BusinessMirror July 14, 2020

BIR breaches Covid-adjusted excise goal

By Bernadette D. Nicolas

T LOCALLY stranded individuals mostly from Mindanao pitch makeshift tents outside the Quirino Grandstand at the Rizal Park in Manila, where they have been staying while waiting for government-sponsored trips to bring them home to their provinces. Reports said that the operation has been temporarily suspended, as local governments seek assurances that strict health safeguards were followed so as not to swell their number of Covid-19 cases, and will resume on July 24, 2020. NONIE REYES

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HE Bureau of Internal Revenue (BIR) collected P128.59 billion in excise taxes from large taxpayers for the first half of the year, surpassing its adjusted target for the period of P113.64 billion despite the severe economic fallout from the Covid-19 pandemic.

However, preliminary data submitted to the Department of Finance also showed that the first-semester excise tax collection of BIR in 2020 was 24.23 percent short of the P169.718 billion it collected in the same period last year.

The government had earlier adjusted its revenue collection targets for 2020 to take into account the impact of the pandemic on economic activity.

Broken down, the bulk of excise tax col-

lections from large taxpayers was sourced from tobacco products as the BIR collected P61.47 billion as of end-June, exceeding the BIR’s goal of P43.6 billion for the period.

This was followed by excise tax collections on alcohol products from large taxpayers reaching P27.46 billion, or 31.07 percent over the P20.95-billion target for the six-month period.

Excise tax collection from large taxpayers on petroleum products amounted to P19.99 billion for the first half of the year, falling below the P28.59-billion target for the period due to movement restrictions imposed starting March, causing a decline in demand for oil products.

Meanwhile, the excise tax take on sweetened beverages also slightly breached the BIR’s P16.83-billion target as large taxpayers paid a total of P16.41 billion.

For other products, excise tax collections from large taxpayers covering the JanuaryJune period amounted to P2.12 billion for minerals, 8.2 percent more than last year’s P1.96 billion; P985 million for automobiles; P129 million for nonessentials; and P1 million for cosmetic procedures.

For June alone, tobacco products remain the top source of excise tax payments of large taxpayers, at P18.1 billion. This is more than double its P6.56-billion target and up by 36.1 percent from the P13.3 billion it collected in the same month in 2019.

The June excise tax collection from large taxpayers on alcohol products reached P7.35 billion, also more than double the BIR target of P3.15 billion. This also reflected a growth of 7.5 percent from P6.83 billion collected in June 2019.

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BOI-LISTED INVESTMENTS DOUBLE TO P645.3B IN H1 Layoffs continue as T virus guts business www.businessmirror.com.ph

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Tuesday, July 14, 2020 Vol. 15 No. 278

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

By Elijah Felice Rosales

HE coronavirus pandemic has apparently failed to stop domestic firms from carrying out their business projects, as capital registered with the Board of Investments (BOI) for the first half more than doubled to P645.3 billion.

The BOI on Monday disclosed investments applied to it in the first semester posted a 112-percent surge from P304.4 billion in the same period in 2019.

A hefty chunk of the capital inflows was accounted for by locals, as foreigners treaded cautiously by stalling their business plans in the face of the pandemic.

Approved investments from local firms surged by nearly triple to P626.7 billion, from P235.6 billion, while those from investors abroad declined by 73 percent to P18.6 billion, from P68.9 billion.

Trade Secretary and BOI Chairman Ramon M. Lopez said the acceleration in investment figures is proof the economy is poised for recovery once the health crisis

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ESPITE government attempts to allow more businesses to resume operations, another 9,500 workers were permanently displaced since last week as the novel coronavirus disease (Covid-19) continues to impact enterprises.

As of Monday, the Department of Labor and Employment (DOLE) said the number of workers who lost their jobs is now at 121,921 from 112,414 a week ago.

Of these employees, 110,934 were employed by 4,454 firms which reduced their workforce, while the remaining 10,987 are from 501 establishments which permanently shut down their operations.

Industries which suffered the most from labor displacement were the administrative and support service activities industries (31,816); other service activities (18,000); and manufacturing (17,295).

National Capital Region (NCR) still has the most number of displaced workers at 50,696 followed by Calabarzon (29,833) and Central Luzon (14,882).

LOPEZ: “While we expect a lower GDP output in the second quarter than the first quarter due to the [quarantine], there are already signs that the economy is humming back to life with industry conditions becoming stable.”

eases. He added the BOI numbers also showed how business conditions are reverting to normal after roughly three months of lockdown, primarily in Metro Manila.

Persistent effects

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ADB FIELDS ’EVA’ TO HELP GOVTS TRACK COVID SPENDING

By Cai U. Ordinario

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ITH billions being spent on coronavirus disease 2019 (Covid-19) response, the Asian Development Bank (ADB) Independent Evaluation Department (IED) said countries and even multilaterals cannot bypass evaluation and monitoring.

In an Asian Development Blog, ADB IED Deputy Director General Veronique Salze-Lozac’h said that the urgency by which the funds are needed by countries makes it easy to sideline monitoring and evaluation efforts.

Salze-Lozac’h said another risk is for independent evaluation units or institutions to sacrifice their independence for the sake of being “part of the whole effort.”

She added, “The challenge for independent evaluation in times of crisis is to navigate between these two risks and find the right balance.”

Considering “the magnitude and importance of the funds invested,” Salze-Lozac’h said, “accountability is needed more than ever to ensure these funds are well spent and the initiatives are fully effective.”

In order to support independent evaluation at this time, SalzeLozac’h said independent evaluators should clarify their role, especially during times of crisis, while ensuring their neutrality.

She said they should also provide “just-in-time evaluative lessons” that institutions can use to design projects and programs.

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PESO EXCHANGE RATES n US 49.4900

LABOR Assistant Secretary Dominique Tutay said they expect the mass displacement will persist this year because of the Covid-19 crisis.

“Business is in a tight position because there are still restrictions and health protocols that need to be observed. Full potential of business is not maximized.

Customers are also afraid to go out because of the threat of the pandemic,” Tutay told the BusinessMirror in a Viber message.

The DOLE said it is banking on its post-Covid-19 recovery plan to assist the displaced workers by providing them alternative employment in the construction and medical sector.

However, former dean of University of the Philippines-School of Labor and Industrial Relations (UP-Solair) Rene E. Ofreneo said DOLE will face a difficult task transitioning most of the displaced workers, who come from a different sector for the available job vacancies.

The former labor undersecretary said he expects the effects of Covid-19 on the economy and labor market will continue up to 2022.

Opening the economy

A POSTAL employee shows the new set of stamps released by the Philippine Postal Corporation to honor frontline workers in the fight against coronavirus. The limitededition stamps were designed by in-house graphic artist Rodine Teodoro. ROY DOMINGO

DURING the online press briefing on Monday, chief implementer of the government’s national policy on Covid-19 Carlito Galvez said the government is now considering implementing a “hybrid” general community quarantine (GCQ) in NCR as recommended by its mayors.

Under the scheme, he said, there will still be quarantine restrictions in the region, but they will open up more economic activity.

However, in exchange, Galvez noted the private sector should “take equal responsibility for containing the spread” of Covid-19.

He also pointed out that localized lockdowns will play a crucial role toward realizing this policy.

See “Layoffs,” A2

n JAPAN 0.4630 n UK 62.5009 n HK 6.3845 n CHINA 7.0700 n SINGAPORE 35.5710 n AUSTRALIA 34.3906 n EU 55.9583 n SAUDI ARABIA 13.1973

Source: BSP (July 13, 2020)

News BusinessMirror

A2 Tuesday, July 14, 2020

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DOH cites jump in recoveries after posting Covid fatality spike

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By Claudeth Mocon-Ciriaco

HE Philippines has reported a significant increase of 4,325 recoveries, the highest recorded number of individuals who have recovered in a single day, as the number of cases also jumped to 57,006 on Monday.

The development came on the heels of the Department of Health’s delay in posting its case bulletin on Sunday, revealing it only on Monday morning. It showed a record intraday fatality count of 162 and 2,009 recoveries.

“We would like to make it clear that the 162 deaths recorded yesterday does not mean that they all died yesterday,” Health Undersecretary Maria Rosario Vergeire said in a televised briefing on Monday morning.

Vergeire said 51 percent of the additional number of deaths posted Sunday happened in July, 90

percent occurred in June; 12 percent in May; and 1 percent in April.

Meanwhile, at the regular 4 p.m. forum on Monday (July 13), the Department of Health (DOH) reported 836 positive cases based on the total tests done by 57 out of 82 current operational labs.

The DOH also recorded the total number of recoveries at 20,371.

There were 65 Covid-19 fatalities reported. The death toll stood at 1,599.

Of the 65 reported deaths, 9 (14 percent) occurred in July, 54 (83 percent) in June, and 2 (3 percent) in May.

MRT RESUMES OPERATIONS, IMPOSES STRICTER SAFEGUARDS VS COVID

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IX days after suspending its train service to complete coronavirus disease (Covid-19) testing of all of its personnel, the Metro Rail Transit Line 3 (MRT-3) on Monday resumed operations with more stringent health safeguards.

In a Facebook post, the MRT-3 said it has resumed its train service with 12 of its CKD trains and two Dalian trains, with an average headway—or time between trains—of nine minutes.

“The first trains will leave North Avenue and Taft Avenue stations at 5:30 a.m.

The last train from North Avenue station will depart at 9:10 p.m., while the last train from Taft Avenue station will depart at 10:11 p.m.,” the MRT-3 said in Filipino.

To further limit possible viral transmission among its trains, the MRT-3 announced that it now prohibits its passengers from talking when inside its trains— including making and receiving phone calls.

“It is now prohibited for passengers to answer calls on mobile phones, or through any other device, as well as talking while inside the train,” the MRT-3 said.

The measure, it said, aims to curb possible transmission of the disease by reducing the “respiratory droplets” that occur when talking, coughing and sneezing, in addition to wearing face masks at all times.

The train operator will also require passengers to comply with its intensified contact-tracing protocols such as mandatory accomplishment of health declaration forms.

“The forms will be distributed to passengers while they are queuing and before they enter the turnstile at each station,” the MRT-3 said.

To address the decreased passenger capacity of its trains brought by physical distancing, the MRT-3 said its bus augmentation program will continue with 90 buses running at a fixed headway of three minutes.

“The first trip will be at 4 a.m. and the last journey will be at 9 p.m. from North Avenue and Taft Avenue stations,” the MRT-3 said.

For northbound, the bus augmentation program currently has two loading stations at Taft Avenue and Ayala Avenue stations and unloads passengers at Ayala, Guadalupe, Ortigas, Quezon Avenue and North Avenue stations.

For southbound, it picks up passengers at North Avenue and Quezon Avenue stations and unloads passengers at Ortigas, Guadalupe, Ayala and Taft Avenue stations.

On Thursday, the Light Rail Transit Line 1 (LRT-1) also ordered prohibiting its passengers from talking inside its trains to limit respiratory droplets. PNA

Deaths were from Region 7 with 59 (91 percent); National Capital Region, 4 ( 6 percent); and Region 11 with 1 (2 percent).

Meanwhile the DOH said that “1 case (2 percent) had an unspecified region.”

Eighty-nine duplicates were removed from total case count. The total cases reported may be subject to change as these numbers undergo constant cleaning and validation.

Data management

ON Monday, Vergeire said the DOH had made significant improvements in the data management system.

“Our partners are reporting more timely and more complete data. And our delays in reporting lag are getting shorter,” Vergeire said, as she conveyed DOH’s assurances that it will continue to have increased reporting of recoveries and deaths—which will lower the number of active cases.

“Finally, we appeal to everyone, let us prevent our death curves from rising up to the numbers in March,” she said noting

“While we expect a lower GDP output in the second quarter than the first quarter due to the [quarantine], there are already signs that the economy is humming back to life with industry conditions becoming stable,” Lopez explained in a statement.

With the figures, Lopez is confident the economy will recover by the third quarter of the year, as the country is now slowly reopening business establishments one

by one. However, he warned there should still be strict observance of social-distancing protocols to help contain the spread of Covid-19 and lessen the chances that authorities would be forced to reimpose a lockdown.

By sector, construction brought in the bulk of the capital with a haul of P530.8 billion, followed by the transportation and storage industries with P86.7 billion.

Real estate captured P9 billion to add to the BOI’s investment figures for the first half. Also chipping in are the energy sector with P6.6 billion; manufacturing with P5.3 billion; and the tourism industry with P3.8 billion.

By source country, France is the top origin for foreign investments at P1.5 billion. The European nation is then followed by the Netherlands at P1.06 billion, Japan at P790 million, Malaysia with P601 million

Wearing of masks

THE DOH also stressed the importance of wearing a mask as part of the prescribed minimum health standards to ensure utmost pro-

tection from Covid-19.

Earlier, Dr. Edsel Salvana, a member of the DOH Technical Advisory Group and director of the Institute of Molecular Biology and Biotechnology at the National Institutes of Health at the University of the Philippines Manila, said the virus is already assumed to be “airborne” when conducting aerosolgenerating procedures in hospitals.

“This is why our healthcare workers use N95 masks and conduct strict infection prevention and control measures,” Vergeire said in a televised press conference.

Although more definitive studies are necessary for non-healthcare settings, the public is enjoined to wear masks and practice the minimum health standards to reduce the transmission of the virus.

According to studies, wearing masks lowers the chance of transmission by up to 85 percent, while maintaining a physical distance of one meter reduces the risk of transmission by 80 percent.

Vergeire also appealed to the public to work together in protecting the vulnerable sector.

3 private hospitals say beds for Covid-19 now at full capacity

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HREE major private hospitals in Metro Manila on Monday said they could no longer accept Covid-19 patients as their dedicated intensive care unit beds have reached full capacity.

The St. Luke’s Medical Center in Quezon City (SLMC-QC), St. Luke’s Global City (SLMC-GC) in Taguig and Makati Medical Center said they have run out of beds for Covid patients.

“In this regard, we request the public to consider bringing critically ill Covid-19 suspects to alternative hospitals so they will receive immediate and utmost care,” the SLMC statement dated July 13 read.

Both hospitals, however, will remain open for non-Covid patients, including outpatient procedures.

Meanwhile, MMC Medical Director Saturnino Javier said that despite the augmentation in their workforce, the hospital has reached the limits of its capacity to respond to more Covid-19 patients.

“Covid-19 zones of MMC, both regular wards and the critical care units, and especially the emergency room, are now full,” Javier said in a letter to patients, assuring

BOI-listed investments double to ₧645.3B in H1 Continued from A1

that the death curve in March was then rising.

“Let us all make sure—by doing our part in minimum health standards—we don’t go back to March,” Vergeire said.

She reiterated that the outlook of the country’s pandemic response depends highly on the public’s compliance with prescribed health protocols.

Vergeire explained that the public must remain vigilant and practice the infection prevention and control measures, such as proper use of personal protective equipment (PPEs), physical distancing and proper hygiene, to help limit the spread of the virus.

With the government ramping up testing, she cautioned that the current effort to expand testing does not guarantee the public’s safety and people should continue to observe the DOH’s health guidelines.

and India with P329 million.

“It is important to highlight the strategic nature of the projects and their important contribution toward building a more modern Philippines. The project proponents have reaffirmed their commitment to the immediate implementation of these infrastructure, ICT and transport projects—toward completion in the medium to long term,” Lopez said.

“Prior to approval of the bigticket projects, the BOI required them to provide written confirmation of their commitment,” the trade chief added.

Among the latest project approvals are: San Miguel Aerocity Inc.’s P530.8-billion airport project in Bulacan; Seaoil’s P654-million downstream petroleum project in La Union; Gigasol3 Inc.’s P2.4billion, 63-MW solar project in Central Luzon; Royale Cold Storage North Inc.’s P1.5-billion storage facility in Laguna; and Heineken International BV’s P1-billion brewery plant in Metro Manila.

them that they will exert every effort to find them another healthcare facility of their choice.

On July 6 at least 11 Metro Manila hospitals were reported to have reached the full capacity of their allocated Covid-19 beds.

This issue prompted the DOH to meet with hospital officials in Metro Manila.

Health Undersecretary Maria Rosario Vergeire said they reminded the hospitals that they are mandated to allocate 30 percent of their bed capacity for Covid-19 cases.

“When they declare full capacity, it only means the capacity to allocate for Covid but not the entire hospital, so there’s still room in every hospital to expand more. That is what we are doing in our government hospitals,” Vergeire said.

Duque visits hospitals

IN a media forum on Monday, Vergeire said Health Secretary Francisco T. Duque III will continue to conduct surprise hospital visits just like what he did last week.

On July 9 Duque headed to two health facilities unannounced

to check on the situation of their healthcare workers and ensure they have enough resources amid the increasing number of Covid-19 cases in the country.

Duque visited Jose R. Reyes Memorial Medical Center, which recently reported 98.1 percent occupancy rate with 51 out of its 52 Covid dedicated beds occupied as of July 9.

The health chief also visited Tondo Medical Center, which reported an occupancy rate of 62.4 percent for its 101 Covid-dedicated beds.

“While statistics and data drive our Covid-19 response, it’s still different if you see the situation first hand. We rely on data and statistics in making decisions, but they are based on real-life situations that cannot be sufficiently captured by numbers. We still need to see the situation of patients and the facilities,” explained Duque.

He thanked the doctors, nurses, medical technologists, other healthcare workers, and hospital staff for tirelessly providing medical care and support for Covid-19 patients. Claudeth Mocon-Ciriaco

ADB fields ‘Eva’ to help govts track Covid spending Continued from A1

’EVA’ at work

IN this area, Salze-Lozac’h said the ADB IED is developing an artificial intelligence engine called EVA to scan thousands of documents to identify lessons in ADB’s operations in various developing member countries.

She said EVA will “churn out real-time lessons with a few clicks.”

It will scan thousands of evaluation documents to inform project and program designers about the lessons in past projects.

“Learning from past experiences is critical for the success of new interventions, more so when so much is at stake. Evaluators can address this need by making evaluation lessons from past crises quickly available,” Salze-Lozac’h said.

Apart from these, independent evaluators should also provide feedback on projects and disseminate the results. In so doing, they are helping crisis teams outline indicators that would help measure project and program outcomes.

Debt-driven spending

THE crisis is costing countries like

the Philippines billions in debt.

The funds are being used for various needs from the purchase of medical supplies and equipment to social assistance to families whose livelihoods were affected by the lockdown.

As of May 2020, the government has breached the P1.4-trillion borrowing program for this year, having taken out P1.509 trillion from both domestic and foreign sources.

Government’s gross borrowings as of end-May also surged by 91.75 percent year-on-year from only P787.13 billion a year ago, as the country needed more funds to fight the Covid-19 pandemic amid a ballooning budget deficit.

Of the total gross borrowings for the five-month period, 76.37 percent was sourced locally while the remaining 23.63 percent came from foreign sources.

Year-on-year, gross domestic borrowings as of end-May doubled to P1.153 trillion from only P576.016 billion in the same period in 2019.

On the other hand, foreign borrowings during the period jumped by 68.93 percent to P356.64 billion from P211.1 billion last year.

Gas price up 65 cvos on Tuesday

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IL firms are raising pump prices this week after implementing a price rollback last week.

Gasoline prices will go up by P0.65 per liter, diesel by P0.30 per liter and kerosene by P0.40 per liter.

Seaoil Philippines, Petro Gazz, Cleanfuel and Pilipinas Shell said they will implement their price adjustment at 6 am of July 14.

“The latest price adjustment reflects movements in the world oil market,” the oil companies said Monday.

The price hike already includes the additional 10-percent tax on crude and petroleum products.

Based on Department of Energy data, there are over 2,000 Petron stations, more than 900 for Shell, over 600 for Caltex, 485 for Total Philippines, 402 for Seaoil, over 300 for Flying V and Phoenix, respectively, and 52 PTT stations that are already collecting additional tariff. Lenie Lectura

BIR breaches Covid-adjusted excise goal Continued from A1

The BIR also collected P3.02 billion in excise taxes of large taxpayers on sweetened beverages, 19.1 percent above the P2.53-billion target.

Petroleum products also yielded P2.1 billion in excise taxes in June, down by 51 percent compared to the P4.3-billion goal as quarantine measures were relaxed slightly last month, but the means of public transport remained limited. Despite this, the June 2020 collection is 2.6 percent higher than the P2.05 billion collected in June last year.

Excise taxes in June from automobiles amounted to P124 million; minerals, P368 million; nonessentials, P2 million; and cosmetic procedures, 0.

DBCC cuts 33% of goal

DUE to the pandemic’s impact, the Cabinetlevel Development Budget Coordination Committee (DBCC) reduced the BIR’s total collection goal this year to P1.744 trillion.

This is 32.29 percent lower than the original target of the BIR this year at P2.576 trillion.

The BIR is aiming to collect P193.757 billion in excise taxes this year, comprising 11.1 percent of its adjusted total revenue goal this year.

The revised excise tax collection target of the BIR this year at P193.757 billion is 58.33 percent down its original excise tax revenue goal of P464.966 billion.

The DBCC expects a wider budget deficit this year at 8.4 percent of GDP or equivalent to P1.613 trillion, more than double the country’s budget gap last year of P660.2 billion or 3.4 percent of GDP.

Budget deficit occurs when expenditures exceed revenues.

As of end-May this year, the country’s budget deficit expanded to P562.2 billion, nearly 695 times as much as the previous year’s budget gap of only P809 million for the period.

This was on the back of increased disbursements and drop in revenue collections due to the pandemic.

Layoffs...

Continued from A1

Galvez said the proposal is subject to the approval of the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF).

Unlikely downgrade

CITING the rising incidents of Covid-19 cases and diminishing critical care capacity in the NCR, presidential spokesman Harry Roque said it is now unlikely for Duterte to ease the existing GCQ classifications of NCR. Heath Undersecretary Leopoldo Vega agreed with Roque, saying that the critical care utilization rate in NCR is already in “danger zone.”

“We are trying to prepare public hospitals, especially the government retained hospitals, so they have to adjust the number of their ICU [intensive care unit] beds because we have to be ready for this because we’re in a crisis and we are also asking the private institutions to implement the 30-percent allocation for beds, especially if there is a rise in the number of Covid cases,” Vega said.

Roque said President Duterte is expected to announce the new community quarantine classifications for NCR and other areas of the country on Wednesday.

Samuel P. Medenilla

The Nation BusinessMirror

www.businessmirror.com.ph

NGCP warns kite hobbyists to steer clear of high-voltage power lines along the grid

By Lenie Lectura @llectura

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HE National Grid Corp. of the Philippines (NGCP) has recorded 87 incidents of kites and strings entangled around highvoltage power transmission lines, most of which were reported during the enhanced community quarantine (ECQ) period.

The grid operator warned that this could lead to power interruptions. As such, NGCP implores the public to do away with kite flying, a popular hobby among children and adults alike, and other activities near transmission lines which, it emphasized, could endanger lives.

“These rising incidents of kite entanglements comes at a period where electricity is crucial in the ongoing efforts to combat Covid-19. Breaching safety clearances not only threatens power transmission delivery for the entire grid, but also endangers the lives of kite flyers,” NGCP said.

“Transmission lines carry extremely high voltages, between 69,000 volts and 500,000 volts.

Compare this to the power supplied by our outlets, which is only 220 volts. Lines also need not be physically touched to cause accidents,” the grid operator warned.

It cited an eight-hour emergency shutdown of NGCP’s Las-Piñas-Dasmariñas 230 kV line last April 25.

While no customers were affected, the reliability of the grid was compromised at that time.

While power demand dropped during the ECQ period, the downgrading to general community quarantine (GCQ) in the National Capital Region and the gradual resumption of commercial and industrial operations have steadily increased demand for power.

To ensure uninterrupted power delivery services, NGCP is appealing for the prohibition of kite flying, grass burning activities, and malicious planting of vegetation below or within the transmission right of way corridor.

The company also strongly encourages the public to implement efficient energy use practices in order to prevent demand-induced power shortages.

The NGCP also assured its customers and stakeholders that its transmission facilities are adequate for the delivery of any and all available power to the grid.

“As we brace for the gradual resumption of our daily routine, we can expect a rise in power demand.

Under the Epira, we cannot intervene on generation or distribution issues.

What we can guarantee is the readiness of our transmission facilities to deliver available power to where it is needed,” NGCP stated.

NGCP is a Filipino-led, privately owned company in charge of operating, maintaining, and developing the country’s power grid, led by majority shareholders and Vice Chairman of the Board Henry Sy Jr. and Co-Vice Chairman Robert Coyiuto Jr.

PNP heightens alert amid rise in attacks on quarantine points

By Rene Acosta @reneacostaBM

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HILIPPINE National Police (PNP) chief Gen. Archie Gamboa ordered policemen on Monday to heighten security in quarantine control points (QCPs) across the country following a spate of attacks over the past days.

“I am alerting anew all Police Regional Offices to implement security measures against possible

hostilities by threat groups and lawless elements,” he said during a virtual news briefing, noting the rise of attacks on QCPs in Mindanao and in the Visayas.

Gamboa said that a recent attack on a control point in Misamis Occidental killed four police personnel, while a roadside attack with the use of a homemade bomb killed a policeman and wounded several others in Maguindanao.

Meanwhi le, t he PNP chief

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By Jovee Marie N. dela Cruz @joveemarie

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O reboot the tourism industry, the leadership of the House of Representatives wants to accelerate the expanded Covid-19 testing for tourism frontliners.

Speaker Alan Peter Cayetano, in a news statement, said he is supporting the plan of the National Task Force against Covid-19 to expand testing strategy covering non-medical frontliners who are not showing symptoms of the disease.

“Now is the best time to assess and plan to rebuild our domestic tourism industry. Our tourism sector needs to adapt, innovate and manage the changing requirements of local tourists as we transition to

sang solusyon at hindi dagdag na konsumisyon. Siguraduhin nating ligtas ang paggamit ng shields o anumang installation sa motorsiklo para maiwasan ang aksidente at hawaan ng sakit,” he added.

The senator earlier expressed his support for the IATF’s decision to allow back-riding on motorcycles specifically for married couples, especially since public transportation is still limited in many areas in the country.

“Malaking tulong ang pagpayag ng IATF sa back-riding on certain cases tulad ng sa mga mag-asawa dahil limitado pa rin ang transportation options sa panahon ngayon. Pero kailangang suriing mabuti ang safety measures na gagawin para masigurong ang backriding ay mapapahintulutan sa ligtas na paraan,” Go added.

Guidelines on back-riding for couples were submitted by IATF’s technical working group for finalization.

The same have also been submitted to the NTF which is also expected to come up with its own recommendations.

“Pakinggan rin po natin ang mga concerns ng mga riders dahil sila ang apekta-

new normal phase,” he added.

Citing the Department of Tourism’s “Philippine Travel Survey,” Cayetano said that 77 percent of respondents expressed their willingness to travel to local destinations once restrictions are lifted.

Cayetano, meanwhile, also urged the Department of Tourism (DOT) to work with the Task Force Test, Trace, Treat (T3) and its private sector partners to accelerate the plan to conduct Covid-testing for workers in key tourist destinations in the country.

“An aggressive and sustained Covid-19 testing of our tourism frontliners is necessary to facilitate faster recovery in the tourism industry and ensure safe working environment,” said Cayetano.

“With the increased testing ca-

do at makakabenepisyo rito. Bilang isang nagmomotorsiklo din, naiintindihan ko ang hinaing ng mga riders. Importante na siguraduhing ligtas sa kalsada ang anumang safety measure na ire-require ng gobyerno sa backriding,” Go urged.

