BusinessMirror June 16, 2020 by BusinessMirror

Biggest PHL firms return to bonds market

RAPPLER CEO and Executive Editor Maria Ressa, wearing a protective mask, waves to the media before attending a court hearing at the Manila Regional Trial Court on Monday. The court found Ressa and former researcher Reynaldo Santos Jr. guilty of libeling businessman Wilfredo Keng. Story at bottom of front page. ROY DOMINGO

HE biggest companies in the Philippines need to repay the most debt ever next year, and they’re lining up for fresh funds while interest rates are still low. Three corporate groups—Ayala Corp., JG Summit Holdings Inc. and San Miguel Corp.—are looking to raise a total of $2.5 billion with bonds, based on regulatory filings. They are among the first firms to return to the debt market after a lockdown caused issuance to plunge to a 4-year low of $540 million in the second quarter, Bloomberg-compiled data show. Philippine firms are set to join the global rush to borrow funds as they prepare for a massive debt bill: about $8.3 billion in corporate bonds and loans will mature in the second half of the year, before that pile climbs to a record $16.4 billion in 2021, according to data compiled by Bloomberg. They are keen to borrow

while rates are still low, amid signs the central bank is moving to absorb excess funds as the economy gradually reopens this month. “We expect to have a very busy next couple of months, and hopefully the second half of the year will retain the momentum,” according to Ryan Martin Tapia, president of China Bank Capital Corp., one of the country’s most active bond arrangers. Still, lingering pandemic uncertainty is making tenors shorter and credit spreads wider, Tapia said. In the latest possible Philippine debt deal, PLDT Inc. hired Credit Suisse Group AG and UBS Group AG for a series of investor calls starting June 15. They may be followed by an offering of 10-year and 30-year dollar bonds, the telecommunications company told the stock exchange last Monday.

Port operator International Container Terminal Services Inc. (ICTSI) priced $400 million of 10-year bonds on June 10, one of only two Philippine debt issuers in the second quarter along with a peso deal by Rizal Commercial Banking Corp., Bloomberg-compiled data show. Developer Robinsons Land Corp. also has notes in the pipeline.

Tumbling yields

FALLING interest rates may spur increased demand for Philippine corporate securities. Peso-denominated 5-year government bond yields dropped to a 7-year low this month after policy-makers pumped cash into the market. The virus outbreak caused the nation’s economy to shrink for the first time since 1998 and its unemployment rate to rise to a record. Continued on A4

BIR: NOT EYEING SMALL, TEMPORARY ONLINE BIZ

n Tuesday, June 16, 2020 Vol. 15 No. 251

P25.00 nationwide | 2 sections 16 pages |

G2G RICE IMPORTS IN LIMBO ON LEGAL COVER, FUNDING By Bernadette D. Nicolas @BNicolasBM

& Jasper Emmanuel Y. Arcalas @jearcalas

THIS dining hall in a Taguig City mall used to be full of people eating their favorite food with friends and family, even with co-workers. But with the “new normal” under GCQ, it is one table, one chair per person to be able to comply with strict physical distancing as imposed in the fight to stop the spread of Covid-19. NONIE REYES

By Bernadette D. Nicolas @BNicolasBM & Jovee Marie N. dela Cruz @joveemarie

HE Bureau of Internal Revenue (BIR) clarified on Monday that temporary online sellers are not required to register their business activities, as the tax agency drew flak from lawmakers who said targeting pandemic-displaced workers trying to eke out a living was ill-timed.

According to BIR Deputy Commissioner Arnel Guballa, those required to register are people who are “habitually” engaged in the online selling business. “Kung talaga namang sobrang liit na alam mo na you are not habitually engaged, hindi naman siguro kailangan magrehistro ka kasi you cannot be considered as engaged in a business,” Guballa said in a radio interview. He added that online sellers earning an annual net income of less than 250,000 will not also be subject to tax.

Guballa explained that the RMC was aimed at helping BIR determine the number of online sellers in the country, adding that they are looking to focus their efforts first on domestic corporations before running after giant companies, such as Netflix and Google. “Actually, ang pakay talaga ng BIR dito sa yung itatax ang online, yung malalaki [the BIR’s target are the big online sellers],” he told DZBB, although he admitted the BIR also wants to look into the small businesses. See “BIR,” A2

Ressa ‘guilty’ in cyber libel raps by bizman By Joel R. San Juan

@jrsanjuan1573

HE Regional Trial of Manila City on Monday declared social news network Rappler executive editor Maria Ressa and a former researcher guilty of cyber libel, a development that quickly drew warnings on press freedom implications even as the private accuser said he had no other

PESO EXCHANGE RATES n

recourse but the courts. In a 37-page ruling, Manila RTC Branch 46 Presiding Judge Rainelda Estacio-Montesa sentenced Ressa and her co-accused Reynaldo Santos Jr. to six months up to six years in jail, and directed them to jointly pay complainantbusinessman Wilfredo Keng the amount of P400,000 as moral and exemplary damages. Minor it y Senators Francis Pangilinan and Risa Hontiveros

said the setback to Ressa was a blow against press freedom, continuing the alleged political persecution of critics in media, human rights sector and civil society. The National Union of Journalists of the Philippines (NUJP) said the way the case unfolded, it was obvious that Ressa and Rappler were singled out for persecution for their critical stance against the government.

Judge Montesa, however, indicated that the failure of the defense to present Ressa and Santos to refute the charge against them despite the court’s earlier ruling that the evidence for the prosecution is competent and sufficient to sustain their indictment for violation of Section 4 (c) (4) of Republic Act 10175 or the Cybercrime Prevention Act of 2012 was a big blow to their case. See “Ressa,” A2

HE Philippines’s 300,000-metric ton (MT) rice importation via government-to-government (G2G) transaction is now in limbo as the Philippine International Trading Corp. (PITC) had no legal authority to conduct the tender, officials told the BusinessMirror. Budget Secretary Wendel E. Avisado said they could not provide the budget requirement of P7.45 billion as the PITC tender had no legal basis since President Duterte has not greenlighted the rice importation. “We already officially responded to Department of Agriculture/PITC on the matter. We need the prior approval of PRRD [President Rodrigo Roa Duterte] because there’s no legal basis to import rice. They should be the one to seek authority from PRRD. If they have it, then we will comply on our side,” Avisado said in a message in a mix of English and Filipino. The Department of Agriculture (DA) and the National Food Authority are providing technical advice to the PITC regarding the G2G importation since they have been involved with rice importation, especially G2G, prior to deregulation of the rice industry. Budget Undersecretary Tina Canda also questioned the legality of the PITC rice importation, arguing that the attached agency of the Department of Trade and Industry and even the DA itself have no mandate to import. “PITC needs to have a mandate to import. With RCEF, even DA has no mandate. “The first question you need to ask is the authority of PITC vs RCEF law,” Canda said, referring to the Rice Tariffication Law which mandates the government to annually appropriate P10 billion to fund RCEF, which was meant to support rice farmers. Even if PITC has already conducted the bidding, Canda said several issues hound the PITC importation, including the lack of funding source and the legality of

the whole transaction. Budget Undersecretary Laura Pascua said the DBM returned the request of PITC, “commenting that the Rice Tariffication Law requires an approval by the President of any importation, and there is no item in the GAA [General Appropriations Act] which can be augmented to fund the request.” Pascua said she was also surprised with this development as she recalled Agriculture Secretary William D. Dar saying that the 3.3 million metric tons supply deficit from the estimated production of 17.6 million metric tons can be raised from the P8.5 billion that the DBM released for the rice resiliency project. The P8.5-billion fund is part of Covid-19 releases and is on top of the RCEF. In a June 11 advisory, PITC said it is holding in abeyance the issuance of notice of award to prospective rice suppliers to the country pending the availability of funds from DBM. This, even after it already conducted the bidding. The PITC also said the “submission of bids shall not be construed as a commitment to purchase on the part of PITC and shall not be bound to award contract to any entity based on bids received.” The PITC has also published the results of its evaluation of bids submitted by the four Asian governments. The PITC document showed that only 105,000 MT out of the 300,000MT target importation had qualified bids. Only three lots—Manila, Cebu and Davao—had ranking bids, with the remaining lots of Tacloban and Zamboanga having no successful bids.

‘Better scrap it’

FEDERATION of Free Farmers (FFF) National Manager Raul Q. Montemayor said it would be better for the government to scrap the G2G transaction given the complications. The government could explore other options to procure rice stocks, particularly to replenish the depleting supply of the National Food Authority, to stabilize market prices, he added. See “G2G rice,” A2

US 49.9350 n JAPAN 0.4650 n UK 62.5136 n HK 6.4430 n CHINA 7.0471 n SINGAPORE 35.8343 n AUSTRALIA 34.0707 n EU 56.1469 n SAUDI ARABIA 13.3107

Source: BSP (15 June 2020)

News

BusinessMirror

A2 Tuesday, June 16, 2020

www.businessmirror.com.ph

National ID, non-statistics roles may distract PSA work–study

By Cai U. Ordinario

@caiordinario

HE Philippine Institute for Development Studies (PIDS) expressed concern that nonstatistics related functions such as the implementation of the National ID or PhilSys could distract the Philippine Statistics Authority (PSA) from generating quality and timely data.

In a recent webinar, PIDS Research Fellow Jose Ramon G. Albert said based on a study he conducted with PIDS Research Specialist Jana Flor V. Vizmanos, there’s need to review the decision to give the PSA the PhilSys and the implementation of the Community Based Monitoring System (CBMS) law. As it is, Albert said, delivering timely statistics remains a problem for PSA. This accounts for why the Philippines ranking in the World Bank’s Statistical Capacity Index, where it slumped to 4th place as of 2015 from being 1st between 2008 and 2012. “This has been the concern of

experts, that the PSA may be losing focus on its central mandate on statistics; there is even a law for PSA to handle the Community-based Monitoring System,” Albert said. “Ex per ts sug gest study ing whether or not PhilSys [and even CRS—the Civil Registry System] should continue in PSA given risks that PhilSys could be hacked: if and when this happens, public trust in PSA and in statistics can erode,” he added. Albert said timeliness of survey data such as the Annual Survey of Philippine Business and Industry (ASPBI) is bugged by a two-year lag time. Other problems include those

on agriculture data, as well as the Multidimension Poverty Index. He added other timeliness issues include the base years used for the National Income Accounts and inflation. However, the PSA has already updated the NIA to 2018 prices while inflation now uses a 2012 base year.

Well-equipped

NATIONAL Statistician Claire Dennis S. Mapa told the BusinessMirror on Sunday that the PSA is wellequipped to handle its mandate and the implementation of the PhilSys and CBMS are not distractions. “The PSA is composed of four offices: sectoral statistics, census, Philippine registry office and the civil registration. These are headed by very capable deputies and able teams,” Mapa said. “The National ID is under the PRO [Philsys Registry Office] and I do not see it as a distraction from the work of the PSA in producing official statistics. We were able to report timely official statistics during the community quarantine period,” he added. Meanwhile, based on the results and recommendations of the study, Albert said one way to boost PSA’s efforts in producing timely and reli-

able statistics is giving the National Statistician a Cabinet rank. This means the PSA can be detached from the National Economic and Development Authority (Neda) like the Commission on Higher Education (CHED) or Technical Education and Skills Development Authority (Tesda). PSA, in a new setup, will focus on generating data; and functions such as the implementation of the National ID can be given to more appropriate agencies. Albert told this newspaper that experts have recommended that the National ID be handled by the Department of Information Technology or “an agency that has a functional need for the ID such as Philhealth.” “[The] issue is that what is best will depend on what we need and what are current country practices. As the paper suggests, the UNSD [United Nations Statistics Division] surveyed countries some are still under ministry of planning, or commerce, DTI equivalent or finance. Thai NSO is with MICT. Others are directly under office of prime minister or office of President or under legislative [branch],” Albert said. Issues hounding PSA include funding and manpower lack. Albert said while PSA’s annual budget

increased by 342.69 percent from 2014 nominally, PSA’s budget remained at 0.0148 percent of GDP between 2008 and 2017. In terms of manpower, the government saw a decline in the number of statisticians between 2012 and 2014 due to the reorganization of the Philippine Statistical System (PSS). Manpower remains thin. Albert said that as of 2018, PSA has filled up only 85 percent of its 2,799 plantilla positions. In 2015, it only had 1,943 positions filled, or only 69.4 percent of positions. This is compounded by the lack of PhD holders at the PSA. “Government needs to invest in statistics, statisticians, and statistical organizations to ensure that the official statistics in the Philippine continue to be viewed well and will fare even much better than its current standing,” Albert said. The PSA is the surviving entity from the merger of the National Statistics Office, National Statistical Coordination Board, Bureau of Labor and Employment Statistics, and the Bureau of Agriculture Statistics. The PSA Act which was passed and signed into law in 2013 to repeal Executive Order 121 entitled “Reorganizing and Strengthening the PSS and for Other Purposes.”

EX-LAWMAKER GETS TESDA DEPUTY ‘DG’ POST P

RESIDENT Duterte has designated former ACTS-OFW Rep. Aniceto Bertiz III as deputy director general of the Technical Education and Skills Development Authority (Tesda), vice the late Gladys Rosales. Bertiz took his oath of office Monday morning before Tesda Director General Secretary Isidro “Sid” Lapeña. “We are grateful for the trust bestowed by the President,” Bertiz said in a news statement issued on Monday. “We are humbled by the task before us at

Ressa...

Continued from A1

She said Santos and Ressa are both in the best position to testify that the article was published with good motives and justifiable ends. “Here, Rappler and both accused did not offer a scintilla of proof that they verified the imputations of various crimes in the disputed article upon the person of [Wilfredo] Keng apart from a sweeping and unexplained reference to a purported ‘intelligence report’ and a ‘2002 Philippine Star Report.’ They did not verify the veracity of these alleged reports at all. They just simply published them as news in their online publication in reckless disregard of whether they are false or not and with sheer indifference of its impact upon the reputation of Keng,” the decision read. The article tagged Keng as the businessman-owner of an SUV used by then Chief Justice Renato Corona in his 2012 impeachment trial. Although the article was published online in 2012, or before the cyber libel law was enacted, the Department of Justice said, in elevating the case to courts, that a revision made by Rappler on the article in 2014—correcting a typographical error—constituted a new publication that put it in within the coverage of the new law.

Side never aired

IN convicting the Rappler duo, Judge Montesa also noted that despite Keng’s plea to publish a clarificatory article or air his side of the story, the accused did not heed this. Ressa’s claim—that being the editor and business manager of Rappler, Inc. she had no participation in the article—does not exonerate her from any liability, the court said. The judge explained that in ordinary libel, absence of participation is not a defense

Tesda under Secretary Lapeña’s leadership, considering the huge number of Filipinos, including returning migrant workers, separated from their jobs on account of the Covid-19 pandemic,” Bertiz said. “Tesda is already working doubly hard to deliver the highly responsive scholarship programs needed, including via distance learning, so that our displaced workers may acquire new proficiencies for their successful economic reintegration,” Bertiz said. Bertiz also said Tesda is reinforcing the Balik

because the provision of the Revised Penal Code specifically states the responsibility of those involved in publishing newspapers and other periodicals. “The same principle applies in this case. It is not a matter of whether she was actually involved in preparing or editing the subject article, because the law simply states that she, as editor and business manager, is liable ‘as if’ she was the author…,”the trial court explained. Thus, Montesa reminded mediamen that while the Constitution guarantees freedom of expression and of the press, such freedom is burdened with responsibility to “recognize the duty to air the other side and the duty to correct substantive errors promptly.” “The right to free speech and freedom of the press cannot and should not be used as a shield against accountability. If a person is found violating this law in accordance with the parameters it provides, then he or she is penalized and will be held accountable,” the ruling said. She added that the case does not involve the government or any of its officials as complainant to warrant accusation of political persecution, but merely a case filed by a private individual against a online news organizations for malicious and defamatory imputations upon his person. On the other hand, the court ruled out any corporate liability on the part of Rappler Inc. over the publication of the subject article. “Aside from the fact that it was not alleged in the information, the prosecution never attempted to adduce evidence to impute any corporate liability on Rappler Inc.; thus, Rappler, Inc. cannot be held liable for payment of a fine under the Cybercrime Prevention Act of 2012,” the trial court said. The cyber libel case is one of the cases filed against Ressa and Rappler after the Securities and Exchange Commission (SEC) revoked Rappler’s business registration due to violation of the constitutional prohibition on foreign ownership of mass media.

Probinsya, Bagong Pag-asa Program initiated by Sen. Christopher Lawrence “Bong” Go to stimulate economic recovery and jobs creation outside Metro Manila. “In the case of our workers returning from abroad, around 87 percent of them actually come from cities and municipalities outside the National Capital Region,” Bertiz pointed out. “In support of the Balik Probinsya, Bagong Pag-asa Program, we are committed to empowering dislocated workers with a wide range of high-value competencies needed for them

Ressa and other officials of Rappler were also indicted for tax evasion worth a total of P108 million, as well as for violation of the Anti-Dummy Law. Ressa has denied all the charges and accused the Duterte administration of political persecution due to Rappler’s critical reporting on the government’s war on illegal drugs.

Freedom or chaos?

THE RTC held that if a private individual or a so-called netizen can be held accountable for any defamatory posts or comments in the Internet, so too online news organizations “since the extent of its influence, as powered by the Internet, goes beyond the physical limitation of printed publications. “The exercise of a freedom should and must be used with due regard to the freedom of others,” it added. The NBI Cybercrime Division received Keng’s complaint in October 2017, a fact that pressfreedom advocates cite as a signal that Keng did not file the complaint on his own volition, since it took him five years to do so. Ressa said then she believes the complaint is part of the move to silence the media, but the DOJ said publication of the article was clearly defamatory.

‘Rappler left me no recourse’

IN a statement sent to media outlets by his lawyers, Keng said the filing of the case “is my bid to protect my name, and my sacrifice for my children and our future generations, who deserve nothing less than freedom in the form of absolute truth.” The judgment had “vindicated” him, Keng added, “at least, to the extent possible considering that the damage had already been done. Even today, when the truth should have set me free, Rappler’s lies still resound after the bang of the gavel has faded away.” Keng described himself as a “private, hardworking businessman for 37 years now,” starting with the “humblest of beginnings, a

to obtain gainful self-employment as well as employment opportunities in their home provinces,” Bertiz said. Tesda has a budget of P13 billion this year, including ample allocations for the Training for Work Scholarship Program (P3.1 billion); Special Training for Employment Program (P1.4 billion); Tulong Trabaho Fund (P1 billion); and the Universal Access to Quality Tertiary Education Subsidy for students in registered technical-vocational institutions (P2.9 billion), among other programs.

young man selling my wares on a few feet of space” on Manila’s sidewalks. He said his only wealth is his good name, which “is also the very same name which Ressa, with one click of a button, attempted to destroy.” Apparently aware of the narrative in some quarters that he is a Duterte government stooge, Keng insisted, “this case is NOT a case of the government. I am a private citizen and this is a private suit. I filed my complaint prior to and independently of any case the Philippine government may have filed against Ressa. Unlike Ressa, who attended hearings but who refused to take the witness stand, I testified in open court because I believe that I am telling the truth. I went through all stages of the legal process with no shortcuts or exemptions. To repeat, it has been more than 3 years. Had the government been, as Ressa falsely claims, connected with my private suit, maaaring matagal nang natapos ang kaso na ito [maybe this case wold have ended sooner].” It is of public record, Keng said, that his lawyer had “pleaded and begged with Rappler to correct their false public accusations that I am a criminal, or at the very least, to publish my side. They refused. “They have denied me my right to clear my name. Where else can I go to seek justice and protection but our courts? And so I did.”

Senators react

SENATOR Panfilo Lacson held out hopes that Ressa and her co-accused can still invoke their rights and avail of other legal options, including an appeal all the way up the Supreme Court. “Ms. Ressa and Mr. Reynaldo Santos can always appeal the decision before the appellate court and the Supreme Court, if necessary. This is a guaranteed right of every Filipino under our existing laws.” For his part, opposition Senator Francis Pangilinan pointed to the current administration’s track record of “silencing critics. With a report by Butch Fernandez

G2Grice... Continued from A1

Some of the options

MONTEMAYOR explained, are buying a certain volume of imports by the private sector at their declared price and purchasing local rice from millers or traders through bidding. “Current rice supply is quite tight but sufficient. Our only problem is that NFA stocks are depleting. And imports are quite expensive, so prices might go up in the lean months and the government has limited stocks to stabilize,”he told the BusinessMirror. Montemayor agreed DBM’s argument in questioning the legality of the PITC importation. Last month, FFF questioned this, stressing that there is no declaration of a rice shortage, a condition required under the law for government importation. “But I suppose they can find the legal basis they need. Maybe DBM is more concerned about the funds given the tight situation now with Covid-19,” Montemayor said. “If DBM releases funds, it will be a sunk cost and will be a grant to PITC,” Montemayor added. Nonetheless, Montemayor said it was “shameful” to have conducted the bidding without even holding the necessary funds for the transaction. “Those who bid spent time and money to participate, only to be told later that there is no money yet to buy the rice. Worse, it’s government to government,” he said. Agriculture Secretary William D. Dar told the BusinessMirror via SMS that he has yet to talk with PITC on the issue. The Department of Agriculture (DA) and the National Food Authority are providing technical advice to the PITC regarding the G2G importation since they have been involved with rice importation, especially G2G, prior to deregulation of the rice industry. In April, Dar said the budget for the P7.45billion rice importation has been approved and has been given to the PITC. Dar said the idea for the G2G rice importation came from the DA and the NFA to ensure the country has sufficient stockpile amid the Covid-19 pandemic.

BIR...

Continued from A1

“We also want to look at the small ones because eventually, if their small business thrives, they may graduate to being merchants of, say, Lazada,” he said in a mix of English and Filipino.

July 31 deadline

THE BIR made the clarification after drawing flak for issuing Revenue Memorandum Circular 60-2020 that reminded online businesses to register on or before July 31, 2020, and ensure their tax compliance. Senators—JoelVillanueva, Risa Hontiveros, Sherwin Gatchalian and Juan Miguel Zubiri —earlier advised BIR to first go after the uncollected P50 billion tax due from Philippine Offshore Gaming Operators (POGO) before targeting “small fry” among taxpayers. Despite criticisms, the Executive branch stood by this move, noting that the RMC is part of initial steps by the Department of Finance (DOF) and the BIR to implement a tax collection program on digital transactions. The country’s premier revenue collector has suffered a huge dent in collections, as the Covid-19 pandemic shuttered businesses and forced it to reset thrice its deadline for annual tax filings. The controversial circular also encourages online businesses to declare and pay their corresponding taxes on past taxable transactions, without penalty, if declaration and payment are made on or before the said date. Guballa said e-commerce giant Lazada has expressed willingness to cooperate with BIR by sharing their list of their online merchants. He hopes that Shopee, Netflix and Facebook would also cooperate. As for offshore online sellers in e-commerce platforms, Guballa admitted it would be hard for them to tax these given the technology, which he also said is the same challenge being encountered by other countries.

