government directives which benefits the public.” Senate Energy Committee Chairman Sherwin Gatchalian has implored the ERC to penalize DUs that fail to comply with its advisories

IBER Internet provider Converge ICT said it is investing in a highcapacity backbone to expand the reach and offerings of its consumer and enterprise businesses. Converge CEO Dennis Anthony Uy said his group “commissioned” the so-called 400G metro backbone, an optical solution that enables fiber providers to get more bandwidth and subsequently offer them to consumers and enterprises. “This network expansion gives us the confidence that we can deliver on our commitment to foster simple, fast, and reliable connectivity for both existing and potential customers,” Uy said. While he did not divulge the amount invested in the new backbone, he explained that "400G optical solution allows Converge ICT to be flexible and efficiently improve the capacity of its nationwide backbone to deliver a more seamless user experience.” The network is capable of automatically routing traffic to multiple available paths during fiber breaks. Uy added that this allows Converge to have a “programmable, dynamic set up of connections that increases adaptability and resiliency, with the ability to prepare for easily scaling to higher capacity 800G wavelengths to support future growth.” He noted that this expansion will help “future-proof” the company, as demand for bandwidth continues to rise due to the implementation of the new normal, wherein almost everything is digital. Lorenz S. Marasigan

and directives aimed at alleviating the financial difficulties of Filipino power consumers given strict quarantine measures. Gatchalian pointed out that his committee received at least 204 complaints from 179 complainants. Out of the 179 complainants, 176 have filed complaints against the Manila Electric Co. (Meralco) and three are against the electric cooperatives. The violations that Meralco committed include the failure to clearly indicate the word “estimate” on the bill, failure to provide line item for monthly installment, and the collection of the UC-EC and the FiT-ALL during the period specified in ERC advisories, according to the senator. Citing a report from the ERC, Gatchalian said at least six distribu-

tion utilities have been found to be in violation of the ERC advisories. These erring distribution utilities are Olongapo Electricity Distribution Co.; Misamis Oriental II Electric Cooperative Inc.; Camarines Sur II Electric Cooperative Inc.; Central Negros Electric Cooperative Inc.; Iloilo III Electric Cooperative Inc.; and Batangas II Electric Cooperative Inc. “Many are not following the advisory of the ERC. I would like to encourage the ERC and take a proactive role in looking at the compliance,” Gatchalian said in a mix of English and Filipino. “The advisories are there to help our constituents. But if the utilities don’t follow these advisories, then that spirit of assistance will be futile.”

DOJ junks criminal raps against ‘Yanson 4’ By Joel R. San Juan @jrsanjuan1573

S TAT E prosec utor from the Department of Justice (DOJ) has resolved the dispute involving siblings over the ownership of giant bus firm Vallacar Transit Inc. (VTI) in Bacolod City last year. In a resolution penned by Assistant State Prosecutor Eric Opriasa dismissed for lack of evidence a string of criminal cases against Yanson siblings Roy, Emily, Ricardo Jr., and Ma. Lourdes Celina Lopez (Y4) filed by their siblings Leo Rey and Ginette Dumancas (Y2). Opriasa found no probable cause to indict the Y4 for alleged carnapping, possession of explosives, robbery and arbitrary detention in relation to the siege and violent takeover without a court order of VTI in Bacolod City last year. Opriasa also said the case for alleged carnapping of 55 buses against Y4 should be struck down for “dearth of evidence.” He cited the lack of unlawful taking as the buses were voluntarily parked by their drivers in the compound of Dynamic Builders, a company owned by one of the respondents. The DoJ prosecutor pointed out that the drivers “sim-

ply parked their bus units inside the premises of Dynamic Builders on the premise that it would be safe in the said place.” The keys, which were in the drivers’ possession, were eventually turned over to VTI, he said. It can be recalled that the series of cases against Y4 stemmed from the chaotic siege and takeover of the bus firm’s head office and bus stations sans a court order by Leo Rey and Bacolod police in August 2019. T his, despite L eo Rey’s pending suit questioning his earlier ouster as VTI President. In the same resolution, Opriasa dismissed the charges against the spouse and children of Y4, namely: Margarethe Rose, Riana Micole, and Christopher Olric Yanson, all directors of Dynamic Builders. Likewise, grave coercion charges against Roy, Emily Yanson, Ma. Lourdes Celina Lopez, Rose, Riana Micole, and Christopher Yanson were dismissed since “no sufficient evidence was established by complainant” against them. Opriasa, however, indicted Ricardo Yanson Jr., for grave coercion and violation of the Public Service Act for alleged delays in returning VTI’s buses, while Emily Yanson was indicted for falsification and perjury. T heir law yers said they

would exhaust all available legal remedies including elevating the case for review by the Secretary of Justice. Me a nw h i le, c h a rges of possession of explosives under Republic Act 9516 were also dismissed in its entirety by the DOJ prosecutor as Y4 “were neither in physical or constructive possession of the items recovered.” The DOJ noted that the recovery of the items “creates a serious question of credibility as to their source of origin," adding that the “complaint is anchored generally in conjectures, suspicions, and speculations and therefore have no probative value and cannot stand in the realm of evidence.” Concurrently, the charges against Y4 for Robbery by the Use of Force upon Things, Possession of Picklock or Similar Tools were likewise dismissed by the DOJ. The DOJ junked the criminal complaints against Y4 following an earlier dismissal of another set of criminal cases against them for arbitrary detention, grave threats, grave coercion, among others. T he intra-cor porate actions and counter-suit filed by the siblings against each other are pending before the Bacolod RTC and Court of Appeals in Cebu.

Wednesday, July 8, 2020

McDonald’s PHL sets spending for stores

BusinessMirror file photo

By Roderick L. Abad @rodrik_28 Contributor

uick-service restaurant chain McDonald’s Philippines is spending anywhere from P600 million to P750 million for the construction of 15 new stores this year, according to one of the company's top officials. In an email to the BusinessMirror, McDonald’s Philippines Managing Director Margot B. Torres said each outlet could cost between P40 million to P50 million. “We are carefully reviewing our expansion plans given the situation,” she said, referring to the Covid-19 crisis. McDonald’s Philippines President and Chief Executive Officer Kenneth S. Yang previously said the number of upcoming branches is fewer than the original target because of the pandemic, which forced the company to adjust its plan. “That’s something we have to continue to assess as time goes [by], and let’s see how the economy will be able to sustain additional growth from the business,” he said during their online press briefing last week. “So we are flexible and ready to accelerate our growth once the circumstances allow.” Currently, there are 668 McDonald’s stores nationwide. The new outlets in the pipeline will bring its total network of fast-food

chain to 683. Torres said that all of the new branches that the company is set to open in 2020 will follow the NXTGEN format, adding to its over 140 concept stores nationwide. Even before Cov id-19 had spread to become a pandemic worldwide, the company said this format featuring self-ordering kiosks and cashless transactions already promoted indirect contact or physical distancing between the staff and customers. Now that 93 percent of McDonald’s stores is back in operations, the company said it remains committed to ensure the safety of its patrons and employees. With the recent resumption of dine-in services due to lockdown relaxation, it vowed to continue introducing digital innovations to provide its signature food offerings either in its restaurants or at the comfort of its customers’ homes. “While we have reopened our doors for dine-in, and as we gain the confidence of our consumers with our elevated measures, we also acknowledge that a large population of Filipinos still choose to eat at home," Torres said. “Because of this, the omnichannel approach that we have prioritized since 2011 has become very relevant today in making our products more accessible to consumers while ensuring their safety.”

Companies BusinessMirror

Wednesday, July 8, 2020

PSE STOCK QUOTATIONS

July 7, 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 PB BANK PBCOM PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG FILIPINO FUND MEDCO HLDG NTL REINSURANCE SUN LIFE VANTAGE

46.5 98 72 20.9 7.88 37.9 8.2 16.92 21.6 47.05 17.16 103.6 53.35 0.78 20.65 2.46 7.92 0.27 0.58 1680 0.96

47 98.9 72.05 20.95 7.89 38.1 8.5 17.3 21.7 47.7 17.18 103.7 54.6 0.8 20.8 2.68 8.5 0.285 0.59 1750 1.03

47 99.3 72 21.15 7.53 38.2 8.54 17.2 20.75 47.2 17.2 105.7 54.95 0.78 21 2.47 9.95 0.27 0.59 1750 1

47 100.5 72.45 21.2 7.88 38.6 8.54 17.3 22.05 47.5 17.2 107.2 54.95 0.85 21 2.47 9.95 0.275 0.59 1750 1.03

46 98 71 20.7 7.53 37.6 8.2 17.2 20.75 47 17.1 103.5 53 0.75 20.2 2.46 7.9 0.27 0.58 1750 0.96

47 98 72 21 7.88 38 8.2 17.3 21.6 47 17.16 103.7 54.9 0.78 20.65 2.47 7.92 0.27 0.58 1750 1.03

15800 4759370 3300840 31100 1478000 2379700 95300 2000 923200 11100 57400 1003180 231270 254000 112900 14000 207900 210000 111000 20 301000

735190 467937774.5 237516285.5 653065 11447628 90287430 809308 34512 20061670 522230 985550 104959306 12671649 199650 2297295 34520 1868024 56800 64410 35000 293160

628900 -121443806 -14886814 95225 171215 -35054115 -771804 -5177435 239700 -350128 -37253531 -12160669 -11600 -