Go, also the chairman of the Senate Committee on Health, emphasized that approved designs that will be required in back-riding must be based on scientific studies to ensure that these devices or installations will prevent the spread of Covid-19 and, at the same time, ensure the safety of riders and the general public.

According to Interior Secretary Eduardo Año, the government is still open to more proposals, particularly on designs of barriers to be required between motorcycle drivers and back-riders.

Meanwhile, Go reminded the general public not to be complacent since the fight against the spread of Covid-19 is still ongoing. He advised Filipinos to limit themselves to essential movements only and continue to strictly comply with health and safety protocols being implemented.

Philippine Navy ship to ferry 499 LSIs to Basulta areas in Mindanao

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AVAO CITY—The Philippine Navy (PN) agreed to ferry residents stranded in Metro Manila during the quarantine period back to their hometowns in the southwestern Mindanao island provinces of Basilan, Sulu and Tawi-Tawi (Basulta) after a transport mix up landed them instead to Cagayan de Oro City, a half day land travel to the supposed nearest jump-off point of Zamboanga City.

Despite the uncoordinated landing of the locally stranded residents (LSI) at the Cagayan de Oro airport, the Bangsamoro Inter-Agency Task Force (BIATF) on Covid-19 agreed to facilitate their return to the Basulta area using Navy ships rather than passenger buses.

From the Cagayan de Oro City airport where they arrived on July 8 from the Ninoy Aquino International Airport, the 499 LSIs were transported by bus to their temporarily shelter at the gymnasium of Cotabato Sanitarium in Sultan Kudarat, Maguindanao.

Cagayan de Oro City is outside the Bangsamoro Autonomous Region in Muslim

also ordered policemen to step up their anti-crime drive and enforcement of local ordinances to stop the rise of common street crimes amid the pandemic.

The directive was issued upon the instruction of President Duterte.

Gamboa said policemen must strictly enforce local ordinances and arrest violators such as those drinking and smoking in public places, roaming the streets without shirts, using karaoke beyond the allowed time and

minors violating curfew hours.

They should also take in people who violate the minimum health standard protocols such as wearing of face masks, social distancing and mass gatherings, while increasing police visibility through “optimized personnel deployment” in all places of convergence.

“We are still under community quarantine and as such, should strictly follow the health protocols to stop the spread of the virus,” Gamboa said.

House leader endorses expanded Covid testing for tourism workers

Go urges IATF to conduct ‘thorough’ study on motorcycle back-riding safety protocols

EN. C h r i stophe r L aw re nce “Bong” Go is urging the InterAgency Task Force on Emerging Infectious Diseases (IATF) and the National Task Force (NTF) for Covid-19 to consider a “thorough and scientific study” of various proposals for motorcycle back-riding in adherence to necessary health and safety protocols that need to be imposed to protect motorcycle drivers, back-riders and the general public.

While Go welcomed the government’s decision to allow motorcycle back-riding for certain cases, he also urged concerned agencies to consult riders and motorcycle safety experts so they could also assist in determining the measures that should be required by government, such as the installation of makeshift shields on motorcycle units.

“I urge the IATF and NTF Covid-19 to thoroughly and scientifically study various designs for back-riding. Huwag madaliin dahil kailangang pag-aralan ng mabuti ito, lalo na dahil buhay ng mga kababayan natin ang nakataya dito,” Go said.

“Bigyan natin ang mga Pilipino ng mabi-

Editor: Vittorio V. Vitug • Tuesday, July 14, 2020 A3

Mindanao (BARMM).

The road trip would take about eight hours, after the Lanao del Sur Provincial Disaster Risk Reduction and Management Office (PDRRMO) which assisted them at the airport reported difficulty in immediately transporting them to Zamboanga City due to stringent requirements of the latter on the entry of LSIs into the city.

“The Ministry of the Interior and Local Government [MILG] initially planned to transfer the LSIs from Cagayan de Oro to Zamboanga City via land, after which they would be ferried to their final destinations,” the BARMM’s Bureau of Public Information said. “However, the plan did not push through due to the conditions set by the city government of Zamboanga.”

The stranded individuals, 40 of whom are minors with ages ranging from four months to eight years old, would be tested by reverse transcription polymerase chain reaction (RTPCR) for Covid-19 at the Cotabato hospital.

The stranded individuals were transported utilizing 17 buses. Manuel T. Cayon

pacity in the country, tourism workers can be included in the expanded testing program. This initiative can help build trust and confidence of the domestic tourists as we begin to reopen more economic activities in the next few months,” Cayetano said.

On July 2, the Inter-Agency Task Force (IATF) issued Resolution 51, approving the National Task Force’s recommendation to further expand the Covid-19 testing strategy in an effort to maximize the 10 million test kits procured by the DOH and the Department of Budget and Management (DBM).

Under the proposed Accelerated Recovery and Investments Stimulus for the Economy of the Philippines, or ARISE Philippines Act, mass testing for Covid-19 shall be conducted in areas where higher possibility of

transmission of Covid-19 may occur, or have occurred.

ARISE, which was approved on third reading by the House of Representatives before the first regular session adjourned seeks to allocate about P10 billion for 2020 and 2021 for the conduct of mass testing.

Under the House-approved measure, mass testing refers to testing of all individuals by methods registered with and authorized by the Food and Drug Administration who are at high risk of contracting Covid-19 infection.

The bill also proposed to put up Covid-testing centers in tourist destinations to be identified by the DOT in partnership with the local government units and Department of Health (DOH) to stimulate tourism and generate employment.

CSC circular allows online interview, hiring of prospective state workers

By Samuel P. Medenilla

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@sam_medenilla

OVERNMENT agencies can now hire new employees using online job interviews under a new circular issued by the Civil Service Commission (CSC).

In its Memorandum Circular 14, Series of 2020, CSC issued a new appointment and hiring guidelines in response to the Covid-19 crisis pursuant to its Resolution 2000659.

“In recruiting and selecting candidates, agencies shall adopt internal guidelines that will allow online recruitment and selection processes such as online competency assessments, videoconferencing for interviews and selection board deliberations,” CSC said in a news statement released on Monday.

Likewise, copies of appointment signatures can now also use electronic signatures provided it is certified by the head of an agency and its specimen signatures submitted to the concerned CSC regional office.

The administration of oath of office may be done through virtual modes, such as videoconferencing.

The new guidelines will apply for the hiring for first and second level positions, including second level executive/managerial positions in the career service, and those appointed to the non-career ser-

vice who are non-presidential appointees during a state of calamity.

To recall, President Duterte declared a state of national calamity last March due to the Covid-19.

Extended validity

CSC Commissioner Aileen Lizada explained the Covid-19 crisis led to the applications for available vacancies to pile up when the enhanced community quarantine (ECQ) was imposed in many parts of the country.

To address this, she said CSC extended the nine-month validity period of the required publication and posting of vacant positions from government offices.

The extension will be equivalent for the period equivalent to the duration of the ECQ, or modified ECQ, imposed in the areas where the agency is located.

“However, if the vacant position is not filledup within the said extension, the agency is required to re-publish and post the vacancy, as well as submit the electronic copy of the Request for Publication of Vacant Positions [CS Form No. 9, Revised 2018] to the CSC Field Office [CSC FO] concerned through e-mail,” CSC said.

MC 14 will retroactively take effect on March 16, 2020.

DAR distributes over 1K hectares of agri land in Bondoc Peninsula

By Jonathan L. Mayuga @jonlmayuga

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TOTAL of 1,057 hectares of land was recently distributed to 352 agrarian reform beneficiaries (ARB) in San Andres, Quezon province by the Department of Agrarian Reform (DAR).

The lands distributed under the Comprehensive Agrarian Reform Program (CARP) are part of the last remaining “haciendas” in the entire Bondoc Peninsula, an area said to be infested with New People’s Army rebels.

DAR Secretary John R. Castriciones led the distribution of the Certificates of Land Ownership Awards (CLOAs) for the landholdings located in Barangays Tala and Camflora in San Andres owned

by Sto. Domingo Shipping Lines, Spouses Domingo Reyes and Lourdes Abustan, and Viva Shipping Lines Inc. The vast landholdings have been the subject of intense land disputes during the first decades of the CARP implementation.

“The areas for distribution today are part of the last remaining haciendas not only in San Andres, Quezon but in the entire Bondoc Peninsula area,” Castriciones said.

Sixty-year-old Haydee Esquelona, one of the beneficiaries of the land-transfer program personally received her land title in front of her house from Castriciones.

Castr iciones has been mak ing a “house-to-house” distribution of CLOAs to demonstrate the DAR’s resolve to distribute lands and meet its target despite the Covid-19 pandemic.

“We are personally delivering these land titles to ARBs to give them hope that despite these hard times, we are here for them,” Castriciones said.

During the CLOA distribution, Castriciones also led the distribution of productivity assistance with Undersecretary for Support Services Emily O. Padilla. The package of assistance includes planting materials, vegetable seeds, and fertilizers to 60 ARB organizations, or ARBOs. “These provisions are highly signifi-

cant in achieving food security in the country. These [productivity assistance] would greatly help the farmers in fulfilling their role as frontliners by continually producing and delivering food crops in critical areas affected by the pandemic,” Castriciones said.

The activity is being implemented under the project called “The PaSSOver: ARBOld Move to Heal as One Deliverance of our ARBs from the Covid-19 Pandemic,” or ARBOld Move project for short.

According to Padilla, the seeds and fertilizers will be planted on a 500-squaremeter lot per ARB. “The productivity assistance would greatly help the coconut farmers here. We provided these vegetable seeds to intercrop with coconut so they could earn income from it,” she said.

The productivity assistance was coursed through agrarian cooperatives and farmers’ associations. Padilla said more than 3,000 farmers in Quezon will benefit from the assistance, of which 2,482 are ARBs.

A4 Tuesday, July 14, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DTI allows 50% dine-in cap for restos beginning July 21

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By Elijah Felice E. Rosales

@alyasjah

N line with government’s thrust to reopen the economy, the Department of Trade and Industry (DTI) has announced it will allow restaurants to operate up to 50 percent dine-in capacity starting July 21 in areas under general community quarantine (GCQ).

Trade Secretary Ramon M. Lopez on Monday told reporters the DTI is set to issue another memorandum circular this week for the operation of up to 50 percent dine in of restaurants in GCQ areas.

He explained the order will be effective on July 21, or a month

after allowing dine-in services at 30 percent.

However, Lopez reminded business owners and customers alike to implement health protocols to the maximum to ensure precaution against the virus.

“We should be stricter in im-

plementing the health protocols, and customers [should] be extra careful, which means still wearing masks if not eating for the moment, safe social distancing and frequent sanitation of hands. We just have to manage and live with the virus,” Lopez said.

In defense of his decision to further reopen business operations, Lopez pointed out the virus “will be here to stay,” and the best recourse is to balance health and economy. “[We] need to balance health and economy and time to restart the economy [to] provide more livelihood at this time. Note also that treatments are getting better with more recoveries,” the trade chief explained.

Last week the government permitted barber shops and salons to open more services to their customers in areas under GCQ status.

From just haircut and hair

treatment, barber shops and salons are now allowed to do nail care, basic facial care and basic personal-care services. On the other hand, workers are required to continue practicing health standards in carrying out their services, particularly the wearing of face masks and face shields and rubber gloves, as well as sterilizing their equipment.

Also, barber shops and salons are now authorized to operate at 50 percent capacity, from just 30 percent in their initial reopening.

Last week business leaders polled by the BusinessMirror asked the government to allow the full, or 100 percent operation, of sectors deemed crucial in the economy’s recovery. They specified the construction and manufacturing sectors as needed to be reopened fully to fill in the growing requirements for infrastructure and finished goods.

DENR pushes plant-based diet to fight climate change

By Jonathan L. Mayuga @jonlmayuga

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HE Department of Environment and Natural Resources (DENR) has recently launched a campaign to promote plant-based food production and consumption.

Dubbed “Plant-Based Solutions for Climate Change,” the monthlong public information drive spearheaded by the DENR’s Environmental Management Bureau (EMB) aims to encourage Filipinos to veer away from animal-based products toward the consumption of more fruits and vegetables.

The campaign aims to help fight climate change by switching to a plant-based diet, which has been shown to reduce the ecological footprint of human food consumption.

The campaign, which coincides with the July commemoration of Nutrition Month, is urging Filipinos to include more vegetables and fruits in their diet following the recommendation of the Food and Nutrition

Switching to a plant-based diet not only benefits one’s health, it can also help protect the environment due to the smaller environmental footprints plant-based diets tend to have.”—Cuñado

Research Institute (FNRI) on proportion by three main food groups—go, grow and glow foods.

EMB Director William Cuñado said shifting to a plant-based diet is one way to greatly reduce the environmental impact of one’s food consumption.

“Switching to a plant-based diet not only benefits one’s health, it can also help protect the environment due to the smaller environmental footprints plant-based diets tend to have,” Cuñado said.

Citing a 2013 study by the United Nations Food and Agriculture Organization, Cuñado said meat and dairy— particularly from cows—account for

LET’S WORK TOGETHER FOR ENERGY SECURITY, CUSI TELLS STAKEHOLDERS

By Lenie Lectura @llectura

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NERGY Secretary Alfonso G. Cusi is urging energy stakeholders to work closely together to ensure energy security and attain the vision of an energy independent country.

Speaking at the first Philippine Energy Independence Council (PEIC) Forum on Innovation in Energy via videoconferencing, Cusi said both the government and the private sector “must band together.”

“The government can only do so much. I cannot overemphasize the support of the private sector and our energy advocates in realizing our dream of an energy secure and energy independent Philippines.

Let us make it happen in our lifetime,” he said.

Cusi also told the participants that the promotion of the country’s renewable resources, which the PEIC advocates, should be pursued.

“There is a need to strike a balance between meeting our current energy needs and building a better and cleaner world for the coming generations. Reality makes us realize that we cannot sacrifice one in favor of the other,” he stressed.

He said that all options in power sourcing should be considered, including the possibility of tapping nuclear energy in the future.

“This is why the DOE is looking

at developing all possible energy sources, including nuclear, to help the Philippines become energy secure,” said Cusi.

But to show his full support to the full implementation of Republic Act (RA) 9513 or the Renewable Energy (RE) Act of 2008, Cusi has ordered a periodic review of the law “to see where we are at the moment and find stronger ways to promote our indigenous resources.”

RA 9513 promotes the development of the country’s renewable resources, including the provision of additional incentives for geothermal advancement.

“We cannot be at the mercy of global market volatilities, geopolitical movements, or pandemics. This is why we must ensure that our energy agenda directly responds to the unique needs of our country’s energy landscape. We cannot fit a square peg in a round hole,” he said.

The PEIC Energy forum was organized in cooperation with the Dutch Chamber of Commerce of the Philippines (DCCP) and the European Chamber of Commerce of the Philippines (ECCP).

Aside from Secretary Cusi, other speakers at the event were: Philippine National Oil Co. (PNOC)-EC President and Chief Executive Officer Rozzano Briguez, PEIC Director and DCCP Chairman Don Paulino, and AC Energy President and CEO Eric Francia.

around 14.5 percent of the global greenhouse gases each year. That’s roughly the same amount as emissions from all the cars, trucks, airplanes, and ships in the world combined.

A recent study by the University of Oxford suggested that cutting meat and dairy products from a person’s diet could reduce his carbon footprint from food by up to 73 percent.

Cuñado said a plant-based diet could help reduce greenhouse-gas emissions, water consumption, and land used for factory farming, which are all factors in global warming and environmental degradation.

“By gradually modifying our

meals and shifting to balanced diets with more plant-based food, we have already taken part in reducing greenhouse gases, which in turn will help slow down the rise in global temperatures,” Cuñado said.

The monthlong campaign is being done virtually, or online, given the restrictions brought about by the Covid-19 pandemic.

The EMB has been regularly posting infographics about plant-based diet as a climate-change solution on its official Facebook page to make it easier for people to understand and follow the concept. It also launched an online food photo contest called #UOTD, or Ulam of the Day, where participants can send photos of their meal based on Pinggang Pinoy food guide developed by FNRI. Pinggang Pinoy is an easy-tounderstand food guide that uses a familiar food plate model to convey the right food group proportions on a per meal basis. This aims to help Filipinos acquire healthy eating habits needed to attain optimum nutrition.

www.businessmirror.com.ph

For remote work, what staff and technologies are needed?

By Henry J. Schumacher

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INCE the Covid-19 crisis, the morning briefings I get mostly start with a negative report—with infection numbers, bankruptcies or fears of recession.

Consequently, I always want to write positive messages. Not to distract from the painful consequences of the pandemic, but to widen our eyes. The fact is that a lot is still going well in the Philippines: with committed employees (from home, or coming to the office, somehow), clever researchers and courageous entrepreneurs.

Let’s talk about the “moving” sectors and their needs in terms of technology and people.

As the Covid-19 pandemic has revealed, IT has never played a more integral role than ever the past few months, helping companies transition their staff to working remotely. Now, IT hiring is on the rise to support a work-from-home (WFH) plan for the rest of 2020, and possibly beyond.

The greatest demand for tech staff right now is in cyber security, general IT support and systems administration, the latter being responsible for supporting and maintaining systems so remote users have full access to their companies’ networks.

In terms of specific verticals, the biggest uptick has been in essential businesses like logistics and companies that serve our food supply chains and consumer packaged goods. Earlier, there was a surge in financial services, especially IT staff, who provided access between systems that connect to market data feeds and trading exchanges, which were not capable of being fully virtual.

Virtual desktop infrastructure (VDI) had to be deployed very rapidly to enable financial professionals to continue their normal day-to-day operations. Consequently, there was a big uptick in system administration

1,666 Isabela families get housing units through CMP

By Cai U. Ordinario

O

@caiordinario

VER a thousand families in Isabela will be given houses by the Social Housing Finance Corp. (SHFC) and the local government under the Community Mortgage Program (CMP).

In a news statement, SHFC said 1,666 family-beneficiaries are part of the Jones, Isabela CMP Homeowners Association Inc. from Barangays Payac and San Isidro.

SHFC said most of the beneficiaries are market vendors, health personnel, teachers, government employees, and overseas Filipino workers (OFWs).

This is a long-term solution to the problems brought by the pandemic,” SHFC Executive Vice President Atty. Junefe Payot said in Filipino.

“If the square-footage of houses allow for social distancing and if the houses have clean surroundings, we can avoid the spread of diseases,” he added.

SHFC said with the ongoing pandemic, it continued to provide adequate housing, which has become even more crucial now given that viruses spread fast in congested informal settlements.

Under the memorandum of understanding (MOU) between SHFC and the municipal government of Jones, Isabela, SHFC will finance the lot acquisition, site development, and house construction for the families.

Data obtained from the SHFC showed that the units to be built cover 36 square meters and cost P260,000 each.

Under the guidelines set by the SHFC, CMP member-beneficiaries can borrow between P480,000 and P580,000 for horizontal housing.

For vertical housing, the cost ranges between P700,000 and P750,000 for properties in the National Capital Region and other highly urbanized cities. In other areas, CMP member beneficiaries can loan anywhere between P600,000 and P650,000.

Farmers who are members of the CMP can also avail of SHFC funds of up to P500,000 for farm lots and a P50,000 Farmer Support Assistance.

Meanwhile, Jones Mayor Leticia Sebastian said the project is a realization of her longtime dream of providing decent and affordable housing for her constituents. She expressed optimism on the potential of the program.

“This will create jobs such as carpenters, plumbers, and electricians, and will open business opportunities for small enterprises,” Sebastian said. “This will encourage those who live in Jones to become even more industrious. We can look forward to a prosperous and happy life.”

The virtual MOU signing, the third of its kind for SHFC, attested to its dedication to its mandate despite the Covid-19 pandemic.

Department of Human Settlements and Urban Development Assistance Secretary Leira Buan and SHFC North Luzon Regional Operation Vice President Jones Tomas witnessed the activity.

The agency recently entered into similar agreements with Daet, Camarines Norte and Taysan, Batangas. SHFC has so far forged similar agreements with 89 local government units, including 14 new partners added this year.

To date, it has provided housing to more than 350,000 families through over P16 billion in loan assistance under the CMP.

and support professionals with remote connectivity and VDI implementation (experience) across VMware and Citrix and common virtualization technologies.

What are the necessary technologies and skills to stay remote?

Zoom, WebEx, and Teams remain among the most predominant technologies companies need to ensure a successful WFH model for the rest of 2020, and beyond. Companies are also interested in business software suites like Microsoft 365, Microsoft Excel, Power Bi, data visualization, data science and analysis.

If you have not “absorbed” either of those, you’re going to have to make some pretty significant strides now as demand is strong for people who have experience in the “three buckets:” teleconferencing apps, cloud-native apps, and networking software that allow for reliable VPN connectivity. We already highlighted that in a webinar of DataOne and EITSC, and continue to offer webinars along these “buckets.”

Additionally, the emphasis on soft skills is more important than ever like organizational skills and customer service. Companies want people who are good communicators and who will be proactive—the important “customer first” attitude.

In terms of security that is needed now more than ever, it should not have taken high-profile breaches of personal and identifiable information for companies to wake up and say, “We need to invest more money in it.” People in security leadership have to sell their vision on steps they need to take to systematically ensure systems are safe and companies are protected from threats!

With WFH—in the city, or in suburbia—going to continue beyond the coronavirus, companies will have to invest more into security infrastructure and in the training of employees on the operational level so that data breaches can be avoided.

If you need assistance in building and protecting your WFH infrastructure, send me an e-mail at Schumacher@eitsc.com

2 senators seek to expand telecommuting law as ‘WFH’ becomes norm in pandemic

By Butch Fernandez

C

@butchfBM

ONGRESS was asked to pass a law expanding the coverage of the telecommuting law and providing incentives for telecommuting employees under the so-called work-from-home (WFH) arrangements.

In filing Senate Bill 1684, coauthors Senators Francis Tolentino and Ronald dela Rosa noted Monday the coronavirus disease (Covid-19) has infected 12 million individuals worldwide and claimed the lives of 500,000 individuals.

“It [Covid] single-handedly brought down the world’s economy in a matter of months,” the two senators said in the bill’s explanatory note, adding that in the Philippines, “the Covid-19 cases traversed the 50,000 mark.”

They recalled Finance Secretary Carlos G. Dominguez III saying that the Duterte administration expects the debt-to-GDP ratio to rise to 50 percent from 39 percent last year as it increased borrowings to mitigate the economic impact of the pandemic.

Their explanatory note also recalled “government think tanks” projecting that the Philippine economy may lose up to P2.5 trillion.

“During the first five weeks of the Luzon-wide ECQ [enhanced community quarantine] alone, from March 17, 2020 to April 21, 2020, over 2 million employees were displaced wherein about 70 percent of this were affected by temporary business closures and 30 percent of employees were subject to alternative work arrangements such as reduced working days and hours, forced leave and work-from-home,” the two senators added.

They cited Republic Act 11165, also called the Telecommuting Law that President Duterte signed last December 20, 2018 to “entice the private sector to explore telecommuting programs for its employees, adding that this law became more relevant with the shroud of the Covid-19 pandemic still hovering over our nation.”

Editor: Angel R. Calso

The World BusinessMirror

Johnson urged to ban UK networks from using Huawei

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oris Johnson is under pressure to announce a ban on telecoms companies from installing new equipment made by Huawei Technologies Co. in Britain’s fifth-generation mobile networks from as soon as the end of 2021.

Britain’s National Security Council meets on Tuesday to decide on the company’s future in the U.K. in the wake of US sanctions against the company. According to people familiar with the matter, a review concluded that Huawei will now have to use untrusted microchips, making 5G security risks impossible for the UK government to control. Culture Secretary Oliver Dowden could announce the decision straight afterward.

Members of Parliament in Joh nson’s ow n Conser vat ive Party have been determined to force the government to reverse its January decision to allow the company to supply 5G equipment.

Confident that they’ve won that argument, they now want specific commitments on timing.

“The sanctions have changed the dynamic,” said Bob Seely, one of the leading Conservative rebels.

“The government is listening, and it’s important to give them credit for trying to do the right thing.”

Two dates

Seely said MPs wanted two things

from the government: A “no new kit date,” after which no one would be able to install Huawei equipment, and a “rip out date,” by which time the company’s technology would have to be completely removed. He said he favored a no new kit date in late 2021, and he said the debate among his colleagues for the rip-out date was between 2023 and 2025.

Other potential Tory rebels didn’t go so far. Neil O’Brien said he was “open-minded” on timing, and said he was less worried about forcing the removal of older equipment “which will come to the end of its life over a couple of years.” Damian Green also said he was “less concerned” about older equipment, and said he simply wanted a new equipment ban “in this parliament”—by 2024.

A crackdown on Huawei would further escalate tensions between London and Beijing, already under strain over Hong Kong and the handling of the coronavirus pandemic. But the level of opposition in parliament leaves Johnson with little choice.

Conservative MPs fired a warning shot in a symbolic vote in early March. The escalating diplomatic row over Hong Kong is only likely to have increased their fears about allowing a company with close ties to the Chinese state to supply equipment for critical infrastructure.

Bloomberg News

US, Chinese ambassadors spar on Twitter in Brazil

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RASILIA, Brazil—The US and Chinese ambassadors have gotten into a Twitter spat in Brazil, echoing the tense relations between the nations as a whole.

It star ted on Fr iday when US Ambassador Todd Chapman retweeted a State Department account accusing the Chinese Communist Party of conducting “a mass sterilization campaign for women as part of its crackdown on Uighurs and other ethnic minorities in Xinjiang” province.

“Silence is not an option,” Chapman added.

On Saturday, the US Embassy Twitter account quoted the FBI director accusing China of paying scientists at American universities “to secretly bring our knowledge and innovation back to China - including valuable research, funded by the federal government”. It added: “Is this happening in Brazil?”

C h inese A mbassador Ya ng Wanming reacted on Tw itter Sunday.

“This man comes to Brazil with

a special mission, which is to attack China with rumors and lies,” he wrote. “We advise you to stop doing activities of this kind.... An ant tries to knock down a giant tree, ridiculously exaggerating its ability.”

It’s a small echo of a larger dispute. China’s government said on Friday it will retaliate against US officials and institutions following Washington’s imposition of sanctions on three local officials of the ruling Communist Party over human rights abuses in the northwestern region of Xinjiang.

Brazil and the United States are strongly aligned. On July 4, shortly before testing positive for the new coronavirus, Brazilian President Jair Bolsonaro was with Chapman to celebrate US Independence Day. In March, Congressman Eduardo Bolsonaro, the president’s son, blamed China for the new pandemic, prompting the Chinese ambassador to respond that his words were “an evil insult against China and the Chinese people.” AP

Jokowi wants wider testing as Indonesia cases top 75,000

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ndonesian President Joko Widodo wants to ramp up coronavirus testing by 50 percent to 30,000 daily as infections exceeded 75,000 in Southeast Asia’s most populous nation.

Jokowi, as the president is known, instructed his ministers on Monday to boost the nationwide testing capacity from a previous target of 20,000 a day by opening more laboratories especially in 8 areas that include the capital region of Jakarta and neighboring West and East Java.

“I want us to intensify the testing, tracing and treatment with priorities in 8 provinces,” he told members of his cabinet before the meeting.

Indonesia reported 1,681 new cases in the 24 hours to midday Sunday, bringing the total to 75,699, with an

additional 71 people succumbing to the virus. The death toll has risen to 3,606 in Indonesia, the most in Southeast Asia. More than half of the new cases on Sunday came from East Java and Jakarta, two of the country’s hotspots.

Jakarta had extended a transition period to exit from a partial lockdown by two weeks to the middle of this month, as the city continued to report hundreds of new coronavirus cases a day. It posted a record daily spike on Sunday.