Digital economy

IN a separate interview with the BusinessMirror, he said their study on taxing digital economy is still ongoing. “How soon to tax online [selling businesses] is work in process,”he said, adding that it is hard to estimate how much taxes the government can get from registering online sellers. For them to properly tax digital transactions, Guballa said new legislation is needed. Lawmakers from both the Senate and the House of Representatives earlier pushed for imposing taxes on foreign companies that thrive in the digital economy. Finance Secretary Carlos G. Dominguez III earlier said registering with BIR will not only help the government generate additional revenue but also ensure that businesses and their employees are eligible for government assistance programs. Aside from these, Dominguez said businesses may also access government loans like Covid-19 Assistance to Restart Enterprises (CARES) Program by the Department of Trade and Industry.

Consultation with DTI

LAWMAKERS onMondaycalledforaconsultation between the DTI and the BIR to help the latter assess the current state of online sellers and other small businesses ravaged by the pandemic. Ang Probinsyano Rep. Alfred Delos Santos and House Committee on Trade and Industry Chairman Wes Gatchalian made the call following the backlash against the BIR order for online sellers to register and pay tax dues. “What we need to focus on is how to help those who lost their jobs and livelihood find ways on how to recover,” Delos Santos said. Delos Santos, meanwhile, appealed to the BIR to delay the implementation of its Memorandum Circular 60-2020. “While we are cognizant of the role of the BIR to enforce tax laws and collect taxes to boost government coffers, we cannot hard to set aside the dire situation of small businesses and those who lost their jobs who are trying to make a living by selling online,” Delos Santos said. If the BIR is serious about collecting taxes, Delos Santos suggested that it should go after the big fishes. Meanwhile, Gatchalian clarified that the registration of an online business is for regulation purposes and does not mean it will automatically be taxed. Gatchalian added the DTI encourages registration of online businesses to ensure consumer protection and to build trust and confidence in the use of these online platforms. “By legitimizing one’s business through registration, it becomes eligible to avail of loans, subsidies and tax breaks from the DTI and other government agencies,” he said. Moreover, Gatchalian said in his House Bill 6122, which would regulate online transactions, the regulatory framework he is proposing should not be taken as a barrier to business, but an opportunity for growth in terms of access to government programs and incentives. Gatchalian added his bill also gives newly registered micro-enterprises exemption from all national and local taxes for the first two years of operation.

The Nation BusinessMirror

www.businessmirror.com.ph

Editor: Vittorio V. Vitug • Tuesday, June 16, 2020 A3

Ex-P. Princesa top cop faces illegal logging, land grab raps By Jonathan L. Mayuga @jonlmayuga

N estimated 3 hectares of mangrove forests have been cleared of trees on a piece of land allegedly being claimed by relieved Puerto Princesa Police Director Col. Marion Balonglong and his cohorts, an official of the Department of Environment and Natural Resources (DENR) alleged on Monday. Henry Adornado, DENR regional executive director in the Mimaropa, said an inventory of the felled trees in Sitio Bucana is still ongoing. “So far, we have counted 73 trees. But I ordered our field personnel to return and count the stump of the trees, instead of the branches or trunks, that were cut off because some of them may have been burned

or disposed of already,” Adornado told the BusinessMirror in a telephone interview. Under PD 705, or the Revised Forestry Code, the penalty for illegally cutting trees on protected areas may depend on the number of trees that were cut down. “The more the trees that were cut down, the higher the penalty,” Adornado said. According to Adornado, Balonglong was allegedly telling everybody, including barangay officials in the area, that he owns the property. “But that is not possible because the area is a mangrove area. All mangrove areas are forestland and are not alienable and disposable,” the DENR official pointed out. He added that occupying forestland is tantamount to illegal squatting. Adornado said Balonglong and his men are facing multiple charges for

the incident, including illegal arrest, serious physical injuries, or possibly grave threats on top of violation of environmental laws, particularly PD 705, or the Revised Forestry Code. He also rejected claims made by Balonglong that he is the “owner” and has the right to develop and cut down mangrove trees within the property, stressing that the area is, in fact, a forestland and hence, is not alienable and disposable land. “He cannot have a title for it because it is forestland. It is not alienable and disposable,” Adornado said. To recall, Balonglong allegedly caused the detention of eight DENR employees and two others while they were doing fieldwork in Barangay Iwahig, Puerto Princesa City last June 10. Balonglong reportedly kicked and punched at gunpoint one of the forest rangers, Roldan Alvarez,

whom he accused of stealing galvanized iron sheets. They were later brought to the police station in Barangay San Pedro and were only released after Community Environment and Natural Resource Officer Felizardo Cayatoc, who approved of the DENR operation, pleaded for the release of his men. Environment Secretary Roy A. Cimatu, who learned of the incident, immediately informed Interior Secretary Eduardo Año about the incident, leading to Balonglong’s immediate relief from his post. According to Adornado, the DENR-Mimaropa’s legal team is preparing to file appropriate charges against Balonglong and his men. “Possibly, within the week, we will file the case against him,” he said. The DENR is in the process of

arming its field personnel in Palawan because of the serious threat posed by illegal loggers. But the incident involving Balonglong was a sudden twist as it turned out that policemen were the ones who may have been responsible in the crime against the DENR personnel this time around. “We were surprised because the police were supposed to be our partners. They were supposed to protect our field personnel from the bad guys,” Adornado lamented. Adornado said Balonglong’s attempt to land-grab and threaten DENR field personnel with harm should send the message to all other erring personalities that the DENR will not be cowed. The DENR-Mimaropa is in the process of arming bantay gubat volunteers together with DENR forest

protection officers, starting with Palawan, which is considered an illegal logging hot spot. Adornado said instead of the 150 shotguns initially approved for donation by Palawan Gov. Jose Alvarez, DENR bantay gubat volunteers and forest protection officers have requested for a short firearm, or a side arm, which they can easily conceal whenever on the move. Arming DENR field personnel is strictly for self-defense purpose only and while on duty patrolling the forests. “The shotgun is heavier and they don’t want going around with guns in plain sight. They want a sidearm which they can conceal [while on patrol]. Governor Alvarez has already approved the request so we are just waiting for it to arm our field personnel soon,” he said.

SC starts deliberation of petition to free sick and elderly inmates

By Joel R. San Juan

@jrsanjuan1573

HE Supreme Court is expected to deliberate today (Tuesday) on the petition seeking the immediate release from prison facilities of the sick and elderly prisoners to decongest jails and prevent the spread of coronavirus disease 2019 (Covid-19). Chief Justice Diosdado Peralta last week admitted delay in the resolution of the petition, saying the member-in-charge of the petition has been stranded in his province in the Visayas due to the community quarantine being implemented by the government to contain the spread of Covid-19. Peralta said the member-in-charge is expected to be present in today’s regular en banc session after the government lifted some travel restrictions. Under the SC internal rules, the memberin-charge is the member given the responsibility of overseeing the progress and disposition of a case assigned by raffle. The identity of the member-in-charge of the petition is supposed to be confidential pending its resolution. Peralta said the petition filed by 22 sick and mostly senior persons deprived of liberty (PDLs) through the Public Interest Law Center and the National Union of People’s Lawyers was already submitted for deliberations. “I can assure you that once he’s here I believe that case will finally be…resolved,” Peralta said. “I believe we can finish it this Tuesday,” the Chief Justice added. The two lawyers’ groups told the SC the petition also covers prisoners who are similarly situated “but cannot be included in this petition due to the difficult circumstances.” The petitions are also asking the SC to compel the government to create a Prisoner Release Committee, “similar to those set up in other countries, to urgently study and implement the release of all other prisoners in various congested prisons

throughout the country.” Among those named respondents in the petition were Interior Secretary Eduardo Año, Justice Secretary Menardo I. Guevarra, Director Allan Sullano Iral of Bureau of Jail Management and Penology, and Director Gerald Q. Bantag of Bureau of Corrections. The petition told the SC that “Covid-19 pandemic has put the world at a standstill, and while the medical and scientific communities are in a rush to find the necessary cure, governments all over the world have been implementing measures to contain the spread of the disease such as lockdowns and social distancing measures.” It said there are 10.7 million persons incarcerated all over the world with the Philippines “having a recorded total prison population of 215,000 housed in just 933 detention establishments.” The petition was filed in line with the call of the United Nations High Commissioner for Human Rights Michelle Bachelet for the immediate release of vulnerable prisoners all over the world to prevent Covid-19 from further spreading. They noted that the United States, Canada, Germany, Ethiopia, India, Indonesia, England, Ireland and Wales, Iran, Sri Lanka and Egypt have heeded the call and released hundreds to tens of thousands of prisoners because of the Covid-19 pandemic, it said. But the petition lamented that the “Philippines has yet to respond to this call.” This developed as the old Ombudsman Building in Manila that houses several regional and metropolitan trial court salas was placed on a lockdown for 14 days after a public prosecutor in Mandaluyong who tested positive for Covid-19 was traced to have gone to the Old Ombudsman Building. The lockdown started on Monday and may end on June 29. SC spokesman Brian Keith Hosaka said affected court offices are only physically closed but will continue to function remotely. In her memorandum, Executive Judge

Casualty count of police frontliners climbs to 7

WO more members of the Philippine National Police have succumbed to the coronavirus disease, bringing to seven the total number of police personnel who have died due to Covid-19. The PNP Health Service identified the fatalities as patient number 390 (PNP-390), 46, and patient number 400 (PNP-400), 29, both assigned in Cebu City, the PNP said in a news statement. PNP chief General Archie Francisco Gamboa extended his condolences to the families of the two police personnel, who were among those who had served as police frontliners in the raging pandemic. PNP-390 was admitted on June 4 at a hospital due to fever, cough, and shortness of breath, diarrhea, dizziness and nausea. He underwent RT-PCR, whose results were issued on June 10 showed he was positive of the virus. On June 14, he was declared dead. On the other hand, PNP-400 was admitted in a hospital on June 7 due to a motor vehicular accident. On June 8, he underwent RT-PCR, whose results were also issued on

June and yielded positive. He died on June 14. Gamboa assured the families of both police officers of full financial support and social benefits. The PNP said that as of Monday, the Health Service has recorded 414 Covid-19 confirmed cases, wherein 240 personnel have already recovered and seven have died. Among these number of cases, 136 patients are in quarantine facilities, 15 are admitted in hospitals, and 16 are undergoing home quarantine. The Health Service also documented 722 police personnel who were listed as probable persons under investigation (probable PUIs) and 873 police personnel considered as suspected persons under investigation (suspected PUIs). Meanwhile, the PNP, in coordination with the Department of the Interior and Local Government and the Department of Social Welfare and Development, began on Monday its two-day orientation seminar on the distribution of cash assistance to poor Filipinos. Rene Acosta

Carissa Anne Manook-Frondozo said no one will be allowed entry at the premises during the lockdown period. She said all the employees holding offices in the building are required to undergo selfquarantine, minimize or avoid contact with the public and at the same time conduct contact tracing of all the persons they have come in contact with at the court premises for the last two weeks. “Should any person develop symptoms,

please report your condition to your respective Barangay Health Worker and inform her as soon as possible,” she added. Aside from the Old Ombudsman Building, the Mandaluyong City Hall of Justice will also be on lockdown for 14 days starting Monday. Mandaluyong Regional Trial Court acting Executive Judge Ofelia L. Calo also issued a memorandum ordering the lockdown. Hosaka said lockdowns were ordered af-

ter a public prosecutor in Mandaluyong who tested positive for Covid-19 was traced to have gone to the Old Ombudsman Building. The prosecutor is related to a court officer holding office at the Old Ombudsman building. Calo ordered the lockdown because the courts had in-court hearings which were attended by the public prosecutors since June 1, when the government reduced the health quarantine restrictions in Manila.

A4 Tuesday, June 16, 2020 • Editor: Vittorio V. Vitug

Economy BusinessMirror

‘Think small, local to revive agri sector’

By Cai U. Ordinario

@caiordinario

HE government should “think small and local” to revitalize the agriculture sector and enable it to increase its contribution to the country’s gross domestic product (GDP), according to the head of the Ateneo Center for Economic Research and Development (Acerd). In his column published on the BusinessMirror on Friday, Acerd Director Alvin P. Ang said this means prioritizing the purchase and support of locally nutritious agricultural products. This, he said, is a mindset change, which will require government to subsidize local produce from the countryside. This will become a good incentive for more Filipinos to eat local food, including homegrown vegetables and fruits. “It requires the local governments to prioritize supporting locally nutritious agricultural products. If necessary, they can subsidize and help campaign for people to eat local produce,” Ang wrote. Ang also urged local governments to craft an inter-municipality production plan to ensure that basic produce

will be consumed locally. He said this will pave the way for an integrated agricultural system which will allow local governments to ensure self-sufficiency for their communities. Once self-sufficiency is reached, communities can consider external markets. Ang said this think small and local system will help put back vegetables and fruits in Filipino homes nationwide. This, however, will not be simple because it will require a change in mindset. “What we are saying essentially here is that agriculture sector now is not just an option for those who lost their jobs here and abroad. It is also not easy to make it as an entrepreneurial activity.... Like any business venture, it entails so much

preparations—financially, emotionally, physically and technically.” “This is why government should not just tell people to go into livelihood. We need to provide adequate training support apart from the usual financial aid.” Earlier, economists from the Ateneo de Manila University said the Philippines could rise from the current pandemic stronger if the government would implement reforms that encourage the development of an agriculturedriven economy. They said restructuring the economy into an agriculture-driven one entails reforms in the whole supply chain, including the use of seaports. They recommended that shipments should be moved away from the Port of Manila to Subic Bay Freeport and Batangas Port. This, however, may entail the creation of logistics infrastructure and trading facilities to boost agricultural production. In so doing, the economists said, this will allow faster production lines since 80 percent of agriculture production comes from small farms in the countryside. Ang, in a follow up interview, told the BusinessMirror the first step would be to implement provisions in the Agriculture and Fisheries Modernization Act (AFMA) of 1997 creating the Strategic Agriculture and Fisheries Development Zones (SAFDZ).

www.businessmirror.com.ph

Is your innovation strategy socially responsible?

By Henry J. Schumacher

ANY of us have no choice but to reevaluate our company’s purpose, whether we own it, whether we are on C-level or whether— as employees—we just want the organization to come stronger out of the economic dilemma we are facing. Given the “new tomorrow,” I believe we have no choice but to design an innovation strategy that takes sustainability, social impact, and integrity into account. All organizations can and should play a role in investing in future-centered innovation. When judging social responsibility, we need to acknowledge the difference between corporations that simply participate in philanthropy, versus those that are driven by a clear mission to innovate for good and lead by example. Of course, I don’t want to discourage corporate giving which is imperative for the survival of many incredibly impactful nongovernment organizations. But rather to encourage you to consider how your organization can do good with the products and services that you create and sell.

We realize that activating a purpose in “our” company would actually have a positive impact on performance and reputation (and consequently, profit), but we sometimes lack the tools to measure and demonstrate the potential success of our future-proofing efforts. When we think of the strategy behind innovation, we often use an innovation sweet spot that helps us innovators. What are the elements of a future-centered innovation sweet spot? Desirability (human) Viability (business) Feasibility (technology) Integrity (impact) It enables us to look at our company’s innovation strategy and judge it based on the different impact values —equality, community, empowerment and environment. It allows us to determine whether we are going to contribute to a better future. Innovation strategists need to think about more than just bottom lines and future growth. Not only will taking social responsibility into account protect the company’s reputation going forward but ensuring our innovations benefit society at large is the only way to be sure that they are future-proof. The innovation sweet spot will trigger many fruitful discussions among the innovators. Here are key outcomes: Simply by adding integrity to the innovation sweet spot, innovators were reminded and motivated to take the broader impact of their ideas into account. Employees said they would like to approach innovation with a more holistic mindset but didn’t feel it would fit within their company’s existing innovation strategy. This led to a major debate about innovation culture. Is it up to them, the employees, to make those changes bottom-up, or should they be empowered from top-down? In conclusion, we, innovation strategists, need to think about more than just bottom lines and future growth. Not only will taking social responsibility into account protect the company’s reputation going forward, but ensuring our innovations benefit society at large is the only way to be sure that they are future-proof, incorporating the elements of fair competition, ethics, and social responsibility. Feedback is more than welcome; e-mail me at schumacher@eitsc.com

WB-funded project simplifies Philippines’s agro-fishery trade By Elijah Felice E. Rosales @alyasjah

HE Philippines is well on its way to simplifying regulations in the agriculture and fisheries trade with a project backed by the World Bank (WB) promoting an evidence-based approach to enforcement of sanitary and phytosanitary (SPS) measures. In the Standards and Trade Development Facility (STDF) Annual Report 2019, the country was reported to be in a good position to reduce regulatory burden on the private sector to improve compliance and facilitate farm trade. As such, issues on overlapping rules, weak governance and conflicting powers are seen to be resolved the soonest. According to the report, the Philippines is expected to simplify regulations through a new STDF project preparation grant (PPG) approved last October. The STDF Working Group authorized the development of a project proposal that would support the country reform its regulatory practices, as well as its regulatory impact assessment, in the

agriculture sector. The Bureau of Agriculture and Fisheries Standards crafted a framework and requested practical assistance to put it into effect. Once in full swing, the resulting project should lead to evidence-based approach in the crafting of policies and produce inputs on better regulatory practices. It should also bring about the development of reasonable SPS measures and rules. One of the pressing investor concerns about the Philippines is the bureaucratic red tape, in which permits require a lot of papers to secure and processing takes too long to finish. Work under this STDF PPG will be connected to partners and member initiatives, including by the World Bank and the Organization for Economic Cooperation and Development, and pick up best practices from similar efforts in the region, the report stated. “The PPG and project will also link to STDF’s knowledge work on good regulatory practice,” it explained. “Drawing on the pilot and lessons will help in the development of STDF guidance on making sure SPS measures are fit for purpose,

achieved intended outcomes and reduce trade costs.” Aside from this PPG, the country last year benefited from the STDF’s project on strengthening information systems for pest surveillance and reporting, along with neighbors in Asia that include Cambodia, Lao PDR, Malaysia, Papua New Guinea, Thailand and Vietnam. Manila had also received PPG support for pesticide residue mitigation through the promotion of biopesticides. It was also the lone beneficiary of the piloting use of good regulatory practices in agriculture and fisheries among AsiaPacific economies. PPGs are provided to developing countries to bankroll the rollout of projects in key SPS areas, apply SPSrelated capacity evaluation tools and carry out feasibility studies. PPGs are also intended to promote collaboration among state agencies—for agriculture, health and trade—and the private sector. Last year the STDF funded a total of 19 PPGs and spent a sum of nearly $1 billion for all of them, the bulk of, or $380 million, went to Asia.

Biggest PHL firms return to bonds market. . . continued from a1

“With interest rates moving down, some investors will be thinking of locking in their yields,” Robert Ramos, chief investment officer at East West Banking Corp., said. “Of course, this will be dependent on investors being satisfied with the credit spreads over the government benchmark.” The easy money won’t be around forever. In a move to mop up extra funds in the market, the Philippine central bank said on June 8 it would gradually resume offering term deposits to financial firms and increase the volumes in its reverse repurchase facility. An estimated P1.1 trillion ($22 billion) were released into the financial system, equivalent to about 25 percent of the first quarter’s gross

domestic product, through a series of steps including cuts in the benchmark interest rate and the reserve requirement ratio.

Executive comments

NESTOR TAN, president of BDO Unibank Inc., said BDO is monitoring the market “to assess whether longer-term funding solutions may be warranted to better secure our liquidity needs, such as a reissuance of the bonds, given that interest rates at the moment are at much lower levels.” BDO, the country’s largest bank by assets, is already lining up potential funding sources for its maturing bonds later this year. Meanwhile, Augusto Bengzon, chief financial officer at Ayala Land Inc., sees this as an oppor-

tunity to lock in lower borrowing costs and lengthen the debt maturity profile, especially since the builder has managed to keep its local credit rating. Ayala Land could raise as much as P19 billion through a debt capital market transaction or a bilateral loan facility before the year-end to refinance and repay certain debts. Rizal Commercial Banking Corp. (RCBC) will continue to tap the domestic bond market and look at the international debt market as well to diversify its funding base, according to RCBC Treasurer Ricky Cebrero. The liquidity in the market “gives a positive landscape in issuing medium-term funding,” Cebrero said. Bloomberg News

The World BusinessMirror

Editor: Angel R. Calso

Tuesday, June 16, 2020

First vaccines may not prevent you from catching coronavirus

esperation for a way to keep economies from collapsing under the weight of Covid-19 could mean settling for a vaccine that prevents people from getting really sick or dying but doesn’t stop them from catching the coronavirus. Although a knockout blow against the virus is the ultimate goal, early vaccines may come with limitations on what they can deliver, according to Robin Shattock, an Imperial College London professor leading development of an experimental shot. “Is that protection against infection?” Shattock said. “Is it protection against illness? Is it protection against severe disease? It’s quite possible a vaccine that only protects against severe disease would be very useful.” As countries emerge warily from lockdowns, leaders are looking to a preventive shot as the route to return to pre-pandemic life. Fueled by billions of dollars in government investment, vaccines from little-known companies like China’s CanSino Biologics Inc. and giants like Pfizer Inc. and AstraZeneca Plc are in development. At least one of the fastestmoving experimental shots has already advanced into human trials after showing an impact on severe disease— but less so on infection—in animals. Experts say such a product would probably be widely used if approved, even if that’s as much as it contributes, until a more

Europe reopens many borders but not to Americans, Asians

ERLIN—Europe is taking a big step toward a new normality as many countries open borders to fellow Europeans after three months of coronavirus lockdowns—but even though Europeans love their summer vacations, it’s not clear how many are ready to travel again. Tourists from the US, Asia, Latin America and the Middle East will just have to wait for now. Europe is expected to start opening up to some visitors from elsewhere next month, but details remain unclear. The European Union home affairs commissioner, Ylva Johansson, told member nations last week that they “should open up as soon as possible” and suggested on Monday was a good date. Many countries are doing just that, allowing travel from the EU, Britain and the rest of Europe’s usually passport-free Schengen travel area, which includes non-EU countries like Switzerland. Europe’s reopening won’t be a repeat of the chaotic free-for-all in March when panicked, uncoordinated border closures caused traffic jams that stretched for miles. Still, it’s a complicated, shifting patchwork of different rules. And although tourist regions are desperately counting on them, a lot of Europeans may decide to stay close to home this summer. That’s something tourismdependent Mediterranean countries, such as Greece are keen to avoid. Prime Minister Kyriakos Mitsotakis acknowledged Saturday that “a lot will depend on whether people feel comfortable to travel and whether we can project Greece as a safe destination.” Greece has emphasized its handling of its outbreak, which saw only 183 deaths. Overall, Europe has seen more than 182,000 virus-linked deaths this year, according to a tally by Johns Hopkins University that also shows Europe has had 2.04 million of the world’s 7.8 million infections. Hard-hit Spain, which on Sunday moved forward its opening to European travelers by 10 days to June 21, is allowing thousands of Germans to fly to its Balearic Islands for a trial run starting on Monday— waiving its 14-day quarantine for the group. AP

effective version comes to market. “Vaccines need to protect against disease, not necessarily infection,” said Dennis Burton, an immunologist and vaccine researcher at Scripps Research in La Jolla, California.