INDUSTRIAL AC ENERGY 2.26 2.27 2.24 2.28 2.24 2.27 2470000 5581070 317340 ALSONS CONS 1.17 1.19 1.17 1.17 1.17 1.17 50000 58500 28.1 28.25 28 28.75 27.95 28.25 2222400 62795195 7803990 ABOITIZ POWER FIRST GEN 24.25 24.5 25.65 25.65 24.25 24.25 3627200 89513940 -13982280 63.05 64 63.85 64.5 62.95 64 202880 12812409.5 -10971078 FIRST PHIL HLDG MERALCO 281 281.2 281 283 278.6 281 337690 94894226 33023514 MANILA WATER 14.28 14.36 14.8 14.8 14.12 14.36 7238700 103658414 866134 3.14 3.18 3.21 3.25 3.14 3.14 3392000 10842920 -40610 PETRON PETROENERGY 3.02 3.19 3.01 3.19 3 3.19 18000 55390 11.2 11.42 11.36 11.4 11.2 11.4 171200 1944608 PHX PETROLEUM PILIPINAS SHELL 18.94 18.96 18.66 19.2 18.66 18.96 3588300 67972904 10215144 SPC POWER 8.02 8.03 8.02 8.03 8 8.03 53700 430434 13.5 14.96 13.52 13.52 13.5 13.5 2000 27022 VIVANT AGRINURTURE 7.36 7.44 7.5 7.52 7.37 7.44 148400 1104414 16431 2.54 2.56 2.58 2.58 2.55 2.56 569000 1454360 -28180.0003 AXELUM CNTRL AZUCARERA 11.62 12.5 12.5 12.5 12.5 12.5 400 5000 CENTURY FOOD 14.68 14.7 14.76 14.9 14.7 14.7 413800 6091838 232202 4.16 4.2 4.2 4.2 4.16 4.16 12000 50220 -46040 DEL MONTE DNL INDUS 5.15 5.16 5.14 5.2 5.12 5.16 2039800 10512021 2109091 7.97 7.98 7.8 8.1 7.8 7.98 181508200 1415892457 -1412493068 EMPERADOR SMC FOODANDBEV 68.2 70 70.5 70.5 67.1 70 266000 18,497,077( 13,546,052.4997) 0.58 0.59 0.58 0.58 0.56 0.58 627000 363640 ALLIANCE SELECT FRUITAS HLDG 1.3 1.31 1.28 1.31 1.26 1.31 8253000 10567490 400460 GINEBRA 31.5 32 31.6 32 31.5 31.5 7800 246545 146.8 147 147.3 147.3 146.4 147 1198600 176017729 42113309 JOLLIBEE LIBERTY FLOUR 30.2 43 43 43 43 43 600 25800 6.6 6.88 6.88 6.88 6.48 6.6 21600 142598 -20460 MACAY HLDG 5.44 5.45 5.46 5.53 5.45 5.45 526800 2884537 178635 MAXS GROUP MG HLDG 0.136 0.14 0.138 0.14 0.135 0.14 1060000 145230 8100 6.15 6.16 6.14 6.17 6.1 6.15 817800 5028484 -1300599 SHAKEYS PIZZA ROXAS AND CO 1.43 1.45 1.5 1.58 1.43 1.43 4838000 7299370 -525850 0.106 0.11 0.106 0.106 0.106 0.106 10000 1060 SWIFT FOODS UNIV ROBINA 126.5 127 130.2 130.2 126.4 126.5 1958450 248736327 -136809653 VITARICH 0.84 0.85 0.86 0.87 0.85 0.85 1954000 1665150 192340 55.2 61 55.05 61 55.05 61 410 23005.5 CONCRETE A CONCRETE B 59 65 58.1 65 58.1 65 30 1821 1.03 1.04 1.02 1.04 1.02 1.04 5549000 5721640 -292240 CEMEX HLDG EAGLE CEMENT 9.8 9.9 9.92 9.92 9.78 9.8 62200 609548 29339.9999 EEI CORP 5.24 5.25 5.2 5.25 5.16 5.25 706100 3674956 64004 6.15 6.18 6.24 6.4 6.13 6.18 14421900 90040320 10290461 HOLCIM MEGAWIDE 7.45 7.5 7.44 7.6 7.35 7.45 5335100 39717204 -21628041 8.4 9 9 9 9 9 10000 90000 PHINMA TKC METALS 0.71 0.72 0.73 0.73 0.71 0.71 32000 22750 VULCAN INDL 0.82 0.84 0.84 0.85 0.81 0.82 443000 365750 115.2 116.1 129 129 129 129 10 1290 CHEMPHIL EUROMED 2.06 2.07 2.03 2.08 2.02 2.06 1510000 3090620 -36930 4.5 4.58 4.5 4.58 4.5 4.58 3000 13580 LMG CHEMICALS MABUHAY VINYL 3.71 3.73 3.73 3.74 3.73 3.74 25000 93300 PRYCE CORP 4.1 4.24 4.25 4.25 4.16 4.25 42000 177520 -12480 20.1 20.9 20.45 20.9 20 20.9 103000 2105720 -0 CONCEPCION GREENERGY 1.83 1.84 1.88 1.88 1.83 1.84 6100000 11259430 149140 5.9 5.92 5.92 6.04 5.8 5.9 274700 1631529 212967 INTEGRATED MICR IONICS 1.05 1.06 1.1 1.1 1.04 1.06 307000 324890 5.18 5.24 6.97 6.98 5.14 5.24 546000 3285461 PANASONIC SFA SEMICON 1.33 1.34 1.29 1.33 1.25 1.33 2141000 2784540 46440 CIRTEK HLDG 8.36 8.37 8.19 8.4 8.1 8.37 2844400 23651235 1204313.9997 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 BHI HLDG COSCO CAPITAL DMCI HLDG FILINVEST DEV FORUM PACIFIC GT CAPITAL HOUSE OF INV JG SUMMIT LODESTAR LOPEZ HLDG LT GROUP MABUHAY HLDG METRO PAC INV PRIME MEDIA SOLID GROUP SYNERGY GRID SM INVESTMENTS SAN MIGUEL CORP SOC RESOURCES SEAFRONT RES TOP FRONTIER ZEUS HLDG

0.47 8.28 751 49.3 6.6 1.7 6.16 0.485 0.54 0.56 920 5.48 4.15 8.74 0.161 454.8 3.27 66 0.67 2.78 8.42 0.465 3.61 0.82 0.97 165 949 101.5 0.66 1.81 127 0.131

0.475 8.3 755 49.35 6.62 1.71 6.2 0.495 0.55 0.59 950 5.5 4.17 8.78 0.185 455 3.4 66.5 0.68 2.79 8.44 0.5 3.63 0.84 1 169.8 950 101.8 0.68 1.95 128 0.135

0.475 8.35 772 48.95 6.76 1.7 6.22 0.5 0.56 0.58 950 5.49 4.21 8.9 0.162 460.2 3.26 67.25 0.67 2.77 8.22 0.43 3.72 0.83 1 150 948.5 104 0.64 1.82 137 0.133

0.48 8.39 773 49.3 6.78 1.72 6.22 0.51 0.56 0.58 950 5.52 4.27 8.9 0.162 464.4 3.26 67.6 0.69 2.8 8.44 0.5 3.73 0.84 1.02 165 956.5 104 0.7 1.82 137 0.134

0.465 8.12 751 48.5 6.6 1.7 6.22 0.48 0.54 0.58 950 5.45 4.1 8.49 0.16 450.4 3.26 66 0.66 2.75 8.15 0.43 3.61 0.8 0.96 150 940 101 0.64 1.82 127 0.128

0.47 8.28 751 49.3 6.6 1.7 6.22 0.485 0.55 0.58 950 5.5 4.17 8.78 0.16 455 3.26 66 0.67 2.79 8.44 0.5 3.61 0.84 1.02 165 949 101.5 0.66 1.82 128 0.131

3400000 9900 294820 1033600 4788900 603000 1300 118000 1046000 30000 10 4715600 7821000 16400 200000 394590 306000 1447340 1503000 200000 3688000 35000 26261000 176000 361000 960 370100 139360 242000 2000 1930 1400000

1597150 81100 223785120 50758220 31994445 1028760 8086 58045 575950 17400 9500 25879911 32852170 143726 32140 179702418 997560 95844946.5 1004570 553590 30887517 16215 95674270 144480 349310 155460 351682225 14199593 163660 3640 248397 181820

-323600 -93369085 15922230 -16113221 17400 1259893 -12314790 -35214 -16321852 -55917606 -24880 -14934747 -44289160 27200 76971275 -4183954 53854 47360

PROPERTY ARTHALAND CORP 0.54 0.56 0.56 0.56 0.54 0.54 86000 47510 AYALA LAND 34.65 34.7 34.85 35.4 34.6 34.7 3931100 137184505 1.01 1.04 1 1.05 1 1.05 6000 6050 ARANETA PROP BELLE CORP 1.41 1.45 1.41 1.46 1.41 1.42 128000 184510 0.71 0.72 0.72 0.74 0.71 0.71 2019000 1470290 A BROWN CITYLAND DEVT 0.76 0.78 0.77 0.78 0.77 0.78 25000 19490 CROWN EQUITIES 0.117 0.124 0.124 0.124 0.124 0.124 20000 2480 6 6.2 6.16 6.2 6.16 6.2 96900 599479 CEBU HLDG CEB LANDMASTERS 4.97 5.08 4.95 5.08 4.9 5.08 7676000 38751310 0.375 0.38 0.38 0.38 0.37 0.38 3400000 1277150 CENTURY PROP CYBER BAY 0.25 0.27 0.25 0.26 0.25 0.26 700000 177000 DOUBLEDRAGON 17.18 17.38 17 17.48 17 17.38 200000 3453492 6 6.03 6.05 6.05 5.98 5.98 1052200 6295405 DM WENCESLAO EMPIRE EAST 0.25 0.255 0.25 0.26 0.25 0.255 310000 78500 0.098 0.101 0.104 0.104 0.097 0.098 3590000 353010 EVER GOTESCO FILINVEST LAND 0.99 1 1 1.02 0.99 1 20938000 21015560 GLOBAL ESTATE 0.82 0.84 0.81 0.85 0.81 0.84 485000 399270 9.41 9.43 9.41 9.43 9.41 9.43 7400 69742 8990 HLDG PHIL INFRADEV 0.81 0.83 0.81 0.82 0.8 0.81 409000 333420 0.7 0.73 0.74 0.74 0.74 0.74 8000 5920 CITY AND LAND MEGAWORLD 3.16 3.17 3.29 3.3 3.16 3.16 29039000 93594380 0.149 0.15 0.149 0.152 0.148 0.15 7080000 1058260 MRC ALLIED PHIL ESTATES 0.29 0.315 0.29 0.29 0.29 0.29 210000 60900 PRIMEX CORP 1.37 1.45 1.38 1.45 1.35 1.45 22000 30170 17.3 17.38 17.38 17.42 17.2 17.3 998700 17312006 ROBINSONS LAND PHIL REALTY 0.235 0.24 0.235 0.239 0.235 0.239 670000 159610 1.6 1.63 1.58 1.6 1.58 1.6 47000 74600 ROCKWELL STA LUCIA LAND 1.81 1.87 1.81 1.85 1.81 1.81 277000 501570 SM PRIME HLDG 31.5 31.9 32.6 32.75 31.5 31.5 7071200 226512770 3.66 3.74 3.74 3.75 3.66 3.74 27000 100260 VISTAMALLS SUNTRUST HOME 1.36 1.39 1.5 1.5 1.33 1.36 7974000 11299890 40.05 44 44.95 44.95 40 40.05 2500 108465 PTFC REDEV CORP VISTA LAND 3.89 3.9 3.97 3.99 3.9 3.9 494000 1940420

-61961370 -53700 -6240 580259 -12370020 352238 5428644 -4680320 -112820 27379220 -8055844 -88915900 -201620