The pandemic has hit Indonesia harder than the 1997 Asian financial crisis, battering small and big businesses alike, Jokowi said last month. On July 9, when the country reported the highest daily number of cases, Jokowi called the situation a “red signal.” Bloomberg News

Tuesday, July 14, 2020

A5

Mexico beats Italy to become world’s 4th-deadliest nation

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exico surpassed Italy in the number of Covid-19 deaths, and has become the world’s fourth-deadliest nation.

Deaths rose by 276 to 35,006, according to data released by the Health Ministry on Sunday. Cases rose by 4,482 to 299,750. Over the last two weeks, total deaths in Mexico also overtook Spain and France, as Latin America has increasingly become a hot spot for the pandemic.

Mexico’s President Andres Manuel Lopez Obrador has prioritized reactivating the economy over enforcing strict lockdowns, a strategy that has drawn criticism that his government hasn’t taken the virus seriously enough. Deputy Health Minister Hugo Lopez-Gatell, who’s leading the country’s response to the virus, has said the disease’s impact in Mexico has been exacerbated by inequality and an overabundance of processed foods, which have contributed to illnesses that make Covid-19 even more deadly.

Like other Latin American countries, Mexico has vulnerable populations where people must work to meet basic needs and live in crowded quarters, adding to the challenge of enforcing social

distancing.

The country posted repeated record rises in Covid-19 cases this week, with health officials reporting more than 7,000 new confirmed cases for the first time on Thursday night. Despite that, Lopez-Gatell has said the illness is not spreading in the country as quickly as it was.

US cases hit 3.27 million

US coronavirus cases rose by 55,688 on Sunday compared with the same time on Saturday to 3.27 million, according to data collected

by Johns Hopkins University and Bloomberg News. The 1.7 percent gain was smaller than the national average daily increase of 1.9 percent over the past week. Deaths rose 0.4 percent from Saturday to 134,904.

Florida added a record 15,300 virus cases on Sunday, the biggest one-day rise since the coronavirus outbreak began in the US. New York, California and Texas have all reached almost 12,000 in a single day. It was a 6 percent daily rise compared to an average increase of

4.8 percent over the last week. The state reported a drop in deaths, to 44 from 95 the day before.

Texas posted 8,196 new cases of Covid-19, bringing the state’s total to 258,658. The increase of 3.3 percent was below the seven-day average of 3.9 percent. The number of deaths rose by 80 to 3,192, the Department of State Health Services said on its web site.

South Carolina reported 1,952 new cases on Sunday, a drop from the record 2,239 posted the day before, for a total of 56,485, the state’s Department of Health and Environmental Control said on its web site.

Deaths in Arizona rose for a third day, to 86 reported on Sunday, while the increase in new cases slowed to 2.1 percent from the weekly average rise of 3.4 percent. The state reported 2,537 new cases, for a total of 122,467. That compared to 3,038 cases the day before. Deaths rose from 69 reported Saturday and 44 on Friday. Total deaths are 2,237.

California added 8,460 new Covid-19 cases, a 2.7 percent increase, according to the health department’s web site. That’s below the 3 percent seven-day average. There have been 320,804 confirmed cases of coronavirus in the state. The number of deaths climbed by 72, or 1 percent, to 7,017.

New York reported 677 new Covid-19 cases, a 0.2 percent rise in line with the seven-day average of daily cases.

New Jersey posted 349 more virus cases, a 0.2 percent rise in line with the average increase over the last week. The state now has a total of 175,298 infections. Another 16 people died, for a total of 13,594 fatalities.

Brazil cases approach 1.9 million

Brazil, which lags only the US in the number of confirmed infections and deaths, recorded 24,831 new cases of Covid-19, pushing the total to 1,864,681, according to the Health Ministry’s web site.

Deaths increased by 631 to 72,100.

While both counts were the lowest in five days, Brazil’s reported numbers show a pattern of being lower on Sundays.

India has 50,000 new cases

India added more than 50,000 new cases over the weekend, with deaths topping 1,000.

Hong Kong new infections

Hong Kong reported 38 new cases on Sunday, feeding fears of resurgence in the Asian financial hub after weeks of near-normal activity. The government has been reimposing restrictions in response.

Bloomberg News

Look out, Mars: Here comes Earth’s spacecraft invasion

C

APE CANAVERAL, Florida—Mars is about to be invaded by planet Earth—big time.Three countries—the United States, China and the United Arab Emirates— are sending unmanned spacecraft to the red planet in quick succession beginning this week, in the most sweeping effort yet to seek signs of ancient microscopic life while scouting out the place for future astronauts.

The US, for its part, is dispatching a six-wheeled rover the size of a car, named Perseverance, to collect rock samples that will be brought back to Earth for analysis in about a decade.

“Right now, more than ever, that name is so important,” NASA Administrator Jim Bridenstine said as preparations went on amid the coronavirus outbreak, which will keep the launch guest list to a minimum.

Each spacecraft will travel more than 300 million miles (483 million kilometers) before reaching Mars next February. It takes six to seven months, at the minimum, for a spacecraft to loop out beyond Earth’s orbit and sync up with Mars’ more distant orbit around the sun.

Scientists want to know what Mars was like billions of years ago when it had rivers, lakes and oceans that may have allowed simple, tiny organisms to flourish before the planet morphed into the barren, wintry desert world it is today.

“Trying to confirm that life existed on another planet, it’s a tall order. It has a very high burden of proof,” said Perseverance’s project scientist, Ken Farley of Caltech in Pasadena, California.

The three nearly simultaneous launches are no coincidence: The timing is dictated by the opening of a one-month window in which Mars and Earth are in ideal alignment on the same side of the sun, which minimizes travel time and fuel use. Such a window opens only once every 26 months.

Mars has long exerted a powerful hold on the imagination but has proved to be the graveyard for numerous missions. Spacecraft have blown up, burned up or crash-landed, with the casualty rate over the decades exceeding 50%. China’s last attempt, in collaboration with Russia in 2011, ended in failure.

Only the US has successfully put a spacecraft on Mars, doing it eight times, beginning with the twin Vikings in 1976. Two NASA landers are now operating there, InSight and Curiosity. Six other spacecraft are exploring the planet from orbit: three US, two European and one from India.

The United Arab Emirates and China are looking to join the elite club.

The UAE spacecraft, named Amal, which is Arabic for Hope, is an orbiter scheduled to rocket away from Japan on Wednesday, local time, on what will be the Arab world’s first interplanetary mission. The spacecraft, built in partnership with

In this May 6, 2015 file photo, Sarah Amiri, deputy project manager of the United Arab Emirates Mars mission, talks about the project named “Hope,” or “al-Amal” in Arabic, which is scheduled for launch in 2020, during a ceremony in Dubai, UAE. Three countries—the United States, China and the United Arab Emirates—are sending unmanned spacecraft to the red planet in quick succession beginning in July 2020. AP/Kamran Jebreili

the University of Colorado Boulder, will arrive at Mars in the year the UAE marks the 50th anniversary of its founding.

“The UAE wanted to send a very strong message to the Arab youth,” project manager Omran Sharaf said. “The message here is that if the UAE can reach Mars in less than 50 years, then you can do much more.... The nice thing about space, it sets the standards really high.”

Controlled from Dubai, the celestial weather station will strive for an exceptionally high Martian orbit of 13,670 miles by 27,340 miles (22,000 kilometers by 44,000 kilometers) to study the upper atmosphere and monitor climate change.

China will be up next, with the flight of a rover and an orbiter sometime around July 23; Chinese officials aren’t divulging much. The mission is named Tianwen, or Questions for Heaven.

NASA, meanwhile, is shooting for a launch on July 30 from Cape Canaveral.

Perseverance is set to touch down in an ancient river delta and lake known as Jezero Crater, not quite as big as Florida’s Lake Okeechobee. China’s much smaller rover will aim for an easier, flatter target.

To reach the surface, both spacecraft will have to plunge through Mars’ hazy red skies in what has been dubbed “seven minutes of terror”—the most difficult and riskiest part of putting spacecraft on the planet.

Jezero Crater is full of boulders, cliffs, sand dunes and depressions, any one of which could end Perseverance’s mission. Brand-new guidance

and parachute-triggering technology will help steer the craft away from hazards. Ground controllers will be helpless, given the 10 minutes it takes radio transmissions to travel one-way between Earth and Mars.

Jezero Crater is worth the risks, according to scientists who chose it over 60 other potential sites.

Where there was water—and Jezero was apparently flush with it 3.5 billion years ago— there may have been life, though it was probably only simple microbial life, existing perhaps in a slimy film at the bottom of the crater. But those microbes may have left telltale marks in the sediment layers.

Perseverance will hunt for rocks containing such biological signatures, if they exist.

It will drill into the most promising rocks and store a half-kilogram (about 1 pound) of samples in dozens of titanium tubes that will eventually be fetched by another rover. To prevent Earth microbes from contaminating the samples, the tubes are super-sterilized, guaranteed germ-free

by Adam Stelzner, chief engineer for the mission at NASA’s Jet Propulsion Laboratory in Pasadena.

“Yep, I’m staking my reputation on it,”he said.

While prowling the surface, Perseverance as well as China’s rover will peek below, using radar to locate any underground pools of water that might exist. Perseverance will also release a spindly, 4-pound (1.8-kilogram) helicopter that will be the first rotorcraft ever to fly on another planet.

Perseverance’s cameras will shoot color video

of the rover’s descent, providing humanity’s first look at a parachute billowing open at Mars, while microphones capture the sounds.

The rover will also attempt to produce oxygen from the carbon dioxide in the thin Martian atmosphere. Extracted oxygen could someday be used by astronauts on Mars for breathing as well as for making rocket propellant.

NASA wants to return astronauts to the moon by 2024 and send them from there to Mars in the 2030s. To that end, the space agency is sending samples of spacesuit material with Perseverance to see how they stand up against the harsh Martian environment.

The tab for Perseverance’s mission, including the flight and a minimum two years of Mars operations, is close to $3 billion. The UAE’s project costs $200 million, including the launch but not mission operations. China has not disclosed its costs. Europe and Russia dropped plans to send a life-seeking rover to Mars this summer after falling behind in testing and then getting slammed by Covid-19.

Perseverance’s mission is seen by NASA as a comparatively low-risk way of testing out some of the technology that will be needed to send humans to the red planet and bring them home safely.

“Sort of crazy for me to call it low risk because there’s a lot of hard work in it and there are billions of dollars in it,” Farley said. “But compared to humans, if something goes wrong, you will be very glad you tested it out on a half-kilogram of rock instead of on the astronauts.” AP

A6 Tuesday, July 14, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Slain on the table

I

N parliamentary language, tabling a bill does not automatically mean killing it. Under the rules of parliamentary procedure, it can mean setting a bill aside or putting it on hold until such time when the debate on it can be resumed.

But the euphemism makes no sense when used by the honorable members of the House Legislative Franchises Committee, who voted 70-11 against granting the franchise application of ABS-CBN Corp.

The franchise bill is not being shelved for a period of time, to be taken up again in the future. It is not being deferred or postponed for further discussion. The bill is essentially dead—“killed” was the word actually used—because nothing further will be done about it. No meaningful action toward granting ABS-CBN a franchise can ever prosper in the House of Representatives.

Of course, one can argue with good reason that the franchise application was “dead on arrival” to begin with; that the extended public hearings about the bill were merely for partisan congressional bickering and scoring political points rather than actual legislation.

How else can one explain the committee report—40 pages written by the three-person technical working group practically overnight—that recommended the junking of ABS-CBN’s franchise and the succeeding lopsided vote that adopted it?

Public hearings are supposed to be used by congressional committees for information gathering, for analyzing and designing laws, and for oversight and scrutiny of existing laws.

Resource persons in these hearings are invited to help shed light on the truth regarding the measure, so they can discuss the merits and disadvantages of the bill.

But did the honorable members of the House committee really listen to the resource persons they invited to shed light on the ABS-CBN franchise?

Cagayan de Oro Rep. Rufus Rodriguez, one of the bill’s authors, said the findings of the TWG went against the evidence presented in the past 12 hearings, which showed ABS-CBN had complied with all the provisions of our Constitution, as well as the country’s laws, statutes and regulations.

Agusan del Norte Rep. Lawrence Fortun, another author, said the TWG findings are a complete departure from the official position and statements of the departments, agencies, offices and independent organizations invited to the hearing.

Representatives of the Department of Justice, Department of Labor, Bureau of Immigration, Securities and Exchange Commission (SEC), Bureau of Internal Revenue (BIR) and National Telecommunications Commission (NTC) all cleared ABS-CBN of any violations when they testified.

None of the testimonies mattered.

Seen in this light, the voting that took place regarding the ABS-CBN franchise was mostly symbolic because the bill had an almost zero chance to pass.

Granting ABS-CBN a franchise was never given serious consideration, even in the best circumstances.

Rep. Rodriguez said ABS-CBN or any member of the House committee on Legislative franchises can still file a motion for reconsideration, but given the same congressmen comprising the committee and given the same political climate that seemingly doomed the franchise from the start, a motion for reconsideration is likewise doomed.

In concluding the hearing, Anakalusugan Party-list Representative Mike Defensor—who along with House Deputy Speaker Jesus Crispin “Boying” Remulla and House Deputy Speaker Rodante Marcoleta were among the most passionate challengers of the ABS-CBN franchise—had to stress for emphasis that “in parliamentary courtesy, when a bill is being approved, we don’t necessarily vote no because we just lay it on the table. But technically for a franchise application, the effect would be to kill the application of the franchise.”

Senator Ralph Recto, who condemned the denial of the franchise and whose wife, Rep. Vilma Santos (Batangas 6th District), was one of the 11 congressmen who voted in favor of the franchise, rightly called it a death penalty meted out to the TV station.

We got the idea long before it was spelled out.

There are many kinds of media murders, indeed, not just the gangland-style killings that made our country one of the most dangerous places for journalists.

Death can be dealt in more ways than one. Death can come at the hands of Congress too, brought about by the kind of politics that vehemently rejects the principles and practices of a democracy and denies the rights and freedoms mass media defends so vigorously.

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THE Entrepreneur

W

E should not have second thoughts on restarting the Philippine economy despite the spikes in Covid-19 cases. Limiting economic activities is no guarantee that the pandemic will slow down and go away. The virus is here to stay for a while until scientists discover a vaccine that will finally contain or eradicate it.

President Duterte himself is not against the reopening of the economy. What he wants is restarting the economy on a gradual basis, which I agree. The government is already doing that, but it can accelerate the reopening by focusing first on Metro Manila and the Cavite-LagunaBatangas-Rizal-Quezon (Calabarzon) region to speed up the recovery process.

The gradual easing of quarantine restrictions from enhanced community quarantine to general community quarantine is a right step. We should take a further step and shift Metro Manila to a modified GCQ status, which is now being enjoyed

by Batangas, Laguna and Quezon.

Cavite and Rizal provinces, along

with the whole of Metro Manila, should also graduate to modified GCQ considering their proximity to each other and being the center of economic activities in Luzon and the entire Philippines.

But, first things first. Washing of hands, wearing of face masks, social distancing, contact tracing and disinfecting public and common facilities in these “liberated” provinces and regions should be the order of the day. This is the only effective way of battling and containing the virus spread.

Striking a balance between ensuring public health and restarting the economy can be done. Finance Secretary Carlos Dominguez III hit the nail on the head during last

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NCR and Calabarzon should reopen further

OUTSIDE THE BOX

T

he “indefinite” shutdown of ABS-CBN sets a dangerous precedent. Of course I am talking about the stock and not the company and its franchise for broadcasting. I will leave that to people more qualified than I am to speak on that issue.

The only hashtag that I follow is #MakeMoney:FeedFamily.

The trading suspension of ABSCBN shares might make sense that it stops unscrupulous traders from doing whatever it is they do to cheat the public. However, it destroys the investment value belonging to that same “public.” For share trading being suspended until ABS releases some sort of an announcement of what losing the franchise will do to its share value is ridiculous. My friend Frankie suggested that it might/ should be suspended until after the presidential election in 2022.

The company does not determine what the value of its shares should be; the public that buys and sells

those shares make that determination. The suspension should have had a time limit of a few days at the most. It is almost like the Philippine Stock Exchange took “my” shares—if I owned any—because I cannot sell them until the suspension is lifted.

As a side note, the share price of GMA7 was up 41 percent from its close last Friday before ending up 10.28 percent on Monday. I wonder if any of those “unscrupulous traders” had anything to do with, and made any money from, that price movement?

But life goes on without ABS-CBN share trading. The problem is that our stock market is still trying to figure out what to do about an un-

week’s pre-State of the Nation Address forum of the Cabinet’s Economic Development and Infrastructure Clusters. While the people’s health and safety remained the government’s top priority, Dominguez observed that Filipinos cannot keep retreating from the virus at the cost of their livelihoods, especially in Metro Manila and the Calabarzon region that account for a combined

employees working in the capital region live. “It is vital that these regions reopen. The reality is that this virus will not go away until a vaccine is found. In the meantime, we must get back to work while staying safe,” said Mr. Dominguez in the pre-SONA forum.

The government, he added, can never take the threat posed by Covid-19 lightly, as it must continue

Striking a balance between ensuring public health and restarting the economy can be done. Finance Secretary Carlos Dominguez III hit the nail on the head during last week’s pre-State of the Nation Address forum of the Cabinet’s Economic Development and Infrastructure Clusters. While the people’s health and safety remained the government’s top priority, Dominguez observed that Filipinos cannot keep retreating from the virus at the cost of their livelihoods, especially in Metro Manila and the Calabarzon region that account for a combined 67 percent of the country’s gross domestic product.

67 percent of the country’s gross domestic product.

Palace spokesman Harry Roque echoed Mr. Dominguez’s statement.

Mr. Roque conceded that the Philippines had to partially reopen the economy or people would have died from a lack of livelihood.

Mr. Dominguez, meanwhile, stressed the importance of reopening Metro Manila and the whole of Calabarzon, from where many

Buying specifically as the price was going down or at the recent P15 bottom was absolutely a gamble not unlike at the closed casinos. A buyer was betting that the franchise would be renewed and that the price would then go back to at least P20-P22. The bet lost, simple as that. known and potentially scary future.

The two questions are—what will the government do with the NCR quarantine and what will the economic effect be either way? Data on the number of cases, recoveries, and deaths are sketchy and late. And the biggest unknown is how much of a Covid-19 apocalypse is Cebu going to turn into?

How do you trade this type of market? Let’s use ABS as an example.

You could have bought all the shares you wanted on January 2, 2020 at P15 per share. The price hit a recent high on February 27 at around P25. The close last Friday was P14.78. What goes around comes around. If you bought at the bottom and rode it all the way up and then down, bought at the top, or bought on the downtrend from February 27,

protecting lives in ways that do not prevent people from earning a living.

The public should stay vigilant about the virus while commuting on their way to the their workplace and manning their jobs. The government, for its part, should see to it that more aggressive localized lockdowns in Metro Manila are implemented to contain the virus spread.

See “Villar,” A7

you got what you traded for.

On the weekly chart, buying above P16 made sense according to the technical indicators. Likewise, there were several technical selling signals during the week of the high ending February 28. I stated publically at the time when I bought at P18 and then sold at P21.

Buying specifically as the price was going down or at the recent P15 bottom was absolutely a gamble not unlike at the closed casinos. A buyer was betting that the franchise would be renewed and that the price would then go back to at least P20-P22. The bet lost, simple as that.

At the February high, the price did not break and hold the 200-Week Moving Average Line (Sell Signal).

After the high, the price could not break and hold the 200-Day Moving Average Line, which would have been a Buy Signal that never came.

Like crossing the street in heavy traffic, investing in the stock market is not a gamble unless you choose to make it one.

E-mail me at mangun@gmail.com. Visit my web

site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis tools provided by the COL Financial Group Inc.

Opinion BusinessMirror

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Emerging markets are The conscienceless vote going to pay the price again

J

t’s hard to accept that the members of the House of Representatives’ Committee on Legislative Franchises and its Technical Working Group have voted according to their conscience after serious and objective consideration of the testimonies and evidence adduced at the hearing of the ABS-CBN’s franchise renewal application.

It is no secret that the network had earned the ire of President Duterte when ABS-CBN did not air his political advertisements and instead featured anti-Duterte ads during the closing period of the last presidential campaign. Furthermore, the President on a number of occasions had denounced ABS-CBN for its political bias and publicly declared that it would be a better option for the network to just sell the network since it would never get its franchise renewal.

presented by both sides during these exhaustive proceedings, as well as the application of the relevant laws and public policy.” He said earlier that “from the start, we’ve been urging a conscience vote. That’s why we made the hearings public, so that the people can decide for themselves. So, this is one of the rare cases where representatives will decide for the people.” Elegant words spoken by a bible-quoting leader of the House ostensibly from a high moral ground which sounded music to the ears of wishful-thinking Filipinos. Yet, despite the findings and declarations of most, if not all, regulators and government agencies who were invited at the hearing that the network had not committed violations, the voting members disregarded such fact and overwhelmingly rejected ABSCBN’s bid for a new franchise. Can we then state matter-of-factly that the House panel had voted based on the facts, the pertinent laws and policy and, most of all, according to their conscience and honest conviction per assurance by the Speaker.

Did the Committee members have sufficient opportunity to review the recommendations of the TWG before voting was called? Based on the people’s reaction, it would seem that the answer is a resounding “No.” How

can the pawns disobey the wishes of their king? If the adverse decision was decided “for the people,” had the panel members consulted with their constituents before casting their votes? The collective wisdom of their constituents should have been a more reliable guide in arriving at a just and fair decision. The elected representatives should not completely arrogate upon themselves the decision-making particularly on matters involving significant public interest.

Another disappointing act during the hearing which Congressman Edsel Lagman called a “charade” was the complete somersault by the NTC after it committed to Congress that it would issue a provisional authority for the network to operate after it was agreed that the Senate and the HoR would issue resolutions authorizing the NTC to grant the network a provisional authority to air its programs. The Solicitor General filed a quo warranto petition with the SC charging ABS-CBN of violating its franchise on several counts.

The SolGen also warned that it shall take legal action against the NTC if it proceeds to issue a temporary authority since the power to issue a franchise is an exclusive power of Congress. Without advising both the HoR and the Senate, NTC issued a

By Mihir Sharma|Bloomberg Opinion

udging by the performance of emerging markets, you’d hardly know the world was suffering from a deadly pandemic.

After a horrible March, according to the Institute for International Finance, non-resident portfolio flows into emerging markets increased tenfold to $32.9 billion in June. MSCI’s EM currency index hit a one-month high last Thursday. Even currencies as weak as the South African rand are seeing a bit of a rally.

Of course, that doesn’t mean things are going well in developing nations themselves. If anything, many of them face longer and more troublesome recoveries than was anticipated at the depth of the market panic in March. Earnings aren’t expected to recover anytime soon.

Here in India, the ratio of price to one-year forward earnings for stocks in the Nifty50 index is the highest it has been for a decade.

Behind this decoupling of markets and Main Street lies a familiar culprit: rich-world central banks.

As they did after the 2008 financial crisis, the Federal Reserve, European Central Bank, Bank of England and Bank of Japan have pumped massive amounts of liquidity into their domestic markets. Those markets have rallied as intended and domestic investors, terrified at the prospect of missing out, have piled in. That in turn has forced institutional investors to search for yield in emerging markets.

If the entire process is disconnected from reality, that’s by design.

The very purpose of unconventional monetary policy is to impose irrationality on markets.

Market insiders take this disconnect for granted; as Ajay Kumar of Bank of America Securities told Bloomberg TV, “sentiment and liquidity account for the bulk of your returns” at times like these. But the rest of the world doesn’t. And they’re right not to do so because, the last time this happened, emerging markets wound up badly damaged by the monetary policy of developed nations.

Yes, the Fed and others have done well to reverse the near-catastrophic outflows of capital from emerging markets that were visible in the early weeks of the pandemic.

Though it wasn’t their intent, their actions helped EMs raise, by early June, more than $83 billion on global bond markets.

But, emerging markets should have learned by now that this is a poisoned chalice. Over the mediumand long-term, the West’s money printing will burden the developing world with volatility, instability, and subdued growth and investment.

Consider India’s experience. In the years after 2008, the country enjoyed a sharp liquidity- and stimulus-driven rebound. But then commodity prices shot up. That increased inflation, drained foreignexchange reserves and caused inflationary expectations to drift up unanchored.

Asset-price inflation caused endless pain domestically; real estate prices, for example, shot up so high

Villar. . .

Continued from A6

I am glad that Interior Secretary Eduardo Año is taking a no-nonsense approach in dealing with selective lockdowns to effectively flatten the curve in the capital region.

Mr. Año, vice chairman of the National Task Force for Covid-19, proposed the measure in his meeting last week with Metro Manila mayors, officials of the Metropolitan Manila Development Authority and some members of Inter-Agency Task Force for the Management of Emerging Infectious Diseases, as part of government’s response to limit the spread of disease while gradually reopening the economy.

I have favored selective lockdowns compared with the restrictive ECQ that limited mobility to a minimum and virtually put the economy

Emerging markets should have learned by now that this is a poisoned chalice. Over the medium- and long-term, the West’s money printing will burden the developing world with volatility, instability, and subdued growth and investment. that the market is still not working properly. And, worst of all, cheap liquidity led to indiscriminate lending and a bad-loan crisis that has crippled Indian growth and investment.

Nor were we masters of our own fate: In the infamous taper tantrum, a word from former Fed chairman Ben Bernanke drove the Indian rupee down to record lows. The Fed’s actions had political consequences as well, as voters took out their anger on the hapless incumbent government.

Naturally, this process won’t unfold the same way twice. The driver won’t be oil prices this time, and perhaps not real estate. All we can say for certain is that something of the sort will indeed happen again. All that liquidity will have to settle somewhere and it will probably wind up flowing to whichever real asset is seen as being scarcest and most future-proofed on the margin. Rare earths, perhaps, in our new digital world?

The fact that share prices and currency indices are so detached from reality is the surest sign that the process is underway. These are the first conduits through which the irrationality of central bank actions elsewhere begins to affect emerging economies. The MSCI index of EM equities has had a great quarter but remember, the last time it had such a good quarter was 2009.

Inevitably, the combination of unrestrained liquidity and a crisis mentality will weaken already fragile governance structures in both financial markets and the real economy.

Central banks in the West have been warned of this often. Raghuram Rajan, who as governor of the Reserve Bank of India had to deal with the consequences for India of unconventional monetary policy elsewhere, has constantly argued for setting “rules of the game” for central banks so that they don’t destabilize emerging markets.

Rajan makes a simple, if underappreciated point: “The bottom line is that simply because a policy is called monetary, unconventional or otherwise, it may not be beneficial on net for the world.” The failure to learn the lessons of the last stimulus may now doom emerging markets to another decade of subpar growth and political instability. on a standstill. Mr. Año’s tactic of placing one barangay or street on an immediate lockdown and subject its residents to testing even if there is only a single Covid-19 case is an ideal model. Contact tracing here will be handy once the infected individual is placed in isolation.

“What we want now is a faster implementation of localized lockdowns, whether it is a community, neighborhood, a street or a building or one household or one barangay,” he said. “So that we will be able to eventually reopen jobs and offices and our countrymen will be able to return to work, we need to act fast.”

I fully agree with Mr. Año. We can both contain Covid-19 and further reopen the economy at the same time with swift and practical solutions.

For comments, e-mail mbv.secretariat@gmail.

com or visit www.mannyvillar.com.ph.

