BusinessMirror June 01, 2021 by BusinessMirror

POGO tax, OFW dept bill certified urgent By Jovee Marie N. dela Cruz @joveemarie

Samuel P. Medenilla @sam_medenilla

& Butch Fernandez

@butchfBM

WO more pieces of legislation made it to Congress’s priority in its last five session days before a June 4 sine die adjournment as President Duterte certified as urgent Senate bills taxing Philippine Offshore Gaming Operators (POGO) and improving protection for overseas Filipino workers (OFW). Presidential spokesman Harry Roque confirmed on Monday that Duterte certified as urgent Senate bills (SB) 2232 and 2234. SB 2232 amends the National

Internal Revenue Code of 1997 to enable the taxation of POGOs, from which the government is eyeing over P120 billion in revenue over the next four years. “We hope that through this measure we would not only generate the much needed revenues in the country but also place the industry under stricter government oversight,” Roque said in a statement. A lso certified as urgent by Duterte is SB 2234 creating the Department of Migrant Workers and Overseas Filipinos. Roque said the new department, which will consolidate government offices, which manage OFWs affairs, will improve the protection of the rights and welfare of Filipinos abroad.

Possible adoption

House Ways and Means Chairman Joey Sarte Salceda, principal author of the POGO bill in the House, said the lower chamber is open to adopting the Senate version depending on its final outcome. “If they finish today, we will have a POGO tax bill on President Duterte’s desk during the sine die adjournment. I want this bill passed as soon as possible, so I am open to recommending to the Speaker that we adopt the bill the Senate passes this afternoon,” Salceda said. Under the version of the House which was passed in February, POGOs will be subject to a 5-percent tax on gross gaming receipts. Their service providers will be subject to regular taxes. Non-resident employees of both will be subject to a withholding tax of 25 percent of gross

income, with a presumed income of P600,000. The Senate version adopted these rates in the committee report of the Ways and Means panel. “There is very little difference between the House and the Senate version since, like the Estate Tax Amnesty earlier, the Senate Committee on Ways and Means saw little need to repeat the extensive hearings and study we have conducted in the House. So, the bill is almost identical to that of the House,” Salceda said.

Senate plenary tackles bill

The Senate opened plenary deliberations Monday on a bill taxing POGOs, with Senate President Vicente Sotto III sharing the expectations of Executive Department officials on potential revenue sources. Continued on A6

BANK LENDING IN APRIL SLIDES FURTHER BY 5%

n Tuesday, June 1, 2021 Vol. 16 No. 230

P25.00 nationwide | 2 sections 18 pages |

NOT A MOVIE They’re not Tom Cruise wannabes. But these workers face real-life risks as they do their jobs cleaning up the glass façade of a call center building along W. Diokno Boulevard in Pasay City. ROY DOMINGO

By Bianca Cuaresma

@BcuaresmaBM

ANK lending in the country continued its free fall in April, as the Bangko Sentral ng Pilipinas (BSP) reported a faster contraction during the month.

Bank lending fell by 5 percent in April this year, falling faster than the 4.5-percent contraction seen in March.

Bank lending first collapsed into contraction territory in December 2020 by 0.7 percent. April is the fifth consecutive month

that bank lending contracted and the twelfth consecutive month that bank lending has slowed despite the BSP’s aggressive efforts to lower interest rates and boost liquidity conditions. In comparison, the Philippines’s bank lending rate was at 13.6-percent growth in March 2020, when the pandemic first hit local shores. “Bank lending remained weak as measures to contain the resurgence in Covid-19 cases constrained

domestic economic activity and continued to dampen market sentiment,” the BSP said in a statement on Monday. Broken down, the BSP said outstanding loans to key industries fell. Specifically: loans to wholesale and retail trade and repair of motor vehicles and motorcycles fell by 10.2 percent; to manufacturing by 9.8 percent; and to financial and insurance activities by 6.8 percent. Continued on A2

BSP forecasts May inflation to hit 4.4% T HE Bangko Sentral ng Pilipinas (BSP) believes that inflation may have slightly decelerated in May this year as upward pressures were offset by the decline in food prices during the month. BSP Governor Benjamin Diokno told reporters that inflation may have hit 4.4 percent in May, with a range of 4 to 4.8 percent for the month. Their forecast is slightly lower than the 4.5-percent inflation print in April. It is still, however, beyond the ceiling of the 2- to

4-percent average annual target range for the year. “Higher prices of meat and domestic petroleum products, along with the upward adjustment in Meralco electricity rates, are the main sources of upside pressures for May,” Diokno said. “These could be offset by the decline in prices of key food items, such as rice, vegetables and fish, due to improved supply conditions, along with the appreciation of the peso,” he added. In a recent press briefing, Di-

PESO exchange rates n US 47.9010

okno reiterated that despite the elevated inflation in the early months of 2021, inflation will still fall within range on average by the end of the year. This is amid the rising prices of global crude oil. Diokno said they have already factored in the recent global oil price uptrend into the latest baseline inflation projections which showed a target-consistent inflation path over the policy horizon. I n t h e i r l at e s t mo n e t a r y policy meeting in May, the BSP

revised their forecast for the year to 3.9 percent, down from the 4.2-percent forecast in their February meeting. For next year, however, the BSP revised their target higher from 2.8 percent to 3 percent, due to the expected increase in global crude oil prices and faster economic prospects. Diokno, however, earlier said they will still monitor inflation closely, and watch for potential signs of second-round effects. See “BSP,” A2

AS TEMPERATURES SIZZLE, LUZON HIT BY POWER OUTAGES By Lenie Lectura

@llectura

OME areas in Luzon experienced power outage for at least an hour on Monday due to insufficient power supply and reserve, shaving off 3,771 MW of capacity from the grid. The National Grid Corp. of the Philippines (NGCP) placed the Luzon grid on yellow alert from 11 a.m. to 1 p.m. and from 3 p.m. to 4 p.m. In between, a red alert notice took effect from 1 p.m. to 3 p.m. A yellow alert means power reserves have dropped below the minimum 647 MW, but does not necessarily mean there will be power outages. A red alert means there is insufficient power supply in the grid. Rotational

brownouts are expected to occur. The Luzon grid’s capacity stood at 11,729 MW while peak demand hit 11, 514 MW, leaving a deficit of 215 MW. The total unavailable capacity as of Monday is broken down into: 1,838 MW of power plant derating, 1,498 MW of unplanned outage and 435 MW of planned outage. Among the plants that went on unplanned outage are Sual 2 (647 MW) and CBK units 1 and 2 (22 MW). Also, GN Power Mariveles 1 (345 MW) and Calaca 2 (300 MW) were on extended planned outage. San Roque units 1-3 (435 MW) are still on planned outage. It should have been back online end-May, but will resume operations on June 13. Continued on A2

n japan 0.4361 n UK 68.0003 n HK 6.1717 n CHINA 7.5229 n singapore 36.2228 n australia 36.9365 n EU 58.4392 n SAUDI arabia 12.7740

Source: BSP (May 31, 2021)

News

BusinessMirror

A2 Tuesday, June 1, 2021

PHL among ‘first’ to get US donation of Covid vaccines

By Samuel P. Medenilla

@sam_medenilla

HE Philippines will be among the first countries to benefit from the 80 million doses of donated Covid-19 vaccines from the United States (US).

In an online press briefing on Monday, Philippine Ambassador to the US Jose Manual “Babe” Romualdez said he was informed by the White House that the country, as a close ally of US, will be among the initial beneficiaries of the donation. “But we still don’t know how many will be given to us, but this donation [is] without any strings attached to it, so to speak,” Romualdez said.

“It’s just really part of a program that they have, that will start really helping other nations to be able to fight this virus,” he added. He said US President Joe Biden is expected to announce the donation this week.

VFA impact

Presidential spokesman Harry Roque refrained from commenting on how the donation could affect President Duterte’s decision

4 ex-DOH chiefs… “We need to learn from the experience of the US in 2018 when the Surgeon General declared an epidemic on e-cigarette use among the youth,” said Ubial, the first health secretary appointed by President Duterte. Ubial noted a report from the US Centers for Disease Control that between 2017 and 2018 alone, the number of youth who used e-cigarettes

Continued from A10

went up by 1.5 million. She explained that the Philippine government, right before the Covid-19 pandemic, had taken the right stance against e-cigarettes by increasing the legal age of access to these harmful products from 18 to 21; and even banned flavored e-cigarettes that appeal to children. “If Congress will reverse these

on whether to keep or scrap the country’s Visiting Forces Agreement (VFA) with US. “I do not know, but we still have to receive the vaccines to begin with,” Roque said. Duterte ordered its abrogation of the 1998 VFA, which allows US military forces to enter the country’s territory, after the cancellation of the US tourist visa of Sen. Ronald “Bato” dela Rosa. The abrogation proceedings was initiated in February 2020, but was suspended due to the pandemic. In February this year, Duterte said the US government must “pay” if it wants to maintain the VFA. Romualdez said the DFA has already submitted to the Office of the President a version of the VFA with better terms of agreement, which could be considered by Duterte.

Presidential talk

The US government is keen on regains, it only means one thing: we are gambling [with] the lives of our children, with the government ushering in a new generation of nicotine addicts,” Ubial added.

MMDA raising awareness

The Metropolitan Manila Development Authority (MMDA), meanwhile, said that it is committed to help raise awareness on tobacco control, highlighting the ill effects of smoking to the public. MMDA Cha ir man Benjamin

taining the VFA, as well as its close diplomatic ties with the Philippine government. Romualdez said this position was expressed by US President Joe Biden in his letter to President Duterte for the 75th anniversary of the US-Philippine diplomatic relations by July. “President Biden w rote to President Duterte not only on the occasion of the 75th anniversary, but to also inform him [that] the relationship between the United States and the Philippines will continue and that he hopes that he will be able to meet in person with the President at some point in time,” Romualdez said. He said the upcoming anniversary might “trigger” a talk between Presidents Duterte and Biden. Currently, he said they are still awaiting word from the US government on such invitation.

“Benhur” Abalos Jr. said the agency joins the nation in the observance of “World No Tobacco Day” today, with this year’s theme “Commit to Quit.” “We must unceasingly promote a healthier environment and encourage tobacco users to quit smoking as the public deals with stress especially during this unprecedented times brought about by the Covid-19 pandemic,” Abalos said. The MMDA, likewise, is working with all local government units in Metro Manila in monitoring compliance on advertising and promotion, selling and display, and use of tobacco in public establishments, particularly near school premises. “We really have to work hand-inhand. Hence, we encourage all the Metro Manila mayors to strictly enforce their respective ordinances prohibiting smoking on public places,” he added. Smoking is prohibited in public places such as schools, playgrounds, health facilities, stairwells, public-utility vehicles, transportation terminals, food preparation areas, among others. For her part, Dr. Loida Alzona, director of the MMDA Health and Environmental Protection Office, urged all smokers to permanently quit tobacco consumption that she said cause serious health problems. “ There is a need to protect our present and future generations from the devastating consequences of tobacco use. Let me also remind the public that secondhand smoke is as dangerous as smoking,” Alzona stressed. To further promote smoke-free public transportation terminals, “No Smoking” signages will be posted on all Edsa Busway stations in coordination with the Department of Transportation.

BSP…

Continued from A1

“The BSP remains on the look-

out for possible second-round effects that may require a monetary response, even as underlying inf lation and the overall inf lation outlook remains manageable in the Philippines due to the amount of prevailing slack in the domestic economy,” Diokno earlier said. Economists have also echoed Diokno’s inflationary view, saying while pressures have dissipated, signs that point to second-round effects should be monitored. In his statement on Monday, Diokno said they will “remain watchful” of economic and financial developments to ensure t h at t he i r monetar y policy stance remains consistent with their price stability mandate. B. Cuaresma

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AS TEMPERATURES SIZZLE, LUZON HIT BY POWER OUTAGES Continued from A1

Meanwhile, the capacity of Ilijan (1,200 MW) was reduced to 716 MW due to Malampaya gas restriction. There are other power plants, mostly hydro and geothermal, with derated capacity.

DOE cites extended plant outage

The Department of Energy (DOE), which earlier assured the public that they there won’t be any red alert notice, said in a press briefing Monday afternoon the extended planned outage of Sual 2, CBK units, GN Power Mariveles and Sem-Calaca Power triggered the red alert notice. “We haven’t hit our demand forecast yet of 11,840 MW. In fact, highest demand was achieved last Friday at 11,760 MW. The extended outage of some power plants brought us to red alert level because the reserve level we have now is only around 400 MW. So, that’s within the red alert. We need to maintain more than 400 MW to ensure that there won’t be any rotational outage,” said DOE Assistant Secretary Redentor Delola. Sual 2, which was supposed to be back online end-May, will be offline until the third week of June. GN Power Mariveles unit 1 will be back on July 28 while SemCalaca2 will be online on July 1. The resumption of CBK has yet to be announced. “The cause of the lack of reserve that we’re facing is really...the delay of some big plants. They were supposed to be back already but were extended. Sem Calaca has been out

since December last year. GN Power Dinginin [668 MW], which we expected as additional capacity, is still under commissioning and testing,” explained Delola. The lack of power reserves prompted the NGCP to implement Manual Load Dropping (MLD) in parts of La Union, Ilocos Norte, Quezon, Zambales, Camarines Norte, Albay and Metro Manila.

Meralco areas affected

Separately, the Manila Electric Company (Meralco) released a list of tentative areas affected by the MLD from 1 p.m. to 3 p.m. These include certain areas in Bulacan, Cavite, Laguna, Rizal and Metro Manila. In the metropolis, affected areas under Meralco franchise are some areas in the cities of Caloocan, Manila, Pasay, Parañaque, Pasig, Quezon City and Taguig. However, Meralco said 86 ILP (Interuptible Load Program) participants, equivalent to a combined capacity of 168 MW, have confirmed willingness to deload. ILP works by asking companies to use their own generating facilities when power is in short supply and reserves. This helps mitigate the energy supply deficiency in the country. DOE-Electric Power Industry Management Bureau Director Mario Marasigan said that demand increases by 100 MW for every degree increase in temperature—a very real risk these days as temperatures continue to reach sizzling levels. DOE official said yellow and possibly red alert would be issued in the weeks to come.

Anti-Covid partitions will stay–DTI chief Lopez Continued from A10

Leisure travel from NCR+?

Meanwhile, the Inter-Agency Task Force on the Management of Emerging Infectious Diseases was expected to act on Tourism Secretary Bernadette Romulo Puyat’s proposal on Monday for the resumption of travel from National Capital Region Plus to destinations under modified general community quarantine (MGCQ) status. NCR Plus includes Metro Manila, Bulacan, Cavite, and Laguna, which are currently under GCQ “with heightened restrictions.” “[At] every [IATF] meeting I try to push for the easing of travel restrictions, because there are so many in the tourism industry who continue to be out of work,” she explained to this paper. She said she would also propose age restrictions be lifted, “but perhaps we will require test-before-travel,

so the Department of Health will approve [my proposal].” Romulo Puyat was in Baguio City over the weekend to inspect the readiness of several tourist sites in the country’s traditional summer capital, such as Camp John Hay, the Illi-Likha Artist Village, Rose Garden, Burnham Park, Mirador Hill, Haight’s Place, Sakura Park, and the Northern Blossoms Farm. The DOT chief hoped that NCR Plus residents will already be allowed to visit Baguio City by June 1, although she acknowledged, “Many from the NCR have already been going up to Baguio [despite the GCQ lockdown].” Baguio is under MGCQ. Romulo Puyat also turned over P30.6 million in cash assistance to 6,131 displaced tourism workers in Baguio City under the DOT and Department of Labor and Employment joint program funded by the Bayanihan 2 Law.

BANK LENDING IN APRIL SLIDES FURTHER BY 5% Continued from A1

The decline in outstanding loans to these sectors was partly tempered by the growth in loans to professional, scientific and technical activities by 106.9 percent, real-estate activities by 2.4 percent, and human health and social work activities by 8.5 percent. Consumer loans to residents also decreased by 10.2 percent in April after declining by 9.9 percent in March. The BSP attributed this mainly to the continued drop in credit card and motor vehicle loans.

Expanding liquidity

The decline in bank lending also still happened in an environment

of expanding domestic liquidity in the country. In a separate statement, the BSP said domestic liquidity—broadly measured as M3—grew by 5.1 percent during the month to P14.2 trillion. This was, however, slower than the 8.3-percent growth seen in the previous month. “Going forward, the BSP’s key priority is to preserve policy support to facilitate the recovery of the domestic economy. The BSP thus stands prepared to take appropriate measures as necessary to ensure favorable financing conditions in support of domestic economic activity and market sentiment, consistent with its price and financial stability mandates,” the BSP said.

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The Nation BusinessMirror

Editor: Vittorio V. Vitug • Tuesday, June 1, 2021 A3

DOH awaits WHO ‘guidance’ on Vietnam travel restriction By Claudeth Mocon-Ciriaco @claudethmc3

DEPARTMENT of Health (DOH) official on Monday said that they are still awaiting for the “guidance” of the World Health Organization (WHO) on the need to impose restrictions on the entry of travelers from Vietnam amid the reported detection of a new

Covid-19 mutation that reportedly combine variants first identified in India and the UK. “The World Health Organization has not released the full details yet [regarding the new variant detected in Vietnam]. We are waiting for their guidance. As of now, there is no significant evidence yet,” Health Undersecretary Maria Rosario Vergeire said in a mix of Filipino and English

during Monday’s online media forum with health reporters. While there is still no “validated information” from WHO, the DOH official said that there is still no travel ban of travelers from Vietnam. Vergeire also said that the public should not panic following the reported new variant. “Alalahanin po natin, di po natin kailangan mag panic dahil po sa bali-

tang ito. Pag-igtingin lang po natin ang ating [We should remember, there is no need to panic because of this news. We just need to strengthen our] health protocols and we will be protected from any of these variants,” Vergeire stressed. Vietnam’s Health Minister Nguyen Thanh Long was quoted in reports as saying, “We have discovered a new hybrid variant from the Indian and

50,000 doses of Sputnik V vaccine arrive at Naia By Recto Mercene @rectomercene

HE third batch of 50,000 doses of Sputnik V Covid-19 vaccine from Moscow landed at the Ninoy Aquino International Airport (Naia) aboard a Qatar Airlines at 10:30 p.m. on Sunday. The Bureau of Customs immediately cleared the shipment before consigning to the Department of Health (DOH). Earlier, the first and second batches of Sputnik V vaccines, consisting of 15,000 doses per batch arrived separately on May 1 and May 12, respectively, for a total of 80,000 doses. Russia-based Gamaleya Institute developed the Sputnik V vaccine. Last March, the Food and Drug Administration (FDA) gave its stamp of approval to Sputnik V Covid-19 vaccine for emergency use. National Task Force against Co-

vid-19 Chief Implementer and vaccine czar, Secretary Carlito Galvez Jr. and Russian Ambassador to the Philippines Marat Pavlo welcomed the arrival of the vaccine at Naia. Galvez said the vaccines would be distributed in “centers of gravity” or areas in the country that are experiencing surges in Covid-19 cases. Sputnik V is administered in two doses. This is the only Covid-19 vaccine that was peer reviewed by the medical journal, The Lancet, which found Sputnik V vaccine is 97.6 percent effective against Covid-19. It is one of the four vaccines being used in the government’s inoculation drive, along with those developed by Sinovac Biotech, AstraZeneca and Pfizer-BioNTech. Galvez earlier said the Philippines secured a total of 10 million vaccines from Gamaleya Research Institute with a contract expandable to 20 million doses.

the UK strains.” This variant is reportedly “easily transmissible by air.” In the country, data from DOH showed that the University of the Philippines (UP)-Philippine Genome Center (UP-PGC) and UP-National Institutes of Health have sequenced a total of 7,547 Covid-19-positive samples to detect the variants. Of these, 2,494 have variants being closely monitored by DOH with

Invasive squirrel species seen as threat to wildlife and farms By Jonathan L. Mayuga @jonlmayuga

HEALTH department and Bureau of Customs (BOC) authorities oversee the unloading of some 50,000 doses of Sputnik V vaccines from a Qatar airlines flight at the Ninoy Aquino International Airport on Sunday night. PHOTO COURTESY OF BOC

He said the country has so far administered 5.1 million doses, while some 1.18 Filipinos have completed their vaccination. Other vaccines that were cleared

through the One-Stop Shop of the Customs bureau included 5.5 million doses of Sinovac, 2.556 million doses of AstraZeneca, and 193,050 doses of Pfizer.

only 26 cases remaining active. Vergeire reiterated the need for strict adherence to minimum public health standards, and early detection and isolation of cases to minimize transmission of Covid-19 and further prevent the emergence of new variants. DOH also encourages everyone to get vaccinated for added protection against the severe form of the disease.

HE proliferation of invasive Finlayson’s squirrel in Metro Manila is now reportedly spreading fast in Batangas and Nueva Ecija, and may soon pose a serious threat to other wildlife, including fruit farms, if their population continues to grow uncontrollably, a wildlife trade specialist warned. Emerson Sy of the group TRAFFIC said while squirrels are frugivorous animals, they can also attack birds, raid nests and threaten those that are already on the brink due to illegal wildlife trade. While the Department of Environment and Natural Resources (DENR), particularly the Biodiversity Management Bureau (BMB) has an ongoing campaign to eliminate invasive alien species, the squirrel is fast

spreading and are even seen outside of Metro Manila invading forests. “There are now in Batangas, and [had gone] eastward in Nueva Ecija. So they are spreading quite fast,” Sy told participants of an online seminar organized by the Wild Birds Club of the Philippines on May 30. Some squirrel species, he warned, may eventually cause the extinction of certain bird species, like parrots. Incidentally, the DENR’s BMB has an ongoing online campaign to save the blue nape parrot from extinction, assailing the multibillion pet trade, which could be one of the main culprits. The invasive squirrels were first spotted in Metro Manila’s gated villages and golf courses. The BMB, then under former director Theresa Mundita S. Lim, suspected they were brought into the country illegally as pets and were eventually released into the wild by the owner.

A4 Tuesday, June 1, 2021 • Editor: Vittorio V. Vitug

Economy BusinessMirror

DITC urged to prioritize IRR on satellite Internet services By Lorenz S. Marasigan @lorenzmarasigan

HE Department of Information and Communications Technology (DICT) should prioritize the issuance of the implementing rules and regulations (IRR) for Executive Order 127, which liberalizes the access to satellite services and enables private companies to provide digital connectivity in unserved and underserved areas. This, according to civil-society network Covid-19 Action Network (CAN), will help in the pandemic response initiatives, as the executive order removes barriers to access to satellites. “The current Covid-19 pandemic

has explicitly shown us how vital reliable Internet access and connectivity is for economic growth, delivery of basic services, elimination of red tape, freedom of information, disaster preparedness, public safety, readiness for climate change, adaptability to the online set up of work and school, and health system resilience,” the group said. With the release of the implementing rules and regulations of the executive order, signed on March 10 this year, private companies may start offering satellite Internet services to unserved and underserved areas. Satellite Internet is seen as a last mile solution for areas where fixed line and wireless Internet connec-

tivity is scarce due to commercial viability issues. “The lack of digital connectivity and the legal barriers to Internet access have impaired our task of flattening the pandemic curve,” the group noted. TheIRRforEO127shouldhavebeen released 30 days after its signing. It has been delayed for more than a month. “We are appealing to Secretary [Gregorio] Honasan II to issue the necessary implementing rules and regulations, which will be consistent with the intended reform,” CAN said. “In the midst of the heightened risks brought about by unrelenting Covid-19 transmission, we view the EO and the outcome it will bring as a crucial strategy to contain the pandemic.”

Groups reject passage of Senate’s WTE bill By Jonathan L. Mayuga @jonlmayuga

AINTAINING that wasteto-energy (WTE) is a “false solution” to the country’s garbage woes, over 100 civil-society groups, informal waste workers associations, faith-based institutions, trade unions, academe, and community-based organizations, have asked for the withdrawal of Senate Bill 1789 authored by Sen. Sherwin T. Gatchalian. The appeal was made through a letter sent to the senators of the 18th Congress and signed by leaders of over 100 organizations who expressed concern over what called as the potential harm WTE technologies and facilities pose to human health, environment, and the economic standing of local government units. WTE is being eyed not only as a solution to the garbage problem, but also part of the solution on the perennial energy supply shortage, particularly in remote, and off-grid areas. However, the opposition to its application is stiffly being opposed.

“WTE facilities are ineffective solutions to deal with waste. Scientific studies clearly show that incineration processes in WTE facilities emit significant quantities of direct greenhouse gases, and are sources of indirect greenhouse gases, including large amounts of dioxins and furans,” the groups said in a news statement. Gob Alimangohan of EcoWaste Coalition said allowing WTE incineration prevents the country from pursuing solutions that conserve resources and protect health. “WTE technologies and facilities are false solutions that will cause more harm than good. The claims that these facilities are safe, effective and economically beneficial are inaccurate. There are scientific studies and illustrative cases from all over the world that show that WTE facilities harm human health, damage the environment and are ruinously expensive to maintain. In addition to these direct harms, these technologies also create a false narrative about the appropriate responses to waste management and take away necessary support for actual sustainable solutions,” he said.

Incineration is prohibited under the Clean Air Act and Ecological Solid Waste Management Act. If approved, the bill will only benefit the plastics industry and foreign waste management companies, the groups alleged. “WTE incinerators are a convenient excuse for plastic polluters to avoid accountabilityfordealingwiththeworsening toxic pollution associated with their products,” Ecowaste Coalition National Coordinator Aileen Lucero said. “Instead of championing harmful and quick-fix solutions like wasteto-energy incinerators, perhaps Senator Gatchalian could champion a bill that would ban single-use and other disposable plastic packaging and products,” she added. They said there are viable solutions instead of misleading the minds of the public to accept the proposed law. They claimed that some municipalities and barangays in the country are successfully practicing zero-waste in accordance with RA 9003, a circular system that minimizes unnecessary extraction and consumption, reduces waste, and ensures that products and materials are reused or recycled back into nature or into the market.

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Trustworthy and ethical AI systems–possible?

By Henry J. Schumacher

HATE to say this: Artificial intelligence (AI) as a technology is maturing.