SERVICES ABS CBN 15.1 15.3 16 16 15.1 15.1 960000 14914596 GMA NETWORK 5.2 5.23 5 5.26 5 5.23 3125000 16119870 0.34 0.35 0.345 0.345 0.335 0.335 390000 131900 MANILA BULLETIN MLA BRDCASTING 11.92 12.76 12.98 13.12 11.84 11.92 8700 107302 2062 2086 2140 2146 2062 2062 80985 168842390 GLOBE TELECOM PLDT 1295 1298 1314 1314 1279 1297 161070 208620175 APOLLO GLOBAL 0.049 0.051 0.049 0.051 0.049 0.051 7470000 374330 2.81 2.97 2.76 2.94 2.76 2.94 61000 178000 DFNN INC DITO CME HLDG 3.22 3.23 3.11 3.24 3 3.23 98639000 308962800 0.072 0.077 0.072 0.077 0.072 0.077 90000 6530 ISLAND INFO JACKSTONES 1.91 1.97 2.06 2.07 1.9 1.9 1145000 2257070 NOW CORP 2.17 2.18 2.15 2.22 2.12 2.18 4409000 9588320 0.172 0.176 0.172 0.172 0.172 0.172 620000 106640 TRANSPACIFIC BR PHILWEB 2.1 2.14 2.17 2.19 2.08 2.14 1163000 2477420 9.51 9.57 9.62 9.62 9.46 9.51 38500 367236 2GO GROUP CHELSEA 3.59 3.6 3.44 3.59 3.44 3.59 828000 2928930 CEBU AIR 43.8 43.9 44 44.8 43.6 43.8 346600 15316395 102.4 102.5 104.6 105 102.2 102.5 1830500 189946112 INTL CONTAINER LBC EXPRESS 13 13.24 13.3 13.3 13 13.24 4100 53354 0.76 0.79 0.77 0.79 0.75 0.79 700000 535630 LORENZO SHIPPNG MACROASIA 6.67 6.68 6.68 6.84 6.54 6.68 10865400 72962407 2.12 2.14 2.08 2.19 2.06 2.12 912000 1935670 METROALLIANCE A PAL HLDG 6.6 6.7 6.7 6.7 6.6 6.6 181200 1208498 HARBOR STAR 0.84 0.85 0.87 0.87 0.82 0.84 516000 432160 0.024 0.025 0.023 0.025 0.023 0.025 12300000 294200 BOULEVARD HLDG DISCOVERY WORLD 1.52 1.63 1.64 1.64 1.63 1.63 2000 3270 7.8 8.79 8.79 8.79 8.79 8.79 100 879 IPEOPLE STI HLDG 0.295 0.31 0.305 0.31 0.3 0.3 2570000 774400 BERJAYA 2.11 2.16 2.1 2.16 2.1 2.16 9000 19110 8.13 8.14 8.2 8.21 8.03 8.14 3308100 26,839,219( BLOOMBERRY PACIFIC ONLINE 1.89 2 1.89 1.89 1.89 1.89 1000 1890 1.37 1.41 1.37 1.41 1.37 1.41 620000 857180 LEISURE AND RES PH RESORTS GRP 2.38 2.41 2.39 2.48 2.21 2.38 708000 1653160 PREMIUM LEISURE 0.315 0.32 0.325 0.33 0.315 0.32 5780000 1859450 7.23 7.26 7.39 7.39 7.11 7.26 2363200 17105803 ALLHOME METRO RETAIL 1.58 1.6 1.6 1.65 1.58 1.58 4057000 6559710 46.35 46.6 46.6 46.85 46.25 46.6 5699700 264479730 PUREGOLD ROBINSONS RTL 64.45 64.5 65 65 64.4 64.5 1768110 114080725 PHIL SEVEN CORP 125 128.4 128.9 128.9 124.8 125 130090 16261381 1.14 1.15 1.17 1.19 1.15 1.15 4155000 4861300 SSI GROUP WILCON DEPOT 16.3 16.5 15.96 16.66 15.96 16.3 5694200 93346132 0.31 0.32 0.32 0.335 0.31 0.32 1000000 313900 APC GROUP EASYCALL 6.76 6.9 6.99 6.99 6.7 6.76 35300 237166 IPM HLDG 4.51 5.89 4.51 4.51 4.51 4.51 1000 4510 0.199 0.201 0.2 0.205 0.199 0.199 1910000 382060 PRMIERE HORIZON SBS PHIL CORP 4.54 5.04 5.05 5.05 5.05 5.05 300 1515

-111437040 -93279865 883640 40000 224410 -17200 -60190 -1488710 -109068582 15200 -2512105 -24650 1,595,464.0003) 18700 -3102731 -1582020 2768605 -49559322 -62510 -1359790 44699516 -

MINING & OIL ATOK 8.64 9.9 10.14 10.14 9.5 9.9 5400 51722 1.33 1.34 1.3 1.35 1.28 1.33 10419000 13752230 -3928000 APEX MINING ABRA MINING 0.0009 0.001 0.0009 0.001 0.0009 0.001 507000000 463200 109000 2.25 2.29 2.25 2.29 2.25 2.26 228000 518120 114500 ATLAS MINING BENGUET A 1.45 1.46 1.35 1.58 1.35 1.45 363000 532370 BENGUET B 1.49 1.54 1.46 1.65 1.38 1.54 312000 474300 0.181 0.191 0.181 0.181 0.181 0.181 50000 9050 COAL ASIA HLDG CENTURY PEAK 2.6 2.7 2.7 2.7 2.65 2.7 617000 1640500 135000 7.29 7.32 7.19 7.3 7.19 7.3 6600 48118 DIZON MINES FERRONICKEL 1.03 1.04 1.08 1.15 1.01 1.03 37352000 40327630 727380.0001 GEOGRACE 0.233 0.234 0.239 0.239 0.231 0.233 1070000 249640 0.094 0.097 0.095 0.095 0.094 0.094 11540000 1093980 LEPANTO A LEPANTO B 0.099 0.1 0.099 0.099 0.099 0.099 10000 990 0.0072 0.0074 0.0072 0.0074 0.0072 0.0074 57000000 414800 MANILA MINING A MANILA MINING B 0.0075 0.0085 0.0084 0.0084 0.0074 0.0075 21000000 164700 MARCVENTURES 0.65 0.66 0.64 0.77 0.62 0.65 2753000 1893860 680 1.3 1.31 1.3 1.4 1.3 1.31 474000 632650 NIHAO NICKEL ASIA 2.16 2.17 2.2 2.31 2.12 2.16 50577000 112135790 2983660 0.35 0.385 0.36 0.36 0.35 0.35 250000 88700 OMICO CORP ORNTL PENINSULA 0.51 0.55 0.59 0.62 0.51 0.55 1623000 905820 6000 2.72 2.75 2.68 2.76 2.68 2.72 2537000 6896330 -275120 PX MINING 12.48 12.5 12.68 12.7 12.5 12.5 870400 10991190 -5151908 SEMIRARA MINING UNITED PARAGON 0.0038 0.004 0.0038 0.0038 0.0037 0.0037 18000000 66800 6.5 6.6 6.66 6.66 6.5 6.6 80500 524477 3960 ACE ENEXOR ORNTL PETROL A 0.009 0.0094 0.0095 0.0095 0.0092 0.0094 41000000 384300 0.0092 0.011 0.0099 0.0099 0.0099 0.0099 2000000 19800 ORNTL PETROL B PHILODRILL 0.0075 0.0077 0.0075 0.0075 0.0075 0.0075 5000000 37500 PXP ENERGY 6.34 6.35 6.4 6.48 6.28 6.35 325800 2072415 210589 PREFFERED HOUSE PREF A 99.5 100 100 100 99.05 100 74280 7426715 ALCO PREF B 101.2 103.5 101 101 101 101 600 60600 502.5 503 503 503 503 503 3610 1815830 AC PREF B2R CPG PREF A 101 102 100.5 100.5 100.5 100.5 100 10050 106 110 108 109 108 109 980 106520 FGEN PREF G GTCAP PREF B 1001 1019 1019 1019 1019 1019 20 20380 MWIDE PREF 100.5 102 100.1 101 100.1 100.5 47470 4787566 99.2 101 100.4 100.4 100 100 2780 278160 PNX PREF 3A PCOR PREF 3A 1049 1050 1045 1050 1045 1050 5565 5834165 78 78.45 77.5 78.45 77.5 78.45 23400 1814718 SMC PREF 2C SMC PREF 2D 75 75.55 75.55 75.55 75.5 75.5 4010 302755.5 SMC PREF 2E 76 77.15 77.15 77.15 77.15 77.15 10 771.5 78.15 79.4 79.4 79.5 79.4 79.4 34050 2706298 -17468 SMC PREF 2F SMC PREF 2G 75.4 77.25 77.45 77.45 77.45 77.45 10 774.5 76 77 77 77 77 77 10 770 SMC PREF 2H SMC PREF 2I 78.35 78.9 79 79 78.35 78.35 9930 783768 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 14.4 14.7 15.4 15.4 14.7 14.7 717800 10707162 -7826322 GMA HLDG PDR 4.86 5 4.84 5 4.84 5 1189000 5842210 -4502400 WARRANTS LR WARRANT 0.68 0.7 0.68 0.7 0.68 0.7 19000 13060 SMALL & MEDIUM ENTERPRISES ALTUS PROP 25.4 25.5 28 28.95 24.65 25.5 5629700 146443570 -22321280 ITALPINAS 2.05 2.06 2.02 2.11 1.99 2.05 4341000 8886830 -367890 5.98 6.07 6.1 6.1 5.98 5.98 34000 204017 KEPWEALTH MERRYMART 3.13 3.14 2.99 3.14 2.93 3.13 50561000 154503550 164340 0.57 0.58 0.58 0.6 0.57 0.58 1605000 922920 71340 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 95 97 97.95 97.95 95 95 16510 1586011 30880

www.businessmirror.com.ph

BDO issues fixed-rate notes to support lending business

By Tyrone Jasper C. Piad

@TyronePiad

DO Unibank Inc. announced on Tuesday it issued $600-million fixed rate senior notes under the bank’s medium-term note program.

In a disclosure, the Sy-led bank said that the transaction was oversubscribed by nearly five times, with orders reaching $2.9 billion. Each note holds a coupon rate of 2.125 percent per annum and has a

tenor of 5.5 years. The bonds received a “Baa2” rating from Moody’s Investor Service. “The senior note issue is part of the Bank’s liability management initiatives to tap longer term funding

sources to support dollar-denominated projects,” BDO said. The joint bookrunners and joint lead managers for the transaction were Merrill Lynch (Singapore) Pte. Ltd. and Standard Chartered Bank. The latter also served as sole global coordinator. Last week, BDO raised P36 billion from issuing fixed rate bonds. The bonds carry a coupon rate of 3.125 percent per annum and have a tenor of 1.75 years. The bonds were offered through BDO Trust and Investments Group and BDO Private Bank Trust. The issuance was part of BDO’s

strategy to diversify funding sources and support lending business. The listed bank saw its first quarter earnings drop by 10.20 percent to P8.8 billion, from P9.8 billion in the same period last year due to trading and foreign exchange losses. BDO’s total capital base rose to P372.2 billion in the first quarter, booking capital adequacy ratio of 13.8 percent and common equity tier 1 of 12.7 percent. BDO shares inched up by 0.51 percent, or 50 centavos, to close at P98 apiece amid the 0.96-percent decline for the benchmark index on Tuesday.

PHL seen bagging more BPO jobs By Elijah Felice E. Rosales @alyasjah

ndustry leaders are expecting the Philippines to obtain some of the offshore jobs generated by business-process outsourcing (BPO) firms abroad after witnessing how the local sector kept its operations going in the face of the global pandemic. In a webinar last week, the Information Technology and Business Process Association of the Philippines (IBPAP) and Healthcare Information Management Association of the Philippines (HIMAP) expressed confidence the country will remain to be one of global leaders for BPO operations. The Philippines, it said, will likely notch a respectable fraction of jobs to be generated by BPO firms abroad. HIMAP President Rogelio Salazar Jr. said the health care sector, for one, is responding to the coronavirus situation to the best it can and this allows the sector to post continuous growth. “Health care is the only growing industry amidst the pandemic. While other industries are laying off people, we are hiring and training them,” Salazar said. “We have learned through our member companies that additional orders are coming—health care providers and payers, and even pharmacies all have their hands full and require our support in making sure

the end clients are satisfied.” As recessions all over the world force many economies to source their BPO jobs offshore, the Philippines is faced with the opportunity to acquire good number of these jobs, Salazar said. Some BPO firms are now even discussing the prospect of expansion, one of which is needing 4,000 agents before September. Dexcom International Business Operations Head Jessica Shields explained during the webinar the Philippines is an excellent investment choice for BPO firms for its population’s strength in English, its official second language. “There was also the fact that the Philippines has strong ties to the United States, and we found that from an operator’s perspective the industry was so tight. Despite the challenges we faced over the past months, with the support of industry partners and colleagues from the Philippine government, we were able to grow at the rate that we needed to,” she said. Dexcom International is a California-based health care provider that specializes in diabetes management. It has a BPO office here in the country at Taguig. The BPO industry last year grew its revenue by more than 7 percent to $26.3 billion, from $24.5 billion in 2018. Further, it added some 71,000 new workers to bring its labor force to a total of 1.3 million.