Tuesday, July 14, 2020 A7

Manny F. Dooc

TELLTALES

I

Instead of a conscience vote, what took place apparently was a command vote based on the lopsided results and the party affiliations of those who voted against the renewal of the franchise. It was a wishful thinking for the naive supporters of the network to hope that ABS-CBN would be given an impartial hearing and fair judgment in Congress.

It is no secret that the network had earned the ire of President Duterte when ABS-CBN did not air President Duterte’s political advertisements and instead featured anti-Duterte ads during the closing period of the last presidential campaign. Furthermore, the President on a number of occasions had denounced ABS-CBN for its political bias and publicly declared that it would be a better option for the network to just sell the network since it would never get its franchise renewal. During the exhaustive hearing of the ABS- CBN application, Speaker Alan Peter Cayetano spoke before the crucial voting and pontificated: “As the committee hearing the franchise of ABS-CBN approaches the day where its members have to decide on the fate of the network, the House leadership would like to reiterate that each vote must and will be based on the appreciation of the facts as they have been

cease-and-desist order mandating ABS to stop broadcasting until Congress has renewed its franchise. NTC had completely ignored due process by not giving the network a showcause order why its operation should not be shut down before issuing the CDO. Later, when ABS-CBN aired its show on cable and satellite TV channels, which the network claimed were not covered by the 25-year franchise, NTC sought SolGen’s opinion whether its earlier CDO already covered the TV Plus set-top boxes. Meanwhile, Congress strongly warned that a graft case against the NTC was in order for allowing ABS-CBN to operate with an expired franchise. An alias CDO was issued by the NTC banning the network from showing its program through its digital channels. NTC’s flip-flopping actions only showed that it has “the moral backbone of a chocolate éclair,” to borrow a quote from former US President Teddy Roosevelt. It gives us a feeling of insecurity when a government official is not firm on his resolve and decides and acts out of fear of losing his position.

But the greatest tragedy is when Filipinos no longer give a damn on what our congressmen do or say. Do we still care when we see our so-called honorable legislators behave deplorably or depravedly? Are we concerned if the quality of our political institutions like Congress has declined?

Where are the leaders who can defy their party to serve the national interest? Show us the lawmakers made of sterner stuff; men of courage and conviction who will not subordinate the people’s will in exchange for political pelp, prestige and power. We need elective officials with political courage and integrity who are not afraid to lose their seat on a matter of principle. An ideal politician is one who thinks of the next generation and not of the next election. He should be above any political party and selfish partisan interest.

Deductibility of loss from destruction of inventories/assets Fulvio D. Dawilan

Tax Law for Business

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he deductibility of loss arising from the write-off or destruction of inventories and other assets had always been a cause of dispute between taxpayers and the tax authority. A number of tax examinations had led to the disallowance of deductions claimed by taxpayers on losses arising from the destruction/ write-off of inventories and assets due to obsolescence, deterioration or other causes rendering them unfit for sale or use. Apparently, the BIR had consistently advanced the view that a prior approval and/or the presence of a representative from the BIR is necessary before goods/assets write-off/destruction could be made and claimed as deduction for income tax purposes.

Specifically with respect to inventories, a review of previous assessment cases that were elevated to the Courts would show that the BIR had been taking the position that for a deduction on account of a taxpayer’s destruction of inventories due to obsolescence to prosper, there is a mandatory substantiation requirement to be satisfied. And that is the issuance by the BIR of a document affirming the fact that the inventory was indeed destroyed. That can only happen if the BIR is notified by the taxpayer and a representative is sent on a specified date to witness and attest to the destruction of the inventory.

To justify the disallowance, it is the usual argument by the BIR that the issuance of a certificate is the only rational requirement that effectively substantiates a claim that inventory was destroyed. Otherwise, the government would be left with no recourse but to accept a regime where taxpayers substantiate self-serving claims through their own records and their own interested witnesses.

Should there be no prior BIR approval or a request for a BIR representative who would witness the actual writeoff as part of the substantiation requirement, the cost of inventories

written-off is considered unreliable and cannot be allowed as deduction from taxpayer’s gross income.

Was there really a requirement for a taxpayer to have the destruction of its inventories/assets witnessed by a BIR representative and for the latter to issue certification on his observation? None. That may have been the practice, but that is not provided in the law or in any revenue issuance.

In fact, while the Courts had agreed on the disallowances made by BIR examiners on a number of occasions, it was not on the absence of actual witnessing by a BIR representative and non-issuance of certification.

The Court had in fact acknowledged that a certification from the BIR of the actual destruction of obsolete inventories is not necessary in order that the costs of written-off assets could be claimed as deductions.

A taxpayer needs only to present competent documentary evidence to establish such destruction and the related costs. Failure to substantiate an inventory write-off would justify the disallowance of the deduction.

In essence, actual witnessing by a BIR representative of the destruction of inventories and the issuance of a certification would serve as proofs for claiming the costs of written-

off/destroyed inventories as deductions. But that is not necessary and certainly not the only means. Some other reliable proofs, other than selfserving pronouncement by the taxpayer, would serve the same purpose.

Even the issuance of Revenue Memorandum Order 16-2012 was vague on this requirement. Although the RMO prescribed the policies and guidelines for the required physical/ ocular inspection and supervision over the destruction/disposal of equipment or of inventory of goods or assets which have been declared, among others, as waste or obsolete due to different causes rendering the same unfit for sale or for use in production, before it can be considered as deductible, it was referring to casualty losses. The term “casualty” is the complete or partial destruction of property resulting from an identifiable event of a sudden, unexpected, or unusual nature. It does not apply to losses arising from ordinary deterioration of assets from operating causes. Also, it was referring to cases where the inventories, machineries or equipment applied for destruction are located outside the territorial jurisdiction of the BIR office where the taxpayer is registered. It would seem that it did not cover goods/assets located within the jurisdiction of the BIR office where the taxpayer is registered.

The confusion on the requirements for the deductibility of losses arising from destruction/disposal had come to light with the recent issuance of RMO 21-2020. Prescribing the policies, guidelines and procedures for the inspection or supervision of the destruction/disposal and determination of deductible expense pertaining to inventory of goods/ assets which have been declared as waste or obsolete, the RMO requires an application for destruction/disposal of goods/assets to be filed with and processed by the concerned BIR office where the principal place of business of the taxpayer is registered. An application has to be filed at least seven days before the proposed

scheduled date of destruction/disposal of the inventories/equipment.

Among other documentary and procedural compliance, the new RMO also requires actual witnessing of the destruction of a representative of the BIR, who must later issue a Certificate of Deductibility. Interestingly, an accredited tax practitioner or external auditor may also be a witness.

The certificate issued by the witness shall be the basis of the taxpayer in claiming deductions. Clearly, before a loss is recognized as a deduction, it is now mandatory for a BIR authorized representative to witness the actual destruction of inventories and other kinds of assets and to issue certification on his observation.

With this new RMO, there is now clarity on the requirements before a loss on inventories and assets which have become waste or obsolete due to spoilage, deterioration, obsolescence, expiration, or other causes rendering the asset unfit for sale or for use in production. Taxpayers should follow the guidelines provided in the RMO, with the certificate issued by the BIR as the primary document to support a claim for deduction. Taxpayers cannot rely on other documents to substantiate their deductions, no matter how significant such other documents are.

These may only serve as additional proofs. But compliance with these requirements applies only to losses resulting from actual destruction and not to other reasons. Certainly, it does not apply to losses from sale of inventories and assets sold at less than their carrying values.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law), a member-firm of WTS Global.

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

A8 Tuesday, July 14, 2020

DBM: We’ve released ₧1.44B for Acef to DA

By Bernadette D. Nicolas

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@BNicolasBM

HE Department of Budget and Management (DBM) has refuted the claim of the Federation of Free Farmers (FFF) that it has yet to release remaining funds under Agricultural Competitiveness Enhancement Fund (Acef).

Contrary to FFF’s claim, DBM Director Cristina B. Clasara said they have already released the P1.44-billion credit fund allocation under Acef in 2019 to the Department of Agriculture (DA).

“Per our record and as confirmed by DA, they received the 2019 and 2020 allocation for credit of P1.440 billion for each year,” Clasara said in a message to BusinessMirror.

“I saw the article, but if you noticed none was mentioned for the 2019 release. We also released P1.44 billion in 2019. I hope this clarifies the issue of FFF,” she added. She also said the budget department currently has no pending request received for Acef.

According to Clasara, there are only three eligible expenditures for Acef fund: credit, scholarship and research and development.

As for the scholarship allocation under Acef, Clasara said they still have an unreleased amount of P128 million since P51.8 million was already released.

The unreleased amount for scholarship earmarked under Acef, Clasara explained, was because they have not received a request so far from DA “maybe because of the change in school calendar.”

In a statement last Friday, FFF claimed that the budget department “has yet to release remaining Acef funds despite repeated and urgent requests.”

The farmers’ group earlier said the

Acef had a fund balance of P5.15 billion as of May 2018, of which the allocation for credit amounted to P4.12 billion.

It said DBM a lready released P1.28 billion for the Land Bank of the Philippines’s credit program in 2018 and remitted a second tranche of P1.44 billion early this year, leaving a balance of P1.4 billion.

Under Republic Act 10848 or the law signed by former President Benigno S. Aquino III that extended Acef’s implementation, 80 percent of the Acef fund shall be earmarked for credit to farmers and fisherfolk associations and cooperatives and micro and small-scale enterprises; and 10 percent each shall be allotted as grants for research and development and for funding of grantin-aid program for agriculture, forestry, fisheries and veterinary medicine education.

To recall, the Acef was created in 1996 under Republic Act 8178 or Agricultural Tariffication Act. Acef is a pool of funds consisting mainly of duties and taxes collected from the imports of various agricultural and fishery products, except rice, covered under the minimum access volume mechanism.

It was aimed at financially supporting farmers, fisherfolk and agri-fishery entrepreneurs to enhance their productivity and competitiveness at local export markets.

The fund was supposed to expire in 2007 but it was extended by Republic Act 9496 in 2008 and by Republic Act 10848 in 2015.

In 2011, the implementation of Acef was suspended after officials saw irregularities with the program. More than a year after its suspension, the government resumed extending loans through Acef.

As NCR Covid-19 cases rise, easing of quarantine dims M

By Samuel P. Medenilla

@sam_medenilla

ALACAÑANG on Monday said the downgrading of the community quarantine in Metro Manila this week is now unlikely amid the rising cases of novel coronavirus disease (Covid-19) in the region

“I will just like to make it clear that while the President still has no decision on the matter...but at this point the data does not indicate that the [community quarantine] in Metro Manila could be eased. This is to manage expectations,” Presidential spokesman Harry Roque said in an online press briefing.

He said the doubling rate of Covid-19 cases and diminishing critical care facilities has prompted the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) and the National Task Force Against Covid-19 to express concern over possible easing of quarantine restriction in the region.

As of Sunday, the Department of Health (DOH) reported NCR to have

the highest number of newly announced fresh Covid-19 cases with 2,822.

Heath Undersecretary Leopoldo Vega agreed with Roque, saying that the critical care utilization rate in NCR is already in the “danger zone.”

Three major private hospitals in Metro Manila on Monday said they could no longer accept Covid-19 patients as their dedicated intensive care unit beds have reached full capacity. See story on page A2.

The St. Luke’s Medical Center in Quezon City (SLMC-QC), St. Luke’s Global City (SLMC-GC) in Taguig and Makati Medical Center said they have run out of beds for Covid patients.

However, Health Undersecretary Maria Rosario Vergeire said they reminded the hospitals that they are mandated to allocate 30 percent of their bed capacity for Covid-19 cases.

“When they declare full capacity, it onlymeansthecapacitytoallocateforCovid but not the entire hospital, so there’s still room in every hospital to expand more. That is what we are doing in our government hospitals,” Vergeire said.

For his part, Undersecretary Vega said, “We are trying to prepare public hospitals, especially the governmentretained hospitals so they have to ad-

just in the number of their ICU [intensive care units] beds because we have to be ready for this because we’re in a crisis and we are also asking the private institutions—to implement the 30 percent allocation for beds, especially if there is a rise in the number of Covid cases,” Vega said. He said they are now also in the process of integrating hospital systems to ensure collaborative response to the rising medical needs of Covid-19 patients.

Opening the economy

AT the online press briefing on Monday, chief implementer of the government’s national policy on Covid-19 Carlito Galvez said the government is now considering implementing a “hybrid” general community quarantine (GCQ) in NCR as recommended by its mayors.

Under the scheme, he said, there will still be quarantine restrictions in the region, but they will open up more economic activity. Galvez noted the private sector should “take equal responsibility for containing the spread” of Covid-19 if the new system is implemented. He also pointed out that localized lockdowns will play a crucial role towards realizing this policy.

Citing the Department of Finance (DOF), he said many companies are already at "tipping point" because of the community quarantine and now needs to be allowed to operate even during the Covid-19 crisis.

Galvez said the proposal is subject to the approval of the IATF. Roque said President Duterte is expected to announce the new community quarantine classifications for NCR and other areas of the country on Wednesday.

HEAVY rains pelt Metro Manila in this July 6, 2020 photo. As meteorologists are issuing thunderstorm warnings more frequently these days, authorities have raised warnings about the resurgence of diseases normally occurring during the wet season. They urged the public to keep taking precautions against them, and not be totally focused on just avoioding Covid-19. BERNARD TESTA

Imee pitches bill to help banks get rid of NPAs

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HE Senate Committee on Economic Affairs, in a bid to help government raise more funds and keep businesses afloat amid the Covid-19 pandemic, is poised to frontload for plenary consideration a remedial legislation enabling state-run and private financial institutions to sell “toxic” nonperforming assets (NPAs) more easily.

Sen. Imee Marcos, who chairs the committee, affirmed the need to “create specialized asset-managing corporations that will clean up the balance sheets of lending institutions by acquiring their bad loans and stagnant properties.”

In filing Senate Bill 1646 to be known as the Financial Institutions Strategic Transfer (FIST) Act, Marcos noted that “unpaid loans and other nonperforming assets are the virus infecting the country’s financial system and will test its resilience in the coming months.”

The senator warned that the pandemic is expected to make it harder for borrowers to pay back and will likely increase the bulk of nonperforming assets in government financial institutions, private banks, investment houses, and other credit-granting entities.

Moreover, Marcos added that similar to the special purpose vehicles (SPVs) created in the wake of the 1997 Asian financial crisis, the FIST corporations proposed in her bill will specifically address the Covid-19 pandemic’s threat to the economy.

She recalled that “the financial relief strategy back then was able to lower the ratio of bad loans to total loans from 14.6 percent in 2001 to 5.1 percent in 2005. Liquidity was created in the hundreds of billions.”

At the same time, Marcos maintained that greater liquidity means banks and other financial institutions will be able to lend more to keep businesses in operation.

The senator added: “Also, we need more than the P140 billion that our economic managers have allotted for the government’s second stimulus package. Creating FIST corporations will help government raise revenue to respond to the pandemic.”

In a statement, Marcos maintained that tax privileges and fee exemptions to be given to FIST corporations aim to encourage their creation at a time of increased financial risk.

She noted that among banks alone, the amount of nonperforming loans may increase in the coming months from the present 5 percent to as high as 20 percent of total loans, as projected by the Bankers Association of the Philippines. “Let us not be complacent and plan for the months ahead.

While the government has so far managed to keep the peso steady against the dollar with a strong balance of payments and international reserves, how long will this last if local businesses and exports remain weak?” the senator wondered.

Marcos added: “ The spike in Covid-19 cases is shocking us each day and our hospitals are starting to fret about their capacities,” noting that UP researchers have just revised their case projection upward from 60,000 to 75,000 by the end of July. Butch Fernandez

Naia improvements to continue pending redevelopment–Miaa

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MPROV EMEN TS in t he Ninoy Aquino International Airport (Naia) will still push through despite the delayed major redevelopment project of the facility, the Manila International Airport Authority (Miaa) said on Monday.

“The rehabilitation and other things which needs to be fixed in the airport will continue since there is still no signing [on the new contract for the project],” Miaa General Manager Eddie V. Monreal said in an online press briefing.

He made the assurance after the Miaa revoked the original proponent status of the Naia Consortium, a group of six of the country’s largest companies, to upgrade the airport.

This after the government re-

fused the consortium’s revised P102-billion proposal for the project, citing the effects of the novel coronavirus disease (Covid-19) The Naia Consortium comprises Aboitiz InfraCapital Inc.; AC Infrastructure Holdings Corp.; Alliance Global Group Inc.; Asia’s Emerging Dragon Corp.; Filinvest Development Corp.; and JG Summit Holdings Inc.

Possible option

LAST week, the Department of Finance (DOF) and the Department of Transportation (DOTr) said there are now two other unnamed business groups which are interested in taking over the project.

Monreal said he is still not aware of the two groups, but he noted

that another option is to revisit the second applicant when the government started accepting unsolicited proposals for the Naia redevelopment in 2018.

“If they will accept the approved [terms] of the ICC-Neda [Investment Coordination Committee-National Economic and Development Authority], we might proceed to the second group,” Monreal said.

“But this is not final and it still needs to be discussed and to fix the guidelines like what was previously approved [for the Naia Consortium],” he stressed.

Aside from the Naia Consortium, Megawide Construction Corp. and its partner GMR Infrastructure Ltd. also submitted their own version of the project to Neda for consideration. Samuel P. Medenilla

Companies BusinessMirror

www.businessmirror.com.ph

PSE suspends trading of ABS-CBN shares

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By VG Cabuag @villygc, Jovee Marie N. Dela Cruz @joveemarie & Butch Fernandez @butchfBM

hares of ABS-CBN Corp. and its Philippine deposit receipts (PDRs) issued by ABS-CBN Holdings Corp. were halted for trading on Monday after the House of Representatives denied last week its application for the renewal of its franchise.

The nonrenewal of the media company’s franchise means that its free television and radio stations, its primary source of income, would remain off the air.

The trading suspension on ABSCBN shares and PDRs, which began at 9 a.m. on Monday, was contained in a notice issued by the Philippine Stock Exchange (PSE).

“In view of the foregoing resolution adopted by the Committee on Legislative Franchises on the nonrenewal of the Company’s franchise, and pursuant to existing rules, applicable laws and regulations in order to maintain a fair, efficient and orderly trading market, the exchange will implement a trading suspension,” it read. Shares of ABS-CBN was last traded on Friday at P14.78 apiece, already down from the previous day's P15.18 apiece.

The company’s shares were also halted for trading on May 6, when the National Telecommunications Commission (NTC) ordered the shutdown of its free TV and radio stations for failing to renew its franchise. ABSCBN shares were then trading at P17 to P17.50 apiece.

The legislative franchise will allow them to use frequencies for television and radio broadcasts, which until today is the main revenue source for the company that also drives its other businesses. The company operates 21 radio stations in key Philippine cities.

In contrast, GMA Network Inc. was one of the most actively traded companies for the day. Its share price rose 10 percent, or P0.62 to P6.65, bucking the general down-

ward trend of the market. The main index was down 24.81 points to close at 6,172.57.

“We are deeply hurt that the Committee on Legislative Franchises has denied the franchise application of ABS-CBN. We believe that we have been rendering service that is meaningful and valuable to the Filipino public. Nevertheless, we would like to thank the Committee for allowing us a chance to air our side on all the issues raised against us,” company President and CEO Carlo Katigbak said in a statement released shortly after Congress thumbed down its franchise renewal application last Friday.

The company still has other businesses, such as cable and directto-home television distribution and telecommunications services overseas, movie production, audio recording and distribution, video and audio post-production and film distribution. Most of its revenues, however, are from advertisements on its free-to-air TV broadcast.

‘Fault of owners’

Speaker Alan Peter Cayetano on Monday said the owners of the ABSCBN are responsible for the TV network's shutdown and not the Duterte administration.

Cayetano issued the statement after the House Committee on Legislative Franchises denied the franchise application of the ABS-CBN Corp. last Friday.

“As to the oligarchs, like the owners of ABS-CBN, whose historical institutional DNA is programmed to protect and grow their fortunes by

controlling and abusing the system, they also deprive the country of billions in much needed funds by skirting and bending the law. Many times in connivance with the political elite,” Cayetano said in his Facebook post.

“Unlike terrorists, oligarchs are able to fully use our legal system to victimize the people. They field de campanilla attorneys who expertly twist the law to suit their commercial interests. Yes, their methods for avoiding taxes in the billions of pesos may appear ‘legal,’ but how can you argue that putting that much money in the pockets of one family, instead of having it benefit the millions of Filipinos who desperately need it, is in any way right or moral?”

Cayetano noted that GMA Network paid P3.13 billion in taxes from 2017 to 2019, as compared to ABSCBN’s P563 million for the same period. This, he said, makes it “crystal clear” that something has gone “terribly wrong” with the system.

“We can argue about whether or not the journalists of ABS-CBN had any political bias, but can anyone who is familiar with Philippine history and politics have the same doubts when it comes to the network’s owners? Or that they leveraged the influence of the network to gain access to favored government contracts?”

Right to criticize

Cayetano said Congress respects the right of the members of the media and every Filipino to criticize the government.

“For those who continue to push the freedom of the press card, Congress is not stifling the right of any journalist, host, commentator, talent, or employee of ABS-CBN—or any Filipino for that matter—from criticizing the government. We simply put an end to the privilege of one family in using a public resource to protect and promote their private interests,” said Cayetano.

“Which is why I stand with the decision of the committee. While my belief in the right of the people—including those who work in the media—to freely express their opinions in whatever platform and manner remains strong, so is my conviction that private interests should be kept at the same armslength distance as government

PPA port collection scheme goes digital

‘Repeal archaic law’

To insulate press freedom from partisan politics, Albay Rep. Edcel Lagman, said the Radio Control Act of 1931 must be repealed. According to Lagman, the 89-year-old law provides that radio stations, now including television stations, must secure from Congress a legislative franchise prior to operation.

“While the 1987 Constitution does not require mass media enterprises to secure such franchise, the Radio Control Act imposes the requirement,” he said.

“The recent controversial and arbitrary rejection of ABS-CBN’s bid for a franchise renewal justifies the repeal of the anachronistic Radio Control Act. The authority to grant certificates of public convenience and necessity to mass media enterprises, without the need for a prior legislative franchise, must be maintained with the NTC under regulatory parameters which would ensure protection to press freedom.”

The lawmaker said mass media companies are not within the ambit of Section 11 of Article XII of the Constitution because this provision covers public utilities at least 60 percent of whose capital is owned

by Filipinos.

“Mass media are not public utilities and are 100 percent Filipino owned and managed,” he said.

“There is no law or jurisprudence which categorically classifies television and radio networks as public utilities considering that the services of the latter, by nature, are for hire or compensation unlike mass media whose broadcasts are essentially free to the viewing public and subsidized by advertisements,” he added.

Also, Lagman said the pertinent constitutional provision on mass media is Section 11 of Article XVI which does not require any legislative franchise for the operation of television and radio networks.

Continued on B2

Chelsea Logistics sells preferred shares

INANCIAL technology player GCash has struck a partnership agreement with digital insurer Singlife Philippines to offer insurance products to over 20 million users of its mobile platform.

Through the partnership, GCash will be offering various insurance products that cater to the different needs of its customers.

“GCash seeks to maximize the reach of technology to promote health and financial security especially during this global health situation. After offering customers a new, more customer-friendly way to do banking transactions, partnering with Singlife Philippines will allow us to also offer our clients access to a number of meaningful life insurance products that cater to their financial well-being,” GCash CEO Martha Sazon said.

Singlife Philippines is backed by Aboitiz Equity Ventures, Di-Firm, and Singlife of Singapore.

“We believe that everyone should have access to financial products that support them to manage their financial lives efficiently. By using digital technology, we can simplify products, make them affordable for a larger market, and design them to be customer centric. Our products adjust to your needs and give you the best value for your money,” Singlife Philippines President Rien Hermans said. Lorenz S. Marasigan

helsea Logistics and Infrastructure Holdings Corp., a company led by Davao businessman Dennis Uy, on Monday said it raised some P500 million after it sold preferred shares.

In its disclosure to the Philippine Stock Exchange, Chelsea, which operates most of the large passenger, cargo ships and other types of vessels in the country, said it is selling some 500,000 in preferred shares via private placement to Global Kingdom Investments Ltd. at an issue price of P1,000 per share.

“The issuance is an exempt transaction under Republic Act 8799—the Revised Securities Regulation Code,” the company said in its disclosure.

The said preferred shares will come from the increase of the authorized capital stock of Chelsea to P3.5 billion, divided into 3.49 billion shares from the previous P2 billion.

Of the said increase, Udenna Corp., Uy's holding firm, will subscribe to some 375 million common shares at P3.26 apiece.

Trading of Chelsea shares was halted for one hour on Monday as a result of the transaction.

It closed at P3.65 per share, down P0.01 from the previous trade.

“The proceeds from the above transactions shall be used to finance current and future projects of the company and also for additional working capital,” the company said in its disclosure.

Chelsea reported a loss of P345.08 million

C

B1

from controlling the media.”

Cayetano also maintained his position that the denial of the franchise renewal is not an issue of press freedom, but part of the government’s effort to reclaim the country’s patrimony from the oligarchs.

GCash to offer insurance products from Singlife PHL

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Tuesday, July 14, 2020

for the first three months of the year, a reversal of the P138.71 million in income it recorded last year.

Revenues were flat at P1.61 billion from last year's P1.59 billion, despite being the first quarter as the start of the traditional peak season for both passage and cargo business.

Its shipping business revenue was also flat at P1.5 billion, from last year's P1.48 billion despite the increase in passage revenues as the logistics operations posted a 10-percent decline due to the restricted movement of goods caused by the Taal Volcano eruption and the government-imposed lockdown.

“In the pipeline we have investments which are expected to generate significant cashflows: there are two vessels to be delivered this year, our 2.5-hectare logistics warehouse will be completed by the first quarter of next year and will boost capacity," Chelsea President and CEO Chryss Alfonsus V. Damuy said.

“We will also be soon seeing infrastructure seaport and airport modernization projects in Davao that will make meaningful contributions in the future and generate additional revenue streams. All these are vital to the Philippine economy and will remain necessary for a long time.”

Global Kingdom Investments is located in Happy Valley, Hong Kong and is part of the real estate industry. VG Cabuag

BusinessMirror file photo

By Lorenz S. Marasigan @lorenzmarasigan

T

he Philippine Ports Authority (PPA) has digitalized its port collection system through its newly launched electronic-payment portal (EPP), as it moves to reduce human interaction amid the new normal demanded by the pandemic.

PPA General Manager Jay Daniel R. Santiago said the e-payment portal will house and host all payment systems of ports under the control of the agency and connect it through a number of government and commercial banks joining the program.

Non-bank institutions, payment providers, and payment centers are included in the said program.

“We are really keen on automating our collection of port charges to reduce face-to-face transaction, thus, boosting the integrity of our process.

This scheme now allows payment of transactions anytime and anywhere electronically,” Santiago said.

Land Bank of the Philippines is hosting the interconnection of the epayment portal. Participating banks include the following: Robinson’s Bank, UnionBank, Rizal Commercial Banking Corp., Asia United Bank, BPI Direct BanKo, CTBC Bank, Cit-

ystate Savings Bank, Development Bank of the Philippines, Enterprise Bank, Entrepreneur Bank, Equicom Savings Bank, Luzon Development Bank, MASS SPECC, Malayan Bank, Overseas Filipino Bank, PBCom, Philippine Business Bank, Philippine Veterans Bank, Philtrust Bank, Sterling Bank of Asia, Sun Savings Bank, and Wealth Bank.

