BusinessMirror June 03, 2020

PHL posts $448-M BOP surplus in March

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HE country’s Balance of Payments (BOP)—or the summary of the Philippines’ transactions with the rest of the world—still yielded positive numbers in March despite the onset of restrictions to curb the spread of the coronavirus disease (Covid-19) during the month.

The Bangko Sentral ng Pilipinas (BSP) reported on Tuesday that the country’s overall BOP position hit a surplus of $448 million in March. A BOP surplus means that the country is earning more dollars than it is spending for a given period.

March 2020’s surplus is significantly lower than the $627-million surplus in the same month last

AIRPORT utility personnel disinfect the predeparture waiting area fitted with plastic sheets to ensure proper distancing, at the Ninoy Aquino International Airport Terminal 4 in Pasay City. NONIE REYES

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year and the $839-million surplus seen in February 2020. It was in mid-March when the government decided to put the country on community quarantine in an effort to stop the spread of the virus.

According to the Central Bank, March’s BOP numbers reflected mainly the inflows arising from the BSP’s foreign-exchange operations, as well as income from its investments abroad, and the national government’s foreign currency deposits with the BSP. These inflows could have been higher, however, if not partially offset by the foreign currency withdrawals made by the national government to pay its foreign currency debt obliga-

tions during the month in review.

The BOP surplus in March reduced the cumulative BOP deficit for the period January to March 2020 to $68 million, from a deficit of $516 million for the first two months of the year.

The country’s BOP level in the first three months of 2020 is a reversal from the $3.8-billion BOP surplus recorded in the first quarter of 2019.

“This development may be attributed partly to the reversal of foreign portfolio investments to net outflows from net inflows in the first quarter of 2019, even as the merchandise trade deficit declined,” the BSP said.

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‘CREATE’ BILL’S OK NOW www.businessmirror.com.ph

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Wednesday, June 3, 2020 Vol. 15 No. 237

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

BAD TIMING—EXPERTS NG DEBT BALLOONS BY 10.4% TO P8.6T AS OF END-APRIL

By Bernadette D. Nicolas

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BIKES and sport-utility vehicles share the streets as people find ways to cope with the challenges of public commute coupled with the fear of getting infected with the coronavirus.

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases has encouraged the use of bicycles as a primary mode of transportation. NONIE REYES

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By Cai U. Ordinario

WENTY-SIX economists from the top universities in the Philippines have issued a position paper opposing passage of the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) bill, saying it added undue uncertainty—the last thing that businesses need while trying to recover from the Covid-19 pandemic.

Some of them propose breaking up the CREATE into three bills to reflect its main goals, starting with the corporate income-tax reduction, which some economists had said would make Philippine businesses more competitive with their rivals, though some quarters now say the revenue loss to government at this time is not worth the price.

Economists from the University of the Philippines Diliman (UPD), University of the Philippines Los Baños (UPLB), Ateneo de Manila University (ADMU) and the De La Salle University (DLSU) said the bill was

inequitable and inefficient.

The position was issued after three of its signatories—former UP School of Economics Deans Raul V. Fabella and Ramon L. Clarete and Ateneo School of Government Dean Ronald Mendoza—aired their personal opposition to the bill.

“It is in fact a mere tax relief for incorporated businesses, equivalent to a subsidy, leaving out microenterprises and unincorporated small and medium enterprises [MSMEs]. CREATE definitely falls short in terms of distributive justice,” the economists said.

HE national government’s outstanding debt ballooned by 10.4 percent to P8.6 trillion as of end-April this year from P7.787 trillion in the same period in 2019.

Latest data from the Bureau of the Treasury also showed that the end-April figure surged by P122.89 billion or 1.5 percent from P8.477 trillion as of end-March this year due to domestic securities issuance and external loan availments.

The end-March figure was adjusted to reflect the P300-billion short-term borrowing through the repurchase agreement with the Bangko Sentral ng Pilipinas (BSP).

To date, the national government outstanding debt grew by 11.2 percent for the first four months of the year from P7.731 trillion in December last year, driven by the 5.1-percent increase in external debt and the 14.4-percent uptick in domestic liabilities.

Of the total outstanding debt stock, 67 percent represented domestic debt, while 33 percent was sourced externally.

Domestic debt as of end-April reached P5.864 trillion, a 12.6-percent jump from P5.2 trillion a year ago.

Month-on-month, this was also higher by 0.9 percent compared to P5.813 trillion as of end-March.

For April, net issuance of domestic government securities amounted to P50.82 billion, while the peso appreciation merely diminished the value of onshore dollar bonds by P0.17 billion.

To date, domestic debt has increased by P735.92 billion or 14.4 percent since the beginning of the year as a result of net debt issuance and the short-term borrowing from BSP.

On the other hand, external debt from January to April this year rose by 6 percent to P2.737 trillion from P2.581 trillion in the same period in 2019.

Compared to P2.665 trillion as of end-March, this is up by 2.7 percent.

From the start of the year, the external debt of the national government increased by 5.1 percent from P2.604 trillion as of end-December last year.

Net availment of external loans for April amounted to P87.34 billion as part of the government’s efforts to raise concessional financing to address the Covid-19 pandemic.

Meanwhile, currency adjustments trimmed P15.10 billion from total, particularly through local currency appreciation.

Total outstanding guaranteed debt also decreased by 1.1 percent to P477.682 billion from P482.982 billion a year ago.

As of end-April this year, the guaranteed obligations slid by 0.9 percent from P481.82 billion as of end-March.

The lower level of guarantees was due to the net redemption of both local and foreign guarantees amounting to P3.24 billion and P0.10 billion, respectively.

This was further trimmed by currency adjustments which reduced the value of external guarantees by P0.80 billion.

Since the beginning of the year, national government guarantees have been reduced by P11.06 billion (or 2.3 percent) from P488.746 billion as of end-December last year.

Prior to the onset of the Covid-19 pandemic, the government had set a P1.4-trillion borrowing program for this year.

See “Debt,” A2

Continued on A2

PHL’s PMI still beat region’s average in May

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ESPITE the Philippine manufacturing sector’s contraction in May due to disrupted operations, its performance is still better than the Southeast Asian average.

In a report released Tuesday morning, IHS Markit announced that the average Purchasing Managers’ Index (PMI) for May rose to 35.5, up from the previous month’s 30.7. This puts the Philippines’ PMI of 40.1 above average.

The PMI is a composite index aimed to gauge the health of the country’s manufacturing sector. It is calculated as a weighted average of five individual subcomponents.

Readings below 50 show deterioration in the industry, while readings above the 50 threshold signal a growth in the manufacturing sector.

Due to the coronavirus disease (Covid-19), all countries registered a deterioration of their manufacturing sector.

PESO EXCHANGE RATES n US 50.4380

In terms of ranking, the Philippines’ PMI ranked fourth of the seven Southeast Asian countries monitored by IHS Markit.

Singapore was still hardest hit, and the only country which saw the downturn intensify in May. IHS Markit reported that Singapore’s 26.4 PMI was indicative of a substantial deterioration in the health of the sector and the lowest in the series’ near eight-year history. Indonesia’s PMI ranked sixth at 28.6.

Myanmar ranked fifth, just below the Philippines’ ranking, with a PMI of 38.9.

The Philippines’ PMI of 40.1 was an improvement compared to the April figure of 31.6. The global think tank, however, said that despite the improvement, the reading still pointed to a sharp deterioration in operating conditions across the country’s manufacturing sector.

See “PMI,” A2

AROUND 30 jeepney drivers from Caloocan City out of work since the lockdowns in March hold a rally to ask City Hall to let them ply their routes. They say they have yet to receive cash aid from the government, and that they should also be allowed to return as bus and taxi drivers were already earning a living. Transport advocates have asked the government to implement service contracting to protect transport workers and ensure adequate public transportation in areas under the general community quarantine. BERNARD TESTA

n JAPAN 0.4686 n UK 63.0273 n HK 6.5075 n CHINA 7.0750 n SINGAPORE 35.8454 n AUSTRALIA 34.2928 n EU 56.1577 n SAUDI ARABIA 13.4448

Source: BSP (June 2, 2020)

News BusinessMirror

A2 Wednesday, June 3, 2020

www.businessmirror.com.ph

DOH leans on Covid-19 labs for faster results, fresher, clean data

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By Claudeth Mocon-Ciriaco

HE Department of Health (DOH) has ordered licensed laboratories to speed up the submission of test results to ensure a more precise collation, validation and reporting of Covid-19 data as it needs to address the current backlog of 1,168 test results.

In a virtual media forum with health reporters, Undersecretary Maria Rosario Vergeire said the DOH met with the laboratory officials on Monday and gave them until Thursday to submit their complete line list. She said that she expects them to comply immediately.

Vergeire, meanwhile, revealed during the DOH Beat Covid-19 televised press conference that out of 42 operational licensed laboratories, 38 have already submitted their line lists. Each line list contains all test results conducted since the beginning of a laboratory’s operation up to the present.

The government needs these

line lists to provide accurate and timely information to policymakers as well as the public who have endured the hardships brought on by this pandemic.

Once the remaining laboratories submit their complete line lists, the DOH will no longer report late cases.

Likewise, as of June 1, 2020, there are 38 out of 42 operational licensed laboratories that have submitted their daily accomplishment reports.

While nearing its goal to wipe out previous backlogs, the DOH said that additional backlogs were reported after the laboratory at the Western Visayas Medical Center

(WVMC) encountered a problem with its exhaust system.

Over the weekend, a backlog of 505 cases was recorded in WVMC, 353 from the Research Institute for Tropical Medicine and a “few” from other labs.

Vergeire reiterated that problems encountered in laboratories, like a shutdown in operation and erratic supplies, are just some of the factors causing the backlogs.

“You have to remember that when you do the testing, you need to swab, then you need a transport medium to preserve the specimen.

In the lab, you have to extract the virus. Those types of processes have different needs. This is where we encounter the challenges in supplies,” Vergeire explained in a mix of English and Filipino.

However, with the help of the private sector, the DOH is now able to stabilize the supplies, and, she added, “hopefully this will continue.”

Vergeire expressed confidence about being able “to ramp up the capacity already.” There are now 49 accredited Covid-19 testing laboratories, 38 licensed laboratories equipped to perform RT-PCR tests, and 11 laboratories licensed to use

GeneXpert cartridges.

Work in progress

VERGEIRE was joined by public health epidemiologist Dr. Troy Gepte at the virtual media forum.

They said that as more tests are conducted daily, Covid-19 laboratories continue to be swamped with more samples to process.

While the DOH has also been conducting a mass hiring program which includes data encoders, testing laboratories have also been adapting and improving their ability to submit test results to the department so that timely and accurate data may be released to the public.

“It is difficult to clean the data.

We are doing every means possible.

It’s a work in progress with the labs to report properly the data....

As much as possible, we would like to have the most recent data,” said Gepte in a mix of English and Filipino, while explaining the advantages of the recent update on the nomenclature of cases to “fresh” and “late” distinctions.

“But it is not easy to get such information,” he added.

Much of the testing is still subject to a manual verification process and paper-based case information

forms are still widely used for the advantages they have in parts of the country that do not have fully developed digital infrastructure.

Vergeire said this makes case validation all the more critical to ensure that the publicly available data is accurate.

She explained that the DOH can only start the validation process once the laboratories have submitted test results to them, but this puts a strain on the testing system. Fortunately, there are more laboratories being accredited, with 49 currently licensed and 130 with pending applications.

“When all our laboratories submit consistently their daily reports, and they use the COVIDKAYA application, only then can we do close to real-time informationsharing between laboratories and the DOH,” she added.

Both Vergeire and Gepte stressed that this is why it is important to separately understand the fresh and late cases, because separately examining how the trend of the fresh cases progresses over time will provide a more accurate view of how the Covid-19 situation is evolving as the country adjusts to the general community quarantine.

DOLE EYES HUGE SUBSIDY TO KEEP WORKERS T

HE government may subsidize as much as half of the salary of workers of firms hit by the impact of the Covid-19 lockdowns under the proposed job-saving measures of the Department of Labor and Employment (DOLE).

In an online press briefing, Labor and Employment Secretary Silvestre H. Bello III finally announced the rate of their proposed wage subsidy.

The component of their

post-Covid recovery plan, he noted, does not only aim for companies to retain jobs, but also to hire additional workers.

“We are recommending the cash subsidy of 25 to 50 percent to employers provided that they retain their employees and add [an] additional 2030 percent of their workforce,” Bello said.

The plan has been submitted by DOLE to the Office of the President for approval.

On Sunday, the DOLE issued a statement backing the two pending stimulus bills in Congress, which will grant it funding for its post-Covid plan.

This includes the P1.3trillion Accelerated Recovery and Investments Stimulus for the Economy (ARISE) bill and the P1.5-trillion Covid-19 Unemployment Reduction Economic Stimulus (CURES) Act of 2020.

The immediate passage of

such legislation will be crucial in reducing the number of the expected 3 million to 5 million workers expected to be displaced by the Covid-19 crisis.

The DOLE said it started receiving reports of some companies planning to retrench their workers after the over two-month community quarantine implemented by the government to contain the spread of Covid-19.

Samuel P. Medenilla

LABOR Secretary Silvestre H. Bello III

AP

Debt…

Continued from A1

The Cabinet-level Development Budget Coordination Committee (DBCC) earlier said it projects this year’s deficit to widen to P1.56 trillion or 8.1 percent of GDP on the back of increased disbursements and drop in revenue collections as the country continues to take a hit from the pandemic.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua earlier said the Executive Branch’s proposed P173-billion fiscal stimulus program—Bayanihan II and the outright 5-percent cut of the current corporate income tax rate from 30 percent to 25 percent under the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE—will push the country’s budget deficit to 9 percent of GDP this year.

In 2019 the government recorded a budget deficit of P660.2 billion or 3.55 percent of GDP, exceeding the administration’s target of 3.25 percent of GDP for the year.

The DBCC also said last month that the country’s debt-to-GDP ratio this year will be around 50 percent, far lower than the most recent peak of 71.6 percent in 2004.

Last year, the country enjoyed its lowest-recorded debt-to-GDP ratio of 39.6 percent of GDP.

A budget deficit occurs when expenditures exceed revenues, while debt-toGDP ratio is used to gauge a country’s ability to pay off its debt.

PMI…

Continued from A1

“Conditions have still not recovered, with restrictions in the capital and other cities broadly the same since April, in part leading to another sharp fall in new order volumes.… Employment continued to drop amid excess capacity, further hampering demand conditions. Price pressures began to inflate in May after marked decreases during March and April.

Raw material prices rose slightly as reductions in global supply started to outweigh weaker demand and led to difficulties in acquiring inputs. Output prices also increased, but firms tried to keep charge inflation low, hoping this would encourage an improvement in sales once demand conditions have returned to normal,” IHS Markit economist David Owen said.

Thailand did better than the Philippines in May, with a PMI of 41.6. Vietnam’s manufacturing sector ranked second with a PMI of 42.7, while Malaysia was the least affected country in May with a PMI of 45.6.

“Notably, each of the seven monitored countries remained mired in a downturn for the third month running during May, which lays bare the enormous impact the pandemic is having on the sector. Although data appear to suggest that the downturn bottomed out in April, Asean manufacturers are still a long way from a recovery,” IHS Markit economist Lewis Cooper said.

‘CREATE’ bill’s OK now bad timing–experts Continued from A1

Some of the economists had earlier expressed support for the initial incarnation of the second key package of the comprehensive tax reform package that was billed—before it became CREATE—as Trabaho bill, then Citira, for Corporate Income Tax and Incentives Rationalization Act. But, they said, this was before the Covid-19 pandemic, which has completely upended economic assumptions worldwide and driven countries into recession.

Apart from the decline in government revenues due to the corporate income tax (CIT) reduction to 25 percent from the current 30 percent, the economists expressed concern that passing the bill would negatively impact firms in export zones under the Philippine Export Zone Authority (Peza).

Under the proposed bill, the gross income tax of 5 percent of these firms will expire in 4 to 9 years and a flexible special incentive scheme will be in place, which may not be welcomed by foreign investors.

“[The bill] is fraught with risk and uncertainty. And we simply cannot afford to add more uncertainty during this fragile recovery period from the Covid-19 pandemic,” the economists said.

Break up into 3 bills

INSTEAD, the economists are proposing that the aims of the CREATE be unbundled and included in three separate bills—one each for corporate tax reforms, special fiscal and investment incentives, and for Peza firms.

The economists also said the Na-

tional Economic and Development Authority (Neda) should step up to draft a long-term development plan as head of the Inter-Agency Task Force for the Economy Moving Forward as One (IATF-EMF1).

The Neda, the economists said, should monitor Program Action Plans (PAPs) for outcomes and recommend which of them deserve to be permanent.

The priority should be on direct measures to strengthen the country’s health and social protection systems as part of a “build-back-better” plan.

“We underscore the importance of having a long-term development plan geared toward stable, sustainable and equitable growth that will accompany the business survival and economic recovery plan from the Covid-19 pandemic,” the economists said.

Complicated reform

EXPANDING the social protection program and strengthening the health system of the country would make for a better legacy for the Duterte administration rather than the passage of additional tax measures.

In a paper presented in a recent joint hearing of the Senate Committees on Finance and Economic Affairs, Mendoza said the government should not rush into passing the CREATE bill, also known as Citira, Trabaho and Train 2.

Mendoza said the CREATE is a complicated reform which the current administration may not have enough time to implement. He added that the government’s efforts should be directed toward the response for the Covid-19 pandemic.

“With so little time left, and given the monster [i.e., Covid-19] staring us in the face right now, the de facto reform legacy of this administration could be the Universal Health Care [UHC Law] and social protection [4Ps Law], which can use further boosting and strengthening during the Covid-19 pandemic,” Mendoza said.

Mendoza said that while CREATE was a sound reform on paper, implementing it may be difficult given this administration’s track record of carrying out economic reforms.

He said the administration also encountered a lot of bad timing in the implementation of its recent reforms, particularly Train 1 and the Rice Trade Liberalization (RTL) law.

Mendoza said Train 1 was implemented during a time of high fuel prices, while the RTL was passed and signed into law shortly before a series of droughts was experienced by the country’s sources of imported rice.

Implementing the CREATE at this time, Mendoza said, would not be beneficial given the economic downturn being experienced by countries whose investors the Philippines was looking forward to attract.

“Many of us economists actually once supported them. But in practice and once implemented under this administration, many of our economic reforms hit into the stark reality of weak state capability to execute policy.

And also quite a bit of bad timing,” Mendoza said.

Favoring CREATE

HOWEVER, some economists still feel that passing the CREATE was still needed

at this time given the kind of relief it would bring to local firms.

Unionbank Chief Economist Ruben Carlo O. Asuncion said CREATE can help the economy bounce back from the current crisis. He added that suggestions to split CREATE would not be beneficial.

Asuncion said policy reforms such as CREATE need to be implemented in its entirety and not piecemeal, like the suggestion of Sen. Imee Marcos. (See: businessmirror.com.ph/2020/05/26/imeespitch-lets-approve-cit-cut-first/)

“Parts of the bill addressing corporate taxes and the one rationalizing incentives are very related and equally important in reforming our industrial development policy,” Asuncion told this newspaper.

“The flexibility CREATE affords will help us address our lack of industrial development focus and we will be able to target what we want to have for this country finally,” he added.

DLSU economist Maria Ella C. Oplas agreed but told the BusinessMirror the CREATE needs some tweaking, especially in light of the current situation.

Oplas said the reduction in corporate income tax is of particular importance at this time, but the elimination of tax incentives could wait.

She said the elimination of incentives can be reviewed in light of the Covid-19 situation. The government can consider extending the incentives due to the crisis.

“While there is wisdom in passing the Citira [CREATE] bill, I believe that our government must recognize that large or small, no business was spared

from the wrath of Covid-19,” Oplas said.

For its part, the Action for Economic Reforms (AER) recommended to retain the current fiscal incentive system instead of shelving the CREATE bill.

In a statement, AER said cutting the corporate income tax to 25 percent from 30 percent is “contingent on job preservation or job creation.”

The reduction in corporate income tax will help firms retain their workforce and could even expand it by hiring additional workers.

“This is a social bargain,” AER said. “The heart of the stimulus is found in the bill’s title: CREATE. Tying the corporate tax reduction to creating jobs is thus essential.”

Opposition

TWO former deans of the University of the Philippines School of Economics (UPSE) have already voiced out their reservations with the passage of the CREATE bill.

Former UPSE Deans Fabella and Clarete believe the revenues that government stands to lose due to the CREATE are too high a price to pay at this time when there is a need to increase the tax effort.

Clarete said that while past crises such as the Asian Financial Crisis and the Global Economic Crisis have forced the country to bring down corporate income taxes to encourage more firms to pay their taxes, it was only when the economy recovered that government revenues improved.

He added that CREATE will not allow the country to attract businesses to boost the economy. Clarete said it is

only at the end of the Covid-19 crisis that investors can regain the confidence they once had when investing.

Fabella said the looming U-shaped recovery will make it harder for the government to realize the gains of the new tax reform. Whether the tax rate is 30 percent or 25 percent, if the income of firms is zero, no taxes will come of it.

He added that the expanded net operating loss carryover (Nolco) will also not do any good given that many firms may not survive the current crisis.

“The massive multiplier argument parlayed by the Department of Finance (DOF) for CREATE seems dreamy in a free-falling economy,” Fabella said in a recent column in a business daily.

The changes to the second package of tax reform, which will now be named CREATE, include an immediate cut in corporate income taxes by 5 percent starting July 2020, up to 2022, to be followed by a 1-percent cut every year until the rate reaches 20 percent, or 3 percent lower than the Asean average of around 23 percent.

Other amendments include a more universal Nolco provision, which will extend the carryover period of net losses in 2020 by two more years, prolonging the carryover period from three to five years. This will allow firms to utilize net losses in 2020 as additional deductions to their taxable income from 2021 to 2025.

The Fiscal Incentives Review Board, whose functions will be expanded under the bill, will also have the power to recommend the grant of longer tax incentives and nonfiscal incentives to deserving companies.

www.businessmirror.com.ph

The Nation BusinessMirror

De Lima bill toughens law vs illegal job recruitment

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S labor authorities air warnings against stepped up activities by criminal syndicates exploiting the tightening market for migrant workers amid the Covid-19 pandemic, Sen. Leila M. de Lima has filed a bill to toughen the law against illegal recruitment.

De Lima filed Senate Bill (SB) 1466, which redefines the crime of illegal recruitment committed by a syndicate by lowering the number of perpetrators from three to two to qualify as large-scale illegal recruitment.

The bill seeks to address the injustice suffered by overseas Filipino workers (OFWs) in the hands of illegal recruiters by amending Article 38 of Presidential Decree 442, or the “Labor Code of the Philippines,” as amended and Section 6 of Republic Act (RA) 8042, or the “Migrant Workers and Overseas Filipinos Act of 1995,” as amended.

“Illegal recruitment is a great menace to our society. It is one of the most detestable crimes a Filipino can commit to a fellow Filipino; a crime that has brought about sufferings to thousands of poor and innocent victims and their families,” she said.

“Under the present set up, persons accused of illegal recruitment by a syndicate may evade the penalty as provided by the existing law, by simply alleging that the victim failed to establish that the crime was carried out by a group of three or more persons, conspiring, or confederating with one another.

Under the present law, illegal recruitment by a syndicate is meted with life imprisonment and a fine of not less than P2 million but not more than P5 million.

In filing the measure, de Lima cited the case of Mary Jane Veloso, a human trafficking victim convicted for carrying 2.6 kilograms of heroin at the Yogyakarta Airport in 2010, as she continues to be at the brink of death to this date.

Last October 11, 2019, the Supreme Court reversed the Court of Appeals’ ruling and allowed Veloso to testify via a deposition in a local trafficking case against her recruiters. That deposition was being required by Indonesian authorities who had earlier withheld enforcement of her death sentence for being a drug mule. The Jakarta government had said Veloso should establish her victim status in order to completely reverse the death sentence imposed on her by an Indonesian court.

“This is perhaps just one of the most heart wrenching realities of some of our countrymen who fly abroad, dreaming of better futures for their families but instead finding themselves trapped and helpless in a foreign country,” de Lima said.

If her bill is enacted into law, de Lima said illegal recruitment will be deemed committed by a syndicate if carried out by two, instead of three, or more persons conspiring or confederating with one another. Butch Fernandez

Editor: Vittorio V. Vitug • Wednesday, June 3, 2020 A3

Transport agony worsens workers’ income slump

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By Butch Fernandez

@butchfBM

HE chairman of the Senate Committee on Labor on Tuesday lamented the worsening transport agony workers go through daily, negating gains as they go back to work.

Sen. Joel Villanueva, panel chairman, rued it is bad enough that workers had to endure loss of income and leave benefits during the quarantine period, but to subject them to great misery on the road as the lockdowns eased on Monday (June 1, 2020) is unconscionable.