Far from the stuff of science fiction, AI has moved from the exclusive regimes of theoretical mathematics and advanced hardware to an everyday aspect of life. Over the last several years of exponentially accelerating development and proliferation, our needs and requirements for mature AI systems have begun to crystallize. Trust is not an internal quality of an AI system like accuracy, or even fairness. Instead, it’s a characteristic of the human-machine relationship formed with an AI system. No AI system can come off the shelf with trust baked in. Instead, trust needs to be established between an AI user and the system, which must be dominated by humans! The highest bar for AI trust can be summed up in the following question: What would it take for you to trust an AI system with your life? Fostering trust in AI systems is the great obstacle to bringing into reality transformative AI technologies like autonomous vehicles or the large-scale integration of machine intelligence into medicine. To neglect the need for AI trust is also to downplay the influence of the AI systems already embedded in our everyday financial and industrial processes, along with

the increasing interweaving of our socioeconomic health and algorithmic decision-making. AI is far from the first technology required to meet such a high bar. The path to the responsible use of AI has been paved by industries as diverse as aviation, nuclear power, and biomedicine. What we’ve learned from their approaches to accountability, risk, and benefit forms the foundation of a framework for trusted AI. The challenge now is to translate those guiding principles and aspirations into implementation, and make it accessible, reproducible, and achievable for all who engage with the design and use of AI systems. This is a tall order but far from an insurmountable obstacle. What do do mean by ”Dimensions of Trust?” We trust an AI system in three main categories: 1.) Trust in the performance of your AI/machine learning model. 2.) Trust in the operations of your AI system. 3.) Trust in the ethics of your workflow, both to design the AI system and how it is used to inform your business process. It’s worth acknowledging that trust in an AI system varies from user to user. For a consumer-facing application, the requirements of trust for the business department, who created and owns the AI app, are very different from those of the consumer who interacts with it potentially on their own home devices. Both sets of stakeholders need to know that they can trust their AI system, but what trust signals are needed and available for each will be quite different. Trust signals refer to the indicators you can seek out in order to assess the quality of a given AI system along each of these dimensions. But trust signals are not unique to AI—it’s something that we all use to evaluate even human-tohuman connections. Think about what kinds of trust signals you intentionally seek out when meeting a new business partner. It will vary person to person, but we all recognize that eye contact is important,

especially as a sign that someone is paying attention to you while you speak. For some people, a firm handshake is meaningful, and for others, punctuality is vital; a minute late is a sign of thoughtlessness or disrespect. Reflective language is a powerful way to signal that you are listening. To complicate things, think about how trust signals change when evaluating a new acquaintance as a potential friend compared to a business partner. How does this relate to an AI system? Depending on its use, an AI system might be comparable to any of these human relationships. An AI that is embedded in your personal banking is one that you need to be able to trust like a business advisor. An AI system that is powering the recommendation algorithm for your streaming television service needs to be trustworthy like a friend who shares your genre interests and knows your taste. A diagnostic algorithm must meet the credentials and criteria you would ask of a medical specialist in the field, and be as open and transparent to your questions, doubts, and concerns. The trust signals available from an AI system are not eye contact or a diploma on the wall, but they serve the same need. Particular metrics, visualizations, certifications, and tools can enable you to evaluate your system and prove to yourself that it is trustworthy. In conclusion, yes, AI is part of our future, but it is essential to understand the need for its ethical deployment. It is to be understood also that humans need to manage AI and see to it that AI does not drive the performance of the organization in the wrong direction. As mentioned above, responsible AI benefits brand differentiation and an upper hand in employee recruiting and retention. To deal with the potential ethical implications of AI, business leaders need to focus on the minimum requirements expected by the Integrity Initiative. I look forward to your views on this topic; contact me at hjschumacher59@ gmail.com

DAR and PCIC crop insurance program assures ARB coverage Pact boosts protection for business IP rights

HE Department of Agrarian Reform (DAR) has vowed to ensure nationwide coverage of agrarian reform beneficiaries (ARBs) under the P1 billion joint DAR-Philippine Crop Insurance Corporation (PCIC) insurance program. Dubbed as the Agrarian Reform Beneficiaries-Agricultural Insurance Program (ARB-AIP), the program aims to cover farmers’ crops damaged due to climate change and other natural calamities, such as diseases, pest infestation, and natural calamities, such as typhoons, floods, drought, tornado earthquakes and volcanic eruptions. The program aims to cushion the impact and transfer the risks brought about by agricultural losses due to such tragic events. The DAR and PCIC recently signed a joint DAR-PCIC Memorandum Circular 4, Series of 2021, allocating the P1 billion from the PCIC fund as an insurance premium for the ARBs nationwide.

In a news statement, DAR Secretary John R. Castriciones said the joint DAR-PCIC program, a collaborative effort of the two agencies aims to ensure that 100 percent of the ARBs would be covered under the ARB-AIP and enable them to access timely support interventions from other partner organizations. He emphasized, however, that only ARBs listed under the Registry System for Basic Sectors in Agriculture (RSBSA) could avail themselves of the insurance program. “The insurance program will be of great help to our farmer-beneficiaries since it guarantees that they can recover farm losses that they may have incurred as a result of natural calamities,” Castriciones said. He said that the DAR, through its provincial offices, will identify ARBs and ARB household members of the RSBSA in their areas who can be eligible for free insurance coverage. Castriciones noted that DAR

would also assist in the preparation and timely submission of the required document for the farmers’ indemnity claims and in the conduct of claims adjustment verification on notices of loss and claims filed by the concerned ARBs. To ensure the effective and smooth implementation of the ARBAIP insurance program, the DAR and the PCIC agreed to create an operations team, a secretariat, and a DARPCIC Regional Coordinating Team. A similar insurance program was successfully implemented in 2013, with the DAR shouldering the P1-billion program fund for the farmers’ insurance premium. Over half a million ARBs nationwide are continuously enrolled under the program. For 2019 a nd 2020, DA R requested an insurance f und amounting to P1 billion for each year as insurance premium subsidy for ARBs from the PCIC’s General Appropriations Act. Jonathan L. Mayuga

By Jasper Emmanuel Y. Arcalas @jearcalas

HE Intellectual Property Office of the Philippines (IPOPHL) has forged a memorandum of agreement (MOA) with the Philippine Chamber of Commerce and Industry (PCCI) to help businesses, especially micro, small and medium enterprises (MSMEs), in capitalizing the benefits of protecting their intellectual-property (IP) rights. Under the partnership, the IPOPHL said it would train PCCI members to build their capacity in providing IP-related assistance, with PCCI exploring prospects of developing a permanent IP-related service to its members. “IPOPHL will also be promoting eligible IP assets from the PCCI community by featuring them on the IP Depot, the Of-

fice’s online marketing platform for MSMEs’ IP products and services,” it said. “It will also extend assistance for PCCI members to succeed in commercialization once such opportunities arise as a result of IP Depot’s marketing support,” it added. IPOPHL said the PCCI will also help in promoting its programs “that incentivize MSMEs to protect their IPs, and assist in businessmembers’ filings under international systems, namely, the Patent Cooperation Treaty for patents and Madrid Protocol for trademarks.” “Both committed to deliver other forms of support, such as providing venue, mentorship and IP business advice for joint technology and innovation-related activities; showcasing incubated technologies in relevant events; and drawing in participants to engage in the other’s campaigns, programs and activities

where relevant to their respective stakeholders,” IPOPHL said. I P OPH L D i re c tor G e ne r a l Rowel S. Barba, PCCI President Benedicto V. Yujuico and PCCI Director Alfredo M. Yao signed the MOA at the PCCI Innovation Center on Monday. “For IPOPHL, we always dream of more IP filings and the further protection of creativity and innovation for the future of the Filipino people. Just like the Innovation Center, I know this dream of ours, where IP services will be offered by the PCCI to its members, will also be fulfilled with this partnership,” Barba said. The MOA signing was witnessed by Department of Science and Technology Secretary Fortunato T. de la Peña, who noted that PCCI’s involvement is “very important” given “the potential contribution of industries and enterprises in generating IPs.”

Singapore-based firm says loosening of curbs raises demand for mobility

S Metro Manila Plus areas graduate from modified enhanced community

quarantine (MECQ) to general community quarantine (GCQ) with heightened restrictions, SWAT Mobility is expecting demand for public transportation to increase as more workers will start returning to work. According to Theresa Busmente, SWAT Mobility Business Head for Philippine, companies, especially outsourcing businesses, are slowly increasing the number of employees in

This means more people will be commuting. But with limited public-utility vehicles available, commuters are expected to be caught between circumstances. SWAT Mobility Business Head for Philippine Theresa Busmente the workplace.

“Even before we were called to

ECQ few weeks back, companies have already started re-introducing their employees back to the workplace,” said Busmente. “This means more people will be commuting. But with limited public-utility vehicles available, commuters are expected to be caught between circumstances” she added. Busmente explained curfew violations is not only the burden of the employee but the employers as well. “This puts a lot of pressure to businesses whether to continue

operating or cut operations earlier to allow employees time to get home safely,” she said. According to Busmente, partnering with a transport solution like SWAT Mobility might be the best option for companies, both big and small, to ensure that their employees are not caught between curfew hours and the dilemma of limited public transportation options. SWAT Mobility is a Singaporebased transportation solutions and is the first to run high-capacity vehicle pooling services in Asia.

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Tuesday, June 1, 2021 A5

Government eyes ‘vaccine passes’ to raise mobility, rev up economy By Cai U. Ordinario @caiordinario

HE national government has opened the discussion on the issuance of vaccine passes that would allow vaccinated Filipinos greater economic mobility, according to a Palace adviser. In a Let’s Go Bakuna webinar hosted by GoNegosyo on Monday, Presidential Adviser on Entrepreneurship Joey Concepcion said an example of greater mobility is to allow seniors who have already been vaccinated to go to malls or dine-in restaurants. Concepcion said that eventually, the vaccine cards distributed by local government units (LGU) should be transformed into a national vaccine card or a national health card. “Our stake here is the economy and the only way we can balance both lives and livelihoods, a perfect balance, is really achieving herd immunity or vaccinating a greater number of Filipino people in this

country,” Concepcion said. Greater mobility also means allowing vaccinated Filipinos to travel in domestic destinations without requiring them to produce negative RT-PCR test results and allowing restaurants to increase dine-in capacity, provided the increase is to account for vaccinated individuals. “That’s our proposal because they would have taken the vaccine and we do away with all of this health clearance of the different LGUs and the list goes on,” Concepcion said. Concepcion said that some sectors may view this as discriminatory but more must be done to convince more Filipinos to get vaccinated to attain herd immunity. The National Capital Region (NCR) is home to around 13 million Filipinos, while the NCR Plus region has a population of 25 million. Concepcion said vaccinating at least 50 percent of the population of NCR Plus would be a big help in allowing more Filipinos greater mobility and boost economic growth.

He noted that the United States has already achieved 50 percent herd immunity. This has allowed them to open restaurants, movie theaters, and allow people to watch NBA games in person. “The benefits of more people getting vaccinated clearly shows that we can open up the economy safely and this is the pathway moving forward,” Concepcion said.

Vaccination

DURING the event, Vaccine Czar Carlito Galvez Jr. said the country has already breached the 5-million mark in terms of vaccination. This means the government has tripled the vaccination from 1 million in March and April to over 3 million in May. As of May 30, 5.12 million jabs have been administered by the government and 1.21 million of these Filipinos are fully vaccinated or have completed both doses of the anti-Covid-19 vaccine. Galvez said there is a long way to go in vaccination, particularly

Law in place soon for EV charging stations–senator By Butch Fernandez

@butchfBM

CTING on rising consumer demand for electric vehicles (EVs), the Senate is on track to pass the Electric Vehicles and Charging Stations Act, seen to perk up more affordable transport means as alternative to traditional gas-powered vehicles. This, as Sen. Sherwin T. Gatchalian, its principal proponent, expects its early enactment into law to transform the entire automotive industry once the proposed Electric Vehicles and Charging Stations Act is signed into law. Gatchalian projects that timely passage of Senate Bill 1382 will lessen the transport sector’s dependence on imported crude supply, seeing it as “a sustainability solution” that will also be beneficial to the environment as it will have zero gas emission. The senator clarified that “the overarching objective of the bill is for energy security because we import almost 100 percent of our crude to supply our vehicles.” He added: “As we all know, motor vehicles pollute our streets and the use of e-vehicles will reduce greenhouse gas emissions.” Gatchalian pointed out that “this is also aimed at expanding the country’s manufacturing sector because what is incorporated in the bill is not only the promotion of the use of EVs but also the development of the EV industry, not just the vehicle itself but the whole ecosystem as it includes the charging stations, batteries, other parts and components.” Gatchalian explained that SB 1382 pro-

vides for a national energy policy and regulatory framework for the use of EVs and the establishment of electric charging stations. “Under the bill, all public and private buildings constructed after the enactment of the measure shall be required to have dedicated parking slots for the exclusive use of EVs and these will double as charging stations to further widen the nationwide network of charging stations,” he said, adding that large industrial and commercial companies, public transport operators and government agencies and instrumentalities will also be required to adopt a minimum 5-percent share of EVs within their respective fleets, while local government units (LGUs) are also tasked to create green routes for electrified public utility vehicle fleets. Gasoline stations will also be required to install charging stations. He projected that the high cost of EVs will eventually be at parity with internal combustion engine (ICE) vehicles as fiscal and nonfiscal incentives are provided for the importation, utilization and manufacture of EVs in the country, adding that the bill will also ensure an expedited registration procedures for EV users, Gatchalian said. “The pandemic heightened our environmental awareness with fewer vehicles on the road as pollution has not been as bad compared to pre-pandemic scenarios. The higher number of EVs could also reduce our oil consumption by as much as 146.56 million barrels per year which is equivalent to an annual savings of $9.8 billion or P390 billion per year,” Gatchalian said.

LGUs urged to allot 10% of budget for food production and post-harvest investments By Jasper Emmanuel Y. Arcalas @jearcalas

OOD security advocacy group Tugon Kabuhayan joined the call for local government units (LGUs) to allocate at least 10 percent of their budget starting next year for food production programs and post-harvest investments to improve farmers’ income. In its fortnightly virtual news briefing, the group said 10 percent or about P23.4 billion of the additional P234.6 billion funds of the LGUs next year due to the Mandanas ruling shall be allocated for improving local food systems. The group pointed out that 60 percent of the allocation or about P14.04 billion should be invested in post-harvest infrastructure to cut the country’s high food wastage level while the remaining fund could be used to bankroll productivity enhancement programs. “We suggest that 10 percent of the funds or P23.4 billion be allocated for this annually, especially in the countryside where most production is happening. The allocation can be adjusted once LGUs reach the desired production and post-harvest losses targets,” the group said. The group explained that increased produc-

tion coupled with lower post-harvest losses would not only hike farmers’ income but also provide sufficient, nutritious and affordable food to consumers. The group added that higher investment is required in post-harvest infrastructure such as vehicles, farm-to-market roads, cold storage, ice boxes, since this is one of the least performing segments of the country’s agriculture value chain. “In the case of fish, the group estimated that 25 percent of fish is lost in the supply chain and the biggest loss transpires in the retail market. Physical loss happens because of inadequate handling methods, as well as limited access to ice, cold storage and appropriate transport such as reefer vans,” it said. “If we can reduce our losses to 10 percent from 25 percent, the total volume of fish saved is 660,000 metric tons with an estimated value of over P41 billion,” it added. Last month, the Agriculture and Fisheries Alliance (AFA) pitched the same proposal, urging LGUs to allocate at least 10 percent of their internal revenue allotment (IRA) for food security-related programs starting next year following a hike in their share from the national revenue due to Mandanas ruling.

when it comes to seniors. Only 13.99 percent or 1.38 million out of the 9.4 million seniors nationwide have been vaccinated. He said in order to reach out to more seniors and even persons with disabilities, LGUs have started home vaccinations. The government has also expanded its target to families getting vaccinated at the same time rather than individuals. “The national government is recalibrating its approach to vaccine hesitancy. From targeting individuals, we are now shifting our focus to families, which is the foundation of our society. Last week, the IATF has decided to include the families of health-care workers as A1 [priority],” said Galvez. Galvez said vaccine supply is expected to pick up by June, July, and August. The government, under the tripartite agreement with the private sector, was able to secure 150 million doses from different vaccine manufacturers. He said the country’s target of achieving protection for the coun-

try’s adult population of 50 million to 70 million this year remains within reach. With this, the government is confident that Filipinos will be able to celebrate Christmas this year. Concepcion said the fourth quarter looks promising for economic growth. This is mainly because of the progress in vaccinations, the holiday spending which is common for Filipino families, and election spending which is expected to start this year.

Near collapse

PRIVATE sector representatives also weighed in on vaccinations. This included Restaurant Owners of the Philippines President Eric Teng who said their industry is already near a collapse because of lockdowns. Teng said the restaurant industry may not be able to recover their 2019 levels until 2025. This means the government should not only be talking about vaccines and vaccinations but also ways to recover from the economic crisis.

He added that more data is needed. Based on limited information Teng gathered from the Quezon City government, only half a percent of cases can actually be traced back to dine-in experiences in restaurants. This means, Teng said, there is a higher chance for Filipinos to get infected on their way home than to dine-in restaurants. However, mobility restrictions and limits to restaurant capacity prevent more people from their dine-in experience. “We are on the verge of collapse. We cannot function on another 442 days of lockdown. We need a solution to live in a world where Covid is a permanent fact of life,” Teng said. Before the pandemic, Teng said there are around 18,000 full service restaurants in the country. However, due to the lockdown, less than half of these firms now exist. The industry’s earnings have also taken a severe beating and registered a 60-percent reduction in their revenues. The restaurant industry is one of the most affected by the lockdown.

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Tuesday, June 1, 2021

Duterte calls for ‘unity’ amid cracks in PDP-Laban, leaves VP run ‘to God’

By Samuel P. Medenilla @sam_medenilla

RESIDENT Duterte called for unity during the Partido Demokratiko Pilipino-Lakas ng Bayan (PDPLaban) meeting on Monday amid reports of a split within its membership, and, amid calls to run again in 2022—this time for vice president—Duterte said through his spokesman it is all “up to God.”

hardships amid the Covid-19 pandemic.

Duterte as VP: ‘Up to God’

During the meeting held in Cebu, the PDP-Laban issued a resolution urging Duterte to run as vice president during the 2022 National and Local polls. Presidential spokesman Harry Roque said President Duterte remains undecided on the proposal. “He [Duterte] still leaves it to God,” Roque said. In a news statement issued on Sunday, Roque said no less than President Duterte, as chairman of PDP-Laban, directed Cusi to convene and preside over the council meeting. “This move, which is part of the democratic exercise, aims to consult party members and have fruitful and productive exchanges on issues affecting PDPLaban,” Roque said. Pacquiao earlier warned Cusi against sowing division within PDP-Laban. Pacquiao said he wants the first ever PDP-Laban meet-

ing during the pandemic to be rescheduled to September instead. President Duterte’s backing of Cusi’s move to call a council meeting is likely to be seen as an indication of cracks in the ruling party, possibly the result of early maneuvers ahead of the 2022 elections. Pacquiao had earlier said he will seek the presidency next year, but other pro-Duterte factions are reportedly moving for other candidates. There have been calls for Duterte’s daughter, Davao Mayor Sara Duterte, to run, but she insists she is not interested. There are also pitches for the older Duterte to slide down and seek the vice presidency in 2022. He once signaled preference for a run by his most trusted aide, the former Presidential Management Staff (PMS) head now Senator Bong Go, but the latter said he would consider it only if his boss, President Duterte, would be his VP.

In a recorded message, President Duterte said: “I call to all of my party mates to stand together and remain united not by personal interest but by our principles and values as we chart the future of our party and the rest of the nation.” The President was unable to personally attend the meeting, citing a full schedule in Malacañang. He issued the statement amid the reported disagreement between PDP-Laban president, Senator Emmanuel “Manny” Pacquiao,

and the party’s vice chairman, Energy Secretary Alfonso Cusi. The dispute arose over Cusi’s calling for the PDP-Laban assembly on Monday, which Pacquiao opposed. The boxing icon-turnedsenator called for a boycott, but on the eve of the assembly, Palace officials said Duterte himself had sanctioned its holding. On Monday, President Duterte urged the PDP-Laban members to prioritize the welfare of Filipinos, especially given the people’s

D.O.H. MOVES TO AVERT NCR-LIKE SURGE IN VISAYAS, MINDANAO

More than 5-million Filipinos inoculated as of May 30–DOH

Continued from A10

Previously, the average number of Covid-19 testing in NCR was 232,000 per week, but this has decreased to 189,000. In the Visayas, however, the 46,000 tests increased to 50,000 tests per week. For Mindanao, the output of their testing increased to 42,000 from 29,000 tests per week. Vergeire traced the low testing output in NCR to the “low number of testing submission of specimens, and the testing actually.”

Covid cases

As of 4 p.m. of May 31, the Department of Health (DOH) logged 6,684 additional Covid-19 cases, bringing the total number of infections in the country to 1,230,301. There were also 6,098 recoveries and 107 deaths. Of the total number of cases, 4.4 percent (54,290) are active, 93.9 percent (1,155,045) have recovered, and 1.70 percent (20,966) have died. Moreover, 57 cases previously tagged as recoveries were reclassified as deaths after final validation. All laboratories were operational on May 29, 2021 but three laboratories were not able to submit their data to the Covid-19 Document Repository System. Based on data in the last 14 days, the three non-reporting laboratories contribute, on average, 0.4 percent of samples tested and 1.0 percent of positive individuals.

total of 5,180,721 doses of Covid-19 vaccines have already been administered in the country as of May 30, 2021, the Department of Health (DOH) reported on Monday. Of this, 3,974,350 are first doses, and 1,206,371 are second doses. This equates to over 1 million people who have been inoculated with anti-Covid-19 vaccines so far. The DOH said total doses administered in the 13th week of the national vaccination reached 1,022,598 doses, spread over an average of 1,124 active reporting vaccination sites. The number of operational vaccination sites is based on the current supply of

vaccines in the country. “Once additional supplies arrive, the number of active sites will increase, and our vaccination pace will ramp up,” DOH assured. Meanwhile, Health Undersecretary Maria Rosario Vergeire said that fear of adverse effects remain to be the main reason on vaccination hesitancy among Filipinos. She sa id t hey intend to strengthen their information dissemination drive on the benefits and importance of the vaccine. She cited that most of the 43,000 respondents of the survey conducted by the DOH said that they were able to get negative information regarding the vaccine on social media. “Mas madalas natin pinapala-

bas ang ating mga eksperto para ipaliwanag ang safety at efficacy ng mga bakuna at ipaliwanag ang mga adverse events [That is why we are letting our experts explain the safety and efficacy of vaccines as well as explain the adverse events],” Vergeire said. The DOH is also urging eligible populations belonging to priority groups A1 to A3 to register, get vaccinated and complete the required number of doses as scheduled. “The vaccinated population are also urged to continue practicing the minimum public health standards as you may still get infected with Covid-19 and infect other people,” DOH added. Claudeth Mocon-Ciriaco

Continued from A1

revenue measures before the lawmakers adjourn, the Senate leader replied, “Best effort yan.” He also promised “best efforts” for passing the amendatory bills to the Foreign Investments Act and the Public Services Act, the measure creating the Department of Migrant Workers and Overseas Filipinos, the Hybrid Elections Act, the Expanded Solo Parents Act, and the bill setting the date of the Bangsamoro Autonomous Region elections. With “perhaps one or two interpellators left” to grill sponsors of the FIA, the PSA and the Department of Migrant Workers Act, which he noted “are all certified by Malacañang,” there’s a big chance that “… if we pass it on Thursday on second reading, we may pass it on third reading. That is the importance of the certification of urgency by the President. It removes the three-day rule that the Constitution has mandated.” Sotto was referring to the mandated gap between second- and third-reading approvals. Salceda’s bill on POGO taxation, meanwhile, also allows the Philippine Amusement and Gaming Corporation (Pagcor) and special economic zones to charge 2 percent of gross gaming receipts as regulatory fee from POGOs. The government may generate P121.9 billion in revenue from the measure over the next four years, according to Salceda. In a related development, Duterte also signed two new laws:

Republic Act 11551 and RA 11552. RA 11551 integrates labor education in both public and private tertiary education. It mandated the Commission on Higher Education (CHED), Technical Education and Skills Development Authority (Tesda) and the Department of Labor and Employment (DOLE) to develop programs for the implementation of the said law. CHED and Tesda in consultation with DOLE will issue the implementing rules and regulations for RA 11551 within 60 days of its effectivity. Meanwhile, R A 11552 extends the “lifeline rate” or socialized pricing mechanism for qualified electric consumers living below the poverty line. It tasked the Energy Regulatory Commission (ERC) to come out with the lifeline rate, which will be exempted from cross subsidy phaseout for a period of 50 years until otherwise extended by the law. ERC will also promulgate the rules and guidelines for qualified consumers. Until the said consumption level, subsidy and rate has been determined by ERC, the current numbers will continue to be applied. ERC together with the Department of Energy and the Department of Social Welfare and Development (DSWD) will have 90 days to come out with the implementing rules and regulations for 11552.

Editor: Vittorio V. Vitug

Court finds Trillanes guilty of libel over ‘15 statements vs Junjun Binay By Claudeth Mocon-Ciriaco Correspondent

ormer S e n ator A nton io Trillanes IV has been found guilty by a Makati court on Monday of libel filed against him by former Makati Mayor Junjun Binay Jr. on the “Justice for Sale” issue in 2015. Judge Andres Soriano of the Makati Regional Trial Court Branch 148 also ordered Trillanes to pay a fine of P100,000, and P500,000 in moral damages. The younger Binay earlier expressed confidence that the libel case filed against Trillanes is strong despite the latter’s insistence that he has witnesses to support his claim on the bribery case. Trillanes accused Binay of bribing two Court of Appeals (CA) justices to secure an injunction order that stopped the Ombudsman from implementing its first suspension order against him issued in March 2015. Despite the senator’s denial of the libel charge, the camp of Binay stressed that their case remain strong. In the counter-affidavit he person-

ally subscribed before investigating prosecutors, Trillanes invoked his parliamentary immunity in seeking the dismissal of the libel charge. He also dismissed the complaint as a form of harassment and a way for the Binays to get even with him for exposing their alleged corruption activities. Trillanes also claimed violation on “forum shopping” rule since the issue is already subject of an earlier contempt petition filed by the former mayor against him before the CA. It can be recalled that Trillanes claimed that two members of the Sixth Division of the CA were bribed by Binay in the amount of P25 million in exchange for the favorable action on his petition for a temporary restraining order and the writ of preliminary injunction against his suspension. Trillanes said he can not compel his witnesses to come out for fear of their lives. “As of now, they’re still reluctant to come out for fear that their world will turn upside down,” the senator then said.