Digital selling boosts CPG reservation sales

entury Properties Group Inc. (CPG) said it managed to increase its reservation sales in the second quarter despite the pandemic, partly as a result of its efforts to sell its products online. The company said, however, that it is keeping a close watch on the property market in general. The company said its reservation sales in the second quarter grew 6 percent to P3.16 billion from the last quarter’s P2.96 billion. It said the P6.12 billion in reservation sales for the first half of the year is equivalent to 1,925 homes, or 651 condominium units, under its vertical developments business and 1,274 house and lot units under its affordable housing brand. “Century Properties was quick to adapt to digital selling and contactless transactions that generated healthy reservation sales for the first half of 2020. From an investment standpoint, real estate is more stable and safe in the long term, and it’s a hard asset that you can use,” CPG President and CEO Marco R. Antonio said. “But the new normal has also changed people’s perspectives. More than purchasing for investment returns, buyers are also starting to appreciate the value of home ownership to protect the health and wellbeing of their families,” he said. Even with the positive sales momentum, majority of which is expected to accrue to the

company’s earnings next year, CPG said it continues to exercise business prudence given that the lockdowns halted construction activity for three months and the country is still combating the pandemic. “We are also keeping a close watch on market conditions in the property industry and the banking sector to get timing indications for next project launches,” Antonio added. In its 34 years in the real estate industry, CPG has already sold 94 percent of 14,945 units in its multi-tower condominium projects at the Residences at Commonwealth in Quezon City, the Resort Residences at Azure North in San Fernando, Pampanga; Acqua Private Residences in Mandaluyong; and Azure Urban Resort Residences in Parañaque City. The company, however, ran out of units to sell in its vertical developments. CPG expanded into horizontal affordable housing in 2017, rolling out six master planned communities totaling 104 hectares in North Luzon and Calabarzon. Under the brand Phirst Park Homes and in partnership with Mitsubishi Corp., CPG’s affordable housing business has so far launched 9,820 house and lot units with P16.6 billion in sales value in Tanza, Cavite; San Pablo and Calamba, Laguna; Pandi, Bulacan; and Lipa and Nasugbu in Batangas. VG Cabuag

mutual funds

July 7, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 206.63 -23.17% -9.03% -4.95% -17.97% ATRAM Alpha Opportunity Fund, Inc. -a 1.0745 -35.52% -12.95% -4.9% -22.25% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8039 -32.83% -13.48% -7.14% -23.77% Climbs Share Capital Equity Investment Fund Corp. -a 0.7112 -25.85% n.a. n.a. -20.72% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6841 -22.94% n.a. n.a. -19.45% First Metro Save and Learn Equity Fund,Inc. -a 4.4255 -20.28% -7.62% -4.47% -16.94% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7028 -21.3% -10.01% n.a. -17.67% MBG Equity Investment Fund, Inc. -a 80.8 -34.23% n.a. n.a. -21.8% PAMI Equity Index Fund, Inc. -a 41.7566 -21.5% -7.22% -3.61% -18.57% Philam Strategic Growth Fund, Inc. -a 443.9 -19.67% -6.79% -4.04% -16.68% Philequity Alpha One Fund, Inc. -a,d,5 0.9134 n.a. n.a. n.a. -11.33% Philequity Dividend Yield Fund, Inc. -a 1.0468 -22.32% -7.23% -3.59% -18.66% Philequity Fund, Inc. -a 30.8443 -22.01% -6.76% -3.27% -18.61% Philequity MSCI Philippine Index Fund, Inc. -a 0.8226 -22.87% n.a. n.a. -19.2% Philequity PSE Index Fund Inc. -a 4.251 -21.23% -6.7% -2.93% -18.62% Philippine Stock Index Fund Corp. -a 712.02 -20.99% -6.66% -3.1% -18.35% Soldivo Strategic Growth Fund, Inc. -a 0.6472 -31.53% -10.62% -7.25% -23.98% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2748 -25.7% -8.2% -4.44% -22.2% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8177 -21.03% -6.79% -3.07% -18.3% United Fund, Inc. -a 2.9771 -21.33% -5.57% -2.6% -18.51% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 95.5857 -20.79% -6.16% -2.27% -18.27% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $0.9951 -1.37% 0.31% -0.29% -3.24% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4078 6.45% 6.76% n.a. 2.11% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.577 -10.24% -3.94% -3.29% 0.91% ATRAM Philippine Balanced Fund, Inc. -a 2.0911 -10.89% -4.09% -1.56% -4.13% First Metro Save and Learn Balanced Fund Inc. -a 2.4611 -8.45% -2.43% -2.64% -6.48% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.189 n.a. n.a. n.a. -17.29% NCM Mutual Fund of the Phils., Inc. -a 1.8692 -4.44% -0.67% n.a. -4.78% PAMI Horizon Fund, Inc. -a 3.558 -5.85% -1.69% -1.1% -6.1% Philam Fund, Inc. -a 15.8318 -7.04% -2.02% -1.3% -6.66% Solidaritas Fund, Inc. -a 1.9572 -9.63% -3.11% -1.16% -7.93% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3472 -14.78% -4.04% -2.38% -13.37% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.966 -6.12% n.a. n.a. -4.89% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8746 -15.04% n.a. n.a. -12.22% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8515 -17.01% n.a. n.a. -14.27% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8297 -17.61% -4.92% -3.42% -14.89% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03849 2.34% 2.5% 1.68% 0.68% PAMI Asia Balanced Fund, Inc. -b $1.0026 0.16% 1.11% 0.42% -3.4% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9233 3.1% 4.79% 3.81% 0.32% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1207 0.56% 2.45% n.a. -0.72% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 366.4 4.59% 3.16% 2.58% 2.4% ATRAM Corporate Bond Fund, Inc. -a 1.9427 2.23% 0.98% -0.02% 2.14% Cocolife Fixed Income Fund, Inc. -a 3.1934 4.7% 5.1% 5.09% 2.47% Ekklesia Mutual Fund Inc. -a 2.3008 5.07% 3.11% 2.47% 3.41% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4538 5.91% 3.48% 2.11% 4.01% Philam Bond Fund, Inc. -a 4.6294 10.39% 4.38% 2.7% 5.87% Philam Managed Income Fund, Inc. -a,6 1.2996 6.85% 4.15% 2.28% 3.41% Philequity Peso Bond Fund, Inc. -a 3.9729 7.89% 4.44% 2.42% 4.88% Soldivo Bond Fund, Inc. -a 1.029 9.63% 3.51% 1.92% 6.71% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1778 7.07% 4.84% 3.07% 3.31% Sun Life Prosperity GS Fund, Inc. -a 1.7461 5.95% 4.21% 2.65% 2.65% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $474.17 3.3% 2.5% 2.71% 1.27% ALFM Euro Bond Fund, Inc. -a Є215.51 -1.2% 0.64% 1% -1.92% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2205 2.97% 2.81% 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 $1.0721 -1.62% -0.01% 0.27% -2.11% Philam Dollar Bond Fund, Inc. -a $2.4451 3.7% 3.28% 3.08% 1.72% Philequity Dollar Income Fund Inc. -a $0.060635 2.2% 1.95% 1.84% 0.53% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1775 2.55% 2.09% 2.39% 0.07% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.22 3.74% 3.22% 2.43% 1.94% First Metro Save and Learn Money Market Fund, Inc. -a 1.042 2.63% n.a. n.a. 1.53% Sun Life Prosperity Money Market Fund, Inc. -a 1.284 3.11% 3.03% 2.59% 1.53% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0453 1.64% n.a. n.a. 0.78% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1 n.a. n.a. n.a. n.a. 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

Entrepreneur BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, July 8, 2020 B3

Powerhouse group launches ‘Buyanihan’ to help entreps weather recession caused by contagion

he considerable resources of the Association of the Filipino Franchisers Inc. (AFFI), the Department of Trade and Industry (DTI), Go Negosyo, SM Foundation, Security Bank and Union Bank are being brought to bear in efforts to jump-start a languid economy stalled by the effects of the three-monthlong coronavirus lockdown. The multi-sectoral group is raising awareness on the plight of millions of micro, small and midsized enterprises—collectively, the MSMEs—in the hopes of coaxing the buying public into increased patronage. The group has thrown together a campaign called “Buyanihan,” a creative juxtaposition of the word “buy” and the local idiom bayanihan, referring to a spirit of communal unity and cooperation, as an economic lifeline. Though deadly and extensive, the pandemic is not isolated on the health front. When the enhanced community quarantine (ECQ) was invoked

throughout Luzon, establishments providing basic necessities and services were deemed essential and were allowed to remain open, albeit on a skeletal force. Much of those belonging to the MSMEs, however, were not listed. They were hit hardest due to the closure of malls and retail establishments. As were micro enterprises like barbershops and salons, massage parlors and spas, and the neighborhood street peddlers. “These businesses have lost a significant amount of income due to the challenges of the ECQ,” said Trade Secretary Ramon Lopez, explaining Buyanihan’s rationale. “We need to

ensure their survival.” DTI revealed that of the 1.42 million registered businesses, an overwhelming 99.6 percent belong to MSMEs, with the majority, 88.5 percent, classified as micro enterprises. They generate 63.19 percent of the country’s total employment figures. “MSMEs are the backbone of our economy. This virus has brought a devastating blow to the physical and financial health of our nation. And we must work[ing] together to save both,” Lopez said. Prior to the ECQ, economists projected rosy targets of 6.5 percent to 7.5 percent gross domestic product (GDP) growth for the Philippines this year. On March 19, around when the lockdown commenced, those numbers were lowered to a pragmatic 4.3 percent to a dismal minus (-)3.9 percent. Pessimism is reasonable, in light of the wholesale impact on declining transport, tourism, exports, remittances, and reduced consumption; historically, the main driver of the Philippine economy. Even Facebook last May said that one in three small businesses that have shut down don’t expect to reopen again. When you consider that most MSMEs are located at the National Capital Region, Region 4A

Pilmico-Tesda webinars keep home bakers, SMEs learning amid pandemic

he Covid-19 pandemic might have brought the world to a screeching halt but not for some home bakers and small bakery business owners. Aboitiz food business unit Pilmico Foods Corp., in partnership with the Technical Education and Skills Development Authority (Tesda) leveraged its digital preparedness to bring baking and cooking lessons to the public through digital platforms Facebook and Zoom. The Pilmico-Tesda Bake/Cook with Chef Webinar Series is a free, online avenue for learning and skills development for Pilmico customers, including small and medium bakery owners and home bakers, as well as aspiring entrepreneurs. Pilmico and Tesda’s combined social media following of more than a million individual users helps get more people to make the most of this free online learning sessions. “Despite the difficulty that Covid-19 brought on a global scale, now is the time for innovation to take over and create solutions that will help sustain the food value chain,” said Joeben Gamatero II, Pilmico vice president for Brand and Marketing, and head of the company’s Corporate Social Responsibility (CSR) group. “Innovation has always been a part of the core values of Pilmico and Aboitiz. And now, we are reaping the benefits as it enables us to come up with solutions that help us maintain a high level of service quality for our stakeholders,” Gamatero added. Tesda believes the webinar series could be one of the solutions to address the unemployment woes of the many Filipinos affected by the community quarantine who had to stop work and have no clear source of income. “Job security is a major concern during this pandemic. Time and again, we have proven the resilience of Filipinos. But in this kind of situation, everybody needs to be innovative to provide some kind of relief to Filipino families who are affected,” said Tesda Acting Deputy Director-