Still susceptible

There are drawbacks, though. While holding the potential to save lives, such vaccines might lead to complacency in lockdownweary nations, said Michael Kinch, a drug development expert who is associate vice chancellor at Washington University in St. Louis. “My guess would be that the day after someone gets immunized, they’re going to think, ‘I can go back to normal. Everything will be fine’,” he said. “They’re not going to necessarily realize that they might still be susceptible to infection.” Covid-19 is already thought to be spread by people without symptoms, and a symptompreventing vaccine may create even greater numbers of them. Vaccines are among the most effective weapons against infectious disease, and prevent up to 3 million deaths a year, according to the World Health Organization. Yet few, if any, are 100 percent effective in all people who get them. For example, about 3 percent of people who get measles vaccine develop a mild form of the disease, and can spread it to others.

130 shots

In their attempts to confront

a rapidly growing threat, developers are turning to technologies that have never been used successfully in humans. More than 130 shots are in the works for Covid-19 prevention, according to the World Health Organization. Vaccines work by presenting the immune system with a form of a germ—or a key part of it—preparing the body to respond when a real exposure occurs. When that happens, immune proteins called antibodies glom onto the virus, halting its entry to cells. Sometimes vaccines ramp up immune T-cells, which don’t do as much to prevent infections, but can slow and eventually stop their progression. A common approach to raising levels of antibodies is with injection of a virus that’s been inactivated or killed. About nine of these are in experimentation: One, made by China’s Sinovac Biotech Ltd., led to high levels of Covid-targeted antibodies in monkeys. Another shot developed at the University of Oxford uses an innovative approach in which Covid genes are inserted into a different, harmless virus. Those make proteins that are recognized by the immune system, which raises defenses against a real infection. About a quarter of the experimental shots listed by the WHO, including two already in human studies, follow the same approach as the Oxford vaccine. One of the advantages of the technology is its speed.

AstraZeneca, which is partnering with Oxford, has said it will begin delivering doses for the UK as soon as September, and will have doses for the US, which helped fund development, the following month. Over the weekend, AstraZeneca and four European Union countries said they reached an agreement to distribute hundreds of millions of doses of the vaccine.

Antibody levels

How the shot affects infections and infectiousness still isn’t clear. William Haseltine, a former HIV researcher at Harvard University, pointed out in a blog for Forbes that animals had roughly the same amount of viral genetic material, called RNA, in their systems, whether or not they’d received shots. Levels of antibodies against the virus weren’t as high as in very protective vaccines, he said. However, clinical signs of severe infection, like high breathing rate and pneumonia, were better in vaccinated monkeys. That might still make such a shot useful, according to Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases. “That vaccine doesn’t look like it’s a knockout for protecting against infection, but it might be really very good at protecting against disease,” Fauci told the medical news website Stat. The vaccine will be a

Beijing’s almost 100 new infections confront China

hina is racing to control a new outbreak in Beijing that reached nearly 100 infections over the weekend, providing the biggest test of the country’s coronavirus containment strategy since the pathogen first emerged in Wuhan. Officials are fanning out over housing compounds, knocking on doors to question residents on whether they’ve been to or had contact with anyone who’s visited the city’s largest fruit and vegetable market, Xinfadi, where the new outbreak is believed to have originated. In the Xicheng district where the first case from the new outbreak was found, people lined up late at night over the weekend at a sports stadium that’s been re-purposed as a testing center. Cases have now spread to another market and over 20 residential compounds across the city were locked down by Monday. Elementary schools for first to third grade students delayed the resumption of classes and high schoolers were encouraged to study from home. Some companies told employees to work from home, housing compounds ramped up security checks and swimming pools were shuttered. “The risk of virus spread is very high, and resolute and decisive measures are needed to prevent further spread,” vice premier Sun Chunlan said during a state council meeting on Sunday, reported state media. The abrupt resurgence of cases in the capital of more than 20 million people threatens to disrupt the hard-won normalization of everyday life and business after China quelled its first epidemic months ago. The outbreak in Beijing—China’s cultural and political center where its business elites and political

leadership reside—could be a reckoning for the Asian giant’s strategy of aggressive virus control. While China’s contained outbreaks in its central and northeastern regions through oppressive lockdowns, it’s never had a significant flare-up in a major city until now. There are already signs of hesitation to impose the costly and disruptive measures China has used elsewhere: while transport links were cut off quickly in northeastern provinces when a new cluster emerged last month, Beijing’s domestic flights and train services were still running without interruption as of Monday morning. But with new cases likely to grow as mass testing gets underway, an escalation of restrictions in the capital could happen quickly. “One possibility is that further infections will be identified across the city in the coming days, and a city-wide lockdown will be implemented for a few weeks,” said Ben Cowling, division head of epidemiology and biostatistics at the University of Hong Kong. “Lockdowns in China can be very effective because of the infrastructure for restricting people from leaving their homes but at the same time ensuring that they have sufficient food and other essentials.” The new outbreak is reigniting fears that the pandemic, which has sickened over 7.8 million people and killed over 430,000 people worldwide, is nowhere close to burning out. Infections in Japan’s capital of Tokyo are also on the rise, while American states like Florida are reporting record case growth.

Frozen food fears

All 79 confirmed cases detected so

far in Beijing have been merchants or visitors to the Xinfadi market and their family members. Zhang Yuxi, the market’s chairman, said on Friday that the virus has been traced to a chopping board used by a seller of imported salmon at the market, but officials remain stumped over the new cluster’s origins. Genome sequencing of the virus points to its source being Europe and the new outbreak could have originated from contaminated seafood or meat that was imported into China, said Yang Peng, a researcher with the Beijing Center for Diseases Prevention and Control in an interview on state television CCTV, on Sunday. Wu Zunyou, the China CDC’s chief expert, advised Beijing residents not to purchase imported agricultural products or frozen food. He said the virus can survive on the surface of frozen food for up to three months and the agency “highly suspects” contaminated goods as the source of the latest outbreak. The market, which supplies 80 percent of Beijing’s farm produce, was closed on Saturday for disinfection while more than 10,000 merchants and employees will undergo testing. Several neighborhoods in Beijing, including the financial district that’s home to the headquarters of China’s biggest banks and financial firms, have seen their risk levels raised to medium from low. The deputy head of the district that’s home to the wholesale market and the general manager of the market have been dismissed. “I can sense the panic although I live quite far away from the market,” said Beijing resident Cathy Liu, 26, an intellectual-property analyst. “The unknown origin makes it even more terrifying. We can’t rule out the possibility of a huge outbreak in Beijing.” Bloomberg News

success whether it heads off infections or severe symptoms, AstraZeneca Chief Executive Officer Pascal Soriot said in a BBC interview. The vaccine’s progress to advanced studies was approved by an independent scientific panel, and the company is waiting to see how it performs, a spokesman said. Fauci’s NIAID is partnered with Moderna Inc. on a Covid vaccine test whose primary goal is to show their vaccine prevents people from developing symptoms, the company said on June 11. Preventing infections is a secondary goal. Successful preventives must also bar onward transmission, said Daniel Barouch, a researcher at the Center for Virology and Vaccine Research at Beth Israel Deaconess Medical Center and Harvard University. Effective shots may allow some cells to become infected, but control the growth of the virus before it can be passed on to others, said Barouch, who is developing a vaccine with Johnson & Johnson.

Preventing illness

The US Food and Drug Administration is considering options for a vaccine that prevents illness. “We would potentially consider an indication related to prevention of severe disease, provided available data support the benefits of vaccination,” FDA spokesman Michael Felberbaum said in response to questions. “For licensure we would not require that a vaccine protect against infection.” Licensed vaccines including some against whooping cough have not been demonstrated to protect against infection with the pathogen that causes the disease but have been demonstrated to protect against symptomatic disease, Felberbaum said. The notion of using imperfect vaccines and therapies is “fine,” Kinch said. “That’s just practicality. And we may follow those up with more perfect ones. There will never be a truly perfect vaccine.” Bloomberg News

A6 Tuesday, June 16, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Terrorizing

he war against global terrorism should never curtail democratic rights and civil liberties enshrined in our Constitution and the laws of our land.

We would like to believe that most Filipinos do not want a country where the exercise of constitutional rights and protections would depend on the whim of whoever is in power. They do not want to live in a country where those who wish to speak truth to power can be persecuted with official and legal sanctions. Proponents of the Anti-Terrorism Act of 2020, which President Duterte had prioritized in the middle of a raging pandemic, claim the measure will do none of these, that it poses no danger to democracy. Those of us who doubt this need only point to the parade of absurdities that passes for democracy in this country. Edgar Candule, a farmer and Aeta community member in Botolan, Zambales, was arrested on March 21, 2008 on suspicion of being a member of the communist New People’s Army (NPA). He was charged with illegal possession of firearms and violation of Republic Act 9372, also known as the Human Security Act (HSA), the law this new “Terror” Act seeks to replace. Candule was jailed for almost three years and was allegedly tortured during his detention before he was eventually acquitted and released in November 2010. He has yet to get justice for his wrongful conviction and detention. He was only lucky to have survived it. Brothers Reynaldo and Raymond Manalo were abducted in 2006 and detained for a year on suspicion of being communist sympathizers. The Court of Appeals established that then Army Major General Jovito Palparan and his men were involved in the abduction. The CA’s (2nd Division) statement against Palparan was contained in the decision that granted the writ of amparo to the Manalo brothers, who sought protection from the court from another possible military abduction. The writ of amparo was issued by the Supreme Court specifically to address the hundreds of extrajudicial killings and enforced disappearances in the country. In the hearing of another amparo petition filed by the mothers of two abducted students from the University of the Philippines, Sherlyn Cadapan and Karen Empreño, Raymond Manalo testified seeing the UP students in Camp Tecson where he was also brought. He said he managed to talk to Cadapan, who was chained to a bed. The two women went missing while doing fieldwork in Hagonoy, Bulacan in June 2006. They were never found. Palparan was sentenced to life in prison for his involvement in their kidnapping and illegal detention. Jonas Burgos was alone and unarmed in 2007 when abducted by soldiers in civilian clothes in a Quezon City restaurant. “Aktibista lang po ako [I am just an activist]!” he was heard shouting. Jonas managed the family farm in Bulacan and conducted organic farming seminars for peasant farmers, including those affiliated with the Kilusang Magbubukid ng Pilipinas, which the Armed Forces of the Philippines had labeled a communist “front” organization. He has not been found. They are just a few of the Filipinos, including activists, environmentalists, journalists, human-rights defenders and other social justice advocates, who were arrested, detained or abducted, even killed, by security forces under the guise of carrying out our laws. Sadly, there have been few and far occasions when people can get assurances that this is NOT the new normal in the legal landscape of our supposedly democratic nation. So again, please forgive us for being doubtful when proponents of this “Terror” act claim that only true terrorists should be afraid of it. Human-rights lawyer Edre Olalia said it best: “We have mandatory rights of the arrested and accused in the Constitution, the laws and rules; a strict law against torture; a comprehensive law against disappearances; rules on habeas corpus and the novel amparo. We are a signatory or party to all but one international instrument on various human rights, and we even have a bilateral agreement on human rights. And yet the violations continue and are rampant and impunity prevails. And we are assured there are enough safeguards in the Anti-Terrorism Bill anyway?” Terrorism is indeed an evil we all must fight, and we all know the nightmare of Marawi is something that can be repeated anytime. The question that will always be weighed in this debate is: what is there in this ATB, had it been in the statutes earlier, that would have helped us prevent a Marawi, or deal with it better? What would have helped it nip in the bud what turned out, based on government intel, a massive fund network for the Maute Group? The ATB champions insist it would have. We hope, for all our sakes, they’re right.

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Lowering the number of jobless is a priority

E expected the discouraging April unemployment figures given the lockdown imposed across the Philippines from March until now. The data simply stresses the need to reopen the economy further, but with caution.

Just last week, Japan Credit Rating Agency upgraded the Philippines’s credit rating by a notch from BBB+ to A-. It cited the country’s resilience despite the economic contraction in the first quarter of 2020. JCR assigned a “stable” outlook on the new rating, which means the “A-” will likely be maintained over the near term period.

least two-thirds of the economy is shut down. The partial and eventually the full reopening of the economy, especially the services sector, is key to recovery. Millions are employed in fast-food restaurants, hotels, business-process outsourcing companies and malls, to name a few. This sector fuels consumption, one of the strong features of the economy. But with most of them unable to work, the unemployment situation worsened. We also must not lose sight of the government’s infrastructure program. It directly creates employment and will be critical in restoring jobs in the construction sector. The enhanced community quarantine that prevailed since March and up to the end of April forced many small businesses to temporarily shut down. Consequently, millions of workers were unable to work, compounding the unemployment problem. We have to restore the jobs lost by our workers at the height of the

pandemic in order to preserve past economic gains and the country’s solid macroeconomic fundamentals. These fundamentals include a healthy balance of payments position, lower inflation and interest rates, high gross international reserves, a stable banking sector and a manageable external debt balance at 22.2 percent of the gross domestic product as of end-2019. The country’s international reserves rose to an all-time high of $90.94 billion at the end of April from $88.8 billion in March, while the BOP yielded a surplus of $1.6 billion in the first four months of the year. These solid economic indicators are the main reasons why foreign rating agencies still believe in the growth story of the Philippines. Just last week, Japan Credit Rating Agency upgraded the Philippines’s credit rating by a notch from BBB+ to A-. It cited the country’s resilience despite the economic contraction in the first quarter of 2020. JCR assigned a “stable” outlook on the new rating, which means the “A-” will likely be maintained over

Manny B. Villar

THE Entrepreneur

We owe the workers their jobs. They persevered during the lockdown period despite meager resources, and strictly followed health protocols as their contribution to stopping the spread of Covid-19 in the Philippines. The unemployment rate rose to a record 17.7 percent in April, translating into 7.3 million jobless Filipinos and topping the 10.3-percent rate during the 1998 recession. The jobless data highlights the urgency to resume many economic activities that were disrupted by harsh quarantine rules. The lockdown severely restricted the movement of the people and the delivery of goods al over the country. Labor Secretary Silvestre Bello III noted that the lockdown in the two months of April and May was the period for job-hunting by fresh graduates. It is around this period when those coming from the universities and technical institutes boost the ranks of the labor force. Unfortunately, these job seekers failed to join the labor force as at

Understanding price discovery John Mangun

OUTSIDE THE BOX

ith all the exciting things going on in the Philippines and around the world, talking about the stock market would seem to be a low priority. Except with all the exciting things going on with the stock markets in the Philippines and around the world, talking about the stock market is critical.

I have said many times before, stock market performance is not of importance in regard to the health of the economy, at least in the short term. Further, all stock markets are basically an “Old Boy’s Club.” But all those “old boy” institutions and individuals put real money on the table when investing in the stock market. Every person that buys stocks also has put real money on the table.

Yet, there is a huge difference between those that are in “The Club” and those that are not when it comes to making profits. Every time I read a comment about the stock market being a casino, or that investing is like gambling, that person talking is the one that cannot make money in the market. So what is the difference? What the “boys” know and you do not is how price discovery works

Simply put, price discovery is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers. From the souks of Marrakesh to the stalls of Divisoria, the vendors and customers understand price discovery much better than any average investor. in regard to stocks. Simply put, price discovery is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers. From the souks of Marrakesh to the stalls of Divisoria, the vendors and customers understand price discovery much better than any average investor. Maybe that is why you will find the sellers in both locations that can trace their business back many generations. That is usually not true for those outside the stock market club.

the near term period. I am pleased to note that reputable rating agencies still regard the Philippines highly despite the economic contraction. JCR raised the Philippines’s credit rating on its belief that the impact of the Covid-19 crisis on the domestic economy and the government’s fiscal standing would be temporary. Like other reputable global financial institutions, JCR noted the country’s strong fundamentals given the health crisis and the massive relief measures being put in place by the Duterte administration. “JCR holds that a downturn will be limited given the country’s strengthened economic base, resilient external position, and the government’s economic stimulus package totaling more than 9 percent of GDP. JCR also considers that the fiscal soundness will not be impaired because while the fiscal deficit may widen, the package at this time is justifiable and the government debt will remain comparatively subdued,” says JCR. The Japanese agency believes the Philippine economy will bounce back with a growth of between 6 percent and 7 percent in the medium term following the expected contraction this year. I share the same optimism. But first, we have to fix the high unemployment rate recorded in April. Restoring and creating jobs through a phased reopening of the economy will get us over the hump. For comments, e-mail mbv.secretariat@gmail. com or visit www.mannyvillar.com.ph.

The textbook definition for stock market price discovery is “looking at a number of factors, including supply and demand, investor risk attitudes, and the overall economic and geopolitical environment.” Here is the harsh truth. That is what nonmembers of the club are told to keep them coming back to place their “investments.” Here are a couple of those critically important factors found in fundamental analysis. We are told that “Book Value”—the depreciated value of a company’s hard assets—in relation to price is a good indication of what the stock price should be. But BV only comes into play if the company’s assets are liquidated. There is an issue trading on the local stock market that is selling for 30 percent of its BV. Meaning, if the company closed down, the stock would triple in price. Do not count on that happening. The Price-to-Earnings ratio is also extremely important. Except, See “Mangun,” A7

Opinion BusinessMirror

www.businessmirror.com.ph

The real reason to pull down Churchill’s statue

‘Eternal vigilance is the price of liberty’

By Mihir Sharma | Bloomberg Opinion

anny Boyle’s opening ceremony for the 2012 London Olympics briefly united the world in Anglophilia. The Britain celebrated there seemed amused, multicultural, cool— the Britain of the Beatles, the National Health Service, Shakespeare and Mr. Bean. There was, however, one strong dissonant note: the moment when, as a camera follows the Queen’s supposed helicopter from Buckingham Palace to the East End, Churchill’s statue in Parliament Square smiles and waves its stick in greeting. That had no place in this warm celebration of Cool Britannia. Those who abhor Churchill do so for good reason. Shashi Tharoor has explained that Churchill was “a war criminal and an enemy of decency and humanity, a blinkered imperialist untroubled by the oppression of non-white peoples, a man who fought not to defend but to deny our freedom.” When angry Londoners attacked this same statue last week, many cheered here in the colonies Churchill struggled all his life to keep. Boris Johnson disagrees. The statue, says the British prime minister, “is a permanent reminder of his achievement in saving this country—and the whole of Europe—from a fascist and racist tyranny.” His achievement? I suppose America, Russia, the rest of Europe, not to mention the rest of the Empire, had nothing to do with it? The war was won thanks to half the world’s determination and to the superior innovation of free societies—not a few speeches. I am as much of a historian as is Johnson— that is, not at all, in spite of his awful book on Winston—but unlike him, I read actual historians. And, as the historian Richard Toye has so painstakingly demonstrated, the myth of Churchill’s speeches stiffening the spine of a half-defeated world is just that—a myth. In a world where Winston Churchill never existed, the war would still have been won. Naturally Johnson would have to defend Churchill. The entire movement that has catapulted Britain out of Europe and Johnson into No. 10 is based upon a painstaking preservation of various absurd myths about British history. The notion that Churchill saved Europe is an unsubtle claim that Europe owes Britain. The idea that Britain, with its vast overseas empire, stood alone in 1940 is an equally unsubtle reminder that it could stand alone today. Beyond Brexit, the notion of Britishness that Churchill embodies is one that has no place for racial minorities and which, as my colleague Therese Raphael has pointed out, dismisses their justified complaints. Without an honest reckoning with its past, the Britain of 2020 will continue to be adrift in a world with few allies, uncertain of what its own economic advantages are and with an increasingly unclear sense of itself as a modern nation. This is a Britain whose mind has been poisoned by such myths and, yes, held back by the weight of statues of slavers and imperialists. Johnson said that statues “teach us about our past, with all its faults.” Statues do not teach; schools do. So, take down such statues— Churchill, of course, but also Clive “of India” on Whitehall and the generals of the British Indian Army in Trafalgar Square. But if we are to leach this poison from the British mind, then it is school curricula that will have to change. A University of Liverpool

Mangun. . .