Sen. Nancy Binay weighed in on the issue and suggested that transportation officials should try commuting from their homes with the limited transport so they will better “appreciate the situation.”

Villanueva lamented that while “our economy has been the prime consideration in the decision to relax our quarantine restriction, but sadly, it appears we forgot about the mobility of our workers in our desire to jumpstart the recovery.”

“For industries to restart successfully, it relies on the labor of the people to spark the economic recovery,” he said,

as workers in Metro Manila industries struggled for a second day with the lack of public transportation—which is still banned except for limited rail seating—and had to work for several hours just to reach their job sites.

“Mass transportation plays a critical role in the successful restart of our economy. We hope our transport regulators are able to make adjustments in their plans in the coming days so that our workers won’t have to worry how to get to work,” added the lawmaker in a news statement issued on Tuesday morning.

Transportation issues hounded the first day of the general community quarantine in Metro Manila as the government deployed trucks to ferry those stranded in major roads.

Villanueva noted that workers cannot afford to miss work, or be late because they’ve already suffered so much since mid-March, when strict movement

restrictions were imposed to curb the transmission of Covid-19. The enhanced community quarantine shut down most industries and businesses and for workers, that meant “no work, no pay.”

The senator urged the Duterte administration to increase its capacity on disease surveillance, which remains to be the only option to manage the spread of Covid-19 in the absence of a vaccine. With more people out, and workers having to fill out contact tracing forms in the workplaces, the government should handle this increase by expanding its capacity for contact tracing, he added.

At the same time, Villanueva supported the funding of the Department of Labor and Employment’s Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD) which will be used to increase the capacity of the government’s contact tracing program.

According to the 10th Bayanihan Report to Congress which Malacañang submitted on Monday, the government retained 134 individuals in its contact tracing program, deployed in 61 hospitals, and regional and city epidemiology surveillance units.

Meanwhile, Villanueva reminded the labor department to proactively monitor the compliance of companies with prevailing occupational safety and health standards, saying that workplaces must always ensure the welfare of workers.

Go warns public of scammers using his, Duterte’s name amid contagion

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EN. Christopher Lawrence “Bong” Go has warned the public against scammers who use his name, and that of President Duterte, to buy and sell medical supplies amid the coronavirus disease 2019 (Covid-19) pandemic.

In a news statement posted on his Facebook page, Go said he was made aware of certain groups who use their names to trade in medical supplies.

“Scam at walang katapusang fake news po iyan. Hindi po bumibili ang opisina ko ng anumang medical supplies. Hindi ko trabaho iyan [That is a scam and endless fake news. My office does not buy nor sell medical supplies. That is not my job as a legislator],” he said.

Go said there are concerned government agencies mandated to procure medical supplies.

“Kung marami po kayong supply ng masks, i-donate niyo nalang sa mga nangangailangan nang walang bayad kaysa magpaloko po kayo sa mga nangsasamantala at ginagamit pa ang pangalan namin sa kalokohan nila [If you have an abundant supply of face masks, just donate them for free to those who needed them instead of being scammed by opportunists who even use our names in their fraudulent schemes],” Go said.

The administration lawmaker said he and President Duterte will not allow these unscrupulous individuals to profit from the Covid-19 crisis using their names.

Economy BusinessMirror

A4 Wednesday, June 3, 2020 • Editor: Vittorio V. Vitug

www.businessmirror.com.ph

Inbound tourism receipts plunge 61% in Jan-May 2020; LGUs still cautious

By Ma. Stella F. Arnaldo

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@akosistellaBM Special to the BusinessMirror

ESPITE their having been placed under the more relaxed modified general community quarantine (MGCQ) status, many provinces and regions are still wary of accepting tourism business.

This was disclosed by Tourism Secretary Bernadette Romulo Puyat in a virtual news briefing on Tuesday, even as she revealed that the number of international tourist slumped by 62.21 percent to 1.3 million from January to May, with “zero arrivals” recorded in April and May. Inbound tourism receipts were also a dismal P81.05 billion, a 60.6-percent fall

from the same period in 2019.

“Right now, no province is ready to accept tourists back. Even under GCQ, a lot of the provinces are hesitant to accept commercial flights.

So I think that the DOTr [Department of Transportation] will be talking to the DILG [Department of the Interior and Local Government] and will be discussing this

GMA backs ARISE passage to cushion pandemic impact

By Jovee Marie N. dela Cruz

@joveemarie

F

ORMER President Gloria Macapagal-Arroyo, who presided over the country’s remarkable recovery from the 2003 to 2005 fiscal crisis and the 2008 to 2009 global financial crisis, has backed the immediate passage of the P1.3-trillion Accelerated Recovery and Investments Stimulus for the Economy (ARISE) to mitigate the impact of the Covid-19 pandemic.

In a news statement, Arroyo said strong government action will revive the economy from the crisis.

“I have just seen Rep. Joey S. Salceda’s presentation regarding the Economic Stimulus Act of 2020. It echoes the strong action taken by the US government in the wake of the 2008 global financial crisis.

It bailed out the key economic players and directly assisted strategic sectors such as the auto industry,” she said.

“In the end, as evidenced by the robust US economy up to the period just before the Covid-19 pandemic, strong government action did the job of reviving the economy. Rep. Salceda’s proposal is similar in approach, but targets what is identified as our vulnerable sector in the post-Covid-19 crisis, such as the SMEs [small and medium enterprises] and similar ‘backyard’ businesses,” she added.

In the mainstream corporate sector, Arroyo, also a former Speaker of the House, said most corporations would likely be able to recover naturally, except for the obvious losers in the crisis, such as the airline industry.

“The proposal is correct to focus on what can be done in the next two years within the term of President Duterte, not so much for political reasons, but so that it would not unduly tie the hands of the next administration,” she said.

“Other strengths of the proposal are the stimulus to be provided by continuity with the ‘Build, Build, Build’ infrastructure program, and some long-desired structural reforms such as in the agricultural sector,” she added.

But she said huge budgetary cost of the economic stimulus could be a cause of concern.

From the point of view of a former President, not just an economist, Arroyo said the proposal should be the starting draft, then it would be up to those with different views on the fiscal impact to temper the program as appropriate.

“There is of course a budgetary cost to the proposal, and if I were to discern events based on my limited information from the outside looking in, there might arise a gap between the proposal on the one hand, and on the other hand, the views of those in the economic and the multilateral community who would be concerned about our country’s fiscal health,” she added.

V-shaped

FOR his part, Salceda said early detection, correct diagnosis and policy prescription and decisive action delivered one of the most impressive V-shaped recoveries in the world and in Philippine history.

“We exerted our utmost efforts to be just as responsive this time.

After 37 Zoom meetings by congressional leaders and members with industry leaders, government agencies and civil-society organizations, the House has come up with one of the most comprehensive Economic Stimulus Program signed by an unprecedented 267 members of the House of Representatives,” he said.

“The sooner we perk up the animal spirits of consumers, entrepreneurs, businesses and investors, the quicker and the more V-shaped the recovery can be secured in 2020,” he added.

Majority Leader Martin Romualdez on Tuesday said the approval on second reading of the proposed ARISE Act will help President Duterte to kick-start the shuttered economy.

Romualdez, the chairman of the powerful House committee on rules, said ARISE, or the economic stimulus for workers will protect close to 16 million workers, create 3 million short-term jobs and other measures to mitigate the impact of the coronavirus disease 2019 (Covid-19) over the period of three years.

“We have to jump-start our economic activities, while keeping our people healthy, the soonest time possible to ensure our survival as a nation,” said Romualdez on the measure being eyed for third and final reading approval before Congress adjourns session this week.

with the different LGUs when they are even ready to accept tourists.”

Major Philippine carriers have already announced plans to fly to various cities in the first week of June, even as the Civil Aeronautics Board (CAB) reminded them that leisure travel was still not allowed in GCQ areas.

In an advisory signed on May 29, 2020, by CAB Executive Director Carmelo L. Arcilla, a copy of which was obtained by the BusinessMirror, the agency said, “Under the Omnibus Guidelines on Community Quarantine, movement in areas under GCQ for leisure purposes shall not be allowed.”

It also prohibited the travel of “persons below 21 years old,” as well as senior citizens, along with those who have “immunodeficiency, comorbidities, or other health risks, and pregnant [women].… For purposes of compliance, airlines shall vet, or screen departing passengers, to confirm that the travel

is for non-leisure purposes.”

Still, Romulo Puyat noted that the delay by provinces in reopening to tourism might not necessarily be a bad thing. “The beauty in this is it gives us also time to process all the hotels’ certificate to operate…so I actually appreciate that our LGUs are being very careful.”

She cited Mayor Benjamin Magalong of Baguio City who wants to reopen his city to tourism in September. When I asked him why, he said it was better to be safe and sure. “Isang outbreak lang, masisira na ang Baguio.” Other LGUs under MGCQ that have aired their views against resuming tourism activities and receiving commercial flights include Bohol, Malay (Boracay) and Siargao.

Meanwhile, Romulo Puyat reminded hotels and other accommodation establishments in MGCQ areas to secure their “certificate of authority to operate” prior to their

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@caiordinario

HE solution to Metro Manila’s transportation woes could only be a P32 billion worth experiment away, according to a US-based transportation expert.

Benjie de la Peña, chief of Strategy and Innovation for the Seattle Department of Transportation (SDOT), said the experiment would require the national government to contract 55,000 jeepneys and 8,000 buses to ferry millions for 90 days, or three months.

This is the right step forward for the megacity’s 50-year-old transportation problem, de la Peña said, adding traffic in Metro Manila is only a symptom of the problem which viewed transportation as the movement of cars rather than people.

“Our problem is we’ve been trying to solve traffic for 5 decades. What we need is to solve transportation. We have to stop thinking about how many vehicles we can push through a road.

We have to start thinking of how many people can get to where they want to get to,” de la Peña said.

“Two ways are more efficient. People walking, people taking bikes, and then public transportation. Last on that list are private cars, which by the way in Metro Manila, only 12 percent of people own private cars so the vast majority depend on public transportation. Our ability to make it work will redound to the welfare of our families and countrymen and the competitiveness of our cities,” he explained.

De la Peña said the funds, which is less than 10 percent of the government’s P330 billion to P350 billion worth stimulus, would be used to pay

jeepneys and buses.

He said it is estimated that jeepneys earn P5,000 per day, while buses earn P10,000 per day. Together they earn P355 million per day or P31.95 billion for 90 days.

Under experiment, the national government will pay jeepneys and buses. Many of the cities that have successfully implemented these kinds of transportation schemes include Seoul, London and Bogotá.

These cities have used service contracting where a contractor provides a transportation service to the government. The contract will have key performing indicators such as number of trips and kilometers traveled in a specific route per day.

It is hoped that after this experiment, government can ensure physical distancing in public transport, as well as provide jeepneys and buses a stable source of income.

De la Peña said after the three months is done, the government can evaluate the experiment based on the impact on health, access to public transport for commuters, incomes for buses and jeepneys, and the sources of funds.

If the experiment is a success, de la Peña said, the government should already implement it for the long term and even create a separate agency that will have the legal mandate to enforce these kinds of contracts.

However, Finance Undersecretary Antonio Joselito Lambino II said in the same forum that changing the transportation system in Metro Manila should be viewed from a wholistic point of view.

Lambino said the financing, particularly, has to take into consideration

the current fiscal state of the country.

To date, he said, the deficit to gross domestic product ratio is at 8 percent and the aim is to keep this at 9 percent.

He said the recommendation of de la Peña also needs to consider other parts of the country. Lambino said fixing the country’s transportation woes does not only mean addressing traffic in Metro Manila.

“The costs, while they are quite high based on what I heard earlier… will be higher still if you are looking at the entire country. We really have to look at the totality of this initiative,” Lambino said.

“We have to be very pragmatic about that [deficit] because we gotta ask our children, our grandchildren whether they are willing to pay because any deficit is funded through borrowing and so that would be paid by us and the future generation,” he said.

De la Peña said, however, quoted Enrique Peñalosa, the former Mayor of Bogotá, Colombia, who said “A rich country is not where poor own cars. It’s where the rich use public transportation.”

Public transportation is not cheap and no city in the world, de la Peña said, earns money from it. This includes Tokyo, Singapore, and Hong Kong which have excellent transportation systems.

In the case of Tokyo and Hong Kong, a line is planned by the government together with a real-estate component.

In effect, the real-estate sector pays for the system.

For Singapore, de la Peña said, the government spends for the infrastructure and the private sector does not need to “make back” the cost, ensuring that transportation remains affordable for all.

Icao to govts: Adopt air travel guide in reopening. . . continued from a8 He was referring to the Icao Council-approved document Takeoff: “Guidance for Air Travel through the Covid-19 Public Health Crisis [Takeoff].” Icao is a UN agency established to manage the administration and governance of the Convention on International Civil Aviation.

De Juniac said this is an authoritative and comprehensive framework of risk-based temporary measures for air transport operations during the Covid-19 crisis.

Takeoff proposes a phased approach to restarting aviation and identifies a set of generally applicable risk-based measures.

De Juniac said that according to the recommendations and guidance from public health authorities, the proposal “will mitigate the risk of transmission of the Covid-19 virus during the travel process.”

These measures include:

Physical distancing to the extent feasible and implementation of “adequate risk-based measures where distancing is not feasible, for example in

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reopening. “This is to assure the safety of our stakeholders whether for the accommodation of guests, or operations of the in-house food facilities for takeout or delivery,” she said, adding that the application is free of charge and may be submitted to the DOT regional office where the establishment is located.

Earlier, the DOT issued Administrative Order 2002-02, which allows hotels and other accommodation establishments to reopen 50 percent of their operations under the MGCQ. Areas still under GCQ such as the National Capital Region and Pateros, Pangasinan, Cagayan Valley, Central Luzon, Calabarzon, Central Luzon, Davao City, and Zamboanga City are still not allowed to reopen their hotels, and undertake leisure activities, such as tourism. (See, “No hotel operations, leisure travel allowed under GCQ,” in the BusinessMirror, May 30, 2020.)

Expert proposes ₧32-billion ‘solution’ to solve Metro Manila’s traffic woes

By Cai U. Ordinario

DA may keep price freeze on farm products during GCQ

aircraft cabins;”

Wearing of face coverings and masks by passengers and aviation workers;

Routine sanitation and disinfection of all areas with potential for human contact and transmission;

Health screening, which could include pre- and post-flight self-declarations, as well as temperature screening and visual observation, “conducted by health professionals”;

Contact tracing for passengers and aviation employees: updated contact information should be requested as part of the health self-declaration, and interaction between passengers and governments should be made directly through government portals;

Passenger health declaration forms, including self-declarations in line with the recommendations of relevant health authorities. Electronic tools should be encouraged to avoid paper;

Testing: if and when real-time, rapid and reliable testing becomes available. Recto L. Mercene

HE Department of Agriculture (DA) on Tuesday revealed plans to maintain a price freeze on various agricultural farm products even after the country transitioned to a general community quarantine (GCQ) status.

In an online briefing, Agriculture Secretary William D. Dar said they will propose to the Inter-Agency Task Force on Emerging Infectious Diseases to convert the prevailing suggested retail price (SRP) matrix on certain farm products into a price freeze order. Dar added that they will present their proposal to the IATF next week.

“What are we doing right now is we are reviewing all SRPs and transform these into price freeze. We hope the IATF endorses our proposal and hoping the President will continue to support the implementation of the Price Act,” Dar said.

“The SRP is there. But it will have more teeth if we transform the SRP into price freeze,” Dar added.

In March, the DA issued an order for the initial list of farm products to have their SRPs: Pork (pigue/kasim) at P190 per kilogram; whole, dressed chicken at P130 per kilogram; brown/raw sugar at P45 per kg; refined sugar at P50 per kg; bangus (cage-cultured) at P162 per kg; tilapia (pond-cultured) at P120 per kg; imported galunggong at P130 per kg; imported garlic at P70 per kg; locally produced garlic at P120 per kg and imported red onions at P95 per kg.

In April, the DA expanded its SRP matrix to include additional agricultural products such as pork liempo (P225 per kg); imported special rice (P51 per kg); imported premium rice (P42 per kg); imported well-milled rice (P40 per kg); and imported regularmilled rice (P39 per kg).

The expanded SRP also covered local special rice (P53 per kg); local premium rice (P45 per kg); local wellmilled rice (P40 per kg); local regularmilled rice (P33 per kg); local galunggong (P130 per kg); medium-sized eggs (P6.50 per piece); cooking oil (P24 for 30 ML and P50 for a liter).

Under Republic Act 7581 or the Price Act, the DA could impose SRP “for any, or all basic necessities and prime agricultural commodities.”

Under the law, the President, upon the recommendation of the DA, or the Price Coordinating Council, may impose price ceiling on basic necessity or prime agricultural commodities.

However, such recommendation by the DA or the Price Coordinating Council shall be based on any of the following conditions: the impendency, existence, or effects of a calamity; the threat, existence, or effect of an emergency; the prevalence or widespread acts of illegal price manipulation; the impendency , existence, or effect of any event that causes artificial and unreasonable increase in the price of the basic necessity or prime commodity; and whenever the prevailing price of any basic necessity or prime commodity has risen to unreasonable levels. Jasper Emmanuel Y. Arcalas

WB: Big virus victims are economies hinged on trade, remittances

...

continued from a8

Ang and Opiniano said this will likely cut the remittances from OFWs by 10 to 20 percent or as much as $3 billion to $6 billion, “the steepest decline in remittances in Philippine migration history.” This means remittances could only reach $24 billion to $27 billion this year from $30 billion in 2019.

The Covid-19-induced lockdowns and work stoppage has put global economies in limbo. Multilateral institutions as well as international and local think tanks have painted a grim picture for global GDP growth this year.

The Philippines is not spared as the enhanced community quarantine (ECQ) was imposed on the entire island of Luzon where the National Capital Region, Calabarzon, and Central Luzon regions are located. The three regions account for 60 percent of the country’s GDP. The government also expects the return of thousands of OFWs due to the work stoppage, particularly among cruise ships and ocean liners impacted by Covid-19.

Ang and Opiniano said another concern when it comes to the plight of OFWs is the decline in oil prices. They estimate that if the current trend continues, more Filipinos in the oil-rich Middle East will be out of jobs or suffer pay cuts.

Editor: Angel R. Calso

The World BusinessMirror

Wednesday, June 3, 2020

A5

China delayed releasing virus information, frustrating WHO

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hroughout January, the World Health Organization publicly praised China for what it called a speedy response to the new coronavirus. It repeatedly thanked the Chinese government for sharing the genetic map of the virus “immediately,” and said its work and commitment to transparency were “very impressive, and beyond words.”

But behind the scenes, it was a much different story, one of significant delays

by China and considerable frustration among WHO officials over not getting the information they needed to fight the spread of the deadly virus, The Associated Press has found.

Despite the plaudits, China in fact sat on releasing the genetic map, or genome, of the virus for more than a week after three different government labs had fully decoded the information. Tight controls on information and competition within the Chinese public health system were to blame, according to dozens of interviews and internal documents.

Chinese government labs only released the genome after another lab published it ahead of authorities on a virologist website on January 11. Even then, China stalled for at least two weeks more on providing WHO with detailed data on patients and cases, according to recordings of internal meetings held by the UN health agency through January—all at a time when the outbreak arguably might have been dramatically slowed.

WHO officials were lauding China in public because they wanted to coax more information out of the government, the recordings obtained by the AP suggest.

Privately, they complained in meetings the week of January 6 that China was not sharing enough data to assess how effectively the virus spread between people or what risk it posed to the rest of the world, costing valuable time.

“We’re going on very minimal information,” said American epidemiologist Maria Van Kerkhove, now WHO’s technical lead for Covid-19, in one internal meeting. “It’s clearly not enough for you to do proper planning.”

“We’re currently at the stage where yes, they’re giving it to us 15 minutes before it appears on CCTV,” said WHO’s top official in China, Dr. Gauden Galea, referring to the state-owned China Central Television, in another meeting.

The story behind the early response to the virus comes at a time when the UN health agency is under siege, and has agreed to an independent probe of how the pandemic was handled globally. After repeatedly praising the Chinese response early on, US President Donald Trump has blasted WHO in recent weeks for allegedly colluding with China to hide the extent of the coronavirus crisis. He cut ties with the organization on Friday, jeopardizing the approximately $450 million the US gives every year as WHO’s biggest single donor.

In the meantime, Chinese President Xi Jinping has vowed to pitch in $2 billion over the next two years to fight the coronavirus, saying China has always provided information to WHO and the world “in a most timely fashion.”

The new information does not support the narrative of either the US or China, but instead portrays an agency now stuck in the middle that was urgently trying to solicit more data despite limits to its own authority. Although international law obliges countries to report information to WHO that could have an impact on public health, the UN agency has no enforcement powers and cannot independently investigate epidemics within countries. Instead, it must rely on the cooperation of member-states.

The recordings suggest that rather than colluding with China, as Trump declared, WHO was kept in the dark as China gave it the minimal information required by law. However, the agency did try to portray China in the best light, likely as a means to secure more information.

And WHO experts genuinely thought Chinese scientists had done “a very good job” in detecting and decoding the virus,

despite the lack of transparency from Chinese officials.

WHO staffers debated how to press China for gene sequences and detailed patient data without angering authorities, worried about losing access and getting Chinese scientists into trouble. Under international law, WHO is required to quickly share information and alerts with member countries about an evolving crisis. Galea noted WHO could not indulge China’s wish to sign off on information before telling other countries because “that is not respectful of our responsibilities.”

In the second week of January, WHO’s chief of emergencies, Dr. Michael Ryan, told colleagues it was time to “shift gears” and apply more pressure on China, fearing a repeat of the outbreak of Severe Acute Respiratory Syndrome that started in China in 2002 and killed nearly 800 people worldwide.

“This is exactly the same scenario, endlessly trying to get updates from China about what was going on,” he said. “WHO barely got out of that one with its neck intact given the issues that arose around transparency in southern China.”

Ryan said the best way to “protect China” was for WHO to do its own independent analysis with data from the Chinese government, because otherwise the spread of the virus between people would be in question and “other countries will take action accordingly.” Ryan also noted that China was not cooperating in the same way some other countries had in the past.

“This would not happen in Congo and did not happen in Congo and other places,” he said, probably referring to the Ebola outbreak that began there in 2018. “We need to see the data….It’s absolutely important at this point.”

The delay in the release of the genome stalled the recognition of its spread to other countries, along with the global development of tests, drugs and vaccines.

The lack of detailed patient data also made it harder to determine how quickly the virus was spreading—a critical question in stopping it.

Between the day the full genome was first decoded by a government lab on Jan. 2 and the day WHO declared a global emergency on Jan. 30, the outbreak spread by a factor of 100 to 200 times, according to retrospective infection data from the Chinese Center for Disease Control and Prevention. The virus has now infected over 6 million people worldwide and killed more than 375,000.

“It’s obvious that we could have saved more lives and avoided many, many deaths if China and the WHO had acted faster,” said Ali Mokdad, a professor at the Institute for Health Metrics and Evaluation at the University of Washington.

However, Mokdad and other experts also noted that if WHO had been more confrontational with China, it could have triggered a far worse situation of not getting any information at all.

If WHO had pushed too hard, it could even have been kicked out of China, said Adam Kamradt-Scott, a global health professor at the University of Sydney. But he added that a delay of just a few days in releasing genetic sequences can be critical in an outbreak. And he noted that as Beijing’s lack of transparency becomes even clearer, WHO director-general Tedros Adhanom Ghebreyesus’s continued defense of China is problematic. “ It ’s def i n itely d a m aged W HO’s credibility,” said K amradt-Scott. “Did he go too far? I think the evidence on that is clear….it has led to so many questions about the relationship between China and WHO. It is perhaps a cautionar y tale.”

WHO and its officials named in this story declined to answer questions asked by The Associated Press without audio or written transcripts of the recorded meetings, which the AP was unable to supply to protect its sources.

“Our leadership and staff have worked night and day in

compliance with the organization’s rules and regulations to support and share information with all Member States equally, and engage in frank and forthright conversations with governments at all levels,” a WHO statement said.

China’s National Health Commission and the Ministr y of

Foreign Affairs had no comment.

But in the past few months, China has repeatedly defended its actions, and many other countries— including the US—have responded to the virus with even longer delays of weeks and even months.

“Since the beginning of the outbreak, we have been continuously

sharing information on the epidemic with the WHO and the international community in an open, transparent and responsible manner,” said Liu Mingzhu, an official with the National Health Commission’s International Department, at a press conference on May 15. AP

A6 Wednesday, June 3, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

OWWA’s dilemma

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hen a novel coronavirus epidemic unleashed its fury in China in December, the world had little inkling of how much harm the new virus could inflict. At the time, it was called a “mystery disease” as there was little information about the virus that causes Covid-19. While the world shook off its hangover from parties to welcome the New Year, the virus had started to infect hundreds, if not thousands, of Wuhan residents.