The new payments scheme is also integrated into its other online systems such as the Electronic Accreditation System, Electronic Permit Management System and Internet-based Port Operations and Receipting for Terminals System.

It is also linked to the cargo handling operators’ online systems.

The payment option will initially be available for Manila and Batangas.

It will be rolled out in other ports nationwide soon.

Santiago said his group is now developing an “automated passenger ticketing system,” which will centralize the booking and payment of passenger tickets, thus, preventing overbooking and overloading resulting in safer sea travel.

“Digital technology is the future and the PPA is making sure that we are at par with our foreign counterparts and trading partners.”

‘Reject 2nd coal-fired plant in Sual’

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roups belonging to the Save Sual Movement (SSM) and the Philippine Movement for Climate Justice (PMCJ) on Monday urged the municipal government of Sual to set aside the proposed 1,000 megawatts (MW) coal-fired power plant by Korean Electric Power Corp. (KEPCO).

Members of SSM were dismayed when a scheduled meeting between members of the Sangguniang Bayan of Sual and representatives of KEPCO was suddenly canceled. They were supposed to attend the public hearing to register their opposition to the project prompting the group to make their opposition to the project public through social media.

“Since 1996, we have lived with the smoke and pollution of the Sual Power Station, causing much suffering and health problems among the residents.

Now, it seems like another power plant will be built, trading the health of residents and of the environment in exchange for dubious economic benefits,” Rosanna Soriano, president of SSM, said in a statement posted in a Facebook page dubbed Save Sual Movement.

Soriano added that residents of Sual are unwilling to sacrifice their environment for another coal power plant, which they do not even need as a town with an electricity demand of only 10 MW. “Humanity cannot live except in harmony with nature. Nature has been entrusted to humanity like a garden to be cultivated with care, not for the use or misuse of a few,” she said.

Residents of Sual said their local officials were initially against the existing coal power plant, but they are worried that the mayor and the council may have made an “about-face.”

“The residents of Sual are entitled to express their opinions in a public hearing.

More than the officials, it is the ordinary people of Sual who would be affected in terms of their health and traditional livelihood by the power plant. And with the climate crisis, we are all facing, the government of Sual must already drop

all ideas and plans of building coal-fired power plants,” Ian Rivera, National Coordinator of PMCJ, said.

The consent of the local government, unit is a requirement for the construction of any coal-fired power plant, after proper consultation with stakeholders.

“Any coal power project with a capacity of 30 MW or higher is considered to be environmentally critical. With an installed capacity of 1,000 MW, the proposed coal plant is one of the biggest power projects in the national pipeline, which could have significant adverse environmental impacts.

Under the EIA [Environmental Impact Assessment] Process and the Local Government Code, KEPCO and Sual municipal government should ensure timely and well-informed public participation of all stakeholders, especially the affected community, in all discussions," said Avril de Torres, head of the Research, Policy, and Law Program of the Center for Energy, Ecology, and Development (CEED), a sustainable development think-tank.

In a letter to Calugay, Rivera also informed the mayor of efforts by the South Korean legislature to move the Korean government away from further investments in coal and asked if KEPCO has informed the council of these developments.

“Even the South Korean Government has been mulling withdrawal from coal investment and expansion. At the June 16 Trade, Industry and Energy Committee hearing in South Korea, South Korean legislators pressed for more ambitious targets to veer the country away from coal,” Rivera said in his letter.

"They have criticized their Government and KEPCO’s financing of coal projects arguing that this is further exacerbating climate change. Any policy redirection will adversely affect South Korean overseas coal investments including KEPCO’s existing and prospective projects in the Philippines.” Jonathan L. Mayuga

B2

Companies BusinessMirror

Tuesday, July 14, 2020

PSE STOCK QUOTATIONS

July 13, 2020

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

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

45 91.5 73 20.45 7.59 35.95 8.24 17.04 20.1 47.25 96.05 16.8 102.2 53.5 0.72 21.2 2.42 8.08 0.94 0.58 162 1675 1.06

46.6 92 74.5 20.85 7.6 36 9.21 17.3 20.2 48 104.9 17 102.5 53.8 0.8 21.25 2.53 8.45 1 0.59 165 1739 1.14

44.7 94.6 72.1 20.55 7.75 36.5 8.5 17.48 20.9 47.95 96.05 17.16 101.3 53.5 0.8 21.25 2.43 8 1 0.59 161.6 1740 1.06

45.05 94.6 74.5 20.8 7.75 36.9 8.5 17.48 21 48 96.05 17.16 102.5 54.25 0.8 21.25 2.43 8.09 1 0.59 166 1740 1.14

44.7 91.5 72 20.25 7.59 36 8.11 17 20.05 47.95 96.05 16.8 101 53.5 0.8 20.9 2.43 8 1 0.57 160 1675 1.06

45 91.5 74.5 20.45 7.59 36 8.5 17.3 20.1 47.95 96.05 16.8 102.5 53.8 0.8 21.25 2.43 8.09 1 0.58 165 1675 1.14

3800 6075420 655910 57500 373900 5628900 2200 7900 1911900 1300 10 40500 343320 6660 1000 45200 4000 3400 1000 20000 6650 150 30000

171065 -13440 561083174 -358584801 48059786.5 9932256 1175990 -622285 2845766 203,713,030( 93,972,099.9999) 18037 135224 38661325 -31607220 62360 960.5 686762 -229100 34920410 -5491876 356728 -143604 800 956100 9720 27398 1000 11560 1095287 -33200 252875 125625 32200 5300

INDUSTRIAL AC ENERGY 2.22 2.23 2.25 2.25 2.21 2.23 2592000 5763950 ALSONS CONS 1.15 1.17 1.15 1.15 1.14 1.15 56000 64260 ABOITIZ POWER 26.55 26.6 26.85 27 26.55 26.55 532800 14210630 BASIC ENERGY 0.151 0.159 0.152 0.158 0.151 0.158 340000 51760 FIRST GEN 23.65 23.7 24.95 24.95 23.45 23.7 3348900 80644840 FIRST PHIL HLDG 63 63.05 63.05 63.5 62.4 63.05 89650 5651340.5 MERALCO 275.8 276.4 277 278 274 276.4 136530 37777602 MANILA WATER 14.3 14.4 14 14.48 13.9 14.3 3689600 52623392 PETRON 3.08 3.09 3.1 3.1 3.08 3.08 699000 2155020 PETROENERGY 3.05 3.26 3.22 3.29 3.05 3.05 141000 449340 PHX PETROLEUM 11.04 11.44 11.3 11.44 11.2 11.44 171600 1947552 PILIPINAS SHELL 18.6 18.8 18.94 18.94 18.48 18.8 244100 4562152 SPC POWER 8.1 8.18 8.01 8.18 8.01 8.18 149000 1199148 AGRINURTURE 7.42 7.54 7.6 7.6 7.4 7.54 166300 1237262 AXELUM 2.46 2.48 2.37 2.48 2.35 2.48 475000 1150080 CNTRL AZUCARERA 11.1 11.98 11.02 11.98 11.02 11.98 4600 53638 CENTURY FOOD 14.48 14.5 14.54 14.6 14.42 14.5 175100 2539140 DEL MONTE 4.15 4.16 4.16 4.17 4.15 4.15 17000 70680 4.79 4.8 4.85 4.85 4.79 4.79 2269000 10890140 DNL INDUS 8.49 8.51 8.4 8.52 8.25 8.5 2418700 20535777 EMPERADOR 68.9 69.4 69.5 69.5 68.9 69 88450 6107986.5 SMC FOODANDBEV 0.57 0.58 0.59 0.59 0.57 0.57 62000 35850 ALLIANCE SELECT FRUITAS HLDG 1.25 1.26 1.26 1.27 1.25 1.26 8353000 10488300 31.55 32 31.55 31.55 31.5 31.55 44000 1388185 GINEBRA 140.9 141 137.5 141.8 137.5 140.9 869600 121952748 JOLLIBEE 5.25 5.27 5.38 5.38 5.2 5.25 659400 3458741 MAXS GROUP 0.13 0.143 0.133 0.133 0.123 0.13 640000 82750 MG HLDG SHAKEYS PIZZA 6.05 6.14 6.1 6.1 6.04 6.05 2656700 16093085 1.33 1.34 1.32 1.34 1.29 1.33 2692000 3546260 ROXAS AND CO 1.46 1.5 1.44 1.46 1.44 1.46 9000 13060 ROXAS HLDG SWIFT FOODS 0.104 0.11 0.11 0.11 0.104 0.104 250000 26640 126.5 126.9 123.5 126.5 121.6 126.5 613960 76953353 UNIV ROBINA 0.81 0.82 0.83 0.83 0.81 0.82 2367000 1927220 VITARICH 2.22 2.53 2.28 2.53 2.28 2.53 4000 9370 VICTORIAS CONCRETE A 57.05 63.35 56 57 55.05 57 1000 56302.5 CEMEX HLDG 0.99 1 1.02 1.02 0.99 0.99 10809000 10828350 EAGLE CEMENT 9.8 9.97 9.9 9.98 9.79 9.8 290000 2843535 EEI CORP 5.18 5.19 5.37 5.37 5.16 5.18 591800 3075723 HOLCIM 5.81 5.82 6.2 6.2 5.71 5.81 14643400 85694776 MEGAWIDE 7.34 7.35 7.47 7.48 7.25 7.34 1727600 12666553 PHINMA 8.38 9.1 9.1 9.1 9.1 9.1 500 4550 TKC METALS 0.7 0.73 0.74 0.74 0.69 0.69 253000 177290 VULCAN INDL 0.85 0.86 0.82 0.86 0.82 0.86 1203000 1018890 EUROMED 1.92 1.94 1.96 1.96 1.9 1.94 388000 746790 MABUHAY VINYL 3.7 3.96 3.7 3.99 3.7 3.96 24000 90920 PRYCE CORP 4.06 4.15 4.1 4.1 4.1 4.1 5000 20500 CONCEPCION 19.18 20.25 19.7 19.8 19.16 19.18 844200 16630230 GREENERGY 1.69 1.7 1.82 1.82 1.69 1.7 14102000 24522640 INTEGRATED MICR 5.8 5.85 5.9 5.9 5.78 5.8 1129700 6592567 IONICS 1.01 1.02 1.05 1.05 1 1 304000 306280 PANASONIC 4.45 4.79 4.99 4.99 4.41 4.86 67000 303540 SFA SEMICON 1.28 1.29 1.32 1.32 1.25 1.29 2353000 2999160 CIRTEK HLDG 7.28 7.29 7.43 7.43 7.14 7.29 3036500 21966328

69030 -6296565 35452470 -1908917.5 -10115716 -2483546 -608160 -351452 740937 39145 172350 -1083422 -29050 -5762790 -12873250 -5485554.5 -10080 1252535 21692407.9999 -541495 2237783 -580030 -7760 -21559960 -21520 -1854330 -87255 7689 137332 -4642160 -30150 -189120 75400 295344 520460

HOLDING & FRIMS ABACORE CAPITAL 0.5 0.51 0.51 0.53 0.5 0.5 21901000 11215960 -826190 ASIABEST GROUP 8.11 8.39 8.39 8.4 8.08 8.39 22500 187825 AYALA CORP 733 735.5 743 744 733 733 344630 254725870 -145798210 ABOITIZ EQUITY 48.85 49 49.3 49.45 48.85 48.85 745800 36553225 5750165 ALLIANCE GLOBAL 6.19 6.2 6.16 6.25 6.16 6.2 5516800 34212142 -19825917 AYALA LAND LOG 1.66 1.67 1.69 1.69 1.65 1.66 1054000 1750000 ANSCOR 6.04 6.23 6.03 6.03 6.03 6.03 3200 19296 ANGLO PHIL HLDG 0.52 0.57 0.47 0.59 0.47 0.55 4650000 2543300 ATN HLDG A 0.53 0.54 0.53 0.54 0.53 0.53 174000 92450 ATN HLDG B 0.54 0.56 0.54 0.56 0.53 0.56 9000 4810 COSCO CAPITAL 5.18 5.22 5.23 5.23 5.13 5.18 649100 3366139 -1540707 DMCI HLDG 4.02 4.03 4.1 4.1 4.02 4.03 8254000 33,408,630( 10,145,680.0003) FILINVEST DEV 8.13 8.89 8.12 8.89 8.12 8.12 1300 10864 FORUM PACIFIC 0.184 0.195 0.17 0.184 0.17 0.184 170000 29880 GT CAPITAL 450 451 450 453 445 451 104560 47030008 3989542 HOUSE OF INV 3.3 3.4 3.3 3.4 3.3 3.4 12000 40690 -30700 JG SUMMIT 68.95 69 69.95 69.95 68.2 69 1589100 109634704 -26148075 LODESTAR 0.68 0.69 0.78 0.78 0.68 0.69 3676000 2579040 259540 2.56 2.58 2.56 2.63 2.45 2.56 3673000 9350760 -411710 LOPEZ HLDG 8.3 8.31 8.2 8.35 8.15 8.31 946700 7836602 3975933.9995 LT GROUP 3.45 3.48 3.56 3.56 3.35 3.48 35010000 119946780 -25549510 METRO PAC INV 2.86 2.98 2.85 3.05 2.8 2.98 56000 162760 11440 PACIFICA HLDG 0.8 0.85 0.81 0.85 0.8 0.85 129000 107010 PRIME MEDIA SYNERGY GRID 150 165 157 157 157 157 20 3140 SM INVESTMENTS 931 940 939 940 925 940 136080 127044705 -2211640 101.8 103 103.4 103.4 100.6 103 54140 5523322 124999 SAN MIGUEL CORP 0.64 0.66 0.68 0.68 0.62 0.66 58000 36420 SOC RESOURCES SEAFRONT RES 1.81 1.98 1.81 1.81 1.81 1.81 102000 184620 TOP FRONTIER 125.5 130 130 130 125.5 125.5 100 12910 WELLEX INDUS 0.176 0.189 0.177 0.177 0.177 0.177 120000 21240 ZEUS HLDG 0.135 0.143 0.146 0.146 0.143 0.143 1140000 165410 1460

PROPERTY ARTHALAND CORP AYALA LAND ARANETA PROP BELLE CORP A BROWN CITYLAND DEVT CROWN EQUITIES CEBU HLDG CEB LANDMASTERS CENTURY PROP CYBER BAY DOUBLEDRAGON DM WENCESLAO EMPIRE EAST EVER GOTESCO FILINVEST LAND GLOBAL ESTATE 8990 HLDG PHIL INFRADEV CITY AND LAND MEGAWORLD MRC ALLIED PHIL ESTATES PRIMEX CORP ROBINSONS LAND PHIL REALTY ROCKWELL SHANG PROP STA LUCIA LAND SM PRIME HLDG VISTAMALLS SUNTRUST HOME VISTA LAND

0.53 32.4 0.99 1.43 0.71 0.75 0.118 6 4.99 0.37 0.255 16.84 6.18 0.255 0.093 0.99 0.81 9.14 0.84 0.72 3.07 0.15 0.28 1.35 15.5 0.228 1.55 2.68 1.83 31.2 3.66 1.29 3.73

0.55 32.45 1 1.45 0.73 0.77 0.124 6.17 5 0.38 0.27 16.88 6.2 0.26 0.103 1 0.85 9.15 0.85 0.74 3.08 0.151 0.305 1.45 15.54 0.238 1.6 2.71 1.85 31.6 3.85 1.33 3.74

0.53 32.25 0.99 1.41 0.72 0.75 0.124 5.6 5.04 0.37 0.255 17 6.2 0.265 0.103 0.99 0.8 9.1 0.84 0.74 3.03 0.148 0.28 1.35 15.94 0.228 1.58 2.71 1.89 31.75 3.65 1.35 3.74

0.55 32.8 1 1.45 0.73 0.79 0.124 6.17 5.06 0.375 0.26 17 6.24 0.265 0.103 1 0.88 9.2 0.84 0.74 3.08 0.15 0.28 1.45 16.3 0.228 1.58 2.71 1.89 31.75 3.89 1.38 3.77

0.53 32 0.99 1.41 0.7 0.74 0.124 5.6 5 0.365 0.255 16.84 6.16 0.255 0.103 0.98 0.8 9.1 0.82 0.74 3.02 0.146 0.28 1.35 15.5 0.228 1.55 2.71 1.8 31.1 3.61 1.29 3.67

0.55 32.4 1 1.45 0.73 0.75 0.124 6.17 5 0.375 0.26 16.84 6.2 0.255 0.103 0.99 0.82 9.14 0.84 0.74 3.07 0.15 0.28 1.45 15.5 0.228 1.55 2.71 1.85 31.2 3.77 1.29 3.74

44000 7315500 14000 78000 1007000 100000 480000 10500 3451500 1280000 320000 180200 28700 950000 3210000 42583000 332000 38200 476000 7000 36826000 8510000 20000 41000 1124800 140000 23000 5000 31000 3076100 111000 1225000 395000

23340 237938285 13940 111240 719140 75070 59520 59085 17,277,236( 477950 82150 3045124 177783 248250 330630 42144540 277030 349340 395540 5180 112562800 1269370 5600 55460 17778790 31920 36070 13550 56430 96313205 417430 1593160 1471480

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

6.64 0.51 16.64 2078 1396 0.049 2.83 3.05 1.34 0.07 1.66 2.41 0.168 1.96 9.96 16 3.65 40.25 98.2 13.1 0.76 6.19 1.8 2 6.3 0.82 0.023 11.06 0.385 6.3 7.79 0.29 2.1 7.97 1.89 1.33 2.4 2.15 0.31 6.82 1.57 46.5 63 125 1.13 15.84 0.305 7.05 285 3.7 0.21 4.1

6.65 - - 2080 1397 0.051 2.95 3.06 1.4 0.076 1.7 2.42 0.169 1.97 9.97 16.78 3.66 40.5 98.25 13.22 0.79 6.2 1.81 2.15 6.39 0.84 0.024 12.76 0.39 6.48 8.78 0.3 2.13 8 1.95 1.34 2.59 2.23 0.315 6.83 1.58 46.6 63.95 126.8 1.14 16 0.315 7.3 309 4.35 0.217 4.99

7 0.355 12.3 2082 1360 0.052 2.94 3 1.63 0.073 1.71 2.26 0.166 2.05 9.8 16 3.7 39.7 98.75 13.22 0.76 6.24 1.9 2.01 6.13 0.85 0.023 12.06 0.385 6.3 7.78 0.3 2.15 7.7 1.89 1.37 2.41 2.24 0.31 7 1.62 47.75 62.6 124.9 1.16 16.3 0.305 6.58 300 3.3 0.223 5.04

8.5 0.51 16.64 2090 1398 0.052 2.94 3.14 1.63 0.076 1.71 2.43 0.169 2.05 9.96 16 3.8 40.95 98.85 13.22 0.76 6.26 1.99 2.01 6.5 0.85 0.024 12.06 0.39 6.3 7.78 0.3 2.17 8 1.89 1.38 2.41 2.24 0.315 7 1.62 47.8 63.95 125 1.16 16.3 0.32 7.5 309 4.35 0.223 5.04

6.65 0.355 12.3 2068 1358 0.05 2.94 2.87 1.31 0.07 1.65 2.18 0.166 1.95 9.8 16 3.58 39.6 97.6 13.22 0.76 6.13 1.7 2.01 6.13 0.82 0.023 12 0.385 6.3 7.78 0.29 2.1 7.49 1.88 1.33 2.4 2.15 0.3 6.7 1.57 46.2 61.95 124.9 1.12 15.68 0.3 6.58 300 3.3 0.205 4.99

6.65 0.51 16.64 2080 1396 0.052 2.94 3.05 1.4 0.07 1.66 2.41 0.168 1.97 9.96 16 3.65 40.25 98.25 13.22 0.76 6.19 1.8 2.01 6.4 0.82 0.024 12 0.385 6.3 7.78 0.295 2.13 8 1.88 1.34 2.4 2.23 0.315 6.82 1.58 46.6 63.95 125 1.13 15.84 0.305 7.3 309 4.35 0.217 4.99

69319700 35810000 68700 32835 177115 7700000 1000 23133000 65000 3670000 211000 37405000 2530000 1734000 139700 300 899000 202900 1007140 400 21000 3064000 1866000 10000 32400 124000 16700000 1200 130000 3500 300 2320000 88000 2080700 40000 182000 52000 155000 1800000 1656000 2751000 1781400 194210 2080 1631000 1819900 320000 117100 370 10000 9390000 300

498414480 16158850 1078422 68379910 244895435 385360 2940 69706250 90730 263410 357680 86896330 425680 3455710 1387699 4800 3304350 8137385 98961460.5 5288 15960 18955495 3342370 20100 209478 103930 384500 14410 50300 22050 2334 678000 185950 16480331 75360 243260 124840 339210 555500 11258006 4351390 83207700 12120170.5 259800 1847450 29159416 97550 836353 111990 36640 2019880 1502

MINING & OIL

-65675865 -7000 22930 1,711,759.9997) -625980 -5827810 -201300 32800 -87579190 105000 -9574660 -49617915 -26690 -25054240 13335000 100000 2940 634940 -42330.0001 183000 101140 148820 -67287205 151640 6180 22050 2809607 6600 -367435 3030100 -11815185 -1337438 259800 -185319.9999 1670927.9997 21350 -36500 -27270 -

ATOK 8 8.8 8.8 8.8 7.6 8.8 41200 329788 -272 APEX MINING 1.27 1.28 1.3 1.3 1.26 1.27 3491000 4436100 -1145500 ABRA MINING 0.0008 0.0009 0.0008 0.0009 0.0008 0.0009 94000000 81700 ATLAS MINING 2.56 2.57 2.39 2.57 2.39 2.56 492000 1225560 72600 BENGUET A 1.58 1.6 1.75 1.79 1.52 1.6 556000 901830 BENGUET B 1.57 1.68 1.6 1.7 1.53 1.68 192000 302930 COAL ASIA HLDG 0.189 0.19 0.19 0.19 0.189 0.189 170000 32270 CENTURY PEAK 2.65 2.7 2.6 2.7 2.6 2.7 121000 324100 269500 DIZON MINES 7.38 7.47 7.49 7.49 7.39 7.47 1400 10444 FERRONICKEL 1.03 1.04 1.01 1.03 0.99 1.03 6275000 6388960 -785050 GEOGRACE 0.228 0.233 0.235 0.235 0.229 0.235 440000 101170 LEPANTO A 0.103 0.104 0.101 0.103 0.101 0.103 3500000 357170 LEPANTO B 0.104 0.108 0.108 0.108 0.108 0.108 1160000 125280 -125280 MANILA MINING A 0.0073 0.0079 0.008 0.008 0.0072 0.0075 45000000 333800 MARCVENTURES 0.61 0.63 0.62 0.65 0.6 0.63 714000 456550 NIHAO 1.38 1.39 1.37 1.45 1.37 1.39 793000 1103190 1370 NICKEL ASIA 2.18 2.19 2.12 2.18 2.1 2.18 8374000 18031180 468510 0.36 0.375 0.36 0.36 0.36 0.36 10000 3600 OMICO CORP ORNTL PENINSULA 0.52 0.54 0.57 0.58 0.52 0.55 425000 230430 PX MINING 2.74 2.76 2.78 2.79 2.71 2.76 1655000 4535580 -198460 12 12.02 12 12.08 11.84 12 322200 3846776 -671014 SEMIRARA MINING 0.0051 0.0053 0.0055 0.006 0.0045 0.0053 144000000 728800 UNITED PARAGON ACE ENEXOR 6.01 6.02 6.22 6.26 6.02 6.02 156900 960839 -7283 0.0086 0.009 0.0087 0.0087 0.0086 0.0087 9000000 78200 ORNTL PETROL A PHILODRILL 0.0075 0.0078 0.0075 0.0076 0.0075 0.0076 7000000 52600 PXP ENERGY 6.3 6.34 6.6 6.6 6.25 6.34 1129000 7143020 -97327

PREFFERED HOUSE PREF A 100.1 100.5 100.5 100.5 100.1 100.1 40 4008 AC PREF B1 515 520 519 520 519 520 30 15590 AC PREF B2R 506.5 507 506.5 507 506.5 507 150 76000 GTCAP PREF A 1005 1010 1005 1005 1005 1005 2630 2643150 MWIDE PREF 101 101.8 101.5 101.5 101.5 101.5 22090 2242135 PNX PREF 3A 100.1 101.3 100.1 100.2 100.1 100.2 1500 150200 PNX PREF 4 1016 1020 1016 1016 1016 1016 450 457200 PCOR PREF 3A 1030 1050 1049 1051 1021 1021 1715 1787105 PCOR PREF 3B 1075 1079 1075 1075 1071 1075 3305 3547255 SMC PREF 2C 78 78.45 78 78 77.9 78 8490 662200 SMC PREF 2E 75.7 77 77 77 77 77 1250 96250 SMC PREF 2F 77.6 79 77.6 77.6 77.6 77.6 220 17072 SMC PREF 2H 75.9 76.5 76.1 76.1 75.9 75.9 38800 2947986

PHIL. DEPOSITARY RECEIPTS GMA HLDG PDR 5.4 5.49 5.99 6.3 5.4 5.4 4498800 26222677 -7010096

WARRANTS LR WARRANT 0.64 0.7 0.67 0.67 0.63 0.63 80000 51260

SMALL & MEDIUM ENTERPRISES ALTUS PROP 20.2 20.25 21.2 21.6 20.15 20.25 2320000 48013640 -1710160 ITALPINAS 1.95 1.96 1.88 1.96 1.82 1.96 8230000 15420420 16800 KEPWEALTH 5.4 5.55 5.71 5.71 5.4 5.4 81400 451563 MERRYMART 2.95 2.96 2.98 3.05 2.91 2.96 16676000 49582130 2943580 XURPAS 0.58 0.59 0.58 0.58 0.56 0.58 1024000 579380

EXHANGE TRADE FUNDS

FIRST METRO ETF 93.5 96 95.95 95.95 93.5 93.5 11480 1079128.5 147807

www.businessmirror.com.ph

OceanaGold vows to defend right to operate Didipio mine

D

By Jonathan L. Mayuga

@jonlmayuga

idipio gold mine owner and operator OceanaGold Corp. said it will defend its right to operate the mine while it completes the Financial and/or Technical Assistance Agreement (FTAA) renewal process.

The company made the statement following a still unverified report of its defeat in the legal proceedings at the Court of Appeals (CA). In a statement emailed to reporters on Monday, OceanaGold said it is currently seeking confirmation of the reported CA decision which was widely circulated in social media.

OceanaGold said it is seeking confirmation of the report as it has not received any formal order from the CA. It says that if the denial of the injunction is accurate, it

will continue to defend its right to operate the Didipio Mine in the interim while it completes the FTAA renewal process.

“To this end, OceanaGold intends to follow the usual appeal process with the Court of Appeals, and if necessary, to the Supreme Court of the Philippines.”

On June 30, the CA’s16th division said OceanaGold’s financial and technical assistance agreement (FTAA) has expired and thus the company has no right to continue

operating the Didipio Mine, according to a report.

The CA decision stated that since the initial term of the FTAA already expired without it being renewed yet, there is no prevailing agreement on which the petitioner can anchor its right to continue its mining operations.

On June 10 last year, following the FTAA’s expiration, Nueva Vizcaya Governor Carlos Padilla issued an advisory that led Barangay Didipio officials to issue Resolution 59, stopping OceanaGold’s operations. This prompted OceanaGold to question the legality of the governor’s order.

In July 2019, the company applied for an injunction “as a temporary measure” while challenging the legality of the order halting its operation.

According to OceanaGold, the company’s main petition in the Regional Trial Court in Nueva Vizcaya challenging the legality of the governor’s order is still ongoing.