Continued from A6

one of the best performing issues in 2019 had PER of 180. And we are told if the PER of the main stock index is 20, it is way over-valued. Maybe this is not helpful for price discovery. If the financial media says, “It’s risk-on,” the “little boys” are expected to buy so the “old boys” can sell. If the broker research says “hold” while the price is going down, you

Any country’s history is what they make of it. A history that remembers how unimportant many of Churchill’s constructive acts were, and how awful his destructive ones, would better fit the Britain of the 21st century. It would also be truer. lecturer pointed out her students “know very little about Britain’s past, let alone Britain’s connections with the wider world or the history of the world outside Europe. … They therefore know practically nothing about empire and its legacies—including in Britain.” While the British Empire is taught in schools, it makes up a tiny part of the high school syllabus. Of 15 heads of school history surveyed by one academic in 2016, only one taught the Empire as a study of exploitation. The rest “taught the controversy,” as creationists would put it. It’s 2020: There is no controversy. Empires aren’t things to be proud of. When protesters attacked Churchill’s statue, they were not attacking just him, but this state-sanctified notion of Britishness that centers and renders indispensable a racist, imperialist warmonger. This doesn’t mean Britain must replace a cartoonish Land of Hope and Glory narrative with something unremittingly dark and equally cartoonish. As with any country, there is a broader, more inclusive and more nuanced narrative to be told. Gladstone, whose name is being removed from the University of Liverpool’s halls of residence, was indeed the son of a slave trader. But eventually he saw slavery as a taint on national history and spoke of an invasion of Afghanistan as “uniting criminality and folly in a higher degree than any undertaking in my recollection”; his Cabinet “saw real danger in investing self-interested white settler minorities with power over black majorities anywhere in the Empire.” This works both ways: The crusading anti-imperialist economist J.A. Hobson was also a blazing antiSemite and racist, as Jeremy Corbyn belatedly discovered. But there are forgotten heroes, too. From a small fountain by the Thames looks out the blind Hackney MP Henry Fawcett, called the “Member for India,” who for two decades single-handedly held Whitehall to account for its profligate spending of the colony’s taxes. If Johnson had written a biography of Fawcett instead of Churchill, he would be an infinitely better prime minister. Any country’s history is what they make of it. A history that remembers how unimportant many of Churchill’s constructive acts were, and how awful his destructive ones, would better fit the Britain of the 21st century. It would also be truer. are expected to “hold” until they can sell out. So, stock prices are manipulated you might be thinking. Of course not. It is the retail investor that is being manipulated, not the price. It is the same as the carpet merchant in Morocco saying you have to buy because this is the last one on Earth. E-mail me at mangun@gmail.com. Visit my web site at www.mangunonmarkets.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis tools provided by the COL Financial Group Inc.

Tuesday, June 16, 2020 A7

Manny F. Dooc

TELLTALES

here are sacrosanct provisions in our Constitution and they are enshrined in the Bill Of Rights (Article III, The 1987 Constitution of the Philippines). It’s a set of rules that guarantees civil and human rights and liberties to individuals who live in a democratic society. It is the centerpiece of the fundamental law of the land, which is cherished by its freedom-loving citizens. The first two sections of the Bill of Rights pertain to: firstly, the requirement of due process before anyone can be deprived of life, liberty or property and, secondly, the inviolability of the right of the people to be secure in their persons, houses, papers and effects against unreasonable searches. Furthermore, Section 2 guarantees that “no search warrant or warrant of arrest shall issue except upon probable cause to be determined personally by the judge after examination under oath or affirmation of the complainant and the witnesses he may produce…”. Every Filipino who treasures liberty can sleep well at night comforted by the thought that he cannot be deprived of liberty, among others, and his personal security cannot be violated subject to the limitations imposed by the Constitution. Well, not anymore, it seems, if the critics of the proposed Anti-Terrorism Law are to be believed. The bill sanctions the police authorities to wiretap suspects, arrest them minus any warrant and detain them without filing the appropriate charges for a period of 14 days, which is extendible by another 10 days. It aims to strengthen the Human Security Act of 2007 and punishes those who will propose, incite, conspire, participate in the planning, training, preparation, and facilitate the commission of a ter-

rorist act, including those who provide material support to terrorists and recruit members in a terrorist organization. Defenders of the bill claim that there are sufficient safeguards in place to prevent excesses and abuses by the police authorities, but the critics doubt them. Under the Constitution, only a judge may issue a search warrant or warrant of arrest. Opponents of the bill claim that the bill is a step back to the dark years of Martial Law when warrantless arrests were systematically made. If this measure is enacted into law, law enforcers out of misguided zeal may commit abuses and violate individual liberty in the dubious guise of national security. This law may extend a patina of legality to an illegal arrest, which constitutes a travesty

Under the Constitution, only a judge may issue a search warrant or warrant of arrest. Opponents of the bill claim that the bill is a step back to the dark years of Martial Law when warrantless arrests were systematically made.

of our Constitution. There should be no constitutional shortcuts in enforcing the law. As affirmed by the US Supreme Court in Ex parte Milligan, “(T) he Constitution is a law for rulers and people, … and covers with the shield of its protection all classes of men, at all times and under all circumstances. No doctrine, involving more pernicious consequences, was ever invented by the wit of men than that any of its provisions can be suspended during any of the great exigencies of government.” Thus, at no instance should the police authorities disregard the strict letters of the Bill of Rights. Every person, even a suspected terrorist, is entitled to due process and the protection of the Bill of Rights. No arresting officer can bypass the court and disregard due process and dismiss the requirement of a probable cause. All police actions are regulated by the limitations prescribed in the Bill of Rights. An ordinary law cannot countermand the Constitution. The law enforcer should be the first to respect the force and rule of law. No one is above it. Probable cause is to be determined personally by the judge. It is not a call to be made by a police officer except when effecting a legitimate arrest as when a crime is being committed or before or just after its commission. It is tragic when the law enforcer in the name of national security vio-

lates the law and destroys our democratic way of life, which he is sworn to protect. We are no longer living under a Martial Law regime when individual liberties were trampled upon. As observed by SC Justice Isagani A. Cruz in the case of People v. Amminudin, 163 SCRA 402, “(N)ow that we have succeeded in restoring democracy in our country after 14 years of the despised dictatorship, when anyone could be picked up at will, detained without charges and punished without trial, we will have only ourselves to blame if that kind of arbitrariness is allowed to return, to once more flaunt its disdain of the Constitution and the individual liberties its Bill of Rights guarantees.” Let us hearken to his voice. The intention of the law is noble and salutary but it should not curtail fundamental rights of the citizens. Should individual rights yield to the exigency posed by the threat to national security? In Olmstead v. US, 277 US 438, the revered Justice Oliver Wendell Holmes Jr. ruled: “We have to choose, and for my part I think it is less evil that some criminals should escape than that the government should play an ignoble part.” Dissenters are worried that warrantless arrest and dispensing the judicial requirement of a probable cause will open the floodgates wide to erosion of our freedom. Any attempt to derogate the individual rights of the people, which shield them against trespasses by the authorities, will be met with stiff opposition, as what we are witnessing now. People are zealous of their rights and vigilant to resist any incursion which threatens their liberties. As Thomas Jefferson has pointed out, “Eternal vigilance is the price of liberty.”

Issues on extended deadlines in payment of local taxes clarified Fulvio D. Dawilan

Tax Law for Business

nterpretation of statutes defers to the principle that an enactment must not be read in truncated parts. Instead, every part must be considered together with the other parts and kept subservient to the general intent of the whole. This is how the Department Circular 002-2020 (DC 002-2020) of the Department of Finance (DOF) extending the deadlines for the payment of local taxes should be viewed in order that the spirit behind its issuance will be realized. Following the implementation of the community quarantine throughout the country, a number of local government units (LGUs) enacted ordinances granting tax reliefs to their constituents via the extension of the deadlines for the payment of local taxes in their respective jurisdictions. Some were more restrictive in the duration of the extension and to the covered types of local taxes, and some were more lenient by granting extensions to all types of local taxes and longer compliance period. But others preferred to keep silent and passed on to their constituents the discretion to weigh on their options. As a result, the deadlines vary per locality depending on the presence or absence of extensions and the durations and coverage of the extensions provided in the respective ordinances. On April 23, 2020, DC 002-2020 was issued by the DOF to provide uniform implementation of the authority given to the President to move the statutory deadlines and timelines for the filing and submission of any document and the payment of taxes, fees and charges required by law. In so far as local taxes are concerned, the deadline for their payments was moved to June 25. But the circular is not free from causing confusions. There are some issues related to the implementation of the extended deadlines, raising questions not only on the part of the taxpayers but also on the part of the implementors. Guided by the answers made by

friends from the Bureau of Local Government Finance on frequently asked questions on these issues, let me briefly address a few of these concerns. With the differences in the coverage and duration of the extensions provided in local tax ordinances and DC 002-2020, which should prevail? There is no doubt that local tax matters are within the domain of the LGUs. This includes the fixing of the deadlines for the payments and to suspend such deadlines when necessary. In fact, no less than the Local Government Code allows the sanggunian concerned to, for justifiable reason or cause, extend the time for the payment of taxes, fees and charges without surcharges and penalties, but only for a period not exceeding six months. The Covid-19 pandemic and the implementation of community quarantines are no doubt justifiable reasons for LGUs to cause the deferment of the payment of taxes without penalties. It is also clear, however, that the Bayanihan to Heal as One Act (Republic Act 11469) from which DC 002-2020 draws its breath, provides that in case the exercise of the powers provided in the law conflicts with other statutes, orders, rules and regulations, the provisions of RA 11469 shall prevail. On this premise, the extensions made pursuant to said law shall prevail over any other law and other issuances. Thus, if extension of deadlines made pursuant to local tax ordinances is inconsistent with the extension

provided in DC 002-2020, the latter shall prevail and should be respected by the local government unit. It is only when there is a subsequent extension made through a local tax ordinance beyond June 25 will such extension be followed. Does the extension cover those falling due within March 25 to June 25 only? What the circular clearly provides is that the deadlines for the payment of all local taxes, fees and charges imposed by the LGUs as of March 25, 2020 shall be extended up to June 25, 2020. This suggests that the deadlines covered by the extension are those falling in March 25 and earlier periods. A deadline, however, that has already lapsed or a tax due that has become delinquent may no longer be extended. Despite that, there is waiver of the interests, surcharges and penalties from March 25 to June 25. The LGU is also prohibited from pursuing administrative or judicial action for the enforcement of taxes. In effect, there is suspension of the payment for taxes that had already become due, but without the condonation of the interests, surcharges and interests that had already accrued. For the taxes falling due from March 25 to June 25, the circular does not clearly provide for extension of payment deadlines. But similar to delinquent taxes, the interests, surcharges and penalties on taxes falling due within such period are waived. Impliedly, payment of taxes due on such period is extended to June 25. Does the extended deadline in DC 002-2020 cover real property taxes? Many of the extensions made by LGUs prior to the effectivity of DC 002-2020 fixed earlier deadlines than June 25. This is understandable for those enacted prior to the issuance of DC 002-2020. Surprisingly, some ordinances made after the circular still provided for an earlier deadline, especially for real property taxes. It may be because these concerned LGUs are not aware of DC 002-2020 or they believe that real property taxes are not covered by the extension on payment of local taxes. Whatever is the reason, Local Government Taxation and Real Property

Taxation, although separated by different titles, are both found in Book II of the Local Government Code, which deals with Local Taxation and Fiscal Matters. No doubt, real property tax is also a local tax. Thus, any deadline for real property tax payment falling within March 25 to June 25 should be considered extended to June 25 without the imposition of penalties, even if there is an earlier extended deadline provided in an ordinance. Is the extension affected by the classification of community quarantine (i.e., ECQ, MECQ, GCQ, MGCQ, etc.)? The extension provided by DC 002-2020 to June 25 applies throughout the Philippines regardless of the classification of the community quarantine imposed in the area. Unlike the extension for the national internal revenue taxes where the definition of the quarantine matters in some cases, this is not so for local taxes. The extension is very specific, that is, March 25 to June 25 or the effectivity of RA 11469. The prevailing community quarantine in the area should not affect the moving of the deadlines to June 25. To summarize, the payment of local taxes falling due within the period March 25 to June 25 is extended to June 25, regardless of the extent of the community quarantine imposed in the locality and notwithstanding the duration of extensions provided in local tax ordinances. Also, the imposition of penalties, interests and surcharges during the same period is waived not only for the taxes falling due within the period but also for taxes that had already become due. LGUs are bound to yield to this circular despite differences with their respective ordinances. The author is the Managing Partner of DuBaladad and Associates Law Offices (BDB Law), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at fulvio.dawilan@ bdblaw.com.ph or call 8403-2001 loc 310.

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A8 Tuesday, June 16, 2020

Allow provincial bus service for LSI–solon

ICOLANO lawmaker Elizaldy S. Co (Ako Bicol party-list) on Monday appealed to the national government to allow immediate resumption of provincial bus services to bring home stranded Filipinos subject to clear-cut health, transport and quarantine protocols. In a statement, Co implored the Inter-Agency Task Force on Emerging Infectious Diseases (IATF), the Departments of Health, of Transportation and of the Interior and Local Government, as well as various local government units to craft unified guidelines to facilitate resumption of provincial bus operations. Without public transportation, Co said thousands of Filipinos and overseas workers can’t return home and join their families in the provinces. Aside from congestion and higher risk of infection, inability to return home is a primary cause of depression and anxiety especially for OFWs, he said. “With all due respect, the national government and LGUs must discuss, agree and lay down clearcut guidelines for bus operators and commuters. The goal is to allow stranded Filipinos to ride provincial buses while minimizing risks of potential Covid-19 infection,” the solon said. Citing his personal experience in bringing home stranded construction workers and Bicolano students from UP Los Baños, Co said such effort entails a lot of coordination

between national and local government agencies. “It’s difficult, but not impossible,” he stressed. Due to lack of public transportation, the solon lamented that some Filipino workers die without ever seeing their loved ones. “It doesn’t have to be this way. I’m sure we can all agree on a set of clear, systematic and non-redundant guidelines. We owe it to our kababayan,” he said. Test clearances for Covid-19 and adherence to quarantine requirements are imperative for all passengers, bus drivers and crew. While inconvenient, Co said requiring passengers to undergo yet another 14-day quarantine upon arriva—if their respective LGUs mandate it—is better than not being allowed to go home at all. “Cost of rapid tests and protective gear like masks can be included in the cost of tickets so there’s some level of comfort for commuters and bus operators. For those who were tested, cleared and have completed the mandatory quarantine, I don’t think they would mind going through another two weeks of self-isolation in the province just to reunite with their families,” he added. Co said buses ferry millions of passengers each year, even more than all domestic airlines combined. Hence, he said, buses are critical in transporting people and merchandise throughout the country.

INTERTROPICAL CONVERGENCE ZONE (ITCZ) AFFECTING PALAWAN, VISAYAS, AND MINDANAO as of 4:00 am - June 15, 2020

Meat imports ban could hurt poor Filipinos–group S

By Jasper Emmanuel Y. Arcalas

@jearcalas

USPENDING meat importation could hurt the lower middle class to the poorest of the poor as they depend on cheaper protein products, especially during these trying times, the Meat Importers and Traders Association (Mita) said. In a letter addressed to Agriculture Secretary William D. Dar, Mita President Jesus C. Cham said the growing demand by the CDE economic classes for low-cost protein products is one of the reasons for the sustained growth of meat importation. “The fact is that over 85 percent of our population belong to the CDE economic classes, and thus are not able to afford the price of locally produced chicken and pork meat. That is why we see the demand for

processed meat and low-cost pork byproducts,” Cham said in the letter dated June 15. Cham said even the small and medium enterprises (SMEs) in the country have been using imported meat products (pork skin; jowls; pork fat and offal; mechanically deboned meat of chicken) for the production of chicharon, bagnet, siomai, longganisa, among others. “These low-cost food products have benefited the middle/lower economic classes tremendously,” he said. “It is worth mentioning that without MDM and pork byproducts for processed meat the country may not have survived the Covid-19 lockdown,” he added. Cham said the high poultry prices in the last quarter of 2019 “greatly incentivized broiler growers to produce,” with importers joining the profit-taking, resulting in a supply glut. The situation was worsened by the unexpected Covid-19 impact, which caused the plunge in meat demand due to disruptions in the food system by movement restrictions and lockdowns, he added. “Unfortunately, Covid-19, lockdown, port congestion and other unwelcome guests crashed the party. As a result we are where we are,” he said. “It’s nobody’s fault so let us not play the blame game. Things probably would have been totally different were it not for the pandemic,” he added. Cham also pointed out that

“most” of the livestock and poultry producers “did not utilize their profits to upgrade but chose to maintain their current business models of selling live animals.” “As a result, even as the hospitality sector and general economy grew, they could not offer highervalue cuts to the market and move up the value chain,” he said. “Still, in spite of importers, the hog and poultry sectors have done very well since 1996. The production figures attest to that.” United Broiler Raisers Association (Ubra) President Elias Jose Inciong refuted Mita’s claims, arguing that some of their members have poured in investments to modernize production, even putting up cutting plants. However, Inciong said the uncertainties in the business climate brought about by importation hinder the whole industry from goiong “full blast” in modernizing the sector. “The whole industry could not go full blast because no one knows when the industry will be impacted by sudden increases in imports especially when international prices are very low,” Inciong told the BusinessMirror. “You cannot go full blast unlike in Thailand and Malaysia wherein there is confidence in long-term investing since they would not be damaged by imports,” he added. Inciong pointed out that higher meat imports is one of the reasons that local producers reduce or stop production, resulting in supply shortages. “We are not only talking merely about Covid-19. We are talking about long-term policy of government in their favor,” he said. “Why is it when there is an oversupply of onions and rice about to be harvested, the government can stop issuing sanitary and phytosanitary import clearances? But for the broiler industry they cannot. Why is it that meat importers are children of a greater god?” he added.

DepEd has drop box system for enrollment

N line with its commitment to ensure the safety of learners, teachers and parents amid the pandemic, the Department of Education (DepEd) will implement starting Tuesday (June 16) the drop box system for enrollment nationwide. “As we continue to prepare for a challenging school year ahead of us, the Department of Education maintains its commitment of ensuring the safety of our learners, teachers, and parents in these difficult times,” the DepEd said. The DepEd thanked the parents and teachers for supporting their mission of offering learning opportunities despite the threat of Covid-19. This is evident as more than 10 million learners nationwide have registered remotely in the first two weeks of the enrollment period. “With this development, we reiterate that we are one with the President in saying that the health of our learners is nonnegotiable and no face-to-face classes will be conducted until the safety of all is assured,” the DepEd said. Under DepEd Order No. 007, s. 2020, these drop box/kiosks, which could be found in barangay halls or schools, will be set up only for picking up and dropping off the Learner Enrollment and Survey Form (LESF). Before heading to the drop box kiosks, the public is urged to remember the following: ■ Drop box kiosks will only cater to parents who do not have access to remote means (text, call, online and social media) to communicate with their schools but wish to enroll their child. ■ Only one adult from a household with quarantine pass will be allowed to go to these kiosks. ■ Parents and guardians needing assistance are advised to ask their respective barangay leadership in this transaction. ■ Parents and guardians must be familiar with the advisory of the school or barangay on desig nated pick-up and submission points before going out. Instructions were also sent out to the regional offices in order to manage a safe and smooth of this enrollment process.

Govt gives shelter, aid to locally stranded individuals in Metro Mla By Samuel P. Medenilla @sam_medenilla

ROUND 800 individuals stranded in Metro Manila amid the Covid-19 pandemic were given shelter and aid by the government. In an online press briefing on Monday, Presidential spokesman Harry Roque said 764 locally stranded individuals (LSI) were brought to Villamor Air Base Elementary School and Philippine State College of Aeronautics, while waiting for their transportation back to their hometowns. He said 379 of the LSI were already sent home. Roque said 150 of the remaining LSIs were transported on Monday to Davao and General Santos via ship, the OPV Gabriela Silang, while another 150 of them were able to take a Cebu Pacific flight also bound for Davao. Prior to their transfer, the LSIs were waiting for their flights at the terminals 1 and 2 as well as the expressway of the Ninoy Aquino International Airport (Naia), sparking worry that exposure to the elements would make them

vulnerable to disease. Roque said the Department of Social Welfare and Development (DSWD) provided 633 sleeping kits and sanitary kits to the LSIs who stayed at the Villamor Air Base. DSWD also provided P2,000 financial aid to 539 of the LSIs in the said facility. The government started prioritizing sending home the LSIs last week after the reported death of Michelle Silvertino. Silvertino died after waiting for five days at a footbridge in Pasay for her bus ride back to Bicol. She had walked from Cubao to Pasay for this purpose.

Returning OFWs

IN a related development, Roque said the government was also able to send home a total 50,105 overseas Filipino workers (OFWs) since the onset of the Covid-19 crisis. The Department of Foreign Affairs (DFA), which spearheaded the repatriation frenzy since lockdowns began around the globe, has been caught in the middle lately, as authorities, citing absorptive capacity of the local testing and quarantine systems, have suspended inbound flights a few

times. Ten cruise ships with thousands of Filipino crew members were also anchored for weeks at Manila Bay, for the same reason. Of the 50,000-plus OFWs repatriated, figure, 8,922 were sent to their homes by Overseas Workers Welfare Administration (OWWA) and other concerned agencies from May 15 to May 24, 2020. OWWA reported it was able to bring 25,002 OFWs back to their home towns from May 25 to 31. To recall, President Duterte gave concerned government agencies up to the end of May to bring home at least 24,000 repatriated OFWs, who were stranded in the National Capital Region (NCR) and Batangas. The remaining 16,181 OFWs were given transportation aid from June 1 to 14, 2020. The Department of Labor and Employment (DOLE) earlier said at least 40,000 more OFWs, whose employment was disrupted by Covid-19, will be repatriated this month and many need transportation services from the government.

Companies BusinessMirror

www.businessmirror.com.ph

Pandemic prompts SM Prime to increase online presence

By VG Cabuag

@villygc

hopping mall operator SM Prime Holdings Inc. said it is investing some P100 million to upgrade its e-commerce platform, which will connect brick and mortar stores to their customers, in keeping with pandemic-induced changes in consumer behavior. “We acknowledge the growing popularity of e-commerce especially during the pandemic and SM Prime is allocating up to P100 million to accelerate our online presence with our e-commerce platform,” SM Prime President Jeffrey C. Lim said during the company's stockholders' meeting conducted online. “We will start with the click and collect which enable our ten-

ants and our customers to meet virtually in the platform. Moving forward we see e-commerce as a strategy to complement our malls business and connect our retail tenant to our customers.” SM Prime earlier said it is maintaining its P80-billion capital expenditure allocation for 2020 to focus on projects that will deliver sustainable returns in the long term. The company said it

BusinessMirror file photo

will continue to explore opportunities in its acquisitions and investments. “We believe that in crisis like this, flight to quality will be the driver for consumers and buyers, and SM has the solution and right product,” said SM Prime Chairman Henry T. Sy Jr. He said people tend to go to the malls in times of crisis, such as during the 1998 financial crisis and the 2008 sub-prime crisis. “During these times, we see

trend in customer response. People continue to go to SM due to our flight to quality. We see the same trend today even during the quarantine period as evidenced by the surge of the condominium sales. We give the best quality for money and that's what SM stands for." SM Prime income fell 5 percent for the first quarter of the year to P8.3 billion P8.8 billion last year. Revenues declined 3 percent to P25.8 billion from P26.5 billion last year.