Three months after its discovery was reported, Covid-19’s spread to other countries showed the world the potency of a virus that is invisible to the naked eye. Nations that had to impose lockdowns faced the threat of an economic collapse, and even rich countries with good health-care systems were almost overwhelmed by the virus. Because the virus could not be defeated if people would come together, leisure and tourism activities were banned.

As many parts of the world were at a standstill for weeks and businesses were closed, millions of workers lost their jobs. The closure of tourist spots, hotels and restaurants, and the grounding of airlines to comply with social distancing requirements also dealt a blow to many overseas Filipino workers (OFWs). Those who had the means were able to come home immediately, but for many others, they had to rely on the government’s repatriation program.

Government agencies, such as the Department of Foreign Affairs (DFA), responded swiftly to the call to repatriate the affected OFWs. However, the OFWs were not allowed to go home immediately because of the government’s health protocol. They had to be tested and quarantined to ensure that they do not spread Covid-19.

Unfortunately, the delay in the release of test results made it difficult for the OFWs to leave the quarantine sites and go back to their families. The agonizing wait for the release of their swab results from the Department of Health (DOH) prompted OFWs to stay longer than necessary in quarantine sites. The prolonged stay resulted in a bigger bill for the Overseas Workers Welfare Administration (OWWA), one of the agencies tasked to assist stranded OFWs. OWWA Administrator Hans Leo Cacdac said his agency has spent more than P380 million for the food, transportation and accommodation of stranded OFWs in Luzon due to the lockdown measures. The agency is also shelling out more money for a livelihood assistance program dubbed “Balik Pilipinas, Balik Hanapbuhay” (See, “OFWs affected by pandemic to get P700 million OWWA cash aid,” in the BusinessMirror, May 27, 2020). It is likely that the agency will need more funds as the Department of Labor and Employment reported that nearly 100,000 OFWs are still stranded in other countries (See “100K OFWs stranded, overseas jobs dim,” in the BusinessMirror, June 1, 2020).

The President has ordered all government agencies to work together and coordinate efforts to assist the stranded OFWs—our modern-day heroes. OWWA and the DFA cannot do it alone; other agencies, such as the DOH, must find a way to speed up their systems and processes. Delays would mean more money—sourced from taxpayers—flowing out of OWWA for the hotel and food bills of the stranded OFWs. Since 2005

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SSS extends benefit to members until death Aurora C. Ignacio

All About Social Security

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T is now more than two months since the President of the Philippines declared a State of Calamity throughout the country due to the Covid-19 pandemic. Thousands of positive cases and hundreds of deaths were reported, and these numbers continue to rise despite the government’s efforts to ensure public health and safety in the midst of the pandemic.

In times like this, what most Filipinos need is social protection against contingencies, such as death.

The Social Security System (SSS) is one of the government agencies mandated by law to provide social protection to workers, particularly in the private sector, as well as by individually paying members, and their beneficiaries.

One of the benefits that the SSS provides is Death Benefit. It is a cash benefit granted either as a monthly pension or lump sum amount to the beneficiaries of a deceased member.

Considered as primary beneficiaries are the legal spouse (until the spouse remarries) and the legitimate, legitimated, legally adopted and illegitimate dependent children below 21 years old, or if over 21 years old, the dependent child or children is incapacitated and is not capable of self-support. Meanwhile, considered secondary beneficiaries are the member’s parents.

A monthly pension is given to the primary beneficiaries of the deceased member who has paid at least 36 monthly contributions before the semester of death. They are also entitled to a 13th month pension payable every December, and P1,000 additional benefit on top of the monthly pension. On the other hand, a one-time lump sum amount is given to the primary beneficiaries of a deceased member who has paid less than 36 monthly contributions before the semester of death. Also, the secondary beneficiaries are entitled to a lump sum benefit.

The SSS also provides Funeral Benefit to help defray the cost of funeral expenses of the deceased member. The benefit, which ranges from a minimum of P20,000 to a maximum of P40,000 depending on the member’s number of contributions and average monthly salary credit, is paid to those who

During this pandemic, many lives were lost and some of them could possibly be SSS members.

However, with limited SSS operations in Luzon and the National Capital Region (NCR), filing for death and funeral benefit claims may take a backseat for now until we are able find a cure to the virus. We want to be part of the solution, thus, we do not encourage our members to flock to our offices, to expose themselves, and thereby become easy targets of this deadly virus.

actually shouldered the funeral expenses.

During this pandemic, many lives were lost and some of them could possibly be SSS members. However, with limited SSS operations in Luzon and the National Capital Region (NCR), filing for death and funeral benefit claims may take a backseat for now until we are able find a cure to the virus. We want to be part of the solution, thus, we do not encourage our members to flock to our offices, to expose themselves, and thereby become easy targets of this deadly virus.

Nevertheless, the SSS has also prepared our offices for members with urgent needs by setting protocols in handling transacting clients as precautionary and preventive measures so that we serve our members in a safe and efficient manner.

Most of our branches are implement-

ing a no-contact Dropbox System, wherein members are asked to place their application and supporting documents in a sealed envelope with the member’s complete name, SS Number and contact number written outside it, and then dropped inside a box placed outside the SSS office.

Some of our branches are also implementing the number-coding scheme in accepting applications for benefits and loans, wherein the transaction day shall be based on the last digit of the member’s SS number.

Before they go to any SSS branch, members and claimants are advised to download the benefit application form from the SSS web site (www.sss. gov.ph) and accomplish the form as required. Please ensure that contact numbers and e-mail addresses are correct and up-to-date, and all required supporting documents have extra copies.

We highly encourage our members to use our various online services such as the My.SSS in the SSS web site, Mobile App, Text SSS (2600), IVRS at 7917-7777, and SSS E-mail (member_relations@sss.gov. ph) for simple transactions. You may also follow our official social-media accounts for more updates.

We look forward to serving you at 100 percent operational capacity very soon. Until then, let us keep ourselves safe and healthy!

Aurora C. Ignacio is SSS president and chief executive officer.

We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

After the National ID System, universal bank accounts?

By Jose Antonio Cangco

T

he Covid-19 pandemic has drawn into the news the need for the National ID System as a means of identity verification during a crisis.

Before there was any hint of a worldwide pandemic, President Duterte already signed on August 6, 2018 Republic Act 11055 or the Philippine Identification System Act (PhilSys Act). The ID system will centralize demographic and biometric information of all Filipino Citizens and resident aliens. It will generate a unique lifetime PhilSysNumber that the ID holder will use for all his government and private transactions. The Philippine Statistics Authority (PSA) issued the implementing rules and regulations with the primary objective of the system to “provide a valid proof of identity for all citizens and resident aliens as a means of simplifying public and private transactions; a social and economic platform which shall serve as “the link in the promotion of seamless service delivery, enhancing

administrative governance, reducing corruption, strengthening financial inclusion, and promoting ease of doing business.”

The information to be collected are demographic data: full name, sex, date of birth, place of birth, blood type, address, Filipino or Resident Alien, and optional information such as marital status, cell phone number, and e-mail address. The biometric information is interesting. Aside from the front face photograph and a full set of fingerprints, an iris scan of the eye will be made.

The iris is a membrane in front of the eye, which regulates the amount of light going inside. It can be colored blue, brown, green, grey, or in Asians, black. Iris scanning uses a camera and statistical algorithms to capture and store an image of the iris. The iris has more details than the retina,

The information to be collected are demographic data: full name, sex, date of birth, place of birth, blood type, address, Filipino or Resident Alien, and optional information such as marital status, cell phone number, and e-mail address. The biometric information is interesting. Aside from the front face photograph and a full set of fingerprints, an iris scan of the eye will be made.

hence is more secure compared to a retinal scanning.

This factoid aside, the urgency of the National ID System was brought to the front during the Covid-19 pandemic. The whole of Luzon was put under the enhance community quarantine. The social amelioration program (SAP) to give a P5,000 to P8,000 cash subsidy to each qualified household in affected sectors of the community was implemented, but suffered delays due to discrepancies between the databases of the

national government and the local government units that were tasked with the actual cash distribution.

Could we have done better in distributing the SAP aid? I think so.

The Philippine ID system is a logical and practical act to have a unified ID system that will make transactions faster, more convenient and secure. But to prepare for another pandemic, crises, or catastrophe brought by viruses, typhoons, drought, flooding, and earthquakes that cause massive destruction, suffering, and loss of life, we need to reach our people and those heavily affected in the correct manner and span of time.

Not all forms of aid are given in the likes of food packs, food coupons, gift checks and EMV cards. These kinds of aids might not be practical in terms of logistics and manpower use. They could be prone to errors, delays, wastage, spoilage and corruption. Initiating a bank account for all Filipino citizens and alien residents who are ID holders under the Philippine Identification System Act See “Cangco,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

Trump’s Antifa threat is a threat to free speech

Power: A fundamental challenge to economic recovery Dr. Jesus Lim Arranza

MAKE SENSE

Noah Feldman

BLOOMBERG

O

N Sunday, President Donald Trump tweeted that the Executive branch will designate Antifa as a “terrorist organization,” apparently in an attempt to pin blame for the weekend’s violent protests on the loose collection of far-left activists.

The president’s announcement was characteristically unclear. Federal law says that if the Secretary of State designates a group as a foreign terrorist organization, then materially supporting that organization becomes a very serious federal crime. There is no comparable domestic terrorism designation under existing law.

Setting aside the important factual question of whether groups of anti-fascist protestors are actually to blame for the violence, let’s look at whether Trump can “designate” them as terrorists. (The fact that Antifa may not be very organized wouldn’t itself necessarily stop designation. Nothing in the law specifies how organized a group must be to count as an organization.)

If Trump’s “designation” is purely symbolic, the Constitution doesn’t come into it. Even without congressional authorization, the president can say what he likes—including inventing a designation that carries no legal consequences.

However, if the Trump administration were to designate Antifa as a foreign terrorist organization, and the designation survived judicial review, then joining the group, funding it or coordinating with the organization in any way could be punished with harsh jail terms.

That’s what already happens to anyone, including US citizens living in the United States, found to have materially supported designated foreign terrorist organizations like Al Qaeda.

Here’s where the Constitution comes into the picture. Commentators have been quick to assert that it would be unconstitutional to apply the material support statutes to a domestic group. That’s roughly true, and it’s certainly not false—but it is a significant oversimplification.

First of all, the federal designation statute, section 190 of the Immigration and Naturalization Act, doesn’t define what counts as “foreign.” All it requires in connection with foreignness is for the Secretary of State to find that “the organization is a foreign organization.” There is no statement about how many of the group’s members are inside or outside the US. It is entirely possible that the State Department could develop an administrative record—some of which could be classified—finding that Antifa has a foreign component. Groups like Al Qaeda remain designated foreign terrorist organizations under the law even if they have lots of domestic members.

It is also entirely possible that the US Court of Appeals for the D.C. Circuit, which has authority to review the designation, might decide to defer to the State Department with regard to what counts as foreign. So it would be a mistake to rule out the possibility that Trump’s State Department might designate Antifa as a foreign terrorist organization, thus triggering the material support statute.

Second, the Supreme Court has never expressly held that it would be unconstitutional for Congress to pass a law applying the material support statute to a domestic terror organization. Rather, when the Supreme Court upheld the material support statute in reference to foreign terrorist organizations, it said that it was not addressing the question of whether Congress could do so. As Chief Justice John Roberts

put it in writing for the court’s majority in the landmark 2010 case of Holder v. Humanitarian Law Project, “We…do not suggest that Congress could extend the same prohibition on material support at issue here to domestic organizations.”

That counts as a hint that such a law might be unconstitutional if applied domestically, but a hint is not the same as a holding.

Third, it’s crucial to understand that the Humanitarian Law Project precedent gives tremendous latitude to the government in restricting free speech—including speech

by Americans on US soil that does not threaten or incite imminent lawless action. In that case, the Supreme Court held that peaceful speech by Americans in the US could constitutionally be punished as material support for terrorism if it was made in “coordination” with the foreign terrorist organization. The nongovernmental organizations in that case wanted to advise designated organizations like the Tamil Tigers and the Kurdish PKK in non-violent human rights advocacy. The Supreme Court essentially held that they couldn’t do so, because even advising such groups on how to act lawfully and peacefully amounted to material support of designated terror groups.

If this sounds astonishing to you, that’s because it should. The Humanitarian Law Project case represented a radical deviation from the free-speech standard that the Supreme Court announced in 1969 in the famous case of Brandenburg v. Ohio. There, the court had held that under the First Amendment the government may not limit “advocacy of the use of force or of law violation except where such advocacy is directed to inciting or producing imminent lawless action and is likely to incite or produce such action.”

The Humanitarian Law Project decision said that speech defined as material support of terrorism could be punished criminally even if it was not directed to inciting imminent lawless action and was not likely to incite it.

In effect, the 2010 terrorism decision carved out a major exception to the classic Brandenburg rule. And that exception applied to domestic speech, albeit only to domestic speech made “in coordination” with a designated foreign terrorist organization.

Technically, mere membership in a designated group can’t be punished, Roberts said, citing a 1967 case in which the Supreme Court held that Congress could not sanction membership in the Communist Party. But membership in a designated foreign terrorist organization can be used as evidence of active material support.

Every year since the 2010 case, I have been asking my First Amendment students two questions: What would happen if the US designated the KKK—whose speech was at issue in the Brandenburg decision— a foreign terrorist organization?

And would it be constitutional if Congress extended the material support statute to domestic terror organizations?

As I have tried to suggest here, the answers to these questions are not simple. In the aftermath of Trump’s tweet, the questions are no longer classroom exercises. They’re directly relevant to the future of free speech in the United States.

Wednesday, June 3, 2020 A7

T

he downgrading of the government’s quarantining measures to mitigate the spread of the deadly coronavirus pandemic—from modified enhanced community quarantine (MEQC) to general community quarantine in the National Capital Region and parts of Luzon, and from GCQ to modified general community quarantine (MGCQ) in other parts of the country— elicited mixed reactions from an anxious nation.

With losses to the Philippine economy projected to reach as high as P2.5 trillion due to the Covid-19 pandemic, according to a study by the Philippine Institute for Development Studies (PIDS) titled “Projected Disease Transmission, Health System Requirements, and Macroeconomic Impacts of the coronavirus disease [Covid-19] in the Philippines,” as published in the Philippine Star, the government, to avoid economic collapse, has to start its economic recovery efforts by allowing certain business and industry sectors to continue their operation after a two-month shutdown.

The most hit sectors include the manufacturing industry (losses of P82.1 billion to P855.2 billion), wholesale and retail trade (P93.2 billion to P724.8 billion), transport, storage, and communication (P11.7 billion to P124.3 billion), and other services (P41.5 billion to P356.9 billion).

However, I am amused, if not confused by the fact that the power generation sector is not even included in the equation of those considered to have been adversely affected by the Covid-19 pandemic, as seen in the various programs to mitigate the impact of the pandemic to the economy, consumers and the nation’s

Unlike other commodities that can be stored in a refrigerator for future use, electricity produced by power generators that’s not used becomes a wasted resource. Thus, power generators could already be hurting because of the decline in power demand due to the shutdown of factories and other big power users like shopping malls, tourism-related businesses and commercial buildings.

social well-being.

To emphasize the importance of power to any nation, in our last “Dito sa Bayan ni Juan” radio program with former Senate President Juan Ponce Enrile, the former Senator stressed that power is the heart of the economy. Manufacturing companies will not run without power, just as hospitals’ life-saving equipment like ventilators among others, cannot operate without power as well.

I have read and heard a lot about people’s concerns about their electricity bills, food supply and job security among others, and yet I haven’t read or heard anything from different sectors of society about the plight

of the power sector, particularly the power generators, amid the Covid-19 pandemic.

Unlike other commodities that can be stored in a refrigerator for future use, electricity produced by power generators that’s not used becomes a wasted resource. Thus, power generators could already be hurting because of the decline in power demand due to the shutdown of factories and other big power users like shopping malls, tourismrelated businesses and commercial buildings.

Perhaps, it’s about time for the nation to give its social conscience a little tweak and consider the fate of power generators as well. After all, we’ve been enjoying sufficient and reliable electricity even amid all the disasters and calamities that hit the country.

And, most importantly, power gives life and saves life. In other words, the country’s economic survival heavily depends on the economic health and viability of the power sector.

Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

I wish Hong Kong were just another Chinese city

By Shuli Ren | Bloomberg Opinion

U

S Secretary of State Michael Pompeo has said Hong Kong is no longer autonomous from China after a monthslong crackdown on pro-democracy protesters. This has paved the way for the Trump administration to strip the territory of some of its privileged trade status. But alas, sometimes, I wish Hong Kong could be just another Chinese city.

Hong Kong is defined by its financial hub. With a common law system, a currency pegged to the US dollar, and sitting at the gate to mainland China, the city’s banking industry has blossomed, especially since the global financial crisis.

Seeking exposure to China’s great economic engine, investors have funneled billions of dollars into the city. For evidence, look no further than its monetary base. The socalled aggregate balance has swollen to as much as $51 billion since the collapse of Lehman Brothers Holdings Inc. in 2008.

It’s no surprise the economy has morphed. Financial services now contribute about 20 percent of gross domestic product, from 10 percent two decades earlier. Meanwhile, manufacturing has become almost nonexistent. Once we include realestate services, the finance industry would overtake trading and logistics—Hong Kong’s traditional bread-and-butter—as the city’s most important sector.

But such economic growth hasn’t been matched by a surge of good jobs. In the decade after the 2008 crisis, the added value from financial services grew an annualized 6.8 percent, but employment rose only 2.5 percent. As of 2018, the sector comprised 6.8 percent of the workforce, or 263,000 people. Tourism, which constitutes only 4.5 percent of GDP, employed almost as many.

This is because finance is capital intensive, not labor intensive. An experienced banker can arrange a mega initial public offering just as

Cangco. . .

continued from A6

should speed up future distribution of any cash aid, ensuring that the correct amount would be received by the intended beneficiary.

In 2019, only 35 percent of adult Filipinos have bank accounts. To require Filipinos who have been issued with the unique PhilSys Number to open formal bank accounts would boost financial connectivity in the country. This would help the BSP achieve its target to cut the percentage of unbanked Filipinos by dou-

well as a mid-cap listing, and a star trader can execute a $1 billion order just as efficiently as a $100 million one. As the industry grew, what it needed was experience and access to China, not more headcount.

Across the border, Shenzhen has taken a very different turn. A dozen years ago, it was a still a small city, where Hong Kong residents went for cheap food and shopping. Now, its economy is bigger than Hong Kong’s.

Industrials, a labor-intensive sector, remains prominent, accounting for about 40 percent of the city’s GDP. Many technology companies made Shenzhen their home: Tencent Holdings Ltd., Huawei Technologies Co., Foxconn Industrial Internet Co., ZTE Corp., Warren Buffett-backed electric-vehicle maker BYD Co., to name a few. Along the way, billions were made and millionaires were minted. Publicly listed companies headquartered in Shenzhen now

command $1.5 trillion in total market cap, almost three times as much as those based just across the border. Hong Kong is where bankers live, but Shenzhen — China’s Silicon Valley—is where they spend their time, searching for the next Tencent.

This is the outcome of a deliberate decision made by the Shenzhen government. Its most recent fiveyear land plan says it all. Just like Hong Kong, the city has vowed to keep at least half of its land in its natural ecological condition. Of the space allocated for urban use, at least 30% is intended for industrial development, such as traditional manufacturing and science parks.

By comparison, Hong Kong’s planning department reserves only 3.6 percent of its usable land for such purposes.

Along with big plots came generous subsidies. Always keen to lure tech firms, Shenzhen mandated that corporate tax rates at the Qianhai free trade zone be lower than Hong Kong’s. To weather the coronavirusinduced slowdown, the local government is offering to reimburse up to 70 percent of tech startups’ bank-loan interest repayments.

Most likely, Hong Kong’s highfinance industry will survive all the negative headlines, because

The industry may even thrive from a great divorce between the US and China. Mega IPOs are on the horizon again, this time not from China’s state-owned giants, but its US-listed technology titans such as JD.com Inc. and Netease Inc. Both are seeking refuge in Hong Kong in case they get kicked out off US stock exchanges.

And despite all the political uncertainty, index provider MSCI Inc. said last week it would move licensing for 37 derivatives from Singapore to its rival financial hub, simply because Hong Kong Exchanges & Clearing Ltd. has “the access to Chinese institutional and retail investors.” Hong Kong is still the gateway to China.

bling the number of bank account holders to 70 percent in 2023.

There would be new rules for this kind of bank account: no minimum deposit required, no transaction fees to be collected, no automatic closing for dormant accounts, and allowable transfer of the branch where the account was opened in case the account holder moves to another city or region.

Residents in remote towns and barangays without banks have the option of going to the local government units (LGU) or to the banks nearest them, where they could claim their cash aid anytime dur-

ing the day or night, seven days a week. Also, the officer or person evaluating the qualifications of the intended beneficiary has no easy physical access to the cash, removing the temptation that could lead to theft and corruption.

If another pandemic, catastrophe or disaster should strike, the LGU or the assigned DSWD unit evaluating the affected residents would find their task easier. After the interview and confirmation, it would then just be a matter of submitting the list of names of qualified beneficiaries together with their respective PhilSysNumber and bank account for the

the conditions that have spurred its prosperity remain. US President Donald Trump’s China rant at his press conference on Friday has been seen as all bark, no bite. The billions of dollars unleashed by the Federal Reserve’s new quantitative easing programs will once again find their way to Hong Kong, and bankers and corporate lawyers have shown some willingness to stomach Beijng’s new security law.

The industry may even thrive from a great divorce between the US and China. Mega IPOs are on the horizon again, this time not from China’s state-owned giants, but its US-listed technology titans such as JD.com Inc. and Netease Inc. Both are seeking refuge in Hong Kong in case they get kicked out off US stock exchanges. And despite all the political uncertainty, index provider MSCI Inc. said last week it would move licensing for 37 derivatives from Singapore to its rival financial hub, simply because Hong Kong Exchanges & Clearing Ltd. has “the access to Chinese institutional and retail investors.” Hong Kong is still the gateway to China.

But this is bad news for the rest of the city. It takes a crisis for a government to devise drastic measures.

If its key industry remains intact, Carrie Lam’s administration has no incentive to seek new sources of economic growth.

The dominance of finance has created a social mobility problem in Hong Kong. The industry naturally favors bilingual “sea turtles” like me over local university graduates, for our business and cultural connections to China. But in Shenzhen, your socioeconomic background doesn’t matter as much. Oftentimes, all it takes is a product prototype, a PowerPoint presentation, and suddenly you’ve got office space—and subsidized housing nearby, too.

Hong Kong has a lot to learn from its tech savvy neighbor.

transfer and credit of their cash aid.

The correct and full amount would be recorded and given.

Therefore, I think a bank account should be considered as an integral part of the National ID System.

Jose Antonio Cangco has a Business Management degree from the Ateneo de Manila University and an Accounting degree from PSBA, QC. He contributed articles on ancient eastern knowledge and other subjects to the Philippine Panorama from May 2006 to December 2013. He also worked as an online editor, translator and writer on regulatory compliance at EBAR Abstracting Co. Inc., which supplies web content to www.thomsonreuters.com.

He is now retired.

A8 Wednesday, June 3, 2020

Icao to govts: Adopt air travel guide in reopening

T

HE 260-member association for the world’s airlines on Tuesday asked governments to adopt the International Civil Aviation Organization (Icao) Covid-19 recommendations, in order to restore suspended air travel as lockdowns are lifting across the world starting this month.

The head of the International Air Transport Association (Iata) said a universal implementation of global standards has made aviation safe, and called for a similar approach amid the Covid-19 pandemic, “so that we can safely restore air connectivity as borders and economies reopen.”

Alexandre de Juniac, the Iata director general and CEO, said, “Now we are counting on governments to implement the recommendations quickly, because the world wants to travel again and needs airlines to play a key role in the economic recovery.”

He added, “And we must do this with global harmonization and mutual recognition of efforts to earn the confidence of travelers and air transport workers.”

De Juniac said the “ Takeoff” guidance document was built with the best expertise of government and industry “and the airlines strongly support it.”

Continued on A4

‘Covid-19 to swell jobless numbers to 4.5M in 2020’ T

By Jovee Marie N. dela Cruz

@joveemarie

HE coronavirus 2019 (Covid-19) pandemic will swell the number of Filipinos losing their jobs this year to 4.5 million, according to the National Economic and Development Authority (Neda).

In a hearing of the House Committee on Sustainable Development on Tuesday, Socioeconomic Planning Secretary Karl Kendrick T. Chua said an addition of 2.2 million Filipinos will become unemployed directly as a result of the pandemic. This will be on top of the 2.3 million who were already jobless at the start of 2020, The total number of jobless Filipinos due to the pandemic is equivalent to a third of the 12 million night population of Metro Manila.