However, due to delays caused

by the Covid-19 pandemic, the parties are still undergoing pre-trial conference.

“The company maintains authority over the Didipio Mine rests with the National Government. The Local Government Code of 1991 [Republic Act 7160] does not grant the power or authority to the Provincial Governor or any local government officer to restrain any aspect of the Didipio Mine operations,” the company said.

Moreover, OceanaGold said the renewal of the FTAA is a separate and independent process which the national government has authority over.

“In this regard, the status of the FTAA renewal has not changed, and it remains with the Office of the President of the Philippines.”

OceanaGold said it will continue to work with the national government to finalize the renewal of the FTAA and remain open to engaging with the provincial governments of both Nueva Vizcaya and Quirino that are hosting the FTAA.

Vivant taps Finnish firm for Bantayan plant

By Lenie Lectura @llectura

V

ivant Energy Corp. is tapping the expertise of Finnish smart technologies and complete lifecycle solutions provider Wärtsilä for a power plant that would provide reliable and stable power supply in Bantayan Island in Cebu.

Vivant Energy’s subsidiary Isla Norte Energy Corp. will hire Wärtsilä to deliver engineering and equipment (EEQ) for the former’s planned 23-megawatt (MW) power plant.

Isla Norte is a joint venture of Vivant Energy Corporation and

Gigawatt Power Corp.

The power plant would be completed next year. Once it has been put up, the power facility is expected to power up the entire island, which currently experiences frequent blackouts because of the lack of a reliable power supply.

Bantayan, which has a population of about 80,000, is a major tourist destination with a growing trade and commerce.

“The new power plant is an essential element for a secure economic future for Bantayan island. We are, at the same time, actively seeking to deliver electricity to small islands throughout the region, and a capable, reliable partner, such as

PSE suspends trading of ABS-CBN shares Continued from B1

He said even the Public Telecommunications Policy Act of the Philippines which distinguishes a public telecommunications entity from a broadcasting network, only requires a legislative franchise for a telecommunication entity under Section 16 thereof which provides: “No person shall commence or conduct the business of being a public telecommunications entity without first obtaining a franchise.”

Also, he said the law defines “franchise” as a privilege conferred upon a telecommunications entity by Congress, authorizing that entity to engage in a certain type of telecommunications service.”

“What exactly is the reason or rationale for imposing a prior congressional franchise? There seems to be no valid reason for it except to impose added burden and expenses on the part of the applicant.”

‘NTC should have filed raps’

Meanwhile, the head of the Senate Public Services committee, the counterpart of the House franchise panel, said that instead of Congress just throwing out the entire franchise and closing down a business that employs thousands, “If there was indeed violation [by ABS-CBN] of some kind, the NTC should have filed a case against them.”

Senator Grace Poe admitted she

was “saddened by the outright denial of the franchise application amid alleged violations of the network,” which she said could have been dealt with in another forum or the proper agencies.

For instance, Poe recalled that Dito Telecommunity Corp., formerly called Mislatel, was given a franchise

by Congress and allowed to operate “despite its violations.”

“When it [Mislatel] acquired that franchise, part of the franchise agreement states that you should be in operation for a certain period. Mislatel was dormant for the longest time and yet Congress moved past that and granted them the franchise,” Poe said, adding that when the resolution on the franchise reached the Senate, the lawmakers saw the need of the telecommunications industry for a third player and gave Mislatel a chance but with certain safeguards.

Poe stressed that “there are parameters but you should also be flexible in the name of public service, what can serve the most number of people, what interest will be upheld.

If it will be just for personal vendetta or personal opinions about it, I don’t think it would be fair.”

Senate president Vicente Sotto III, asked if Senators have an option to salvage ABS-CBN, replied: “None.”

“It is out of our hands,” Sotto told BusinessMirror. “A private bill is not salvageable if the House of Representatives denies approval.”

Wärtsilä, is needed for this,” said Emil Andre Garcia, chief operating officer of Vivant Energy.

Isla Norte, meanwhile, was awarded a 15-year power supply agreement by the Bantayan Electric Cooperative. Wartsila provided the engineering and equipment for Delta P, which runs a 47-MW diesel-fired power plant in Puerto Princesa, and the Calamian Islands Power Corp., which supplies power to the off-grid areas of Coron and Busuanga through the Busuanga Island Electric Cooperative.

“We have enjoyed a long-term relationship with Gigawatt and Vi-

mutual funds

vant, and are pleased to be again providing a power plant solution tailored to the specific requirements of the project.

The Wärtsilä solution features the latest technology with high efficiency engines, and it will certainly add reliability to the local supply system and another addition to the growing installed base in the off-grid areas in the Philippines,” said Frederic Carron, vice president, Middle East and Asia, Wärtsilä Energy Business.

Vivant Corp. has earmarked around P1 billion this year to expand its power business.

July 13, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 202.78 -25.07% -9.76% -5.11% -19.5% ATRAM Alpha Opportunity Fund, Inc. -a 1.0579 -36.61% -13.38% -4.84% -23.45% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.7424 -35.03% -14.34% -7.3% -25.44% Climbs Share Capital Equity Investment Fund Corp. -a 0.691 -28.6% n.a. n.a.

-22.97% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6726 -25.13% n.a. n.a.

-20.81% First Metro Save and Learn Equity Fund,Inc. -a 4.3512 -22.55% -8.24% -4.59% -18.34% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6883 -23.72% -10.71% n.a.

-19.37% MBG Equity Investment Fund, Inc. -a 80.49 -34.37% n.a. n.a.

-22.1% PAMI Equity Index Fund, Inc. -a 40.8966 -23.92% -8.05% -3.83% -20.25% Philam Strategic Growth Fund, Inc. -a 436.11 -21.9% -7.53% -4.25% -18.14% Philequity Alpha One Fund, Inc. -a,d,5 0.8901 n.a. n.a. n.a.

-13.59% Philequity Dividend Yield Fund, Inc. -a 1.0299 -24.18% -7.99% -3.74% -19.97% Philequity Fund, Inc. -a 30.3093 -24.07% -7.45% -3.45% -20.02% Philequity MSCI Philippine Index Fund, Inc. -a 0.8032 -25.55% n.a. n.a.

-21.11% Philequity PSE Index Fund Inc. -a 4.1642 -23.66% -7.53% -3.18% -20.28% Philippine Stock Index Fund Corp. -a 697.42 -23.44% -7.49% -3.34% -20.03% Soldivo Strategic Growth Fund, Inc. -a 0.6313 -33.85% -11.52% -7.54% -25.85% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2028 -28.11% -9.15% -4.7% -23.91% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8001 -23.55% -7.66% -3.35% -20.05% United Fund, Inc. -a 2.9026 -24.33% -6.61% -2.97% -20.55% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 93.6155 -23.24% -7.01% -2.52% -19.96% Primarily invested in foreign currency securities ATRAM AsiaPlus Equity Fund, Inc. -b $1.0426 5.01% 1.63% 1.59% 1.38% Sun Life Prosperity World Voyager Fund, Inc. -a $1.4388 9.04% 7.44% n.a.

4.36% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.576 -11.14% -4.05% -3.2% 0.84% ATRAM Philippine Balanced Fund, Inc. -a 2.0809 -12.04% -4.32% -1.53% -4.59% First Metro Save and Learn Balanced Fund Inc. -a 2.44 -9.97% -2.8% -2.68% -7.28% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1873 n.a. n.a. n.a.

-18.03% NCM Mutual Fund of the Phils., Inc. -a 1.8552 -5.59% -1.01% -0.09% -5.5% PAMI Horizon Fund, Inc. -a 3.5269 -7.27% -2.09% -1.21% -6.92% Philam Fund, Inc. -a 15.687 -8.43% -2.43% -1.43% -7.51% 1.9369 -11.34% -3.53% -1.22% -8.89% Solidaritas Fund, Inc. -a Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3074 -16.39% -4.58% -2.52% -14.4% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9575 -7.49% n.a. n.a.

-5.73% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8616 -16.99% n.a. n.a.

-13.53% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8369 -19.12% n.a. n.a.

-15.74% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8177 -19.67% -5.57% -3.55% -16.12% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03866 3.15% 2.7% 1.76% 1.12% 1.74% 1.59% -1.12% PAMI Asia Balanced Fund, Inc. -b $1.0263 3.47% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.9885 5.17% 5.3% 4.37% 1.99% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.135 2.29% 2.89% n.a.

0.55% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 366.8 4.51% 3.2% 2.59% 2.52% ATRAM Corporate Bond Fund, Inc. -a

1.9433 2.23% 1.12% -0.03% 2.17% Cocolife Fixed Income Fund, Inc. -a 3.1944 4.62% 5.1% 5.1% 2.51% Ekklesia Mutual Fund Inc. -a 2.3061 5.13% 3.12% 2.4% 3.64% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4563 6.06% 3.53% 2.03% 4.12% 10.65% 4.46% 2.67% 6.1% Philam Bond Fund, Inc. -a 4.6397 Philam Managed Income Fund, Inc. -a,6 1.3013 6.92% 4.19% 2.3% 3.55% Philequity Peso Bond Fund, Inc. -a 3.9771 7.68% 4.5% 2.44% 4.99% Soldivo Bond Fund, Inc. -a 1.0381 10.59% 3.87% 1.91% 7.65% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1797 7.11% 4.91% 2.94% 3.37% Sun Life Prosperity GS Fund, Inc. -a 1.7466 6% 4.27% 2.41% 2.67% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $474.7 3.31% 2.53% 2.74% 1.38% ALFM Euro Bond Fund, Inc. -a Є215.67 -1.13% 0.69% 1.01% -1.85% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2246 3.35% 2.89% 2.54% 1.44% 1.45% 1.28% 0.78% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.026 1.17% PAMI Global Bond Fund, Inc -b $1.073 -1.2% 0.06% 0.25% -2.03% Philam Dollar Bond Fund, Inc. -a $2.451 4.18% 3.43% 3.11% 1.96% Philequity Dollar Income Fund Inc. -a $0.0606818 2.24% 1.97% 1.86% 0.61% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1952 3.47% 2.36% 2.49% 0.63% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.31 3.73% 3.24% 2.44% 2.01% First Metro Save and Learn Money Market Fund, Inc. -a 1.0422 -1.31% n.a. n.a.

1.55% 3.06% 3.03% 2.59% 1.56% Sun Life Prosperity Money Market Fund, Inc. -a 1.2843 Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0455 1.62% n.a. n.a.

0.8% Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 0.981 n.a. n.a. n.a.

-1.88% Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.93 n.a. n.a. n.a.

-6.06%

a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU).

1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019.

4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019.

6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). 7 - Launch date is July 6, 2020.

"While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.

pifa.com.ph to see the latest NAVPS/NAVPU."

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Credit registry updates database for loan review

By Tyrone Jasper C. Piad @Tyronepiad

T

he country’s central credit registry has updated its database to reflect the relevant information needed for loan assessment amid the coronavirus pandemic.

Credit Information Corp. (CIC) President and CEO Jaime Casto Jose P. Garchitorena said that lenders should be able to take into consideration the current environment when determining the creditworthiness of borrowers.

Garchitorena said it was important to be able to carefully evaluate the credit history of borrowers and factoring in their payment behavior even the prior years.

“Since depending on the lender and the type of loan applied for, the review of credit history can go back to as far as three years,” he said.

“Any lender then who uses the CIC Credit Report will be able to properly reference the period of ECQ [enhanced community quarantine] and understand that non-payment or partial payment was likely due to the extreme environmental issues at the time,” Garchitorena added.

According to him, doing so could clarify that a borrower—who might be a micro-scale, small-scale and medium-scale enterprise owner—has a reasonable excuse for non-payment at the moment, he added.

In April, CIC told lenders to be more considerate during the lockdown that began last March 17, advising them not to tag missed payments or partial payments of loans as default or delinquent right away given the current situation.

Garchitorena said that nonpayment of a borrower during ECQ should not be basis of one’s creditworthiness, encouraging lenders to analyze historical data as well to see the whole picture.

He added the credit registry ensures that the data submitted by financial institutions are accurate, which means it underwent fair review and assessment of credit history and financial condition of the borrowers. The CIC said that as of March its database comprises 11.3 million unique individuals and 83,000 companies with 73.5 million contract data.

“What the CIC does is fill the information gap,” Garchitorena quipped.

The CIC currently has 483 members comprising credit card issuers, universal and commercial banks, thrift banks, rural banks, cooperatives and cooperative banks, savings and loan associations, private lending institutions, private leasing and financing companies, microfinance institutions, government-owned and controlled corporations with lending facilities and insurance companies.

Tuesday, July 14, 2020 B3

BTr raises more cash as investors still bet on low-risk govt securities

D

By Bernadette D. Nicolas

@BNicolasBM

ays before the start of the public offer period for the fiveyear Retail Treasury Bonds (RTBs), the Bureau of the Treasury raised P20 billion in Treasury Bills (T-bills) on Monday’s auction as investors continue to put their money on low-risk government securities.

As strong demand for safe-haven assets prevail, rates across all tenors dropped.

National Treasurer Rosalia V. De Leon told reporters that “rates dropped because investors prefer safe haven and shorter tenor government securities.”

The auction was oversubscribed by nearly 4.7-times as tenors attracted tenders amounting to P93.974 billion.

Broken down, the Treasury raised P5 billion each for 91-day and 182-day T-bills and P10 billion for

364-day T-bills.

The 91-day debt papers fetched an average rate of 1.587 percent, slipping by 6.2 basis points from the previous rate of 1.649 percent. Bids for the security reached P21.065 billion, more than four times as much as the P5 billion offering.

The 182-day T-bills capped at an average rate of 1.687 percent, plunging by 6.3 basis points from 1.750 percent previously. It attracted total tenders of P27.1 billion, more than five times the P5 billion offering.

The 364-day T-bills settled at an

average rate of 1.782 percent, plummeting by 7.3 basis points from 1.855 percent from the previous auction.

Bids for the tenor reached P45.809 billion, more than four times the P10 billion offering.

The Treasury earlier programmed to borrow P205 billion from the local debt market this month.

While De Leon said the drop in the T-bill rates could be an indication of where the RTBs would be, she said there are still incentives for individuals to park their cash in the medium-term to long-term investment product.

Existing eligible bond holders may also opt not to wait for maturity as they are allowed to exchange their bond holdings with the new RTBs. “RTBs are more safe; very minimal risk since [these are] government issued. And investing in RTBs you invest for your future and support government towards a quick recovery. That is more rewarding,” De Leon said.

RTBs are generally considered low risk for investors as these allow them to earn on a fixed interest based on prevailing market rates and get paid quarterly during the term of the bond.

For minimum denominations of P5,000, the general investing public is given the chance to take advantage of the issuance during the offer period.

Last week, the Treasury announced that it is set to offer a minimum of P30 billion in 5-year RTBs from July 16 until August 7.

The issuance of new RTBs due 2025 also comes with an exchange offer for RTB 10-01, RTB 10-02, FXTN (Fixed Rate Treasury Note) 05-73 and/or FXTN 07-57.

To ensure wider participation of individual investors, they may also order and purchase the new RTBs through online channels, such as the Bonds.PH mobile application by the Union Bank of the Philippines and the RTB online-ordering facility through the Treasury website. These are settled via payment facilities of China Banking Corp., Development Bank of the Philippines, First Metro Securities and Brokerage Corp. and Land Bank of the Philippines Inc. Prior to the lockdown on March 17, the Treasury was able to raise P310.8 billion in 3-year T-bonds in a 1-week offer period that started on January 28 and ended on February 4.

How to start a business when you have zero knowledge about starting a business

P

utting up their own business is a dream for many. That’s why it’s not surprising that I get asked almost every day by a lot of people on how to properly start a business.

Most are afraid to start a business because they don’t know how or where to begin. They don’t know what to do and they’re worried about making a mistake and losing money.

Starting a business with no business knowledge

IF you’ve always wanted to start a business, but you have zero knowledge and zero experience on entrepreneurship, then here are three things you should know.

1. It’s okay to start a business with no business knowledge. Everyone can be an entrepreneur. You don’t need an MBA. You don’t need experience. You can start a business anytime and anywhere. And yes, even if you have no idea what you’re doing.

2. Your first business will most likely fail. Starting a business is relatively easy. Managing a business and making it grow is a completely different story. And because you have zero knowledge about running a business, you will most likely fail.

3. Failing is actually a way of learning. Starting and trying to run a business is exactly how you gain experience. And whenever you try something and fail, there’s always the learning that comes after.

For some reason, most people think that failing is the end of the road. That is far from the truth. Go ahead and ask someone successful if they ever experienced failure, and I guarantee that they’ll answer with a big YES! Everyone fails, but not everyone learns from their mistakes. And that’s what truly separates the successful people from the unsuccessful ones.

So even if you have no idea how to start a business, I suggest that you simply try and do it. Do your best and keep a healthy mindset. And remember that even if you fail, you will learn things that can help you be better at it next time.

The basic steps of starting a business

I’M a serial entrepreneur, and after more than a decade of putting up businesses year after year. I’ve learned that there are three basic steps to follow when starting a business.

Step 1: Solve a problem. Whatever product or service that you plan to sell, it must solve a problem for someone who can afford to pay you.

This is absolutely necessary. When

Fitz Gerard Villafuerte

personal finance you’re solving a problem, then you are offering value to others. And that value translates to money.

Look around and pick a business… any business that you see. Now ask yourself, what’s the problem that the business is solving for its customers?

If you’re about to cook at home and suddenly realize that you’re out of cooking oil, then there’s the neighborhood sari-sari store that can conveniently solve your problem.

If you’re too busy and you’re slowly running out of clothes to wear, then there’s the laundry shop to help you with a clean and fresh set of wardrobe.

My friend sells homemade chocolate cakes that are absolutely delicious. What’s the problem she’s solving? She provides an affordable and heavenly dessert for those looking to satisfy their chocolate cravings.

What’s the lesson here? When starting a business, it’s important to think of it from the perspective that you are solving a problem. Because that’s the reason why people will buy your product or pay for your service.

Step 2: Know how much it costs to set up the business. A lot of people make the mistake of saving up for business capital as the first step. In fact, this task comes after you’ve decided what business to put up.

I once met an overseas Filipino workers, who was able to save a million pesos after four years. He did this because he wanted to start a business that could replace his income, so he could finally go back home.

I asked him what business he plans to put up, and he said that he wants to get a business franchise. I referred him to a company where he found a food franchise he liked that only costs a total of P650,000 to set up.

Did you know what he told me during the grand opening of his business franchise? He said that he could have started the business a year earlier if he only knew that he already had enough money.

This is exactly the reason why you need to know what business you plan to start first, before you think about how much you need as business capital. It’s a practical and effective strategy.

And furthermore, by knowing how much it will cost to set up and operate the business, it also becomes easier to calculate the best price to sell your product or service.

Step 3: Learn how to sell your product or service. It’s impossible to have everyone as your customer. Every business has a target market, and it’s your job to know who they are. In other words, you have to know who are the people that your business are trying to help.

Who are your customers? Are they male, female, or both? Single or in a relationship? Do they belong to the working class, the middle class, high-income class, or somewhere in between those three?

What is their lifestyle? What are the things they like doing? What are their spending habits? What are their hopes and dreams? What are their major worries and concerns?

By having a good idea of who your customers are, then you can definitely learn how to sell your product or service to them.

You can speak their language and help them find the value of what you’re selling.

Did you know that luxury car brand, Rolls Royce, never had a television commercial? That’s because their customers don’t watch a lot of TV. Instead they place ads on financial newspapers and business magazines.

And it’s been very effective. In fact for the past decade, their car sales had steadily gone up year after year, with last year currently holding the record for the most cars sold.

That’s proof to the power of learning how to sell to your target market.

Go ahead and start a business

Starting a business can be hard, much more so if you have no business knowledge.

But you need to start somewhere, and trust that you’ll learn and pick up the necessary business lessons along the way.

Moreover, it’s actually quite common to see first-time entrepreneurs achieve modest success in business. And many of them eventually experience massive success in their succeeding ventures.

Lastly, there are now a lot of ways to learn about entrepreneurship. You can enroll in a business course, or simply search online for free resources. So there’s really no need for you to start a business with zero knowledge.

Fitz Villafuerte is registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 84th RFP program this August 2020. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

CITI AWARD

Citi Philippines CEO Aftab Ahmed (shown in photo) expressed his gratitude for the recognition from Hong Kong-based financial publication FinanceAsia. Citi continued to deliver exceptional service to clients and also helped support the community during challenging times. Citi’s consumer bank recently launched a program to enable qualified credit cardholders to donate their reward points to World Vision or the Philippine Disaster Resilience Foundation. In addition, Citi Foundation contributed P7.5 million to the Covid-19 Community Response Program of the Philippine Business for Social Progress Inc. to provide immediate relief to Filipinos who are most affected by the pandemic. Photo courtesy Citi

SSS goes digital in filing sickness benefit reimbursement application

T

he Social Security System (SSS) is now accepting Social Security (SS) Sickness Benefit Reimbursement Applications (SBRAs) of employers online through its website.

The online facility for SBRAs found at the My.SSS web portal on www.sss.gov.ph, allows employers to file their sickness benefit reimbursement claims in the convenience of their homes or offices without having to wait for the hardcopy of the approved sickness notification and the need to submit a duly accomplished SBRA form to an SSS office after giving the advance payment to their employee.

SSS President and CEO Aurora C. Ignacio said the development of the online facility is aligned with the SSS’ ongoing digital transformation, which is now more significant considering the lockdown measure against the coronavirus disease 2019 (Covid-19).

“Aside from expediting the processing time of sickness benefit reimbursements by eliminating the transmission of claims from SSS Branches to Processing Centers, this online facility will also reduce face-to-face interactions in our branches,” Ignacio said.

To use the online facility, employers must have a registered My.SSS account. They must be enrolled in the SSS Sickness and Maternity Benefit Payment Thru-the-Bank Program and have a registered bank account in the My.SSS portal. They must also have an SSS-approved sickness notification from their employees who are entitled to the sickness benefit. Likewise, they need to have

a certification that the sickness benefit was paid in advance to their employees, which is consistent with the approved sickness notification.

Using the online facility, an employer may submit his/her application by logging in to his/ her My.SSS account, proceeding to the E-Services tab and clicking “Submit SS Sickness Benefit Reimbursement Application (SBRA).”

The employer must enter the SS number of his/her employee, who is entitled to receive the sickness benefit. After this, a list of approved SS Sickness Notifications will appear, wherein the employer must select the claim reference number from the list and click proceed.

A form for additional information will be displayed which he/she should fill out, tick the certification checkbox to certify that the information provided is true and correct and that the amount of benefit was paid in advance to the employee in accordance with Section 14 (c) of RA 11199, click submit and click OK. Upon submission, a message stating that the application was submitted successfully, and the transaction details of the SS SBRA will be displayed. The SSS will also send this notification to the registered email address of the employer.

However, only SS SBRAs for new and initial claims with approved sickness notifications can be filed via the online facility. Sickness Benefit Reimbursement claims for adjustment or refiled claims must still be filed over-the-counter at SSS branches.

B4

Art

BusinessMirror

Tuesday, July 14, 2020

www.businessmirror.com.ph

Frida Kahlo tribute, 3 solo shows land in Space Encounters Gallery reopening lineup

â?ś

â?ś DUHA Apan

Usa, Irish Galon, 2020, acrylic on canvas, 36â&#x20AC;? x 36â&#x20AC;?

â?ˇ FRIDA in Vivid

Colors (right) and Frida in Passion, Ginansilyo ni Maria, 2020, handmade amigurumi, 7â&#x20AC;? tall

A

GROUP exhibition dedicated to Mexican painter Frida Kahlo on her birth month and three solos form the new set of shows of Space Encounters Gallery, its first in nearly four months.

An offshoot of the furniture design company of the same name, the Pasig-based art space closed shop ahead of the government-imposed lockdown

Todayâ&#x20AC;&#x2122;s Horoscope

By Eugenia Last

â?ˇ

CELEBRITIES BORN ON THIS DAY: Scott Porter, 41; Matthew Fox, 54; Jackie Earle Haley, 59; Jane Lynch, 60.

HAPPY BIRTHDAY: Live in the moment, experience life and embrace changes that can make your environment better. Be part of the solution, and offer innovative ideas. Step up, be a leader and create what makes you happy. Push anger aside in order to do whatâ&#x20AC;&#x2122;s necessary, and youâ&#x20AC;&#x2122;ll discover the joy of giving back and making new friends. Your numbers are 7, 11, 16, 25, 31, 36, 47.

ARIES (March 21-April 19): Youâ&#x20AC;&#x2122;ll become out of sorts if you donâ&#x20AC;&#x2122;t like what you see.

Before you say something you may regret, consider how best to handle a situation that can affect a meaningful relationship. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

in mid-March due to the Covid-19 pandemic. The gallery had shifted its focus to Art for Science, a fund-raising project to donate PPE kits to the University of the Philippines Medical Foundation, and now returns with new exhibitions that were launched over the weekend. â&#x20AC;&#x153;We wanted our reopening to remain true to our brand: colorful, adventurous, fun and a little alien,â&#x20AC;? said Thor Balanon, one of the owners of the gallery.

The Frida Kahlo tribute exhibition celebrates the transcendent influence of the famed Mexican artist and feminist icon on the occasion of her 113th birthday last week.

Kahlo was born on July 6, 1907 in CoyoacĂĄn, Mexico. Characterized by her unique appearance and iron will, she endured a polio-stricken childhood and a near-fatal car crash, proceeding to make her mark in the fields of art and political activism.

The Space Encounters Gallery exhibition dedicated to her, simply titled The Frida Kahlo Show, features seven artists that were chosen on the basis of who could show a new aspect of Kahlo, from her iconic imagery to her influence on pop culture. The participating artists are Pat Frades, Irish Galon, Soleil Ignacio, Ganansilyo ni Maria, Isabel Barredo-del Mundo and Bryan Yabut.

The mix of varying styles of the group, according to Balanon, creates â&#x20AC;&#x153;an interesting and complex snapshot of Kahloâ&#x20AC;&#x2122;s influence on the current generation of artists.â&#x20AC;? â&#x20AC;&#x153;Pat Frades sculpts body parts with coral-like blooms growing out of them, while Irish Galon is a pop surrealist who always hides the faces of her subjects under floral infestation. Soleil Ignacio is an illustrator who campaigns for and redefines brown-skinned beauty,â&#x20AC;? Balanon said. â&#x20AC;&#x153;Gansilyo ni Maria makes cute, artful plushies. Isabel Barredo-del Mundo creates grotesquely beautiful creatures that reflect her views on growth and love. Manu San Pedro paints surrealism and popular culture with stark realism, and, finally, Bryan Yabut makes playful, neon-ized portraits of comic book, film, music and animation icons.â&#x20AC;?

Yabut also gets his own spotlight in one of Space

TAURUS (April 20-May 20): Follow through with your plan. Educate yourself regarding rules and regulations to avoid setbacks.

If something goes wrong, speak up, share thoughts and find out what the experts think. Patience and intelligence will outmaneuver anger and upset. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

Encounters Galleryâ&#x20AC;&#x2122;s three oneman shows. His exhibit, titled Throwback, Too, is the artistâ&#x20AC;&#x2122;s continuing tribute series to his pop culture heroes and favorites, where he now takes on musician Bjork, anime character Danbo, and characters from cartoon shows Dexterâ&#x20AC;&#x2122;s Lab and South Park.

The two other solo shows are Humblyâ&#x20AC;&#x2122;s Friends from Outer Space and Martkillsâ&#x20AC;&#x2122; Laa Laa Land.