MerryMart shares surge in PSE debut S

hares of MerryMart Consumer Corp., the grocery chain led by businessman Edgar J. Sia II, soared on their first trading debut on Monday, bucking the general market trend that saw the main index shed almost 5 percent. The company's shares closed at P1.50 apiece, a 50-percent jump from its offer price of P1 per share. It hit the Philippine Stock Exchange's (PSE) pr ice ceiling of a 50-percent increase. Shares of the grocery store operator was listed under PSE’s Small, Medium and Emerging Board. “We hope that this move of Merrymart to tap the stock market for funding will encourage more entrepreneurs to do the same. PSE is currently reviewing and revising its listing rules to make the equities market more accessible to small and medium enterprise owners,” PSE President and CEO Ramon S. Monzon said in his welcome remarks. “This initial public offering signals trust in our good economic prospects. It shares in the optimism that, notwithstanding the global downturn engulfing

us today, the Philippine economy has the fundamentals to rise quickly from the devastation wrought by the pandemic. It is also a sterling example of how government and the private sector can work together to inspire public confidence in our ability to quickly recover from this crisis,” Finance Secretary Carlos G. Dominguez III said in his keynote message. T he su rge i n t he pr ice of MerryMart shares bucked the general trend in the market on Monday, when the benchmark PSEi declined 312.42 points to close at 6,163.82 points. “Local shares slid on growing concerns of a Covid-19 second wave, marking one of the worst weekly starts since March,” said Luis Limlingan, managing director of Regina Capital Development Corp. All other subindices fell by at least 3 percent and value of trade reached P7.76 billion. Losers edged gainers 178 to 39 and 29 shares were unchanged. Among the top 20 most traded shares, only MerryMart ended in the green. Ayala Land Inc. topped the list and it lost P1.60 to close

at P35.80, BDO Unibank Inc. fell P6 to P99, Emperador Inc. declined P0.42 to P7.90, Jollibee Foods Cor p. was down P0.80 toP144.20 and SM Prime Holdings Inc. shed P2.60 to P30.65. MerryMart raised some P1.47 billion from its initial public offering (IPO), which will be used for capita l ex pend itures and initial working capital for store network expansion at P1.03 billion, investments in distribution centers at P220.9 million and general corporate purposes at P220.1 million. It operates three grocery retail formats of a full-size supermarket, a medium-sized specialized grocery and a small-sized household essentials store. As part of its store network expansion, it intends to open 12 additional stores by the second quarter of 2020. The company further aims to open 100 branches by the fourth quarter of 2021. Of the 100 stores, about 25 stores will be funded from the net proceeds of the company's IPO. These will include 10 full sized grocery stores, one midsized and 14 small ones. VG Cabuag

Filinvest group turns to technology as consumer preferences evolve

he Gotianun-led Filinvest group of companies on Monday said it is leveraging technology and accelerating its investments in digital tools to engage with the communities that they serve. “We are facing unprecedented times and we are sensitive that this disruption has changed our customers’ and stakeholders’ needs and preferences,” said Filinvest Development Corp. President L. Josephine Gotianun-Yap. She noted that the Filinvest group is keen on digital banking. East West Bank recently announced its entry in the digital race with Komo, which they claim to be the first exclusively digital banking service to be offered by a local universal bank. Also, the company's flagship

development Filinvest City in Alabang, Muntinlupa has applied for a certification on LEED (Leadership in Energy and Environmental Design) for Neighborhood Development Plan, the first and only development to apply in the country. The mixed-use development has recently completed Smart City roadmap. It is currently rolling out its digital infrastructure of mainly an intelligent network of connected devices to receive, analyze and manage data to improve the quality of life for its locators and visitors. “We leverage on the new and proven technologies of our partners who are leaders in their respective fields,” said Yap. The township, in partnership with Engie, currently operates its own 12,000-ton refrigerant district cooling system plant, the larg-

est in the Philippines. It services 19 buildings the Northgate Cyberzone section of Filinvest City. Plans are underway for additional DCS in Clark Mimosa Plus and Activa Cubao Complex. Filinvest has also invested in a solar roof panel venture with Engie and has tapped new technology in desalinated, recycled and waste water treatment, in partnership with Hitachi Aqua Tech. “We have always viewed digital and the new eco-friendly technology to be the way of the future. This pandemic only accelerated digital adoption, making it imperative to transform our processes to operate effectively. Moving forward, we want to leverage tech as much as possible in transforming our business and engaging with our customers and partners.” VG Cabuag

Tuesday, June 16, 2020

NREB: Renewable energy in power mix dwindling By Lenie Lectura @llectura

he share of renewable energy (RE) in the country’s generation mix has gone down to 21 percent in 2019, from 23.38 percent in 2018, the advisory body tasked to draft policies on RE said Monday. In a virtual forum on RE, the chairman of the National Renewable Energy Board (NREB) said the RE’s share in the supply mix keeps on “dwindling.” In 2014 and 2015, RE’s share in the supply generation mix stood at the 25-percent level. It fell to 24.21 percent in 2016 and slightly increased to 24.57 percent in 2017. In 2018, it declined to 23.38 percent. NREB data from 2014 to 2018, coal dominated the mix. It recorded the highest share in 2018 at 52.05 percent. “In 2014, renewable energy was at 25.6 percent. Recall that when we started, when the RE Act was passed, we were already at 35 to 40 percent of the mix. In 2014, five or six years from the law was passed, we were down to 25 percent. As of end 2018, the numbers have been going down, dwindling at 23 percent. I think in 2019 it was at 21 percent,” said NREB Chairman Monalisa Dimalanta. In terms of capacity, the total installed RE capacity in 2019 stood at almost 5,000 megawatts (MW).

Dimalanta said the country is far from hitting the target RE installed capacity of 15,304 MW by 2030. “We are very, very far from the target,” said Dimalanta. “Apart from the capacity, we have not realized it’s the share in the mix that keeps on dwindling that makes us pause.” To catch up, Dimalanta proposed the conduct of an energy transition audit. “If we are committed to transitioning to RE, we need to track what’s out there. We need identify, not only assets, programs, laws currently in place, but we also need to review the regulatory framework for energy pricing so that we recognize all the cost components of all these energy resources we have." She said local government units (LGUs) play an important role in increasing RE’s share in the mix. “LGUs have to be seen as the primary champions of RE. The DOE [Department of Eenrgy], with the DILG [Department of the Interior and Local Government], has enacted the energy code which will empower the LGUs more closely to identify the resources in their area so that they can be the building blocks of the NREP [National Renewable Energy Program].” Dimalanta also proposed the crafting of a “market-based and resource specific programs” to address the challenges. The NREB official said there is a need “capacitate consumers for them to ably participate in these programs.”

Companies BusinessMirror

Tuesday, June 16, 2020

‘Local auto firms face bleak prospects for rest of 2020’

By Elijah Felice E. Rosales

@alyasjah

ehicle assemblers have given up all hope of a recovery in the near future after suffering an 85-percent slump in sales in May when quarantine restrictions were eased. The automotive industry showed no signs of a bounce back in May, as sales fell 84.55 percent to 4,788 units, from 30,998 units during the same month last year, the Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and Truck

Manufacturers Association reported on Monday. All segments posted declines well within the 80 percent level. Sales of passenger cars crashed 84.65 percent to 1,389 units, from 9,053 units, while those of commercial vehicles dropped 84.51 percent

to 3,399 units, from 21,945 units. With May figures accounted in, industry sales for the first five months decreased by more than half to 69,463 units, from 142,185 units during the same stretch last year. And car makers are looking at a rough road ahead toward recovery. According to Campi President Rommel R. Gutierrez, the May numbers are still way below the average sales made by the industry on a regular basis, although it is higher than the 133 units sold in April, the weakest performance of all time. Gutierrez said the industry has no illusions of recovering immediately. Aside from the reduced operational capacity and new safety protocols in dealerships, vehicle makers will have

to deal with a dampened demand for automobile at a time households are concentrating their money on food and essentials. “But we hope to see some gradual recovery perhaps by fourth quarter of the year,” Gutierrez said. In terms of market share, Toyota Motor Philippines Corp. holds a comfortable lead against all of its competitors, owning more than 40 percent of industry sales. Mitsubishi Motors Philippines Corp and Nissan Philippines Inc. trail second and third with 18.52 percent and 12.51 percent shares of the market, respectively. Honda Cars Philippines Inc. and Ford Motor Company Philippines Inc. round up the leader list with above 6 percent market shares.

Mediation conciliation resolves decade-long labor row in Sumifru

PEACEFUL settlement has finally been reached between 92 plantation workers from Compostela and Sumifru (Philippines) Corporation in a Conciliation Mediation sanctioned by the Department of Labor and Employment (DOLE) Region XI in Compostela, Davao de Oro recently. In the Single Entry Approach (SEnA)—a settlement procedure of all Labor Issues—brought forward by Namasufa PP 90 leader Vicente Barrios to DOLE Region XI Senior Labor Employment Officer (LEO) Isidrick Paqueo, the workers, represented by counsel, manifested their desire to claim separation pay in lieu of reinstatement, and to move forward in mutual agreement with Sumifru. The claims are based on the Supreme Court ruling in the case of Sumifru (Philippines) Corp. (surviving entity of a merger with fresh

Banana Agricultural Corporation and other corporations) as petitioner vs. Nagkahiusang Mamumuo sa Suyapa Farm (NamasufaNaflu-KMU), respondent (G.R. No. 202091), which declared the PP90 workers as regular employees of the said company. In the presence of DOLE Davao de Oro Provincial Head, Neil Allan Balsan; Senior LEO Pacqueo; LEO III Lym Ongoy; Sumifru Vendor Relations Manager Rommel R. Dilig; and Sumifru corporate lawyer Atty. Bernice Joana I. Pinol, all 92 banana workers voluntary received the separation pay and cash bonuses given out on the spot by Sumifru. Compostela Vice Mayor Levi Ebdao and Bravo Company Commander Lt. Artur Garidan welcomed the settlement between Sumifru and the workers as a significant boost to the local government peace and

order efforts as some of the Namasufa PP90 members are NPA returnees who wish to be reintegrated into society and become productive members of the Compostela community. Sumifru (Philippines) Corp. engages in the sourcing, production,

mutual funds

shipment and marketing of various fresh fruits, primarily the export of quality Cavendish bananas, pineapple and papaya. As an exporter of quality fresh fruits, Sumifru has market in China, Japan, South Korea, Middle East, New Zealand and Singapore.

June 15, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 211.19 -21.09% -8.62% -4.59% -16.16% ATRAM Alpha Opportunity Fund, Inc. -a 1.055 -35.38% -12.65% -5.89% -23.66% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.856 -31.36% -13.14% -7.19% -22.35% Climbs Share Capital Equity Investment Fund Corp. -a 0.7338 -22.95% n.a. n.a. -18.2% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.7037 -20.69% n.a. n.a. -17.14% First Metro Save and Learn Equity Fund,Inc. -a 4.5318 -18.5% -6.21% -4.15% -14.95% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7194 -19.4% -8.95% n.a. -15.72% MBG Equity Investment Fund, Inc. -a 80.47 -34.1% n.a. n.a. -22.12% PAMI Equity Index Fund, Inc. -a 42.6788 -19.74% -6.77% n.a. -16.78% Philam Strategic Growth Fund, Inc. -a 452.55 -18.01% -6.26% -3.81% -15.06% Philequity Alpha One Fund, Inc. -a,d, 5 0.922 n.a. n.a. n.a. -10.49% Philequity Dividend Yield Fund, Inc. -a 1.0687 -20.53% -6.71% -3.38% -16.96% Philequity Fund, Inc. -a 31.4934 -20.25% -6.19% -3.05% -16.9% Philequity MSCI Philippine Index Fund, Inc. -a 0.8435 -20.81% n.a. n.a. -17.15% Philequity PSE Index Fund Inc. -a 4.3499 -19.25% -6.31% -2.62% -16.72% 727.55 -19.11% -6.29% -2.82% -16.57% Philippine Stock Index Fund Corp. -a Soldivo Strategic Growth Fund, Inc. -a 0.6596 -29.42% -10.22% -7.01% -22.53% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.3559 -23.85% -7.67% -4.1% -20.27% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8357 -19.15% -6.42% -2.76% -16.5% United Fund, Inc. -a 3.0499 -19.52% -4.9% -2.21% -16.52% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 97.6943 -18.87% -5.78% -1.97% -16.47% ATRAM AsiaPlus Equity Fund, Inc. -b $0.9764 0.03% -0.37% -1.5% -5.06% 0.55% Sun Life Prosperity World Voyager Fund, Inc. -a $1.3863 8.44% 6.14% n.a. Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5791 -10.03% -4.17% -3.4% 1.04% ATRAM Philippine Balanced Fund, Inc. -a 2.1195 -9.46% -3.77% -1.5% -2.82% First Metro Save and Learn Balanced Fund Inc. -a 2.4832 -7.39% -1.8% -2.57% -5.64% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1925 n.a. n.a. n.a. -15.75% NCM Mutual Fund of the Phils., Inc. -a 1.8724 -3.82% -0.79% -0.07% -4.62% PAMI Horizon Fund, Inc. -a 3.5613 -5.37% -1.74% -1.17% -6.01% Philam Fund, Inc. -a 15.879 -6.26% -2.01% -1.33% -6.38% Solidaritas Fund, Inc. -a 1.9786 -8.67% -2.86% -1% -6.92% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3873 -13.48% -3.8% -2.21% -12.33% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.965 -5.86% n.a. n.a. -4.99% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.884 -13.75% n.a. n.a. -11.28% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8647 -15.39% n.a. n.a. -12.94% Sun Life Prosperity Dynamic Fund, Inc. -a 0.838 -16.8% -4.69% -3.36% -14.03% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03851 3.8% 2.45% 1.68% 0.73% PAMI Asia Balanced Fund, Inc. -b $0.9941 2.31% 0.82% 0.07% -4.22% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8771 4.62% 4.28% 3.41% -0.86% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.1129 1.87% 2.09% n.a. -1.41% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 364.72 4.3% 3.05% 2.52% 1.93% ATRAM Corporate Bond Fund, Inc. -a 1.9376 2.51% 0.96% -0.03% 1.87% Cocolife Fixed Income Fund, Inc. -a 3.1842 4.58% 5.14% 5.1% 2.18% Ekklesia Mutual Fund Inc. -a 2.2816 4.78% 2.71% 2.25% 2.54% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4347 5.7% 3.19% 1.85% 3.2% Philam Bond Fund, Inc. -a 4.5536 9.92% 3.76% 2.39% 4.13% Philam Managed Income Fund, Inc. -a,6 1.2885 6.44% 3.89% 2.12% 2.53% Philequity Peso Bond Fund, Inc. -a 3.9257 7.14% 4.05% 2.15% 3.63% Soldivo Bond Fund, Inc. -a 1.0235 9.25% 3.31% 1.64% 6.14% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1546 7.21% 4.61% 2.9% 2.56% Sun Life Prosperity GS Fund, Inc. -a 1.7352 6.05% 4% 2.37% 2% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $473.05 3.48% 2.43% 2.73% 1.03% ALFM Euro Bond Fund, Inc. -a Є215.46 -0.54% 0.6% 0.96% -1.94% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2137 2.97% 2.67% 2.46% 0.54% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.026 1.96% 1.45% 1.28% 0.78% PAMI Global Bond Fund, Inc -b $1.0703 -0.93% -0.2% 0.14% -2.27% Philam Dollar Bond Fund, Inc. -a $2.4355 4.91% 3.03% 3.14% 1.32% Philequity Dollar Income Fund Inc. -a $0.060487 2.69% 1.91% 1.87% 0.29% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1744 4% 1.95% 2.51% -0.03% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 127.87 3.77% 3.15% 2.39% 1.66% First Metro Save and Learn Money Market Fund, Inc. -a 1.0402 2.61% n.a. n.a. 1.35% 3.2% Sun Life Prosperity Money Market Fund, Inc. -a 1.2817 3.02% 2.57% 1.35% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0441 1.66% n.a. n.a. 0.67% Feeder Fund Primarily invested in foreign currency securities ALFM Global Multi-Asset Income Fund Inc. -b,d,2 $0.93 n.a. n.a. n.a. -6.06% a - NAVPS as of the previous banking day. b - NAVPS as of two banking days ago. c - Listed in the PSE. d - in Net Asset Value per Unit (NAVPU). 1 - Launch date is September 28, 2019. 2 - Launch date is November 15, 2019. 3 - Adjusted due to stock dividend issuance last October 9, 2019. 4 - Renaming was approved by the SEC last October 12, 2018 (formerly, One Wealthy Nation Fund, Inc.). 5 - Launch date is December 09, 2019. 6 - Re-classified into a Bond Fund starting February 21, 2020 (Formerly a Money Market Fund). "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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PSE STOCK QUOTATIONS

June 15, 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 PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL FERRONOUX HLDG MEDCO HLDG NTL REINSURANCE PHIL STOCK EXCH SUN LIFE

45.9 99 68.1 19.8 7.35 38.15 9.51 20.9 47 17.8 100.2 54.05 0.73 16.9 2.5 0.29 0.56 166 1700

47 99.75 69.5 20 7.36 38.4 9.79 21 47.2 17.94 101 54.5 0.74 17.1 2.75 0.3 0.57 169 1740

46 100.9 72 20.6 7.68 39 9.88 22 48.35 17.98 100.5 55 0.69 17 2.5 0.295 0.59 170 1780

46 104.6 72.45 20.6 7.68 39.4 9.88 22 48.35 17.98 103.4 55 0.74 17.1 2.8 0.295 0.59 170 1780

45.9 99 68.1 19.7 7.31 38.15 9.79 20.8 47 17.02 100.1 54.05 0.69 16.9 2.4 0.295 0.56 167 1780

45.9 99 68.1 19.8 7.35 38.15 9.79 21 47 17.8 100.2 54.05 0.74 17.1 2.8 0.295 0.56 169 1780

1100 4147990 3047970 434000 2091500 5009600 400 923600 4100 83900 1173300 9700 77000 1900 42000 590000 622000 260 5

50590 416368014 213594821 8677262 15509854 193404795 3931 19429080 193105 1484286 119117620 526853 54470 32240 109700 174050 357090 43570 8900

-4590 -145837526.5 -68254301.5 -34355 -7490725 -46589445 -2197315 -21363286 2162 19850 -3390 -

INDUSTRIAL AC ENERGY 2.22 2.23 2.16 2.3 2.12 2.23 8621000 19064920 219500 ALSONS CONS 0.9 0.93 0.88 0.94 0.88 0.93 24000 21940 ABOITIZ POWER 27.2 27.6 28.5 28.5 27.2 27.2 868400 23990245 -19309325 0.16 0.165 0.162 0.169 0.16 0.166 1370000 220590 BASIC ENERGY FIRST GEN 20.8 21 21.3 21.35 20.8 20.8 1735300 36341455 -29369640 57.75 58 59.35 59.5 57.75 57.75 126110 7457460 -4126939 FIRST PHIL HLDG MERALCO 283.2 285 292 292 280 285 627950 179112694 -18793748 MANILA WATER 11.96 12 12.2 12.3 11.88 11.96 5483300 66133720 23741970 PETRON 3.16 3.18 3.2 3.2 3.07 3.16 3650000 11494350 -252080 2.6 2.75 2.89 2.89 2.6 2.75 75000 209730 PETROENERGY PHX PETROLEUM 10.88 11 11.2 11.2 11 11 2800 31100 -4400 18.84 18.86 19.5 19.5 18.5 18.84 815900 15388092 -3960498 PILIPINAS SHELL SPC POWER 7.97 8.05 8.1 8.1 7.97 8.05 150100 1201578 -12932 AGRINURTURE 7.08 7.19 7.4 7.41 7.05 7.08 140300 1004791 40056 AXELUM 2.63 2.64 2.76 2.76 2.56 2.63 880000 2326150 25270 75.65 83.95 75.65 75.65 75.65 75.65 10 756.5 BOGO MEDELLIN CNTRL AZUCARERA 12.06 12.8 12.04 12.8 12.04 12.8 300 3688 CENTURY FOOD 15.02 15.18 15 15.16 14.9 15.02 2175900 32709900 1342816 DEL MONTE 4.26 4.45 4.46 4.46 4.19 4.26 68000 290480 -59490 DNL INDUS 5.19 5.34 5.22 5.39 5.19 5.19 5053700 26662185 -669590 EMPERADOR 7.81 7.9 8.35 8.49 7.9 7.9 47313200 380202394 -377688546 69.45 70 69.8 70 67.25 70 330760 23061515 322409.5 SMC FOODANDBEV 0.53 0.54 0.54 0.55 0.53 0.54 433000 232960 ALLIANCE SELECT FRUITAS HLDG 1.24 1.25 1.28 1.29 1.23 1.25 14340000 18083120 113870 GINEBRA 34.1 34.8 35.5 35.5 34.5 34.8 157000 5463430 4064005 JOLLIBEE 144.2 144.3 145 146 141 144.2 2435150 351155033 227853111 MACAY HLDG 6.4 6.8 6.4 6.4 6.4 6.4 7400 47360 5.9 5.91 5.9 5.93 5.76 5.91 1213900 7092446 948803 MAXS GROUP 1.69 1.7 1.69 1.7 1.69 1.69 245000 415750 PEPSI COLA SHAKEYS PIZZA 6.1 6.17 6 6.2 6 6.17 721900 4393394 1547462 ROXAS AND CO 1.8 1.81 1.82 1.82 1.73 1.8 682000 1219260 RFM CORP 4.3 4.49 4.4 4.4 4.4 4.4 10000 44000 ROXAS HLDG 1.6 1.64 1.6 1.6 1.6 1.6 36000 57600 0.106 0.11 0.107 0.107 0.106 0.106 490000 52060 SWIFT FOODS UNIV ROBINA 136.7 138.5 138.8 138.8 132.8 136.7 1311250 178885969 -76503731 0.8 0.81 0.84 0.84 0.79 0.81 10741000 8744660 55600 VITARICH CONCRETE A 50.9 59.9 59.9 59.9 59.9 59.9 10 599 CONCRETE B 56.2 63.3 56.05 60 56.05 56.2 530 30247 CEMEX HLDG 1.11 1.12 1.11 1.13 1.1 1.12 7398000 8222400 -93690 10.5 10.58 9.95 10.68 9.95 10.5 7324500 73,836,172( 14,341,378.0003) EAGLE CEMENT 5.1 5.12 5.28 5.28 5.05 5.1 1903000 9725128 -3852713 EEI CORP 7.4 7.47 7.65 7.65 7.12 7.47 2221400 16515262 74518 HOLCIM MEGAWIDE 7.3 7.34 7.19 7.55 6.99 7.34 8079300 58801362 -6548158 PHINMA 8.4 8.98 8.98 8.98 8.8 8.98 1200 10596 TKC METALS 0.74 0.77 0.78 0.78 0.74 0.76 86000 66090 0.69 0.7 0.71 0.71 0.64 0.69 1168000 802640 VULCAN INDL CROWN ASIA 1.88 1.89 1.82 1.88 1.82 1.88 98000 182880 -40700 2.26 2.27 2.42 2.42 2.24 2.27 1158000 2664670 24289.9999 EUROMED LMG CHEMICALS 4.5 4.59 4.45 4.59 4.4 4.59 4000 17890 MABUHAY VINYL 3.6 3.64 3.6 3.63 3.6 3.63 14000 50570 PRYCE CORP 4.2 4.34 4.25 4.25 4.2 4.2 115000 484800 21.2 22 22.5 22.5 22 22 7200 160280 -95945 CONCEPCION 1.59 1.6 1.6 1.61 1.52 1.6 6581000 10206340 288960 GREENERGY 5.39 5.45 5.63 5.63 5.36 5.39 821400 4459015 2743495 INTEGRATED MICR IONICS 1.09 1.1 1.15 1.15 1.08 1.1 1432000 1578260 PANASONIC 3.97 5.19 3.97 3.97 3.97 3.97 6000 23820 SFA SEMICON 1.29 1.3 1.36 1.38 1.26 1.29 4914000 6470750 19350 8.18 8.19 8.25 8.75 8.11 8.18 6167000 51715934 -123768 CIRTEK HLDG HOLDING & FRIMS