“We have in January of this year one of the lowest unemployment rates of 5.3 percent and because of the ECQ [enhanced community quarantine] we expect that actually to worsen significantly in April. The government—Neda and DOF [Department of Finance]—conducted a survey, [and] we basically found out that 2.2 million workers have also been affected or have been laid

LOW PRESSURE AREA (LPA) 770 KM EAST OF CASIGURAN, AURORA INTERTROPICAL CONVERGENCE ZONE (ITCZ) AFFECTING PALAWAN AND MINDANAO as of 4:00 am - June 2, 2020

off,” he said. Chua said government agencies had also reported in early May that more workers were affected by the pandemic.

“Based on the Neda and DOF survey of the additional 2.2 million unemployed, that would mean that we are adding to the 5.3 unemployment rate another 4.9 percent, and that would mean we would hit doubledigit unemployment in the second quarter [of the year],” he said.

Programs for workers

“SINCE the survey is conducted around April, we expect probably the unemployment to be around that level and it will be, I think, double-digit based on the assessment of other agencies. That is why immediately after the Bayanihan law was passed, we had pushed for the implementation of two very important programs worth around

P205 billion for emergency subsidy that cover 18 million families and also P51 billion as small business wage subsidy,” he added.

According to Chua, the government will address some of these unemployment concerns “in what we think is the most balanced way of supporing these workers.

“We know that ECQ is going to affect workers significantly [but] we are of course waiting now for the results of the Labor Force Survey,” he said. The survey is expected to be released by end-June.

Solution

MEANWHILE, Chua said the government will use its arsenal of tools to address the increasing unemployment rate.

“Aside from the government providing the emergency and wage subsidy, part of our thinking is the number of cash-for-work programs, including [those] for 136,000 contact tracers,” he said.

Chua said the government will also review its labor policy on wage reduction, skills retooling, unemployment insurance and pension portability system to complement the emergency, cash for work and wage subsidies.

“There is already a DOLE policy

on voluntary reduction in wages so that both the employees and the employers can benefit and we support that,” he said. However, Marikina Rep. Stella Luz Quimbo said the government should consider several ways to support wages because wage reduction has a big impact on the country’s poverty rate.

Moreover, Chua said over the medium term, “what we would like to push is a policy to protect the employment, not necessarily the jobs, because jobs can come and go. The crisis will affect the labor market but it will ensure that workers can be employable immediately, such as through skills retooling and other support that actually help the labor market.” Chua said the government is also looking at an unemployment insurance for Filipinos.

“We have no unemployment insurance or unemployment saving account and that [is] something we are keen on doing,” he said. “[We also want] to look at a pension portability system because many of the workers in the government and private have not been in [a] pension system or have been OFWs,” he said. Chua said the resumption of infrastructure projects of the government is seen as a jobs generator for displaced workers.

WB: Big virus victims are economies hinged on trade, remittances

By Cai U. Ordinario @caiordinario

C

OUNTRIES that rely on remittances, global trade, tourism and commodity imports will be the largest casualties of the pandemic, according to the World Bank.

In the analytical chapters of the Global Economic Prospects (GEP), the World Bank said these will include a number of emerging market and developing economies (EMDEs).

The World Bank said the lockdowns and other restrictions which needed to be implemented due to the coronavirus 2019 (Covid-19) pandemic have led to “adverse shocks” that are causing deep recessions.

“Beyond its short-term impact, deep recessions triggered by the pandemic are likely to leave lasting scars through multiple channels, including lower investment and innovation; erosion of the human capital of the unemployed; and a retreat from global trade and supply linkages. These effects may well lower potential growth and labor productivity in the longer term,” the report stated.

The World Bank said due to the lockdowns, there was an “unprecedented collapse in oil demand,” causing a surge in oil supply and a steep decline in oil prices. The report said this will cause a strain in energy-exporting EMDEs. These conditions will worsen the inequality and the poor will be significantly affected by the pandemic and the economic slowdown. They will also be affected by possible infection, school closures, and the decline in remittance flows.

The World Bank said the crisis will highlight preexisting vulnerabilities, fading demographic dividends, and structural bottlenecks that could extend the impact of the deep recession to the long term.

World Bank Group Vice President for Equitable Growth, Finance and Institutions Ceyla Pazarbasioglu said countries should undertake measures that would not only limit the damage but make growth robust and sustainable.

These policies include efforts to maintain the private sector and get money directly to people so that a quicker return to business creation can happen after this pandemic has passed.

Reforms

THE World Bank said countries must also undertake reforms that allow capital and labor to adjust relatively fast. This can be done by abolishing monopolies and protected state-owned enterprises.

Efforts that speed up dispute resolutions, the reduction of regulatory barriers, and reforming the costly subsidies should also be undertaken.

“In addition to the unprecedented public health crisis, these economies are now experiencing sharp economic downturns as their export revenues nosedive,” said Ayhan Kose, director of the World Bank’s Prospects Group.

“Even if oil prices rise as global oil demand recovers, the recent plunge in prices is another reminder for oil-exporting countries of the urgency to continue with reforms to diversify their economies.”

OFW layoff

EARLIER, in an Ateneo de Manila University (AdMU) Policy Brief, Ateneo Center for Economic Research and Development (Acerd) Director Alvin P. Ang and Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano estimated around 300,000 to 400,000 OFWs will be laid off or suffer pay cuts due to the pandemic.

Continued on A4

200K OFWs staying put in host states despite layoff

By Samuel P. Medenilla

@sam_medenilla

A

ROUND 200,000 overseas Filipino workers (OFWs) opted to stay in their host country even after they were temporarily or permanently displaced because of the novel coronavirus disease (Covid-19).

During an online press briefing on Tuesday, the Department of Labor and Employment (DOLE) said the 200,000 were among the 341,000 OFWs whom it earlier said were homebound this year.

But to his surprise, Labor Secretary Silvestre H. Bello III said 60 percent of the OFWs decided to wait out the Covid-19 crisis in their host countries instead.

“Almost 200,000 of them do not want to come home. They’d rather stay there, especially those coming from America and from Europe—Rome, Madrid, United Kingdom,” Bello said.

Temporary trend INSTITUTE for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano said the decision of OFWs to remain in their host countries may be temporary.

He said the Covid-19 affected OFWs may have benefited from the stimulus funds, unemployment insurance and other forms of financial assistance from their host government.

The migration analyst said some may have also resorted to using their savings for the next few months so they could stay in their host countries.

“These may keep these OFWs at bay for the meantime while awaiting for situations abroad to get better,” Opiniano told B usiness M irror in e-mail.

Bello said they preparing for the mass repatriation of the OFWs by requesting for an additional budget for their Abot Kamay ang Pagtulong (Akap).

U n d e r A k a p, Cov i d - a f fe c te d OFWs are given a P10,000 cash aid program. Currently, the P2.5-billion program has benefited 145,000 OFWs.

Ongoing repatriation OF over 300,000 Covid-affected OFWs, 42,000 are seeking to be repatriated by the government, according to Bello.

However, he pointed out that 16,679 of the applicants are expected to arrive in the country this month after getting the necessary exit visa and clearances from their host countries.

“By this time, over 1,000 of them have already arrived,” Bello said.

The Labor chief is now coordinating with the Department of Tourism (DOT) and the Department of Transportation (DOTr) to make sure the repatriated OFWs will have sufficient accommodation and transportation upon their arrival.

He also sought the assistance of chief implementer of the government’s national policy on Covid-19 Carlito Galvez for the prompt release of the reverse transcription–polymerase chain reaction (RT-PCR) tests results of the repatriates.

“I don’t want, again, the incident of the 24,000 OFW, who were stranded. I really pitied those OFWs,” Bello said, referring to the thousands of repatriates who ended up staying in quarantine facilities for several weeks, far beyond the 14-day mandatory period, because of delays in the conduct of their tests, the processing of results, and the release of final clearances so they can go home to the provinces.

During the weekend, the Overseas Workers Welfare Administration (OWWA) was able to to send home all of the 24,000 OFWs who were quarantined in Metro Manila and Batangas for weeks.

www.businessmirror.com.ph

Companies BusinessMirror

Wednesday, June 3, 2020

SEC orders 2 firms to stop selling securities to public

T

By VG Cabuag

@villygc

he Securities and Exchange Commission (SEC) has issued cease and desist orders against two companies that offer “fraudulent” investment schemes to the public and do not have the necessary license to sell securities.

In separate orders issued on May 28, the SEC ordered Fast Track Worldwide Inc. and Jocals688 Beauty and Wellness Products Trading Inc. to immediately cease and desist from soliciting investments from the public or engaging in similar activities as the two do not have the necessary permits to do so.

The SEC also prohibited the two firms from transacting any business involving funds in its depository banks, and from transferring, disposing of assets and to ensure the preservation of the assets for the benefit of the investors.

The cease and desist orders cover the corporations’ operators, partners, directors, officers, salespersons, agents, representatives, promoters, and all persons, conduit entities and subsidiaries claiming and acting for and on its behalf, the SEC said.

Fast Track was incorporated by Rey Aldwin Bautista Valeriano, James Rhyan Espinosa Guillera, Clive Christopher Cortez Llora, Jeneil Santos Aguilar and Jay Piscadero Gregorio on February 18, 2019, primarily “to engage in direct selling of goods and merchandises to consumers.”

Evidence gathered by the SEC Enforce-

ment and Investor Protection Department revealed that Fast Track offered investment packages bundled with health, lifestyle, and nutrition products for P1,499 to P49,999.

Investors were guaranteed returns of as much as P3 million a year, as well as commissions and bonuses when they recruit more people to invest in the company.

The scheme, the agency said, already constituted the sale and offer of securities in the form of investment contracts, whereby a person invests money in a common enterprise and is led to expect profits primarily from the efforts of others.

Fast Track must have registered the scheme with and secured a secondary license to offer securities for sale from the Commission, in accordance with the Securities Regulation Code, the agency said. “[I]t is clear that Fast Track is not authorized to sell andor offer the ‘Investment Packages’ to the public because they are securities in the form of investment contracts, and Fast Track does not have the requisite license from the Commission,” the SEC said.

“This undoubtedly warrants the issuance of a cease and desist order because the act of

Fast Track in selling offering unregistered securities operates as a fraud to the public which, if unrestrained, will likely cause grave or irreparable injury or prejudice to the investing public.”

Jocals688, meanwhile, was registered as a corporation on October 9, 2019, to engage in the sale, distribution, marketing and trading of goods, commodities and merchandise such as beauty and wellness products, coffee, juice and herbal products.

The company headquartered in Zamboanga del Sur named Joshua A. Calderon, Echochen M. Calderon, Noemie C. Ponce, Hanz R. Paler and Nino S. Agad-ad as directors in its articles of incorporation.

The SEC found that the company enticed members to deposit a minimum of P10,000 to earn P13,000 after a month. One can also become a member by purchasing a package of products for P3,800.

Members could earn by selling the products, but, they could supposedly receive bigger returns by simply recruiting more people into the scheme.

“Thus, in the absence of a secondary license, Jocals688 should be restrained from offering or selling securities in the form of investment contracts,” the SEC said.

The SEC also pointed out that the capitalization of Jocals688 only amounted to P1 million while it promised investors a guaranteed 37 percent monthly income.

“Clearly, Jocals688's business model and capitalization cannot sustain the promised returns of investment, especially if no new investors will come in,” it said.

“Pay-outs for investors are financed from investments of new recruits investors. This is a fraudulent scheme which will likely cause grave or irreparable injury or prejudice to the investing public.”

HK firm buys Suntrust bonds worth ₧5.6B

S

untrust Home Developers Inc., which will operate Andrew Tan's integrated resort and casino in Entertainment City, on Monday said it has entered into a deal with Hong Kong-listed Summit Ascent Investments Ltd. for P5.6 billion worth of convertible bonds.

Summit said it agreed to subscribe to the bonds that carries a 6-percent coupon rate.

“The foregoing transaction will support the development of the main hotel casino, a five-star hotel and casino project to be constructed at Manila Bayshore Integrated City in Parañaque City,” the company said in its disclosure.

Suntrust is 51 percent owned by Fortune Noble, a wholly-owned subsidiary of Suncity Group Holdings Ltd.,

AirAsia to resume flights on June 5

By Recto Mercene @rectomercene

A

irAsia, Asia’s largest budget carrier, on Tuesday said the resumption of its commercial flights has been moved to June 5.

The airline had announced that flights will resume on June 1. The airline said the change in schedule was done to give passengers enough time to consolidate their needed documents for a smoother travel.

“Also, this is based on new developments on our coordination with our partners in the government, including LGUs [local government units],” the company said.

The airline said it will issue an updated travel advisory "at the soonest time possible" with details on its initial flights to Cebu and Cagayan de Oro starting June 5.

The lockdown measures to contain the spread of Covid-19 have forced airlines, including AirAsia, to cancel commercial flights.

The decision to resume commercial flights was made after the government announced that it will allow domestic flights between areas under general community quarantine.

AirAsia said it is complying with advice and regulations from local governments, civil aviation authorities, global and local health agencies, including the World Health Organization.

which is listed at the Hong Kong Stock Exchange.

Summit Ascent, meanwhile, is a wholly-owned subsidiary of Summit Ascent Holdings Ltd, a listed company on the HK Stock Exchange. Suncity Group holds approximately 24.74-percent direct and indirect interest in SA Holdings.

Fortune Noble on Monday also agreed to subscribe to some P7.3 billion in zero coupon convertible bonds that Suntrust will issue. Proceeds will also go to the hotelcasino development.

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

“The O and M [operation and management] agree-

ment takes effect upon its execution on May 4, 2020, and has a term of until July 11, 2033, and shall be automatically extended or renewed, unless terminated earlier in accordance with the provisions of the O and M agreement,” it said.

The said deal is part of the series of transactions that it signed October last year between Suntrust and Westside.

Westside, as co-licensee of Tan's Travellers International Hotel Group Inc., holds the license issued by the Philippine Amusement and Gaming Corp. for the operation of at least $1 billion worth of integrated resort and casino. It may enter into any agreement or contract for the operation and management of the main hotel casino. VG Cabuag

Eton Properties gears up to embrace the new normal

A

s the country prepares to shift to the new normal, Lucio Tan-led Eton Properties Philippines lays the groundwork for stricter precautionary measures to ensure a safe environment in its various commercial, office, and residential developments.

Among the initiatives include regular sanitation and disinfection, social distancing guidelines, and enabling digital access for its customers.

The new norm

For all Eton Properties developments, regular sanitation, face masks and thermal scanning will be the new way of life. Alcohol dispensers will be readily available in building entrances.

At The Mini Suites, the company’s hospitality brand, the frontdesk, security, and housekeeping staff will all be required to wear personal protective equipment as the hotel remains operational in order to cater to long-staying guests, essential workers from neighboring establishments, and homebound Overseas Filipino Workers who were cleared by DOH as Covid-free.

In commercial developments, tenants are urged to ensure that strict standard operating procedures are in place prior to reopening.

Strict physical distancing

In Eton malls and condos, elevators and escalators will be marked with floor signage to guide people where to stand.

Elevators will only be allowed to ferry 50 percent of its original capacity.

In Eton Centris, Quezon City mall goers are required to be at least two meters apart from each other to prevent possible contracting of the virus from one another. Likewise, at the designated smoking area, three meter physical distancing will be observed. There will be limited entry and exit points at the mall to be able to regulate and monitor people coming in and out. A one-way foot traffic flow will be implemented. On top of these, air-conditioning at Eton Centris will be kept to a minimum of 26 degrees Celsius compliant to government regulations to prevent people from congregating in the mall.

Digital shift

As the public is still encouraged to stay home when they can, Eton Properties has partnered with an on-demand services app MyKuya for its users to have their meals and errands delivered.

The service is available in Eton Centris and Eton Cyberpod Corinthian in Quezon City, and Eton Tower Makati and Eton WestEnd Square in Makati City.

Through the app, users can request the Kuya/Ate to buy meals, pay bills, and do grocery shopping for them all in one place. At the same time, using the service supports the livelihood of displaced contractual workers who are currently signed up with the MyKuya app.

Eton Properties has also been encouraging its tenants and partners to do cashless transactions to help slow the spread of the virus.

Safety is top priority

During these times, Eton’s commitment to the safety of its stakeholders remains solid than ever. With precautionary measures in place, customers are assured that all Eton Properties developments remain a healthy environment as it has always been.

B1

FDC, tech firm to promote innovation in property sector

G

otianun-led Filinvest Development Corp. (FDC) said it has partnered with a Silicon Valley tech firm to promote innovation in the Philippine property sector as it anticipates changes in consumer behavior following the three-month lockdown.

FDC has signed an agreement with Plug and Play to develop and promote new services for the real estate and smart living sectors through a collaboration program with global start-ups.

FDC President and CEO L. Josephine Gotianun-Yap said she hopes that the partnership will benefit Filinvest’s customers, employees and partners and solve “real business challenges.”

“For instance, I recently talked about how drone inspection of Filinvest projects and properties will allow us to perform checks of various locations while safeguarding the health of our people.

This kind of innovative and practical solution, along with other noncontact tech-enabled interactions in our properties, will not only be helpful during this time when community quarantine are in place, but also in a post-Covid-19 setting,” said Yap. “We see that smart, digital technolo-

gies will drive the future of the property industry. We want to leverage tech as much as possible to transform our business, engage our customers and locators, as well as help make a lasting positive impact to the local communities."

Filinvest’s entry into technology-driven investments and businesses started at the conglomerate level last year, with the company rallying its top leaders to map out opportunities in their respective units to help transform them into digital businesses.

Filinvest also formalized its intent to invest in technology-driven opportunities by setting up a unit called f(dev).

Plug and Play was founded in 2006 and acts as a platform for start-ups and corporations to meet with each other.

It has programs in over 20 locations globally giving startups the necessary resources to succeed in Silicon Valley and beyond.

With over 10,000 startups and 300 official corporate partners, it has created the ultimate start-up ecosystem in many industries—providing active investments with 200 leading Silicon Valley venture capitalists and host more than 700 networking events per year. VG Cabuag

B2

Companies BusinessMirror

Wednesday, June 3, 2020

PSE STOCK QUOTATIONS

June 2, 2020

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

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

45.5 98 67.75 19.38 6.6 38.1 9.16 17.06 21.3 43.5 100 16.4 96.6 53.55 0.68 16.1 2.35 0.95 0.29 0.6 170

47 98.25 67.8 19.4 6.64 38.15 9.64 18.34 21.4 44 128.5 16.5 96.95 53.75 0.74 16.4 2.47 1.06 0.3 0.64 172.5

46.05 98.5 67.5 19 6.59 37.15 9.89 17.08 22 44 95.1 16.7 91 53.85 0.68 16.1 2.35 0.95 0.3 0.64 173.8

46.05 99.8 68.9 19.46 6.71 38.3 9.89 17.08 22 44 95.1 16.7 97.45 54 0.68 16.4 2.35 0.95 0.3 0.64 173.8

45.5 97.5 67.2 18.88 6.5 37.1 9.14 17.08 21.3 44 95 16.4 90.6 53.75 0.68 16.1 2.35 0.95 0.285 0.64 170

45.5 98 67.75 19.38 6.6 38.15 9.77 17.08 21.3 44 95 16.5 96.6 53.75 0.68 16.4 2.35 0.95 0.3 0.64 170

2100 3099310 1987060 99100 2861300 4252500 17200 1000 283400 700 340 55100 3668770 15650 12000 4900 19000 3000 230000 4000 540

96600 305656399 134832991.5 1890644 18929173 161801720 168732 17080 6186070 30800 32330 913838 349905919 841556 8160 79810 44650 2850 68250 2560 92180

-4550 -30090383.5 37753839 57660 -7810980 34259370 -13742 -2135655 119391101 -140804.5 60310 -1700

INDUSTRIAL AC ENERGY 2.22 2.23 2.17 2.25 2.17 2.23 2271000 5044180 2240 ABOITIZ POWER 29 29.3 28.45 29.3 28.4 29.3 3744400 108432115 70092165 BASIC ENERGY 0.161 0.164 0.161 0.164 0.161 0.164 130000 20990 FIRST GEN 20.55 20.65 20.7 21 20.55 20.55 1499900 31107155 -18644700 56.9 57 55.85 57 55.85 56.9 128840 7266478 -6397606.5 FIRST PHIL HLDG 289 289.2 292 292 285.2 289 291570 84357292 -15884212 MERALCO 11.8 11.86 11.94 11.94 11.68 11.8 3213900 37907918 -5243300 MANILA WATER 3 3.01 2.92 3.07 2.92 3 3135000 9412070 3173020 PETRON PETROENERGY 2.3 2.43 2.45 2.45 2.27 2.45 7000 16610 PHX PETROLEUM 11.04 11.34 10.9 11.4 10.9 11.4 100600 1139430 PILIPINAS SHELL 17.9 17.92 17.78 18 17.74 17.92 1190400 21317080 -7079860 SPC POWER 8.03 8.12 8 8.1 7.98 8.03 73100 587001 12029 7.24 7.28 7.47 7.47 7.13 7.28 324500 2377213 45952 AGRINURTURE 2.64 2.65 2.55 2.7 2.55 2.65 1062000 2795470 44050 AXELUM 11.26 13.3 13.4 13.4 13 13 400 5240 CNTRL AZUCARERA CENTURY FOOD 15.22 15.28 15.28 15.28 15 15.28 117800 1788294 1079548 DEL MONTE 4.23 4.5 4.49 4.5 4.49 4.5 6000 26960 -4490 DNL INDUS 5.01 5.02 4.8 5.04 4.8 5.01 2357000 11719780 7144020 EMPERADOR 7.85 7.87 7.87 7.87 7.83 7.85 278700 2192463 -1967500 64.55 64.65 64 64.7 63.2 64.65 78140 5005558 2897000.5 SMC FOODANDBEV 0.55 0.56 0.55 0.56 0.55 0.55 204000 112480 ALLIANCE SELECT FRUITAS HLDG 1.29 1.3 1.25 1.32 1.24 1.3 12588000 16245880 251440 31.6 32 30.1 32.4 30.1 31.5 43500 1378085 702440 GINEBRA JOLLIBEE 123.6 123.7 119 125 117 123.6 2255880 276075478 -42462865 MACAY HLDG 6.44 6.78 6.3 6.78 6.3 6.78 18600 118675 -86328 MAXS GROUP 5.74 5.75 5.57 5.88 5.57 5.74 2669800 15287013 406823 1.9 1.91 1.9 1.91 1.9 1.91 174000 330610 11400 PEPSI COLA 6.3 6.33 6.1 6.4 6.1 6.3 758800 4765352 543986 SHAKEYS PIZZA 1.83 1.84 1.84 1.85 1.78 1.83 1107000 2009000 -55200 ROXAS AND CO 0.103 0.116 0.103 0.104 0.103 0.103 360000 37090 2070 SWIFT FOODS UNIV ROBINA 130 130.5 132.5 134.9 129.5 130.5 1242480 162563456 4783148 VITARICH 0.8 0.81 0.79 0.8 0.77 0.8 27257000 21030380 -25480 CONCRETE A 49.05 57.8 57.8 57.8 57.8 57.8 8820 509796 CEMEX HLDG 1.08 1.09 1.08 1.09 1.07 1.09 4969000 5366900 292710 8.17 8.18 8.2 8.32 8 8.18 2762900 22,256,025( 4,647,614.9998) EAGLE CEMENT 4.79 4.8 4.7 4.82 4.7 4.8 1713000 8213810 2405810 EEI CORP 7.65 7.68 7.6 7.73 7.49 7.68 418700 3179139 HOLCIM MEGAWIDE 5.67 5.69 5.3 5.69 5.24 5.69 11002400 60766247 1542610 TKC METALS 0.73 0.74 0.73 0.76 0.73 0.74 71000 52310 VULCAN INDL 0.6 0.61 0.63 0.63 0.61 0.61 1587000 975360 21040 CROWN ASIA 1.71 1.74 1.74 1.74 1.74 1.74 14000 24360 2.26 2.28 2.34 2.34 2.24 2.26 787000 1789290 -27420 EUROMED 3.3 3.4 3.4 3.4 3.38 3.4 6000 20360 MABUHAY VINYL PRYCE CORP 4.31 4.35 4.38 4.38 4.3 4.3 2798000 12,037,340( 11,545,639.9999) 21.55 24 24 24 23.9 24 3300 79190 -0 CONCEPCION GREENERGY 1.7 1.73 1.67 1.73 1.64 1.73 5143000 8730510 -367530 INTEGRATED MICR 5.48 5.5 5.46 5.55 5.4 5.48 132200 724429 -219293 IONICS 1.1 1.12 1.1 1.12 1.08 1.12 366000 404080 1.33 1.34 1.25 1.34 1.22 1.34 3941000 5099090 8750 SFA SEMICON 7.98 7.99 7.21 7.98 7.21 7.98 3915300 30447350 -477840 CIRTEK HLDG