General Lina Sarmiento in her keynote speech during the launch of the webinar series. The webinar series is among Pilmico’s initiatives to continue providing total customer solutions, amid the limitations brought about by the pandemic. Innovation is one of the core values of the Aboitiz Group and all its strategic business units, and has long been ingrained in its practices. When the pandemic hit, the Food Group quickly shifted to online consultations to ensure the needs of customers and team members are constantly met, in preparation for the “new normal.” Aside from utilizing online platforms such as virtual and e-customer visits for business consultations and business guidance for Pilmico farms customers, Pilmico addressed the learning needs of its customers through other virtual engagement initiatives. The webinar series, which started last April and officially launched last May 26, airs on Zoom and Pilmico Flour’s Facebook page thrice a month. It is hosted by Pilmico’s Flour Team and features different Pilmico chefs and technical experts from Tesda, with live baking, or cooking demonstrations and a question and answer right after. The webinar series is an addition to Pilmico and Tesda’s long-standing partnership. Before the nationwide extended community quarantine, Pilmico and the Tesda Women’s Center jointly

worked on an initiative to promote sustainable livelihood through public-private partnerships. Pilmico also sponsored Wooden Spoon: Business Innovation Center for Bread and Pastry Innovation, a training facility located in Tesda Complex in Taguig City. Pilmico Foods Corp. & Gold Coin Management Holdings are the integrated agribusiness and food companies of Aboitiz Equity Ventures Inc. (AEV). In May 2019, Pilmico International acquired a full stake of Gold Coin. To date, this is the largest investment in the Asia-Pacific region in their shared history. Pilmico is comprised of four divisions: Flour, Feeds, Farms and Trading; enabling growth to its partners through its consistent quality products and unparalleled supporting services. Meanwhile, Gold Coin is a pioneer in animal nutrition and the manufacturing of scientifically-balanced animal feed in Asia. With their combined strengths, Pilmico & Gold Coin represent one of the largest privately-owned agribusinesses in the region, with over 2,900 partners throughout the multitude of production facilities across 11 countries in Asia. In its journey moving forward, the Aboitiz Group will drive change for a better world by advancing business and communities. Armed with Pilmico and Gold Coin’s mission of feeding humanity, they aim to take a leadership position in innovating the food value chain in the Asia-Pacific.

(Calabarzon), and Region 3 (Central Luzon)—regions in the main island from which 73 percent of the country’s GDP comes from and where the lockdown was rigorously enforced —then the true weight of the ECQ becomes clear. This is because MSMEs rely on cash flow for daily operations: salaries to be paid, employee benefits to be fulfilled, rent, loans, supplier accountabilities, and credit-card bills are still due. Although the quarantine levels have now lightened, they have had zero cash flow during the ECQ . Perhaps more than any entity aware of the hit that MSMEs are experiencing is the SM Group, the Philippines’s largest mall operator and consequently its biggest retail space lessor. It’s the SM Foundation that has been generous in providing funds, medical supplies, and protective equipment. Its SM Supermalls have waived rentals from March 16 to April 14.

“We share our tenant-partners’ concerns at the unfortunate situation and will waive rental charges for those affected and unable to operate during this period,” said SM Supermalls President Steven Tan. “This support forms part of our commitment to fight the effects of the outbreak.” That alone benefits 19,153 SM mall tenants nationwide, whose doors are now slowly but surely reopening for business. Security Bank, one of the country’s leading universal banks and cited by Asiamoney as the “Best Bank for SMEs” in 2017 and 2019, eased its process for facilitating business loans for MSMEs in need of liquidity and lowered percentage in its Ecommerce payment gateway. “The Covid-19 pandemic has brought the world unprecedented disruption, but with each of us doing our part, we will overcome this challenge and get better,” said Security Bank President and Chief Executive Officer Sanjiv Vohra.

Meanwhile, Union Bank, ranked by the BankQuality Consumer Survey on Retail Banks as the second most helpful bank in Asia-Pacific during the coronavirus crisis—the only Philippine bank in the top 20 list—eased up account openings by shifting it online and providing checking accounts with affordable depository requirements, enabling MSMEs to further legitimize their businesses. So there is hope. Easing of quarantine restrictions is a good first step. Provided the population behaves in ways that stem the infectious tide, then the wheels of commerce can start turning again. And as these economic engines came to a screeching halt, it will take no more than a concerted effort to jolt it back from inertia. A bayanihan movement, if you will. Or, a Buyanihan. “MSMEs took a direct hit, incurred big losses,” said AFFI President Jorge Noel Wieneke. “It’s back to zero for many, or back to the starting line. They are now in the ‘ICU’ and they need a blood transfusion. We can fix this with a Buyanihan spirit,” he said. It is a simple, doable solution. Consumers just need to start consuming again. Start buying again. But for now, buy local to support our MSMEs.

His wealth surged by $25B. Then Jack Ma’s rival quit

olin Huang’s ascent is one for the history books: In just six months, his fortune swelled by $25 billion—one of the biggest gains among the world’s richest people. His Pinduoduo Inc. (PDD), a Groupon-like shopping app he founded in 2015, has become China’s third-largest e-commerce platform, with a market value of more than $100 billion. In the first quarter, as the coronavirus pandemic caused most of the nation’s economy to grind to a halt, PDD’s active users surged 68 percent and revenue jumped 44 percent, the company said in May. Now Huang, who has overseen the firm as its American depositary receipts have more than quadrupled in less than two years, has stepped down as chief executive officer (chief executive officer). At one point, his net worth climbed as high as $45 billion, placing him just behind China’s wealthiest people—Tencent Holdings Ltd.’s Pony Ma and Alibaba Group Holding Ltd.’s Jack Ma—on the Bloomberg Billionaires Index. That’s even as PDD continued to post losses, primarily because it chases growth with the help of generous subsidies and has been known to spend more on marketing than it earns in sales. “Pinduoduo was perfectly positioned for people being stuck at home,” said Tom Ronk, CEO of Century Pacific Investments in Newport, California. Huang, who controlled 43.3 percent of PDD shares, has reduced his stake to 29.4 percent, according to a June 30 regulatory filing. His fortune now stands at $30 billion. That excludes a $2.4 billion charitable holding that he shares with PDD’s founding team, and $7.9 billion that went to Pinduoduo Partnership, of which Huang and newly named CEO Lei Chen are members. The partnership will help fund science research and management incentives, according to a letter following Huang’s resignation. The wealth estimate also excludes $3.9 billion that people familiar with the matter said was transferred to an angel investor. PDD declined to comment on Huang’s holdings or net worth.

Facing Challenges

HE will remain chairman and work on the company’s long-term strategy and corporate structure to help drive the future of the e-commerce giant, PDD said. “PDD is still facing some high-level challenges in product supply, relationship with brand merchants, logistics and payments,” said Shawn Yang, an analyst at Blue Lotus Capital Advisors. “Colin may want to focus more

HUANG on these issues.” PDD’s success hinges on deals, which have become particularly popular with customers looking for bargains as the world’s second-largest economy slows. Most of its users come from smaller Chinese cities, and the app gives them extra discounts when they recommend a product through social networks and get friends to buy the same item. Fen Liu, a homemaker in Quanzhou, a provincial city in Fujian, said she accrued enough coupons with her friends’ help to reduce the price of a suitcase to zero. “I couldn’t believe my eyes when I saw my suitcase arrive in the mail,” she said. “It’s made me a loyal Pinduoduo user ever since.”

‘Bargain Hunters’

While PDD’s aggressive price-reduction strategies have helped win over people with lower incomes, they may stifle the company’s efforts to attract wealthier consumers, according to Charlie Chen and Veronica Shen, analysts at China Renaissance Securities in Hong Kong. “PDD’s users are largely bargain hunters reluctant to buy large-ticket items,” they wrote in a June 29 note, adding that the company’s image remains a key obstacle to users spending more. “We believe PDD is working to change its low-price brand image -- but this could be costly.” That may require heavy marketing and hurt margins further despite a strong user-base foundation for future growth, the analysts said. And PDD’s management has offered no clear path to profitability. Last year, the company’s “10 Billion RMB Subsidies” campaign, which is ongoing, led to a $2 billion increase in sales and marketing expenses to $3.9 billion, and those costs have been at 90 percent to 120 percent of revenue for the past two quarters, China Renaissance said. For t he n at ion’s Ju ne 18

shopping festival, PDD provided a subsidy program with no cap across different product categories to push spending and attract more users. Other fastgrowing Chinese startups—including rival Meituan Dianping, ride-hailing app DiDi Chuxing and Starbucks Corp. competitor Luckin Coffee Inc.— have also adopted subsidies strategies to maintain customer loyalty. Huang, 40, grew up in the eastern city of Hangzhou, where Alibaba has its headquarters. After receiving a degree at Zhejiang University, he went to the University of Wisconsin for a master’s in computer science. He began his career at Google in 2004 as a software engineer and returned to China in 2006 to help establish its operations in the country. He then became a serial entrepreneur. He started his first company in 2007, an e-commerce website called Ouku.com that he sold three years later after realizing it was too similar to thousands of others. He then launched Leqi, which helped companies market their services on websites like Alibaba’s Taobao or JD.com Inc., and a gaming firm that let users play on Tencent’s messaging app WeChat. Both took off and Huang found himself “financially free,” according to a 2017 interview. After getting an ear infection, he decided to retire in 2013 at age 33. But following a year of pondering what to do with his life—he contemplated starting a hedge fund and moving to the US—he came up with the idea of combining e-commerce and social media. At the time, Alibaba dominated the online business, and WeChat became a must-have application on smartphones in China. The tables have turned since. In 2018, Alibaba launched a PDD-style app in an attempt to lure smaller-town users with bargains. It came months before Huang took his company public in New York, raising $1.63 billion in its July 2018 initial public offering. Since then, PDD has surged 389 percent, while Alibaba has gained just 13 percent. In 2017, Huang had said he was unlikely to spend the rest of his life at PDD. While he’s still chairman of the company, he now wants to give more responsibility to younger colleagues to keep the entrepreneurial spirit as PDD matures, he wrote in a letter to employees. “We envision Pinduoduo to be an organization that creates value for the public rather than being a showoff trophy for a few or carry too much personal color,” Huang said. “This will allow Pinduoduo to continually evolve with or without us one day.” Bloomberg News

B4 Wednesday, July 8, 2020

Phoenix fuel donations reach almost 180,000 liters

Fueling COVID-19 initiatives nationwide, Phoenix reached 179,079 liters of total fuel donations by end of June to various organizations including Libreng Sakay programs for frontliners, and outreach activities in areas under quarantine.

S the government eases up quarantine restrictions nationwide, Phoenix Petroleum, the homegrown, leading independent oil company in the country, wrapped up its fuel donation initiatives with a total of 179,079 liters of free Phoenix fuels as part of its campaign to help battle the COVID-19 pandemic. Donated to nine different organizations all over the country, Phoenix participated in various programs and partnered with local government units (LGUs) and nongovernmental groups in the past three months to be able to provide relief to frontliners, health workers, and affected communities. In Luzon, the company partnered with the Department of Transportation (DOTr) for its Libreng Sakay program. Free Phoenix fuels were donated to more than 2,245 vehicles that provided free shuttles to health workers all over the metro since April. A total

of 114 vehicles from the Philippine Disaster Recovery Agency’s Libreng Sakay program were also provided with free Phoenix fuels. For eight weeks, Phoenix fuel vouchers were also given to 58 GrabBayanihan vehicles that were used to deliver essential medical goods to hospitals. Philippine Red Cross’ MV Amazing Grace Humanitarian Ship, used to transport COVID-19 testing kits from Manila to other parts of the country, was also powered by 20,000 liters of donated Phoenix fuels. In partnership with Agrea and other Udenna companies, Phoenix also provided fuels to the Sagip Saka program which transported fresh farm produce from Batangas and Benguet farmers and donated to communities in Metro Manila. Makati LGU’s rolling market and grocery store called Makati Mart also used fuel donated by Phoenix. Likewise, free Phoenix fuels were given

to the West Visayas Hospital ambulance and the Iloilo LGU vehicles for the transport of medical supplies and frontliners in the province. A total of 69 vehicles received a combined 2,000 liters of Phoenix fuels. The company also provided fuels for the Libreng Sakay services of six Vallacar Transit buses in Davao City. “Staying true to our battle cry, ‘Sasamahan ka ng Phoenix’, we have been relentless in providing help to individuals, groups, and communities greatly affected by the pandemic and the quarantine. While adjusting our business to adapt to the new normal and keeping our workforce safe and motivated, we have also been busy taking part in various outreach initiatives around the country by providing free Phoenix fuels to vehicles used in humanitarian programs. As a business that offers such an essential product, we are proud that we were able to give back to the Filipinos in the way we can during this difficult time,” Phoenix Petroleum President and Chief Operating Officer Henry Albert Fadullon said. Aside from fuel donations, the company also donated cash to the Pinoy Tsuper Helping Hands, a Facebook group dedicated to helping the public utility drivers affected by the mass transportation suspension during the quarantine period. Cash donation was also given as support to the outreach activity of Phoenix’s Pinoy Tsuper Hero Year 3 winner Alberto Abad who distributed relief packs to his community. Meanwhile, face masks and PPE were donated to the Bureau of Fire in Davao City. The fuel donations are only a portion of Phoenix and its subsidiaries’ pledge to various initiatives to help and support communities all over the country in its fight against the COVID-19 pandemic.