Palace expects delivery of 3 million doses of Covid-19 vaccines in June

ver three million additional doses Covid-19 vaccines are expected to arrive in the second week of the month in time for the start of the government's inoculation of 25 million economic frontliners. In an online news briefing on Monday, Presidential Spokesman Harry Roque said an initial 1 million doses from Sinovac Biotech is scheduled to arrive on June 6, 2021. It would be followed by the delivery of a batch of 1.3 million doses of Pfizer-BioNTech vaccines on June 7; another 900,000 batch of the same vaccine brand on June 11; and 200,000 doses of Moderna on June 21. These will be in addition to the over 4.5 million Covid-19 vaccines in the government’s current inventory. The additional doses are expected

to greatly help in the expected deployment of vaccines for economic frontliners or those who belong to the A4 category. According to the National Economic and Development Authority (Neda), an initial of 13 million workers from the National Capital Region and 8 other areas are expected to benefit from the A4 vaccination. Outside of NCR+8, Neda noted that another 22.5 million workers are also expected to finally be vaccinated. This after the Inter-Agency Task Force for the Management of Emerging Infectious Diseases issued a resolution 117 last Friday relaxing the qualifications for workers to participate in the Covid-19 inoculation drive of the government. Samuel P. Medenilla

House panel races to avert POGO tax, OFW dept bill certified urgent MUP system ‘fiscal collapse’ in an interview before presiding over Monday’s session, Sotto shared Neda chief Karl Chua’s expections on potential additional revenues from POGOs, and confirmed the bill had been certified urgent by the Palace. “Yes, the government can make a lot of money out of them,” the Senate leader said in a TV interview, adding: “I do not have the figures, but I think the government is trying to get 5 percent of their income.” Sotto gave assurances assured the senators will strive to pass enabling legislation to raise additional revenues needed to bankroll various government projects. Asked if Congress can pass the

Continued from A10

That show of credible force allowed them to defeat the USSR in the Cold War and become the world’s only superpower,” Salceda said. “A credible, modern, and worldclass fighting force is essential. We keep saying we want to have a credible defense system. In truth, we have the lowest military personnel per capita in Asean. We have one of the oldest fleets in the region. We have to invest in our active forces and in military capability if we will adopt a strong posture in the West Philippine Sea. We can’t afford it unless we prevent the pension budget from bloating,” Salceda explained. Salceda said the House will approve its version before the hearings on the 2022 national budget. “That’s around August. The committee will finish sooner than that, of course. We already have a consensus. I will confer with my co-members, all of whom have leadership positions in the House, to see how we can accelerate the passage. But we are broadly aligned, and we have already instructed the secretariat to prepare a substitute bill for our consideration,” Salceda said.

‘Total fiscal collapse’

Earlier, Salceda had raised the alarm on the fiscal sustainability of the MUP pension system, saying that it could face “total fiscal collapse” in the future unless reforms are enacted to save it. Salceda has said the pension sys-

tem has a P9.6-trillion unfunded reserve deficit, primarily because uniformed personnel do not have a contribution system and MUP pensions are much higher than that of civilian personnel. “This problem has been easy to ignore in the past because pension spending was under control. It was a very daunting warning sign when pension spending exceeded MOOE for the uniformed services in 2018. It meant we were spending more out of the budget to serve retired personnel than to protect active members,” Salceda said. Under the current MUP system, almost the entire pension spending for MUP comes from the national budget. “This is a looming fiscal crisis. Without the reform, funding the pension scheme will become fiscally unsustainable, shrinking the economy by as much as 7.2 percent in the long run. This is worse than what the economy sustained in the 2004 fiscal crisis and the 2008 global financial crisis,” Salceda added. “This could be bigger than the 2004 fiscal crisis that I worked to contain then, and worse than the 2008 crisis that we were able to avert. We have to prepare while the fiscal storm hasn’t come yet,” Salceda said. Salceda filed House Bill 9271, or the fiscal framework for the MUP pension system. Finance Secretary Carlos G. Dominguez fully endorses the reform and has sent Speaker Lord Allan Velasco a letter asking for the support of the House of Representatives on the matter.

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NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE

No.

8 STONE BUSINESS OUTSOURCING OPC 5-10/f Tower 1 Pitx Kennedy Road Tambo Parañaque City LI, LONG Customer Service Representative Mandarin Speaking 1.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking ZHANG, SHENGLI Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking CHENG, XUESHENG Marketing Staff Mandarin Speaking

Brief Job Description: Monitor Review and report on all marketing activity and result XIE, GONGMIN Marketing Staff Mandarin Speaking

Brief Job Description: Monitor, review and report on all marketing activity and result ZHAO, WANGZHEN Marketing Staff Mandarin Speaking

Brief Job Description: Monitor, Review and Report on all Marketing activity and result

CONCENTRIX DAKSH SERVICES PHILIPPINES CORPORATION Bldg. F Ayalaland Technohub Quezon City NGUYEN THI MY DUYEN Advisor I, Sales 10.

Brief Job Description: Achieve specific sales targets and maximizing sale opportunities on each and every call CRIMSON TULIP BPO INC. 2 Flr. Sta. Lucia Business Center Marcos Highway Dela Paz Pasig City AUNG MOE Customer Service Representative Mandarin Speaking

11.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking CHEN, ZHENTIAN Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship of trust through open and interactive communication in Mandarin speaking. FENG, SHAOHAI Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship of trust through open and interactive communication in Mandarin speaking. HUANG, XINLI Customer Service Representative Mandarin Speaking

14.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in Mandarin speaking. LIANG, CHENXIAO Customer Service Representative Mandarin Speaking

15.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in Mandarin speaking. TAO, MENGJUAN Customer Service Representative Mandarin Speaking

16.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking

Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer need Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer need Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer need Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer need Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer need Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer need Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Analyze the productivity of the marketing plans and projects recommend to senior management. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Analyze the productivity of the marketing plans and projects recommend to senior management Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Analyze the productivity of the Marketing plans and Projects recommend to senior management Salary Range: Php 30,000 - Php 59,999

Basic Qualification: Proficient in both Vietnamese and English Salary Range: Php 90,000 - Php 149,999

Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999

GLOBALLGA BUSINESS PROCESS OUTSOURCING 2nd, 3rd & 6th Flr. Ortigas Technopoint 2 Ortigas Home Depot Complex #1 Doña Julia Vargas Ave. Pasig City Ground Level, Level 2-5 Floor Silver City 4, Ortigas East Ugong Pasig City Basic Qualification: BAI, LIBING Knows how to recommend Customer Service Representative Mandarin Speaking potential products or services to management by collecting 17. Brief Job Description: customer information and Build sustainable relationship of trust through open and analyzing customer needs. interactive communication in mandarin speaking. Salary Range: Php 30,000 - Php 59,999

NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION FAN, SHUGUANG Customer Service Representative Mandarin Speaking

18.

Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking. HUANG, YUYIN Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking. LIU, YANG Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship of trust through open and interactive communication in mandarin speaking. LIU, ZHENXING Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship out of trust through open and interactive communication in mandarin speaking. SUN, JIANYUAN Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship out of trust through open and interactive communication in mandarin speaking. WANG, HANYU Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship out of trust through open and interactive communication in mandarin speaking XU, JINGJUN Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship out of trust through open and interactive communication in mandarin speaking. YANG, DONGSHENG Customer Service Representative Mandarin Speaking

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Brief Job Description: Build sustainable relationship out of trust through open and interactive communication in mandarin speaking.

Tuesday, June 1, 2021

ESTABLISHMENT / ADDRESS QUALIFICATION AND SALARY RANGE Basic Qualification: Knows how to recommend potential products or services to management by collecting custom information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting custom information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting custom information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knows how to recommend potential products or services to management by collecting customer information and analyzing customer needs. Salary Range: Php 30,000 - Php 59,999

NEW ORIENTAL CLUB88 CORPORATION Sky Garage Bldg. Aseana Avenue, Entertainment City Tambo Parañaque City Basic Qualification: CAI, SHIWU Knowledge in computer Chinese Customer Service applications with good oral 26. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: CHEN, BAILING Knowledgeable in computer Chinese Customer Service applications with good oral 27. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: GU, JIAN Knowledgeable in computer Chinese Customer Service applications with good oral 28. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: HE, QIQUAN Knowledgeable in computer Chinese Customer Service applications with good oral 29. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: HE, SHIGUANG Knowledgeable in computer Chinese Customer Service applications with good oral 30. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: HUANG, YEQIANG Knowledgeable in computer Chinese Customer Service applications with good oral 31. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: LIN, JINBO Knowledge in computer Chinese Customer Service applications with good oral 32. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: LIN, KUNSHAN Knowledgeable in computer Chinese Customer Service applications with good oral 33. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: LIU, WEI Knowledgeable in computer Chinese Customer Service applications with good oral 34. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999 Basic Qualification: MENG, FANLONG Knowledgeable in computer Chinese Customer Service applications with good oral and 35. written communication skills Brief Job Description: Salary Range: Customer support and data base services Php 30,000 - Php 59,999 Basic Qualification: PAN, HEJIE Knowledge in computer Chinese Customer Service applications with good oral 36. and written communication Brief Job Description: skills Customer support and data base services Salary Range: Php 30,000 - Php 59,999

No.

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NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION REN, HAOJIE Chinese Customer Service Brief Job Description: Customer support and data base services SHI, ZHIHONG Chinese Customer Service Brief Job Description: Customer support and data base services SONG, TINGTING Chinese Customer Service Brief Job Description: Customer support and data base services TANG, YINGGUO Chinese Customer Service Brief Job Description: Customer support and data base services TONG, XIONG Chinese Customer Service Brief Job Description: Customer support and data base services WANG, BIN Chinese Customer Service Brief Job Description: Customer support and data base services WANG, BAOJIA Chinese Customer Service Brief Job Description: Customer support and data base services WU, CHUANHAI Chinese Customer Service Brief Job Description: Customer support and data base services XU, HAOYU Chinese Customer Service Brief Job Description: Customer support and data base services XUE, KEDAN Chinese Customer Service Brief Job Description: Customer support and data base services YANG, JIE Chinese Customer Service Brief Job Description: Customer support and data base services ZHAO, JING Chinese Customer Service Brief Job Description: Customer support and data base services ZHAO, YONG Chinese Customer Service Brief Job Description: Customer support and data base services CHEONG KENG MENG Malaysian Customer Service Brief Job Description: Customer support and data base services NGUYEN THI GIANG Vietnamese Customer Service Brief Job Description: Customer support and data base services

QUALIFICATION AND SALARY RANGE Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledge in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999 Basic Qualification: Knowledgeable in computer applications with good oral and written communication skills Salary Range: Php 30,000 - Php 59,999

PERNOD RICARD PHILIPPINES INC. Unit 509 & 510 Five E-com Center, Moa Complex Bldg. Pacific Drive St., Brgy. 076 Pasay City Basic Qualification: TASGIN, FADIL Degree holder with formal Managing Director business qualifications; MBA is a plus; Extensive experience 52. Brief Job Description: as a Managing Director or Directs and controls the business interests with primary similar role; Experience in focus to increase profitability and to maintain continuous liquor or FMCG industry. growth in terms of profit and market share. Salary Range: Php 500,000 and above SA RIVENDELL GLOBAL SUPPORT, INC. 9-11 Flr., The Biopolis Bldg. Macapagal Blvd. Brgy. 076 Pasay City Basic Qualification: QIN, PINGPING Chinese Customer Service Representative Has knowledge in computer 53. applications Brief Job Description: Salary Range: Customer support and data base services Php 30,000 - Php 59,999 *Date Generated: May 31, 2021 Any person in the Philippines who is competent, able and willing to perform the services for which the foreign national is desired may file an objection at DOLE-NCR Regional Office located at DOLE-NCR Building, 967 Maligaya St., Malate Manila, within 30 days after this publication. Please inform DOLE-NCR if you have any information on criminal offense committed by the foreign nationals.

ATTY. SARAH BUENA S. MIRASOL REGIONAL DIRECTOR

A8 Tuesday, June 1, 2021 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Taiwan is a country

ohn Cena, an American actor and entertainment wrestler who stars in the latest Fast and the Furious sequel, recently posted on social media an apology that sounded quite contrite.

In a video post on Weibo, Cena, speaking in Mandarin, said: “I made a mistake. I’m so, so sorry for my mistake. I’m sorry, I’m sorry, I’m very sorry. You have to understand I love and respect China and Chinese people. I’m sorry.” The context became clearer after Cena’s previous interview with a Taiwanese TV station came to light, where he said, “Taiwan is the first country that can watch F9.” It’s easy to explain Cena’s backpedaling. Hollywood films do big business in China and China is very sensitive about Taiwan’s independence. The last thing Cena wants is to be blamed by his producers and the film company for getting Fast and Furious 9 banned in China’s huge market. Cena’s apology earned brickbats from both sides of the fence. One Chinese commenter said that Cena did not explicitly say Taiwan is not a country: “Please say in Chinese that Taiwan is part of China. Otherwise, we won’t accept it.” On the other hand, former Manila Councilor Kim Atienza reacted by repeatedly stating in his Facebook comment: “Taiwan is a country Taiwan is a country Taiwan is a country…back to you guys.” Atienza later explained on Twitter that his wife, Felicia Hung, is Taiwanese. “My wife is Taiwanese and my kids are half Taiwanese. They have a country and it’s called Taiwan.” History is full of ironies. Until 1971, it was Taiwan or the Republic of China that the United Nations officially recognized as the sovereign representative of the Chinese nation. A UN resolution adopted in 1971 made mainland China or the People’s Republic of China the “legitimate” China. From then on, Taiwan began losing formal diplomatic recognition from many countries. Today, Taiwan enjoys full diplomatic relations with only 14 countries, aside from the Vatican. Even the United States, Taiwan’s fiercest and most important ally, switched its official recognition of China to the PROC under the Carter administration in 1979. But President Carter decreed the US will nevertheless “maintain cultural, commercial and other unofficial relations with the people of Taiwan.” This is the grey zone of Taiwan, in a nutshell: A country that is not officially considered a country but enjoys de facto recognition regarding its sovereignty and selfgovernment. While many countries do not extend Taiwan formal diplomatic recognition, it has not been isolated. It has economic and cultural offices that serve as its de facto embassies in many countries. For instance, the Philippines has the Manila Economic and Cultural Office in Taipei, and Taiwan has the Taipei Economic and Cultural Office in Manila. Both offices manage foreign affairs and citizen services and operate like an embassy. There are many more qualities that make Taiwan truly a country. Taiwan has its own government and its own freely elected leaders under a democracy. It does not operate under Chinese control. It has its own laws, its own Constitution, its own military. Its Constitution protects freedom of speech and an independent free press. Last year, the Taiwanese government even rejected the Philippine government’s request to deport a Filipina caregiver for criticizing President Duterte on the basis of freedom of speech. Taiwan is ranked Asia’s second freest country after Japan on Freedom House’s latest report on global freedom. A country is also its people. A government poll in 2020 found that only 2 percent of Taiwanese consider themselves Chinese—they want to be known simply as Taiwanese—and 80 percent support the country’s participation in international organizations under the name Taiwan. Most of them (in poll after poll) say they do not want Taiwan’s reunification with China. Taiwanese people have their own passport and enjoy visa free entry in 146 countries. Taiwan has its own industries and its own trade agreements. It has its own banks and its own currency, the Taiwan dollar. Taiwan has its own education system. Taiwan is no longer claiming to be the legitimate China. It abandoned that claim in the 1990s. It simply just wants to be Taiwan—its politics, economy, lifestyle and society, very different from China and very distinctly Taiwanese. The Taiwanese are no longer an exiled people. They have established their own identity. And yes, they do have their own country. Perhaps it’s time the rest of the world recognizes this fact.

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Manny B. Villar

THE Entrepreneur

T is not a bad idea if we allow local government units (LGUs) to compete against each other in the vaccination race. The main objective here is to inoculate as many Filipinos as we can toward the ultimate goal of attaining herd immunity.

Our LGUs, especially those in Metro Manila and nearby provinces, have the financial resources to fund their own respective vaccination drive. Governors and mayors earlier have pledged to procure as many vaccines as possible for their constituents, and many, in fact, have signed deals to purchase the doses. The competition, in my opinion, can serve as the yardstick in assessing the performance of our local government officials during this time of pandemic. I’m sure no mayor or governor would want to have a record of having the lowest vaccination rate in his town or province, especially now that more doses are being made available to the Philippines. There is also no reason for the Philippines to lag behind in the vaccination drive, unlike before when our authorities groped in the dark over the procurement of the vaccines. The increasing availability of several vaccines and the aggressive posture of the private sector to pur-

chase the doses for their own employees have increased the nation’s inoculation rate. The Philippines as of Friday last week has already administered 4.7 million doses to the population. I’m sure there are many ways of inspiring our LGUs to increase the pace of their vaccination. But money will not be a problem for these LGUs. Makati City, the richest city in the National Capital Region, for one, has earmarked P1 billion for this year in procuring vaccines and administering the jabs to residents for free. Quezon City, the biggest city in Metro Manila and the most populous, has also allocated P1 billion for the procurement of Covid-19 vaccines in 2021, while Pasig has budgeted P300 million. Our local executives in the National Capital Region and nearby provinces will be doing the country a great favor if they help speed up the inoculation process. As the epicenter of the pandemic and the hub of

US/China: Playing games

Jennifer A. Ng Vittorio V. Vitug

Senior Editors

Creative Director Chief Photographer

Let LGUs compete to speed up vaccination

John Mangun

OUTSIDE THE BOX

nited States foreign policy has been a bit schizophrenic since its founding. In his Farewell Address—published in 1796— George Washington warned against “foreign entanglements.” Washington argued to avoid long-term friendly relations or rivalries with any nation, and that alliances were likely to draw the US into wars that have no justification. Yet the US has always pursued a policy of foreign entanglements and long-term relations for better or worse, either for itself or the “foreign nation.” Yet no nation in history has been more willing to support the exercise of free democracy, the promotion of international order, and the defense and promotion of freedom. That is simply a fact, whether you agree or not with its methods, results, or any US self-interest gains.

Nonetheless, the 21st century has changed the paradigm for both the US and the world, beginning with the 9/11 attacks. Suddenly and without warning, the American people lost 200 years of invulnerability to war being waged on their own shores. Even the December 1941 attack on Hawaii and the Philippines was in reality an attack on US military Forward Operating Bases. In 2000, as measured by the

With the country’s declining infection rate, our economic prospects are starting to brighten up. The fight against the virus is far from over but I believe the economy is on the mend judging from recent economic figures.

economic activities, Metro Manila, Bulacan, Cavite, Laguna and Rizal, or the so-called NCR Plus, can hasten the establishment of a herd immunity and the full re-opening of the economy. Meanwhile, we can expect looser quarantine restrictions in the NCR Plus region in June amid the declining number of Covid-19 cases. The OCTA Research team is seeing a decline in Covid-19 cases in Metro Manila, with more than 1,000 cases per day and the reproduction number down to 0.53 as of last week. The average number of new Covid-19 infections in Metro Manila dropped 23 percent to 1,023 in the past week, with an average daily attack rate of 7.41. The group has also noted that the condition in the capital region improved from being a high-risk to moderate-risk area for Covid-19. The positivity rate in Metro Manila has fallen to 10 percent from May 19 to 25, although slightly higher than the target of less than 5 percent. With the country’s declining infection rate, our economic prospects are starting to brighten up. The fight against the virus is far from over but I believe the economy is on the mend judging from recent economic figures.

US President Joe Biden was hardly a force in US foreign policy during his four decades in the Senate, even while serving as chairman of its Foreign Relations Committee. “We’re in a competition with China and other countries to win the 21st Century,” said Biden during his first speech to Congress. But China is a rival superpower run by an authoritarian and fiercely nationalistic regime. Biden cannot force it to comply. value of the gross domestic product in Purchasing Power Parity, the US was first at $10.2 trillion and China ranked second at $3.7 trillion. At the end of 2019, China was at the top of the list with a GDP in PPP of $23.5 trillion and the US came in second at $21.4 trillion. US President Joe Biden was hardly a force in US foreign policy during his four decades in the Senate, even

Fi n a nce S e c re t a r y C a r lo s Dominguez III is similarly optimistic about the economy. He expects it to gather steam in the second quarter with lower infections and the mass vaccination program against Covid-19. The finance chief based his optimism on the assumption that foreign drug manufacturers would deliver the volume of vaccines they committed. If the vaccine pledges pushed through, the Duterte administration would have enough doses to inoculate 70 million Filipino adults, plus about 15 million teenagers once the antiCovid-19 shot for them is approved by our country’s Food and Drug Administration. I would say that the Philippines has persevered despite the challenges posed by the pandemic. Our economic managers were able to right the ship 15 months into the pandemic. S&P Global Ratings itself has noted the inherent strength of the Philippine economy. It affirmed last week the Philippines’s investmentgrade “BBB+” sovereign credit rating, with a stable outlook, citing “good economic recovery prospects once the Covid-19 pandemic is contained.” We’re not yet near the pre-pandemic growth rate levels, but our economic recovery should start revving up soon, or as early as this second quarter. We have safely stayed the course amid these most challenging times. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

while serving as chairman of its Foreign Relations Committee. “We’re in a competition with China and other countries to win the 21st Century,” said Biden during his first speech to Congress. But China is a rival superpower run by an authoritarian and fiercely nationalistic regime. Biden cannot force it to comply. As regards its foreign policy, the US is playing “Tic-Tac-Toe” and China is playing “3-D Chess.” The Biden administration talks about defending the Philippines and Taiwan against Chinese aggression. But the truth is, these are merely “Xs” and “Os” drawn in a small box on a piece of paper. Meanwhile, China is moving pieces around the chess board. The Congressional Research Service, Congress’s think tank, writes earlier this year: “The fact that the US role has been generally stable over the past 70 years does not necessarily mean that this role was the right one or that it would be the right one in the future.” See “Mangun,” A9

Opinion BusinessMirror

www.businessmirror.com.ph

Is this making you uncomfortable?

A breath of fresh air Manny F. Dooc

TELLTALES

Lyca Balita

Onwards

naked woman was found dead, her head in a toilet, in 2014. A man was found dead, a wooden stick in his genitals, in 2021. In between these two deaths, there have been dozens of similar deaths and hundreds of similar assaults in the Philippines alone. Prior to 2014, who knows how many more? Does this make you uncomfortable? A negative answer would be strange; violent deaths are inherently unsettling in the first place. But if I told you that what these deaths had in common is that they all involved transgender men and women as victims, would the stories still bring the same discomfort? June 1 marks the beginning of Pride month. Contrary to superficial observers, pride is a protest, not just a month where corporations can profit off the LGBT+ community by slapping rainbows on their products. “What is there to protest? Your people are accepted now.” Stories like these are what we protest: the vicious murders, rapes, and discrimination of human beings. You don’t rape, beat, and kill the people you accept. You can’t pick whom among us to accept, then kill the others. Many come across stories about the community, and they feel uncomfortable and switch to a different, more “conventional” story. It’s interesting—they don’t like the LGBT+ community because it’s an uncomfortable topic, usually based on personal beliefs. Meanwhile, we from the LGBT+ community don’t like bigots because the latter murder, rape, and abuse our brothers and sisters, if not us directly. How proportionate—personal discomfort due to opinions, versus actual physical violence. Suddenly, human dignity is not universal, and minor discomfort is worth hundreds of lives. Discrimination is not always violent, but it’s always evident. The more low-key, and sometimes unintentional: the disdainful stares in church, the threatening glares in restrooms, and the blatant alienation in big groups. The more harmful and more common: kicking out of the house, constructive dismissal by employers, and withdrawal of financial support from families. Some of the worst, which are more common than most assume, include sexual abuse, bloody beatings, mutilation, and violent murders done out of hate and prejudice. Sexual abuse is very common; I personally know four lesbians, two of them masculine, who have been raped by straight, cisgender men who knew the women’s sexuality. In what world is that okay? The manifestations of homophobia and transphobia are ridiculous. Bigots can easily refer to Marlou as Xander Ford, but somehow magically struggle to say Jake Zyrus and would rather insist on dead names. How subtle. Here’s another: many refuse to allow trans women to use women’s restrooms because they fear that men would take advantage of this and violate women’s privacy. But based on the reasoning, the problem was never with the LGBT+ community. The fear was always because of

Mangun. . .

Continued from A8

China’s only offshore military base is in Djibouti on the Horn of Africa. However, the People’s Liberation Army Navy is looking at locations on Africa’s west coast. Chinese military planners are also eyeing islands in the Atlantic Ocean, specifically in the Azores where there is a military base controlled by the US and the Portuguese. But budget cuts in the US military have turned it into a “ghost base,” making it easy for the Chinese to take over. China could even get a base about 100 miles east of Miami, Florida on Grand Bahama Island where a Hong Kong based company is spending

cisgender straight men, who are outside the community. Why do trans women have to take the brunt for bigots’ perverted tendencies? Personally, I’ve experienced being referred to as “it” because I have short hair, because somehow that made me less human. I’ve experienced attempted assaults because I’m very obviously a lesbian. I’ve sat through classes where professors have proclaimed to the whole class that people like me live “dishonorable lives” and are “abominations” who will burn in hell, while everyone just stayed silent and stole entertained glances to see how I’d react. All these —the discrimination, abuses, rapes, and murders just because of discomfort based on bigoted beliefs. Then in an attempt to justify all these, the religious arguments come in, when religion was never the topic in the first place. The issue was always centered on deserving basic human decency. Should trans men and women be killed? Should lesbians be raped? Should gay men be mutilated? These and similar questions were the actual issues. In a humane world, the answer should always have been no. It was never a religious debate. Minor discomfort should never be worth hundreds of lives. To stand back and propagate bigoted beliefs is to tolerate these abuses, rapes, and murders. Again: a naked woman was found dead, her head in a toilet, in 2014; a man was found dead, a wooden stick in his genitals, in 2021. And these are just two of the thousands of deaths all over the world. To stay silent is to be complicit. To be okay with that is inhumane and selfish and hypocritical. Is this article making you uncomfortable? Hey, lucky you, at least you’re still alive. While you sit uncomfortably because of our existence, my brothers and sisters are beaten, raped, and killed everyday because of that discomfort. Maybe when a belief results in violations of human rights, maybe the problem is with the belief, not the victims. Maybe a logical, humane, and impartial reflection on those beliefs is in order. This is why Pride is a necessary protest. Your discomfort is not worth these lives. Cruel murders and abuses should be infinitely more disturbing than seeing two men holding hands.

For feedback, send an e-mail to lyca.balita@ gmail.com

T reeks of politics from the very start. The impeachment complaint was endorsed by the first cousin of former Sen. Ferdinand R. Marcos Jr., Ilocos Norte Congressman Angelo Marcos Barba. Bongbong Marcos is the losing Vice Presidential candidate in the last 2016 election and who is still pursuing his election protest against VP Leni Robredo despite suffering a setback from the Presidential Electoral Tribunal. Justice Marvic Leonen is the justice in charge of the said electoral protest and the “ponente” of the PET’s ruling dismissing Marcos’ protest and alleged claim of poll irregularities. All 44 members of the House of Representatives’ Justice Committee have unanimously voted to junk the impeachment complaint filed against Supreme Court Associate Justice Marvic Leonen. In throwing out the impeachment complaint, the Committee on Justice that included several House leaders like Majority Leader Martin Romualdez, another high-profile relative of Senator Marcos, held that the allegations raised in the complaint were merely based on newspaper reports and not on the personal knowledge of the complainant, Edwin M. Cordevilla. It did not satisfy the requirement of sufficiency in “form” and “substance”: Cordevilla, a poet and media consultant, is the Secretary General of the Filipino League of Advocates for Good Government. He was assisted by lawyer Larry Gadon in

When VAT is a dead asset Atty. Irwin C. Nidea Jr.

Tax law for business

enerally, it is only when a taxpayer is engaged in zerorated sale that the input value-added tax attributable to such sale may be subject to a refund. This applies to input VAT (purchases) incurred that will be used for direct export, sale to economic zones or sale of power and energy, among others.