Friends from Outer Space features the expanded cast of colorful characters of painter Bryan Antonio aka Humbly. Balanon describes the show as â&#x20AC;&#x153;science fiction meets comic books meet street art.â&#x20AC;?

Meanwhile, in Laa Laa Land Gemart Ortega aka Martkills presents his lowbrow art that is influenced

by Filipino folk tales crossed with pop culture. His most recognized creation is the one-eyed tiyanak, which takes on various reincarnations in his art.

The return of Space Encounters Gallery also welcomes new health and safety guidelines. Visitors have to set an appointment ahead of time, and only four individuals will be allowed within the gallery premises at an hourly rotation. There is a â&#x20AC;&#x153;no mask, no entryâ&#x20AC;? policy. â&#x20AC;&#x153;There will also be no gala nights or artist receptions,â&#x20AC;? Balanon said. â&#x20AC;&#x153;To make up for that, the exhibition opening will run for a week or so and then weâ&#x20AC;&#x2122;ll focus on selling the artworks online. I think this will be the status quo for the coming months.â&#x20AC;?

Space Encounters Gallery is set in a 124-square meter area that was originally intended as an extension of the furniture showroom of Space Encounters, the furniture company that Balanon and Wilmer Lopez established in 2009. The gallery was created after the owners were inspired by the back-tobasics idea of one of their furniture collections. â&#x20AC;&#x153;We did everything manually and brought the romance back in creation,â&#x20AC;? Balanon said. â&#x20AC;&#x153;While doing that, we exposed ourselves to a lot of art, which led to the birth of Space Encounters Gallery.â&#x20AC;? â&#x2013;

ALTRO MONDO CREATIVE SPACE LAUNCHES SERIES OF VIRTUAL EXHIBITS EXCLUSIVELY available on Altro Mondoâ&#x20AC;&#x2122;s Facebook and Instagram pages until July 19, Altro Mondo Creative Space redefines the way we experience art in a digital space and features exhibits by Jim Orencio, Rio Lascano, Marius Black and Enrique Tabuena Altro Mondo Creative Space, one of Metro Manilaâ&#x20AC;&#x2122;s biggest contemporary art galleries, has launched a series of virtual exhibits in line with the galleryâ&#x20AC;&#x2122;s thrust to flourish in a low-touch, high tech economy. â&#x20AC;&#x153;Launching these online exhibits is how we envision the way we now experience art,â&#x20AC;? says

GEMINI (May 21-June 20): Take action before someone takes over. How you handle others will determine how much you accomplish. Have a plan ready to initiate, and delegate work according to peopleâ&#x20AC;&#x2122;s skills. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CANCER (June 21-July 22): Reach out through social media, and youâ&#x20AC;&#x2122;ll get a response. How you market what you have to offer will make a difference in the outcome. A partnership opportunity looks promising as long as your contributions are equal. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LEO (July 23-Aug. 22): Keep an open mind, but donâ&#x20AC;&#x2122;t give in to someone who is pestering you to do something you donâ&#x20AC;&#x2122;t want to do.

Honesty is the best policy; tell it like it is without getting upset or angry. Do your own thing. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

VIRGO (Aug. 23-Sept. 22): Stop dreaming about change, and start implementing what you want to achieve. An intellectual approach to the way you live your life and who you associate with will help you build a stable future. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

LIBRA (Sept. 23-Oct. 22): Spend more time taking care of your needs. Appreciate your skills and attributes, and look for new ways to market what you have to offer. Itâ&#x20AC;&#x2122;s a changing world, and keeping up with the trends can help you avoid setbacks. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SCORPIO (Oct. 23-Nov. 21): Make the changes youâ&#x20AC;&#x2122;ve been contemplating. Itâ&#x20AC;&#x2122;s timeâ&#x20AC;&#x201D;put your plans in motion and make your dreams come true. Speak out on your behalf as well as for those who canâ&#x20AC;&#x2122;t. You will make a difference and discover personal enlightenment. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

SAGITTARIUS (Nov. 22-Dec. 21): Take time out to rejuvenate. Do something physical that will help you build strength and improve your body, mind and soul. Making a positive change at home and surrounding yourself with people who bring out the best in you are encouraged. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

CAPRICORN (Dec. 22-Jan. 19): Stop worrying about things or people you canâ&#x20AC;&#x2122;t change. Look inward. Value what and who you have in your life, and it will help you make positive adjustments at home.

A personal partnership nourished adequately will result in greater security. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;

AQUARIUS (Jan. 20-Feb. 18): Ignore whatâ&#x20AC;&#x2122;s happening outside your immediate home and family. Put the initiative on living safely, smartly and within the rules and regulations that are applicable.

Make physical fitness, health, love and happiness your goal. â&#x2DC;&#x2026;â&#x2DC;&#x2026;

Altro Mondo Artistic Director Remigilio David. â&#x20AC;&#x153;The Covid-19 global pandemic has made us reflect about artâ&#x20AC;&#x2122;s place in this reality and how we can collectively work toward a better future and a healthier world.

Adds David, â&#x20AC;&#x153;The four featured artists for our exhibits reflect the nature of the times and our vision for the future. Through this series, we hope to share our vision of the art world as more sustainable, thoughtful and generous, and we hope to inspire people to have courage to adapt and embrace the future.â&#x20AC;?

PISCES (Feb. 19-March 20): Common sense, planning and avoiding arguments will pay off.

Donâ&#x20AC;&#x2122;t let temptation drag you into situations that are risky financially, physically or emotionally. Itâ&#x20AC;&#x2122;s up to you to put your time and effort where it will bring the highest return. â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026;â&#x2DC;&#x2026; BIRTHDAY BABY: You are intelligent, sensitive and opportunistic.

You are inventive and possessive.

â&#x20AC;&#x2DC;violating normsâ&#x20AC;&#x2122; BY MARK WILSON The Universal Crossword/Edited by David Steinberg

ACROSS 1 Frilly fabric 5 Long, angry blog posts 10 Look at 14 Boast 15 Exhaust the supply of 16 Church recess 17 â&#x20AC;&#x153;And your point is...â&#x20AC;?

18 Italianâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Enough!â&#x20AC;?

19 Mare, to a stallion 20 What an unusual shape-shifter does?

23 â&#x20AC;&#x153;___ by land...â&#x20AC;?

25 Kernel holder 26 Loversâ&#x20AC;&#x2122; flowers 27 What an unusual dragon does?

30 1984 Olympics star Mary Lou 31 It flows in la Seine 32 Time line segments 36 Abbr. on many Monopoly deeds 37 â&#x20AC;&#x2DC;Twas in the present?

39 Standard paper size: Abbr.

41 Greek H 42 You might wash your dog with one 44 Tiebreaker periods, briefly

46 48 51 54 55 56

Occur What an unusual vampire does?

Actor/singer Cassidy Word-word link Buildings with haylofts One whose behavior differs from the usual, or any of the fantasy creatures in the starred clues?

59 Sportswear brand whose name suggests flight 60 Brilliance 61 Nicholas II was the last one 64 Part of R&R 65 Wilson of The Office 66 â&#x20AC;&#x153;At Lastâ&#x20AC;? singer James 67 At no cost 68 Acts worried 69 Lighthearted play DOWN 1 Wall Street takeover 2 Noah built one 3 Ancestors of CDs 4 One whoâ&#x20AC;&#x2122;s very self-aware?

5 Red gem

6 7 8 9 10 11 12 13 21 22 23 24 28 29 33 34 35 38 40 43 45 47 49 50

How car tires are often bought Folgers competitor Learning aid that may be online Hormel canned meat Depart in a hurry â&#x20AC;&#x153;No bid,â&#x20AC;? in bridge Lauder of scents Unwanted plants Underway â&#x20AC;&#x153;Fixâ&#x20AC;? starter, aptly The â&#x20AC;&#x153;Oâ&#x20AC;? of TVâ&#x20AC;&#x2122;s OWN ___ Laredo, Mexico Word after â&#x20AC;&#x153;tradeâ&#x20AC;? or â&#x20AC;&#x153;creditâ&#x20AC;?

Baby ___ (candy bars with peanuts) Is under, in corporate jargon Used, as a dining table Metaphorically shifting particles Generalâ&#x20AC;&#x2122;s vehicle Torah teacher Instruct Informer, informally Ceiling coating Imagine Peace founder Yoko Off course

51 52 53 57 58 62 63

Gobble (down) Act like a helicopter parent Biscotti flavoring Big name in foam weaponry Andes or Rockies: Abbr.

24/7 source of 20s 50 Cent offering

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

Show BusinessMirror

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Tuesday, July 14, 2020

B5

From left: Cherie Gil, Roeder Camañag and Angeli Bayani

Anthony Rosaldo launches new single under GMA Music THE Clash Season 1 alumnus Anthony Rosaldo tells a story of two individuals who found love at the wrong time in his newest single under GMA Music, titled “Pwedeng Tayo.” The song was written by Vehnee Saturno, Davey Langit, Jonathan Manalo and Edwin Marollano during the first ever FILSCAP Master Camp.

The singer revealed that choosing this song for his next single was an easy one, a step toward reinventing himself as an artist: “Very skeptic ako noong naghahanap ng next song for my single. I really wanted to reinvent my music, give my listeners a new one to fall in love with. And then came the day for my song listening session. Ito ’yung mamimili na ako ng song. Funny, kasi I was going to be presented only one lang pala, and the reason was Kedy Sanchez found the perfect one na. Nagustuhan ko agad ang “Pwedeng Tayo” when I heard it. Fresh music, easy listening and very relatable story.”

He recorded the song at home during quarantine.

The other people who were part of the recording such as the musical arranger, the backup vocalists, and the guitarists, as well as the vocal processing were also done in their respective homes. Only the final mixing of the song was done in the studio. Anthony described this experience as “fun and challenging at the same time.”

“Iba kasi ’yung nagri-record ka under the supervision of a professional. Sure ka na maganda ang kalalabasan.

Pero this time, it was all up to me. Siyempre, I tried to do my best. Perfectionist kasi ako sa sarili kong work so I really made sure na maganda ’yung quality ng ipinasa kong material,” he shared.

“Pwedeng Tayo” is a song that most people who’ve gone through heartbreaks in their life can relate to, mirroring as it does the reality of love and life.

Recently, the GMA Artist Center talent was conferred as Most Promising Male Recording Artist of the Year for his debut single “Larawan Mo” under GMA Music at the 51st Box Office Entertainment Awards. The recognition was given by the Guillermo Mendoza Memorial Scholarship Foundation Inc. “Pwedeng Tayo” is now available for downloading and streaming from Apple Music, Spotify, YouTube Music and other digital stores worldwide.

Actors share their expertise online

A

lbert Einstein was right when he said that creativity is contagious and it has to be passed on.

At a time when most of us still spend majority of our waking hours at home, we try to find ways to make ourselves sane, busy, productive, relevant and creative.

Being part of an industry that has been hard hit by this “new normal” that was forced upon us by this unforeseen and unwelcome pandemic, some of our prized actors have decided to go online to share their expertise and pass on the learnings they have accumulated through the years to those who are interested to listen and learn.

The iconic Cherie Gil is currently giving online masterclass sessions and she admitted that it’s a different kind of high sharing her expertise via Zoom sessions. “I admit that this being my first of the kind,

online, going into the room was just as scary as doing an entrance for a one-woman play, maybe even worse!

But I like ‘scary,’” she shared after her first session.

Gil clarified that what she is offering is not an acting workshop but a special syllabus that she designed and created, which will delve into tools and concepts of acting, finding inspiration through the art of acting, the business of acting, alignment of motives and more.

When he learned about this masterclass, respected writer Ricky Lee said, “Genuine artists are generous.

They cannot help it because their talents spill over.

That is why it’s no surprise when they offer to mentor—like Cherie Gil, an actress whose mystery never leaves.”

Another prized actor who is also currently holding online acting classes is Aliw Hall of Famer and recent Philippine Live Entertainment, Arts and Festivals awardee Roeder Camañag, who also happens to be the artistic director of Artist Playground.

“I learn as much as I teach, and that what keeps me going. Conducting the workshop online presents some new challenges, but the intention to share whatever learnings I have amassed all these years as an actor remains as potent. Also, young people nowadays are mostly tech-savvy and they enjoy these sessions via online,” he explained.

Camañag’s syllabus is interesting as he incorporates meditation and exploration of one’s energies into his sessions and teachings on acting.

“There should be symmetry between what is within and what comes out, and there should always be a connection,” he shared, adding, “The students discover ways to be in touch with their senses, too, and this helps them to grasp more, to be more confident, and to absorb better.”

Ang Lee’s favorite Filipino actor Angeli Bayani has just wrapped her first online acting workshop, where she also invited her actor-friends as resource speakers for the 10 sessions she conducted.

“The most important thing I learned is that if you really care about sharing your skills and experiences, the medium does not really matter. Some say that it is limiting to act through Zoom but we found ways, and it proves that limitations only exist in the mind if the heart really wants to achieve something.”

She added, “My best take away is that some of my students have become my friends—which is kind of ironic, considering that I have given many workshops in person but I never became instant friends with any of my former students. I cannot wait to start my second batch.”

I recall a professor-friend who once told me, “We really never stop learning, because life never stops teaching.” Cherie Gil, Roeder Camañag, and Angeli Bayani are wonderful actors because they are generous actors, too. They continue to pass on their knowledge, expertise and passion to those who want to listen, absorb and learn from the many years of their respective journeys as thespians. n

2020 GAWAD CCP PARA SA SINING AWARDEES NAMED

Meghan tries to prevent ‘friends’ being named in suit

TWELVE individuals, a performing group and a publication have been named recipients of the 2020 Gawad CCP Para sa Sining for their outstanding achievements and contributions to Philippine arts and culture.

The Gawad CCP Para sa Sining is the highest award given by the Cultural Center of the Philippines. Due to Covid-19, the awarding ceremonies will be held in 2021.

This year, the award is conferred on Rafael Catalino “Nonoy” Froilan for Dance; Raul M. Sunico for Music; Felix “Nonon” Padilla for Theater; Luis “Junyee” Yee Jr. for Visual Arts; Lualhati Bautista for Literature; Clodualdo “Doy” del Mundo Jr. for Film and Broadcast Arts; Cristina Turalba for Architecture; Kenneth Cobonpue for Design; Integrated Performing Arts Guild (IPAG) for Culture of its Region; Nestor Horfilla for Cultural Work and Research; Liwayway Magazine for Development of Philippine Culture; Antonio Fabella for Dance (Posthumous); and Alice Guillermo for Cultural Research (Posthumous) Danilo Dolor will receive the Tanging Parangal for the development and support of the arts.

The Gawad CCP Para sa Sining, which is given every three years, is awarded to artists or groups of artists who have consistently produced outstanding works, enriched the development of their art form. The award is also given to cultural workers who, through their works in research, curatorship and administration, have helped to develop and enrich Philippine art. The Tanging Parangal is given to or organizations to honor their outstanding contributions to the development of the arts in the country.

LONDON—The Duchess of Sussex asked a British court on Thursday to prevent a newspaper from publishing the names of five friends who defended her while speaking to an American magazine under the shield of anonymity.

The former Meghan Markle made the request in a witness statement for her lawsuit against the Daily Mail and its parent company over excerpts from a “private and confidential’’ letter she wrote to her father that the newspaper published last year.

Her statement, filed in Britain’s High Court, claims the newspaper has threatened to publish the names of the five women who spoke to People Magazine anonymously but are named in confidential court documents as part of her lawsuit.

“For the Mail on Sunday to expose them in the public domain for no reason other than clickbait and commercial gain is vicious and poses a threat to their emotional and mental well-being,’’ Meghan said in the statement. “The Mail on Sunday is

By Danica Kirka The Associated Press

playing a media game with real lives.”

Papers drawn up by lawyers for the newspaper argue that the publication of the letter to the duchess’s father, Thomas Markle, was in response to a “one-sided” article in People Magazine in February 2019 featuring an interview with the “close friends.” The article referenced the letter, meaning it was in the public domain, the lawyers said.

The newspaper said it has “no intention,’’ of publishing the names this weekend. But it said the court

should decide on the confidentiality to which Meghan’s friends are entitled.

“Their evidence is at the heart of the case, and we see no reason why their identities should be kept secret,” a newspaper statement said.

“That is why we told the duchess’s lawyers last week that the question of their confidentiality should be properly considered by the Court.’’

The duchess said in her statement on Thursday that the five friends made the choice on their own to speak to

People. She accused the newspaper of trying to create a distraction.

“These five women are not on trial, and nor am I,’’ the statement said.

“The publisher of the Mail on Sunday is the one on trial. It is this publisher that acted unlawfully and is attempting to evade accountability; to create a circus and distract from the point of this case—that the Mail on Sunday unlawfully published my private letter. Each of these women is a private citizen, young mother, and each has a basic right to privacy.’’

Meghan’s civil lawsuit accuses the newspaper and its publisher, Associated Newspapers, of copyright infringement, misuse of private information and violating the UK’s data protection law with the publication of the letter.

The newspaper also argues there is “huge and legitimate public interest in the royal family and the activities, conduct and standards of behavior of its members.”

It argues this extends not merely to their public conduct, but “to their personal and family relationships because those are integral to the proper functioning of the monarchy.”

Britain’s Meghan, the Duchess of Sussex

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www.businessmirror.com.ph Monday, July 13, 2020 B5

5 tips for safely reopening your office

O

By Joseph Grenny

would practice saying “thank you.”

Practice with fire drills

pen up now or later? As the debate about restarting economies rages on, one critical element has been absent from the discussion. The predictor of our success or failure will have less to do with when businesses open their doors, and more to do with how often people open their mouths.

Perform daily rounds

As the saying goes, “you don’t get what you expect; you get what you inspect.” Just like in a hospital, leaders must use a checklist to do the rounds and measure compliance results. They should walk around the work area at unpredictable times of the day and observe the degree to which proper behavior is being practiced, scoring the employees every day for the first 30 days. After that, inspections can happen every other day.

My colleagues and I have spent 30 years studying what it takes to create behavioral change. Our central finding is that to achieve results we must engage all of the six sources of influence that shape human behavior: a compelling moral frame; deliberate practice; peer and leadership pressure; social support; scorekeeping; and environmental cues, tools and resources.

Unless all sources of influence are practiced in combination, the odds of meaningful change drop substantially. Here are five best practices that can help you get started:

Keep score publicly

Require ‘please’ and ‘thank you’

Employees must understand that they are not simply responsible for following safe practices themselves; they are also responsible for ensuring everyone around them does. Instruct employees that, if they see anyone violate safe practices, they are to remind them of proper protocol with a polite, “Please.” For example, “Please wear a mask when you’re in the office.”

But this isn’t enough. It’s a challenge to get lower-ranking employees to confront those they report to, unless you create an enabling norm. Leaders must be instructed that when they’re reminded of a safety guideline, there is only one permissible response: an immediate “Thank you,” followed by compliance. Period.

Hold a Covid-19 boot camp when you return to the office

The point of a boot camp is breaking down old patterns and introducing new ones. And the easiest time to reset norms is when no one knows what is normal. As employees reenter the workplace, take advantage of their unformed expecta-

Illuminaphoto | Dreamstime.com

Decades of research point to the positive effects of immediatepeer accountability. A few years ago, John Noseworthy, CEO of the Mayo Clinic in Rochester, Minnesota, proudly told me about a nurse who confronted him when he forgot to use hand sanitizer as he exited an elevator. “If everyone in our system will speak up to forgetful colleagues, no matter their level or position, we can avoid most incidents of preventable harm,” he said. And he was right.

But speaking up can be hard.

Since the beginning of the Covid-19 pandemic, I’ve heard about various incidents that attest to that.

A nurse refusing to wear personal protective equipment for days before finally being reprimanded by her supervisor. Shoppers entering stores without masks, while the clerks they walk by say nothing. The boss of a team of essential workers giving high-fives in a meeting, without any of his direct reports saying anything.

As businesses begin to reopen, great attention is being given to the measures required to keep employees and customers safe. Many of those measures are simple behaviors, such as washing our hands and wearing masks. But those measures won’t succeed unless they become norms. And for that to happen, people must not be afraid of calling out their violation. If noncompliance is rarely addressed, healthy behavior becomes a joke.

Inherently, we’re very bad at speaking up. In a recent VitalSmarts study of 1062 people, 3 out of 4 respondents said they were nervous about infection risk when interacting with others. And yet, 7 of 10 people admitted to saying less than they thought they should to keep themselves and others safe.

In the first week after the boot camp, hold daily fire drills, asking people to practice the new behaviors. In the weeks to follow, a twice-a-week cadence is sufficient.

Leaders should walk all employees through the motions of each new behavior, including saying “please” and “thank you.” Such ongoing efforts are critical to sustaining change because they remind employees of how important their behaviors are.

tions to hold one such event. The boot camp can be as short as 30 minutes or as long as a few hours, depending upon how many new norms you need people to practice.

Leaders should stand in front of employees and demonstrate their sincerity and commitment to the new policies, making the moral case for changing behavior. For exam-

ple, they can tell stories of affected friends, family or clients to bring the risks of noncompliance to life.

Leaders must not simply instruct people on new safety behaviors; employees must go through the actual motions so they can begin to develop muscle memory and the practices feel comfortable.

At Spectrum Health we developed

a boot camp where everyone in a unit would go through the motions of walking in and out of a patient room. In one condition, people would wash their hands upon entering and leaving. In another, they would fail to wash upon entering, and another caregiver would practice reminding them, after which the one who had been reminded

Leaders should post the scores from the inspections publicly and every day. Above the score they can place a large color-coded circle to denote the organization’s level of compliance: green for a compliance of 95 percent and above, yellow for 80 to 90 percent and red for an overall score lower than 80 percent.

Commit to posting the results no matter what they are and make sure they are visible to clients and customers. Embarrassment is a powerful motivator for improvement: The more public the embarrassment, the greater the motivation.

These practices may feel awkward for many employees and leaders, especially those who haven’t been part of concerted workplace safety efforts before. But these are unusual times, and if we want to keep everyone safe and healthy, people have to do things outside of their comfort zones.

If leaders take these practices seriously, they will be able to inculcate new norms much more quickly. Doing so is not only important for employee safety but for the health of your business. Adherence to these critical behaviors will make it possible for business to reopen—and to stay open.

Joseph Grenny is the cofounder of VitalSmarts.

Managers, adjust your expectations (without lowering the bar)

By Rebecca Zucker

M

ost of the country has been sheltering in place and working from home for some time now due to the Covid-19 pandemic. This change came with obvious challenges to getting work done for those who live with others—be they roommates, partners, spouses or children. Then, there are those employees who do not have others at home and now have no commute. One might intuitively think these individuals would be just as productive working from home than in the office, or even more so, given that research shows remote workers get more done.

This might be the case for some people. However, my conversations with dozens of clients and colleagues in the last two months tell me otherwise. Regardless of each person’s situation, the resounding theme that I’ve heard from working professionals, spanning multiple sectors, is that they are not only getting less done, but they are emotionally, mentally and physi-

cally exhausted.

Much as our hospital system has limited capacity, so do we. In addition to the numerous, tangible issues many employees now face in getting work done, there are several intangible challenges that greatly reduce our capacity to do work.

These include:

Emotional and cognitive fatigue

The pandemic has created an emotional and cognitive “tax” that takes up mental capacity that we were previously free to devote to work. The result is that many people—even those with minimal distractions at home—have experienced significantly more emotional and cognitive fatigue than usual.

While many people, on the surface, report that they’re “doing fine,” they are worried to some degree for their own well-being and the health of their loved ones; they are struggling with feelings of guilt in falling short at work or in helping their child with school; or they are dealing with the direct impact of the virus, as in the case of one client of mine who had to consider

how to share with her children the news that an elderly neighbor had passed away from Covid-19. And now that states have started to gradually open up and organizations think about what going back to the office might look like, there are additional worries and concerns employees may have about their safety going forward.

Whether the feelings of worry, anxiety, grief or guilt are conscious or not, they are like a subroutine, running in the background of our operating systems, taking up the limited space in our hard drives.

Research by Roy Baumeister, a social psychologist, also shows that suppressing or faking our emotions—which one might do with the aim of getting work done—does not come without a cost. The action depletes our limited willpower and wears us down.

Compassion fatigue:

Another phenomenon that is leaving people feeling wiped out is compassion fatigue. In providing empathy to others and making an effort to understand their personal

circumstances in order to better support them, we inadvertently further deplete our energy and mental resources. Trisha, a client of mine in management consulting, shared that the impact of tending to the emotional well-being of her team has left her feeling exhausted, which she had not anticipated. Personally, as an executive coach and someone in a “helping” profession, having reached out to support a number of leaders, I have felt completely drained many days by 3 p.m., despite getting sufficient sleep. A number of my coaching colleagues are feeling the same effect.

Physical fatigue

The fact that our emotional state directly affects our physical wellbeing is well-documented. Studies show that 80 percent of doctor visits for physical symptoms involved a social-emotional problem. In particular, the upheaval many people have experienced since the pandemic began has led to increased depression and anxiety. For many people, these conditions can lead to feeling physically tired or even

chronic fatigue, in addition to causing reduced focus, memory and sleep, making us even more tired and less productive.

Any good manager knows that we need to adjust to the current situation. This means that, at least for the short term, managers must recalibrate their expectations. Below are some guidelines for managers as to what this looks like in practice:

Do:

siveness or availability as before. n Assume that others will handle this type of situation in the same way as you, or in the same that they’ve handled other types of stressful situations in the past.

This is a whole new ballgame. n Assume that others will tell you when they feel overwhelmed or need help—you will need to give them explicit permission to do so and show that it’s OK for them to ask for support.

To be clear, adjusting expectations is not to suggest that managers should shirk responsibilities or be lax, or that they shouldn’t strive for results or hold people accountable. This pandemic is a marathon that we are all running together.

And as with sheltering-in-place measures, adjusting our expectations of others’ productivity is meant to be temporary. By recalibrating expectations now, managers will get much more out of their people in the long run.

Don’t:

Rebecca Zucker is an executive coach and a founding Partner at Next Step Partners.

n Re-prioritize projects and deadlines—identify what can be put on the back burner (or even canceled altogether) and what deadlines can be extended. n Reassess the level of detail or quality needed for your projects and your metrics for success.

What is good enough or realistically achievable? n Rebalance work among team members, taking time to understand their personal situations and individual differences in capacity. n Expect the same level of respon-

Sports BusinessMirror

Editor: Jun Lomibao

mirror_sports@yahoo.com.ph / Tuesday, July 14, 2020

NOW BACH’S TALKING I

NTERNATIONAL Olympic Committee (IOC) President Thomas Bach said it would have been easier to cancel Tokyo 2020 instead of postponing the Games to next year.

Tokyo 2020 was moved back to 2021 due to the coronavirus pandemic with the shift leaving organizers with a huge logistical headache. Major issues include securing venues and the Athletes’ Village for next year, as well as hotels, transport, ticketing and volunteers.

There are also huge financial considerations with the IOC estimating that the cost to itself will be $650 million. Organizers pledged to hold scaled-back Olympics next year in a bid to cut costs.

“Canceling the Games due to force majeure would have been easier for the IOC and we would have had the insurance revenue,” Bach said. “But we are there to organize the Games, not to cancel them.”

“We have to see if we can make improvements to the master plan, make

THOMAS BACH says there has to be improvements to the master plan.

Davis to wear own name on jersey in Orlando

Froome’s impending departure imperils Ineos’s Tour campaign

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OS ANGELES—Anthony Davis will wear his own name on the back of his jersey when the Los Angeles Lakers return to action.