DepEd, DICT to collaborate in delivering education in new normal

HE Department of Education (DepEd) is working with the Department of Information and Communications Technology (DICT) to assist the education sector in areas related to broadcast, connectivity and digital security for the continued delivery of education amidst the COVID-19 pandemic. The collaboration of the two departments is in preparation for the opening of classes on August 24, 2020, which will be carried out through alternative learning delivery modalities with face-to-face classes still prohibited. “As we examine the achievements and challenges of DepEd in the current pandemic, especially in schools located within community quarantine areas, DepEd continues to emphasize the unique synergy of our two departments closely working together in the delivery of education via the internet,” Secretary Leonor Magtolis Briones said.

DepEd has requested DICT, through the leadership of Secretary Gregorio Honasan II, and its attached agency National Telecommunications Commission (NTC) for support in encouraging telecommunication companies to continue giving free access to DepEd Commons and other online platforms of the Department. In addition, the partnership will also initiate the allocation of free internet bandwidth to public schools and encourage various businesses that provide telecommunications services, community cable providers, and internet service providers (ISP) to do the same. Sec. Briones, however, noted that while DepEd is working to improve access of learners and schools to the internet, online learning is only one option from the menu of learning delivery modalities to be used in the upcoming school year. “The Learning Continuity Plan of DepEd is not a

convenience and quality service. We, at Vista Residences, recognize the need to double our efforts in virtually engaging with our customers through the use of various digital channels. For us, contactless and digital payment methods require less physical interaction and are more safe and secure”, says Elizabeth M. Kalaw, Chief Operating Officer, Vista Residences. Meanwhile, for those who want a more personalized customer experience, online presentation with a Digital Sales Officer may be scheduled. Condominium unit buyers may send their online presentation request through Vista Residences Facebook page, via email at info@vistaresidences.com.ph or SMS through mobile number +639089148457. Moreover, Vista Residences also enables its customers to reserve the property of their choice from the comfort of their home. Customers can now reserve their preferred condominium unit by simply sending scanned copies of the required documents, a valid government-issued ID, and proof of online

Healthcare workers with CoViD-19 fully covered by PhilHealth

HE Philippine Health Insurance Corporation (PhilHealth) reiterated anew that medical frontliners and allied workers are entitled to full hospitalization coverage should they contract Covid-19 for the whole duration of the pandemic. The Agency made the announcement to remind all hospitals in the country that they should not be charging any co-payment against patients whose job is in the medical frontlines. The call is in support of President Rodrigo Roa Duterte’s appeal to afford healthcare workers and frontliners with all possible support in recognition of the risks they endure on a day-to-day basis to help treat patients of the dreaded disease. The call was also in line with its Circular No. 2020-0011 issued on April 14, 2020 which guaranteed “full financial risk for Filipino health workers and patients against coronavirus disease”. The said circular also defined health workers as “persons engaged in health and

health-related work, regardless of employment status, which include doctors, nurses, allied health professionals, administrative and support personnel in health facilities, utility and security personnel working in health facilities, health volunteers deployed in health facilities and staff and personnel working in government health agencies.”. Aside from full coverage, these health workers are also entitled to PhilHealth benefits for SARS-CoV-2 testing package ranging from P901 to P3,409 as stipulated in its Circular No. 2020-0017. PhilHealth reminded that hospitals face sanctions should they be found to have refused admission or charged any co-payment to any health workers exposed and treated for Covid-19. It also asked for broader public support to invoke this privilege granted by law and to immediately report any information of abuse or negligence on the part of health care providers.

'Pantawid Ng Pag-Ibig' serves over 820,000 families including drivers, PWDs & IPs

one-size-fits-all policy. The modality to be used will be responsive in the context and available resources of the schools and the learners,” Briones emphasized. The Department is also tapping DICT for assistance in providing physical security infrastructure or activity protocols to safeguard learners, teachers and staff from any unwanted security breaches and exposure to harmful online content. “With the advent of an immense exposure of our learners in the online community, we are seeking DICT’s assistance to avoid or totally limit access to sites relating to pornography, sex, violence, cybercrimes and other inappropriate material for our children,” Briones said. In the long term, DepEd is also eyeing to tap DICT for technical support for the Department’s Last Mile Schools Program through the augmentation of satellite capacity and the establishment of a fiber network connected to the far-flung schools.

Vista Residences revolutionizes property investing with contactless solutions ISTA Residences, one of the country’s leading leisure condominium developers, has innovated property investing by providing contactless solutions to ensure the safety, security and convenience of both its employees and customers. In today’s reality of COVID-19, physical distancing, hand hygiene and contactless transactions have been an essential part of the new normal. Vista Residences stays true to its commitment to focus on the people who matter most to the company’s success - its employees and customers. Property investors, first-time and returning customers can now view Vista Residences properties via 360-degree virtual tours, property lookbook and e-catalogue available on the company’s website (www. vistaresidences.com.ph) and social media channels such as YouTube and Facebook (@ VistaResidencesOfficial). “In times of uncertainty, customers’ expectations rise with the need around safety,

BLOOMBERRY FOUNDATION DONATES PHP4.3M CRIME LAB EQUIPMENT TO PNP. Bloomberry Cultural Foundation, Inc. (BCFI), the corporate social responsibility arm of Bloomberry Resort & Hotel, Inc. (BRHI), operator of Solaire Resort & Casino, recently donated a digital portable X-Ray machine and two sets of Leica digital microscope worth Php4.3 million to the Philippine National Police (PNP) Crime Laboratory. PNP Chief, Police General Archie Francisco F. Gamboa, expressed his appreciation and gratitude for the donation, which he personally received from BCFI and Solaire representatives. The equipment, expected to vastly improve the facilities of the PNP Crime Lab, will enhance the capability of the PNP Crime Lab in investigating the commission of crimes and will aid the PNP in the administration of justice. Photo shows from left: Atty. Ellan Mark Pailan, Solaire Director of Regulatory Affairs; Arcan Lat, Solaire SVP and Property CFO; Michael Ray B. Aquino, Solaire VP for Security; PGen. Archie Francisco F. Gamboa, PNP Chief – Philippine National Police and PBGen. Rolando J. Hinanay, Director – PNP Crime Laboratory.

Young couple browsing through Vista Residences properties online

payment of the reservation fee. For more information on Contactless Investing, email corporatecommunication@ vistaresidences.com.ph, like and follow Vista Residences social media accounts @VistaResidencesOfficial or visit www. vistaresidences.com.ph

BS-CBN Foundation’s (AFI) “Pantawid ng Pag-ibig: Isang Daan. Isang Pamilya.” campaign continues to provide relief to Filipinos in need during this community quarantine including members of the transport sector, persons with disability (PWD), and indigenous peoples (IPs). Now on its second phase, “Pantawid ng Pag-ibig” delivers food packs directly to communities as it aims to serve 1 million families. As of July 1, the campaign has raised over P425 million in cash donations and pledges and helped more than 820,000 families since the campaign was launched last March. With many public transportation drivers still unable to earn a living, AFI recently distributed food packs to about 730 tricycle drivers of ABCMS TODA of Barangay Alabang, Muntinlupa and 75 jeepney drivers of UP Ikot and Katipunan. Another 530 food packs were delivered to families consisting of senior citizens and jeepney and tricycle drivers of Barangay 163 in Sta. Quiteria, Caloocan. “Pantawid ng Pag-ibig” also partnered with groups to bring aid to families with PWDs. Last June 23 and 24, relief packs were received by 1,000 PWDs and their families under the care of Bigay Buhay Multipurpose Cooperative

in Caloocan City, and 322 families with PWD members in Karangalan, Manggahan Pasig City, under the care of the Kabalikat sa Pagunlad ng may mga Kapansanan organization. Hundreds of families in Aeta communities in Tarlac and Pampanga, under the care of Iba Resettlement Organic Garden Association (IROG), Zambales Cooperative Federation (ZACOFED), and JessMag Aeta Community, also benefited from the goods brought to them through “Pantawid ng Pag-ibig.” The campaign also distributed relief goods in Quezon City to 1,060 families in Samaritana Transformation Ministries in Novaliches, Quezon City, and 275 families in Barangay Bahay Toro, and 1,150 families of the Muslim community in Barangay Culiat. Relaunched as “Pantawid ng Pag-ibig: Isang Daan. Isang Pamilya” this month, the campaign hopes to encourage ordinary Filipinos to help in the fight against hunger by donating at least P100 which can already feed one family. The money raised is used to purchase food and basic necessities such as rice, canned goods, biscuits, and vitamins. Help and donate through bank deposits to ABS-CBN Lingkod Kapamilya Foundation, Inc - Sagip Kapamilya bank accounts. For more information, visit www.pantawidngpagibig.com

BusinessMirror

Editor: Tet Andolong

Wednesday, July 8, 2020 B5

Ayala Land keeps optimistic outlook amid pandemic

Ayala Land commercial lots

VERMOSA sports hub

ROPERTY remains a viable investment amid the global pandemic, according to Ayala Land Inc. (ALI), the developer behind several of the country’s sought-after mixed-use estates, maintaining its optimistic outlook for the sector through long-term investment strategy and innovative business approach.

Ayala Land sees the current milieu as an opportunity for investors to establish a richer property portfolio. According to Cris Zuluaga, AVP of Ayala Land Estates Inc., the uncertainty should not deter those with capital especially when

attractive returns can be expected in the future. “We have seen in past crises how the property sector has constantly been able to recover after a downturn with values appreciating over time. Given our country’s stable

economy, it remains one of the best options for investment today,” said Zuluaga. Zuluaga noted that the property sector posted consistently strong performance despite economic downturns. Historically, ALI has proven the sustainability and viability of its projects as it saw tremendous growth in the land value of its developments in strategic growth centers. Reflecting the recent growth of the industry, based on the land values reported by Colliers in September 2018 and December 2019, both Alabang and Makati grew about 12 percent annually in the past 10 years. The company’s 29 sustainable mixed-use estates across the Philippines showcase ALI’s mettle through the years. As it continues to enjoy the repute of being one of the largest and most diverse developers in the

country, ALI’s track record exhibits its ability to weather regional and global events of economic impact. Taking financial risks during a pandemic may seem unwise to some, but Zuluaga argued on taking advantage of the potential returns of an intelligent, calculated risk.