The Tax Code states that where the taxpayer is engaged in zero-rated and also in taxable or exempt sale and the amount of creditable input tax due or paid cannot be directly and entirely attributed to any one of the transactions, it shall be allocated proportionately on the basis of the volume of sales. It can be argued that this provision allows a taxpayer to claim for refund of input taxes related to VAT zero-rated sales and it does not require a taxpayer to apply all its input taxes, especially its input taxes attributable to zero-rated sales, against its output taxes. In other words, it can be argued that when a taxpayer has output taxes, lesser or higher than the input taxes, all the input taxes related to the zero-rated sales may be the subject of a refund. From the

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

wordings of the law, it may be argued that the only other requirement, aside from having zero-rated sales, is that a taxpayer has input taxes related to that zero-rated sales, and that input taxes related to zero-rated sales had not been applied against output taxes. So, even if the input tax is not sufficient to cover the output tax, the taxpayer can still choose to file a claim for refund of the input VAT that is allocable to zero-rated sales. The Supreme Court recently struck down this argument. It ruled that input taxes that are subject of a claim for refund are included as part of the input taxes that are available as credit against output taxes. A taxpayer must make all its input taxes, including those related to zero-rated sales, available for credit against output taxes, such that if the input

the impeachment complaint has the required “form” and “substance” for the House to properly act upon. If the Committee approves the complaint by a majority vote of all its members, it shall endorse the same by way of a resolution to the House plenary for its consideration. The said resolution may be affirmed or overturned by the House by a vote of at least 1/3 of all its members. What is the likelihood that the House plenary shall affirm the decision of the Justice Committee? That cannot be absolutely and totally discounted despite the unanimous action of the Committee. However, the fact alone that not one among the 44 members of the Justice Committee has supported it indicates that reversing the decision will be a very tall order. It should also be noted that the decision to junk the complaint was a multi-partisan action of the Committee members, and supported by the ranking leaders who command a sizable following in the House. Time is also working against it since Congress is set to adjourn this week. In case the Article of Impeachment is approved by the House, it shall be transmitted to the Senate for trial, which has the sole power to try and decide all cases of impeachment. Conviction shall require the concurrence of at least 2/3 of all the members of the Senate. If the Article of Impeachment goes to a full trial in the Upper Chamber, Leonen’s case will become highly politicized. The forthcoming elections will add fuel to the fire, and trial on the merits of the case will be buried by politi-

cal vitriol. Heavy partisanship will be the rule of the game. It will be no different from the two impeachment trials of former President Donald J. Trump of the United States. Truth and accountability were lost and public trust suffered in the end. Impeachment was not designed to satisfy political ends although admittedly it is a political process. Nor should it be resorted to in order to satisfy personal vainglory or private glorification. Worse is when this formidable weapon is applied to harass or persecute honest men in government who have offended powerful men in the pursuit of their official duties. As pointed out by Justice Isagani A. Cruz, “judges are especially subject to vindictiveness from disgruntled litigants and can be easily harassed with impeachment charges, which can be filed easily enough, regardless of their merits.” All impeachable officers, not only men in robes, are vulnerable to abuse by way of impeachment. But I agree that we need a potent tool to rein in the excesses of charlatans in government who are wont to betray the trust imposed upon them by their office or position. However, those who wield this tremendous power should apply their authority with restraint and prudence, and most of all with objectivity and justice. Crass exercise of power will only exacerbate a dire situation, which an impeachment seeks to desperately address. I’m proud that the House Committee on Justice, in dismissing the impeachment complaint against Justice Leonen, has not failed us.

taxes are found to be insufficient all the available input taxes are made to answer for the output taxes. What if the taxpayer has excess input VAT that was carried over from the previous quarters, can he use it to pay for the output tax of the current quarter? In the same SC decision, it was ruled that in a claim for refund, if a taxpayer wants to use carried over input VAT to offset with the current quarter’s output tax, he must substantiate all the accumulated input VAT from the previous quarters. It means proving that the accumulated input VAT is supported by valid invoices or official receipts. The invoices and official receipts must comply with the invoicing requirements, i.e., complete name, complete address, tax identification number of the supplier must be shown as well as the proper breakdown of VAT. This landmark decision will have an immense impact on taxpayers that have accumulated a substantial amount of input tax that cannot be used against any output VAT, i.e., companies that are solely engaged in direct export, sale of power and energy, etc. If these taxpayers choose to continuously accumulate their input VAT, they can only recover it upon dissolution. Ironically, it will remain a dead asset until the corporation dies. The other alternative is to file a

claim for refund every quarter. But it must be noted that the SC ruling has effectively limited the amount that a taxpayer may be entitled to since he cannot use the input VAT from the previous quarters to offset the current quarter’s output VAT, unless it is substantiated. So, if a taxpayer can only substantiate the current quarter’s input VAT, the court will use this to pay for the current quarter’s output tax. What remains, if any, is the amount that will be refunded. The taxpayer may choose to substantiate the accumulated input VAT so he can utilize it against the current quarter’s output VAT. But this may mean going as far back as the beginning of the company’s inception. Remember, what the taxpayer must trace is the accumulation of input VAT, which may date back to years ago. Tax refund is a difficult task. Taxpayers are oftentimes left begging to get back what they own. The author is a senior partner of Du-Baladad and Associates Law Offices, 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 irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

China easing birth limits further to cope with aging society By Joe Mcdonald

about $3 billion on a deep-water container port facility. Could that facility become a military base? The Sri Lankan government in 2014 allowed a Chinese submarine to dock at the Chinese funded Colombo International Container Terminal. There is also a Chinese funded port in the Abaco Islands, Bahamas. That port is essentially useless from a commercial point of view and could fall into Beijing’s hands. The US may eventually be forced to draw forces from the Western Pacific to counter China in the Atlantic. Checkmate?

filing the impeachment complaint. Gadon, a noted Marcos loyalist, had also filed a quo warranto petition for Leonen’s removal but this action has not prospered since his request for copies of Leonen’s SALN was denied by the Supreme Court. Coming from a highly unpopular and controversial refusal by Congress to renew the ABS-CBN franchise, the dismissal of the impeachment rap against Justice Leonen is a breath of fresh air in our toxic political atmosphere. It is a credit to the Velasco-led House of Representatives and the Chairman of the House Committee on Justice, Representative Vicente Veloso III, who both displayed enlightened leadership in having the baseless complaint outrightly rejected on the first day of its hearing. The primary task of the Committee on Justice is to determine if

Tuesday, June 1, 2021 A9

Associated Press

EIJING—China’s ruling Communist Party said Monday it will ease birth limits to allow all couples to have three children instead of two in hopes of slowing the rapid aging of its population. The ruling party has enforced birth limits since 1980 to restrain population growth but worries the number of working-age people is falling too fast while the share of over age 65 is rising. That threatens to disrupt its ambitions to transform China into a prosperous consumer society and global technology leader. A ruling party meeting led by President Xi Jinping decided to introduce “measures to actively deal with the aging population,” the official Xinhua News Agency said.

Leaders also agreed China needs to raise its retirement age to keep more people in the workforce and improve pension and health services, Xinhua said. Restrictions that limited most couples to one child were eased in 2015 to allow two, but the total number of births fell further, suggesting rule changes on their own have had little impact on the trend. Couples say they are put off by high costs of raising a child, disruption to their jobs and the need to look after elderly parents. China, along with Thailand and some other Asian economies, face what economists call the challenge of whether they can get rich before they get old. The Chinese population of 1.4 billion already was expected to peak later this decade and start to

decline. Census data released May 11 suggest that is happening faster than expected, adding to burdens on underfunded pension and health systems and cutting the number of future workers available to support a growing retiree group. The share of working-age people 15 to 59 in the population fell to 63.3 percent last year from 70.1 percent a decade earlier. The group aged 65 and older grew to 13.5 percent from 8.9 percent. The 12 million births reported last year was down nearly one-fifth from 2019. About 40 percent were second children, down from 50 percent in 2017, according to Ning Jizhe, a statistics official who announced the data on May 11. Chinese researchers and the labor ministry say the share of workingage people might fall to half the pop-

ulation by 2050. That increases the “dependency ratio,” or the number of retirees who rely on each worker to generate income for pension funds and to pay taxes for health and other public services. Leaders at Monday’s meeting agreed it is “necessary to steadily implement the gradual postponement of the legal retirement age,” Xinhua said. The potential change is politically fraught. Female professionals welcome a chance to stay in satisfying careers, but others whose bodies are worn out from decades of manual labor resent being required to work longer. The fertility rate, or the average number of births per mother, stood at 1.3 in 2020, well below the 2.1 that would maintain the size of the population.

A10 Tuesday, June 1, 2021

House panel races to avert MUP system ‘fiscal collapse’

By Jovee Marie N. dela Cruz

@joveemarie

HE House ad hoc Committee on the Military and Uniformed Personnel (MUP) Pension System on Monday arrived at a consensus on the key parts and principles of the proposed reform of the MUP pension structure, preventing its “total fiscal collapse” in the future. The chairman of the House ad hoc Committee on the Military and Uniformed Personnel (MUP) Pension System, Albay Rep. Joey Sarte Salceda, said the agreements were made during the ad hoc supercommittee’s inaugural meeting attended by Defense Secretary Delfin Lorenzana, Department of Finance and the Bureau of the Treasury. “The panel tasked the Secretariat to draft a substitute bill for its consideration, incorporating features where consensus has already been achieved,” said Salceda. “Keeping the military pension system affordable for the govern-

ment is a matter of the nation’s very existence. Allow it to explode financially, and we will be both militarily defenseless and fiscally bankrupt,” Salceda said. According to the lawmaker, the key agreements were the removal of automatic indexation (which accounts for the bulk of unfunded pension liabilities), the provision of Cost-of-Living Adjustment (Cola) to ensure that monthly pensions remain on track with changes in prices, the retention of the nocontribution scheme, and the adjustment of pensionable age to 60 years old.

He said the panel members also proposed to earmark proceeds from the disposition and use of MUP assets and the Ninoy Aquino International Airport (Naia) and the New Bilibid Prison for the Armed Forces of the Philippines (AFP) modernization and the Philippine National Police (PNP) revitalization program. Salceda also assured MUP pensioners that no cuts will be made to their present pensions. “There will be no diminution of benefits. That is our most fundamental commitment in this reform. No one will receive less than what they already get,” Salceda said. Salceda also laid out other principles for the proposed reform. “We seek to decisively address the hazard of being an MUP. My proposal is to have a life insurance system that takes those risks into account. But a basic principle of insurance is that risk should be compensated when actually incurred such as when the MUP is killed or wounded in action. We can’t compensate heroism, but at least we should try,” Salceda said.

Warning

Salceda, meanwhile, warned against the consequences of a noreform scenario. “No reform risks the budget itself. The unfunded pension liability means that at some point, the government will be unable to pay retirees their full pension, if at all. The budget itself is at serious risk as MUP pension liability could account for 2/3 of deficit space in 2040. This is a question of little pain now versus big pain in the future,” Salceda said. Noting that pension spending now exceeds capital outlays and maintenance and other operating expenses (MOOE) for the MUP services, Salceda said that pension reform will be needed “to ensure that we can fund a credible fighting force.” “In the 1980s, the US also undertook a series of reforms of its military pension system to keep their defense budget sustainable. The fiscal space it opened allowed the US to invest in the Strategic Defense Initiative or the “Star Wars Initiative.” Continued on A6

DOH MOVES TO AVERT NCR-LIKE SURGE IN VISAYAS, MINDANAO By Claudeth Mocon-Ciriaco

Correspondent

O prevent the same incident where hospitals in Metro Manila struggled after reaching full capacity as Covid-19 cases surged, Health Undersecretary Maria Rosario Vergeire said that “adequate support” is already being given to areas in Visayas and Mindanao where there is an uptick in cases. “Ayaw natin na dumating tayo sa punto na magkaroon ng similarity ‘yung nangyari sa NCR doon sa Visayas at Mindanao [We don’t want to reach that point wherein what happenend in the National Capital Region will happen in Visayas and Mindanao],” Vergeire said in an online forum on Monday. She said they are closely monitoring some areas of Caraga, Region 4B, Region 6, Region 1, and Region 7 where there is an increase in cases recorded. Vergeire also said that Regions 1 and 7 are showing “an increase from a negative to a

positive growth rate.” She added that the healthcare utilization rate in some regions in Visayas and Mindanao is already nearing high-risk level. “As early as now, talagang binibigyan na ng adequate support ang mga lugar na ito [we are already giving these places adequate support] so that they can expand the capacity of hospitals, expand testing capacity, support on the equipment that will be used especially in expanding their ICU [intensive care unit] beds,” she added. Asked why cases are increasing in these regions, she replied that mobility and non-compliance with minimum public health standards are still the possible reasons that they are looking into.

Testing output

Vergeire, meanwhile, admitted that there has been a decrease in testing output in NCR while testing done in Visayas and Mindanao has increased. Continued on A6

4 ex-DOH chiefs link arms to fight tobacco By Claudeth Mocon-Ciriaco

Correspondent

S the “World No Tobacco Day” was marked globally, four former secretaries of the Department of Health (DOH) closed ranks to denounce the alleged “tactics and strategies employed by the tobacco industry and their front groups seeking to relax tobacco control policies in the country” amid the Covid-19 pandemic. “We condemn the tobacco industry’s exploitation of the ongoing health crisis by using corporate social responsibility (CSR) and donations to sanitize their name and distract the public from their role in the deaths, injuries, and the ruin of millions, worldwide,” said the statement signed by Dr. Jaime Galvez-Tan, Dr. Carmencita Reodica, Dr. Manuel Dayrit and Dr. Paulyn Jean Ubial. The past DOH chiefs were joined by former PhilHealth President and CEO Alexander Padilla and former National Anti-Poverty Commission (NAPC) Undersecretary Florencia Dorotan in declaring that “tobacco companies are neither allies nor friends.” The statement, which expressed support for Joint Memorandum Circular (JMC) 2010-01 released by the DOH and the Civil Service Commission in 2010, was signed by more than 40 organizations, including the Philippine Medical Association (PMA), Philippine Pediatric Society (PPS), Philippine Society of Public Health Physicians (PSPHP), and the Private Hospitals Association of the Philippines, Inc (PHAPi). JMC 2010-01 requires government officials to reject unnecessary interaction and engagement with the tobacco industry, given the tobacco industry’s history of interfering with public health policies. The group also called the tobacco companies’ CSR as ‘PR’ or ‘public relations stunts.’ “[T]he tobacco industry should be held liable for smokers and non-smokers being more susceptible to severe Covid-19 symptoms due to respiratory problems and comor-

bidities caused by tobacco products and secondhand smoke,” the statement urged. “[A]nnually, 117,000 Filipinos die from tobacco-related diseases,” according to the group. “No donation from the tobacco industry can account for the 210 billion pesos annual economic loss due to tobacco-related hospitalization and productivity losses,” their statement also said. The group urged government officials to comply with the DOHCSC JMC and reject any interaction with tobacco companies and their fronts.

Protect youth—AER

In celebration of World No Tobacco Day, the Action for Economic Reforms (AER) meanwhile, urged senators to protect the health of Filipinos by passing legislation that strengthens the regulation of electronic cigarettes and heated tobacco products (HTPs), protecting the youth from these harmful products. Both houses of Congress are currently discussing measures to amend Republic Act 11467, a law passed early in 2020, that introduced taxes for electronic cigarettes and heated tobacco products. The current version in the House of Representatives carries several provisions which actually dilute the gains from Republic Act 11467, said the advocacy group. “Instead, we should give the law ample time and opportunity to take off and achieve its goals. The proposed changes are biased towards the e-cigarettes and HTPs’ manufacturers’ misleading marketing that these novel products are tobacco cessation tools,” the AER stated. Tan and Ubial, meanwhile, have called on the House of Representatives to reconsider passing House Bill (HB) No. 9007 which aims to lower the age of access to e-cigarettes and allow flavors which have been proven to appeal to children. They also urged all congressmen to heed the strong policy of the Duterte administration against e-cigarettes. See “4 ex-DOH chiefs,” A2

A group of protesters belonging to the Ayuda Network stage a protest rally at Morayta Street in Manila on Monday to press for the release of a subsidy to farmers and livelihood assistance to displaced OFWs. Economic managers are still scouring possible sources for the P401-billion third Bayanihan package—the government’s pandemic response—which the House of Representatives is pushing, but which the Senate said might not make it to full passage in both chambers by the time Congress adjourns sine die on June 4. ROY DOMINGO

Anti-Covid partitions will stay–DTI chief Lopez By Ma. Stella F. Arnaldo

@akosistellaBM Special to the BusinessMirror

HE Department of Trade and Industry (DTI) underscored the need for proper ventilation in restaurants and other dining outlets, and other workplaces, as a means to prevent the spread of the novel coronavirus, which causes Covid-19. In a Viber message, Trade Secretary Ramon Lopez told the BusinessMirror it is “important to emphasize in workplaces now VENTILATION.” He made this in response to a study that indicated ventilation would only

be efficient depending on where room par t it ions are located, where air and exhaust vents are placed, and the source of the contamination, i.e., viruses. (“Effect of internal partitioning on indoor air quality of rooms with mixing ventilation” https:// bit.ly/2ROqoSB) As such, he said acrylic or plastic barriers which were installed by restaurants for their indoor dining facilities, for example, “[are still] needed [to prevent] droplets.” He emphasized, “The small partitions deflect droplets. With the new studies showing aerosols, good ventilation and air filtration and/or strong air

exhaust are key.” Lopez emphasized, “Outdoor dining is the better business model, with mask, hugas (hand washing), and iwas (social distancing). In a bid to promote safe indoor dining, many restaurants installed acrylic dividers or partitions to separate guests from each other and ensure Covid-19 infections are contained. Johnlu Koa, founder and CEO of The French Baker, earlier told this paper his company spent some P35,000 per branch to upgrade to government-imposed health and safety standards for restaurants. This includes the installation of clear acrylic panels to

allow face-to-face dining, which costs about P1,500 per panel. (See, “Branded restos, popular food chains secure DOT accreditation,” in the BusinessMirror, July 1, 2020.) Even the US Centers for Disease Control recommended the “[installation of] physical barriers, sneeze guards, and partitions, particularly in areas, where it is difficult to remain at least six feet apart. Barriers can be useful in restaurant kitchens and at cash registers, host stands, or food pickup areas where maintaining physical distance to at least six feet is difficult.” Continued on A2

Editor: Jennifer A. Ng

Companies BusinessMirror

Tuesday, June 1, 2021

AEV seeks SEC approval to issue fixed-rate bonds

By VG Cabuag

@villygc

boitiz Equity Ventures Inc. (AEV) on Monday said it filed its registration statement with the Securities and Exchange Commission (SEC) for the issuance of the third tranche of its fixed-rate bonds worth P10 billion. AEV’s bond float, which is part of its P30-billion offering under the shelf registration of program of the SEC, consists of P5 billion in primary offering and an oversubscription of another P5 billion. The proceeds from the offering are intended to finance the early redemption of certain outstanding bonds of the AEV, to finance future funding requirements of Aboitiz Infra Capital Inc., and other general corporate purposes, the

company said. “Subject to market conditions, the third tranche bonds are currently expected to be offered to the general public during the third quarter of 2021,” it said. The bonds will be listed at the Philippine Dealing and Exchange Corp. for trading. AEV’s board has earlier appointed BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., SB Capital Investment

Corp. and First Metro Investment Corp. as joint issue managers, joint bookrunners and joint lead underwriters for the bond float. AEV President and CEO Sabin M. Abotiz, meanwhile, said the company is pursuing its plan to expand into airport operations and build more towers for mobile phone companies. “Our business stream is very wide. So we’re not looking at anything aside from the new businesses within the organization today. Lots of countries to expand food; lots of countries to expand renewable energy; in infrastructure, lots of different business that we are getting into. Unionbank, lots of opportunities on digital and the millions of millions of unbanked Filipinos. That’s our focus in the next couple of years,” Aboitiz said. The company has allotted some P48 billion in capital expenditures (capex) this year, some 69 percent higher than last year’s spending of P29 billion. Aboitiz said he is confident that the company will spend

all its budgeted capex for the year. Some P23 billion of the capex will be used to fund the power business, mainly for the completion of GNPower Dinginin as well as the battery energy storage projects while P15 billion will be allotted to the infrastructure unit. Of the amount, P13 billion will be used to fund Aboitiz Infra Capital’s water businesses as well as its foray into the common tower business and other projects, with the remaining P2 billion to be earmarked for Republic Cement’s projects. Some P4 billion will be utilized by the food group for the expansion of its feedmill business, while P3.1 billion will be given to its property development unit Aboitiz Land for land banking and the completion of its residential projects. Lender Union Bank has been allotted more than P2 billion in capex for continued enhancements on digital touch points, as well as the construction of an innovation hub to support customer needs during the current health crisis.

Megawide tops off Cebu project M

II Avenue in Cebu. It is set to have 43 floors with 3 basements, 10-storey podium and 32 residential units, with a total gross floor area of more than 82,000 square meters. “We are grateful for the trust that Taft Properties and the Gaisano Group have shown to Megawide. That we achieved this milestone on schedule despite the pandemic is a testament to our strong partnership with Taft Properties, and our commitment to deploying first-world construction technologies for speed and efficiency in our projects,” Frederick Tan, the company’s COO for engineering, procurement and construction, said. The Taft East Gate project is Megawide’s first project with Taft Properties.

Generali offers $1.4B for Italian insurer Cattolica

Qatar Air is in a mystery spat with Airbus

ssicurazioni Generali SpA launched a 1.2 billion euro ($1.4 billion) bid to buy all the shares in Italian insurer Societa Cattolica di Assicurazioni SC which it doesn’t already own, as part of a plan to increase presence in its home market. Generali, which has a stake of about 24 percent in the company, is offering investors 6.75 euros per Cattolica share in an all-cash transaction, the insurer said in a statement on Monday. The offer represents a 15-percent premium on the last closing price and values the smaller rival at 1.5 billion euros ($1.8 billion.) “The acquisition would allow Generali to become the first in the non-life insurance market and to strengthen its presence in the life market,” the insurer said in a statement. Cattolica is a cooperative insurance company with a market capitalization of almost 1.4 billion euros. The firm agreed to convert to a joint stock company in July, and planned to raise 500 million euros. Assicurazioni Generali subscribed to 300 million euros, becoming the main shareholder in October. Cattolica rose as much as 14 percent in Milan after the news and was up 13 percent at 6.82 euros as of 10:51 a.m. on Monday, above the offer price. Generali is little changed at 16.86 euros. Bloomberg News

In constructing the project, the company used precast walls, stairs and autoclaved aerated concrete blocks which sped up construction while maintaining quality and efficiency. The system was used to build the core walls, a German automatic climbing technology which enables faster and better project delivery, enabling Megawide to complete about one floor per week. Megawide incurred a net loss of P137.91 million in the first quarter, a reversal of its P174.06-million income last year, as the company had minimal revenues from its airport operations and other travel-related segments due to disruptions caused by the lockdowns. Revenues fell 22 percent to P3.83 billion for the period from last year’s P4.96 billion. The company said its

revenues for the first quarter were flat compared with the previous quarter but it expects to see higher revenues in the succeeding quarters. These will come from its ticket contracts, such as Andrew Tan’s gambling resort Suncity Westside City in Parañaque and its share from the Malolos-Clark Railway Project. A huge chunk of its revenues came from the construction segment at P3.42 billion, down 10 percent from last year’s P3.04 billion. The company had a net income of P168 million from this segment, some 21 percent higher than last year.

egawide Construction Corp. on Monday said it has completed the structural works on the Gaisano Group’s Taft East Gate Project in Cebu City. Despite restrictions and local health protocols implemented due to the Covid-19 pandemic, the project continues to be on track for completion within the third quarter of this year, the company said. A topping off ceremony was held last week. Taft Properties, the property development arm of the company behind the Metro Gaisano chain of stores, awarded the Taft East Gate project to Megawide in 2018. The mixed-use development is located on the corner of Cardinal Rosales Avenue and Pope John Paul

atar Airways Chief Executive Officer Akbar Al Baker lashed out at Airbus SE for the second time this month, warning his airline might stop taking deliveries from the planemaker this year over an unspecified “serious” issue. “We have an issue with Airbus we need to settle, and if we are not able to settle that serious issue we have with them, we will refuse to take any aircraft from them,” he said in an interview with Bloomberg TV. Problems with Qatar Airways, Al Baker warned, will cause Airbus “a stress in the relationship with IAG, with LatAm, with other airlines in which we have a shareholding.” The subject of the spat? “I unfortunately cannot tell you what that issue is,” Al Baker said. Airbus won’t say either. A spokesperson for the Blagnac, France-based company said it’s in constant discussions with customers about their requirements, and that details on those discussions “remain confidential.” The warning comes days after the airline chief criticized Airbus’s giant A380 jets over their inefficiency and operational cost. However, he said his dissatisfaction with that aircraft was “water under the bridge” and not the subject of the latest dispute. The Qatari carrier has leaned on its diverse fleet to keep flying during the pandemic and expects to service more than 140 destinations by mid-summer. Smaller planes have allowed the carriers to fly with fewer passengers amid the Covid-19 pandemic. It’s even added a handful of new routes to its roster, including Seattle and San Francisco. Staying in the air hasn’t come cheap. Al Baker said the airline’s accepted $3 billion in support from the Qatari government since the start of the pandemic. The state-run carrier received its first

VG Cabuag

injection of aid after its losses topped 50 percent of share capital last year. Qatar’s expecting to take delivery of planes from Airbus and Boeing Co. this year, Al Baker said, after a strident campaign to defer deliveries from both companies last year. Al Baker also said the Doha-based carrier will be the launch customer for Boeing’s highly anticipated 777x in 2023, backtracking on comments made just last week saying it wouldn’t. Qatar Airways has ordered 60 of the new model, which is being billed as the “world’s largest and most efficient twin-engine jet.” More from the Qatar Airways Group CEO: n The forced landing of a Ryanair jet flying over Belarus “is something [that] should have never happened,” Al Baker said. He warned it could “create a precedent” for other countries. Still, Qatar Airways isn’t stopping flights over the country. “As far as we are concerned, for us [it’s] business as usual.” n Acquisitions are on hold for now, beyond an ongoing investment in Rwandair that was announced in early 2020. “I don’t think it is the right time to invest in any carrier,” Al Baker said, he said, citing ongoing uncertainty around the pandemic. The situation is so “unpredictable that we don’t know how to plan what we will do from [this] year to the next.” Qatar is still considering a long-discussed investment in Indian carrier Indigo when “the conditions are correct.” n Before the pandemic, Qatari officials had projected that as many as 1.5 million people could visit the tiny Gulf country for the 2022 FIFA World Cup soccer tournament. “Don’t dispute” that number, with vaccinations in full swing and drug therapies to treat Covid-19 in development, said Al Baker, who’s also head of Qatar’s National Tourism Council. Bloomberg News

SMC deploys 100 doctors, nurses to vaccination sites

Doctors and nurses from San Miguel Corp. were deployed to 11 Metro Manila vaccination sites to help the government in its intensified Covid-19 vaccine rollout. Contributed Photo

an Miguel Corp. (SMC) employee doctors and nurses have helped administer over 55,000 Covid-19 vaccination shots throughout Metro Manila, as part of the company’s ongoing efforts to help in the government’s vaccination rollout. From 19 doctors and nurses deployed initially last April 26, the company said it has now activated and deployed over 100 healthcare personnel to 11 vaccination sites, including the Mandaluyong City Hall, Pedro P. Cruz Elementary School, Isaac Lopez Integrated School, Andres Bonifacio Integrated School, and Hulo Elementary School in Mandaluyong City; Potrero Elementary School, Malabon Elementary School, Ninoy Aquino Elementary School, and Epifanio Delos Santos Elementary School in Malabon, and Pinyahan Elementary School, and Ateneo de Manila Grade School, in Quezon City. The 100 healthcare personnel are part of 300 medical professionals SMC is planning to hire, to support the continuous and efficient implementation of government’s vaccination program and help implement the company’s own free vaccination program for its employees nationwide, when vaccines ordered by the private sector become available. “Right now, apart from availabil-

ity of vaccines, another issue that’s hindering the faster and wider rollout of government’s vaccination program—done through our local government units—is the shortage of medical personnel to administer the vaccines,” SMC President Ramon S. Ang said in a statement. “One of the practical ways we thought we could help address this is by hiring medical professionals ourselves, providing them with good pay, benefits, and deploying them for free to our understaffed LGUs [local government units]. This way, our LGUs will have all the support they need. We will be deploying more doctors and nurses to other areas in the comings days and weeks.” Recently, in his first Zoom meeting with the newly-hired medical personnel, Ang expressed his gratitude for their willingness to serve and be assigned to different locations. “I am so grateful to our team of doctors and nurses for the sacrifice they are making every single day to give our countrymen protection against the coronavirus, and for helping achieve our goal of ending this pandemic. Despite the long hours and constant risk of exposure, they continue to step up when called on, and show strength throughout these tough times,” he said.