Davis confirmed his decision Sunday in a conference call from Orlando, where the Western Conference-leading Lakers are beginning team workouts.

Davis and LeBron James both declined to choose a social justice message to replace their names on the back of their jerseys during the NBA restart.

Davis, a seven-time National Basketball Association (NBA) All-Star, said he was “torn between” choosing from among the 29 approved messages and sticking with his name.

“For me, I think the name ‘Davis’ is something I try to represent every time I step on the floor,” he said. “I just think my last name is something that’s very important to me, and also social justice as well. But [I’m) ]ust holding my family name and representing the name on the back to go through this process...and people who have been with me through my entire career to help me get to this point, while still kind of bringing up things that we can do for social injustice.”

James said he decided to forgo a social justice message because the available options didn’t “resonate” for him or his particular feelings about the movement. James would have liked to choose his own slogan, but wasn’t angry that it wasn’t allowed.

Both James and Davis have been outspoken about social justice causes in the past, although the younger Davis is less vocal than James.

The Lakers open play in Orlando on July 30 against the Clippers.

Rajon Rondo, meanwhile, broke his right thumb in practice with the Los Angeles Lakers in Florida.

The veteran point guard will be out for six to eight weeks, the Lakers said Sunday night.

Rondo will have surgery this week.

Rondo has been a key backup during his second season with the Lakers, who signed him shortly after adding LeBron James to the roster in July 2018. James typically functions as the Lakers’ point guard with the starting unit, but Rondo frequently took on the role while James rested or while both veterans were on the floor together.

Rondo is averaging 7.1 points, 5.0 assists and 3.0 rebounds in 48 appearances this season, including three starts. He has been a regular presence on the floor late in close games, with coach Frank Vogel trusting his veteran leadership and playmaking.

Rondo is seeking his second NBA championship after winning with Boston in 2008, but he has a lengthy history of hand injuries.

He broke his right thumb during the playoffs with the Chicago Bulls in 2017, and was sidelined for a month with a broken bone in his right hand last season. He also broke his left hand in 2014. AP

efforts on the services we offer to participants, on transport...the crisis has shown that we need more solidarity in sport but also in society,” he said.

“I hope that this will lead to better cooperation between the International Federations and the major event organizers,” he added.

Last week, reports claimed that Tokyo 2020 was close to securing all of the sporting venues for 2021 but this was downplayed by organizers.

They previously confirmed that 80 percent of venues were in place, with the Athletes’ Village, which is due to be sold as housing, and the Tokyo Big Sight, the location of the Main Press Centre and International Broadcasting Center, proving to be particular stumbling blocks.

Next year’s Olympics are due to run between July 23 and August 8 but fears remain that the coronavirus pandemic will not have eased significantly.

Some suggested that a vaccine must be

CHRIS FROOME could be the “gunpowder” that could spark Ineos’s explosion at the Tour de France.

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yrille Guimard said this year’s Tour de France could see Team Ineos finally explode in the race and that Chris Froome is the “gunpowder” who could set it all off.

Guimard won seven stages at the Tour de France as a rider and seven overall titles as a director of Bernard Hinault, Laurent Fignon and

Lucien van Impe.

Speaking to Cyclism’Actu, he explained that he would not put Froome, Egan Bernal and Geraint Thomas—the past three Tour winners—in the same lineup as Ineos is set to do next month.

As well as still being on the comeback trail from a career-threatening injury, Froome recently confirmed he will leave Team Ineos at the end of 2020 and move to Israel Start-Up Nation.

“He’ll be there, without doubt, but how will it play out? Honestly, I wouldn’t put the

three of them on the start line,” Guimard said.

“In any case, Froome will be like gunpowder. At what moment will the spark light the fuse that blows everything up. It’s impossible to know, but who sees Bernal telling Froome to ride for him from the bottom of a climb until he’s empty?” he said.

“Unless Froome is strong, but if he’s not, why pick him and leave out another good domestique? That could lead to a clash, because either Froome is not going well and it’s not worth putting him in the team, or he’s going well and then Ineos have a sword of Damocles hanging over them every day,” he added.

4 potential golds written off in Vietnam SEAG

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HE Philippines is bound to lose four potential gold medals in triathlon and duathlon after 31st Southeast Asian Games host Vietnam scrapped both sports from its program.

But that didn’t come as a surprise to Tom Carrasco, president of the Triathlon Association of the Philippines.

“We expected this because Vietnam is not strong in triathlon and duathlon,” Carrasco said on Monday.

Vietnam announced last week its intention to Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino learned that Vietnam will host no more than 36 sports, far less than the 56 the Philippines’s program in the 30th edition last December.

And many of those sports scrapped from

the previous edition were gold mines for the country’s successful campaign, netting 149 mints for the overall championship.

Carrasco said a host has the privilege to select sports it could dominate, a practice that has become a tradition in the SEA Games.

Also scrapped were arnis, obstacle course, skateboarding and modern pentathlon in the Vietnam Games set for November 21 to December 2 next year.

Arnis delivered 14 gold medals, obstacle course had six as well as skateboarding and pentathlon with two golds.

Filipino triathletes swept the men, women and mixed relay gold medals, extending their reign from 2015 when the sport debuted in Singapore. Duathlon, courtesy of Monica Torres, accounted for the fourth gold medal

under the duathlon umbrella.

Tolentino vowed to lobby for sports Filipinos excel in during the SEA Games Federation virtual meeting on July 21.

Vietnam declared that it is cutting down its budget by 50 percent—because of the Covid-19 pandemic—for the Games that returns to Hanoi—the main hub—and Ho Chi Minh since the country hosted the Games for the first time in 2003.

Carrasco, meanwhile, said the association is coming to the aid of 2019 SEA Games silver medalist Kim Remolino, whose family’s house burned down in Talisay, Cebu, on Suday.

“TRAP and the national team members and coaches are donating cash assistance.

[Also helping] are other members of the triathlon community,” Carrasco added.

Ramon Rafael Bonilla

developed for the Games to go ahead safely, while a survey this month found that 77 percent of Japanese believe that Tokyo 2020 “cannot be held next year.”

Tokyo 2020, meanwhile, confirmed it will issue ticket refunds to people unable to attend the Olympics and Paralympics.

Around 4.48 million tickets for the Olympics have already been sold as well as 970,000 for the Paralympics through the official ticketing web site and various lotteries.

Kyodo News said that tickets should still be valid for the postponed Games, but consideration will be given to fans who are unable to attend due to the delay.

It has been widely suggested that a reduction in spectators is among the Covid-19 countermeasures being considered for Tokyo 2020.

The potential for a behind-closed-doors Olympics, if social distancing remains required around the world, has also been raised as a possibility. Insidethegames “It could be an extraordinary chance to see Ineos explode during the Tour. The three of them on the start line, that opens doors for their rivals.

It would be good for [Thibaut] Pinot, [Romain] Bardet, [Nairo] Quintana, and Jumbo-Visma. It’ll be interesting, there’s going to be a race.”

Regarding Froome’s transfer to Israel StartUp Nation, Guimard felt there was no other choice for the four-time Tour champion given the emergence of Bernal, who became the youngest Tour winner in more than 100 years last year at 22.

“Froome had to go—that’s obvious. When you have a rider who has won four Tours, and another who has won one and has the potential to win four or five, it’s not possible to have them in the same team. Except if Froome had said ‘I can’t win another Tour, I’ll put myself in service of the young guy’, but that’s not in Froome’s nature,” Guimard said. Cyclingnews

Marcial in forum

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HILIPPINE Basketball Association (PBA) Commissioner Willie Marcial takes the hot seat anew as the solitary special guest in Tuesday’s webcast edition of the Philippine Sportswriters Association (PSA) Forum.

The amiable commissioner will discuss his meetings with the coaches and team managers, along with the PBA Board over the weekend as the league starts preparations for the resumption of team practices next week.

The session will start at 10:30 a.m. and is presented by San Miguel Corp., Go For Gold, Amelie Hotel, Braska Restaurant and the Philippine Amusement and Gaming Corp. and powered by Smart.

The weekly forum is shown live via the PSA Facebook page fb.com/ PhilippineSportswritersAssociation and likewise to be shared on Radyo Pilipinas 2 facebook page.

NBA restart: Team equipment a challenge to manage

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AKE BUENA VISTA, Florida—Rob Pimental spent a good amount of time thinking about everything the Miami Heat would need for what could be a threemonth trip to Walt Disney World.

He is the Heat equipment manager. Every jersey, sock, sneaker, whatever the team needs, it’s his responsibility to have it ready. So, when it came time to figure out what was getting packed for Disney, Pimental came to a realization.

“Pretty much everything,” said Pimental, who confessed to having a few sleepless nights of worrying. “I’m the type of guy who wants everything on hand, so I literally packed up my entire equipment room and brought it with me.”

He’s not alone.

All 22 teams in the National Basketball Association (NBA) restart had to pack more than ever, for a road trip like none other. Every team is assured of spending at least five weeks at Disney, and some could be there for three months. The

challenges for players and coaches are obvious, but the challenge for equipment managers—among the unsung heroes of this restart plan—aren’t anywhere near as visible to those watching games from afar.

“This is what equipment managers were built for, honestly,” Orlando Magic equipment manager Jacob Diamond said. “We have some of the smartest guys around the league that do what I do and at the end of the day, for us, it’s really no job too big, no job too small. Our coaches are relying on us, our players, and this is history right here.

So, it’s kind of cool to be a part of it—even though it’s extra work.”

For this trip, Diamond has a two-room suite in the hotel that the Magic are calling home.

It’s not a perk. He needed the space.

Luggage is lined up around all four walls, with more bags in the middle of the room, along with a clothes rack, a large trunk and a bunch

MINE!

Seattle Mariners shortstop Sam Haggerty flips the ball toward second base as he tries to make a play during a “summer camp” intrasquad baseball game on Sunday in Seattle. AP

THE photo shows the second bedroom inside Magic equipment manager Jacob Diamond’s suite at the team hotel at the Disney complex in Lake Buena Vista, Florida. AP

of bright blue bags with the Magic logo stacked over by the sliding door that leads to the balcony. He knows the contents of each, where every item is, so if Nikola Vucevic needs a certain pair of socks or Aaron Gordon needs a certain type of compression gear, Diamond finds it in a flash.

“I made sure I overpacked for this rather than underpacked,” Diamond said. “It’s not so easy to have things sent here. I’d rather have things here, ready to go, so here we are.”

Toronto Raptors equipment manager Paul Elliott prides himself on typically taking only what he needs. He tends to take 45 bags on a standard road trip; by NBA

standards, that is packing light.

Not this time. For this trip, Elliott’s count was 176 bags.

And while most teams only had to move their operation once—from their home facility to Disney—Elliott had to pack the Raptors up twice, first from Toronto to their pre-camp workouts at Florida Gulf Coast University in Fort Myers, and then again to get the stuff up to Disney.

“I looked at it as what they were going to take for a two-week Western road trip, took what I would usually pack for that, and kind of quadrupled it,” Elliott said. “I just had to make sure I had enough options for these guys to accommodate them when they need. I just want to be prepared.” AP

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SPORTS WITHOUT BORDERS Vincent Juico | @VJuico Instagram vpjp_j vince.juico@gmail.com

Merger is better DESPITE the nonrenewal of ABS-CBN’s franchise, the Premier Volleyball League (PVL) has opted to stay with the network.

PVL games can still be televised through other platforms like cable and digital but if I’m a business owner or team owner, I’d like a lot of pairs of eyes to see the best product I can field on the volleyball floor.

The Philippine Superliga (PSL) and PVL are not just sports leagues but they’re also businesses where teams are owned and operated by businessmen who are passionate about women’s volleyball and at the same time who’d like to promote their products and services.

According to casbaa.com, “There are approximately 7.6 million television homes in the country’s urban areas, half of these in Metro Manila, where TV penetration exceeds 95 percent. The other half is scattered in the country’s three major island groups—Luzon, Visayas and Mindanao. The latest Kantar Media Establishment survey pegs multichannel subscriptions in the “Total Philippines” at 2 million. Central Luzon posted the highest growth, rising to 25 percent from 19 percent.

The National Capital Region (NCR), North Luzon and South Luzon are the biggest cable markets but it will take another two or three years before overall national levels reach the 35 percent of television homes subscribing that NCR and parts of Luzon had achieved by 2009.

Viewing levels in cable homes over the past 18 months have been stable at 20 to 25 percent. Cable channels are watched more in the mornings and data shows that of the 27 percent viewers in this period, over 10 percent are watching cable. The two leading terrestrial channels managed only 5 percent of viewing during this time.”

Statista.com points out that “The statistic shows the number of Facebook users in the Philippines from 2017 to 2023. In 2023, the amount of Facebook users in the Philippines was expected to reach 49.9 million, up from 41.2 million in 2016.

With more than 2 billion monthly active users, Facebook is the most popular social network worldwide. Popular activities on the social network include watching videos, liking content via button, reading articles and messaging friends on 1-1 basis.

In July 2016, Facebook Messenger surpassed 1 billion monthly active users, placing it directly next to Facebook-owned competitor WhatsApp. Facebook successfully managed the transition from social network to mobile social platform, nearing 1 billion monthly active users and with mobile accounting for 77 percent of the social network’s total advertising revenue in 2015.

Mobile is also the keyword regarding the online market in the Philippines; in 2014, 41.28 million people accessed the Internet through their mobile phone.

In 2021, this figure projected to amount to 66.64 million mobile phone Internet users. As of July 2016, the Internet penetration among the population in the Philippines was 43.5 percent. A total of 47 million users access social media via mobile on a monthly basis, making the country the second-largest Facebook market in the Southeast Asian region.”

An interesting statistic, napoleoncat.com says “There were 74 850 000 Facebook users in Philippines in January 2019, which accounted for 67.7 percent of its entire population.

The majority of them were women—52.6 percent.

People aged 18 to 24 were the largest user group (25 000 000).

The highest difference between men and women occurs within people aged 18 to 24, where women lead by 1 000 000.”

The last statistic may bode well for the PVL but not a lot of our countrymen have access to cable and digital. Most of them, I’d like to think, would like to access their sports content for free on free TV. Not a lot of our people have access to digital and cable so it will be interesting to see how the situation plays out.

A merger between the two leagues however, presents a lot of possibilities and opportunities from advertising, sponsorship, marketing and business development standpoints. A merger will result in less competition for sponsors and advertisers. If the PSL-PVL build it, the sponsors and advertisers will come. Women’s volleyball is now second to men’s basketball as far as the country’s most popular sport discussion is concerned.

A merger will synchronize the schedule of the players which will make them available for flag and country duty. Look at men’s volleyball, only the PVL has men’s volleyball which recently resulted in a silver medal finish at the 2019 Southeast Asian Games.

The fans and players want it. The sponsors, advertisers and sports marketers like this writer are salivating at the infinite possibilities. Sports enthusiasts will be very interested to see how it pans out. A merger will not only be a shot in the arm for women’s volleyball, it’ll also be a shot in the arm for Philippine sports.

Come on PVL, let’s give the fans, the players and stakeholders in Philippine sports what they want.

Sports

LOOK! FANS BACK IN FRANCE

BusinessMirror

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| Tuesday, July 14, 2020 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

ONLY 5,000 people are allowed inside Le Havre’s 25,000-seat Stade Oceane. AP

HAMILTON CELEBRATES WITH CLENCHED FIST

Crowd welcomed to tennis matches in West Virginia

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HITE SULPHUR SPRINGS, West Virginia—Tennys Sandgren celebrated a game-clinching point in pandemicappropriate fashion, retrieving the ball himself in the absence of ball kids, and exchanging an awkward fist-to-elbow bump with a teammate as the World TeamTennis (WTT) season started before mask-wearing fans on Sunday.

WTT’s nine teams have come together at The Greenbrier resort for their three-week season.

Matches normally are played at various sites around the country but everyone was brought to one location because of the coronavirus pandemic.

Sandgren, for one, was happy to be at The Greenbrier, and not just for the tennis.

“You know what it’s been like the last four months,” he said. “You’ve been sitting in your house the whole damn time. I get to do it in a beautiful setting now. It’s fantastic. There’s lots of stuff to do.”

For Sandgren, that includes playing golf and hanging out at the pool.

“It’s been pretty chill,” he said.

Tennis became one of the few professional sports to welcome fans back so far during the pandemic. An indoor bull riding event was held Friday in Sioux Falls, South Dakota, as well as a weekend IndyCar doubleheader with limited spectators at Road America in Elkhart Lake, Wisconsin.

“It was awesome to have some people out there to get behind the tennis,” Sandgren said.

“It made hitting good shots a little more fun.”

Last month, top-ranked Novak Djokovic played in a series of exhibition matches he organized in Serbia and Croatia with fans in the stands and zero social distancing amid the pandemic. He later announced that both he and his wife had tested positive for the virus and apologized for contributing to its spread.

The WTT season started just as confirmed coronavirus cases were soaring nationally. In West Virginia alone, positive cases have doubled in the past month, including dozens of cases and three deaths linked to a church not far from the resort.

There were strict measures in place at the matches to ensure health and safety. Anyone who wasn’t a competing athlete wore a mask inside the tennis stadium and fans had their temperatures checked prior to entering.

Staggered rows of seats were covered to allow for social distancing.

Up to 500 spectators are being allowed at each of the outdoor matches at the 2,500-seat court, although there were far fewer than 500 in attendance at the opening match. If rain forces play indoors, the maximum capacity will be reduced to 100 fans and 50 staffers.

On the court, the chair umpire was helped by electronic line calling instead of line judges.

There were no ball kids. The athletes chased down loose balls and tossed them to the serving player. When matches ended, opponents touched tennis rackets—no high-fives or handshakes. AP

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E HAVRE, France—For the first time since the coronavirus shut down sports and chased away spectators, fans returned Sunday to elite European soccer, turning out in their thousands to see Paris SaintGermain’s (PSG) superstars back on a field.

For their return to work, PSG’s marquee attacking duo of Neymar and Kylian Mbappe sported face masks in red, white and blue PSG colors on their way into the arena and wore messages of thanks for health workers on their kit.

“Now it’s for real...we’re back,” Mbappe tweeted before kickoff against Le Havre. The exhibition match in the Normandy port city was the first encounter in front of fans to feature one of Europe’s elite clubs since the outbreak erupted.

Only 5,000 people were allowed inside Le Havre’s 25,000-seat Stade Oceane to see the French League 2 club take on PSG’s star-studded squad, with Neymar and Mbappe in the starting XI. PSG showed little mercy on the field with Mauro Icardi and Neymar both scoring twice. That rare sound of real fans erupting into cheers at their team scoring was heard nine times as PSG beat Le Havre 9-0.

Upper tiers of seating were empty. Spectators had to wear face masks to get into the arena, although many then took them off once settled in their seats.

Families and friends sat together in groups but groups stayed separated. Ball carriers wore masks and gloves.

Loudspeakers broadcast appeals for social distancing.

Pitch-side photographers were made to step with their shoes into trays of disinfectant.

PSG players had the words “Tous unis” (All united) and “Merci” (Thank you) on their kit to show appreciation for health workers.

Among Europe’s top 5 leagues, only France is letting spectators back into soccer stadiums. Germany finished its season without fans but the league and clubs are exploring plans to play 2020-21 with fans. Play has resumed without fans in Spain, England and Italy.

France stopped its league and never resumed it in the wake of its outbreak. The return of fans comes as the country’s death toll this week surpassed 30,000 and amid growing concerns of a possible second wave of infections.

Football matches are blamed for having helped speed the initial spread of the pandemic across Europe.

In Serbia, matches played in front of thousands of fans despite the pandemic were followed last month by players and the CEO of Red Star Belgrade testing positive for the coronavirus.

The 24-man squad picked by Paris Coach Thomas Tuchel was gearing up after four months of inactivity for its last competitive matches of the season. PSG plays the finals of the French Cup and the League Cup later this month and the quarterfinals of the Champions League in August. AP

By Jerome Pugmire

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LEWIS HAMILTON delivers a message to his fellow drivers not to slow down in the fight against racism. AP

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UBLIN, Ohio—Collin Morikawa figured his tournament was over if he didn’t make a five-foot par putt on the 15th hole at Muirfield Village.

He couldn’t have imagined all the fun was just starting.

Still three shots behind Justin Thomas with three holes to play, Morikawa made only one birdie and it was enough for a six-under 66 to force a playoff.

The three times he played the 18th hole, he twice could only watch as Thomas had 10-foot putts for the win.

The other time, Morikawa had to make a 25-foot putt to keep playing.

The only dull moment Sunday at the Workday Charity Open was the end, when Morikawa took two putts for par from just inside 10 feet to beat Thomas on the third playoff hole and win for the second time in his career.

“Amazing,” Morikawa said when asked how he would sum up the day to someone who only

The Associated Press

PIELBERG, Austria—Standing on the podium to celebrate his latest win, Formula One world champion Lewis Hamilton raised a clenched right fist and then delivered a message to his fellow drivers not to slow down in the fight against racism.

It’s 52 years since American sprinters Tommie Smith and John Carlos introduced that powerfully defiant gesture to a worldwide TV audience when standing on the podium during their medal ceremony at the 1968 Olympics in Mexico City.

On Sunday Hamilton and the other 19 F1 drivers wore black t-shirts with “End Racism” on them, as they had done at last weekend’s season-opening Austrian GP. Most again took the knee on the grid before Sunday’s Styrian Grand Prix in Austria.

Others still did not and even questioned in the prerace drivers’ briefing whether it should still be done.

“Some people were asking ‘How long do we have to continue to do this?’ Some felt like one was enough last week, and I just had to [tell] them that racism is going to be here for probably longer than our time here,” Hamilton said after winning his 85th F1 race. “People of color who are subject to racism don’t have time to [just] ‘take a moment’ to protest and that be it. We’ve got to continue to push for equality and raise awareness for it.”

Smith and Carlos were representing a country being torn apart, after the

assassinations of Martin Luther King Jr. and Bobby Kennedy made ‘68 one of the most turbulent years in American history. Wearing black gloves, the sprinters raised their fists in solidarity while the Star-Spangled Banner played.

When Serena Williams won her seventh Wimbledon title in 2016, she proudly raised her fist in a Black Power salute at the All-England Club in 2016. That same year, former National Football League quarterback Colin Kaepernick started taking a knee to raise awareness for black athlete activism. Williams and Hamilton have both referenced the Black Lives Matter movement, which Hamilton wore on the front of his t-shirt on Sunday.

Hamilton has spoken out against racism since the death in May of George Floyd—a handcuffed and unarmed Black man—after a police officer pressed his knee on Floyd’s neck for nearly eight minutes in May. Hamilton attended a Black Lives Matter march in London and is setting up a commission to increase diversity in motorsport.

His Mercedes teammate Valtteri Bottas kneeled after winning last Sunday’s Austrian GP and the team has thrown its support behind Hamilton by racing in all-black cars for this season.

“As a team we’re keeping the black all year long, so we’re going to be fighting and pushing for it all year,” the 35-year-old Hamilton said.

“Personally it’s going to be a lifelong thing for me.”

Hamilton called out teams last week for not doing enough to combat racism.

Although he also praised F1 Chairman Chase Carey and governing body FIA for

donating money to help promote more equality and diversity in F1, Hamilton clearly feels there is still a long way to go.

“Of course there are signs but action is needed. It’s great to see Chase being so kind as to donate a million dollars and the FIA to step up and also give a million dollars,” Hamilton said. “But if you don’t know the problem then you can’t fix it, and a million dollars doesn’t really go that far. A lot of work needs to go on with Formula One. The FIA really do need to be a part of it, and I think the drivers need to be a part of it also as we have a great voice and great platforms.”

FERRARI IN TROUBLE EARLY IT’S already the pits for Ferrari, just two races into the new Formula One season.

Four-time F1 champion Sebastian Vettel and rising star Charles Leclerc are off the pace, and crashed with each other on the track Sunday for the second time in the space of four races.

The incident at the Styrian Grand Prix in Austria came on the first lap. Both drivers were so far back on the grid—Vettel starting 10th and Leclerc 14th—that they tangled in heavy traffic when normally they should have been near the front.

“I was fighting two other cars, we were already three cars into Turn 3,” Vettel said.

Leclerc tried to overtake him down the right entering a hairpin bend but instead ended up riding over the back of Vettel’s car, mangling his rear wing.

Vettel, who finished 10th last week at the season-opening Austrian GP on the same Red Bull Ring track, had to retire while Leclerc came

into the pits on the fifth lap and was soon out of the race.

At last season’s penultimate GP in Brazil, they had bashed into each other. Vettel appeared at fault that time after being overtaken cleanly by Leclerc, and recklessly trying to regain position.

But this time Leclerc was far too hasty and impatient.

“I apologized [to Vettel]. Obviously excuses are not enough in times like this. I am just disappointed in myself,” the 22-year-old Leclerc said. “I’ve done a very bad job today. I let the team down.”

Leclerc won two races and led all F1 drivers last season for pole positions—even beating world champion Lewis Hamilton, 7-5—but he was quick to recognize he missed the bigger picture this time.

“I put all thoughts of the team in the bin,” Leclerc said. “I can only be sorry, even though I know it’s not enough. I hope I will learn from this and we will come back stronger for the next races.”

Leclerc finished fourth in the world championship last year, Vettel only fifth.

Vettel is not getting a new contract for next year and is being replaced by McLaren’s Carlos Sainz. Jr. Ferrari has not won the drivers’ title since Kimi Raikkonen in 2007 and the constructors’ title the previous year.

Pressure is growing on team principal Mattia Binotto. He sounded despondent on Saturday, where Leclerc failed to even make it into the third and final part of qualifying.

Morikawa clutch in finish, playoff to prevail in Ohio saw the result.

That covered a lot of territory.

Morikawa never looked like the winner until it was over.

Thomas had 10 straight one-putt greens, the last one a 25-foot eagle putt on the par-five 15th for the three-shot lead with three holes to play. And while he made two bogeys for a 69 that allowed for a playoff, he had reason to think it was over when he made a 50-foot birdie putt from the back of the 18th green.

“I never assumed it was over,” Thomas said.

“Percentages would say that it heavily is close to being that way.... I just tried to keep my head down and think he’s going to make it, but hoping he’s not, selfishly, but he did.”

Thomas missed a 10-footer for par in regulation, and a putt close to that same line for birdie on the second extra hole. He was done

in by a tee shot on No. 10 that wound up in the rough behind a tree, forcing him to pitch out 102 yards short of the green. He missed his 15-foot par putt, leading to Morikawa’s two-putt par and the win.

It was a wild ride for Thomas, too. He started with a two-shot lead, trailed by three after just five holes, made four straight birdies and was ahead by three shots 10 holes later, and ultimately lost in a playoff.

“It’s completely unacceptable to give up a three-shot lead with three to go,” Thomas said.

“I’m upset, I’m disappointed in myself. But at the end of the day it’s over with now, and I just need to take some time this afternoon and tonight to build on it and figure out what I can do better going into next week.”

They return in four days for the Memorial on a Muirfield Village course expected to be as fast

as a US Open.

This was a big win for the 23-year-old Morikawa, who in his 13 months since graduating from Cal already has established a reputation for a high level of consistency. His only victory was at an opposite-field event last summer. He beat a field at the Workday Charity Open that featured five of the top 10 in the world.

“This is a huge kind of stepping stone,” said Morikawa, who goes to No. 13 in the world, one spot ahead of Tiger Woods. “We got No. 1 out of the way. We got No. 2. Let the gates just open and let’s keep going.” AP

IT’S a big win for the 23-year-old Collin Morikawa, who in his 13 months since graduating from Cal already has established a reputation for a high level of consistency. AP