HOLDING & FRIMS ABACORE CAPITAL 0.49 0.495 0.48 0.495 0.475 0.495 1800000 877800 ASIABEST GROUP 8.01 8.15 8 8.17 8 8.01 27100 219355 AYALA CORP 740 742 740 745 732 742 232360 171908000 ABOITIZ EQUITY 45.1 46 45 46.8 44.8 45.1 884200 40585745 6.21 6.24 6.05 6.3 6.04 6.21 11241700 70349162 ALLIANCE GLOBAL 1.66 1.67 1.66 1.68 1.61 1.66 2384000 3946100 AYALA LAND LOG 6 6.19 6.2 6.2 6.2 6.2 2000 12400 ANSCOR ANGLO PHIL HLDG 0.495 0.55 0.5 0.55 0.48 0.495 260000 127240 ATN HLDG A 0.54 0.55 0.55 0.56 0.54 0.55 1617000 882640 ATN HLDG B 0.57 0.58 0.58 0.58 0.58 0.58 6000 3480 COSCO CAPITAL 5.3 5.32 5.29 5.36 5.1 5.3 2984000 15751927 DMCI HLDG 4.08 4.12 4 4.12 3.98 4.08 10322000 41840130 370 371 374.8 374.8 360.2 371 856640 317401752 GT CAPITAL 3.25 3.29 3.29 3.29 3.26 3.29 38000 124570 HOUSE OF INV 53.95 54 50.05 53.95 50.05 53.95 2207660 117215317.5 JG SUMMIT JOLLIVILLE HLDG 5.2 5.68 5.69 5.69 5.69 5.69 1700 9673 LODESTAR 0.52 0.53 0.52 0.54 0.52 0.52 43000 22390 LOPEZ HLDG 2.45 2.47 2.47 2.48 2.42 2.45 568000 1398680 LT GROUP 8.11 8.2 8 8.2 7.98 8.11 11383000 92173581 3.16 3.17 3.11 3.17 3.07 3.17 62572000 196699430 METRO PAC INV 2.66 2.98 2.66 2.98 2.66 2.98 2000 5640 PACIFICA HLDG PRIME MEDIA 0.76 0.8 0.81 0.82 0.8 0.8 69000 55420 SOLID GROUP 0.97 0.98 0.99 0.99 0.96 0.97 4000 3900 SM INVESTMENTS 946 947 920 954 911.5 946 1475830 1398393445 SAN MIGUEL CORP 96.6 97.9 98 98 96.6 96.6 335300 32608242 SOC RESOURCES 0.65 0.69 0.65 0.65 0.65 0.65 115000 74750 137 137.9 137.5 137.8 137.5 137.8 1020 140292 TOP FRONTIER ZEUS HLDG 0.139 0.147 0.147 0.147 0.147 0.147 10000 1470

-269650 -8010 66597635 -4474690 -13507086 167130 2711755 37660 -169017974 -75330 -118324 -61450 -81594691 84698210 1041500345 -2243949.5 -

PROPERTY ARTHALAND CORP 0.51 0.52 0.5 0.52 0.49 0.52 585000 296320 ANCHOR LAND 8.6 9 7.51 7.51 7.51 7.51 1000 7510 AYALA LAND 33 33.3 32.6 33.3 32.6 33.3 9197400 304197475 ARANETA PROP 1 1.05 1.01 1.01 1.01 1.01 21000 21210 1.38 1.39 1.39 1.39 1.38 1.39 76000 105590 BELLE CORP 0.56 0.57 0.55 0.59 0.55 0.57 1639000 930400 A BROWN CITYLAND DEVT 0.73 0.75 0.75 0.75 0.75 0.75 6000 4500 CROWN EQUITIES 0.124 0.125 0.12 0.124 0.119 0.124 540000 64850 CEB LANDMASTERS 3.64 3.65 3.71 3.8 3.64 3.65 7714000 28182340 CENTURY PROP 0.39 0.395 0.38 0.4 0.375 0.395 5460000 2113250 DOUBLEDRAGON 16.94 16.98 16.58 17 16.58 16.98 190700 3209770 DM WENCESLAO 6.5 6.7 6.45 6.5 6.38 6.5 988500 6328296 0.305 0.31 0.295 0.305 0.295 0.305 1350000 408200 EMPIRE EAST EVER GOTESCO 0.11 0.112 0.103 0.112 0.098 0.112 6250000 653620 0.93 0.94 0.92 0.94 0.91 0.94 4182000 3885870 FILINVEST LAND GLOBAL ESTATE 0.79 0.8 0.79 0.79 0.79 0.79 26000 20540 8990 HLDG 10.02 10.3 10.02 10.3 10.02 10.3 400 4092 PHIL INFRADEV 0.84 0.85 0.83 0.86 0.83 0.84 1946000 1647480 CITY AND LAND 0.69 0.74 0.69 0.69 0.69 0.69 10000 6900 3.05 3.06 2.96 3.08 2.96 3.05 49998000 152120940 MEGAWORLD 0.147 0.148 0.145 0.147 0.14 0.147 5200000 744110 MRC ALLIED PHIL ESTATES 0.285 0.295 0.285 0.295 0.285 0.295 60000 17200 PRIMEX CORP 1.41 1.44 1.45 1.45 1.41 1.42 77000 109820 ROBINSONS LAND 15.62 15.74 15.06 15.78 15.06 15.62 5071300 79230240 PHIL REALTY 0.225 0.238 0.23 0.23 0.225 0.225 230000 51900 ROCKWELL 1.45 1.46 1.42 1.46 1.42 1.45 12000 17330 2.6 2.7 2.7 2.7 2.65 2.65 111000 294450 SHANG PROP STA LUCIA LAND 1.97 1.98 1.99 2 1.79 1.97 327000 604220 SM PRIME HLDG 32 32.35 31.65 32.5 31.1 32 14368000 457612415 3.6 3.74 3.6 3.74 3.54 3.7 106000 385900 VISTAMALLS SUNTRUST HOME 1.25 1.27 1.25 1.38 1.18 1.27 29141000 36712190 VISTA LAND 3.56 3.57 3.49 3.57 3.4 3.57 4261000 14995440

68672720 5560 -10692390 -23400 1808391.9997 -5653760 -143650 1072150 53195900 -28200 24857056 14092930 -9710990

SERVICES

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

15.58 4.9 0.36 2192 1240 0.046 2.42 0.077 1.74 0.176 2.26 9.53 15.76 3.2 43 90 12.86 0.74 5.06 2.51 7 0.82 0.025 16 0.38 4.55 6.78 0.29 2.04 6.48 1.81 1.48 2.4 2.22 0.29 5.11 1.56 44.3 69 127.1 1.14 15.4 0.295 6.65 286 0.209

15.6 4.91 0.375 2200 1242 0.049 2.43 0.084 1.75 0.178 2.28 9.54 16 3.21 43.5 90.45 13.7 0.78 5.08 2.52 7.12 0.84 0.026 18.88 0.39 6.27 7.49 0.295 2.05 6.49 1.92 1.49 2.5 2.44 0.295 5.14 1.58 44.35 70 128.9 1.15 15.48 0.3 6.7 290 0.21

15.1 4.82 0.365 2258 1238 0.049 2.34 0.082 1.72 0.175 2.24 9.9 16.36 3.14 40 88.5 12.86 0.73 4.75 2.43 7.12 0.8 0.024 9.57 0.37 6.27 7.5 0.295 2.04 6.47 1.9 1.48 2.43 2.43 0.3 5.41 1.54 44.4 65.7 127.1 1.16 15.4 0.295 6.46 285 0.203

15.6 4.94 0.375 2258 1249 0.049 2.42 0.084 1.75 0.179 2.31 9.9 16.36 3.22 44.8 91.4 13.7 0.73 5.16 2.54 7.25 0.82 0.025 18.98 0.37 6.27 7.9 0.295 2.07 6.51 1.9 1.5 2.43 2.53 0.3 5.55 1.6 44.9 70.05 127.1 1.19 15.5 0.3 6.7 286 0.209

15.1 4.81 0.36 2180 1233 0.045 2.34 0.076 1.72 0.175 2.22 9.3 16 3.13 40 88.5 12.82 0.73 4.75 2.41 7 0.8 0.024 9.57 0.37 6.27 7.5 0.285 2.04 6.25 1.9 1.48 2.43 2.21 0.29 5.09 1.53 44.1 65.7 127.1 1.13 15.22 0.295 6.42 285 0.203

15.6 4.9 0.36 2192 1242 0.049 2.42 0.084 1.74 0.176 2.29 9.54 16 3.2 43 90 13.7 0.73 5.08 2.51 7 0.82 0.025 18.88 0.37 6.27 7.86 0.29 2.07 6.49 1.9 1.48 2.43 2.44 0.295 5.11 1.56 44.3 69 127.1 1.15 15.4 0.3 6.69 286 0.209

921700 444000 190000 154120 107775 20600000 50327000 2160000 769000 470000 1267000 137700 12100 1070000 985200 1888970 15400 1000 19662000 2177000 108800 598000 21100000 12100 310000 100 2400 6240000 27000 8380000 1000 79000 4000 79000 5520000 8863200 3179000 6162300 498010 30 2542000 1084600 270000 39700 90 1600000

14220934 2175670 69200 337864340 133726565 1004300 120411080 173750 1334890 83400 2858590 1309080 194140 3403510 42189155 169133207 198120 730 98727990 5379620 777686 486440 515800 148320 114700 627 18322 1793200 55230 53643572 1900 117600 9720 182630 1626100 45924666 4992270 273677850 34279435 3813 2942910 16675210 80900 260590 25730 329490

-117722000 -29346165 713380 -86500 -37150.0001 9400 -194140 16000 -9032010 39466484 2572 16211640 7153 -18900 -1545700 30650252 -882050 -26070968 -2740370 46282840 11010942 -995360 455510 -

MINING & OIL ATOK 9.71 10.18 10.2 10.2 10.2 10.2 200 2040 APEX MINING 0.99 1 0.94 1.02 0.94 0.99 5987000 5904950 -511740 ABRA MINING 0.001 0.0011 0.001 0.0011 0.001 0.001 411000000 411300 1.84 1.89 1.84 1.89 1.84 1.84 66000 121490 ATLAS MINING COAL ASIA HLDG 0.18 0.186 0.182 0.186 0.178 0.186 400000 72200 DIZON MINES 7.01 7.1 7.1 7.1 7 7.09 10700 75849 FERRONICKEL 0.77 0.78 0.75 0.78 0.75 0.78 706000 544850 GEOGRACE 0.199 0.204 0.201 0.203 0.199 0.201 130000 26020 LEPANTO A 0.073 0.074 0.074 0.075 0.073 0.074 880000 65040 LEPANTO B 0.075 0.087 0.075 0.075 0.075 0.075 40000 3000 MARCVENTURES 0.52 0.53 0.51 0.53 0.51 0.53 333000 172690 1 1.03 1.03 1.03 1 1 2000 2030 NIHAO NICKEL ASIA 1.56 1.57 1.57 1.58 1.53 1.56 5136000 7967640 -1173510 0.35 0.36 0.355 0.37 0.33 0.36 980000 326350 OMICO CORP ORNTL PENINSULA 0.465 0.48 0.47 0.475 0.465 0.465 180000 84450 PX MINING 2.26 2.28 2.3 2.3 2.25 2.26 182000 414030 -15800 SEMIRARA MINING 11.22 11.26 11.1 11.34 11.1 11.22 1730000 19488202 -13620384 ACE ENEXOR 6.41 6.51 6.4 6.51 6.4 6.41 51700 332092 -1296 0.0084 0.0086 0.0084 0.0084 0.0084 0.0084 6000000 50400 ORNTL PETROL A ORNTL PETROL B 0.0085 0.01 0.0085 0.0095 0.0085 0.0095 6000000 54000 PXP ENERGY 4.62 4.66 4.55 4.8 4.49 4.62 1465000 6797670 129400

PREFFERED HOUSE PREF A 97.05 99 97.5 97.5 97.5 97.5 24000 2340000 AC PREF B2R 499.4 503 499.6 503 499 503 2200 1100650 CPG PREF A 100 100.3 99.6 100.3 99.6 100.3 5410 542203 100 101 101.4 101.4 101 101 37600 3800546 DD PREF GLO PREF P 516 520 516 516 516 516 100 51600 GTCAP PREF A 985 990 970 985 970 985 1310 1278500 GTCAP PREF B 999 1000 1000 1000 1000 1000 210 210000 MWIDE PREF 99.7 100 100 100 100 100 2900 290000 PNX PREF 3A 98.1 99 99 99 98.5 99 5130 505520 PNX PREF 4 997 999 999 999 997 997 390 389150 PCOR PREF 3A 1020 1040 1020 1020 1020 1020 200 204000 1040 1045 1045 1045 1045 1045 410 428450 PCOR PREF 3B SMC PREF 2C 77 78.2 77.8 78 77.1 77.1 5950 461453 SMC PREF 2F 76.5 76.95 76.5 77 76.5 77 2850 218125 SMC PREF 2G 75.3 76.25 75.3 75.5 75.3 75.3 40000 3017380 SMC PREF 2H 75.25 77.5 75.25 75.25 75.25 75.25 7780 585445 SMC PREF 2I 75.3 76 76.95 76.95 76 76 49050 3761530

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 14.12 14.26 13.8 14.5 13.8 14.26 645500 9050850 -5633800

WARRANTS LR WARRANT 0.72 0.73 0.71 0.73 0.71 0.72 42000 30050

SMALL & MEDIUM ENTERPRISES ITALPINAS 1.91 1.94 1.95 1.98 1.89 1.91 2546000 4902700 1044760 KEPWEALTH 6 6.03 5.79 6.03 5.79 6.03 37400 223869 XURPAS 0.56 0.57 0.55 0.57 0.55 0.57 687000 384370 560

EXHANGE TRADE FUNDS

FIRST METRO ETF 91.5 93 90 92.5 90 91.5 26590 2422351 -19613e

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Petron unfazed by impact of pandemic on operations

D

By Lenie Lectura

@llectura

espite challenging times, Petron Corp. on Tuesday said it remains “on top” of its game, assuring the public that it will continue to provide uninterrupted supply of petroleum products.

“With a forward-looking game plan, we remain on top of our game.

We never compromise on operation excellence. We comply with international standards,” said Petron Chief Finance Officer and Senior Vice President Emmanuel E. Eraña during the company’s annual meeting.

Petron ended the first quarter with a net loss of P4.9 billion, a rever-

sal from the P1.3-billion net income it recorded in the same period last year.

Revenues also went down by 16 percent to P104.6 billion, from last year’s P124.6 billion. Also, the combined the sales volume of Petron in the Philippines and Petron Malaysia was also lower at 24.7 million barrels, from the 26.3 million barrels recorded in the previous year.

Moreover, its refinery in Bataan was shut down to give way to maintenance activities.

Nonetheless, the company made an assurance that it has enough inventory to supply domestic market requirements, which will be replenished through importation of finished products.

“Amid these challenges, Petron maintained its status as industry leader, serving about a third of the local demand,” said Eraña.

Petron recently opened 124 new stations, helping maintain its record of having the most number of stations in the country at over 2,400.

Petron President and CEO Ramon S. Ang noted that the entire industry is going through a “rough phase” because of Covid-19’s impact on oil demand and prices. Petron observed that domestic consumption has gone down particularly in retail and avia-

tion, mainly due to the travel bans and quarantine restrictions.

When asked if the programmed capital expenditure (capex) for the year would be affected by these challenges, Ang said, “It depends on Covid-19.” He did not elaborate.

Eraña, meanwhile, said recovery in economic and social activities may not yet happen soon. “Due to oversupply and plummeting demand due to Covid pandemic made the business climate even more difficult for refiners such as Petron. The pandemic has drastically affected fuel demand globally.”

“Since the outbreak, jet fuel consumption saw a plunge of about 70 percent worldwide while local demand for fuel also dropped by as much as 60 percent, and we are not seeing a definite resumption in economic and social activity anytime soon.”

Aboitiz Group chief joins Apec Business Advisory Council

A

boitiz Group President and Chief Executive Officer Sabin M. Aboitiz was recently appointed as a member of the Apec Business Advisory Council (ABAC), joining two other previous appointees to represent the Philippines.

Aboitiz’s appointment letter was signed by President Duterte last May 15.

ABAC was created in 1995 by Asia-Pacific Economic Cooperation (Apec) Leaders to provide advice on the implementation of the Osaka Action Agenda. It currently serves as the voice of the business sector, specifically providing information on business-related issues or providing the business perspective on specific areas of cooperation.

“It is an honor for me to be appointed as a member of the Apec Business Advisory Council, and represent the Philippines. The Aboitiz Group, through its 100-percent acquisition of Gold Coin Management Holdings, has significantly expanded our regional footprint and strengthened our position as a key player in AsiaPacific,” said Aboitiz.

“The Aboitiz Group’s participation in ABAC is consistent with our brand promise to advance business and communities—uplifting livelihood, exchanging products and services across the Asia-Pacific region.”

The Aboitiz Group with businesses in power, banking and financial services, food, real estate, and

infrastructure, is actively involved in industries that provide the basic needs of consumers, set the foundations for nation-building, and grow alongside the Philippine economy.

Alsons Consolidated Chairman and President Tomas Alcantara was appointed ABAC Philippines chair while Globe Capital Partners Chairman Joanne de Asis was also appointed as a member. Aboitiz, together with Alcantara and de Asis are the country members of ABAC. The three appointees will represent a range of business sectors including small and medium enterprises.

This year, ABAC adopted the theme “Integration, Innovation, and Inclusion” and will focus on the following priorities: accelerating trade and investment liberalization, strengthening Apec’s commitment to a rules-based multilateral trading system, promoting trade and services competitiveness and facilitation; digital transformation, inclusive economic growth, building resilient and sustainable communities, and driving a seamless and comprehensively connected Asia-Pacific.

In response to the challenges posed by the Covid-19 crisis, ABAC Philippines has drafted recommendations that address its identified work programs on supporting micro, small and medium enterprises, ensuring supply chain resilience, promoting markets for goods and

Repairs, maintenance works ongoing at Nlex

A

s part of its continuing efforts to boost the safety and overall travel experience of motorists, the Nlex Corp. has embarked on enhancement works at the Nlex-SCTEx stretch.

Among the improvements include toll plaza repainting, pavement replacement and crack sealing, guardrail and fence repairs. The Nlex Corp. said these are implemented on top of the company’s routine maintenance activities such as roadway sweeping, grass cutting, tree pruning, and oil spill and drainage cleaning.

Nlex Corp. President and General Manager J. Luigi L. Bautista said, “we are ready to welcome our motorists with refurbished toll facilities that promote safety and cleanliness.”

“This is our way of making Nlex-SCTEx safer and extra welcoming as we expect more motorists to ply our expressways in the coming days.”

At present, repainting works are underway for the “chariots” or concrete islands of toll plazas at Nlex Balintawak, Bocaue, and Karuhatan. Some cracks on pavements in select Nlex-SCTEx areas are undergoing sealing to minimize water intrusion that may weaken the structures. The pavement

at the southbound portion of Balagtas is also being replaced to ensure smoother and safer travel.

Guardrails and fences along the two expressways are being repaired to better protect motorists from roadside hazards.

Bautista noted that all safety guidelines of the government were observed while doing all these projects.

The tollway company promptly came up with programs to help shift and transition to a new norm of customer service over the past two months.

Nlex Corp. has been implementing stringent hygienic and disinfection protocols for all its facilities and project sites to ensure the health and safety of motorists and employees amid the Covid-19 pandemic.

Nlex-SCTEx frontliners have also been equipped with appropriate personal protective equipment so motorists will feel safer and more protected.

“We will continue to afford our motorists a convenient and reliable journey in our expressways.

This will mean not just a faster time of travel, but a safer and more convenient alternative as well,” said Bautista. Ashley Manabat

services, and strengthening digital connectivity.

ABAC Philippines believes that in adopting various fiscal policies, the government can support the resumption of work and production, which would consequently ensure the smooth functioning of the global supply chain. It also recommended strengthening broadband infrastructure, facilitating cross border data flows, and the applica-

mutual funds

tion of digitally enabled technology to support pandemic response and recovery.

ABAC Philippines also recommended the removal of export restrictions and bans on essential goods, reduction of non-tariff barriers including the movement of essential workers, and the development of a regional framework strategy on economic and structural responses and future pandemic planning.

June 2, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 195.37 -25.32% -10.85% -6.58% -22.44% ATRAM Alpha Opportunity Fund, Inc. -a 0.9756 -39.58% -15.59% -7.51% -29.41% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.616 -35.86% -15.59% -9.14% -28.88% Climbs Share Capital Equity Investment Fund Corp. -a 0.662 -29.2% n.a. n.a. -26.21% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6569 -24.38% n.a. n.a. -22.65% First Metro Save and Learn Equity Fund,Inc. -a 4.2285 -22.14% -8.34% -5.87% -20.64% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.66 -24.09% -11.55% n.a.

-22.68% MBG Equity Investment Fund, Inc. -a 74.54 -39.48% n.a. n.a.

-27.86% PAMI Equity Index Fund, Inc. -a 39.1085 -24.41% -9.41% n.a.

-23.74% Philam Strategic Growth Fund, Inc. - a 419.63 -22.12% -8.62% -5.64% -21.24% Philequity Alpha One Fund, Inc. -a,d,5 0.8675 n.a. n.a. n.a. -15.78% Philequity Dividend Yield Fund, Inc. -a 1 -23.88% -8.71% -4.93% -22.29% Philequity Fund, Inc. -a 29.3132 -24.06% -8.31% -4.79% -22.65% Philequity MSCI Philippine Index Fund, Inc. -a 0.7713 -25.66% n.a. n.a. -24.24% Philequity PSE Index Fund Inc. -a 3.985 -24.02% -8.9% -4.7% -23.71% Philippine Stock Index Fund Corp. -a 666.32 -23.9% -8.87% -4.93% -23.59% Soldivo Strategic Growth Fund, Inc. -a 0.6088 -34.47% -12.61% -8.81% -28.49% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.115 -27.43% -9.83% -5.94% -25.99% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.7648 -24.01% -9.01% -4.85% -23.58% United Fund, Inc. -a 2.8449 -23.44% -7.04% -3.99% -22.13% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 89.41 -23.74% -8.4% -4.11% -23.55% ATRAM AsiaPlus Equity Fund, Inc. -b

$0.8998 -5.27% -2.71% -3.48% -12.5% Sun Life Prosperity World Voyager Fund, Inc. -a $1.3171 6.15% 4.45% n.a.

-4.47% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5226 -11.19% -5.21% -4.38% -2.57% ATRAM Philippine Balanced Fund, Inc. -a 2.0215 -12.09% -5.25% -2.67% -7.32% First Metro Save and Learn Balanced Fund Inc. -a 2.3916 -8.99% -3% -3.56% -9.12% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1848 n.a. n.a. n.a.

-19.12% NCM Mutual Fund of the Phils., Inc. -a 1.8201 -5.3% -1.63% -0.96% -7.28% PAMI Horizon Fund, Inc. -a 3.4205 -6.93% -3.07% -2.27% -9.73% Philam Fund, Inc. -a 15.2681 -7.9% -3.27% -2.4% -9.98% -2.21% -11.08% Solidaritas Fund, Inc. -a 1.8902 -11.52% -4.24% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.2383 -15.71% -5.12% -3.4% -16.19% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.926 -7.46% n.a. n.a.

-8.83% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8258 -17.18% n.a. n.a.

-17.12% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.802 -19.36% n.a. n.a. -19.25% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8013 -18.49% -6.07% -4.67% -17.8% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.0383 4.45% 2.47% 1.56% 0.18% -9.65% PAMI Asia Balanced Fund, Inc. -b $0.9377 -0.93% -0.85% -1.6% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.7359 3.1% 3.09% 2.44% -4.47% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.0874 1.07% 1.38% n.a.