Companies BusinessMirror

Tuesday, June 1, 2021

PSE STOCK QUOTATIONS

May 31, 2021

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 RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG FILIPINO FUND IREMIT NTL REINSURANCE PHIL STOCK EXCH VANTAGE

43.2 103.7 83.5 24 9.34 48 9.14 19.16 21.75 17.08 121.5 75 1.27 4.04 2.91 7.32 1.35 0.67 175 0.91

44.4 103.8 84 24.4 9.35 48.1 10 20.95 21.8 17.3 122 75.1 1.32 4.05 3.19 8.69 1.47 0.68 175.5 1.05

43.1 102.2 84 24 9.33 48.9 10 18.94 21.45 17.5 123 75 1.29 4.14 2.91 7.48 1.35 0.68 168 0.91

43.25 103.7 84 24.4 9.34 48.9 10 20.95 21.95 17.6 123 75 1.29 4.14 2.91 7.48 1.35 0.68 200 0.91

43.1 102.2 83 24 9.3 47.8 10 18.94 21.4 17.3 121.2 74.5 1.25 4.04 2.91 7.3 1.35 0.66 168 0.91

43.2 103.7 84 24 9.34 48 10 20.95 21.8 17.3 122 75 1.27 4.04 2.91 7.48 1.35 0.68 175.5 0.91

2,900 5,341,030 900,890 116,800 234,200 2,009,500 11,600 1,000 1,460,700 149,300 346,510 20,940 252,000 93,000 13,000 18,100 3,000 86,000 12,720 1,000

125,205 551,461,714 75,463,876 2,804,035 2,181,770 96,425,365 116,000 19,744 31,782,930 2,596,190 42,291,029 1,569,828 317,590 377,490 37,830 135,286 4,050 57,710 2,256,624 910

25,850 28,912,031 -13,068,609.50 -348,333 22,082,490 -3,998,145 -24,248,057 544,485.50 -8,080 2,190 -9,005 -

INDUSTRIAL AC ENERGY 7.26 7.27 7.27 7.4 7.23 7.27 11,206,900 82,028,385 1.34 1.36 1.36 1.37 1.34 1.37 180,000 242,780 ALSONS CONS ABOITIZ POWER 22.6 22.7 23.4 23.4 22.4 22.7 9,022,100 204,762,255 0.79 0.8 0.81 0.82 0.79 0.79 10,978,000 8,781,600 BASIC ENERGY 29.7 29.9 29.2 30 29.2 29.7 880,800 26,252,195 FIRST GEN FIRST PHIL HLDG 68.1 69 68 69.8 68 68.1 712,790 48,818,955 283.6 283.8 284 284.6 282 283.6 101,710 28,842,548 MERALCO 14.18 14.38 14.5 14.54 14.12 14.18 1,093,000 15,646,688 MANILA WATER PETRON 3.11 3.14 3.09 3.18 3.09 3.11 3,466,000 10,855,180 3.97 4.09 4 4.15 4 4.09 8,000 32,690 PETROENERGY 12.94 12.98 13 13.18 12.48 12.98 40,000 514,046 PHX PETROLEUM PILIPINAS SHELL 20.35 20.45 20.45 20.7 20.3 20.45 695,900 14,219,445 11.22 11.24 11 11.78 11 11.24 510,700 5,714,340 SPC POWER 14.5 15.04 15.02 15.02 14.8 15.02 5,400 80,866 VIVANT AGRINURTURE 6.28 6.3 6.27 6.43 6.25 6.3 2,735,800 17,310,371 2.99 3 3.08 3.08 2.99 3 437,000 1,312,250 AXELUM 67.05 77.9 67 77.9 67 77.9 790 54,892 BOGO MEDELLIN CNTRL AZUCARERA 13.2 13.32 13.18 13.2 13.18 13.18 2,000 26,384 23.4 23.5 23.5 23.5 23.05 23.4 2,510,400 58,723,395 CENTURY FOOD 13.72 13.74 13.16 13.78 13.16 13.74 390,300 5,340,148 DEL MONTE DNL INDUS 7.35 7.38 7.3 7.48 7.25 7.38 1,393,200 10,306,190 9.61 9.79 9.75 9.8 9.61 9.79 238,100 2,315,353 EMPERADOR 69.2 69.25 70.85 70.95 68.6 69.25 126,960 8,834,683.50 SMC FOODANDBEV ALLIANCE SELECT 0.61 0.63 0.63 0.63 0.63 0.63 34,000 21,420 1.42 1.44 1.41 1.45 1.41 1.44 24,361,000 34,834,950 FRUITAS HLDG 74.05 74.25 74.15 75.95 73.9 74.05 84,730 6,291,899 GINEBRA JOLLIBEE 192.9 193 191 194 188.9 192.9 1,566,210 301,270,860 28.5 28.95 28.3 28.95 28.3 28.95 3,100 88,840 LIBERTY FLOUR MAXS GROUP 6.29 6.34 6.3 6.35 6.25 6.35 95,700 602,767 MG HLDG 0.27 0.275 0.265 0.27 0.265 0.27 3,610,000 969,600 7.95 7.99 7.99 8.03 7.94 7.95 133,500 1,065,480 SHAKEYS PIZZA ROXAS AND CO 1.03 1.04 1.05 1.07 1.02 1.04 1,924,000 1,988,250 RFM CORP 4.6 4.69 4.73 4.73 4.61 4.69 190,000 892,950 1.45 1.49 1.5 1.5 1.5 1.5 20,000 30,000 ROXAS HLDG SWIFT FOODS 0.131 0.133 0.13 0.13 0.13 0.13 910,000 118,300 138.3 139 141.1 141.5 137.5 139 786,700 109,251,858 UNIV ROBINA 0.87 0.88 0.9 0.9 0.87 0.88 1,501,000 1,325,920 VITARICH CEMEX HLDG 1.25 1.27 1.25 1.27 1.25 1.27 1,786,000 2,246,430 DAVINCI CAPITAL 2.99 3 2.95 3.1 2.95 3 4,490,000 13,531,060 12.7 12.98 12.62 13 12.62 12.98 11,200 142,678 EAGLE CEMENT EEI CORP 7.07 7.19 7.12 7.26 7.07 7.07 66,300 471,779 HOLCIM 6.29 6.3 6.3 6.35 6.25 6.29 879,400 5,534,849 6.37 6.38 6.32 6.38 6.28 6.38 815,100 5,152,142 MEGAWIDE PHINMA 12.36 12.4 12.2 12.4 12.2 12.36 89,200 1,101,960 TKC METALS 1.07 1.11 1.12 1.12 1.11 1.11 14,000 15,620 2.11 2.14 2.18 2.19 2.09 2.13 3,388,000 7,212,610 VULCAN INDL CROWN ASIA 1.75 1.76 1.76 1.76 1.75 1.76 222,000 390,000 1.91 1.92 1.9 1.92 1.9 1.92 125,000 239,030 EUROMED 5 5.21 5.25 5.25 4.9 5 30,000 150,291 MABUHAY VINYL PRYCE CORP 5.5 5.6 5.52 5.6 5.5 5.5 85,000 469,909 CONCEPCION 20.65 21.45 20.65 20.65 20.55 20.65 1,300 26,825 3.7 3.73 3.78 3.8 3.65 3.73 35,028,000 130,636,320 GREENERGY INTEGRATED MICR 8.55 8.56 9.2 9.2 8.52 8.55 4,970,500 42,945,085 1.07 1.09 1.09 1.09 1.09 1.09 1,000 1,090 IONICS 6.45 6.5 6.57 6.8 6.49 6.5 171,700 1,131,936 PANASONIC SFA SEMICON 1.27 1.29 1.3 1.32 1.28 1.28 210,000 272,450 5.65 5.7 5.82 5.82 5.65 5.7 1,433,300 8,197,609 CIRTEK HLDG

3,144,493 8,100 -57,077,910 -47,850 9,406,985 -2,819,790 28,312 -2,481,410 144,768 -4,121,375 -37,266 73,356 635,244 18,000 36,604,545 -276,641 -250,825 -2,201,536.00 1,193,670 4,699,315 51,602,005 -125,119 379,300 -155,481 -898,510 455,400 -20,761,953 25,000 -24,740 80,876 -399,478 888,713 113,817 -985,120 -4,440 -43,500 -7,680 11,200 3,184,830 -34,339,210.00 24,500 1,035,670

HOLDING & FRIMS ABACORE CAPITAL 1.01 1.02 1.05 1.05 1.01 1.01 3,762,000 3,838,130 7.01 7.38 7.45 7.45 7.35 7.35 300 2,225 ASIABEST GROUP AYALA CORP 775 794 781 794 770 794 297,570 232,320,455 39.4 40.35 39.9 40.35 39 40.35 1,164,700 46,081,370 ABOITIZ EQUITY 10.32 10.38 10.22 10.6 10.22 10.38 2,110,600 22,060,166 ALLIANCE GLOBAL AYALA LAND LOG 3.05 3.09 3.09 3.12 3.05 3.09 1,323,000 4,068,050 6.74 6.8 6.8 6.8 6.8 6.8 2,300 15,640 ANSCOR 0.77 0.78 0.75 0.81 0.74 0.78 6,931,000 5,414,980 ANGLO PHIL HLDG ATN HLDG A 0.7 0.72 0.69 0.73 0.69 0.72 782,000 556,570 5.1 5.15 5.1 5.15 5.06 5.1 379,400 1,938,944 COSCO CAPITAL 5.56 5.57 5.58 5.7 5.56 5.56 5,912,900 33,189,667 DMCI HLDG FILINVEST DEV 8.03 8.04 8.2 8.2 8.01 8.04 65,300 524,496 581.5 590 589.5 590 571 590 122,680 71,536,470 GT CAPITAL 3.63 3.68 3.5 3.62 3.5 3.62 15,000 53,670 HOUSE OF INV JG SUMMIT 57 57.3 58.2 58.55 56.9 57 2,333,320 133,217,850 0.86 0.88 0.89 0.89 0.86 0.86 617,000 535,820 LODESTAR 3.12 3.13 3.14 3.14 3.12 3.13 538,000 1,684,040 LOPEZ HLDG LT GROUP 13.74 13.8 14.1 14.1 13.64 13.8 2,064,800 28,635,160 1.6 1.7 1.58 1.58 1.58 1.58 1,000 1,580 MJC INVESTMENTS 3.92 3.98 3.93 3.98 3.91 3.98 14,089,000 55,528,230 METRO PAC INV PACIFICA HLDG 3.55 3.62 3.68 3.68 3.5 3.55 110,000 386,110 2.72 2.75 2.86 2.86 2.68 2.75 877,000 2,415,130 PRIME MEDIA 2.39 2.89 2.5 2.5 2.5 2.5 21,000 52,500 REPUBLIC GLASS SOLID GROUP 1.15 1.2 1.15 1.15 1.15 1.15 9,000 10,350 969 970 965 990 962.5 970 177,130 171,812,870 SM INVESTMENTS SAN MIGUEL CORP 115.9 116 116.2 117.7 115.7 115.9 71,550 8,307,852 SOC RESOURCES 0.67 0.68 0.67 0.67 0.67 0.67 50,000 33,500 0.25 0.26 0.25 0.26 0.25 0.26 30,000 7,600 WELLEX INDUS ZEUS HLDG 0.206 0.21 0.211 0.211 0.207 0.21 2,850,000 598,390

102,490 1,964,775 30,030,610 -6,848,948 89,030 -95,800 -1,153,107 3,990,369 -310,880.00 14,937,280 65,610,422.50 -26,970 3,140 -15,523,934 3,959,540 -5,580 -9,534,705 265,544 -

PROPERTY ARTHALAND CORP 0.61 0.62 0.62 0.62 0.61 0.62 380,000 232,390 34.2 34.4 34.65 34.85 33.85 34.4 12,797,500 440,590,495 AYALA LAND ARANETA PROP 1.15 1.25 1.15 1.15 1.15 1.15 1,000 1,150 36 36.15 36.5 36.5 35.95 36 679,900 24,592,680 AREIT RT 1.41 1.42 1.42 1.42 1.37 1.41 379,000 524,500 BELLE CORP A BROWN 0.94 0.95 0.95 0.96 0.94 0.95 387,000 366,500 0.9 0.92 0.92 0.92 0.89 0.9 508,000 460,430 CITYLAND DEVT 0.124 0.127 0.128 0.128 0.122 0.127 41,130,000 5,060,570 CROWN EQUITIES CEBU HLDG 6.22 6.35 6.22 6.22 6.21 6.22 11,200 69,639 7.22 7.23 7.15 7.33 7.1 7.23 3,189,400 23,049,930 CEB LANDMASTERS 0.4 0.41 0.405 0.415 0.39 0.41 16,840,000 6,701,750 CENTURY PROP CYBER BAY 0.325 0.33 0.33 0.33 0.325 0.325 90,000 29,300 12.14 12.16 12.32 12.34 12.16 12.16 523,200 6,401,886 DOUBLEDRAGON 1.94 1.95 1.96 1.97 1.94 1.94 6,703,000 13,048,380 DDMP RT DM WENCESLAO 6.86 6.88 6.89 6.89 6.87 6.87 31,600 217,408 0.275 0.28 0.275 0.275 0.275 0.275 470,000 129,250 EMPIRE EAST 0.162 0.164 0.168 0.168 0.162 0.164 6,520,000 1,068,430 EVER GOTESCO FILINVEST LAND 1.07 1.08 1.07 1.08 1.05 1.08 3,928,000 4,208,910 0.89 0.9 0.89 0.9 0.89 0.9 29,000 25,820 GLOBAL ESTATE 7.12 7.37 7.4 7.4 7.12 7.12 88,600 632,089 8990 HLDG PHIL INFRADEV 1.34 1.35 1.34 1.35 1.32 1.35 420,000 558,910 1.74 1.75 1.74 1.82 1.67 1.74 2,819,000 4,912,020 CITY AND LAND 3.04 3.05 3.14 3.15 3.02 3.04 41,164,000 126,220,480 MEGAWORLD MRC ALLIED 0.385 0.39 0.39 0.395 0.385 0.385 8,900,000 3,478,500 0.54 0.55 0.54 0.55 0.53 0.55 4,416,000 2,399,000 PHIL ESTATES PRIMEX CORP 3.44 3.45 3.43 3.45 3.38 3.44 2,933,000 10,033,880 ROBINSONS LAND 16.94 17 17.16 17.2 16.78 17 3,688,000 62,568,294 0.241 0.249 0.241 0.241 0.241 0.241 40,000 9,640 PHIL REALTY ROCKWELL 1.49 1.5 1.5 1.5 1.49 1.49 71,000 105,910 SHANG PROP 2.59 2.67 2.56 2.69 2.55 2.67 97,000 253,320 2.56 2.6 2.61 2.61 2.6 2.6 53,000 138,030 STA LUCIA LAND SM PRIME HLDG 36 36.05 36.9 36.95 35.55 36 3,413,600 123,560,265 SUNTRUST HOME 1.56 1.6 1.62 1.62 1.55 1.6 405,000 646,550 45 60 46 46 46 46 100 4,600 PTFC REDEV CORP VISTA LAND 3.78 3.8 3.83 3.85 3.78 3.78 6,594,000 25,236,410 SERVICES ABS CBN 11.5 11.66 11.4 11.7 11.24 11.66 166,400 1,893,128 8.98 8.99 8.92 9.04 8.92 8.99 1,091,300 9,807,584 GMA NETWORK MLA BRDCASTING 10 10.4 10.4 10.4 10.4 10.4 1,000 10,400 1,806 1,808 1,838 1,838 1,805 1,806 62,230 112,667,045 GLOBE TELECOM 1,310 1,315 1,288 1,324 1,288 1,315 77,715 101,823,855 PLDT APOLLO GLOBAL 0.183 0.184 0.187 0.188 0.183 0.183 111,360,000 20,643,270 19.32 19.4 19.98 20 19.04 19.4 12,151,100 235,300,874 CONVERGE 3.82 3.9 3.89 3.94 3.8 3.82 650,000 2,488,840 DFNN INC DITO CME HLDG 9.39 9.4 9.37 9.58 9.27 9.39 5,672,800 53,559,435 2 2.13 2 2.13 2 2.13 11,000 22,130 JACKSTONES 2.44 2.49 2.43 2.55 2.43 2.49 999,000 2,479,530 NOW CORP TRANSPACIFIC BR 0.39 0.395 0.39 0.395 0.385 0.395 3,450,000 1,346,950 2.49 2.5 2.45 2.5 2.45 2.49 89,000 220,860 PHILWEB 8.3 8.34 8.05 8.35 8.05 8.34 74,900 614,010 2GO GROUP ASIAN TERMINALS 14.86 14.88 14.88 14.9 14.88 14.88 16,100 239,616 3.06 3.08 3.05 3.09 3.05 3.06 670,000 2,059,390 CHELSEA 45.5 45.65 44.5 46.2 44.5 45.65 782,000 35,734,635 CEBU AIR INTL CONTAINER 143 143.1 146.4 146.4 143 143.1 867,790 124,945,839 16 16.68 16.78 16.78 16.78 16.78 1,200 20,136 LBC EXPRESS 4.9 4.92 4.89 4.95 4.85 4.92 1,270,000 6,237,030 MACROASIA METROALLIANCE A 2.04 2.08 2.03 2.1 2.01 2.04 256,000 518,230 5.9 5.95 5.9 5.95 5.9 5.9 49,000 289,885 PAL HLDG 1.18 1.19 1.19 1.2 1.16 1.18 66,000 78,440 HARBOR STAR BOULEVARD HLDG 0.098 0.099 0.102 0.104 0.097 0.098 349,160,000 34,821,860 3.52 3.63 3.56 3.67 3.51 3.63 141,000 508,180 DISCOVERY WORLD GRAND PLAZA 12.8 16.5 17.46 17.46 16.5 16.5 300 5,142 0.53 0.54 0.54 0.55 0.53 0.54 357,000 192,190 WATERFRONT 6.59 6.96 6.96 6.96 6.96 6.96 100 696 CENTRO ESCOLAR IPEOPLE 6.91 7.5 7.85 7.85 6.9 7.7 1,200 8,630 0.37 0.38 0.37 0.38 0.35 0.38 3,300,000 1,204,400 STI HLDG 6.6 6.68 6.7 6.7 6.38 6.68 5,352,100 34,757,763 BLOOMBERRY LEISURE AND RES 1.53 1.57 1.6 1.6 1.57 1.57 252,000 397,060 2.07 2.1 2.07 2.07 2.07 2.07 1,000 2,070 MANILA JOCKEY 1.88 1.89 1.92 1.97 1.89 1.89 1,492,000 2,863,080 PH RESORTS GRP PREMIUM LEISURE 0.41 0.415 0.415 0.42 0.405 0.415 620,000 256,400 PHIL RACING 5.5 6.2 5.8 5.8 5.8 5.8 1,500 8,700 7.37 7.68 7.55 7.68 7.3 7.68 219,500 1,668,023 ALLHOME METRO RETAIL 1.28 1.29 1.3 1.3 1.29 1.29 360,000 466,620 PUREGOLD 37.25 37.35 39.25 39.25 37.2 37.25 5,006,000 187,890,270 51 51.4 52.1 52.3 50.1 51.4 425,120 21,862,470.50 ROBINSONS RTL PHIL SEVEN CORP 101.4 104 104 104 104 104 96,000 9,984,000 SSI GROUP 1.19 1.2 1.18 1.2 1.18 1.19 860,000 1,027,080 18.16 18.4 18.2 18.4 18.12 18.4 1,730,800 31,709,922 WILCON DEPOT APC GROUP 0.385 0.39 0.38 0.385 0.38 0.385 470,000 179,850 5.95 6 6.19 6.19 5.89 6 24,600 146,804 EASYCALL 395 412 405 412 405 412 420 172,900 GOLDEN MV IPM HLDG 5.1 5.55 5.09 5.09 5.09 5.09 1,000 5,090 1.85 1.86 1.92 1.93 1.85 1.86 15,091,000 28,329,690 PRMIERE HORIZON 3.98 4.24 4.1 4.1 4.1 4.1 3,000 12,300 SBS PHIL CORP

9,150 12,230,355 -6,503,600 -374,000 14,400 1,810,892 81,500 1,839,898 -462,200 -16,512 -2,007,230 284,825 -27,990 -82,520 -24,073,020 179,850 2,721,840 15,406,504 -1,490 12,750 8,542,465 240,000 19,979,520 -64,652,540 5,788,580 430,550 7,507,402 535,980 593,202 -15,170.00 35,100 -5,000 -17,464 163,680 6,140 -10,799,055 -9,058,117 24,530 2,970 -11,790 -210,050.00 -22,080 -6,480 382,500 365,012 90,510 16,500 1,177,961 -10,400 30,936,520 -12,511,980 485,680 -622,990 26,196,028 63,040 -

MINING & OIL ATOK 9.18 9.22 9.4 9.5 9.22 9.22 758,600 7,089,516 -31,199 APEX MINING 1.72 1.73 1.74 1.74 1.72 1.72 2,354,000 4,074,960 -852,700 7.59 7.6 7.71 7.89 7.52 7.59 2,193,200 16,900,118 -453,049 ATLAS MINING 3.6 3.7 3.18 3.9 3.1 3.7 1,374,000 4,820,110 BENGUET A BENGUET B 3.6 3.64 3.1 3.65 3.1 3.6 693,000 2,411,500 600 2.7 2.78 2.85 2.87 2.78 2.8 49,000 137,570 117,970 CENTURY PEAK 6.58 6.88 6.9 6.9 6.58 6.58 12,900 87,292 DIZON MINES FERRONICKEL 2.58 2.59 2.56 2.61 2.56 2.59 2,036,000 5,270,270 650,210 0.315 0.33 0.315 0.33 0.31 0.33 1,260,000 402,600 GEOGRACE 0.155 0.156 0.157 0.157 0.154 0.155 19,950,000 3,094,030 LEPANTO A LEPANTO B 0.156 0.157 0.158 0.158 0.157 0.157 830,000 130,510 15,700 0.013 0.015 0.014 0.015 0.013 0.014 321,900,000 4,456,700 MANILA MINING A 0.015 0.016 0.015 0.015 0.015 0.015 31,700,000 475,500 MANILA MINING B MARCVENTURES 1.23 1.24 1.25 1.27 1.24 1.24 505,000 627,650 -12,400 1.39 1.4 1.41 1.41 1.39 1.4 685,000 958,970 9,800 NIHAO 5.16 5.19 5.22 5.22 5.14 5.19 3,041,600 15,734,363 -526,375.00 NICKEL ASIA ORNTL PENINSULA 0.97 1 1.01 1.02 0.97 1 522,000 512,450 7.41 7.42 7.38 7.42 7.26 7.41 1,672,100 12,294,095 701,009 PX MINING 13.14 13.22 13.18 13.4 13.14 13.14 1,757,000 23,400,210 3,630,572 SEMIRARA MINING UNITED PARAGON 0.0096 0.0098 0.0096 0.0097 0.0096 0.0096 19,000,000 182,900 19,200 17 17.38 17 17.58 16.8 17 26,500 456,192 6,828 ACE ENEXOR 0.011 0.012 0.011 0.012 0.011 0.012 65,400,000 726,000 ORNTL PETROL A ORNTL PETROL B 0.012 0.013 0.012 0.012 0.012 0.012 9,000,000 108,000 0.011 0.012 0.012 0.012 0.011 0.012 4,500,000 50,500 PHILODRILL PXP ENERGY 8.28 8.3 8.3 8.78 8.12 8.3 1,523,100 12,928,951 307,102 PREFFERED HOUSE PREF A 100.1 101 101 101 100 100 590 59,090 525.5 540 535 538 535 538 1,690 907,250 476,850 AC PREF B1 AC PREF B2R 517.5 530 520 520 517 517 31,160 16,179,200 42.6 42.9 41.9 42.6 41.9 42.6 104,900 4,441,890 -1,399,575 CEB PREF 104 104.3 104.3 104.3 104.3 104.3 10 1,043 CPG PREF A DD PREF 101.1 101.4 101.4 101.4 101.3 101.4 33,010 3,346,713 107.5 110 107.5 107.5 107.5 107.5 30 3,225 FGEN PREF G 1,020 1,044 1,044 1,044 1,044 1,044 125 130,500 GTCAP PREF B MWIDE PREF 100.2 100.5 101 101 100.2 100.5 19,860 1,994,467 100.3 104.5 104.5 104.5 104.5 104.5 10 1,045 MWIDE PREF 2A 100.5 101.8 101.8 101.8 101.8 101.8 10 1,018 MWIDE PREF 2B PNX PREF 4 1,007 1,008 1,007 1,007 1,001 1,007 530 533,470 1,146 1,163 1,146 1,146 1,146 1,146 50 57,300 PCOR PREF 3B 1.66 1.83 1.66 1.66 1.66 1.66 1,000 1,660 SFI PREF SMC PREF 2C 79.5 79.95 80 80 79 79.05 5,230 417,112 77.5 77.85 77.35 77.35 77.35 77.35 250 19,337.50 SMC PREF 2E 79 79.25 79 79.25 79 79 832,720 65,784,885 SMC PREF 2F SMC PREF 2H 78.1 78.8 78.4 78.4 78 78 13,000 1,014,280 77 77.5 77 77 77 77 500 38,500 SMC PREF 2J 76 76.95 76 76 76 76 1,100 83,600 - SMC PREF 2K PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 10.5 10.8 10.8 10.8 10.8 10.8 20,000 216,000 8.6 8.68 8.43 8.6 8.43 8.6 89,400 764,510 -474,800 GMA HLDG PDR WARRANTS LR WARRANT 1.68 1.7 1.75 1.75 1.65 1.7 742,000 1,256,350 85,500 SMALL & MEDIUM ENTERPRISES ALTUS PROP 17.5 17.52 17.5 18 17.5 17.52 202,200 3,586,632 796,948 2.39 2.4 2.45 2.45 2.37 2.4 165,000 395,400 -24,000 ITALPINAS KEPWEALTH 5.11 5.3 5.1 5.1 5.1 5.1 1,300 6,630 2.53 2.63 2.53 2.53 2.53 2.53 1,000 2,530 MAKATI FINANCE 4.53 4.54 4.6 4.64 4.5 4.54 3,061,000 13,955,250 346,540 MERRYMART EXHANGE TRADE FUNDS FIRST METRO ETF 100.5 100.6 100 101.7 100 100.6 14,630 1,473,976 59,580

www.businessmirror.com.ph

Globe obtains 799 permits in Q1 to build cell towers

By Lorenz S. Marasigan

@lorenzmarasigan

lobe Telecom Inc. has secured a total of 799 tower permits in the first quarter, allowing it to build infrastructure to improve its services.