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

0.5 9.36 750 45.8 6.89 1.68 6.2 0.5 0.58 0.59 5.5 4.32 8.01 462 3.16 61 4.86 0.53 2.6 8.72 0.46 3.37 2.89 0.8 0.95 155 915 102.2 0.63 135 0.185 0.141

0.51 9.47 760 47.2 6.9 1.69 6.22 0.52 0.59 0.63 5.55 4.33 8.16 469 3.39 61.85 5.64 0.54 2.64 8.82 0.52 3.38 3.19 0.84 0.98 172 920 104 0.64 138 0.194 0.145

0.51 8.5 770 49 6.9 1.72 6.21 0.51 0.6 0.59 5.57 4.25 8.25 465 3.4 64.75 5.63 0.53 2.69 8.9 0.455 3.4 3.03 0.85 0.96 174 950 104.7 0.66 138 0.19 0.149

0.52 9.5 770 49 7 1.72 6.23 0.52 0.6 0.6 5.57 4.33 8.25 487 3.4 64.75 5.64 0.55 2.69 8.9 0.52 3.45 3.03 0.85 0.96 174 950 105 0.66 138 0.19 0.149

0.485 8.4 745 45.8 6.77 1.66 6.2 0.5 0.58 0.58 5.41 4.21 7.95 450 3.4 60.25 5.63 0.51 2.6 8.65 0.45 3.37 2.89 0.79 0.94 173 915 101.1 0.64 135 0.185 0.14

0.5 9.36 750 45.8 6.9 1.69 6.2 0.5 0.58 0.6 5.5 4.33 8 462 3.4 61 5.64 0.53 2.61 8.82 0.52 3.38 2.89 0.84 0.95 173 915 104 0.64 135 0.185 0.145

7302000 280600 328250 3149400 34082800 1861000 7600 841000 1172000 414000 1168200 9194000 60600 524000 17000 2643770 1400 742000 473000 733300 201000 47875000 24000 80000 95000 40 325950 881790 32000 700 110000 430000

3654760 2489346 249571615 147215560 235780560 3148400 47175 423780 687980 244320 6410549 39,423,420( 494815 246157942 57800 163057059.5 7884 393380 1233900 6,421,898( 90620 162493880 71460 64860 90250 6950 301382280 90865906 20500 94860 20850 61060

-686770 -73070 36994995 -101466675 36329392 -16900 179320 157751 9,854,569.9996) -59135 55848186 -57800 -91563003 -96230 1,388,354.9997) 34092460 -62976525 -60345716 10810 23800

PROPERTY ARTHALAND CORP 0.54 0.55 0.56 0.59 0.54 0.55 3256000 1802050 ANCHOR LAND 8.5 8.92 8.46 8.99 8.46 8.91 3000 25936 AYALA LAND 35.8 35.95 35.85 36.45 35.1 35.8 13292300 477985665 1.01 1.03 1.03 1.03 1.03 1.03 12000 12360 ARANETA PROP BELLE CORP 1.42 1.46 1.42 1.42 1.4 1.42 191000 270140 0.57 0.59 0.61 0.61 0.57 0.57 1371000 794520 A BROWN CITYLAND DEVT 0.71 0.73 0.75 0.75 0.71 0.71 130000 92740 CROWN EQUITIES 0.121 0.129 0.122 0.122 0.121 0.122 570000 69500 CEBU HLDG 6 6.37 6.38 6.38 6 6.37 500 3112 3.85 3.9 3.95 3.95 3.8 3.9 688000 2675180 CEB LANDMASTERS 0.38 0.39 0.385 0.39 0.375 0.39 9630000 3677750 CENTURY PROP CYBER BAY 0.275 0.295 0.28 0.28 0.275 0.275 50000 13800 DOUBLEDRAGON 20.05 20.3 21.1 22.2 19 20.05 5308700 110794919 DM WENCESLAO 6.35 6.52 6.7 6.7 6.35 6.35 495000 3194765 EMPIRE EAST 0.27 0.275 0.29 0.29 0.265 0.275 2740000 748900 0.092 0.099 0.095 0.095 0.092 0.092 2500000 232300 EVER GOTESCO FILINVEST LAND 1.01 1.02 1.01 1.03 0.98 1.01 14701000 14827040 0.8 0.81 0.83 0.83 0.79 0.81 290000 232050 GLOBAL ESTATE 8990 HLDG 10.2 10.3 10.5 10.5 10.1 10.1 10400 108880 PHIL INFRADEV 0.84 0.85 0.88 0.88 0.82 0.85 1487000 1251270 CITY AND LAND 0.72 0.73 0.72 0.72 0.72 0.72 21000 15120 3.3 3.31 3.25 3.38 3.15 3.31 49662000 164393420 MEGAWORLD 0.148 0.149 0.151 0.151 0.147 0.149 7250000 1080520 MRC ALLIED PRIMEX CORP 1.41 1.45 1.42 1.45 1.4 1.45 17000 23910 ROBINSONS LAND 18 18.2 18.54 19.1 18 18 3707000 68641740 PHIL REALTY 0.234 0.24 0.255 0.255 0.24 0.24 240000 57900 ROCKWELL 1.54 1.58 1.58 1.58 1.53 1.54 82000 126210 2.69 2.73 2.7 2.73 2.69 2.69 10000 27030 SHANG PROP 1.88 1.9 1.9 1.9 1.9 1.9 10000 19000 STA LUCIA LAND SM PRIME HLDG 30.65 31.5 32.3 32.75 30.65 30.65 10800600 340501465 VISTAMALLS 3.75 3.8 3.98 3.98 3.75 3.75 66000 251980 SUNTRUST HOME 1.22 1.24 1.26 1.26 1.2 1.23 5715000 7059820 VISTA LAND 3.82 3.89 4.07 4.08 3.82 3.82 5190000 20768610

-51389195 -136440 -1244150 -22185741 757770 16350 -638540 -104800 9360 -28363260 -17680196 18760 13500 -108610710 1004930

SERVICES ABS CBN 15.44 15.46 15.7 15.8 15.44 15.46 997000 15543386 GMA NETWORK 5.1 5.11 5.06 5.1 5.04 5.1 712700 3617868 MANILA BULLETIN 0.38 0.39 0.365 0.43 0.365 0.38 1870000 740200 13.12 14.92 14.98 15 13.1 13.12 6400 86368 MLA BRDCASTING GLOBE TELECOM 2160 2200 2220 2220 2160 2160 104630 228792260 1217 1220 1239 1239 1206 1220 205015 250351250 PLDT APOLLO GLOBAL 0.052 0.054 0.055 0.055 0.05 0.054 34740000 1789920 DFNN INC 2.9 3 2.89 3 2.89 2.9 22000 65500 DITO CME HLDG 2.56 2.57 2.63 2.65 2.56 2.57 45523000 118429800 0.078 0.082 0.082 0.082 0.078 0.078 830000 67920 ISLAND INFO 1.47 1.73 1.74 1.74 1.74 1.74 15000 26100 JACKSTONES NOW CORP 1.97 1.98 2 2.07 1.94 1.97 5651000 11334680 TRANSPACIFIC BR 0.182 0.184 0.19 0.19 0.182 0.185 660000 121330 PHILWEB 2.36 2.38 2.39 2.4 2.32 2.36 1370000 3238570 2GO GROUP 10.22 10.26 11.14 11.14 9.75 10.26 559900 5782548 3.58 3.59 3.68 3.68 3.43 3.59 2097000 7433310 CHELSEA 44 44.2 46.95 47 44 44 1014500 45929145 CEBU AIR 99.6 100.2 98.2 101.6 97.75 99.6 2731990 272484813 INTL CONTAINER LBC EXPRESS 13.98 14 14.28 14.3 13.4 14 20500 286594 LORENZO SHIPPNG 0.75 0.81 0.75 0.75 0.75 0.75 112000 84000 MACROASIA 6.09 6.1 6.18 6.39 6.02 6.1 12898100 79453874 2.39 2.4 2.4 2.46 2.32 2.4 2027000 4822680 METROALLIANCE A METROALLIANCE B 2.35 2.51 2.36 2.37 2.36 2.36 52000 122750 PAL HLDG 6.9 7 7.15 7.15 6.9 7 10700 74777 HARBOR STAR 0.83 0.85 0.89 0.89 0.85 0.85 482000 414930 BOULEVARD HLDG 0.025 0.027 0.026 0.026 0.025 0.026 9700000 250300 GRAND PLAZA 12.02 13.48 12.02 12.02 12.02 12.02 500 6010 0.39 0.4 0.39 0.4 0.39 0.4 140000 54700 WATERFRONT CENTRO ESCOLAR 6.17 6.46 6.48 6.48 6.19 6.46 1300 8379 FAR EASTERN U 801 845 965 965 801 801 380 351930 IPEOPLE 7.62 8.47 8.5 8.5 7.6 7.62 1700 13213 STI HLDG 0.3 0.31 0.305 0.305 0.3 0.3 5210000 1572850 BERJAYA 2.12 2.22 2.16 2.24 2.08 2.23 125000 269220 7.32 7.35 7.3 7.48 7.21 7.32 6724600 49237318 BLOOMBERRY 2.02 2.09 1.96 2.1 1.95 2.08 169000 340420 PACIFIC ONLINE 1.55 1.57 1.64 1.64 1.57 1.57 663000 1065020 LEISURE AND RES MANILA JOCKEY 2.71 2.99 2.8 2.8 2.8 2.8 69000 193200 PH RESORTS GRP 2.49 2.79 2.84 2.84 2.4 2.79 153000 407950 PREMIUM LEISURE 0.32 0.325 0.335 0.34 0.32 0.325 13960000 4583700 8 8.39 8 8.39 8 8.39 500 4039 PHIL RACING ALLHOME 7.08 7.1 7.01 7.4 6.86 7.08 6374400 45423181 1.53 1.54 1.59 1.59 1.53 1.53 6568000 10162510 METRO RETAIL PUREGOLD 45.1 45.2 45.8 46.35 44.9 45.2 1998300 90686595 ROBINSONS RTL 67.9 68 70 70 67.9 68 306190 20895755 PHIL SEVEN CORP 129 129.9 130 130 129 129 61700 7991208 1.18 1.19 1.22 1.22 1.15 1.18 4757000 5629990 SSI GROUP 15.86 15.9 16 16.2 15.8 15.9 2278100 36251530 WILCON DEPOT 0.33 0.34 0.35 0.355 0.33 0.33 510000 174350 APC GROUP EASYCALL 7.08 7.1 7.2 7.2 7.02 7.08 34700 245205 GOLDEN BRIA 308 329 308 334.6 308 308 390 120386 PRMIERE HORIZON 0.211 0.219 0.228 0.228 0.2 0.219 5560000 1183860 5.2 5.39 5.2 5.2 5.2 5.2 700 3640 SBS PHIL CORP

-79013340 -71580680 -70280 35500 -613060 2340 238300 257330 -218200 14360 -20198860 -14279915 1428 -1290622 2780 23400 -322950 5236914 -98000 -33050 8433101 1285320 3384465 -8539844 -228978 -1005910 -23947558 -

MINING & OIL ATOK 9.81 10.18 10 10.18 9.71 10.18 4900 48615 APEX MINING 1.03 1.04 1.06 1.06 1 1.04 5107000 5271580 206000 0.0009 0.001 0.001 0.001 0.0009 0.001 19000000 18600 ABRA MINING ATLAS MINING 1.94 1.98 1.95 1.95 1.94 1.94 128000 249330 BENGUET A 1.06 1.2 1.18 1.19 1.05 1.05 26000 29330 BENGUET B 1.14 1.38 1.15 1.15 1.14 1.14 50000 57100 45599.9999 COAL ASIA HLDG 0.18 0.195 0.184 0.184 0.18 0.18 450000 81520 CENTURY PEAK 2.68 2.7 2.69 2.7 2.69 2.7 195000 525500 7.4 7.41 7.22 7.47 7.13 7.41 13900 101123 3565 DIZON MINES 0.84 0.85 0.88 0.88 0.83 0.85 6111000 5199510 -103210 FERRONICKEL 0.209 0.215 0.203 0.215 0.203 0.209 1380000 289330 GEOGRACE LEPANTO A 0.072 0.074 0.074 0.074 0.07 0.074 1010000 72150 LEPANTO B 0.076 0.079 0.08 0.08 0.076 0.079 110000 8460 MANILA MINING A 0.0062 0.0063 0.0066 0.0066 0.0063 0.0063 9000000 57300 0.57 0.58 0.6 0.6 0.58 0.58 167000 99000 MARCVENTURES NIHAO 1.19 1.2 1.05 1.37 1.05 1.2 52243000 56749100 NICKEL ASIA 1.82 1.83 1.88 1.89 1.81 1.83 10354000 19046660 -2227970 OMICO CORP 0.35 0.365 0.35 0.35 0.35 0.35 30000 10500 ORNTL PENINSULA 0.495 0.54 0.495 0.54 0.495 0.54 39000 20210 PX MINING 2.37 2.39 2.49 2.49 2.35 2.37 165000 396670 -2420 12.9 13 13.5 13.5 12.84 13 1413800 18397168 -4994596 SEMIRARA MINING 6.45 6.76 6.53 6.8 6.45 6.45 258400 1686778 ACE ENEXOR ORNTL PETROL B 0.0085 0.0095 0.0095 0.0095 0.0085 0.0085 13000000 116500 PHILODRILL 0.0076 0.008 0.0079 0.008 0.0079 0.0079 4000000 31800 PXP ENERGY 4.93 4.95 4.8 5.1 4.8 4.92 860000 4247390 -34360 PREFFERED HOUSE PREF A 98 99 99 99 99 99 660 65340 AC PREF B1 506 518.5 506 506 505.5 506 2720 1376270 100 101.5 101.5 101.5 101.5 101.5 40 4060 ALCO PREF B AC PREF B2R 502.5 504 502.5 504 502.5 504 750 377925 DD PREF 100 101.5 101.1 101.3 99.85 99.85 20500 2048312 687966.5 FGEN PREF G 110 120 110 110 110 110 1100 121000 GLO PREF P 510 520 520 520 520 520 50 26000 GTCAP PREF B 1011 1018 1011 1011 1011 1011 2000 2022000 99.3 100.4 100 100 99.5 100 21070 2106495 MWIDE PREF PNX PREF 4 1000 1019 1000 1000 1000 1000 230 230000 PCOR PREF 3A 1021 1048 1048 1048 1048 1048 3520 3688960 PCOR PREF 3B 1065 1073 1050 1065 1050 1065 280 296625 SMC PREF 2C 78.75 78.8 78.95 78.95 78.75 78.75 11760 926477.5 SMC PREF 2E 75.7 76.75 76.3 76.35 76.3 76.3 7150 545670 77.05 78.5 78.5 78.5 78.5 78.5 3000 235500 SMC PREF 2F SMC PREF 2G 76.3 76.8 76.8 76.9 76.8 76.8 25000 1920150 SMC PREF 2H 76 77.7 76 76 76 76 33000 2508000 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 14.76 14.8 14.9 15 14.76 14.8 426800 6332240 -3214260 GMA HLDG PDR 4.84 4.93 4.84 4.93 4.82 4.93 22000 107100 WARRANTS LR WARRANT 0.74 0.75 0.75 0.75 0.74 0.74 68000 50930 39740 SMALL & MEDIUM ENTERPRISES ITALPINAS 1.86 1.87 1.93 1.93 1.86 1.86 3961000 7432030 35920 KEPWEALTH 6.26 6.31 6.6 6.6 6.1 6.31 60800 381789 1.92 2.46 1.81 1.81 1.81 1.81 1000 1810 MAKATI FINANCE MERRYMART 1.5 - 1.5 1.5 1.28 1.5 250666000 369967090 22697950 0.57 0.58 0.6 0.6 0.56 0.58 1900000 1098350 19500 XURPAS EXHANGE TRADE FUNDS FIRST METRO ETF 93.2 94.5 96.95 96.95 93.2 93.2 32740 3094984 132695.5

www.businessmirror.com.ph

Banking&Finance BusinessMirror

Investors troop to T-bills on possible ECQ return By Bernadette D. Nicolas @BNicolasBM

S rates remain mostly “subdued,” the Bureau of the Treasury fully awarded P20 billion in Treasury Bills (T-bills) on Monday. The auction was oversubscribed by more than four times the P20 billion offering as total tenders reached P81.9 billion. The 91-day and 364-day T-bills fetched lower rates than the previous auction while the 182-day T-bills capped at a slightly higher auction rate than the previous rate. Broken down, the Treasury raised P5 billion each for 91-day and 182day T-bills and P10-billion for 364day T-bills. National Treasurer Rosalia V. De Leon told reporters that Monday’s auction results showed the market pegged movements on government’s policy whether to re-impose stricter quarantine measures or not. Still, De Leon said “strong liquidity and rates remain subdued.” De Leon also said inflation also played a factor as to why 182-day Tbills fetched a slightly higher auction rate at 2.101 percent. The auction rate for the 182-day

T-bills was up by 0.2 basis points from the previous auction rate of 2.099 percent. Bids for the security reached P15.615 billion, equivalent to three times the P5 billion offering. The average rate for the 91-day T-bills ended at 2.035 percent, lower by 0.3 basis points from the previous auction rate at 2.038 percent. Tenders for the tenor reached P20.427 billion, four times as much as the P5 billion offering. The 10-billion 364-day T-bills was also capped at a lower average rate of 2.350 percent, down by 2.8 basis points from 2.378 percent previously. The tenor attracted tenders amounting to P45.947 billion. With strong demand for the 364-day security, the Treasury also opened the tap facility for an additional P10 billion offering. The tap facility is open to all eleven government securities-eligible dealers-market makers. Meanwhile, the Treasury is also set to hold its first and second raffle draw for Premyo Bonds on June 18. De Leon said P2 million in cash and 2 house and lot units will be up for grabs on the day of the first and second Premyo Bonds raffle draws.

Tips on Real Estate Investment Trusts

common aspiration of many people is to own real estate property like land, a house and a condominium. Real estate can either be used for personal or commercial purposes. However, financial circumstances may prevent many from being able to purchase real estate properties given the high capital requirements and recurring costs. In this regard, an emerging alternative in real estate investing would be the Real Estate Investment Trusts or REITs. In a way, this alternative helps democratize access to real estate. The legal framework for REITs in the Philippines has been existing since 2009 through the Real Estate Investment Trust Act of 2009. However, certain provisions in the law covering aspects like public ownership levels and the application of VAT on the transfer of properties to REITs failed to entice real estate companies in participating. In 2020, the government decided to do revisions on the REIT law and as a result, major real estate companies have expressed intent to do REITs. More are expected to follow. Based on the Securities and Exchange Commission, a REIT is a stock corporation established principally for the purpose of owning income-generating real estate assets such as apartment buildings, office buildings, medical facilities, hospitals, resorts, highways, warehouses, shopping centers, railroads, among others. It is a type of investment instrument that provides a return to investors derived from rental income of the underlying real estate asset. The public will have access to the REITs through the Philippine Stock Exchange. There are four benefits associated with REITs. First, there is earning through dividends. Investors are entitled to receive 90% of distributable income annually. Second, there is liquidity since the shares of REITs are relatively easy to convert to cash. Third, risk can be managed better through diversification. Through the REITs, investors can invest in a wide variety of real estate properties at affordable levels. Fourth, there is transparency since REITs are required to disclose information for the general public. Just like any typical investment, REITs also have associated risks.

Genesis Kelly S. Lontoc

personal finance Risks have to be considered by investors so that they will be able to develop expectations on required returns. Higher risk would imply higher required returns. Social unrest and political instability will have an adverse impact on the sector. Real estate performance is greatly dependent on the performance of the economy. Business confidence and expectations about the future will affect earnings. Low real estate earnings will lead to low dividends. In choosing what REIT to invest in, there are a couple of things that investors should consider. One key consideration would be the location of the properties. Different real estate locations have varying real estate values even within Metro Manila. Being cognizant of the thriving locations today can help investors decide prudently. It would be worthwhile to get key information on the planned infrastructure projects of the government in order to get a good glimpse of what locations are going to do well in the future. Another key consideration would be the track record and reputation of the real estate company. Revenue growth and financial strength boost confidence in the company. Credibility is enhanced if the performance of past real estate projects in terms of capital appreciation and rental income appreciation would be positive. Resilience is observed based on how the real estate companies respond during period of crisis. The quantity and quality of future projects serve as good indicators of how sustainable business will be. Investments should be based on one’s purpose, goal, risk profile and time horizon. REITs are available and affordable alternatives that can help people beat inflation and growth wealth over time. If done right, REITs will allow real estate companies to hopefully grow and provide more opportunities in the economy. Gemmy Lontoc is a registered financial planner of RFP Philippines. To learn more about personal financial planning, attend the 83rd RFP program this June 2020. To inquire, e-mail info@rfp.ph or text <name><e-mail> <RFP> at 0917-9689774.