-3.67% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 364.04 4.31% 3.02% 2.49% 1.74% ATRAM Corporate Bond Fund, Inc. -a 1.9363 1.87% 0.86% -0.12% 1.8% Cocolife Fixed Income Fund, Inc. -a 3.1819 4.73% 5.15% 5.11% 2.11% Ekklesia Mutual Fund Inc. -a 2.2818 5.23% 2.84% 2.24% 2.55% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4325 6.72% 3.2% 1.88% 3.11% Philam Bond Fund, Inc. -a 4.5556 11.88% 3.86% 4.18% 2.33% Philam Managed Income Fund, Inc. -a,6 1.2889 7.02% 3.92% 2.13% 2.56% Philequity Peso Bond Fund, Inc. -a 3.9207 7.88% 4.13% 2.15% 3.5% Soldivo Bond Fund, Inc. -a 1.0232 10.51% 3.36% 1.54% 6.11% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.15 8.14% 4.7% 2.8% 2.41% Sun Life Prosperity GS Fund, Inc. -a 1.7349 7.39% 4.13% 2.33% 1.99% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $471.32 3.35% 2.37% 2.51% 0.66% ALFM Euro Bond Fund, Inc. -a Є214.79 -0.57% 0.54% 0.73% -2.25% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2145 3.5% 2.7% 2.27% 0.6% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 1.97% 1.32% 1.12% 0.39% PAMI Global Bond Fund, Inc -b $1.0635 -0.96% -0.36% -0.15% -2.89% Philam Dollar Bond Fund, Inc. -a $2.4212 5.72% 3% 2.6% 0.72% Philequity Dollar Income Fund Inc. -a $0.060009 2.33% 1.68% 1.58% -0.51% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1642 4.89% 2.03% 2.05% -0.35% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.72 3.82% 3.13% 2.37% 1.54% First Metro Save and Learn Money Market Fund, Inc. -a 1.0396 2.69% n.a. n.a.

1.3% Sun Life Prosperity Money Market Fund, Inc. -a 1.2807 3.27% 3.02% 2.56% 1.27% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0429 1.63% n.a. n.a.

0.55% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.92 n.a. n.a. n.a.

-7.07% 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).

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

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Banking&Finance

Metrobank’s capex for IT may hit ₧3.5B

By Tyrone Jasper C. Piad @Tyronepiad

M

etropolitan Bank & Trust Co. (Metrobank) is increasing its spending for information technology (IT) projects and digital initiatives after government eased restrictions on mobility in Metro Manila.

In a disclosure on Tuesday, the listed bank noted that 70 percent of its annual capital expenditure was earmarked for its IT infrastructure.

This translates to around P2.1 billion to P3.5 billion.

According to Metrobank’s preliminary information statement submitted to the Philippine Dealing and Exchange Corp., the amount is higher than its previous allocation.

The disclosure boosted Metrobank’s shares by 3.53 percent, or P1.30, to close at P38.15 each amid the 1.60-percent uptick for the benchmark index on Tuesday.

The listed bank said its capex this year would be from P3 billion to P5 billion. Its capex rose by 35.13 percent to 4.77 billion last year from 3.53 billion in 2018.

Metrobank President Fabian S. Dee said it was only imperative to boost the bank’s digital capabilities amid increasing demand during the enhanced community quarantine (ECQ) when mobility was restricted.

“While the bank recognizes the need for building its capabilities, especially in digital banking, the ECQ

ironically accelerated the transaction volume as customers have become more receptive and confident at transacting via e-platforms, maybe also partly due to the need to stay at home,” Dee said.

He added that there was a substantial increase in digital transactions following the lockdown, noting that new enrollments in e-channels doubled. Dee explained this was supported by InstaPay and PesoNet transactions via Metrobank’s mobile banking service.

“Metrobank’s objective now is to deliver to its customers the best of both world that only a bank uniquely offers, which are the convenience of electronic channels and assurance of a well-capitalized bank where money can be safely deposited,” Dee said.

It currently has total equity of P305 billion, with capital adequacy ratio at 17.6 percent—well above the 10-percent minimum regulatory requirement.

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

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

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

Customs bureau seizes P55-M worth of smuggled cigarettes

T

he Bureau of Customs (BOC) intercepted P55-million worth of smuggled cigarettes on board a motor-launch bound for the Philippines last Sunday.

In a statement on Monday, the BOC said the operation was launched after the bureau received information that a motor launch from Indonesia loaded with assorted smuggled cigarettes was bound for Siasi, Sulu.

The operation was conducted by the Customs Intelligence and Investigation Service and Enforcement and Security Service (ESS) field offices in Zamboanga, in coordination with the Philippine Drug Enforcement Agency and Philippine Marines K9-unit of the military’s Western Mindanao Command.

The authorities inspected the motor launch upon its arrival at Ensign Majini Pier, resulting in the apprehension of 2,500 smuggled cases.

Members of ESS are currently conducting an inventory of the cigarettes, which shall be subject to seizure and condemnation procedures, the BOC said.

The bureau intensified its campaign against smuggling of various goods into the country to prevent revenue leakages at a time the country is plagued with Covid-19.

Last week, the BOC also scored big in raiding an illegal cigarette manufacturing warehouse in Naguilian, Isabela. The facility was suspected of producing counterfeit cigarettes estimated to have a value of P1 billion. Bernadette D. Nicolas

SSS extends deadline for paying obligations

S

tate pension fund Social Security System (SSS) on Tuesday announced it has extended the deadline of contribution payments until June 15 to give members and employers more time to pay given that business activities just recently resumed.

In a statement, SSS said the new extension covers contribution payments of all household employers, self-employed, voluntary and nonworking spouse members for the first quarter of 2020 and contribution payments of all regular employers for February, March and April 2020.

Employers with approved installment proposals under the contribution penalty condonation program are also given until June 15 to deposit their post-dated checks due on February, March, April and May this year. Despite the extension, SSS President and CEO Aurora C. Ignacio encourages members and employers to pay before June 15.

Ignacio also urged them to use online and mobile payment facilities aside from over-the-counter transactions through SSS branches and its

bank and nonbank partners.

According to Ignacio, regular employers can also pay through banks’ web facilities. Household employers, on the other hand, can pay through Digibanker of the Security Bank Corp.

However, the SSS said no contributions paid retroactively by a self-employed, voluntary, or nonworking spouse member will be used in determining his/her eligibility for any benefit arising from a contingency wherein the date of payment is within or after the semester of contingency.

Payment deadlines of employers for applicable months after April 2020 and payment deadlines of self-employed, voluntary and nonworking spouse members for the applicable months after April 2020 or quarters after the quarter ending 31 March 2020 will follow the regular payment schedule.

Transacting members and employers are also reminded to follow the guidelines issued by the government to reduce the risk of exposure to Covid-19. Bernadette D. Nicolas

BusinessMirror

Wednesday, June 3, 2020 B3

Sale of 35-day debt papers adds ₧15B to govt coffers

T

By Bernadette D. Nicolas

@BNicolasBM

he Bureau of the Treasury awarded P15 billion in 35-day Treasury bills (T-bills) on Tuesday on the back of a higher rate than the previous auction and investors’ robust demand for shorter tenors.

The auction attracted P34.39 billion in total tenders, more than twice as much as the P15 billionoffering.

The average rate for the tenor

fetched a higher average rate at 2.065 percent, up by 4.1 basis points from the average rate of 2.024 percent during the previous auction.

The Treasury did not open its tap

facility for the said tenor.

National Treasurer Rosalia V. De Leon told reporters they expected the “rates to be within the vicinity of inflation.”

“We see now [the] appetite for [the] immediate part of [the] curve,” De Leon added.

Inflation in May is projected by the Bangko Sentral ng Pilipinas (BSP) to be within 1.9 percent to 2.7 percent due to higher domestic oil prices and price hikes in select agricultural products caused by supply bottlenecks and typhoon Ambo.

This is within BSP’s range of inflation target for the year of 2 percent and 4 percent.

The Philippine Statistics Authority is set to release official May infla-

tion data on June 5.

On Monday, the Treasury also raised an additional P10 billion in 364-day T-bills through its tap facility auction.

This is on top of the P26 billion in 91-day, 182-day and 364-day T-bills the Treasury earlier awarded on the same day.

All in all, government has so far borrowed a total of P51 billion from the local debt market. It aims to borrow P170 billion more from this market this month, the same level the government programmed in May. Of the P170 billion, P110 billion will be borrowed through the auction of T-bills and P60 billion in Treasury bonds.

Markers injected in fuel totals nearly 7.9B liters

T

he government already injected fuel markers into nearly 7.9 billion liters of fuel since the start of program’s implementation in September last year in a bid to recover at least half of the revenue lost to oil smuggling in the country.

An infographic from the Bureau of Customs (BOC) revealed that about 7.89 billion liters of fuel were marked from September 2019 until May 28 this year.

Of the total volume of marked fuel, Luzon accounted for the bulk or 76 percent or 5.96 billion liters, Mindanao at 20 percent or 1.593 billion liters and Visayas at four percent or 338.27 million liters.

With 1.9 billion liters of fuel marked or cornering 24.08 percent of the total, Petron Corp. led the list of 20 participating petroleum companies.

Completing the top ten are the following: Pilipinas Shell Petroleum Corp. with 20.30 percent of the total volume at 1.603 billion liters of fuel; Unioil Petroleum Philippines Inc. (847.37 million liters); Chevron Philippines Inc. (744.64 million liters); Seaoil Philippines Inc. (725.69 million liters); Phoenix Petroleum Inc. (652.63 million liters); Insular Oil Corp. (502.93 million liters); Jetti Petroleum Inc. (215.87 million liters); Total and Filoil Energy Co. (214.42

million liters); and, PTT Philippines Inc. (122.76 million liters).

The government earlier said it aims to collect P20 billion this year following the full implementation of its fuel-marking program. This is equivalent to half of the estimated P40 billion in revenues lost to oil smuggling in the country.

Under Republic Act 10963, or the Tax Reform for Acceleration and Inclusion law, petroleum products that are refined, manufactured or imported to the Philippines such as, but not limited to unleaded premium gasoline, kerosene and diesel, shall be marked by an official marking agent after payment of taxes and duties.

Fuel marking makes use of a unique chemical marker capable of being embedded at a molecular level in petroleum products—gasoline, diesel and kerosene—thereby enabling authorities to test, identify and distinguish petroleum products with paid excise taxes.

Spearheaded by the Department of Finance, BOC and the Bureau of Internal Revenue, the fuel-marking program was officially launched on August last year with the intention of putting a halt to illegal importation, manufacturing and other fraudulent activities relating to the use and sale of petroleum products in the country.

Bernadette D. Nicolas

PNB employees say bank offers equal employment opportunity

E

MPLOYEES of Philippine National Bank (PNB) helped their employer become the first local universal bank to be certified as gender-equal after receiving its Economic Dividends for Gender Equality (Edge) certification.

Edge is a global assessment methodology and business-certification standard for gender equality, evaluating entities according to gender balance, pay equity, equitable career flows and inclusiveness.

PNB said a major component of the company review is employee survey, which looks into the staff’s experience and perception on bank’s policies on gender equality.

The survey revealed that 96 percent of the respondents agree that all were given equal opportunities to be hired.

Meanwhile, 74 percent said that they were provided fair opportunities to be promoted.

Majority or over 60 percent of male and female respondents believe that the bank is giving fair wages according to their work.

PNB noted that it is also “generally perceived by both genders that [the bank] gives equal access to careercritical assignments.”

The Lucio Tan-led bank said that its adoption of the Anti-Sexual Harassment Policy, pursuant to

Republic Act 7887 or Anti-Sexual Harassment Act of 1995 and Republic Act 11313 or the Safe Spaces Act 2019, also added merit to PNB’s Edge certification.

PNB Chairman Florencia G. Tarriela said the bank has been committed in bringing gender equality among work force.

“We aim to identify and develop solutions to address gaps and challenges on gender equality in our employment practices and in the workplace,” she said.

“This is in line with our thrust to uphold the sustainability of our business through inward-looking initiatives.”

PNB President and CEO Jose Arnulfo A. Veloso, meanwhile, underscored the importance of acknowledging the “pulse” of the employees to have an idea where the bank stands when it comes to gender equality.

“We believe that those who work closer to the ground know best the current reality and they can give us the right kind of information we need to assess our organization,” Veloso said.

PNB shares declined 1.84 percent, or 40 centavos, to settle at P21.30 apiece amid the 1.60-percent rise for the main index on Tuesday.

Tyrone Jasper C. Piad

PBOC unveils $60-B plan to aid small business credit

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hina’s central bank said it will temporarily purchase loans made to small businesses from some local banks, a new policy to boost the supply of lending to the real economy.

The plan will use 400 billion yuan ($56 billion) from a separate program to buy 40 percent of unsecured loans to small and medium-sized firms with maturities of at least six months made between Mar. 1 and December 31, 2020, the People’s Bank of China (PBOC) said last Monday.

Commercial lenders should repay the central bank the funds a year after the transaction. The lenders will continue to receive interest payments from the borrower and will bear any losses if the loans go sour, the PBOC said. The central bank will sign contracts with qualified local commercial lenders via a special-purpose vehicle, and the plan could boost banks’ unsecured loans to small firms by one trillion yuan, it said.

By taking loans to small businesses on to its balance sheet, the PBOC may help lower lenders’ capital requirements and thereby lower the cost of further lending. While the authorities have cut policy rates mul-

A man rides a bicycle past the People’s Bank of China headquarters. China’s central bank issued a new policy to boost the supply of lending to the real economy. Bloomberg News

tiple times this year, they’ve avoided the large-scale stimulus seen in other major economies to avoid aggravating the country’s debt problem.

“The policy intention is to solve the funding problem for small and micro-sized companies, which play a vital role in job stability,” Qu Qing, chief economist at Jianghai Securities Co. in Beijing, wrote in a note. The policy would have “limited effects” on supplying liquidity to banks and lowering borrowing costs, meaning

it can’t replace outright interest rates cuts, he said.

The credit support plan will use funding from the PBOC’s relending program which it has relied on to provide cheap base money to the financial system since the Covid-19 crisis. Unlike the regular re-lending funding which is offered at 2.5 percent a year, the PBOC said qualified commercial banks will only need to return the principal of the funding, indicating it’s interest-free.

Qualified banks are local lenders rated between 1-5 level in the PBOC’s recent quarterly financial institution rating. Companies receiving credit from the un-collateralized loans supporting program have to promise they’ll keep jobs stable.

The plan is an innovative version of an interest-free reverse repurchase operation, in which local banks still bear the credit risk, and that makes it different from quantitative easing, according to Zhang Lu, an analyst at CEBM Group Ltd. in Beijing. “The room for the central bank to further cut interest rates is limited as long as the economy doesn’t worsen from here,” Zhang wrote in a note, adding the PBOC will instead focus on ensuring sufficient liquidity and direct the credit to needy sectors.

Some see the plan as having the potential to develop into a form of Chinese QE in the end.

“We think the program will have to be rolled over or scaled up amid the economic downturn,” said Xing Zhaopeng, a markets economist at Australia and New Zealand Banking Group Ltd. in Shanghai. “In fact, this will start the QE process of lending cheap funds directly to the real economy.” Bloomberg News

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Show BusinessMirror

Wednesday, June 3, 2020

www.businessmirror.com.ph

Today’s Horoscope

By Eugenia Last

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CELEBRITIES BORN ON THIS DAY: Imogen Poots, 31; Rafael Nadal, 34; Anderson Cooper, 53; James Purefoy, 56.

Happy Birthday: Put greater emphasis on development and updates. Expand your knowledge and skills to fit the trends. Preparing for the future will ease stress and make you feel comfortable as you move forward. An emotional situation will require thought, consideration and additional adjustments that will encourage you to let go of problems. Your lucky numbers are 9, 14, 22, 29, 32, 38, 46.

SECRET TAPING

SO apparently the reason why the actor is so mad at recent events is because the series he stars in is reportedly taping scenes despite most parts of the country being quarantined. What they have done is to go to nearby provinces that aren’t under lockdown.

So how do they get from Metro Manila to these provinces? They can get through checkpoints because policemen recognize them and are mostly fans of the show. Sometimes the cops ask for photo-ops and the stars agree. The actor is angry because his series can’t air, which is due to circumstances beyond the control of the network. He can’t even empathize with what’s happening to his countrymen, and is only concerned about himself.

PAYCHECK TO PAYCHECK

It’s a fact that the restrictions brought about by the Covid-19 pandemic has resulted in the loss of income for many people all over the world. The entertainment industry is one of the hardest hit as many shows, whether live or taped for TV, are either canceled, postponed or on hold. This singer is one of those badly affected by what is happening with many of the shows that have booked him for the summer here and abroad canceled or postponed. No one knows when we’d all be allowed to travel so the singer doesn’t know when his out-of-town gigs will resume. The thing about this singer that when he has money, he spends it on designer clothing, and accessories and men. He is particularly generous with his men, giving big tips and gifting them with clothes and shoes. Now, he is suffering because he was literally living off ones generous paycheck after paycheck. He doesn’t even have savings substantial enough to see him through lean times.

LOOKING FOR NEW MANAGEMENT

SO this TV host-comedian, who was hot stuff once upon a time, is looking for a new management because her career is going nowhere. She is also being attacked online because of some things she said thoughtlessly, which have hurt so many people. What’s funny is that she seems to be unaware of the things she said or did. She thinks she is just being bullied for no reason. In fact, people have tried to educate her on important issues but she refuses to learn her lesson.

Another funny thing is that while people look at TV host-comedian as clutching at straws because of desperation, an agency is actually interested to sign her up. This agency is actually very excited about her and her career.

NO SUPPORT

SO the actress was bullied online recently because she tried to speak out against an issue. Many people defended the actress because she really is known to be one of the nicest and sweetest people in the business.

It’s strange though that to this day, the actress’ boyfriend hasn’t showed his support for her publicly.

While we agree that not everything has to be posted online, what happened to the actress was horrible considering that she wasn’t being problematic at all.

She was just being herself. It’s sad that the boyfriend did not even make a single post to show that he loved her enough to defend her. Well, we really don’t know anything. We can only hope that he supported the actress in some way.

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Jamie Foxx speaks to a large crowd during a “kneel-in” to protest police racism on the steps of City Hall on June 1 in San Francisco. AP

Celebs take to streets for historic demonstrations

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By Amanda Lee Myers The Associated Press

OS ANGELES—Jamie Foxx stood shoulderto-shoulder with activists in Minneapolis, proclaiming that “we’re not afraid of the moment.” In Los Angeles, pop star Halsey and Insecure actor Kendrick Sampson were hit with rubber bullets during a tense stand-off. And in Chicago, John Cusack was filming a burning car when officers rushed up to him and began screaming at him to leave and, he says, hitting his bike.

Across the US, many celebrities have been doing far more than tweeting supportive words or issuing carefully prepared statements. They took to the streets alongside thousands of people to condemn the killings of black people at the hands of police and to demand reform.

“I was there in LA when it was the Rodney King beating and I watched that, and I said ‘Man, if they get away with this, what’s going to happen later?’

And it continues to happen,” Foxx said Monday in San Francisco, where he joined church leaders and activists in a “kneel-in.”

Foxx’s comments came three days after he flew to Minneapolis to join the chorus of anger over the death of George Floyd, a black man who died after being pinned under the knee of a white Minneapolis police officer for several minutes even after he became unresponsive.

“As I’m talking to my nephews, as I’m talking to my daughter, trying to telling them how to act when they’re out there and they see a police officer, I’m sort of running out of things to tell them and it shouldn’t be that way,” Foxx said in San Francisco. “It shouldn’t be that way in America in 2020. We have to evolve.”

Many celebrities turned out on Saturday and Sunday at sometimes intense protests in Los Angeles, including one outside a popular, high-end shopping mall where protesters took over a city bus, tagged buildings and burned police cars. Model and activist Emily Ratajkowski waved a sign that read “Dismantle power structures of oppression,” Paris Jackson carried one that said “Peace Love Justice” and rapper Machine Gun Kelly’s said, “Silence is betrayal.” Pop star Ariana Grande tweeted that “we chanted, people beeped and cheered along.”

Sampson (Insecure, How to Get Away With Murder) on

Saturday grabbed a microphone.

“Our solutions are not defined by systems that oppression built!” he shouted. “America was founded on racism, anti-blackness and genocide. When you talk about America, don’t leave that’s—out.”

Later Sampson was shown at the front of a standoff with police. Some of the details of the video aren’t clear, but Sampson said on Instagram that a rubber bullet that police shot into the ground ricocheted and hit his assistant. The video shows Sampson step in front of his assistant and an officer hit him at least twice with a baton. “Then an officer aims straight at me, no ricochet, and shoots [rubber bullets]” Sampson wrote. “That was one of seven shots I took. They are excruciating. And they can kill.”

Nearby, Halsey, who was at the protest with ex-boyfriend and recording artist Yungblud, also reported being hit with rubber bullets and getting tear-gassed. “We were peaceful. Hands up, not moving, not breaching the line,” she wrote on Instagram. “They opened fire of rubber bullets and tear gas multiple times on US citizens who were not provoking them.”

Los Angeles police did not respond to a request for comment about their actions at the scene.

Halsey was back out protesting Sunday in nearby Santa Monica, where many demonstrators acted peacefully but others continued a third day of looting in the Los Angeles area.

Recording artist Madison Beer tweeted on Sunday for people to leave Santa Monica immediately.

“I was just tear gassed,” she wrote. “They are arresting everyone and tear gassing all crowds.”

Among the hundreds arrested at that mostly peaceful demonstration was Riverdale actor Cole Sprouse, who wrote on Instagram that “this is precisely the time to contemplate what it means to stand as an ally.”

“I hope others in my position do, as well,” he said.

Foxx urged more of his fellow celebrities to step up.

“What I want to say about my Hollywood friends, you’ve got to get out here,” he said. “You can’t sit back, you can’t tweet, you can’t text.... When you hear and when you see how people are hurting, you can understand what it is as opposed to being in your bedroom or your living room and saying, ‘Hey I don’t like this.’ Get out of the cul-de-sac and come down here on the courtroom steps.” n

ARIES (March 21-April 19): Settle into something that makes you question what’s best for you. Keep your life simple, and refrain from taking on too much or overreacting. Put your health and daily routines first. Build physical strength, and strive to look your best. HHH

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TAURUS (April 20-May 20): Think twice before you jump into something that has more challenges than you are prepared to handle.

Take care of unfinished business, and rethink how to deal with people who have been demanding. A change should ease stress, not make matters worse. HHH

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GEMINI (May 21-June 20): Learn all you can before you step into a situation that will require you to compete with someone who challenges you. Don’t expect others to play fair. Use intelligence, preparation and knowledge to win. HHH

d

CANCER (June 21-July 22): Step things up a notch, and pursue your dreams. Let your creative imagination lead the way, and you will come up with a plan that will open doors and change your life. HHHHH

e

LEO (July 23-Aug. 22): Take a moment to rethink your next step. An inappropriate move or change will set you back. Aggressively look for every possible alternative before you commit to anything that makes you feel uncertain. Spend less on unnecessary items. You cannot buy love. HH

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VIRGO (Aug. 23-Sept. 22): A change will be the beginning of a new, exciting period.

Let go of the past and the people who have caused you grief, and pick your associates with care.

A strong support group will be the backbone of your success. HHHH

g

LIBRA (Sept. 23-Oct. 22): Take inventory, and consider what you need and what you can let go. Question what you have been doing with your time and how you can be more productive.

Choose projects that excite you and help you grow personally and professionally. HHH

h

SCORPIO (Oct. 23-Nov. 21): Share your feelings, and discuss any changes you want to make. The input you receive will put your mind at ease and help put your plans in motion. Expand your mind, but stick to a budget that won’t leave you scrambling. HHH

i

SAGITTARIUS (Nov. 22-Dec. 21): Put greater emphasis on relationships, how others treat you and, who is being honest and open with you. If something doesn’t measure up, be direct and find out exactly where you stand. HHH

j

CAPRICORN (Dec. 22-Jan. 19): Don’t disregard an online job post or an invitation to a virtual reunion with old friends or associates. It’s time to shake things up and make some positive adjustments to what you do or how you live. HHHH

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AQUARIUS (Jan. 20-Feb. 18): Keep your emotions under control when dealing with situations involving peers, neighbors or relatives. You’ll do much better taking a closer look into what you are doing and how well you are taking care of yourself. Personal growth is favored. HH

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PISCES (Feb. 19-March 20): Think matters through before you take action. Spend more time addressing financial, legal or medical issues that concern you. If you want to be helpful, offer knowledge, not cash. Consider what’s holding you back, then rectify the problem. HHHHH Birthday Baby: You are distinctive, charming and imaginative.

You are passionate and convincing.

‘sweet and spicy’ by dexter coleman The Universal Crossword/Edited by David Steinberg

ACROSS 1 Talk indiscreetly 5 Give up, as land 9 Cabinet feature 14 Capital of Latvia 15 University grad 16 Creepy 17 Ages and ages 19 Like the number 19 20 Fourth installment of the Mission: Impossible franchise 22 Blended margarita ingredient 23 Honest ___ 24 Dessert served in a boat 29 B-ball stats 32 The Mists of ___ (female-focused Arthurian legend book) 33 Summer hrs. in Raleigh 34 Anarchist action 35 Initial number of cards in an Uno hand 36 Possesses 37 Ruling group after a coup 38 Time line divisions 39 2013 Joaquin Phoenix film

0 Truffle part that may be fruity 4 41 Where the Blues play, briefly 42 Popular pants in the 1960s 44 Genre for Method Man 45 Bank acct. buildup 46 Heat measurement system, or a hint to the pepper types at the starts of 20-, 24- and 42-Across 53 Like many roads 54 Starts gradually 57 Five-time Oscar nominee Dunne 58 Mufasa’s brother 59 Of all time 60 Yurts, e.g.