According to Globe SVP Joel Agustin, the telco was given 219 permits from different areas in North Luzon and 191 more in Visayas. It also secured 179 permits from local government units (LGUs) in the National Capital Region, 113 in Mindanao, and 97 in South Luzon. “We are very grateful to local government units [LGUs] which are very supportive of our plans to improve our services in their respective areas. This appreciation on how LGUs may make or break efforts to give their people much needed internet connectivity is most welcome,” he said. Metro Manila issued the most permits. It was followed by Cebu, Nueva Ecija, Pangasinan and Davao del Sur. On a per-city basis, Makati City issued the most with 56; followed by Cebu City with 39; Davao City with 33; Manila with 27; and Pasig City with 25.

Agustin noted that building towers “take time” and getting permits “ahead of time” will allow Globe to fast track the construction works. “It will take us at least three months to install a new tower and it will also depend on its location, accessibility, logistics and quarantine protocols implemented in the area where we secured the permits. We would like to assure our customers, however, that we will build the new cell sites as soon as possible,” Agustin said. Globe is spending P70 billion in capital expenditures (capex) this year, higher than the P60.3 billion capex spent in 2020 to further modernize its mobile and fixed line networks. Bulk of the capital or about 91 percent will be invested in datarelated requirements “to support the fast-growing data usage and provide superior data customer experience.”

Pedestrians walk past a Globe Telecom Inc. Iconic store in Manila, the Philippines on October 23, 2017. Photo by Bloomberg News

This includes the deployment of fiber optic cables, the construction of new cell sites, and the upgrading of existing towers to host 4G antennae. “The record-breaking capital expenditure supports Globe’s continuous modernization of its network to make 5G as well as fiber technology available to customers in more areas in the country,” its

mutual funds

avitex Infrastructure Corp. and partner Philippine Reclamation Authority (PRA) have completed the P78-million heavy maintenance project for the ManilaCavite Expressway (Cavitex). The multimillion-peso project involved the rehab and repair of road surface distresses along the Longos, Bacoor Entry and Exit to Cavitex as well as the1-kilometer portion of the mainline carriageway of Wawa Bridge to Zapote Interchange. “With the recently completed heavy maintenance project in Cavitex, we now have safer carriageways and smoother roads that help improve the overall driving experience of our motorists. Despite challenges brought about by the pandemic, we continue to invest on projects that

will ensure safety and convenience of our toll road users,” Cavitex President and General Manager Roberto V. Bontia said. For his part, PRA General Manager and CEO Janilo E. Rubiato said the heavy maintenance works show the commitment of the partners in providing “safe and high-quality expressway” for motorists. “We ensure that they get what they pay for in terms of safety, ease and convenience in travelling through Cavitex. Hence, we considered the high maintenance project a must to live up to that commitment, and with the results we now see and experience in the toll road, we consider it money well spent,” he said. The heavy maintenance works started in February. Lorenz S. Marasigan

Qantas offers unlimited flights in biggest vaccine incentive

antas Airways Ltd. is offering unlimited flights for a year among a pool of prizes for people who’ve had Covid-19 shots, the biggest incentive yet from an Australian business in a bid to accelerate the country’s sluggish vaccination rollout. Giving details about the program on Monday, Chief Executive Officer Alan Joyce said 10 “mega prizes” would give families of four free travel with Qantas and its low-cost unit Jetstar for 12 months. Previously announced rewards for fully vaccinated passengers include air miles, flight vouchers and loyalty program status credits. “We have a vested interest in this,” Joyce said in a television interview with Channel 9 on Monday. Companies worldwide with the most to gain from a return to normal economic activity are dangling the biggest rewards for vaccinations.

United Airlines Holdings Inc. is also offering frequent fliers the chance to win free flights. Governments have joined in: New York is running a free lottery for vaccinated people with a top prize of $5 million, one of several United States states offering jackpot winnings as an incentive. New Jersey and others have offered free beer. In Hong Kong, vaccinated residents stand to win a $1.4 million apartment. After suppressing the virus, Australia is now struggling to overcome vaccine hesitancy. Only about 4.2 million people in the nation of 26 million have received their first shot, and the state of Victoria is in the middle of a week-long lockdown to rein in a growing cluster of cases. Joyce called on other Australian companies to offer their own incentives to customers who’ve had coronavirus jabs. Bloomberg News

May 31, 2021 NAV

One Year Three Year Five Year

per share

Return*

Y-T-D Return

Stock Funds ALFM Growth Fund, Inc. -a

214.96

16.52%

-5.69%

-3.77%

-5.4%

1.2764

35.1%

-5.57%

0.45%

-2.79%

ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.927

18.9%

-10.54%

-6.23%

-6.58%

Climbs Share Capital Equity Investment Fund Corp. -a 0.7535 19.02%

-5.67% n.a.

-6.27%

First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.71

-5.04% n.a.

-4.26%

ATRAM Alpha Opportunity Fund, Inc. -a

Maintenance work on Cavitex completed

disclosure to the stock exchange read. So far, Globe has spent P19.1 billion of its programmed capital for the year, exceeding the year prior by 79 percent. Globe posted an 11-percent increase in net profits during the first quarter to P7.30 billion from P6.69 billion the year prior, thanks to a new law on corporate income taxes.

First Metro Save and Learn Equity Fund,Inc. -a

16.95%

-3.77%

-2.55%

-4.76%

First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.6765

8.99%

-7.48%

-7.38%

-5.43% n.a.

-7.41%

MBG Equity Investment Fund, Inc. -a 94.39 PAMI Equity Index Fund, Inc. -a

43.9888

4.7059

8.75%

27.69% 19.7%

-3.8%

-2.48%

-6.1%

Philam Strategic Growth Fund, Inc. -a 4 62.33

16.42%

-3.84%

-2.86%

-5.45%

Philequity Alpha One Fund, Inc. -a,d,5 1.0368

23.49% n.a. n.a.

-5.51%

Philequity Dividend Yield Fund, Inc. -a 1.1209

18.15%

Philequity Fund, Inc. -a

32.9253

-3.46%

-1.97%

-4.05%

-1.57%

-5.3%

18.56%

-3.44%

Philequity MSCI Philippine Index Fund, Inc. -a

0.8554

17.81% n.a. n.a.

Philequity PSE Index Fund Inc. -a

4.5064

20.35%

-3.21%

-1.84%

Philippine Stock Index Fund Corp. -a 754.3

20.51%

-3.11%

-1.96%

-5.91%

0.677

18.09%

-7.86%

-5.33%

Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.4099

15.91%

-5.62%

-3.4%

-5.9%

Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8616 20%

-3.47%

-2.12%

-6.11%

-1%

-4.95%

Soldivo Strategic Growth Fund, Inc. -a

United Fund, Inc. -a

3.1548

17.36%

-3.58%

-10.96%

-6.31%

-5.94% -5.83%

Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c

101.2253

20.59%

-2.91%

-1.34%

-5.88%

Primarily invested in foreign currency securities 42.69%

5.45%

9.11%

5.25%

Sun Life Prosperity World Voyager Fund, Inc. -a $1.7546

ATRAM AsiaPlus Equity Fund, Inc. -b $1.2661

35.16%

11.07%

11.55%

4.89%

-1.26%

Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a

1.6475

10.02%

-0.65%

-1.49%

ATRAM Philippine Balanced Fund, Inc. -a

2.1895

11.76%

-1.35%

-0.78%

-4.2%

First Metro Save and Learn Balanced Fund Inc. -a 2.5436

9.18%

-0.27%

-0.89%

-3.17%

First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1905

4.84% n.a. n.a.

NCM Mutual Fund of the Phils., Inc. -a 1.9235

1.42%

0.54%

PAMI Horizon Fund, Inc. -a

7.8%

3.614

8.82%

0.21%

-0.54%

-4.6%

16.1959

9.18%

0.33%

-0.57%

-4.37%

10.26%

-0.8%

-0.49%

-3.44%

Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.4368 9.92%

-2.01%

-1.67%

-3.82%

7.91% n.a. n.a.

-5.25%

Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8848

12.61% n.a. n.a.

-6.78%

Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8699

14.42% n.a. n.a.

-6.77%

Sun Life Prosperity Dynamic Fund, Inc. -a

10.98%

-3.67%

Philam Fund, Inc. -a Solidaritas Fund, Inc. -a

2.022

Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9689

0.8551

-2.97%

-4.08%

-2.06%

-2.13%

Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.038

-0.91%

2.78%

1.27%

-2.86%

PAMI Asia Balanced Fund, Inc. -b

21.83%

3.08%

5.46%

-0.77%

Sun Life Prosperity Dollar Advantage Fund, Inc. -a $4.6595 26.09%

8.53%

8.39%

3.25%

Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.2059 13.81%

4.9%

4.69%

0.32%

$1.1413

Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a

2.03%

3.1%

2.48%

0.04%

ATRAM Corporate Bond Fund, Inc. -a 1.9147

371.2

-1.08%

0.95%

0.2%

0.76%

Cocolife Fixed Income Fund, Inc. -a 3.2248

1.42%

3.84%

4.37%

0.31%

Ekklesia Mutual Fund Inc. -a

-1.31%

2.13%

1.51%

-1.89%

2.2525

First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4332 -0.01%

3.15%

1.7%

Philam Bond Fund, Inc. -a

4.03%

1.78%

-3.4%

4.4769

-1.5%

Philam Managed Income Fund, Inc. -a,6 1.3242

2.85%

4.3%

2.79%

0.23%

Philequity Peso Bond Fund, Inc. -a 3.9757

1.38%

4.48%

2.71%

-0.63% -1.82%

Soldivo Bond Fund, Inc. -a

-0.02%

3.95%

1.7%

Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1979

1.023

1.59%

5.27%

2.99%

Sun Life Prosperity GS Fund, Inc. -a 1.744

4.57%

2.31%

-0.63%

0.48%

-0.82%

-0.25%

Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a

$484.72

2.87%

3.11%

2.34%

0.18%

ALFM Euro Bond Fund, Inc. -a

Є219.67

2.31%

1.09%

1.19%

0.22%

ATRAM Total Return Dollar Bond Fund, Inc. -b $1.1791

-2.87%

First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 PAMI Global Bond Fund, Inc -b

1.98%

1.14%

-7.91%

1.46%

0.95%

-2.63%

-3.94%

$1.0497

-1.2%

0.3%

-0.6%

$2.49

2.89%

4.93%

2.21%

-1.8%

Philequity Dollar Income Fund Inc. -a $0.0628344 4.67%

3.48%

2.23%

0.83%

Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1475 -0.57%

2.92%

1.05%

Philam Dollar Bond Fund, Inc. -a

-2.36%

Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a

130.14

1.88%

3.07%

2.52%

0.25%

First Metro Save and Learn Money Market Fund, Inc. -a 1.0518 1.2% n.a. n.a.

0.35%

Sun Life Prosperity Money Market Fund, Inc. -a 1.3041

0.58%

1.85%

2.88%

2.57%

Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.057

1.36%

1.69% n.a.

0.44%

Feeder Funds Primarily invested in Peso securities Sun Life Prosperity World Equity Index Feeder Fund, Inc. -a,d,7 1.2342 n.a. n.a. n.a.

9.26%

Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2

8.7% n.a. n.a.

2.04%

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

‘Pension-hike cost small vs cash lost to corruption’ By Cai U. Ordinario @caiordinario

T’S been a decade since the Government Service Insurance System (GSIS) raised the average monthly pension of retired public servants and a former head of the National Statistical Coordination Board (NSCB) believes it’s time to adjust the payouts once again. In a public Facebook post, former NSCB Secretary General Romulo A. Virola noted that the government has room to increase the minimum monthly pensions of retirees to P10,000 from P5,000, which was set in 2011. Based on his estimates, doing this would cost the government only P9.5 billion annually. Virola said this cost is less than 20 percent of the annual national budget lost to corruption, citing Deputy Ombudsman Cyril E. Ramos’s statement in 2019. “If the minimum monthly pension is to be raised to P10,000, it would mean an additional outlay of at most P9.5 billion a year, including the yearly Christmas bonus. A pittance compared to the amount we lose to corruption in a year estimated in 2019 to be P700 billion,” Virola said. “I say GSIS should not think twice granting the increase in the minimum monthly pension of oldage pensioners who dedicated many years of their professional lives serving our country,” he added. Based on data obtained by Virola from the GSIS, there were 380,824 retirees receiving pensions from the GSIS as of December 31, 2020. The average monthly pension reached P14,937.32 a month and a total monthly pension of P5.69 billion. The data also showed that some 575 retirees received even less than the P5,000 worth average pension monthly. These pensioners received only P2,780.42 per month. Virola said this could be because these are “survivorship pensioners” who only receive the share of a monthly pension pegged at P5,000 a month. Further, over a third or 141,856 of the GSIS old-age pensioners are receiving less than P10,000 per month with an average of P6,713.24 while one percent or 6,721 of retirees received a monthly pension of over P50,000. The data, Virola said, also showed that 798 retirees received a pension of more than P100,000, averaging P134,832 a month.

“As time passes by, the amount collected by GSIS from its members and investment earnings thereof may no longer be sufficient to provide continuing protection to its members/retirees against social security contingencies. And it is incumbent on every government to provide social protection to its citizens,” Virola explained. Virola said with this, the government pension should be indexed to the Consumer Price Index (CPI) to account for inflation. This will also ensure that pensions remain in step with price increases. He said this used to be the case in the 1970s when the GSIS pension was indexed to the CPI. This meant that the pensions received by former government employees were adjusted based on the trend of the CPI. However, Virola said when the charter of the GSIS was revised, the indexing provision when it came to the pensions “got lost.” He said while indexing to the CPI is not a hard and fast rule, adjustments when it comes to the amount of pensions should be made to make up for the losses in purchasing power over time. “The price index to be used does not have to be the CPI [but] they have to be done by professionals, actuaries, statisticians, and economists, not by politicians,” Virola clarified in a message to BusinessMirror. The National Economic and Development Authority (Neda) earlier explained that a Social Protection (SP) Floor is a minimum set of SP programs, which includes several interventions such as cash transfers, social insurance, safety nets, and labor market interventions, among others. Neda Undersecretary for Policy and Planning Rosemarie G. Edillon told BusinessMirror that an SP floor guarantees access to essential health care and maternity care, among others for vulnerable persons. She earlier said that institutionalizing a social protection floor will help address gaps in social protection nationwide. Edillon said that while the country had a legislated Conditional Cash Transfer program and the pension systems through the Social Security Systems and GSIS are working, they are not enough. She added that the SP floor can be an effective way to respond to the needs of vulnerable persons such as pandemics and natural calamities like typhoons.

House OKs bill increasing PCIC capital stock to ₧10B By Jovee Marie N. dela Cruz @joveemarie

HE House Committee on Ways and Means approved last Monday the unnumbered substitute bill seeking to increase the authorized capital stock of the Philippine Crop Insurance Corp. (PCIC) from P2 billion to P10 billion. House Committee on Economic Affairs Chairman and AAMBISOWA Party-list Rep. Sharon S. Garin said they believe that increasing PCIC’s capital stock will help mobilize the assistance granted to small farmers and fishermen and cater to their needs more effectively. According to Garin, a strengthened PCIC can further protect the interest of farmers and fishermen by providing them insurance protection against losses and help stabilize the income of agricultural producers. Garin, one of the key proponents of the measure, didn’t cite the losses in this sector. Under the bill (“Revised Charter of the PCIC”), the PCIC is mandated to insure properties and facilities of the government used in agriculturefishery-forestry projects, including reinsurance coverage underwritten

by private and government insurance companies. Garin said a new provision creating a “reserve fund” for catastrophic losses amounting to P500 million has been incorporated in the bill to cover for the proportion of all losses in excess of risk or pure premium under the PCIC’s crop insurance program for small farmers and fishermen. The bill also mandates the extension of reinsurance coverage to weather index-based insurance and reinsurance for palay and corn crops, high-value commercial crops, livestock, aquaculture and fishery products, agroforestry crops and forest plantations. A key provision in the bill will also enable the PCIC to extend life and accident insurance coverage for farmers, fishermen and their dependents, according to Garin. “Agricultural insurance is a government program that provides insurance protection to agricultural producers against loss of their crops, livestock and agricultural assets on account of natural calamities, plant pests and disease or other perils,” Garin said. “The PCIC is directly responsible for its implementation.”

Editor: Dennis D. Estopace •Tuesday, June 1, 2021 B3

Treasury upsizes T-bill volume as rates dropped for all tenors

By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of the Treasury (BTr) upsized the volume of Treasury Bills (T-bills) it awarded on Monday to P21 billion as rates dropped for all tenors.

The volume awarded was higher than the initial P15-billion offer. National Treasurer Rosalia V. De Leon said they decided to double the accepted non-competitive bids for each of the tenor on the back of strong investor appetite. However, all tenors fetched lower average rates compared to the previous auction and secondary benchmark rates. Sought why there was a drop in the average rates on Tuesday compared to the previous auction, De Leon said: “Supply is small.” “BTr reduced [T-bills] volume and increased bonds as investors now looking for yield pick from longer tenors,” she added. To recall, the Treasury slashed the volume of offering for each of the Tbills auction days for the month of June to only P15 billion from P25 billion in the past two months. However, the Treasury is aiming to borrow more from the local debt

market this June at P215 billion, up by 26 percent compared to only P170 billion that it programmed to borrow per month in April and May. The bulk of the programmed domestic borrowings for June, or P140 billion, will now be raised through Treasury Bonds with longer tenors while the rest of the amount is planned to be raised by auctioning off P75 billion in T-bills. Nonetheless, Monday’s auction was oversubscribed by nearly six times the P15-billion initial offer with total bids amounting to P87.17 billion. The 91-day T-bills fetched a lower average rate of 1.235 percent, slipping 3.4 basis points from 1.269 percent in the previous auction. Tenders for the 91-day T-bills also hit P22.15 billion, more than four times the initial P5-billion offer. For the 182-day T-bills, the average rate settled at 1.472 percent, down by 6.9 basis points from 1.541

percent previously. Total bids for the tenor reached P27.41 billion, more than five times the initial P5billion offer. Lastly, the 364-day T-bills’ average rate stood at 1.723 percent, falling by 7.3 basis points from 1.796 percent in the previous auction. Bids for the debt paper amounted to P37.61 billion, more than seven times as much as the initial P5billion offer. For this year, the national government has set a P3.03-trillion gross borrowing program, roughly the same amount it borrowed in 2020. Eighty percent of the amount is programmed to be raised through domestic sources while the remaining 20 percent is expected to come from foreign sources. The government borrows to finance its spending requirements as well as to cover its budget deficit. Budget deficits occur when expenditures exceed revenues. The Cabinet-level Development Budget Coordination Committee (DBCC) earlier raised its projection for the country’s budget deficit-toGDP (gross domestic product) ratio this year to 9.4 percent or P1.86 trillion from 8.9 percent or P1.78 trillion previously. Finance Secretary Carlos G. Dominguez III has expressed concern on the projected rise in the country’s fiscal deficit, adding that any additional stimulus program has

SSS loan as an alternative loan

HE adverse impact of the Covid-19 pandemic has spilled over to 2021. The Philippine economy has fallen into a deep recession. The key economic sectors like services and Industry continue to suffer. Many businesses find themselves struggling to stay afloat. Unemployment and underemployment levels remain high. All of these developments imply a strain on the personal finance situation of many Filipinos. Making ends meet becomes more challenging to achieve. In the context of the “New Normal,” what can be done? In tough times, the value of having an emergency fund proves to be highlighted for an individual or a business. The emergency fund is money that is put into a liquid instrument, which is used for emergencies such as those related to poor economic conditions. Ideally, the emergency fund is equivalent to around six months or 1-year worth of the monthly lifestyle expenses of a family. However, since the effects of the pandemic have been lingering, it is therefore possible that the emergency fund may simply not be enough. If the situation can be bad for

Genesis Kelly S. Lontoc

personal finance those who have an emergency fund, then it can even be worse for those who do not have an emergency fund. Hence, borrowing may really be the interim solution to deal with financial challenges. In the Philippines, popular sources of loans will be the banks. However, banks have standard “know-yourcustomer” programs that try to determine credit-worthiness of loan applicants. Thus, not everyone may qualify for a loan due to stark differences in financial conditions and credit history. In the Philippines, if the banks will not be able to provide loans, citizens can still borrow as there are various available alternatives. One example would be government agencies. One such government agency is the Social Security System (SSS). The mission of the SSS is to manage a financially-stable social security system, which shall

promote social justice through savings and provide meaningful protection and exemplary service to members and their families. Part of the services would be the provision of loans. A cash loan can be granted to an employed member or to a currentlypaying self-employed or voluntary member. The loan is meant to meet short-term credit needs; 1-month loans and 2-month loans are provided. For 1-month loans, the borrower must have 36 monthly contributions with six of which having been posted in the last 12 months prior to the month of application. A 1-month loan is equivalent to the average of the member’s last 12 monthly salary credits or the amount applied for, whichever is lower. For 2-month loans, the borrower must have 72 monthly contributions with six of which having been posted in the last 12 months prior to the month of application. A 2-month loan is equivalent to twice the average of the member’s last 12 monthly salary credits posted and rounded to the next higher monthly salary credit or the amount applied for, whichever is lower. An interest rate of 10 percent is charged per annum until fully

to be revenue-neutral. Data from the BTr released last week showed the government’s cumulative budget deficit as of endApril reached P365.9 billion, inching up by 1.63 percent from last year’s budget gap of P360 billion. The country’s outstanding debt has also reached a new record-high of P10.77 trillion as of end-March this year, up by 27.1 percent from P8.48 trillion a year ago. The Duterte government expects the country’s debt-to-GDP ratio this year to still be below the 60-percent threshold. The DBCC also recently slashed its growth projection for the Philippine economy this year to 6 percent to 7 percent from its previous forecast range of 6.5 percent to 7.5 percent due to the emergence of new Covid-19 variants and the re-imposition of stricter lockdown measures in the National Capital Region Plus during the second quarter of this year. The Philippine Statistics Authority earlier reported that the country’s GDP contracted 4.2 percent in the first quarter of the year, marking the economy’s fifth consecutive quarter of decline. Socioeconomic Planning Secretary Karl Kendrick T. Chua has said the economy needs to grow an average of 10 percent in the next three quarters to achieve the low-end of the government’s target.

paid based on diminishing principal balance and shall be amortized over a period of 24 months. The applications can differ among employed members, self-employed members and voluntary members. In the case of employed members, applications can be done through the SSS website and the loan application must be certified by the employer. In the case of the self-employed members and voluntary members, applications can also be done through the SSS website and also through the various SSS branches. Online applications prove to be practical especially given the reeling effects of Covid-19. When the economy is not in good shape and the personal finance situation of Filipinos would be adversely affected, income streams and assets might not be enough to meet living expenses. In this light, debt can be an option to bridge the gap. Hopefully, the loan is used wisely so that financial recovery is achieved. Gemmy Lontoc is a registered financial planner of the RFP Philippines. To learn more about personal financial planning, attend the 90th RFP program this June 2021. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-6248110.

Study notes major gaps in financial accessibility

study by banking and financial services provider Mambu GmbH revealed there are significant gaps in financial accessibility and awareness despite the increasing use of digital payments. “While most recent figures estimate that only 34.5 percent of Filipinos hold a formal bank account (that is, are ‘banked’), digital payments have surged in the Philippines since the beginning of the Covid-19 pandemic, and this uptick in usage has encouraged further digital innovation,” the company said. It added that while apps are enabling mobile payments for as many as 33 million Filipinos, “many of these users remain officially unbanked.” Mambu Managing Director for AsiaPacific Myles Bertrand was quoted in a statement as saying that “while terms like ‘banked’ and ‘unbanked’ are used frequently, they don’t really look at the crucial issue of access to financial services.”

“So while someone may hold a formal bank account, they may not necessarily have access to any credit, or even be able to get to their bank branch to make a transaction,” Bertrand said. “And another person may be technically ‘unbanked’ but be able to access all of the services that they need, via innovative digital apps and services. So it really is improving that full access to financial services that we need to focus on.” Bertrand said that in a country like the Philippines, where it seen having over 100-percent mobile penetration, “it is clear that digital innovation, particularly in mobile payments, is going to be the great equalizer.” “The other area of focus needs to be on financial awareness; that is, helping consumers understand the implications of using certain financial products, and also being aware of the financial services available to them,” Bertrand said. “In our

survey we saw that more than 80 percent of banked consumers felt their financial situation would be better if they knew more about how finances worked. And yet, we also found that the majority of banked consumers are turning to the Internet, rather than their banks, for financial information.” Bertrand sees this situation as “a wasted opportunity for banks.” “But again, technology is the answer—banks should be looking at apps and other digital communications services to roll out education programs and information to their customer bases,” he said. The study by the Berlin, Germanyheadquartered firm reveals that one in four (26 percent) unbanked believe that financial institutions could help them get a bank account by providing more personalized financial advisory services. The study of 2,000 global consumers revealed 56 percent of banked customers claiming that there are other services

they should be able to access. “The difference between banked and unbanked may seem pretty distinct, but our research found a financial accessibility gap amongst both groups, as well as a gap in understanding of financial accessibility,” the company said. “This proved true when we found that 81 percent of banked customers felt their situation would be better if they knew more about how finances worked, with more than half (58 percent) of unbanked customers feeling the same.” The company said it saw this situation coming to light during the Covid-19 crisis, with 77 percent of respondents noting that the pandemic has exemplified the importance of being able to understand and access a wide range of financial services. “However, we found that according to consumers, financial institutions aren’t taking the necessary steps to boost accessibility.” Dennis D. Estopace

Art

BusinessMirror

Tuesday, June 1, 2021 • Editor: Gerard S. Ramos

www.businessmirror.com.ph

Today’s Horoscope

❶ Santa

Filomena Virgen Martyr, Lorenzo Guerrero (18351904), signed (lower right) 1873, oil on canvas 24”x18”

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Willow Shields, 21; Amy Schumer, 40; Heidi Klum, 48; Morgan Freeman, 84.