Exponential growth for Vermosa Ayala Land’s progressive estate Vermosa in Cavite, for instance, presents an investment opportunity for homebuyers, industries and businesses who are banking on reaping returns post pandemic. Vermosa has reached an 82-percent growth on its commercial properties since its introduction in 2015, with a compounded annual growth rate of 14 percent. Upon full build out, Vermosa is expected to house around 30,000 people across several of its resi-

dential developments and generate about 500,000 jobs. In recent years, Vermosa has become the destination for modern active living and lifestyle pursuits south of Manila, and soon to rise as a progressive commercial center. ALI banks on the continued growth potential of the province of Cavite as it goes full-swing with the development. The estate is seen to gain improved access through several major infrastructure projects that establish Cavite as a booming growth center such as the Aguinaldo and Molino flyovers, Skyway extension and the Cavite-Laguna Expressway (Calax). Zuluaga shared that Vermosa has the trademark qualities of an Ayala Land estate—integrated, pedestrian-friendly, inclusive, and conducive for building an ideal, community-grounded lifestyle. Developing

properties with self-sustainability in mind, ALI estates like Vermosa ensconce the right mix of residential, business, and lifestyle spaces that continue to serve generations upon generations of residents and investors. “The historical performance of our properties in terms of land value, and the strategy and careful management that we continue to commit to our estates are assurances that we provide to homebuyers and investors who wish to secure strong future returns with Ayala Land,” Zuluaga stressed. Apart from residential investments in its estates, Ayala Land commercial lots are likewise on offer for investment consideration, particularly at Vermosa, Nuvali (Laguna), Arca South (Taguig), Alviera (Pampanga) and Altaraza Town Center (Bulacan).

Moving to your new home in Trava can be a delightful experience

socialize at the community club house, a green architecture masterpiece that houses a lap pool and kiddie pool. Because it is located in a city within a park, it is dotted with pocket parks and surrounded by lush greeneries and open spaces where one can commune with nature and get the chance to bump into other residents.

Sticking to routines

HERE comes a point in life when one starts to realize the value of living life to the fullest. It may be because there is a family to raise, or that the dazzle of a frenetic city life is waning. When the thought of settling in a more serene community begins to start appealing, then it is time to consider moving to a place that can give you opportunities to enjoy an extraordinary lifestyle. Modern suburban townships like Trava in Greenfield City offer an ideal environment for family members to thrive physically, emotionally and mentally. The 33-hectare development is a breath of fresh air as it boasts of open parks, landscaped gardens and lush greeneries perfect for communing with nature. Instead of staying cooped up inside the house playing gadgets, children will enjoy taking strolls amid trees and plants. Situated in Sta. Rosa, the new growth center, Trava is accessible to Alabang and Makati via major road networks, namely, South Luzon Expressway, Sta. Rosa Interchange and Eton-Greenfield exit. It’s still close enough to the metropolis to be able to enjoy urban conveniences without the claustrophobic and dizzying pace of city life. Relocating to a new address may sound overwhelming at first as it involves major changes. Fortunately, there are a few tips on how to make the transition less daunting. Here are some stress-busting moving tips.

Make house hunting a family affair

When children are involved in the process of buying a new home, they may be less resistant to moving because expectations are already set beforehand. Even if you and your spouse are the ones who will ultimately make the final decision, consult the whole family for their individual preferences. Acknowledge their feelings. It is normal for the family members to feel apprehension about the idea of changing homes. After all, they will be literally plucked out of their comfort zones. Explain why it is better to move and the benefits of the new home for the kids.

Plan ahead

Now that you’ve got your names on the title, the next task is planning for the move. Devote a journal to jot down important details such as expenses, supplies needed, items to keep and dispose and a timeline of activities to ensure that compliance to set targets are within schedule.

Visit the neighborhood before the big day

Drop by the neighborhood from time to time before moving and get to know your future community. Ask your developer if there are social events where you can join and get acquainted with future neighbors or where your children can meet other kids in the block. At Trava, there will be plenty of opportunities to

People thrive on familiarity. It keeps them grounded despite the seemingly overwhelming changes that are going on. To help lessen the impact of the move, maintain the family’s customary habits and activities before moving and when settling in your new home.

Pack essentials separately and bring them with you

The last thing you need is reopening already packed boxes to look for valuable items such as cell-phone chargers, medicines, daily clothes or toiletries. Store items that the family would immediately need in a carry all luggage and load them last in the family car.

Take a few days off from work

The truth is, no matter how long you have prepared for this, moving is an exhausting affair. Commission the help of relatives and close friends in packing and unpacking. Serve some food and mocktails and make this a party! Apply for a few days off or schedule your vacation leave around your moving day.

Enjoy your new home

Welcome to your new home! It’s time to put your personal stamp to your new place. Buy new furniture and appliances together as a family. Ask kids how they want to decorate their new bedrooms. Let them select the décor and furniture for their own spaces. Get a new pet or start a garden in your new spacious lawn. Take a walk around your neighborhood and enjoy the beautiful, suburban, nature-rich scenery.

Freia, Pico de Loro Cove’s latest residential offering, features prime view beach condo units with encompassing vistas of the West Philippine Sea and Mount Pico

Freia, an all-inclusive investment

HE current “new environment” and recent enforced home quarantine has spurred people to rethink the purpose of their traditional living spaces and investment portfolio. Now, one’s “residence” goes beyond the confines and size of their direct home—it involves their immediate community as well. Over the past three months, residence investors have quickly realized just how cramped spaces often are in cities and how healthy living in a sustainable community plays a vital role more than ever. Almost overnight, real estate as an alternative investment class has gone beyond value preservation and steady yields to now involve personal and familial longevity, safety, and security. In addition to asset diversification, real estate is now a major consideration as a logistical haven, should things sour with one’s primary residence. As an investment class, Freia already stands out from the rest with its proposition of premium seaside living and direct West Philippine Sea views. However, the added-value that Freia offers goes beyond the four walls of the luxury condo spaces. These include benefits of healthy seaside living in a properly maintained community; staying close to the city

yet sheltered from the chaotic scenes that one endures on a daily metropolitan basis; and how an exclusive set of amenities reserved for unit owners means control over the amount of exposure to external elements by staying safely within the confines of Freia’s gated enclave, among family and familiar faces. A calculated environment for young to mature families and retirees, Freia Building Property Management follows a similar format to the existing condominiums in Pico de Loro Cove, where healthy lifestyle and overall experience are paramount. This kind of sentiment is strongly echoed in the words of Mr. Abrantes, a Pico de Loro Cove resident who stayed in the property throughout the entire quarantine period, “Taos puso kaming nagpapasalamat sa tulong ninyo sa aming mag-asawa during this ECQ and GCQ, especially all those food supply runs and prescription refill runs that you afforded us. Words are not enough to express our sincerest gratitude toward the services you have given us. Thanks again for all your help.” Certainly, nothing warms the heart more than to hear compliments from Pico residents, such as Ed Ong, who opined, “Your efforts brought smiles to all of us!” During the quarantine lockdown, the Hamilo Coast Estate (www.hamilocoast.com),

in cooperation with the Pico de Loro Cove Condominiums and Pico de Loro Beach and Country Club as locators, came together to ensure that one’s investment in this seaside sanctuary is professionally maintained, beginning from thorough security and health checks at the Hamilo Coast Main Gate, to the daily upkeep of the landscaped grounds and 1.5-kilometer white-sand beach, to the welcoming reception of the staff. This is summed up well in the positive affirmation voiced by one of the condo unit owners, Ms. Dinah, “I was in Pico de Loro since March...and until today, we are still here safe and sound. I am happy the way things were handled for the safety of everyone and at the same time still living healthy and have a normal life.... We are very lucky to be quarantined in a very beautiful place, the staff are working with all their effort to cater to us and keep us safe. All in all, I am very happy and satisfied the way things were handled during these difficult times. Thank you to the whole team of Pico de Loro!” Given today’s varied investment environment, Freia at Pico de Loro Cove continues to prove that it is in a class of its own, implementing strategies that not only preserve asset value but more important, promotes an enhanced lifestyle and personal health benefits. Reni Salvador

Sports BusinessMirror

B6 Wednesday, July 8, 2020

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

Company that flew Kobe Bryant’s helicopter receives federal help

HE operator of the helicopter that crashed, killing former National Basketball Association (NBA) star Kobe Bryant and eight others, received between $150,000 and $350,000 from taxpayers under a program to help small businesses hurt by the virus pandemic. Island Express Helicopters Inc. of Long Beach, California, was approved for the funds to help preserve 20 jobs, according to government records. The Treasury Department on Monday identified companies that received at least $150,000 in help for small businesses. The Treasury Department had previously disclosed that Island Express was expected to receive about $600,000 in virus relief set aside for passenger airlines. It was not clear whether there was any overlap in the amounts reported by the government. A lawyer for Island Express declined to comment. The money for both small businesses and airlines was contained in a $2.2 trillion measure that Congress and the Trump administration approved to help businesses withstand the pandemic. Island Express operated the helicopter that

crashed into a foggy hillside in Calabasas, California, on January 26. The helicopter was taking Bryant, his daughter Gianna, and six other passengers to Bryant’s youth sports academy in nearby Thousand Oaks, where Gianna was competing in a basketball tournament. All eight passengers and pilot Ara Zobayan were killed. Bryant’s widow and relatives of other passengers are suing the company. A crash investigation by the National Transportation Safety Board is expected to last several more months. Under the paycheck protection program, Congress approved $659 billion in low-interest loans that will be forgiven if employers use the money on payroll, rent or similar expenses. The same bill set aside $25 billion in payroll help for airlines, including charter and tour operators.

BALDWIN REMAINS AS GILAS PILIPINAS PROJECT DIRECTOR By Ramon Rafael Bonilla

AB BALDWIN stays as the Gilas Pilipinas program project director, according to Samahang Basketbol ng Pilipinas (SBP) Executive Director Renauld “Sonny” Barrios. Barrios also said the SBP remains adamant on the Inter-Agency Task Force on Emerging Infectious Diseases’s return-to-training order for basketball in the absence of specific guidelines from the government body tasked to manage the Covid-19 pandemic in the country. The country’s co-hosting of the 2023 International Basketball Federation (Fiba) World Cup with Japan and Indonesia is also on track, the SBP official told Tuesday’s Philippine Sportswriters Association (PSA) Forum webcast. “As of this moment, Coach Tab Baldwin stays, unless he utters anything that is off line,” Barrios told the weekly forum powered by Smart and presented by San Miguel Corp., Go For Gold, Amelie Hotel, Braska Restaurant and the Philippine Amusement and Gaming Corp. Barrios, a former commissioner of the PBA, said that SBP President Al S. Panlilio intends to hold a videoconference with Baldwin and other top officials of the federation to address the Gilas program. But at the same time, the SBP executive stressed nothing is cast in stone. “In any given situation, nobody has a lock on in a position...not me, not Butch, not anybody,” said Barrios who graced the forum with SBP Head of Operations Butch Antonio. “As they always say, we serve at the pleasure of the president,” Barrios stressed. Baldwin was fined P75,000 and suspended for three games by the PBA in his capacity as assistant coach of TnT Katropa, a position he was stripped off after the comments he told a webcast that drew the ire of the PBA and local coaches. “Mr. Panlilio said the opinions that Tab Baldwin expressed were his personal [ones], they were not aligned with the position of the SBP and certainly, not aligned with the personal opinion of the SBP President,” Baldwin said.