61 Not even ajar 62 Colors with indigo, say DOWN 1 Training ___ 2 Small, in hip-hop names 3 Very eager 4 ___ mi (Vietnamese sandwich) 5 Certain X-ray 6 Privileged groups 7 Leave, as a boyfriend 8 Green gems

9 The continents or the seas 10 Savior 11 Carle of children’s literature 12 Long ride?

13 Sense 18 Help pay for 21 Somber newspaper bio 24 Centers of operations 25 Turn away, as one’s eyes 26 Like the battle in Battleship 27 Pub offerings 28 Oyster’s treasure 29 Bean type that’s often refried 30 Sacred emblem for some tribes 31 Shooting ___ (certain Lucky Charms marshmallows) 34 Smallest of the litter 36 Unable to defend oneself 37 Popular Volkswagens 39 Get better 40 Gig for Lizzo 42 People with trousseaux 43 Guinea-___ 46 Barbecue rod 47 Word after “health” or “self”

48 Pizzeria fixture 49 Let off some steam 50 Per item 51 Fibbed 52 “Green” emotion 55 Golf tournament supporter?

56 Surgeons’ workplaces: Abbr.

Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Wednesday, June 3, 2020

Trimming the sails C

HANGING times call for new ways of doing things. In light of the recent events, organizations are slowly picking up business while adopting new policies and work instructions to meet with people’s need for a safe work environment. Whatever your company deems necessary to get the work done while ensuring safety of employees, your team will look up to you for guidance and direction in adjusting to changes in work arrangements. To assuage fears and help your team get on track, here are several things you can do to lead your team so they can adapt to the changes. n Be honest. Your team will greatly appreciate it if you keep them in the loop and know that you have their back. Be transparent with the changes and explain to your team as much as you can the changes that will happen in the next weeks or even months.

Your team members need to understand what is going to happen so they can prepare properly. Require from yourself what you intend to require from your team.

An example is when you require your team to be in the office and yet you work from home even if you are not precluded by any condition. Even if you are the manager, you set a bad example for your team by being the first to not follow your own instructions. As Gandhi once said: “Be the change you want to see in the world.”

In turbulent times, meet as often as you can. Overcommunicate to make sure everyone

Be a positive beacon for your team. Change may be tricky to navigate, but as a leader you need to provide the needed encouragement through your speech, demeanor, and how you handle different personalities and oppositions. Do not be afraid when people are doubtful, discouraged, or even antagonistic because what they feel is their own. Your role as a leader is to inspire and even persuade them how the change will benefit them in the long run. understands the changes and what is required from everyone. In the same vein, meet regularly so team members have a venue to ask their questions and you can clarify them before it escalates into a crisis.

This will also help you get to know your team’s sentiments and give you an opportunity to think of ways to address them or even raise the concern to the management. n Pay attention to what your team is saying. Invite questions and draw out resistance so you can develop strategies to win them over. Listen also to what other departments are telling you and get tips on what is working for them. This will give you an idea if you can use the same in your team. But then again, if you know your team and are paying attention to what they are saying, you would know which practices would work.

And since everything is changing, everyone is also adjusting and looking for what works for their own industry. To leverage on the creativity and critical thinking skills of your team, create an environment of learning. Failure should be treated as a first attempt at learning and an opportunity to understand the strengths and opportunities of your team members.

You can then calibrate the workload to take advantage

of team members’ strengths and, at the same time, create a development plan for your team so everyone is at par with what is expected of their position. n Be a positive beacon for your team. Change may be tricky to navigate, but as a leader you need to provide the needed encouragement through your speech, demeanor, and how you handle different personalities and oppositions. Do not be afraid when people are doubtful, discouraged, or even antagonistic because what they feel is their own. Your role as a leader is to inspire and even persuade them how the change will benefit them in the long run. Most people are resistant to change because it would mean moving away from their comfort zones. But if they see someone going ahead and showing the way, it will become easier for them to follow.

And however small the change, maintain the momentum of change by avoiding being overly critical. Focus more on the successes of your team and do not forget to celebrate small wins to provide an added boost to the morale of your team. This also serves to win over dissenters who may have initially thought that the change would be difficult or even impossible. This will also help solidify headways into

the new work arrangements and provide stepping stones to new ways of working. n Recognize publicly those who do well and talk privately to those who are struggling so you can offer help or clear roadblocks for them.

Reward effort more than completion of work. This encourages team members to be resilient and keep trying to improve rather than doing the work for the sake of doing it. This is the growth mindset where effort plays a key role in helping your team develop creative solutions for uncommon problems. Your role as a leader is to provide a safe environment where your team is free to meet targets the best way they know how. You can do this by empowering your team to make decisions on their own to get the work done.

Just make sure it is clear to them your expected results but leave to them how they can get there. You might be surprised to discover what your team can do when you empower them to make their own decisions. This also allows you to see who steps up to the plate and narrows the people you can mentor to replace you.

And in everything your team accomplishes, always acknowledge that it is the team’s success. Do not hoard accolades. The mark of a good leader is when they trust their team to stand up on their own because they know they have done their best in training their people. And the best compliment you can receive as a leader is when someone under you is promoted because that just shows how much you have invested in developing their potential into reality. n Most of all, be consistent. Team members resist changes when you are unpredictable, or when they know you will throw them under the bus. As a leader, you are the backbone that provides the stability for the team. They need to understand that you see them as people and not just a cog in the wheel.

If you want your team to go in the direction you are going, they need to understand you are trustworthy and you are moving the same direction as they are.

Because, as John Maxwell rightly puts it, “if you think you’re leading but no one is following, then you are only taking a walk.” n

Banking on science to optimize the Earth’s natural ingredients USING botanicals to improve one’s health is an age-old practice in many parts of the world, including the Philippines. Today, going natural is having a renaissance as many consumers are becoming more conscious about the products they use.

This growing interest in everything natural has led to the influx of products that claim to be so. But is it safe to assume that everything labeled natural is safe and effective for consumption?

While nature has given mankind everything it needs to survive, it’s the exacting measures of science that has validated and harnessed its full potential.

It’s through science that the medical industry learned how to process plants for efficacy and safety. Not all natural solutions in the market, however, are backed by science, producing substandard products that are ineffective and may be harmful to consumers.

This is why for Filipino plant-based brand Sekaya, produced by Unilab’s natural products company Synnovate Pharma Corp., the only way to create bestin-class natural products is through the convergence of nature and science.

To help educate consumers and further explain the importance of science in creating high-quality natural solutions, the brand hosted recently the “Sekaya Prescribing Nature Virtual Conference:

Revealing the Science Behind Nature in Promoting Overall Well-Being,” featuring two respected names in both the medical and wellness fields.

Rolando “Oyie” Balburias, MD, FPCP, IFMCP, General Internal Medicine and IFM Certified Functional Medicine Practitioner, and one of the country’s pioneering doctors for functional medicine. Meanwhile, internationally recognized teacher, author, scientist, speaker and artist Deanna Minich, PhD, FACN, CNS, IFMCP, followed with a talk

on why “Healthy Food is Happy Food.”

“When choosing natural products, people should look into the source of the ingredients and the processes they went through,” Balburias said.

“High-quality natural products that are effective consider the therapeutic benefits of the raw ingredients based on their science-backed capability to restore homeostasis and balance of the body systems. These products also go through a tedious process that considers the ingredients’ biochemical compatibility

with our body’s physiologic and biologic systems design.”

For her part, Minich said: “Stress can get in our way of eating healthy as increased cortisol and changes in hormones can alter our cravings. Most of the time, stress eating often leads to eating low-nutrient foods. We know this will only lead to unhealthy eating habits that will result in adverse effects on your body in the future but various studies have shown that healthier foods can actually affect our mood.”

The virtual conference underlined Sekaya’s “Prescribing Nature” advocacy that focuses on promoting the healing benefits of nature as validated by science.

According to Abigail D. Nepomuceno, director and business unit head of Synnovate, “Sekaya’s mission is to provide high-quality plant-based products that nourish the lives of our consumers, community and country.

As such, our products use evidencebased ingredients that undergo several laboratory tests before they reach our consumers. We follow strict standards in every step of the process: from the sourcing of our ingredients up to the creation of the final product.”

The ingredients that Sekaya use are not only carefully sourced from United States Department of Agriculture or

European Union-certified and Quality Assurance International certified organic farms all over the world, but these are also tested against microbial contamination, pesticide residues, heavy metals and molds.

Known for its Sekaya Botanic Infusions, a curated line of medicinal, loose leaf botanic infusions for specific health conditions, the company is set to introduce more natural solutions of the same caliber. Sekaya Raw Actives are powdered green superfoods, plant proteins, and energy optimizers aimed toward athletes and active individuals who want to up their game and improve their performance naturally. Sekaya Botanicare is a line of premium natural skin-care products that is aimed to keep even the most sensitive skin healthy and smooth all over.

Aside from these three product lines, Sekaya will also be coming up with natural solutions that will highlight Philippine herbs. More information is available at www.sekaya.com.ph.

The current times present a wake-up call and a strong reminder on the utmost importance of keeping our health in check, and nothing perhaps can be more reassuring than being able to turn to natural solutions that are not only tested by tradition but also proven by science.

B5

B6 Wednesday, June 3, 2020

DepEd’s first virtual Brigada Eskwela, Oplan Balik Eskwela set to promote Bayanihan amid COVID-19 situation Subsidiary of HealthCare construction company envisions safe and economical reopening for businesses

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SUBSIDIARY of Thaison Builders & Developers, Inc., a construction and maintenance company that specializes in providing healthcareready facilities for the past twenty years, Firstline Sanitation Solutions envisions a safe and economical reopening for local businesses.

“During this particular Covid-19 crisis, the cost of complacency when it comes to infection mitigation and control extends beyond lost revenue- we also risk endangering lives and livelihoods of the people,” warns AFP Infectious Disease Prevention and Control Consultant and IATF member Dr. Melissa Turao-Agoncillo.

FSS is composed of and supported by a team of disease and safety experts united by a common agenda: to aid business resiliency and versatility amidst an epidemic-struck society by giving them a sense of security and peace of mind in the workplace. Employing hospital-grade materials and equipment, FSS is a pioneer in facility management services ensuring covid-free workspaces.

“As we navigate the unchartered

territory of the new normal, we must recognize that one missed decision can translate to the loss of life. We have to help local businesses get back on their feet and recover through the covid-19 crisis by making essential disease management solutions more affordable and accessible,” says FSS CEO Arthur Cantor.

Firstline Sanitation Solutions Team in Action Utilizing a structured approach to derive custom services tailored to fit the particular requirements of each partner, FSS offers a custom set of service packages specifically designed to ensure a smooth sailing reopening for businesses.

FSS services include facility disinfection using UV germicidal treatments and FDA-approved solutions for fogging and misting. Yielding maximum value at cost effective rates, FSS is firm in the belief that one-time procedures cannot systematically address the constant risk of exposure in public establishments.

With the possibility of mandatory testing for workers under ECQ and GCQ, one of FSS services also includes

affordable rapid testing with medical personnel assistance, ensuring adherence to standard protocols from the testing process up until proper waste disposal. Through its package-based facility management services, Firstline Sanitation Solutions democratizes disease management mechanisms for local businesses.

With the intention of making disease management mechanisms more accessible, FSS has also made several donations of professional-grade disinfection formula and equipment to some LGUs within Metro Manila.

“Our organization’s vision is to help jump start the PH economy by guiding local businesses through this crisis and assisting them to ensure a safe reopening,” says FSS CEO Arthur Cantor.

Firstline Sanitation Solutions is currently giving away free industrialgrade disinfecting solutions to clients booking FSS’ coronavirus cleaning and disinfection services until 31 May 2020.

You may reach firstlinemanila@gmail. com for more information.

EU Family gives a cultural treat to Pinoy youth this weekend

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ICKING off on June 1, 2020, the Department of Education’s (DepEd) 2020 Brigada Eskwela (BE) and Oplan Balik Eskwela (OBE) initiatives are setting its first virtual launch to assist every school and stakeholder in their respective preparation for the upcoming school year.

For this year, the BE and OBE, the annual activities of DepEd to prepare for the opening of classes, were reconfigured to be locally implemented under the joint theme “Pagpapanatili ng Bayanihan Tungo sa Kalidad na Edukasyon para sa Kabataan”, which will run on June 1 until August 29, 2020.

The joint OBE and BE national virtual kickoff program will be hosted by DepEd Region VI via Facebook and Youtube livestreaming on June 1, the first day of enrollment period for School Year 2020-2021.

Secretary Leonor Magtolis Briones will give her keynote message and call to action for “Bayanihan sa Paaralan” while Undersecretaries Nepomuceno Malaluan, Alain Del Pascua, and Tonisito Umali, Esq. will present DepEd’s Basic EducationLearning Continuity Plan (LCP), DepEd Commons, and OBE-BE Framework and Action Plan, respectively.

Meanwhile, education advocates and partners including Senator Sherwin Gatchalian, Senator Pia Cayetano, Congressman Roman Romulo, Cabinet Secretary Karlo Nograles, former Chief Justice Renato Puno, League of Provinces of the Philippines National Chairperson Dakila Carlo “Dax” Cua are scheduled to give their messages of support virtually.

Aimed at promoting sustainable and safe living, the reconfiguration of OBE and BE will highlight the application of knowledge and convergence of efforts to address health and social issues at home, in school and community relative to the new framework.

Brigada in the New Normal Brigada Eskwela will deviate from the traditional concept of physical cleaning, painting,

repainting, and doing minor repairs in schools and will instead prioritize preparations and strengthening partnership engagement to ensure that quality basic education will continue despite the challenges posed by COVID-19.

Stakeholders can support the initiative by donating thermal scanners; hand sanitizing equipment or materials; and printing of COVID-19 and sanitation/proper hand washing hygiene information materials to aid BE and OBE in introducing protection and health protocols to learners and teachers.

BE will also engage partners in the promotion and provision of learning options such as local radio and TV stations and other available media, and the printing of self-learning modules for distance learning, as a form of partnership to deliver the basic education curriculum in the time of COVID-19.

OBE as info drive for LCP For the duration of the OBE initiative, Public Assistance Command Centers (PACC) will be set up at the central, regional, and schools division offices nationwide.

In partnership with BE, the OBE, headed by Undersecretary Jesse Lorenzo Mateo, will focus on an information campaign on the implementation of the LCP of the Department in light of the COVID-19 situation in the country.

OBE will ensure that every question from parents and learners in relation to new and adjusted DepEd policies, rules, and regulations on enrolment and class opening due to the COVID-19 situation will be addressed.

For queries and clarifications regarding the enrolment and other initiatives of the Department for the upcoming school year, please call telephone numbers (02) 8636-1663; (02) 8633-1942; mobile phone numbers 0919-456-0027; 0995921-8461; or email at action@deped.gov.ph.

The public can also visit www.deped.gov.ph/obe-be for frequently asked questions about SY 2020-2021.

Sun Life Grepa now offers financial protection against cancer

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NFORMATION on critical illnesses, especially cancer, is more accessible now more than ever. However, the cost of treating these diseases remains impactful on one’s finances, doubled by the loss of income endured during the treatment and recovery period of the patient.

Sun Life Grepa Financial, Inc. (Sun Life Grepa) helps address the need for financial preparedness in the event of cancer diagnosis with Sun Grepa Cancer Care, a specialized health insurance plan that provides benefits in every stage of one’s health journey.

“Treatings cancer is not only expensive but takes time. Time spent in the hospital translates into continued income loss for a sick breadwinner or becomes a savings loss for a sick non-breadwinner being cared for,” says Sun Life Grepa President Richard S. Lim. “We believe that having peace of mind through a reliable partner can help a family through this critical time.”

Sun Grepa Cancer Care provides the following features: access to a wellness program; a fixed cash benefit in case of a diagnosed cancer covered by the policy; and a separate one-time cash benefit in case the patient undergoes surgery for removing a benign tumor covered by the policy. Other product features include an additional monthly treatment support benefit upon approval of a major cancer claim and life insurance coverage equal to 100% of the original coverage, assuming no cancer benefit

has been paid.

Policy premiums may be paid in 5, 10, 15, or 20-year periods. Payments can also be paid semi-annually, quarterly, or monthly. A special bonus may be provided at the end of the premium-paying period and annual dividend earnings afterwards. These may be received in cash or left with Sun Life Grepa to accumulate.

In case of an emergency, a policy loan can be taken out from the plan’s cash value to support the immediate need.

Sun Grepa Cancer Care is one of Sun Life Grepa’s latest offerings in its more than 65 years in the Philippines. For inquiries about Sun Grepa Cancer Care, contact your Sun Life Grepa advisor, visit any Sun Life Grepa or your RCBC bank branch of account, call 8-849-9633/ 8-8666880 or email wecare@sunlifegrepa.com.

Omnibus denies overpricing and monopoly allegations

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INOY children and youth are in for a special cultural treat this weekend on Friday 5 June at 10:30 a.m. and on Saturday 6 June at 8pm through the FB page of the EU Delegation to the Philippines.

The European Union Delegation to the Philippines together with the Embassies of Czech Republic, France, Italy (through the Philippine-Italian Association), Poland, and the Manila Street Astronomers have developed a cultural extravaganza of films, games, songs, stories and an astronomy event. Thomas Wiersing, Chargé d'Affaires, a.i. EU Delegation to the Philippines said: “Lakbayin Natin ang EU” and “Ode to the Stars and to the Moon” aim to enable children to learn about the European Union without having to physically visit the continent especially during this pandemic. While both events have been organized previously, this is the first time that the EU Delegation and its partners have ventured into holding the twin events virtually.

Opening Salvo - French Children’s Films France is the birthplace of film and has contributed immensely to the history, enrichment of the film as an art form.

“Fantasmagorie” is an animated film from France by Emile Cohol and is said to be one of the earliest examples of traditional animation. The French Embassy in this year’s edition of “Lakbayin natin ang EU” has lined up the following children’s films which are accessible until 25

June: 14 (On the Tour de France) a champion cyclist of the Tour de France finds his way by accident into a small town https://vimeo.com/223996470 Sales Gosses (Naughty kids) a story about how a parent instills discipline onto children https://vimeo.com/70768878 directed by Hassan Bensmaine, Alexis Kerjosse, Emmanuelle Ngan Sing, Marine Vilette, and Delphine Zombo On ParentChildren relationship Raoul (Embouteillages, on traffic) Getting caught in traffic, and how to get out of it https:// vimeo.com/70768878 Breakfast in Paris - A Parisian teenager skips breakfast https://vimeo.com/101030171 (on parent-children relationship). Le Ballet (on watching a ballet at the Opera) https://vimeo.com/48547146 directed by Louis Thomas. Travelling through the EU Czech Republic, Italy and Poland Do you know that Czech children also play two of Filipino’s favorite games: the skakani panaka (similar with “piko” or “hopscotch” and guma “Chinese garter”.

The Embassy of the Czech Republic shall demonstrate how exciting and how similar their two games are with the kind of games that the Philippines has.

From Italy, children will surely get amazed with stories to be told live during the “Lakbayin natin ang EU”: “The Young Shrimp” and “Tonino the Invisible” by Italian writer Gianni Rodari. Incidentally, this year is the 100th

birth year of Rodari. Writer Rodari is regarded as the most important children’s literature writer in Italy.

The Philippine-Italian Association and the National Library of the Philippines (NLP) shall continue their storytelling sessions at the fb page of the NLP. Meanwhile, the Embassy of Poland through Chargé d'Affaires, a.i Jarosław Szczepankiewicz, shall teach kids a traditional birthday song in Poland. The birthday song is“Sto lat”(One Hundred Years) and is sung to express good wishes, good health and long life to a person. It is also a common way of wishing someone a happy birthday in Polish. The duration of the “Happy birthday” song, incidentally, is also the time needed to wash hands during this pandemic.

The EU Delegation to the Philippines has invited a gifted filmmaker Jade Dandan Evangelista, 8 years old, to present her film “Get Well Soon”. Her wish through her film is “for the world to get well, safe and better”. Jade is a digital native artist and expresses herself in music, coding, clay and cardboard sculpting, drawing, video and animation. She is a Grade3 home schooler at Homeschool Global - Victory Christian International School. Her first short film is doing the rounds as part of the official selection in BAM! Festival, Mostra Internacional Cinema Educatiu in Valencia and has been named as a semifinalist in Zoom.14 in Slovenia.

N a press statement, Omnibus Bio-Medical Systems. Inc.-the Philippine distributor of Sansure Biotech Inc.-- denied all allegations that they sold overpriced COVID-19 testing equipment and kits to the government.

The company stated that these false allegations are all unfounded. Omnibus has been selling medical equipment for more than 20 years. It is recognized in the industry as a reliable and credible supplier.

Baseless allegations. "There is no truth to the reports that the company directly sold Sansure Polymerase Chain Reaction (PCR) machines and test kits to the Department of Budget and Management (DBM), the Central Office Bids and Awards Committee -Department of Health (DOH), and PhilHealth,: the statement declared. "Our company adheres to a business practice aimed at providing the best value in life science equipment. We will not tarnish that reputation especially (during) the COVID-19 crisis."

Omnibus dismissed the fake news about the company being involved in the overpricing of COVID-19 testing machines and kits. Omnibus also denied monopolizing the market for COVID-19 testing kits. The company's executives do not know why they were suddenly attacked.

Fair price. The confusing over the prices of the COVID-19 testing machines sold by Omnibus happened when general statements were made and failed to note that the company was actually offering packages with different inclusions for clients.

When Omnibus facilitated the sale of the Sansure NATCH CS Fully Automated Nucleic Acid Extraction System machine for Go Negosyo's Project ARK, the price was P1.75 million.

Omnibus explained: "We facilitated the purchase of Go Negosyo at the price of $35,000 or (roughly around P1.75 million at the time of purchase). This was done via a free on board or FOB arrangement. Go Negosyo was the one who paid the additional costs for air transport, destination charges, storage, and warehousing." Sansure Biotech is based in China.

Meanwhile, when the Procurement Service of DBM (PSDBM) called for a Request For Quotation for Thermo Fisher, Omnibus offered a similar machine from Sansure on April 23,

2020 as a ready-to-use package at P4.3 million. This package included 25,000 NATCH consumables, which are the plastics that are used to carry out the RNA extraction. It also included costs such as air transport, destination charges, storage, warehousing, local delivery fees, warranties,m as well as peripheral accessories accessories needed to run the said machine, preventive maintenance and technical calibration fees, bonds, and retentions.

Omnibus offered another package that cost P4 million to PS-DBM on May 6 as a Promotional Letter, including Marketing Materials for Budgetary and Reference Quotations.

It was a slightly lower price because the machine and NATCH consumables were priced separately. That was the only difference. All other additional costs were included.

Moreover, Omnibus was operating within a difficult delivery scenario and rushing to fulfill a possible very short delivery period. With these challenges, the costs added up to P4.3 million (for the NATCH) machine with 25,000 PCR consumables) and P4 million (for the NATCH machine alone).

Bottom line, Omnibus stands by its statement that they offered a fair price for both packages mentioned.

No monopoly. Omnibus likewise clarified that they had never hoarded nor do have a monopoly of PCR, NATCH machines and COVID-19 testing equipment and kits. Omnibus is the exclusive distributor for the Sansure brand only, one of the brands available in the market. Omnibus The Food and Drug Administration (FDA) also confirmed that there are "at least 45 approved brands for PCR-based testing."

Even with its exclusive distributorship of Sansure products, there are at least three other companies selling Sansure as well.

There is no way that Omnibus can corner the industry. In fact, Omnibus lost in the bidding and so far does not have an existing business transaction with DBM, COBAC-DOH and PhilHealth on the test kit and medical equipment in question.

Omnibus also did not protest their loss in the bidding process. They respectfully accepted the decision of the government.

BusinessMirror

Editor: Tet Andolong

Wednesday, June 3, 2020 B7

Air quality matters more than ever

CEMEX implements 50 new hygiene and safety protocols

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Amor Maclang

first dibs in real estate

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HETHER at home or in our respective workplaces, we spend much of our lives breathing indoor air that is often contaminated by numerous pollutants.

Prior to the community quarantines that we’ve needed to be in, we are already spending around 85 percent of our lives indoors.

Nowadays, we spend practically all our time inside houses or buildings.

This is the reason why now, more than ever, air quality is a crucial element not only in managing existing residential and office spaces but also in the planning and designing of properties for development in the new normal.

Indoor air quality: Crucial yet oft-ignored Indoor Air Quality (IAQ) is the term for air quality within and around buildings and structures, especially related to the health and comfort of building occupants.