❷ Women

with Baskets, Fish and Crab, Anita Magsaysay-Ho (1914-2012), ca 1980, oil on canvas, 30”x36”

Happy Birthday: Show discipline, follow through with your plans, and refuse to let overindulgence and overreaction take over. It’s up to you to make the most out of what you have to work with if you want to excel this year. Nothing is for keeps or easy, but if you work hard, you will end up reaping the rewards. Romance and commitment are favored. Your numbers are 6, 13, 24, 28, 35, 44, 46.

ARIES (March 21-April 19): You’ll receive important information through a friendly conversation. Take the high road if someone says something unkind. Patience will pay off and help you get your way in the end. Concentrate on selfimprovement, not trying to change others. HHHH

TAURUS (April 20-May 20): Set your sights on what and who can help you get ahead. Show compassion and understanding; you’ll get exactly what you want. An unexpected change at work or to the way you handle money will pay off. Make a home improvement. HH

❶

❷

Bridging ‘two centuries of glorious PHL art’

akati-based auction house Leon Gallery puts coveted artworks and furniture under the hammer in its annual auction every halfway point of the year, happening this Saturday, June 5. This year’s event, titled The Spectacular Mid-Year Auction 2021, “bridges two centuries of glorious Philippine art from the 19th century to the 20th,” writes Leon Gallery director Jaime Ponce de Leon in the auction’s catalogue. He adds the landmark periods will be exemplified by “two very rare appearances by the celebrated artists from each end of the timeline, Lorenzo Guerrero and Anita Magsaysay-Ho.” Guerrero served as an important influence to Filipino master painters, from Juan Luna to Felix

Resurrección Hidalgo, Fabian de la Rosa and Miguel Zaragoza. The Guerrero piece featured in the annual showcase is an oil on canvas portrait of Sta. Filomena, patroness of the youth and victor of lost causes, titled, Santa Filomena Virgen Martyr. With a starting bid of P2,000,000, the lot is part of The Don Benito J. Legarda Jr. collection, which makes available to the auction premier items, such as Spanish colonial era wooden sculptures and paintings. Don Benito J. Legarda Jr. (1926-2020) was an eminent historian and economist who served as Deputy Governor of the Bangko Sentral ng Pilipinas. Other coveted lots from Legarda’s collection include works by Vicente Manansala, Juvenal Sansó, Fabian de la Rosa, Pedro Respall, and a painting by Luna’s relative, Santos Resureccion Novicio. Meanwhile, the neo-realist movement in the 20th century is bannered in the auction by Anita Magsaysay-Ho’s 30”x36” oil painting, titled, Women with Baskets, Fish and Crab. The piece is listed with a starting bid of P20,000,000. Aside from the rare Guerrero and MagsaysayHo paintings, the works of Romulo Olazo will also be highlighted. Lauded as a painter’s painter, three works from the artist’s signature Diaphanous series will adorn the halls of the auction. The series has been characterized as having pushed the boundaries of artistic styles and technique for its renouncement of

orthodox art styles. Also up for auction is Fernando Zobel’s humorous depiction of the biblical first woman, titled Eva, and Lao Lianben’s Gestures, which is a manifestation of the artist’s minimalist yet expressive artistry. Lauded works by National Artists Fernando Amorsolo, Benedicto “BenCab” Cabrera, Ang Kiukok, Jose Joya and Cesar Legaspi will be featured in this season’s auction, as well. There will also be showcase pieces by internationally acclaimed artists Michael Cacnio, Rodel Tapaya, Justin Nuyda, and Romeo Tabuena. What’s more, a rare and classic silverware called palitera/palillera, or toothpick holder, from the second quarter of the 19th century will add elegance and refinement to the auction. Dubbed as “The Holy Grail of antique Filipino domestic silver” by the renowned Filipiniana scholar Ramon N. Villegas, this palitera has a modest urn and unique “catmon” flower and foliage designs on its decorative pierce work. The lots under The Spectacular Mid-Year Auction 2021 are open for viewing until June 4 at León Gallery, located at Ground Floor, Eurovilla 1, Rufino corner Legazpi Streets, Legaspi Village, Makati City. For inquiries, e-mail info@leon-gallery.com or 8856-2781. The Spectacular Mid-Year Auction catalogue can be viewed at www.leon-gallery.com. n

Tripadvisor removes insensitive review of Auschwitz Museum NEEDHAM, Massachusetts—Travel web site Tripadvisor has removed an insensitive review of the Auschwitz Museum after initially saying it complied with its submission guidelines. The museum at the site of the Nazi concentration camp in Poland on Thursday tweeted that it had asked the Massachusetts-based travel web

site to take down a review in which the writer said they went to Auschwitz to “test the chamber” and called the site “fun for the family.” More than 1 million people, most of them Jews, were killed by the Nazis at Auschwitz during World War II. According to the company, “it complies with their submission

guidelines,” the tweet said. Tripadvisor later reversed course, removing the review and banning the user who wrote it. The museum then thanked Tripadvisor. In a statement, the company said it does not tolerate discrimination and regularly blocks or removes millions of reviews that violate its guidelines.

“In this case, our initial screening failed to identify this review as promoting intolerance. Through our escalation process, this review was removed. We always aim to get it right the first time and we apologize to the Auschwitz Memorial and Museum and the Jewish community at-large for this initial miss,” the statement said. AP

GEMINI (May 21-June 20): Observation will help you avoid a sticky situation. Knowledge is key when it comes to getting ahead and making a good impression. Don’t expect anything from others, and promise only what’s possible. HH

CANCER (June 21-July 22): Take a chance and try something you’ve never done. Explore avenues that allow you to use your imagination, and let your creativity flow. A change may be frightening, but it will lead to personal growth. HHHHH

LEO (July 23-Aug. 22): Hang on to your cash. A spending spree won’t make you feel better. Do your best to tuck away money for something that will benefit you mentally, physically, emotionally or financially. A penny saved is a penny earned. Self-improvement is favored. HHH

VIRGO (Aug. 23-Sept. 22): Enforce change, but before you do, make sure you aren’t disrupting someone’s life or emotional wellbeing. Honesty, integrity and concern for others will help you gain approval and the help you require to put your plans in motion. HHH

LIBRA (Sept. 23-Oct. 22): You’ll learn plenty if you sit back and observe. Moderation will be the key to living up to your expectations and the promises you make. Focus on education, personal growth and getting along with others. HHH

SCORPIO (Oct. 23-Nov. 21): Take more time to make your home comfortable. Decluttering your space will make it easier to head in a direction you find inviting. A move may seem impossible, but once you take a few steps forward, you’ll gain momentum. HHHHH

SAGITTARIUS (Nov. 22-Dec. 21): Think twice before you share your thoughts and opinions with others. Someone will use your openness to interfere with your plans. A minimalist attitude will help you bypass financial stress. A partnership will need an adjustment. HH

CAPRICORN (Dec. 22-Jan. 19): Don’t be fooled by what others say or do. An offer may sound amazing, but in the end, it will lack fundamental qualities you don’t anticipate. Bide your time; focus on personal changes that will make your life easier. HHHH

AQUARIUS (Jan. 20-Feb. 18): Don’t limit what you can do. Seize the moment, take advantage of what’s available to you and express the way you feel and what you plan to do to those who will be affected by the decisions you make. Romance is favored. HHH

PISCES (Feb. 19-March 20): Get the lowdown before you approach someone who isn’t likely to share your enthusiasm, opinions or plans. A problem at home will escalate if you try to hide information. Speak from the heart, and be willing to compromise. HHH Birthday Baby: You are creative, generous and entertaining. You are knowledgeable and accommodating.

‘continuous improvement’ by emily carroll The Universal Crossword/Edited by David Steinberg

ACROSS 1 Mixer at a bar (Note: The next few weeks of crosswords were made by LGBTQ+-identifying constructors. Tweet at us using #UniversalXwordPride) 5 Bread served with rogan josh 9 Bit of energy 14 Warbling bird 15 https://pflag.org and https://www.out. com 16 Stimulant 17 The 411 18 Kansas ___, Missouri 19 Kids around 20 Wholesome entertainment 23 Remington played by Pierce Brosnan 24 Urban travel expense 28 Rises high 31 Levy that led to a 1773 Boston “party” 32 More, in Mallorca 35 1963 war film known for its motorcycle jump scene, with “The” 37 Smokeless smoke

39 Org. concerned with traps and hazards 40 Stonestreet of Modern Family 41 No mere squirt gun 46 Teens’ may be fake 47 Discordant, as music 48 Man of La Mancha 50 Summoned 52 Biggest state 56 Comforting words, and a theme hint 59 Get Out director Jordan 62 Score for Abby Wambach 63 Bust a hump 64 Thirsty, in a sense 65 Green Gables girl 66 Oral history 67 Traverse 68 Tops of cans 69 Special sparkle DOWN 1 Hearty gulps 2 Second-guessing phrase 3 Robinson Crusoe author 4 Battery ends 5 Word before “family” or “power” 6 Grammy winner India.___

7 Utah ski resort 8 Its bass singer was Lance Bass 9 Classic movie theater candies 10 Like some melts 11 Package delivery co. 12 “___ It Go” (Idina Menzel song) 13 Ambulance destinations, for short 21 Birkenstock shoe 22 Inevitable outcome 25 Gaming pioneer 26 Swift 27 Corp. suits 29 Seized auto 30 Long stories 32 Flat-topped landforms 33 Less than 90 degrees 34 Nurse, like a drink 36 ___ it easy 38 Non-Jewish people 42 They raise the roof 43 Laborious task 44 Turns on, as notifications 45 Xena, for Lucy Lawless 49 Baby’s plaything 51 Queenly 53 Bar seat

54 Knightley of Bend It Like Beckham 55 “Over the Rainbow” composer Harold 57 Home author Morrison 58 Hourglass filler 59 Muscle worked on chest day, briefly 60 Spot for a stud 61 Self-importance Solution to Friday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Editor: Gerard S. Ramos

• Tuesday, June 1, 2021

ANGELINA JOLIE (left) and Brad Pitt

THE students of Calassitan Elementary School in Santo Niño, Cagayan.

FOUNDATION RECEIVES AID FROM NEW ZEALAND EMBASSY FOR CAGAYAN SCHOOL DEVELOPMENT PROJECT

GMA Network’s socio-civic arm, GMA Kapuso Foundation Inc. (GMAKF) was recently awarded a grant of P800,000 from the New Zealand Embassy, under the High Embassy Fund-Manila. Allocated for GMAKF’s Kapuso School Development program, the grant will help build two classrooms in Calassitan Elementary School in Santo Niño, Cagayan. This support will benefit the Agta/ Aguy Indigeneous People who inhabit this remote town. Calassitan Elementary School and other schools sustained heavy damage caused by typhoon Ulysses last year, which prompted GMA Kapuso Foundation to build new classrooms to provide a safe environment to public elementary students and teachers in the area. “Thirty percent of the school’s population are members of the Agta tribe and indigenous people are a priority beneficiary group of GMA Kapuso Foundation,” shared Rikki Escudero-Catibog, GMAKF executive vice president and chief operating officer. The New Zealand Embassy supported GMA Kapuso Foundation’s Kapuso School Development because of the Agta/Aguy Indigeneous People who inhabit this remote town and who will use the new classrooms. New Zealand Ambassador Peter Kell said, “The New Zealand Government advocates for the recognition and inclusion of indigenous knowledge and economic participation. Through the New Zealand High Embassy Fund, we are supporting small scale, short-term community projects that contribute to wider community well-being. This will help to address issues of social exclusion, poverty and inequity. We are proud to support GMA Kapuso Foundation in its Calassitan Elementary School Development project which aims to provide a healthy educational environment to indigenous students.” The groundbreaking ceremony of Calassitan Elementary School was held on April 28, 2021 attended Rikki Escudero-Catibog and its multisectoral partners: Lt. Gen. Arnulfo Marcelo Burgos Jr. AFP, Mayor Atty. Vicente G, Pagurayan, and Dr. Lauro Daquioag, public school district supervisor.

BRITAIN’S Kate, the Duchess of Cambridge receives her Covid-19 vaccine at London’s Science Museum on Friday. AP

Jolie says judge in Pitt divorce won’t let children testify BY ANDREW DALTON & JOCELYN GECKE� The Associated Press

OS ANGELES—Angelina Jolie criticized a judge who is deciding on child custody in her divorce with Brad Pitt, saying in a court filing that the judge refused to allow their children to testify. Jolie, who has sought to disqualify Judge John Ouderkirk from the divorce case, said in the filing Monday that he declined to hear evidence she says is relevant to the children’s safety and well-being before issuing a tentative ruling. The documents don’t elaborate on what that evidence may be. “Judge Ouderkirk denied Ms. Jolie a fair trial, improperly excluding her evidence relevant to the children’s health, safety and welfare, evidence critical to making her case,” according to the filing in California’s Second District Court of Appeal. The actress also said the judge “has failed to adequately consider” a section of the California courts code, which says it is detrimental to the best interest of the child if custody is awarded to a person with a history of domestic violence. Her filing did not give details about what it was referring to, but her lawyers submitted a document under seal in March that purportedly offers additional information. Jolie sought a divorce in 2016, days after a disagreement broke out on private flight ferrying the actors and their children from France to Los Angeles. Pitt was accused of being abusive toward his then-15year-old son during the flight, but investigations by

meaning the children would live more than half the time with her. But changes have been made that have not been made public. Peter Harvey, a lawyer for Jolie who is close to the case but not directly involved, said the actress “supports joint custody” but the situation is complicated and he can’t go into detail because the court proceedings are under seal. Divorce lawyers for both sides declined to comment on the new filings. Harvey told The Associated Press that Jolie’s family struggles have prompted her to take a more active role in changing the law’s approach to custody issues. “Ms. Jolie has been working privately for four and a half years to both heal her family and to fight for improvements to the system to ensure that other families do not experience what hers has endured,” said Harvey, a former attorney general of New Jersey who has been working with Jolie on policy issues. Jolie has sought to disqualify Ouderkirk, a private judge she and Pitt chose to maintain their privacy, arguing that he has an improper business relationship with one of Pitt’s attorneys. She said in Monday’s filing that if the tentative custody decision is made final by Ouderkirk, she will appeal it. Jolie, 45, and Pitt, 57, were among Hollywood’s most prominent couples for 12 years. They had been married for two years when Jolie filed for divorce. They were declared divorced in April 2019, after their lawyers asked for a judgment that allowed a married couple to be declared single while other issues remained, including finances and child custody. ■

Everybody loves Paolo Paraiso

Duchess of Cambridge ‘hugely grateful’ for 1st vaccine dose LONDON—The Duchess of Cambridge has received her first dose of a COVID-19 vaccine as Britain extends its inoculation program to younger people. Kate, the 39-year-old wife of Prince William, received her shot at London’s Science Museum, a mass vaccination center near the couple’s home at Kensington Palace, according to a photo posted on their Twitter feed. She got vaccinated a few weeks after her husband. “I’m hugely grateful to everyone who is playing a part in the rollout—thank you for everything you are doing,” the duchess said in a tweet posted on Saturday. Britain this week extended its Covid-19 vaccination program to everyone over the age of 30. The program has been gradually expanded to progressively younger age groups since it began in early December, and more than 70 percent of adults have already received at least one dose. Other members of the royal family, including Queen Elizabeth II and Prince Charles, have publicized their vaccine appointments to encourage people to get shots. AP

child welfare officials and the FBI were closed with no charges being filed against the actor. Jolie’s attorney said at the time that she sought a divorce “for the health of the family.” Her new filing says the judge has “refused to hear the minor teenagers’ input as to their experiences, needs, or wishes as to their custody fate,” citing a California code that says a child 14 or over should be allowed to testify if they want to. Three of Jolie and Pitt’s six children are teenagers, 17-year-old Pax, 16-year-old Zahara, and 14-year-old Shiloh. The oldest, Maddox, is 19 and not subject to the custody decision. They also have 12-year-old twins, Vivienne and Knox. In response to Jolie’s filing, Pitt’s attorneys said, “Ouderkirk has conducted an extensive proceeding over the past six months in a thorough, fair manner and reached a tentative ruling and order after hearing from experts and percipient witnesses.” Pitt’s filing said the judge found Jolie’s testimony “lacked credibility in many important areas, and the existing custody order between the parties must be modified, per Mr. Pitt’s request, in the best interests of the children.” It says Jolie’s objections and further delays in reaching an arrangement would “work grave harm upon the children, who will be further denied permanence and stability.” It’s not clear what the current custody arrangement is because the court seals most files. When the divorce process began, Pitt sought joint custody and Jolie sought primary physical custody—

EVERY day that Paolo Paraiso spends with his two sons Tomas, 16, and Lucas, 12, is special, just like Father’s Day. Paraiso has been on shared parental duties with his former partner for many years now, and the set up is smooth and uncomplicated. “If the boys are with me, we do usual stuff that dads and their sons do— play, swim, bike, and we all love eating, too!” shared Paraiso, who also does marketing consultancy work for brands and restaurant businesses. “The pandemic has affected everyone, most especially the restaurant industry. But we have to continue thinking of ways in order for these businesses to stay alive in these extraordinary times. If I’m with my sons, we’d usually order food and eat at home, like most families do,“ he added. Paraiso instilled the importance of good health to his sons early on. “They’re growing up fast and teenagers start to focus on activities they enjoy. So I always tell them to choose activities that will make them happy, and keep them healthy and fit. The

pandemic has slowed everybody down somehow, so we just have to be innovative on the kind of activities we do—running, walking, biking, swimming indoors if we have or know of accessible places for these stuff. But it is important that we keep our bodies active.” He also has taught his boys to start eating healthy stuff. “It’s always better to start young because the human body can be trained early on. What we feed ourselves, whether in food consumption or thought patterns, can have a long lasting effect in our lives.” Paraiso definitely walks his talk because he wakes up early, and does his regular runs in the exclusive Quezon City village where he has been living for many years now. He also loves to bike and enjoys yoga, for both his physical and mental balance. We have been seeing this fit and fabulous-looking actor on television for some months now as part of the main cast of the long-running weeknight series Ang Probinsyano, where he plays a tough military guy, part of a covert group that makes life difficult for the protagonists in the TV series. “I enjoy my time in locked-in location work,” he said, adding, “It’s safer this way for everyone. I am grateful that I work with some of the most revered actors of the industry. I have also developed close friendships because of this new normal setup in working for TV. Then I can still do my exercise routines during my free days, and I get to train more in gun handling and firing because of my role, something that I find interesting too!” Not many know that Paraiso is also interested in production work. Recently, he took on the triple tasks of being assistant director, coproducer and actor

for a movie, titled Coronaphobia, a special project of maverick filmmaker Njel de Mesa. “I love the art of filmmaking. I guess being an actor has opened my eyes and my mind to may other facets of production work. I look forward to gain more experience in making films in the future,“ he shared. Paraiso has been playing his many roles, and enjoying each of these, including fatherhood, with ease, fun, focus, commitment and passion. “I’m a simple guy who is just relaxed and chill on the many wonderful opportunities that life offers.” That’s why everybody loves Paolo Paraiso.

PAOLO PARAISO

B6 Tuesday, June 1, 2021

Strong and reliable connectivity is no longer a luxury but a necessity in the new normal

Content niches and unexpected results: Globe caters to Filipinos’ evolving needs

EW platforms that provide consumers with new ways to satiate their need for fresh content have emerged over the pandemic. The shift in consumer behavior prompted Globe Studios, Globe’s entertainment production company, to leverage its niche and ride on this new wave of opportunity. Quark Henares, Globe Studios Head, shared that going along such a direction allows the group greater flexibility in its content offerings, especially in this time of great uncertainty. Henares was one of the panelists in a recent webinar presented by the Asia Video Industry Association (AVIA) entitled “Demanding Content – What Do Filipinos Want?” Henares said: “We had to pivot. We’re primarily a movie studio, so our focus was films for theaters. Because they're closed for the foreseeable future we tried doing other things like a YouTube series (Gaya sa Pelikula) and podcasts (Ang Walang Kwentang Podcast, Endslate).” He noted that current audiences can be very fickle in their choices of online content. Thus, Globe Studios actively listens to what its customers want so that its content line-up is kept relevant to the markets it wishes to serve. “We have a lot of interaction with the audience. We’re very active in our social media and really make it a point to listen and even converse with our audience,” Henares revealed.

Recognizing that the consumption curve for online content bulges among the younger age groups, Globe Studios ensures that everything is kept fun, just like the way young people would like to live their own lives. Globe Studios entered the entertainment production industry in 2016. Its portfolio includes films such as “LSS (Last Song Syndrome)”, “Hintayan ng Langit”, and the first Filipino Netflix film “Dead Kids”. Amidst the onslaught of the COVID-19 pandemic last year, the studio shifted gears to produce materials catering more towards YouTube audiences, beginning with “Gaya Sa Pelikula,” a daring Boys Love (BL) series. “We put our ears to the ground. Like Gaya Sa Pelikula, the genre BL is doing very well in Thailand and Filipinos seem to be watching it so we decided to do that,” Henares said.

Globe Studios is in the thick of preparations for another YouTube series;this time, a reality search. It is also about to release the movie "A Guy + A Girl" together with UpstreamPH, the country’s newest Video-on-Demand movie streaming platform. Likewise, Globe Studios is home to at least 12 popular podcasts, including one that is hosted by online creators. However, questions constantly keep Henares awake at night. According to him: “This is an exciting time. What do people want to see? What’s missing in Philippine entertainment that we can fill?” While slowly (but surely) planting itself on solid ground in the online space, Globe Studios continues to give room for more flexibility wherever consumer whims may lead—satisfying their needs, one niche at a time. To know more about Globe, visit www. globe.com.ph.

Express yourself with the newest Suzuki subcompact SUV with new Vitara AllGrip

Accompanying its promise of elevated comfort and functionality, the Vitara AllGrip is also equipped with a 10” Infotainment system with smartphone linkage function. It’s equipped with a clinometer that tells the driver the vehicle’s position in terms of pitch and roll angles, and additionally, an automatic wiper, light system and dimming rear view mirrors, rear camera and parking sensors, and a keyless Push-Start System.

Safety and Performance

UZUKI Philippines Inc. (SPH), the country’s pioneer compact car distributor, launches the New Vitara AllGrip. Back in a modernized yet classic silhouette, Suzuki’s beloved SUV offers unprecedented value not found across other competitors in the market. The new sub-compact SUV will be made available in the Philippines to cater to the evolving needs of young and dynamic professionals as a reliable companion in exciting drives with family, friends, and the like. “Ever since the new look of Vitara was launched in the Philippine market, we have seen enormous support for the model. One of the iconic models of the brand, this newest 4x4 vehicle provides individuality, stylish looks and added confidence on the road. This car will definitely encourage people to drive and bring more fun into their lives,” says Suzuki Philippines Vice President and General Manager for Automobile Division, Mr. Keiichi Suzuki. An update to a Suzuki classic that was first launched in 1988, the new model, manufactured in Suzuki Hungary, now has ALLGRIP technology, infotainment system equipped with Clinometer function and a range of personalization options that will give each Vitara AllGrip a unique personality.

Expressive Exterior

KEEPING with the Vitara’s authentic design, Suzuki chose to keep the traditional clamshell bonnet in the front.

While from the rear, the New Vitara is stout and stable with trapezoidal lines toward the ground and a minimum ground clearance of 185mm. From the side, it has smooth roof lines for better aerodynamics, and a kicked-up character line that hints at the flared fenders. Some upgrades to the Vitara’s body include front and rear skid plates, a front lower bumper garnish, chrome and black grained accents on the body’s side, and an improved rear edge spoiler. This model also comes with an energysaving LED headlamps for low-beam, uniquely designed DRLs and a vertical chrome grille for a more modernized look suitable for the current times.

Superior Interior THE interior arrangement of the new

model is a combination of Suzuki’s muscular contours and sporty design. The Vitara AllGrip’s instrument panel features a muscular console that includes a round clock and a round air outlet that give the panel a more youthful design. The U-shape of the shift knob supports the rugged look of most SUVs. Additionally, the interior comes with the iconic panoramic sunroof consisting of two glass panels that can both slid to open. Following the theme of Suzuki’s sub compact SUVs, it comes with spacious luggage space of 375 liters. Even when the rear seats are not folded, there’s enough space to store a golf bag, and folding the rear seats gives even more space to store larger items.

UNDER the hood, the new Vitara AllGrip does not disappoint with its 1.6-litre engine and 6-speed automatic transmission with manual mode and paddle shift. Alongside this is the ALLGRIP technology, an ideal concept of 4WD, enabling all types of users to feel assured in any driving situation. The driver can switch between the four modes of Auto, Sport, Snow, and Lock depending on the road conditions and driving scenarios. This New Vitara also focuses on safety with its other of safety features. The sub compact SUV has six (6) SRS airbags, hill descent and hill hold control, and brake assist function. It is also equipped with Electronic Stability Program which detects over and under steering to help the driver maintain directional control. Driving is a breeze with the New Vitara’s Cruise Control system with speed limiter that provides comfort especially on long drives.

Color Variants

THE new Vitara AllGirp comes in a choice of several colors that customers can pick from. It comes in two-tone Prime Solar Yellow with Cosmic Black Pearl Metallic and Solid Bright Red with Cosmic Black Pearl Metallic; and in mono-tone - Galactic Gray Metallic and Cool White Pearl. For more information, visit http:// suzuki.com.ph/auto/, like it on https:// twitter.com/SuzukiAutoPH and follow on Instagram at @suzukiautoph.

ITH the pandemic forcing the majority of people to work or study from home, and even shift their businesses to online platforms, it has become imperative for every Filipino to be constantly connected to the internet. However, it is not enough to simply be connected. Ideally, you would want your internet connection to be strong, reliable, and consistent all the time. Here are five reasons why most people nowadays can’t make do with an unstable connection:

owners, serving customers well is imperative, and needs a reliable internet connection that allows prompt customer responses.

Video conferences are essential

Gaming is more fun

THESE days, video conferences have replaced face-to-face meetings, and will most likely be here to stay. However, with a weak internet connection, some might be forced to turn off video, or worse, be cut off during the call. Losing connectivity in the middle of an important meeting can be extremely stressful, and inconvenient for the people in the meeting.

Call quality is better

MORE users have discovered that calls over online apps are a more cost-effective option to connect with anyone, whether for business or personal reasons. A weak internet connection can mean choppy or dropped calls, which can be inconvenient and frustrating, while reliable connectivity ensures that you can keep a good conversation going.