Tuesday, June 16, 2020 B3

For better credit risk management, banks should adopt data analytics

By Tyrone Jasper C. Piad

@Tyronepiad

mid economic uncertainties courtesy of state response to the coronavirus disease 2019 (Covid-19) pandemic, the banking industry is advised to improve its credit risk management through data analytics. Audit firm Isla Lipana & Co. said in a paper this month that banks have exposures in vulnerable sectors during the pandemic that has been causing major economic downturn. Among them are retail and wholesale and manufacturing industries, which have combined outstanding loans of P2.3 trillion as of end-December 2019. With this, Isla Lipana said that banks must be data-driven when managing risks for existing and new borrowings. The audit firm suggests to “build a dynamic ‘credit-decisioning’ framework and credit scores that incorporate the potential impact of the pandemic.” This means that the traditional credit scoring employed prior the pandemic, Isla Lipana said, may undergo some revisions to consider the

BOJ seen to sit tight as it mulls over impact of antivirus stand

he Bank of Japan (BOJ) is expected to leave its main policy levers untouched Tuesday as it assesses a raft of measures already taken to support the pandemic-hit economy. The BOJ is likely to leave interest rates and asset purchases unchanged at the end of its two-day meeting. Officials will consider the impact of measures taken so far to soften the virus blow and don’t see a pressing need now for any further major moves, people familiar with the matter said. Many economists surveyed by Bloomberg expect the estimated size of a BOJ loan program linked to government lending to rise after Prime Minister Shinzo Abe’s administration announced an expansion of the lending measures last month. Market fluctuations last week are far from the volatility observed in March and continued stability in the yen has given the BOJ breathing room to sit tight for the time being. The economy is also likely past its weakest point, following the lifting of Japan’s state of emergency in late May and the gradual easing of lockdowns in key export markets. “No big move doesn’t mean that the BOJ is free from any concerns,” according to Tomo Kinoshita, global market strategist at Invesco Asset Management in Tokyo. “The BOJ will be checking what else needs to be done and communicating its willingness to do more.” Since March, the bank has pledged unlimited purchases of government bonds, expanded its exchange-traded fund buying and launched loan programs as part of measures estimated to be worth about $700 billion. The Federal Reserve last week painted a gloomy picture of the U.S. outlook and hinted that interest rates may effectively stay at zero through 2022. Governor Haruhiko Kuroda will probably sound a dovish tone at his post-decision press conference to avoid the possibility of the yen strengthening. Bloomberg News

current situation. For example, banks need to look at how the pandemic would continue to “behave” in certain areas of the country, the audit firm said.

Trusting the service

Banks must also bring into the equation the future economic position of the country, Isla Lipana said, taking into consideration the Philippines’ path to recovery, inflation, output growth and interest rates, among others. The financial sector could also study the creditworthiness of the new and existing borrowers during this pandemic, it added. “Developing these credit scores and scenarios that incorporate the potential impact of Covid-19 may be done in-house or can be entrusted with professional organizations that

are adept with data analytics and have robust industry experience,” Isla Lipana said. The banks can also redesign the loan terms by considering borrowerspecific characteristics and circumstances including age, employment status, industry, credit history and number of Covid-19 cases in the area, among others, it added. “These data-driven approaches may not only help the bank keep high quality loans–these may also serve as the banks’ key differentiator in keeping and attracting clients that would trust their service,” the audit firm said.

Jittery ratio

Apart from exposure to outstanding borrowings from vulnerable sectors, Isla Lipana noted that a potential increase in nonperforming loans (NPLs) was also a major concern. The audit firm said that the decline in consumer demand—because of lockdowns, layoffs and disruptions in operations—could slow down the cash flow of businesses and individuals as well. “Without effective action by the regulators and the banks, the nonperforming loans may rapidly rise as borrowers struggle to pay their principal and interests,” it explained. Citing data from Bangko Sentral ng Pilipinas, Isla Lipana echoed that gross NPLs of banks rose by nearly 20

percent to P246 billion in end-March from P205.9 billion a year ago. This translated to an NPL ratio of 2.21 percent for the industry, which is the highest for the comparable month in the past three years.

Proactively reaching out

The audit firm said banks should also focus on harnessing a healthy relationship with their clients during this trying time. While the pandemic has prompted digital banking, Isla Lipana said that not all customers found it easy to shift from the traditional. With this, it urged the banking sector to “proactively reach out” to their customers needing more assistance. The audit firm is also proposing that the banks combine both human and digital “touchpoints” when addressing customer needs. “This means being able to help address customer concerns in multiple channels–be it through the bank, subject to social distancing measures, or online chats,” it explained. At the same time, Isla Lipana said that the banks’ customer service personnel should be trained on how to properly interact with borrowers. “As more banks turn to data-driven solutions to manage credit risk, they must not forget that numbers alone would not help their most important stakeholders–their customers–to be at peace,” it concluded.

Art

BusinessMirror

Tuesday, June 16, 2020

www.businessmirror.com.ph

Today’s Horoscope By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Abby Elliott, 33; Eddie Cibrian, 47; Phil Mickelson, 50; Laurie Metcalf, 65. Happy Birthday: Step forward, not back. Clear the way to new beginnings. Use discipline and courage to help you achieve the life you want to live. Preparation will pay off, so focus on what it is you want to accomplish. Take advantage of online courses, and spend time honing skills that can help you get ahead. Protect against outside interference and indulgent temptations. Your lucky numbers are 6, 17, 25, 29, 38, 40, 43.

ARIES (March 21-April 19): Slow down, and take a moment to look around and see what everyone is doing. The more you observe, the greater leverage you’ll have when it comes time for you to step into the spotlight. Be responsible, not reactionary. HHH

❶ Ode to Our Farmers, Benjie Mallari

❷

Pagdiriwang sa Kababaihan, Benjie Mallari

❸ Visiting

This time, Benjie Mallari is more than just nostalgic

Binondo, Benjie Mallari

ONG before Manila became a cacophony of roaring jeepney mufflers and a bawling socioeconomic divide, it was the model of prosperity in Asia, touted as the “Paris of the East” and the “Pearl of the Orient.” The country’s capital bloomed in the late 19th century with jazzy art deco buildings and palatial government offices lining up its busy streets, where in place of the bedlam of tooting horns is the clopping of kalesa horses. Commerce thrived. Life flourished. Then World War II happened. For visual artist Benjie Mallari, that prewar version of Manila is not just a utopian tale. It’s the setting of his boyhood, and also the identity of his oeuvre. Mallari has presented time and again on canvas a rich and vivid evocation of Manila’s epic past, depicting its people and their simple way of life. In his

latest, ongoing solo exhibit with Galerie Joaquin, the artist revisits Manila’s heyday once again but with a different intent. The Time Traveler: Glimpses of Yesterday is a showcase of Mallari’s recent works that illustrates our glorious history to inspire viewers to stay strong through this troubled, pandemic-hit present. In showing what Filipinos have achieved, the artist hopes that we rediscover the virtues and beliefs that allowed us to become successful in order to recover when we can. “Mallari expressed how he misses his days of growing up in Manila when life was simpler—when people lived inexpensively and with beliefs and virtues that they adhered to, such as dignity, respect and hard work,” said Faye Marges, project manager of the show, which is Mallari’s sixth with the Galerie Joaquin group of galleries. Now based in Baguio, the artist grew up rich with fond memories of old Manila. He remembers spending time with peers, making their own toys from cans of sardines and boxes of milk, and spending Sundays at Quiapo church. To them, Quiapo, Rizal Avenue, and Escolta were Disneyland, and craving for palabok and halo-halo meant a quick run to Quinta market. “He likes remembering Manila that way,” Marges said, “beautiful, peaceful, clean and safe.” Mallari illustrates his memories in a peculiar style informed by his background as a corporate art director and a newspaper cartoonist. “[The artist] developed his style of painting similar

to how he did graphic design, using subjects of places and people from the past, with backgrounds rendered in a modern style,” Marges said, adding that the cartooning experience shows in Mallari’s “style of painting characters with stylized faces.” These are evident in the pieces featured in Mallari’s current show, where the symmetrical and colorful backgrounds allow the subjects to pop out right in the middle. The principle is applied in all the artworks, such as the family of four in Visiting Binondo and the assemblage of detailed churchgoers in Araw ng Pagsamba. As with most art shows today, Mallari’s current exhibit is presented online. The show was officially launched yesterday with what Galerie Joaquin calls as an “online artist reception.” “Adapting to the new normal where we rely heavily on online applications to connect with people while avoiding physical contact, the gallery decided to hold an online artist reception so that we can still bring the exhibit a little closer to the artist’s collectors and supporters,” Marges said. The digital reception was a Zoom webinar that was also streamed live on the Facebook account of Galerie Joaquin. The idea was to allow art collectors and enthusiasts to learn more about the exhibit, view the artworks, and give them opportunity to ask questions to the artist. The Time Traveler: Glimpses of Yesterday runs until June 24. n

Protesters try to seize African artwork from Paris museum PARIS—Activists dislodged a 19th century African funeral pole from its perch in a Paris museum Friday and tried to walk away with it, saying they wanted to return it to Africa in a protest against colonial-era abuses. The five protesters were stopped before they could leave the Quai Branly Museum with the artwork. They were detained for questioning, and the Paris prosecutor’s office opened an investigation into group theft of objects of cultural heritage. The incident came amid growing anger at symbols of colonialism and slavery in the United States and Europe in the wake

of George Floyd’s death and ensuing global protests against racial injustice. France has put some statues to colonialera figures under police protection in recent days, and Paris police have banned a new round of protests scheduled for Saturday against racism and police brutality stemming from Floyd’s death. The culture minister said the 19th century artwork did not suffer significant damage and the museum would ensure necessary restoration. The museum would not comment, other than to say that it had filed a police complaint.

The activists posted live video of the protest online, in which Congo-born Mwazulu Diyabanza lists works in the museum from former French or Belgian colonies in Africa. He accused European museums of making millions from artworks taken from now-impoverished countries, like Congo. “It’s wealth that belongs to us, and deserves to be brought back,” he said. “I will bring to Africa what was taken.” Culture Minister Franck Riester said he “condemns with the utmost firmness these acts which damage heritage.”

“While the debate on the restitution of works from the African continent is perfectly legitimate, it can in no way justify this type of action,” he said. The Quai Branly museum was built under former French President Jacques Chirac to showcase and celebrate non-European art, and has a large collection of works from former French colonies. A 2018 study commissioned by President Emmanuel Macron recommended that French museums give back artifacts that were taken without consent, if African countries request them. AP

TAURUS (April 20-May 20): Follow your instincts. Don’t hesitate because someone can’t make up his or her mind. How you feel should determine what you do next. Pursue a goal that helps you get what you want without breaking any rules or regulations. HHH

GEMINI (May 21-June 20): Make personal improvements that lift your spirit and give you the courage to conquer your dreams. Stick to whatever plan or path you choose, and don’t stop until you are happy with the results you achieve. HHHH

CANCER (June 21-July 22): Look for a way to help. Be part of the solution. Share your thoughts and opinions. Do whatever it takes to collaborate with people who share your plan. Be reluctant to deal with institutions and government agencies without sufficient preparation. HHHH

LEO (July 23-Aug. 22): Take care of personal matters first. Address concerns regarding your appearance, health and relationships with others. You may crave change, but hold off until you are ready to initiate what you want to happen. HH

VIRGO (Aug. 23-Sept. 22): Put your plans to the test. Step up and share your thoughts with those who have the means to help you get what you want. Beware of anyone bold, smooth and offering too much for too little. HHHHH

LIBRA (Sept. 23-Oct. 22): Question any relationship that is too demanding. Concentrate on what makes you happy and how you see yourself moving forward. Don’t buy into a plan that you don’t feel passionate about or that will deter you from following your heart. HHH

SCORPIO (Oct. 23-Nov. 21): Share your feelings, work on a plan that fits your budget and bring about the changes that will make you happy. Don’t limit what you can do; with time, effort and compromise, you can turn your home into your personal Shangri-La. HHH

SAGITTARIUS (Nov. 22-Dec. 21): Plan to do something energetic. Keeping active will help you ward off pent-up feelings and a potential argument. Give yourself the time to think about what you want and how best to proceed. HHH

CAPRICORN (Dec. 22-Jan. 19): Put your heart and soul into turning your residence into a place that encourages you to explore new interests and expand your entertainment center. Work with whoever you share your space with to ensure you achieve something perfect for everyone. HHHHH

AQUARIUS (Jan. 20-Feb. 18): Take a step back, look at what you are up against and consider how to make the best use of your time. Don’t feel responsible for someone’s happiness. It’s time to work on personal growth and what pleases you. HH

PISCES (Feb. 19-March 20): Stifle unsavory situations before they have a chance to grow. An intelligent approach to whatever problem you face, coupled with hands-on work to make your environment better for everyone you live with, will make your life easier. HHH Birthday Baby: You are imaginative, outspoken and determined. You are aggressive and reactive.

‘a little night music’ by rob gonsalves and jennifer lim The Universal Crossword/Edited by David Steinberg

ACROSS 1 Thing on a list 5 Makes a face for the camera 9 Cookie quantity 14 City in northwest Nevada 15 Greek life group, informally 16 Potato state 17 Locksmith’s ability when moonlighting as a songwriter? 19 Julius Caesar was one 20 One may shed its skin 21 Longtime Yankee, to fans 23 Edgar Allan ___ 24 Toward dawn 27 Sheer delight 29 Financial analyst’s contribution when moonlighting as a musician? 33 Tea set carrier 34 King of France? 35 Lets up 39 “Kinda sorta” 40 Took care of, as plants 43 Lead-in to “Pen” 44 Sticky stuff 46 Jason Bourne’s org. 47 Fishhook attachment

48 Baseball player’s skill when moonlighting as a singer? 52 Excavator relative 55 Nobel Peace Prize city 56 What’s fair in love and war 57 Arabian sultanate 59 Famous Ford flop 63 Reeves of “ohn Wick 65 Geologist’s discoveries when moonlighting as a concert promoter? 68 “Access denied,” e.g. 69 Giant author Ferber 70 Ancient wrap 71 Sirius and Canopus 72 Fender flaw 73 Help with a heist DOWN 1 Irritates 2 Archie or Veronica, always 3 One-named Irish singer 4 Derisive imitation 5 Painter’s deg., perhaps 6 Large coffee vessel 7 Lady renowned for her Shallow performance 8 Sound setup

9 Finch food 10 Big fuss 11 The Bucs stop here 12 Utter confusion 13 Bees’ product 18 Qualifying race 22 Mo. that was originally eighth 25 Word sung twice after “Que” 26 Medium gait 28 LAX screening org. 29 Popular swab 30 Bear in astronomy 31 Massage reactions 32 Sibling’s daughter 36 Place in the Senate 37 “Odyssey” or “Ramayana” 38 Evil order with lightsabers 40 Time for dreaming, often 41 Puerto ___ 42 Chows down 45 It takes a toll: Abbr. 47 Personal info 49 ___-com 50 Was scared of 51 Commoner 52 Makes a cake

3 Message from an app 5 54 Santa ___ (city near Cupertino) 58 Connection point 60 Hoity-toity sort 61 Upper hand 62 Future D.A.’s hurdle 64 Hide-hair link 66 Anderson Cooper’s channel 67 Dennings of WandaVision Solution to yesterday’s puzzle:

Show BusinessMirror

www.businessmirror.com.ph

Tuesday, June 16, 2020

From ‘Cops’ to the Oscars, it was entertainment’s week of racial reckoning

By Kelly Gilblom Bloomberg News

THE Grammywinning, multiplatinum group Lady Antebellum announced that it will now go by the name of Lady A.

N a matter of days, the whole cultural landscape shifted. Protests against racial injustice—sparked by the police killing of an unarmed black man, George Floyd—sent the entertainment industry on its biggest housecleaning in years. Companies canceled popular and lucrative TV shows featuring police officers, pulled movies glorifying the Civil War days, and banned the appearance of Confederate flags at sporting events. A multiplatinum-selling band even changed its name. The real work of fighting discrimination is still ahead, but it’s a good sign that the industry is taking on these issues, said Ana-Christina Ramón, a sociologist and coauthor of a UCLA report about diversity in Hollywood. “It’s really going to be all about the details, and the work they’re doing, and if they’re going to be transparent, and if they’re going to hold themselves accountable.” The momentum began to build earlier this month when the music industry held a “blackout” on June 2 to call attention to racial injustice. Movie studios, television networks, toy companies, sports leagues and celebrities followed suit and posted black squares on social media to show their support. But last week, everything boiled over. MONDAY ACTOR Hartley Sawyer is fired from the CW show The Flash after racist tweets he posted in 2014 resurfaced. Eric Wallace, the showrunner of the Warner Bros.-produced superhero drama, says the tweets are “indicative of the larger problem in our country.” Sawyer apologizes, saying he’s “ashamed and disappointed.” Adam Rapoport, editor in chief of Bon Appetit magazine, steps down over accusations of discrimination and racist behavior. He apologizes for his “failings.” Rapoport is one of three high-profile departures in journalism this week: James Bennet quit the New York Times after the publication of an op-ed that called for using the military to quell protests, and Refinery29 editor Christene Barberich left over criticism of workplace culture.

blackface. More than 300 theater artists sign a letter calling some in the industry “part of a house of cards built on white fragility and supremacy.” HBO Max subscribers discover that Gone With the Wind has been pulled from the service—following denouncements of its racist depictions. The AT&T Inc. division will bring the 1939 movie back with an introduction by Jacqueline Stewart, host of Silent Sunday Nights on Turner Classic Movies and a professor in the Department of Cinema and Media Studies at the University of Chicago, “placing the film in its multiple historical contexts.” Comcast Corp.’s Bravo fires four cast members from the reality show Vanderpump Rules for racist behavior. “We all have a part to play to create a kinder, more just society,” Lisa Vanderpump, the show’s star, says later on Instagram.

TUESDAY VIACOMCBS Inc.’s Paramount Network confirms that it has canceled Cops, a reality show that’s run on various channels for more than three decades. The series has drawn criticism for giving a skewed perception of policing. British comedy Little Britain is jettisoned from streaming services, including Netflix Inc., the BBC’s iPlayer and BritBox, over its repeated use of blackface. A BBC spokesman tells the Telegraph newspaper that “times have changed” since the sketch-comedy program first aired in the mid-2000s. Netflix also ends up dropping The Mighty Boosh and The League of Gentlemen, two other British comedies that used

WEDNESDAY NASCAR bars the Confederate battle flag from its events and properties, saying the symbol runs against its commitment to make fans feel included. Bubba Wallace, Nascar’s only black driver, had previously called for the ban. A&E cancels Live PD, a law-enforcement reality show that once filmed a black man dying at the hands of police. Live PD was A&E’s top show, and the network had just renewed it the previous month. (The show may return with changes, a network representative says.) The Recording Academy changes the name of the “urban contemporary” Grammy Award, part of

a broader push by the music industry to stop using “urban” to refer to black artists. But the academy doesn’t totally abandon the term. THURSDAY COUNTRY group Lady Antebellum, whose name celebrated the Old South, says it will now go by Lady A: “We are regretful and embarrassed to say that we did not take into account the associations that weigh down this word referring to the period of history before the Civil War, which includes slavery.” A blues singer later complains that she’s already using the stage name Lady A. An advertiser revolt is underway against Fox News host Tucker Carlson after he made controversial comments about the Black Lives Matter movement. Walt Disney Co., Papa John’s International Inc. and T-Mobile US Inc. say in recent days that they’ll no longer advertise on his show. Amazon.com Inc. is considering pulling the television show The Dukes of Hazzard from its video-streaming service, a person familiar with the matter says. The series, which aired on CBS in the 1970s and 1980s, featured a car emblazoned with the Confederate battle flag that was dubbed the General Lee. FRIDAY DISNEY’S ABC casts its first black lead for The Bachelor, responding to pleas for more diversity on the longrunning reality show. The Academy of Motion Picture Arts and Sciences

says films will have to meet new standards for inclusion or they won’t be eligible for Oscars. “We will amend—and continue to examine—our rules and procedures to ensure that all voices are heard and celebrated,” says Dawn Hudson, the academy’s chief executive officer. UKTV, a broadcaster owned by the BBC, says it removed an episode of British comedy Fawlty Towers because it contains slurs. The 1975 episode shows a character using racist insults in a conversation about the West Indies cricket team. John Cleese, the show’s star, decries the move on Twitter, saying the character using the slurs was being satirized and the BBC was “gutless and contemptible.” AND BEYOND THE industry is likely to continue to change policies and purge questionable material. But the bigger question is whether media and entertainment companies can follow through on diversifying their ranks. More than 90 percent of studio heads are white, while almost three-quarters of film leads are white, according to the report from the UCLA College of Social Sciences. White people only account for about 60 percent of the US population. Ramón said the entertainment business must address deeper, structural issues to bolster equality. Minorities need to be actively sought out, hired and then championed by people within the organization, she said. “It’s a good sign to think about it and get rid of something problematic, but it’s an easy thing,” she said. The hard part comes now. n

LAB FOR A CAUSE: WATCH VLF 2020 AND DONATE

Beyoncé wants officers charged in black woman’s death

LOUISVILLE, Kentucky—Beyoncé has joined the call for charges against officers involved in the shooting of Breonna Taylor, a black woman gunned down by officers who burst into her Kentucky home. The superstar said in a letter on Sunday to Kentucky Attorney General Daniel Cameron that the three Louisville police officers “must be held accountable for their actions.” The officers, Jon Mattingly, Brett Hankison and Myles Cosgrove, have been placed on administrative reassignment while the shooting is investigated. “Your office has both the power and the responsibility to bring justice to Breonna Taylor, and demonstrate the value of a Black woman’s life,” said the letter released on the singer’s website. Taylor, 26, who was studying to become a nurse, was shot eight times by officers conducting a narcotics investigation on March 13. No drugs were found at her home. The city of Louisville last week banned the used of controversial “no-knock” warrants. Taylor’s aunt, Bianca Austin, has said the family wants the officers fired and prosecuted. Protests over several days in Louisville were fueled by Taylor’s shooting and the death of George Floyd, a black man in police custody in Minneapolis. AP

THE Cultural Center of the Philippines (CCP), in partnership with Tanghalang Pilipino and Writer’s Bloc, makes good on its promise to protect the livelihood of theater artists by pushing through with the special online edition of Virgin Labfest, the festival of untried, unstaged and untested plays. With the theater festival under way, premiering last June 10, the three collaborators step up and conduct a fund-raising activity for the benefit of the Artists Welfare Project Inc., which supports various projects for cultural

workers and displaced artists in the country. After watching the live online performance, viewers might want to share their appreciation and donate through the KTX (Kapamilya Tickets) or Ticket2Me. Check out bit.ly/2YDWyzD. Donors need to register or log in to donate. After registering, select “VLF [Denomination/Amount]” and click “Book Tickets,” which will lead them to payment options. Follow the instructions to complete the purchase. To donate via Ticket2Me, go

to ticket2me.net/e/24046/, or download the app on Google Play or App Store. After signing up and logging in, search the VLF event at the home page and click. Click the Buy button, select the number of tickets to purchase from the dropdown list and click “Proceed” to check out. Review and click “Let’s Pay” to confirm. Select one’s payment option of choice and follow the instructions. Or donors can scan the event’s QR code posted on the CCP web site (www.culturalcenter.gov.ph) and it

will redirect them to the Ticket2Me payment platform. In both KTX and Ticket2Me, buying tickets denotes donating for the VLF cause. Proof of donation/purchase will be sent to the registed e-mail address. The special edition of VLF runs June 28, 2020. To watch, visit the social-media pages of CCP and VLF to watch the live performances of VLF 2020: Kapit. Or download or visit the Vimeo app/web site to watch all recorded content and behind-thescene footages.