Baldwin, however, kept his post as head coach of the Ateneo Blue Eagles who he steered to three consecutive University Athletic Association of the Philippines titles. The 62-year-old American-New Zealander coach remains in the country amid the lockdown. Barrios also said the SBP need to get the specific guidelines for basketball’s return to the country, hoping they will jive with the protocols set by the Fiba, which he described as lengthy. “The IATF announced that players can practice in very limited parameters. But we are asking for the copy so we can study the rules and the implementing guidelines,” Barrios said. “We cannot plan without the specific guidelines from the authorities.” Concerns were raised on basketball’s return as the country prepares its teams for both 5x5 and 3x3 events for the postponed Tokyo Olympics in 2021. The Philippines is one of 20 teams still hoping to snare tickets to the Tokyo Games. There are two chances to qualify for Tokyo— through the Olympic qualifier that were moved to May 2021 and the Fiba Asia Cup qualifier reset tentatively for November. The Philippines routed Indonesia, 100-70, in its only Asia Cup game last February 23 at home. The 3x3 team was scheduled to compete in the Olympic Qualifying Tournament last March in India but the event was moved to May 2021 in Austria. Preparation for the country’s co-hosting of the 2023 Fiba World Cup continues to roll, according to Barrios. “We are meeting at least twice a week [with Indonesia and Japan] via videoconference,” he said. “We have our logo and it is subject for approval by the Fiba Central Board.” The logo will be launched tentatively in September while the official draw ceremony will be scheduled in the last quarter of the year. But because of the pandemic, Barrios said several questions “could not be answered because everything is so fluid because of this pandemic.”

2022 Qatar World Cup cuts jobs

RGANIZERS of the 2022 World Cup have become the latest Qatari state entity to make staff redundant. The World Cup organizing committee did not directly cite the financial impact of the coronavirus pandemic in a statement announcing the job losses. But SecretaryGeneral Hassan Al Thawadi recently spoke of his concerns about the looming global recession. Qatar Airways, a Fifa sponsor, and Doha-based beIN Sports, which owns broadcast rights to World Cup matches, have also cut jobs recently in response to Covid-19 halting travel and shutting sports events. Qatar has opened three of the eight stadiums that will be used in the tournament across November and December 2022 which means fewer staff overseeing building infrastructure are required. With 85 percent of infrastructure completed, World Cup organizers say the “workforce needs to transition...as new skills are required for the next phase of Qatar’s tournament delivery.” The number of people losing their jobs was not stated.

Al Mendoza alsol47@yahoo.com

“The [organizing committee] has recently undertaken an internal exercise to assess the current work force and engaged in a budget management and operational efficiency exercise as part of this transition,” World Cup organizers said in a statement. “As a result, we have taken the decision to make a number of positions redundant. “All due salary and end of service benefits will be paid to those leaving, in line with Qatari labor laws.

THAT’S ALL

Marcial makes manly moves

TOKYO’S newly reelected Gov. Yuriko Koike (right) meets Tokyo 2020 President Yoshiro Mori at the Tokyo Metropolitan Government headquarters in Tokyo on Monday. AP

TOKYO’S DILEMMA: LIMITING PEOPLE T By Stephen Wade The Associated Press

OKYO—As the president of the Tokyo Olympics, Yoshiro Mori knows experts will have to come up with defenses against Covid-19 for the postponed games to open a year from now. These include quarantines for athletes, and few fans at the venues among ideas being floated by the organizing committee, the city of Tokyo, and the International Olympic Committee (IOC). The Olympics are scheduled to open on July 23, 2021. So far local organizers and the IOC have talked only vaguely in public about how the games can be held. They’ve proposed cutting out frills and simplifying, but have said the sports will be unchanged with 11,000 athletes competing from 206 national Olympic committees. Add to this 4,400 Paralympic athletes and

thousands of staff members, technical officials, and Olympic officials. “What we are most worried about now is if we are told to limit people,” Mori said Monday, speaking with Yuriko Koike a day after she was elected to a second term as Tokyo’s governor. “How do you separate tickets of those who already bought them?” Mori asked, throwing out an example of the challenges. “We have these kind of problems.” In addition to talks with Mori—a former prime minister—Koike also met with Prime Minister Shinzo Abe on Monday. Koike, who is viewed as a future prime minister, said Abe explained the progress on vaccines being developed for Covid-19. Some scientists believe the Olympics can’t be held safely unless a vaccine is available. “Regarding the Olympics and Paralympics, there are various issues regarding what kind of form they will take, what will be done about costs and, above all, what will be done for coronavirus countermeasures,” Koike said.

James and Christiana workout show

OW retired football star James Younghusband and National University (NU) dribbler-charmer Christiana Dimaunahan credit their intensity in their workout routines even at home during the quarantine to aminoVITAL, one of Japan’s No. 1 supplement that is sold worldwide including in the US. As a professional football player, it’s always vital for Younghusband to sufficiently raise the intensity of his workouts, not just because it burns more calories, but it also helps his body to develop and grow stronger. Younghusband’s motivations for working out is the endorphin rush or the release of “feel-good hormones” in the brain that boosts his mood and make him feel positive especially amid these challenging times. “During this time, there are a lot of unknowns and it is important to look after our minds. When working out you have to keep it fresh so you look forward to doing new exercises. It can be mentally tough staying in one place so exercising helps you forget that,” Younghusband said.

In an interview last month, Olympic Games operations director Pierre Ducrey was optimistic the games would be held. But he was light on details. “The future is not clear exactly as to what environment we will have next summer,” he said. “Right now we cannot go with one plan and say this is our plan to the end. We need to develop different options.” IOC President Thomas Bach has floated the possibility of limited fans, though he said it’s not his preference. Ducrey said the same thing in the interview with the International Academy of Sport Science and Technology. “We all work in this environment to create circumstances where you can have spectators,” he said. “But when this comes in the way of delivering the event safely, I guess there is not a lot to think about.” Neither Japanese nor IOC officials have said what the postponement will cost. Estimates in Japan have ranged from $2 billion to $6 billion, with Japanese taxpayers getting most of the bills. through #StayVITAL at @jamesyounghusband7 and @christianadimaunahan that are available at facebook.com/aminoVITALPH and instagram. com/aminovitalPH/. #StayVITAL is part of Ajinomoto Philippines Corp.’s “Eat Well, Live Well. Stay Well.” campaign to provide Filipino families with practical tips on proper nutrition, recipe menu and fitness activities to cope, stay well and enjoy life despite current Covid-19 situation.

The same goes for Dimaunahan, one of NU’s stars on the court, as she intensifies her workout routine to keep in shape and in good condition especially because activities are limited during the quarantine. With no access to a basketball court, Dimaunahan said that she is unable to do her regular training that includes dribbling and shooting routines. But to make up for her inability to perform such routines, she intensified her at-home exercise. “I think about the people who believe in me and how much I want to prove myself worthy of their faith... It doesn’t matter where you get your motivation from, after all,” Dimaunahan said. “It matters that you always find one—any reason at all to get up and start. Nothing good ever happens to people who make excuses.” Younghusband and Dimaunahan JAMES YOUNGHUSBAND and Christiana Dimaunahan bring hold virtual full workout sessions their workout acts online.

Red Sox dogged by claims of racism, sexual abuse

EW YORK—Last month, when former Major League (MLB) All-star Torii Hunter said he’d been called the N-word “a hundred times” at Boston’s storied Fenway Park, the Red Sox were quick to back him up with a promise to fight racism. “Torii Hunter’s experience is real,” the team said in a June 10 Twitter post, adding that there were at least seven incidents as recently as last year where fans used racial slurs. The team promised to do a better job dealing with

racism: “As we identify how we can do better, please know we are listening.” But those words rang hollow for more than a dozen Black men who have spent the last several years trying to get the Red Sox to listen to their claims that they were sexually abused by a former Red Sox clubhouse manager who died in 2005. The former clubhouse manager, Donald “Fitzy” Fitzpatrick, pleaded guilty to criminal charges of attempted sexual battery in 2002, admitting that he used Red Sox team memorabilia to lure young, Black clubhouse workers into secluded areas of the team’s

Florida spring training facility, where he abused them. Fitzpatrick did not admit to abusing young boys in other ballparks. Since then, a growing number of men have stepped forward to allege that they, too, were abused by Fitzpatrick at Fenway Park and at major league stadiums in Baltimore and Kansas City, when the Red Sox were playing on the road. Because their claims date to the 1970s, 1980s, and 1990s, they are too old to be included in civil lawsuits, and the men say their requests for out-of-court settlements have fallen on deaf ears. AP

FORMER Minnesota Twins player Torii Hunter throws the ceremonial first pitch before Game Three of the American League Division Series between the Twins and the New York Yankees in Minneapolis in October last year. AP

EITHER they did not understand the order or were simply the defiant kind? Whatever, Japeth Aguilar and Adrian Wong deserved their punishment: A fine of P20,000 each imposed by Commissioner Willie Marcial of the Philippine Basketball Association (PBA). That was for their involvement in a pick-up, five-on-five (full court) game, which was a violation of a government guideline to observe physical distancing under a general community quarantine (GCQ) provision. Aguilar, the 6-foot-9 star of Barangay Ginebra, and Wong, the Rain or Shine rookie, were remorseful when they were summoned by Marcial. “They were apologetic, but I still warned them that a repeat of it could lead to a bigger fine and even a suspension,” said Marcial, reiterating that the PBA still disallows scrimmages even after the government has allowed football and basketball (professional) to resume their schedules. Aguilar and Wong were seen on video playing with Thirdy Ravena and Isaac Go in a private basketball court in San Juan City some time ago. Ironically, the video was posted on social media by supposed friends of Aguilar & Co., unmindful perhaps of consequences involved. But Ravena and Go escaped sanctions because, if I may hazard a guess, they weren’t PBA property? Ravena is Tokyo-bound as an import of a team set to play in the professional Japan B.League. Go, although drafted by Columbian Dyip, is now with Gilas Pilipinas. But should the IATF (Inter-Agency Task Force for the Management of Emerging Infectious Diseases) also decide to punish Ravena and Go, that’d be an entirely different matter. Aguilar and Wong couldn’t be touched anymore, I guess, because for the IATF to do so would amount to a double jeopardy, if not an unfair double whammy, after having been punished already by the PBA. In fact, apart from their 20 thousand fine, Aguilar and Wong were also meted by Marcial 30 hours of community service each that includes hospital visits, clinics and information campaigns on Covid-19 manuals. The two will also undergo at least two swab tests beginning on July 7 on top of a 14-day quarantine to ensure that they are virus-free once practice restrictions are finally lifted in the league, whose operations went to a complete stop on March 11 amid the pandemic. Let the case of Aguilar and Wong be a warning even as I salute Marcial for a job well done. By acting swiftly and decisively, as when he also immediately punished the controversial Kiwi-American Coach Tab Baldwin for his marauding the integrity of the PBA, Marcial has cemented his hold of the league leadership all the more. No pektus there, ‘pre! THAT’S IT The latest word is Novak Djokovic and his wife, Jelena, have tested negative for Covid-19, nine days after the world No. 1 tennis player returned a positive result after playing in a charity tournament that many said was an ill-advised move. After the tennis event, Djokovic also played basketball to expose him further to un-observe physical distancing. Haay naku!

HYDRATION AID Former Southeast Asian Games hammer throw champion Sgt. Arniel Ferrera of the Philippine Air Force receives boxes of Pocari Sweat ion supply drink as part of the Otsuka-Solar Philippines Inc.’s thrust to help frontliner athletes and the Philippine Sports Commission’s skeletal workforce stay healthy and hydrated while on duty at the Rizal Memorial Sports Complex and Ninoy Aquino Stadium in Manila—both used as quarantine facilities for Covid-19 patients. Pocari Sweat partnered with the PSC and the Philippine National Anti-Doping Organization (PHI-NADO) in last year’s 30th SEA Games.