Services have shifted online

MANY businesses have shifted to the digital sphere, while more customers have embraced online services. This includes health services, restaurants, and even retailers. For business

Streaming quality is better

WITH all the good shows found on online streaming services, Filipinos can easily spend all day binge-watching their favorites if they are subscribed to a steady internet service. Nothing can be more frustrating than seeing screens freeze or buffer when in the middle of a really good film or series. FINALLY, online games can be truly fun and enjoyable without any downtime. Nothing says game over like a connection that keeps lagging. According to Ookla, the worldwide leader in internet testing and analysis, Converge ICT Solutions Inc. (PSE: CNVRG) offers the most consistent fixed internet performance* in Metro Manila, Central Luzon, Calabarzon, Ilocos, and the Cordillera Administrative Region (CAR). Ookla Speedtest Intelligence® data for Q1 2021 shows the average download speeds of Converge is at 42.93 Mbps, which is representative of actual plans subscribed to by its subscribers. Moreover, thousands of consumer-initiated tests taken with Speedtest® showed that Converge ICT had an average latency rate of 13ms. “We are always focused on providing reliable high-speed experiences to our customers. especially during these trying times, when a consistent connection is all the more important,” Converge ICT Chief Operating Officer Jesus Romero said. Visit convergeict.com for more details.

Nina Lim-Yuson is new GSP National President

R. Cristina “Nina” Lim-Yuson is Girl Scouts of the Philippines’s newly elected national president for Triennium 2021-2024. She leads the 37-member Central Board, the highest consultative and deliberative body of the GSP, as they set the organization’s direction for the next three years. Among the board’s priority projects is identifying measures that GSP could adopt in order to continue its relevant presence in Philippine society while travel and gathering restrictions are in place due to the pandemic. Despite the pandemic, Girl Scouts continue working on the GSP Program through available digital platforms. This month, thousands of Girl Scouts were awarded for completing development projects in their communities under the following special programs: National Outstanding Awards (Girl Scouts, Troop Leaders, and District Field Advisers), Chief Girl Scout Medal Scheme, Pilar Hidalgo Lim Troop Achievement Awards, and Magic Spot Projects. Globally, the Guiding and Scouting movement celebrates its Nobel Peace Prize nomination for their outstanding contributions that empower millions of young people in creating a lasting culture of peace in their communities. Nina Lim-Yuson has come full circle as a

Girl Scout, starting as a Brownie at 6 years old; as a Volunteer serving GSP in various capacities since the late 70s; and now, as its national president. In 2003, she was elected Chairman of the Asia Pacific Region of the World Association of Girl Guides and Girl Scouts (WAGGGS) The election was held during the organization’s National Council Convention from May 25 to 27, 2021, via Zoom, and attended by 300 delegates from all over the country. Office Address: National Headquarters, 901 Padre Faura Street, Ermita 1000, Manila, Philippines, P.O. Box 1448 Telephone: (632) 8523-8331 to 42 Fax: (632) 8524-5144 Email: natlheadquarters@girlscouts.org.ph Website: girlscouts.org.ph Twitter: @GirlScoutsPH Instagram: @girlscoutsph Facebook: fb.com/ girlscoutsofthephilippines YouTube: youtube. com/girlscoutsofthephilippines1940 Pinterest: pinterest.com/GirlScoutsPHILS.

GCash receives recognition from PNP for efficient Anti-Cybercrime Response

GCASH Chief Risk Officer Don Niño Santos (right) receives thr plaque of recognition from Police Lieutenant Michael Bernardo.

CASH and its executives were recognized by the Philippine National Police’s (PNP) Anti-Cybercrime Group (ACG) during the ACG’s 8th Founding Anniversary, making it the only fintech company in the country to do so. The awards were in recognition of GCash’s commitment to the ACG’s cybercrime campaign called “Strengthening ACG Response Towards the New Normal.” Through the efforts of the GCash’s Enterprise Risk Management Group, cybercrime activities wereidentified and thwarted in cooperation with the ACG.

The awardees were led by GCash President and CEO Martha Sazon, Chief Risk Officer Don Niño Santos, Head Legal Counsel Cef Sison, and Enterprise Risk Management Head Ingrid Beroña. Representing the PNP were Police Corporal Lorengilene de Leon, Police Lieutenant Michael Bernardo, and Patrolman Paul Jordan Apolinario “We are thankful to the Philippine National Police’s Anti-Cybercrime Group for the recognition. We at GCash take security seriously, and will continue to work and cooperate with the PNP to protect our customers while they use the app,” Sazon said. For its part, GCash has been consistently pushing efforts in keeping its community safe and secure. It has launched several security communications campaigns revolving on social media and through the GCash app, and have even developed an employee ambassadorship program aimed at raising awareness on best practices in app and customer security. GCash have also signed an agreement with the Anti-Money Laundering Council (AMLC) ensuring that it provides the highest standard of anti-money laundering, counter terrorism financing, and fraud measures. For more information, visit gcash.com.

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

The World BusinessMirror

Malaysia doctors may have to decide who lives amid record surge in cases

al aysia’s worsening outbreak may force doctors to allot intensive care beds to patients with higher chances of recover y amid a record surge in new cases, Health Director-General Noor Hisham Abdullah said. “The number of ICU beds at Covid hospitals, quarantine and treatment centers is declining and may be inadequate,” he said in a statement. The health ministry “has warned of possible situations where doctors will have to make difficult choices to prioritize ICU beds for patients with higher recovery potential than those with lower recovery potential (poor prognosis).” T he g r im out look comes a head of a t wo week nat ionw ide loc kdow n a imed at cont rol l ing a n outbrea k t hat has caused a record 1,14 4 deat hs f rom

Cov id in May. New cases topped 9,0 0 0 on Sat u rd ay, a f if t h d ay of record h ighs t hat has st retc hed t he nat ion’s hea lt h ser v ices to a brea k ing point. Infect ions on Su nd ay fel l to 6,999. Covid patients admitted to the ICU, including those confirmed, under investigation and awaiting results, have reached nearly 1,200 cases, the highest number since the pandemic began, Noor Hisham said on Facebook earlier on Sunday. “A lthough a number of ICU beds for Covid patients has been added, the rate of use is still more than 100 percent. This has led to some patients having to be treated in normal wards,” he wrote. Noor Hisham on Tuesday warned that the surge in coronavirus cases has been building since the start of April, and that the nation should prepare for the worst.

Bloomberg News

Indian economy faces resilience test amid risks from coronavirus

he Indian economy’s resilience will be tested by its ability to overcome a devastating outbreak of Covid-19, although no one’s yet doubting its potential to pull off the world’s fastest pace of growth among major economies this year. The economy is on track to grow 10 percent in the year that began April 1, according to the median of 12 estimates compiled by Bloomberg News. That’s after several economists downgraded their forecasts in recent weeks to factor in local curbs on activity, including in India’s political and commercial hubs. But the downgrades are a message to not take the economy’s recovery for granted. Economists say the relaxation of restrictions across states will determine the strength of the rebound, while the willingness of consumers to spend—as they did last year when lockdown curbs were lifted—will also be key. It was pent-up demand for everything from mobile phones to cars that spurred consumption in Asia’s third-largest economy when it reopened last year after one of the strictest lockdowns that lasted more than two months. Data due later Monday will probably show gross domestic product grew 1 percent in the three months ended March, making it the second straight quarter of expansion since India exited a rare recession. “Widening state-level lockdowns over the last month now

pose significant downside risks to our latest growth forecast,” said Abhishek Gupta, Bloomberg India economist. Even as virus cases have started receding and some parts of the country may reopen by June, consumers are unlikely to spend freely, given the economic uncertainties and with unemployment at its highest level in a year. Households would rather save than spend, said QuantEco Research economist Yuvika Singhal, who downgraded her fullyear growth forecast by 150 basis points to 10 percent. T he big gest hit from the second wave of Cov id infections has been to demand, w ith a loss of mobi l it y, d isc ret ionar y spending and employ ment, the Reser ve Bank of India said earlier this month. T he central bank, which will review interest rates later this week, has kept monetar y policy loose and injected liquidity into the system to support growth. “Even as India’s second Covid-19 wave starts to recede, the underlying economic toll now appears larger than we expected,” Barclays economist Rahul Bajoria said. “Furthermore, the slow pace of vaccinations and rolling lockdowns are also likely to weigh on India’s recovery.” If the country is hit by a third wave of infections, as some experts warn, the economic costs cou ld r ise f u r t her, d rag g i ng dow n grow th to 7.7 percent, Bajoria said. Bloomberg News

Tuesday, June 1, 2021

South Africa returns to stricter lockdown amid surging cases

APE TOWN, South Africa— South African President Cyril Ramaphosa announced on Sunday that his country will return to stricter lockdown measures in the face of a sharp rise in Covid-19 cases that indicate the virus is “surging again” in Africa’s worst-affected nation.

Positive cases in South Africa in the past seven days were 31% higher than the week before, and 66% higher than the week before that, Ramaphosa said in a live TV address. He said some parts of the country, including the commercial hub Johannesburg and the capital city Pretoria, were now in “a third wave.” South Africa has more than 1.6 million confirmed Covid-19 cases and more than 56,000 deaths, more than 30% of the cases and 40% of the deaths recorded by all of Africa’s 54 countries, according to the Africa Centers for Disease Control and Prevention. South Africa recorded 4,515 new cases over the past 24 hours and Ramaphosa said the “positivity rate” among tests conducted was now “a cause for concern.” “We do not yet know how severe this wave will be or for how long it will last,” Ramaphosa said. In response, Ramaphosa said that from Monday the nighttime curfew would be extended by an hour to start at 11 p.m. until 4 a.m. A maximum of 100 people would

be allowed at indoor social gatherings and no more than 250 at an outdoors gathering. The number of people attending funerals will be limited to 100 people and afterfuneral gatherings were banned completely, Ramaphosa said. Nonessential businesses must close by 10 p.m. “We have tended to become complacent,” Ramaphosa said, warning virus infections were “surging again” at a time when the country moves into its winter months and people were more likely to gather together indoors, likely further increasing infections. South Africa’s decision to go back to a stricter lockdown reinforces—as the crisis in India has already done so starkly—how the global pandemic is far from over. “We have seen in other countries the tragic consequences of leaving the virus to spread unchecked,” Ramaphosa said. “We cannot let our guard down.” South Africa had been under lockdown level one, the lowest of its five levels, but was now reverting to an “adjusted level two,” Ra-

A health worker prepares a dose of the Pfizer coronavirus vaccine at the newly-opened mass vaccination program for the elderly at a drive-thru vaccination center outside Johannesburg, South Africa, Tuesday, May 25, 2021. South Africa aims to vaccinate 5 million of its older citizens by the end of June. AP/Themba Hadebe

maphosa announced. Authorities did stop short of reimposing the strict measures like limits on people’s movements during the day and a ban on the sales of alcohol and tobacco products that were in place at times last year. South Africa has seen two previous surges in infections, the first in the middle of last year and a second, much worse wave in December and January, when the emergence of a variant pushed infections and deaths to higher levels than the first surge. The virus was currently following “the same trajectory” as those waves, Ramaphosa said. Experts have warned that this wave, arriving with the Southern Hemisphere winter, might be even worse. The surge in cases also cast more attention on South Africa’s lagging vaccine rollout. Only around 1.5% of the country’s 60 million people

have received a vaccine. Health workers were the No. 1 priority but less than 500,000 of the 1.2 million health workers have been vaccinated with the Johnson & Johnson one-dose shot. South Africa only began vaccinating its elderly citizens two weeks ago. In total, 963,000 South Africans had received a vaccine by Sunday, the government said, although half of those have only received the first of two required doses of the Pfizer-BioNTech vaccine. South Africa has “secured” more than 50 million vaccines, Ramaphosa said, but currently has only 1.3 million doses in the country that are ready to be rolled out. More Pfizer-BioNTech doses are expected to arrive next week, and weekly after that, he said. South Africa hopes to vaccinate around 40 million people by the end of the year, a target that looks increasingly unlikely. AP

China reimposes travel curbs on province after cases surge

EIJING—China on Monday reimposed anti-coronavirus travel controls on its southern province of Guangdong, announcing anyone leaving the populous region must be tested for the virus following a spike in infections that has alarmed authorities. Guangdong, which borders Hong Kong, recorded 20 new confirmed cases, all contracted locally, in the 24 hours through midnight Sunday. Guangdong’s numbers are low compared with many places in the world, but the rise has rattled Chinese leaders who thought they had the disease under control. People leaving Guangdong by plane, train, bus or private car after 10 p.m. on Monday must present results of a nucleic acid test within the past 72 hours, the provincial government announced. It said testing stations

Residents get tested for the coronavirus in a district in Guangzhou in southern China’s Guangdong province on Sunday, May 30. The southern Chinese city of Guangzhou shut down a neighborhood and ordered residents to stay home Saturday to be tested for the coronavirus following an upsurge in infections that has rattled authorities. AP

for truck drivers would be set up on major roads. The government of the provincial capital, Guangzhou, a

business center of 15 million people, ordered mass testing after locally acquired infections were found beginning May 21.

The government said 700,000 people had been tested through last Wednesday. China had relaxed most restrictions on domestic travel after the ruling Communist Party declared the virus under control last March. Travelers arriving from abroad still must be tested. On Sat u rd ay, residents of one Guangzhou neighborhood were ordered to stay at home for door-to-door testing. In some a re a s, outdoor m a rket s a nd childcare facilities were closed a nd i n - p e r s on g r a d e s c ho ol classes and indoor restaurant dining canceled. China reports a handful of new cases ever y day but says almost all are believed to be people who were infected abroad. The mainland ’s official death toll stands at 4,636 out of 91,099 confirmed cases. AP

Army evacuate hundreds from New Zealand floods W

A member of the New Zealand Defense Force rescues a dog from floods as they assist a family with their evacuation near Ashburton in New Zealand’s South Island on May 30. Several hundred people in New Zealand were evacuated from their homes on May 31 as heavy rainfall caused flooding in the Canterbury region. Corp. Sean Spivey/NZDF via AP

E LL I N G T O N , N e w Zealand—Several hu nd re d p e o ple i n New Zealand were evacuated from their homes Monday with some recounting dramatic helicopter rescues as heavy rain caused widespread f looding in the Canterbury region. Authorities declared a state of emergency after some places received as much as 40 centimeters (16 inches) of rain over the weekend and into Monday. Forecasters warned of possible heavy rain through Monday evening before conditions improved. The military helped evacuate more than 50 people including

several overnight in an NH-90 military helicopter. One man was clinging to a tree near the town of Darfield when he jumped into floodwaters and tried to swim to safety but was swept away, the military said. Helicopter crews scoured the water for 30 minutes before finding the man and plucking him to safety. The military helicopter also rescued an elderly couple from the roof of their car. “Seeing the community overnight pull together and support the displaced residents who were evacuated from their homes has been heartening,” said Army Liaison Officer Cpt. Jake Faber.

Another man was rescued by a civilian helicopter pilot Sunday after he was swept from his farm as he tried to move his stock to safety. Paul Adams told news organization Stuff he thinks he got hit by a wall of water he didn’t see coming. He was swept down the raging Ashburton River before managing to drag himself onto a fence and then into a tree. Another farmer spotted his headlamp and organized a rescue mission. “The rescuers are fantastic,” Adams told Stuff, adding that he was now back on his farm and “good as gold.” He said that so far he’d only found about 100 of his

herd of 250 animals alive. Austra lian Pr ime Minister Scott Morrison, who was visiting New Zealand, told reporters that he was thinking of those caught up in the floods. “Australia is no stranger to f lo o d s,” Mor r i son s a id . “O r fires, or cyclones, or, indeed, even mouse plagues. We have, both countries, endured a large amount of challenge over the course, particularly, of these last few years.” New Zealand Prime Minister Jacinda Ardern planned to travel to Christchurch later Monday to be briefed on the situation firsthand. AP

ILAN— Colombian rider Egan Bernal appears to have finally put his back problems behind him as he added the Giro d’Italia title to his Tour de France win on Sunday. Bernal, who won the Tour in 2019, safely maintained his advantage on the final day’s time trial to Milan. As tradition dictates, he was last off the ramp and the Ineos Grenadiers rider had an overall lead of almost two minutes. Bernal completed the 30.3-kilometer route in 35 minutes and 41 seconds to clinch overall victory by 1:29, the biggest margin of victory at the Giro since 2015. He pumped his hands above his head as he crossed the line in front of Milan’s famous cathedral. “It’s difficult to realize what I’ve done. I have just won a Giro d’Italia. I have no words after what happened in these two years,” said the 24-year-old Bernal, who has struggled with a lingering back injury that forced him to abandon last year’s Tour. Damiano Caruso was second overall, with Simon Yates completing the podium. Yates finished 4:15 behind Bernal. Bernal had worn the leader’s pink jersey since claiming it by winning the ninth stage with an attack on the summit finish. And, along with his team, he brilliantly defended it along the rest of the route to Milan, where he lifted the impressive Trofeo Senza Fine (never-ending trophy). “Yes, finally, this is my second Grand Tour [win],” Bernal said. “I think in this moment I look calm but inside I am exploding with happiness. I’ve already won the Tour and now the Giro. “It is my first Giro, and it was very special, the way we rode, the

Sports BusinessMirror

| Tuesday, June 1, 2021 mirror_sports@yahoo.com.ph Editor: Jun Lomibao

EGAN IS THE NAME!

way I returned to being a player after nearly two years without good form in a Grand Tour. So, I think it’s special.” There were hundreds of fans in Milan’s Piazza Duomo celebrating

weather-shortened Mizuno Open of the Japan Professional Golfers Association Tour on Sunday in Olayama, scoring a 17-under 199 over three rounds at JFE Setonaikai Golf Club and banks a Y12 million (P5.2 million) top prize. The 43-year-old Pagunsan edges Ryutaro Nagano by three shots.

Forum on NCAA, jump rope sport

OVERNMENT has approved the inoculation of anti-Covid-19 vaccines on all athletes other than those bound for the Hanoi 31st Southeast Asian Games, according to Philippine Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino. “This is another great news for our national athletes and for all of Philippine sports,” Tolentino said on Monday, only three days after the successful inoculation of SEA Games-bound athletes last Friday at the Prince Hotel in Manila. More than half of the 730 SEA Games-bound athletes who registered for the vaccination got their first dose of the Sinovac vaccine last Friday. Most of those who didn’t get their vaccines were either in the

provinces or abroad. “This next round of vaccinations will also include those athletes and coaches who missed last Friday’s vaccination,” Tolentino said. Vince Dizon, deputy chief implementer of the National Task Force Against Covid 19, relayed the good news to the POC chief on Monday. “We thank the government for putting priority on our athletes and coaches for the vaccine rollout,” Tolentino said. There are close to 1,600 athletes and coaches in the national team and pool on the Philippine Sports Commission roster. The list includes the SEA Games-bound athletes and para athletes. The turn of events on the inoculation of athletes was swift and efficient. Tolentino wrote the InterAgency Task Force on the Management of Emerging Infectious Diseases through Health Secretary Francisco Duque III last May 18 and on May 24, got a positive response. The inoculation happened four days later.

the Italian’s closest rival, Rémi Cavagna, crashed with about 600 meters to go. “When I see the puncture, I think, ‘Ah, today unlucky, I lose the race,’” Ganna said. “I changed

the bike really well, really fast, like a Formula One race, and then when I crossed the line I think, ‘OK, now will win Cavagna,’ because he’s a really good rider, really good time trial. AP

PEAKERS from sports consumer brands Nestlé Philippines Inc.-Milo and OtsukaSolar Philippines Inc. will grace the 16th session of the National Sports

VINCENT JUICO @VJuico, Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS case, I would sweat profusely so the demand was quite high. I met Erwin Ng, Founder of Jump Manila, and Ginno Balmonte, Jump Manila Brand and Creatives Head, on the Sports For All podcast by yours truly to help them promote the sport. Jump rope isn’t just a game that’s been around since time immemorial, it is also a sport. Erwin is also vice president of the jump

PHILIPPINE Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino and the members of the Gilas Pilipinas pool strike a pose after receiving the first dose of the vaccine last Friday.

By Josef Ramos

EWLY crowned World Boxing Council (WBC) bantamweight champion Nonito “The Filipino Flash” Donaire Jr. wants a rematch with unified world champion Naoya Inoue of Japan. If that’s not possible, Donaire expressed his thoughts on an all-Filipino showdown with World Boxing Organization (WBO) bantamweight king Johnriel Casimero, saying “if it is going to be part of the business, then so be it.” “I really want to have a rematch with [Naoya] Inoue and fight those who have the belts to become the undisputed world bantamweight king,” the 38-year-old Donaire told BusinessMirror on Monday. Donaire scored a fourthround technical knockout win over Frenchman Nordine Oubaali in Carson City, California, on Sunday. “I can’t do anything about it [Casimero fight]. It’s part of the business. I rather not,” he said. “But if it’s in my way, I will make it happen.” Donaire’s stunning historic victory over Oubaali not only made him the oldest bantamweight world champion but also allowed him to redeem himself after losing to Inoue, the International Boxing Federation (IBF) and World Boxing Association (WBA) bantamweight champion, in November 2019 via unanimous decision in Japan. “I am a much-improved Nonito Donaire now. I really work hard and disciplined myself during the pandemic,” said Donaire, who became a world champion again after five years since losing his WBO super bantamweight belt to Jessie Magdaleno in 2016 in Las Vegas via unanimous decision. “I am better than two years ago. I rested and took care of my body very well,” he said. “You’ll see a lot of me in the coming years, my speed and power are still there. So definitely, you’ll see a lot of me in the future.” Donaire said he will savor the victory for the meantime and will spend time with his wife Rachel and kids Jarel and Jarel Logan.

NONITO DONAIRE JR. wants to be the undisputed bantamweight world champion.

“And this—the absolute vaccination of all national athletes— whether or not they are going to Hanoi—is a relief for Philippine sports,” Tolentino said. Tolentino said the date and venue of the next round of vaccination will be announced soon. Members of the national men’s basketball team, meanwhile, thanked Tolentino and the government for giving them a “peace of mind” to train and compete in two upcoming International Basketball Federation (Fiba) competitions. “We already have a peace of mind

and protection finally from the virus after this vaccination,” coach Joseph Enrique “Jong” Uichico said. “We are really thankful to the POC especially to Congressman Tolentino and to the national government for providing the national athletes the vaccine.” “We can now train confidently. First of all, we will be going to Clark bubble next month [June]. So it’s good that we have the immunity going there,” said Uichico, who got his vaccine last Friday along with the 16 players in the Gilas Pilipinas pool.

Summit 2021 on Wednesday. Nestlé Philippines Inc. Assistant Vice President-Milo, Marketing Lester Castillo, Otsuka-Solar Philippines Inc. President and Manag-

ing Director Kohei Oyamada and Brand Development Manager Nelia Ramos will discuss their respective partnerships with government institutions and will highlight their collaboration with the Philippine Sports Commission (PSC). As known sports advocates,

Nestlé Philippines Inc.- Milo and Otsuka-Solar Philippines Inc. have shown tremendous support to the Philippine national team through the years. “We are elated with their willingness to share their partnership dynamics with our summit stake-

holders since their support to the national athletes has always been a great help in improving the country’s sports,” PSC Chief of staff and NSS Project Director Marc Velasco said. The speakers all have extensive experiences in the field of marketing and brand development.

rope national sports association Philippine Jump Rope Association (PJRA). Erwin established and formed Jump Manila in November 2019. The community started growing before the pandemic and is presently enjoying membership by the thousands as more members discovered the joy and the health benefits of jump rope when the outbreak started. The sport serves as crossover training for athletes from other sports, most notably boxing, and how many times have we seen the likes of Muhammad Ali, Marvin Hagler, Roberto Duran, Mike Tyson, Floyd Mayweather, Sugar Ray Leonard and our very own Manny Pacquiao skipping rope. According to en.velitessport. com, “Skipping rope improves

boxers’ footwork, boxers swap the traditional skipping for the socalled boxer skip: this style mimics the footwork used during a fight. While jumping, they slightly shift their weight from one foot to another with each jump. Meaning, they don’t distribute the weight equally on two feet, but are constantly transferring the pressure from one to the other. Besides mimicking the ring footwork, this technique allows them to preserve energy and last longer. The boxers’ skip allows them to be more efficient For boxers, jump rope is also a conditioning training tool, compared to running, skipping rope also works the arms, wrists and shoulders, and out of all the cardiovascular activities probably comes closest to mimicking boxing.

Skipping rope helps boxers improve coordination, let’s take for example a traditional skip. To declare it successful, the legs and the arms have to work together and move in a rhythm that allows the arms swing the rope and the legs to jump over it—repeatedly. That’s one form of coordination. Some people simply don’t have it, others literally excel in it. World-class boxers are usually the masters of it. Perfecting quickness and speed, jump rope also helps boxers develop lower leg explosiveness. Once you improve your skipping, from heavy and clumsy to light and smooth (for a longer period of time), your footwork and boxing performance will improve as well. If you move quickly while skipping rope, you will be faster in the ring.”

Jump Manila has expanded to doing weekly jump rope challenges, successfully getting the sport incorporated into the physical education curriculum of schools, colleges, and universities. Talent identification for possible inclusion into the jump rope national team comes from the talent pool of thousands who’ve taken up the sport whether to stay fit or as a hobby or to compete. There’s also a CSR component in Jump Manila wherein Erwin reached out to local rattan manufacturers who now produce the wooden handles on almost all of Jump Manila’s jump ropes. The partnership has given employment opportunities and jobs to people in the rattan industry who lost their livelihood during the pandemic.

Summit on public-private partnership

Jump Manila I USED to weigh 220 lbs then I got into boxing for six months doing six five-minute rounds with only 30 seconds to rest in between. After boxing, I ran on the treadmill for about an hour then did circuit training which involves jump rope. I prefer the heavier ropes with thick handles because it tones your arms and makes you sweat more. The hydration requirement for jump rope is immense, and in my

Bernal’s victory, many waving Colombia flags and wearing shirts of the country’s soccer team. Bernal’s teammate, Filippo Ganna, won the individual time trial despite a late puncture after

Donaire eyes Inoue next, Casimero also an option

ALL ATHLETES TO RECEIVE ANTI-COVID-19 VACCINES

JUVIC WINS Juvic Pagunsan wins the

HE upcoming National Collegiate Athletic Association (NCAA) Season 96 and the new partnership between Milo and the Philippine Jump Rope Association (PJRA) make up the guests list in the online edition of the Philippine Sportswriters Association (PSA) Forum on Tuesday. NCAA Management Committee Chairman Fr. Vic Calvo, OP, will talk about the kickoff of the country’s oldest collegiate league on June 13 amid the pandemic that will see the virtual staging of sports events such as taekwondo, volleyball, chess and basketball. Lester Castillo, Rob Layco, Veronica Cruz and Education Undersecretary Tonisito Umali, meanwhile, will discuss Milo’s latest collaboration with PJRA. Presented by San Miguel Corp., Milo, Amelie Hotel Manila, Braska Restaurant, and the Philippine Amusement and Gaming Corp., the Forum starts at 10 a.m. PSA President Rey Lachica, sports editor of Tempo, enjoins members to tune in through the PSA Facebook page fb.com/PhilippineSportswritersAssociation and join the discussion. Powered by Smart and Upstream Media as official webcast partner, the public sports session is also shared by Radyo Pilipinas 2 Facebook page.

EGAN BERNAL: I look calm but inside I am exploding with happiness. AP