It should be noted, however, that even before the outbreak of Covid-19, the global market for the IAQ category has been predicted to already grow, due to obvious factors such as pollution and its overall effects on wellness. In fact, poor IAQ has been said to contribute to poor health like asthma, nausea and eye irritation. It can even affect concentration, mood and energy levels.

According to the World Health Organization, “Air pollution kills an estimated 7 million people worldwide every year. WHO data shows that 9 out of 10 people breathe air containing high levels of pollutants.”

The WHO said that these deaths are “largely a result of increased mortality from stroke, heart disease,

chronic obstructive pulmonary disease, lung cancer and acute respiratory infections.”

The surprising thing is that I’ve come across studies that claim that in terms of property purchase, air quality is not one of the three main factors that people consider when buying residential property. The most common factors in buying a house were price, location and amenities—which are, to a certain extent, understandable.

But among all environmental issues out there, air pollution is actually the most relevant for the property sector, with its direct adverse effects on human lives. In fact, the IAQ of a space is one of the most important considerations for occupant wellness.

Improving air quality and property management In a time when people have become increasingly conscious of the air they breathe, it would be wise for property managers to exert extra effort in ensuring that the IAQ of the spaces they manage are within acceptable levels.

Regular testing of air in the residential or office space is imperative to identify any potential threats. It is crucial to test for all possible contaminants to ensure that they are checking for all possible hazards. Another important way to improve IAQ is the use of an effective air purifier system.

We all know that Los Angeles is not actually known to have clean air.

But even before California’s shelterat-home initiatives started, the Los

Although overall air quality has improved during the lockdowns, pollution is expected to again increase once things normalize

Through an effective air-purifying system, the air quality in LAX has tremendously improved in recent time. lawa.org Angeles International Airport has gotten rave reviews in terms of how its indoor air quality has tremendously improved. And to think that LAX is ranked as the world’s fourth busiest airport in terms of total passenger traffic.

The reason for the improvement is the ongoing LAX Air Quality Improvement Plan, a major part of which is the use of an air purifier system that neutralizes the pollutants and allergens carried by the thousands of people who go through the airport every single day.

According to the Airport Improvement web site, “the significant reduction in dust, allergens and mold spores has been stunning,” since the airport started using AtmosAir, a state-of-the-art air purifier system.

This air purifier system was able to deliver bipolar ions directly into the air supply thus providing cleaner and healthier air to the vastly populated indoor sections of the airport.

Since LAX started using the system, there have been less odors, bacteria, viruses, and molds while substantially improving indoor air in food court areas.

Another venue that has benefited from the same system is none other than the home of the Los Angeles Lakers and Clippers—the famous Staples Center, which accommodates up to 20,000 people for hockey and basketball games and concerts.

According to Michael Dargani, CEO of Ananta Industries, local distributor of AtmosAir, IAQ has always been an important issue but because air is invisible, it tends to get overlooked. “The air we breathe is a shared resource. Now more than ever, companies and property owners need to protect their most important assets: their people. Ensuring that there are no compromises with indoor air quality is a non-negotiable,” he stressed.

Air quality in the time of Covid-19 While pollution levels have drastically gone down during the quarantine period for obvious reasons, the truth is that pollution may once again spike once we start going out of our homes when the lockdowns are eased.

And while WHO has been adamant about Covid-19 not being airborne, there are still studies that say it is pos-

“Now more than ever, companies and property owners need to protect their most important assets: their people. Ensuring that there are no compromises with indoor air quality is a nonnegotiable,” Michael Dargani, CEO of Ananta Industries, local distributor of AtmosAir sible. Dr. Philip M. Tierno Jr., professor of Microbiology & Pathology at the New York University School of Medicine stated last March that although Covid-19 is clearly spread through person-to-person transmission, it is spread in the air as well.

And so, with the possibility of the aerosolized spread of Covid-19 and the ability of particles to hang in the air for extended periods of time, an active air cleaning strategy would be especially advised for households, according to Tierno. This is something we should take into consideration as the ECQ is extended, modified, or even lifted.

It is also especially important to consider an active air purifying strategy as establishments such as malls and restaurants reopen. Whether or not air purifiers help mitigate the spread of the novel coronavirus, having a quality air cleaning strategy in our residential properties or office spaces would be useful for all of us in more ways than one.

EMEX recently announced that it has implemented more than 50 new hygiene and safety protocols to minimize the risk of Covid-19 contagion in its cement, ready-mix concrete, and aggregates operations across the world.

The company’s operations are in strict adherence to the authorities´ regulations, recognizing the importance of the construction industry in supporting the maintenance and service of essential infrastructure required to face the pandemic and contribute to the economy in the countries where the company is present.

At Cemex, the health and safety of its employees is the company’s No. 1 priority. Its core businesses of cement, ready-mix concrete, and aggregates have, by nature, a low density of employees in the work area, so the risk of transmission is less probable. However, more than 50 new protocols were implemented to reduce the risk of contagion.

“Due to this pandemic, we have complemented our existing protocols by developing and implementing special protocols and guidelines to protect our employees, communities, and customers from Covid-19 risk. Additionally, we are constantly updating and improving our protocols to be in line with official health regulations,” said Fernando A. González, CEO of Cemex.

The protocols developed by Cemex are based on national and international guidelines established by experts in the field, such as the World Health Organization (WHO), and in strict adherence to local health regulations. Among the protocols implemented are the company’s Personal Hygiene Protocol, Physical Distancing Protocol, Screening at Workplace Protocol, Cemex Truck Drivers Protocol, Workplace Cleaning Protocol, and Commuting To and From Work Protocol, among many others.

The construction industry provides critical infrastructure components necessary during the Covid-19 pandemic, including maintaining critical transportation infrastructure such as bridges and roads, repairing existing hospital infrastructure, creating new temporary emergency hospitals and health-care facilities, and maintaining society’s basic needs, such as water and energy, among many other fundamental needs.

CLI to begin Covid-19 testing for all employees

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The Filinvest Tent now ready as quarantine health facility F

ilinvest City Foundation is boosting its efforts to fight the ongoing Covid-19 pandemic by converting The Filinvest Tent into “We Heal As One” quarantine facility. The recently turned over facility houses 108 beds for patients that are asymptomatic or with mild to moderate Covid-19 symptoms.

This initiative, which aims to decongest hospitals attending to patients afflicted with the coronavirus, was made possible with the partnership of Filinvest City Foundation, EEI Corp. and Inter-

Agency Task Force on Emerging Infectious Diseases (IATF) and with the support of Department of Public Works and Highways (DPWH), Department of Health (DOH), Department of National Defense (DND), Bureau of Fire Protection (BFP), and Bases Conversion and Development Authority (BCDA). Nexgen Asia, PLDT, SMART, Vista Land and Meralco also helped in making this quarantine facility more conducive for patients and frontliners. Present at the signing and turnover ceremony were (from left) EEI

Corp. Project Manager Charlie Santaren, Filinvest City Foundation Inc. and Filinvest Alabang Inc. President And Chief Operating Officer Catherine Ilagan, DOH Director IV Dr. Leonita Gorgolon, Department of Health Secretary Francisco Duque III, DPWH Undersecretary Emil Sadain, IATF Secretary Carlito Galvez Jr., Department of Interior and Local Government Secretary Nestor Quinsay Jr., Office of Civil Defense Undersecretary Ricardo Jalad, and Bureau of Fire Protection chief General Jose Embang Jr.

EADING Visayas-Mindanao residential developer Cebu Landmasters Inc. (CLI) will begin testing all of its employees for Covid-19 in its headquarters in Cebu City and its project sites in other VisMin cities to ensure the safety of its personnel in preparation for the return to their offices and work sites.

Around 600 employees in Cebu City and its environs from CLI, its property management arm, and its first hotel property Citadines Cebu City will initially undergo testing to be conducted by a hospital accredited by the Department of Health. Those in Bacolod, Davao, CDO, Iloilo, Bohol and Dumaguete will follow.

CLI Chairman Jose Soberano III disclosed: “Testing all our employees is the beginning of the long road back to normalcy as Cebu Landmasters embraces the new normal. We want our teams to feel safe at work. Testing will also allow us to identify and assist those who turn out positive for Covid-19 but may not know it.”

The listed company will ensure social distancing at its headquarters by scheduling employees so that 50 percent are working on a skeletal arrangement at their headquarters while the rest work from home.

All CLI offices throughout the region will undergo deep cleaning and misting prior to the return of work teams, and regularly thereafter. Thorough disinfection of all offices is also in place. All employees will be

provided with N95 masks and undergo daily health checks. A company clinic will be operated by a nurse and a doctor who will do regular visits. Company buses will also be deployed to ensure employees’ safety as they commute to and from work.

This new norm has been assisted by the digitization of the firm’s sales transactions.

The move has allowed clients to seek, inquire and book for projects online and do payments online. CLI also launched a sales promo to stretch buyers equity terms to make them more accessible to economic and mid-market buyers.

“We understand that having a stable and secure home is extremely important especially today. In CLI, we adjusted our terms to make it more accessible to our market. As a result, we are happy that demand for our residential projects remains strong in this challenging time. One of our projects in CDO, Casa Mira Towers CDO, sold over 400 units in the month of May and now is sold out,” added Soberano.

In the meantime, around 50 percent of CLI projects remain under construction sustained by third-party workers whom the firm has supported financially with weekly allowances to extend support to their families.

Sports BusinessMirror

B8 Wednesday, June 3, 2020

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

PSC BITES BULLET

By Ramon Rafael Bonilla

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HILIPPINE sports would be further forced to take a sidestep—worse be at standstill—unless the casinos go operational.

“With no money from Pagcor [Philippine Amusement and Gaming Corp.], that will be the end of the elite and grassroots program,” Philippine Sports Commission (PSC) Chairman William Ramirez told the Philippine Sportswriters Association Forum that went online for the first time amid the Covid-19 pandemic.

With casinos still shuttered, Pagcor has no earnings, thus, it could not remit generous contributions to the PSC’s National Sports Development Fund (NSDF), one of the sports agency’s two coffers that funds elite sports and major programs. The Pagcor remits 5 percent of

its net revenues to the PSC. Before the lockdown, the Pagcor was remitting an average monthly share of P150 million to the PSC. In March, the figures went down to P99 million.

In April, the Pagcor contribution crashed rock bottom to P9 million.

As a result, the PSC had no recourse but to slash 50 percent of the national athletes and coaches’ monthly allowance, a bitter pill to swallow for those who were feted as national treasures when they dominated the 30th Southeast Asian Games the country hosted only last December.

“I’m not sure if they [Pagcor] could still give us this May, June, July...,” Ramirez said.

Top athletes receive P45,000 a month from the PSC, while those in the training pool get P10,000 each.

PHILIPPINE Sports Commission Chairman William Ramirez and Philippine Olympic Committee President Rep. Abraham “Bambol” Tolentino kick off the Philippine Sportswriters Association Forum’s foray into a virtual platform.

PBA governors go face-to-face to curb crisis

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EMBERS of the Philippine Basketball Association (PBA) Board of Governors meet on Wednesday to tackle pressing issues bordering from a possible return to training and other activities of the 12 teams to the more onerous concern of salvaging the leagues 45th season that now looms to being reduced to only one conference from the traditional three tournaments.

And PBA Chairman Ricky Vargas of TNT KaTropa is intent on encouraging the governors to a more intense face-to-face meeting at the league’s headquarters in Libis, Quezon City, instead of tackling online important league issues.

The Covid-19 pandemic and the lockdown imposed in March resulted to the stoppage of the Philippine Cup, as well as all other events and competitions worldwide.

PBA Commissioner Willie Marcial and the board will draft proposals for what he called as “baby steps” leading to possible return to training and other activities. But he said they would need the approval of govermment, particularly the InterAgency Task Force on Emerging Infectious Diseases.

“All these we’ll do with the approval from the government. Hindi kami gagalaw without their approval [We won’t move without their approval],” Marcial said.

With the implementation of the general community quarantine on Monday, certain sports—particularly outdoor and individual sports—are now allowed although physical distancing and wearing of face masks stay.

For the PBA, one of the primary goals is to save the season by holding at least one conference the board targets to start at the latest in October. The board has earlier said it would decide in August.

“Things will be easier to decide on if a vaccine for Covid-19 comes up,” Marcial said. “The government, and all of us, are hoping for it,” Marcial said.

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MID-MORNING greyhound race in a virtually empty venue in the central English city of Birmingham wouldn’t typically be an occasion warranting special attention.

For English sports fans, it was a moment to savor.

When six dogs flew out of the traps at Perry Barr at 10:21 a.m. on Monday, it marked the return of competitive sports in England after a 75-day shutdown because of the coronavirus outbreak.

The name of the winning dog—Im Sophie—will likely be the answer to a quirky quiz question in years to come.

Greyhound racing was the first of three sports to resume Monday, with horse racing and snooker also taking place without spectators and on the condition that competitors and officials follow government-approved coronavirus protocols.

A 10-race card was held at Gosforth

With the government scraping all available funds to keep the economy afloat and support the people’s need during the pandemic, the national budget could not spare some elbow room for the PSC. “There is no space for us [PSC],” Ramirez lamented. “Even our GAA [General Appropriations Act] budget was realigned to other [more important] purposes.”

Ramirez agreed that it would be reasonable to write off the second half of the sporting year.

Major events, like the Philippine National Games and Batang Pinoy, as well as participation in major foreign competitions, have been shelved since March.

Even the Tokyo Olympics campaign was not spared despite the PSC allocating P100 million for the qualification and training of hopefuls to the Tokyo Games that were postponed for 2021.

“We are bound to support only those who have the potential to qualify and win medals in Tokyo,” he said.

Ramirez also said that even if a vaccine is discovered and casinos are opened, the PSC would still have to crawl back to normalcy in its operations.

“If the vaccine arrives and the games resume, we couldn’t fund it,” he said.

But Ramirez provided a silver lining to the crisis.

“Our commitment is that once our collection from Pagcor resumes, we will return to normal,” he said.

The PSA Forum—presented by San Miguel Corp., Amelie Hotel, Braska Restaurant, Pagcor and Go For Gold and powered by Smart—went virtual for the first time on Tuesday.

The forum was suspended in late February as the members focused on the PSA Annual Awards last March 6. But the lockdown overran the resumption of the weekly program, just like every other event all over the world.

SMC PLAYERS TEST NEGATIVE OF VIRUS RAMON S. ANG: While we all miss the games, we need to first create a safe environment to limit the spread of the virus.

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LAYERS from all three teams under the San Miguel Corp. (SMC) umbrella in the Philippine Basketball Association (PBA) tested negative for Covid-19.

SMC president and COO Ramon S. Ang said the San Miguel Beermen, Barangay Ginebra San Miguel Gin Kings and Magnolia Hotshots Pambansang Manok were among the 70,000 individuals belonging to the conglomerate’s workforce—including third party providers— who were tested for the virus in preparation for the reopening of its facilities nationwide.

“We are happy to report that all of our basketball players tested negative from the virus,” said Ang, who decided to put up a Polymerase Chain Reaction or PCR testing facility and laboratory right at the company Mandaluyong premises to help reduce the strain on government health facilities that are currently conducting and processing Covid-19 tests.

Ang said that while sports, particularly the PBA, is an important fixture in the country, preventing the spread of Covid-19 should be carefully considered before allowing the resumption of contact events or disciplines.

“We defer to the government’s wisdom and decision on when team-based leagues like the PBA will return especially if people’s lives are at stake,” Ang said. “While we all miss the PBA, we need to first create a safe environment to limit the spread of the virus.”

He added that PBA can be part of the recovery efforts by helping to consistently test everyone involved in the league.

Ang said SMC will continuously monitor the players’ health and the rest of its employees and assured that existing health packages are more

than sufficient for them and their families.

“Our players and employees have nothing to be worried about as we have assured that they will continue to receive their salaries and health benefits. And we have constantly reminded our players as well as other employees to strictly follow health protocols during this time,” he added.

Ang has assured these protocols will be enforced should players return to training. SMC continues to strictly implemented workplace safety measures like physical distancing, wearing of personal protective equipment, frequent hand washing and temperature checks at its offices and facilities across the country.

It earlier announced that only 20 percent of its head office workforce will be reporting for work while majority will still work from home.

SMC has also started testing 8,000 manufacturing and operations and management front line staff at its food facilities that continued to operate during the lockdown to ensure stable food supply in the country. Tests in Visayas and Davao are also scheduled early this month.

SMC donated three sets of Reverse Transcription PCR (RT-PCR) testing machines and Ribonucleic acid of RNA machines to key government hospitals on top of five sets of the same machines and testing kits translated to 20,000 tests that were given to the Department of Health.

It also donated testing booths to the 17 Metro Manila local government units to help expand Covid-19 testing in their respective areas and make them available at minimal or no cost at all to poor communities.

THAT’S ALL Al Mendoza alsol47@yahoo.com

BAMBOL, POC KEEP FOCUS ON 31ST SEAG

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HILIPPINE Olympic Committee (POC) President Rep. Abraham “Bambol” Tolentino kept his focus amid the Covid-19 distractions and vowed to lobby for the inclusion of sports Filipino athletes are good at in the 31st Southeast Asian Games Vietnam is hosting late next year.

Tolentino said the POC would lobby for dancesports, arnis, kickboxing and obstacle course, sports that contributed 33 gold medals to the country’s 149-117-121 gold-silver-bronze haul for the overall championship of the 30th SEA Games last December.

But Tolentino, who along with Philippine Sports Commission Chairman William Ramirez signaled the return of the weekly Philippine Sportswriters Association Forum on a virtual platform on Tuesday, said lobbying for those sports would be tough.

“We will give them a fight,” said Tolentino, who has yet to ceremonially hand over the SEA Games Federation Flag to the next host as the pandemic forced the cancellation of international flights with Vietnam totally shutting its borders resulting to an extremely manageable coronavirus crisis.

The pandemic, Tolentino bared, also forced the Hanoi Games organizers to drastically cut the SEA Games budget from $81 million to $42.5 million.

He said Vietnam, which is hosting the Games from November 21 to December 2, would definitely reduce the number of sports on its program.

“The organizers have yet to decide the final list, but the projection is around 36 to 40 sports.

But one thing is for sure, we want to join all the events as much as

TIGER WOODS speaks out for the first time since George Floyd’s death.

Tiger Woods: Police officers crossed line

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IGER WOODS is speaking out for the first time since George Floyd’s death, saying his heart goes out to Floyd, his family and everyone who is hurting right now.

The 44-year-old golfer broke his silence with a statement on his Twitter account Monday night.

“I have always had the utmost respect for our law enforcement,” Woods said. “They train so diligently to understand how, when and where to use force. This shocking tragedy clearly

Competitive sports resume in England after 75-day shutdown Park’s all-weather track in the northeast city of Newcastle, where 369 entries from competition-starved horse owners were whittled down to 120 runners. Jockeys wore face masks and adhered to social-distancing regulations before and after races, and only limited personnel were allowed on the course.

That meant no bookmakers or bettors, with even the owners themselves barred from attending.

In the third-to-last race of the meeting, a horse—December Second—suffered a fatal injury after clipping the heels of another runner and falling with two furlongs remaining.

Horse racing was the last live sport to shut down in Britain—on March 17.

“It’s time to return and I really feel we can come back in a safe way in a way the public can be proud of,” champion jockey Oisin Murphy said

Monday, adding that he and his rivals would physically feel “very close to 100 percent.”

“But the mental sharpness will only come after a few weeks with some practice.”

The winning jockey of the first race at Newcastle, James Sullivan, said he was “blowing a bit coming in” as the finishing post approached aboard his horse, Zodiakos.

“It was hard work,” he said. “That will blow away the cobwebs.”

Snooker’s Championship League started in Milton Keynes, north of London, with topranked Judd Trump in action.

There were 64 players competing in the tournament that runs to June 11, and they all had to test negative for Covid-19 before entering the empty arena for matches.

Soccer in England is set to resume on June 17 with two Premier League games. AP

possible,” said Tolentino, also the president of the cycling federation PhilCycling.

On the Tokyo Olympics, Tolentino said he would ideally prefer that a vaccine be discovered before the Olympic Games are held from July 23 to August 8 next year.

“It would be too risky to proceed with the so-called ‘Greatest Show on Earth’ with no vaccine available yet for the pandemic,” Tolentino told the forum presented by San Miguel Corp., Amelie Hotel, Braska Restaurant, Pagcor and Go For Gold and powered by Smart.

“We’re one of the NOCs [national Olympic committees] which are hoping for a vaccine. In the absence of a vaccine, what should be the guidelines? Will each athlete sign a waiver? Or what?,” he added.

Tolentino said that once a vaccine is discovered, Filipino athletes who have qualified for Tokyo should be prioritized.

“We will make sure that our athletes are prioritized because of the Olympics. And that prioritization could be extended to the SEA Games,” he said.

Only four Filipinos have qualified for Tokyo.

They are gymnast Carlos Yulo, boxers Eumir Felix Marcial and Irish Magno, and pole vaulter EJ Obiena. Rio de Janeiro 2016 weightlifting silver medalist Hidilyn Diaz is still trying to qualify for the Olympics.

Tolentino said Tokyo organizers have to stage the Games in 2021, otherwise the Olympics would be canceled.

“That’s the last postponement. You could no longer postpone the Games, otherwise cancellation would be inevitable,” the POC chief said. Ramon Rafael Bonilla

A GROOM leads a racehorse at the stables after arriving at Newcastle Racecourse in Newcastle, England, on Monday. AP

Truest value of common sense NEARLY four months after world sports stopped playing in March, there is no clear indication yet that action could return soon, whether or not it is on selective or an across-the-board mode.

We just need to stay focused and persevere to fight on if we honestly desire to survive this pernicious plague.

Superstars and aspiring athletes will have to wait a little longer as the wicked virus has not really slowed down in its goddamn willful devastation of humankind.

With no vaccine in sight—October might be the earliest discovery of it, say some scientists— only God knows when it’d come.

So that we need to plod on, we need to take heed of government counsel—or what’s sensible of it—and, most of all, we need to be self-reliant as to maximize the true value of common sense to survive this maleficent menace While several non-contact sports like swimming, running, golf, badminton, jogging, walking, tennis and biking are basically back—at least in the Philippines—the rest of the world practically have yet to switch on the green light to signal resumption of full-fledged activities in their fields of dreams.

There is yet no football (soccer), basketball, boxing and so on and so forth anywhere in the globe.

Too risky to resume as the coronavirus, as we all know by now, is transmitted through mouth droplets faster than light.

So that boxing has become a central issue in the fight against Covid-19 since spitting in this sport is as normal as saying “see you” when it’s parting time.

Manny Pacquiao, thus, will have to stay put and train his sights instead to his Senate chores.

The NBA (National Basketball Association), which halted play on March 11, has also no concrete plans regarding resumption of play. But at least the NBA Players Association, headed by Chris Paul, has been keen all this time on mapping out strategies to mitigate the Covid-19 impact.

But what’s the word with the PBA (Philippine Basketball Association) Players Association? Any meaningful move as to toss in a little inspiration to our PBA players, team managers and staff, not to mention coaches, amid the pandemic?

San Miguel Corp. deserves a little pat on the back for its bit of tender loving care.

In a show of concern, SMC President-CEO Ramon S. Ang (RSA) sponsored very recently the free virus testing of all players and coaches and staff of SMC’s PBA teams: Magnolia, Barangay Ginebra and San Miguel Beer.

That could only mean one thing: SMC is always ready to get back to action anytime the situation warrants a return of PBA activities. It is also proof of the company’s course of oneness with government’s call for health safety at all times.

Are the other PBA teams not following suit?

THAT’S IT Since the enemy is unseen, we can only lean on our prayer to Dear God for help. Because only He can see, He remains our only weapon to conquer Covid-19.... Happy birthday again to Coach Dayong (June 2). Cheers!

crossed that line.”

Floyd, a black man, died May 25 after a white Minneapolis police officer pressed his knee into Floyd’s neck while Floyd was handcuffed and saying that he couldn’t breathe. His death sparked protests in Minneapolis and around the country, some of which became violent.

Woods’ statement comes one day after former National Basketball Association star and current Charlotte Hornets owner Michael Jordan made his first public remarks on Floyd and the killings of black people at the hands of police.

“I see and feel everyone’s pain, outrage and frustration,” Jordan said in the statement posted on the Jordan brand’s social media accounts and the team’s Twitter account. “I stand with those who are calling out the ingrained racism and violence toward people of color in our country.

We have had enough.”

Woods grew up in Southern California, and he said he learned from the Los Angeles riots in 1992 that “education is the best path forward.” Thousands in the city’s largely minority south side took to the streets after an all-white jury acquitted four white police officers of attacking Rodney King, a black driver, after a traffic stop.

“We can make our points without burning the very neighborhoods we live in,” Woods said. “I hope that through constructive, honest conversations we can build a safer, unified society.” AP