LGBTQIA+ student-organization commemorates digital Pride week THE novel coronavirus (Covid-19) pandemic may have suspended some of the sought-after Pride Parades around the world, but community lockdowns and social distancing protocols are not stopping the Lesbian, Gay, Bisexual, Pansexual, Transgender, Genderqueer, Queer, Intersex and Asexual (LGBTQIA)+ community to hold the historical New York Stonewall protest, for self and social acceptance, selfexpression, to spread awareness and celebrate gay rights. Benilde Hive (BHIVE), the LGBTQIA+ student organization of the De La Salle-College of Saint Benilde and the first accredited group of its kind in the country’s roster of Lasallian schools, joins the rest of the world and takes its Benilde Pride Week 2020 advocacy to its leading social-media platforms. Themed “Experiencing Love in Diversity,” the first-ever online Benilde Pride is ongoing until June 20. Powered with the belief that “art holds no boundaries, [and] neither should we,” BHIVE commenced with Spectrum: Art Exhibit to spotlight Benildean and non-Benildean artists who continue to promote self-expression through art. The first batch of the exhibit, entitled Students for Equality, introduced LGBTQIA+ organizations from other

institutions to the Benildean community on June 8, with traditional and digital artworks being showcased since then. “The celebration of the Pride is for the LGBTQIA+ community and allies to unapologetically be themselves. In a world where acceptance remains to be a privilege, Spectrum aims to be a place to recognize and encourage authenticity and beauty through art,” BHIVE President Immah Toledana stated. PRISM, an online spoken word event, a safe space for the diverse artists and members of the spectrum to express their advocacy and talent, is available on view on June 16 beginning at 4 pm. Benilde Hive Unfiltered: The Making of Pride is a podcast that provides a walkthrough on the establishment of the country’s first LGBTQIA+ student-organization in a Lasallian setting, with stories from Former BHIVE Presidents Iceberg Infante, Johnsen Dominique Pangantihon, and Kristine Klariette Kahulugan and BHIVE cofounder Jame Liz Berara. Hosted by fellow advocates Aica Sylianco and Jacko Ordoñez and facilitated by Justine Macachor, it will be on a prerecorded Zoom conference on June 17 at 2 pm. In the Ready, Set, Drag! webinar, guest local drag

performers will share their personal experiences on June 20 beginning at 3 pm. “More than Benildeans and the members of Benilde HIVE, Pride is a time where everyone in the community get together to both celebrate and protest. Hence, our events are open to all,” Toledana shared. “We are unable to gather and celebrate Pride due to the pandemic but let us all remember that Pride is not only a celebration but a protest to fight for the rights that we deserve. Let us all continue to advocate for our equal rights, gender diversity, acceptance, and freedom.” Benilde Pride Week 2020 is copresented by Philippine Anti-Discrimination Alliance of Youth Leaders Pilipinas, comprised of youth leaders and human-rights advocates from student councils, academic organizations, community groups, school-based political parties, socio-civic formations, and national alliances from around the country. Pantay Pilipinas campaigns for the passage of the Sexual Orientation and Gender Identity Expression Equality Bill, also known as the Anti-Discrimination Bill, in the 18th Congress. More information: bhive@benilde.edu.ph.

B6 Tuesday, June 16, 2020

DLSU offers online data science course Tanduay’s exciting new cocktail flavors now available via Shots.ph

ANDUAY Distillers has released three new cocktail flavors – piña colada, strawberry daiquiri and green margarita – via its new e-commerce website, shots.ph. Released under the brand name Tanduay Cocktails, the three variants come in threeliter con-tainers with an easy press spout. Also, all flavors are infused with Tanduay’s signature White Rum and contain 10% alcohol. Piña colada is a blend of White Rum with flavors of coconut and pineapple. Strawberry daiquiri has added flavors

of strawberry and citrus fruits. Green margarita, on the other hand, is a smooth blend of triple sec with flavors of tequila and citrus fruits. Customers can also order Tanduay’s award-winning rums such as the Tanduay Asian Rum Sil-ver, Tanduay Asian Rum Gold and Tanduay CLX, among others. The website also carries Tanduay branded merchandise like backpacks, sweaters, duffle bags, premium pens, and hoodies. “We want to make it easier for our customers to enjoy their favorite Tanduay products. With a few taps on their

computers and mobile devices, they can have their orders delivered straight to their home. Shots.ph is mobile-optimized, so they can easily place an order through their mobile phones,” said Tanduay’s national marketing manager, Garry Ong. No minimum or maximum purchases are required, and customers can even order in bulk if they want to. Tanduay’s own fleet of delivery vans will bring their orders to their preferred addresses. Shots.ph carries both local and exported spirits. Tanduay’s limited-edition rums will also be made available soon.

tests of individuals. For her part, Mayor Abalos said there's no easy way to detect the disease unless a RT-PCR test is done to an individual. "It's the gold standard test that the World Health Organization (WHO) and the Department of Health (DOH) approves which is one of the reasons why we partnered with PRC. The proximity of their molecular lab is an advantage to us also." Aid for Addition Hills families affected by the recent fire incidents Aside from the ongoing efforts to contain the spread of the virus in the City, the local government is also giving aid to almost 839 families who were affected by the fire incidents that occurred at Block 37 and 38 on June 1, and 355 families from Block 30 UBAC Compound on June 6. Temporary shelters were immediately assigned and modular tents were set up by the City Government to house the affected families who were also provided

with hot meals on a daily basis. Mayor Abalos personally distributed groceries to each family, as well as blankets, sleeping mats, and new clothes. She also personally inspected Block 37 and 38 where the fire incident occurred and has ordered the clearing of the area to lay down road constructions per the plan from the City Government before the affected residents are allowed to return to their respective place of residence. The PRC expressed to support the City Government of Mandaluyong by giving financial assistance to 800 families affected by the fire incident on Block 37. Each family will be given P3,500 with PRC Chairman and CEO Gordon leading the distribution to the first batch of recipients of 200 families on June 12. In another development, Mayor Abalos also received the preliminary investigation report from the Mandaluyong-Bureau of Fire Protection (BFP) on the fire that occurred on June 6. Fire investigators found that the fire started on the third floor of a rented house located at the corner of Correctional Road and Nueve de Febrero Street. This is according to the testimony of eyewitnesses who were around when the fire started. In a signed statement by George Morasa, he confirmed that smoke have come out from the third floor of the apartment while a neighbor Alan Llanera immediately alarmed the neighbors because of the fire he saw coming from the third floor. The same story is given by Melchor Carillo, the relative of the lone fatality in the said incident. The city government will exhaust all efforts in providing the needed assistance to the affected families including financial aid that will enable them to start anew after the unfortunate incident.

Kaspersky launches an online series of high-calibre threat talks

ASPERSKY is kicking off a series of online talks, created to present knowledge and the latest cybersecurity findings from the comfort of your own home. The first event is set to take place on 17 June, 2020. Hosted by GReAT – Kaspersky’s Global Research and Analysis Team – which works on uncovering APTs, cyber-espionage campaigns, major malware, ransomware, and underground cyber-criminal trends across the world – the event will introduce the friendly atmosphere of a cybersecurity conference to the viewers at home. The online event is open to all threat intelligence professionals and enthusiasts around the world for free. Dubbed as ‘GReAT Ideas. Powered by SAS’, this series of talks will provide the inside scoop on the inner workings of GReAT. Inspired by the regular team meet-ups held internally, as well as by the Security Analyst Summit’s friendly atmosphere of exchanging knowledge, these events will empower viewers

Asynchronous activities and synchronous sessions are conducted each week. The synchronous sessions will be held every Saturday from 10:00 am to 12:00 noon and 1:00 to 3:00 pm starting August 8, 2020. Click the following link to view the topics and overview of schedule of the online course. Limited slots are available. Schedule: https://bit.ly/3cFtnkE Registration: https://forms. gle/4G6x4nqd7NxTfnys9 Webinar fees: Limited slots are available. · P40,000 for non-DLSU individuals · P30,000 for DLSU students · P32,000 for DLSU faculty · P32,000 for DLSU alumni Early bird rate: Additional 10% discount if the participants register on or before July 10. For inquiries, contact macario.cordel@ dlsu.edu.ph.

Rep. Villar wants simplified loan process for MSMES

Mandaluyong City Government efforts lauded by PRC

andaluyong City Mayor Menchie Abalos was commended by the Philippine Red Cross (PRC) for being its partner local government unit (LGU) with the most number of individuals submitted for COVID-19 testing. In a letter to Mayor Abalos, PRC Chairman and CEO Richard Gordon said the efforts of Abalos ang the City in testing individuals "shows the high degree of dedication and commitment that you (Abalos) give to secure the safety of your people." Gordon also stressed that the efforts of Mandaluyong City in this area is "worthy of emulation by other LGUs." Records from the City Health Office showed that individuals tested for COVID-19 in Mandaluyong City has reached 5,693 wherein 5,176 (91%) of the total was forwarded by the city government to PRC and the remaining 517 (9%) to other laboratories. Even with the already high number of tested individuals, the City Government continues to conduct RT-PCR confirmatory

E LA Salle University's Data Science Institute in cooperation with the Center for Professional Development in Business is offering the Foundations of Data Science online course this August. This course provides an overview of the field of data science, job roles available, and skills necessary for the roles. It covers an introductory level of the data science workflow such as data acquisition, local data management, data wrangling, basic data visualization for exploratory analysis, and an introduction to data mining concepts. The online course is designed for professionals and students from various STEM and ABM backgrounds who want to upskill towards a data science career. Each topic has hands-on exercises with varying degrees of difficulty to ensure that participants are able to absorb the concepts.

with information about the threat landscape. This includes details on the most recently found threat cases and techniques used in the cybersecurity world, directly from the GReAT experts. The events will explore recent and freshly discovered APT cases, insights, custom in-house tools, real-world examples of using threat intelligence and Kaspersky products - along with much more. Each talk will include four 15 to 20-minute presentations on cutting edge tools, current projects and the most recent APTs discovered by GReAT. The first “GReAT Ideas. Powered by SAS” will uncover the following topics: Linking attacks to threat actors: case studies, Threat hunting with Kaspersky’s new malware attribution engine,Microcin-2020: GitLab programmers ban, async sockets and the sock, and The next generation IoT honeypots. “As we have shifted to a new

environment, we felt that there has become a need for support of the cybersecurity community. Before we could connect and exchange knowledge during various offline conferences, and this activity helped many professionals to continuously grow, but this has now become a lot harder. With “GReAT Ideas” we want to fill the gap and informally connect with researchers, network defenders, and basically everyone in the threat intelligence community, as well as share and discuss insights and findings that could help threat hunters become better cybersecurity professionals”, comments Costin Raiu, the director of Kaspersky’s GReAT. Learn more about “GReAT Ideas. Powered by SAS” and register for the first online talk here: https://kas. pr/8igm

MALL businesses should be able to immediately tap available financing options as Las Piñas Rep. Camille Villar (Lone District) urged the government to simplify loan procedures to help enterprises continue their operations as they struggle to return a shifting normal amid the pandemic. During the virtual meeting of the House committee on micro, small and medium enterprise development about existing credit and loan facilities for MSMEs on Wednesday, June 10, Villar said the Small Business Corp.'s (SBCorp) role is crucial to aid cash-strapped entrepreneurs. "The role of SB Corp. is very important in jumpstarting our economy because more than 95% of businesses in the Philippines are MSMEs so we really need to help them. I believe they are the most affected," said Villar, vice-chair of the House panel. Villar suggested that SB Corp. should disseminate information to the local level and lessen documentary requirements to potential borrowers to help the respective constituents of lawmakers avail of the loan facility. "Baka pwede bigyan ng point person ng SB Corp. na pwede makipag-coordinate sa aming mga opisina at para matulungan ang aming ka distrito na makahabol sa loans," said Villar, adding that encouraging and supporting local small entrepreneurs will give them the muchneeded boost as they struggle to cope with the health crisis. Recently, SB Corp. announced that it will open a loan facility called the Enterprise Rehabilitation Financing-Pondo para sa Pagbabago at Pag-Asenso, to affected MSMEs. Under the program, firms with asset size of not more than P3 million may borrow between P10,000 and P200,000 while those with assets of up to P10 million may borrow up to P500,000. A total of 4,198 loan applications have so far been processed by SB Corp. with an aggregate amount of P571.17 million, said the agency's planning and advocacy head Frank Lloyd Gonzaga at the virtual hearing. SB Corp. President Ma. Luna Cacanando said they have

Cong. Camille Villar

released some P23 million in loans to small businesses. Villar, for her part, recognized the MSME sector as an important driver of the Philippine economy and a major contributor for the country's growing labor force. In 2019, 99.56% of establishments in the Philippines were MSMEs or a total of 1.42 million enterprises. Nearly seven out of 10 employed work in the MSME sector. Due to the coronavirus, large-scale community quarantines, travel restrictions, and social-distancing measures were implemented by the national and local governments which drove a sharp fall in consumer and business spending and affected small businesses and forced some to shut down. The Las Piñas representative pointed out that small entrepreneurs deserve the help they needed as they do not have the means to survive during these trying times. With the availability of aid, it will keep the sector afloat and help retain their workforce, said Villar.

Fly safe with Air Asia

S domestic and international travel restrictions are expected to be eased, we’re preparing to welcome you onboard. At AirAsia, we're committed to safe flying. 'Safety First' has always been our core value. In addition to the existing procedures, we have put in place new and enhanced initiatives to ensure your safety, health and comfort. As you prepare to fly, let us show you how we're making flying safe for you. We Remain Focused on Safety. Safety always comes first at AirAsia, and we’ve strengthened our already stringent safety standards to help manage COVID-19. We’re Practising Additional Cleaning and Hygiene Measures. From disinfecting the aircraft regularly to our hospitalgrade HEPA filters (which remove 99.9% of all particles including viruses) we are maintaining the highest standards of cleanliness on board all our aircraft. We’ve Gone Contactless.We’ve always been a progressive and digitallyled company, which means in many destinations we are able to offer a range of contactless procedures throughout the customer journey to minimise contact with people and surfaces. This includes check-in, bag drop and boarding, so you can control your own process. We’re Protecting Those Most at Risk.

We understand that there may be some guests requiring additional assistance throughout this time including expectant mothers, those in a wheelchair or in an at-risk age group. We’ve put in place considerations so that everyone can travel with confidence and convenience as we enter the new norm of flying. We’ve Maintained Checks and Servicing of Our Aircraft Even During Hibernation. We’re ensuring our aircraft are always serviced and well maintained, even during the hibernation period. Our ground crew continue to work hard to make sure safety checks and regular servicing are performed across the entire fleet. After a period of hibernation, it feels great to have unclipped our wings and take off to the skies again. We began selected domestic flights in Malaysia on 29 April, in Thailand on 1 May and in India on 25 May. We hope to resume flights in the Philippines (1 June 2020), India (4 May 2020) and Indonesia (7 May 2020), subject to approval from the authorities. AirAsia continues to work closely with regulators, local governments, civil aviation and health authorities, including the World Health Organization (WHO) and the International Civil Aviation Organisation (ICAO) and to adhere to their expert advice.

Sports BusinessMirror

Editor: Jun Lomibao

Marcelo takes a knee as Madrid overcomes Eibar at training center

ADRID—Playing a home game but not at its famed Santiago Bernabéu Stadium, Real Madrid resumed its Spanish league campaign with a 3-1 win over Eibar on Sunday to keep pace with leader Barcelona. The game saw Marcelo take a knee during a goal celebration in apparent support for the Black Lives Matter movement. The Brazilian veteran defender put his left knee down and raised his right fist into the air after scoring the third goal for Madrid. Marcelo’s gesture made him one of the few players in the Spanish league to make public their support for the movement which has protested police brutality after George Floyd’s death in the United States. Valencia’s players last week had also taken a knee before a training session to show their support. Toni Kroos and Sergio Ramos also scored as Madrid won the game at the club’s training center while major renovation work takes place at the 80,000-capacity Bernabéu, about 10 kilometers (6 miles) away. Eden Hazard, who had been expected to miss the rest of the season because of a foot injury sustained before the coronavirus pandemic, thrived on his return and set up two of the goals in the game. There were no fans at the 6,000-capacity Alfredo Di Stéfano Stadium, which is used mostly by Madrid’s “B” team. “This is completely different to what we experienced before, you have to adapt,” said Madrid coach Zinedine Zidane, who completed 200 matches in charge. Zidane has the secondmost league victories as Madrid coach with 90, behind the 257 of Miguel Muñoz. Madrid players walked a few hundred meters (yards) from the team’s housing facilities to the stadium for the match that marked the club’s return after a pause of more than three months because of the pandemic. A large banner in the stands spanned from one goal line to the other with the image of a black ribbon and the message “in our hearts,” honoring the nearly 28,000 who have died with Covid-19 in Spain. The league officially resumed on Thursday with third-place Sevilla defeating city rival Real Betis 2-0. The victory kept Madrid two points behind Barcelona, which returned on Saturday with a 4-0 rout at Mallorca. Eibar and Mallorca are both fighting relegation. Madrid dominated from the start and Kroos opened the scoring with a shot into the top corner in the fourth minute. Ramos added to the lead from close range in the 30th after a pass by Hazard, who started the buildup for Marcelo’s strike from inside the area in the 37th. Eibar, sitting two points outside the relegation zone, got its only goal from Pedro Bigas in the 60th. Ramos had scored the first goal at the Alfredo Di Stéfano when it was inaugurated with an exhibition match in 2006. “The truth is we are all thrilled to be back on the field again,” Ramos said. “We couldn’t wait for the league to start again, to compete again, and the best way to do that is with a win.” Madrid is expected to play all of its remaining home matches at the Alfredo Di Stéfano because the Bernabéu will continue to undergo renovation work during the summer. The club is likely to remain at the stadium for the rest of the season even if fans are allowed back before then, which the league has said is a possibility. Atlético Madrid’s struggles, meanwhile, continued as its season resumed after being held 1-1 at Athletic Bilbao for its third straight league draw.

Aussie Rugby game yields to virus fears

YDNEY—A match in Australia’s National Rugby League Sunday between the Sydney Roosters and Canterbury Bulldogs has been postponed over fears a Bulldogs player may have been exposed to the coronavirus. Prop Aiden Tolman has a child at the Laguna Street Public School in Caringbah, Sydney at which a staff member has tested positive to Covid-19. Tolman was tested for the virus, which subsequently came back negative later Sunday, meaning the match provisionally postponed until Monday will now go ahead. Prior to the results of Tolman’s test, the chairman of the Australian Rugby League Commission, Peter V’landys, described the risk of the virus spreading to Bulldogs players as “remote” but said no chances will be taken. “There’s a very remote risk of infection within the Bulldogs squad,” V’landys said. “To ensure there is no risk at all the player will be tested today and the game delayed until tomorrow to ensure the test results have returned. “I want to congratulate the Bulldogs for swiftly informing the NRL.” All Bulldogs players and staff inside their nominated 50-person roster have been tested as a precaution. The match is the first to be affected by the virus since the competition resumed at the end of April. AP

The setback kept Diego Simeone’s team in sixth place, outside the Champions League spots. The goals at the empty San Mamés Stadium came a couple of minutes apart late in the first half, with Athletic’s Iker Muniain scoring in the 37th and Atlético equalizing with Diego Costa in the 39th for his first goal since last October. During the celebration, Costa held the jersey of Atlético women’s team player Virginia Torrecilla, who is recovering from brain surgery to remove a tumor. It was the 13th league draw for Atlético, which has only two wins in its last nine league matches. “We earned a draw at a tough place but we need to start winning three points if we want to stay in contention to qualify for the Champions League,” Atlético midfielder Jorge “Koke” Resurrección said. “It will be difficult if we don’t start winning matches.” Atlético’s last match before the break had been an away victory against Liverpool that eliminated the titleholders in the Champions League round of 16. But Atlético had drawn its last two league matches—against Sevilla and Espanyol—to drop in the standings and remain far from the leaders. It trails Barcelona by 15 points with 10 rounds left. AP

BRAZILIAN veteran defender Marcelo put his left knee down and raised his right fist into the air after scoring the third goal for Madrid. AP

By Stephen Whyno

The Associated Press

rian Boyle is a 35-year-old grizzled veteran of 13 National Hockey League (NHL) seasons who grew up outside Boston. After seeing video of George Floyd’s death, Boyle wanted to say something. The Florida Panthers forward, though, wasn’t sure how and didn’t want it to come off the wrong way. He wound up calling former teammate JT Brown to ask some questions— and listen. Brown is 29, black and the only player so far to protest racial injustice and police brutality during the national anthem of an NHL game, back in 2017. The two talked about how Floyd’s death had affected Brown. “I was kind of at his mercy,” said Boyle, who is white. “I just don’t understand this pain. I’ve never had to live this pain.” Floyd’s death in police custody has touched off an extraordinary reckoning of race and race relations and sports has been part of it, from European soccer to the NFL. It has also made ripples in Nascar, which like the NHL has predominately white athletes and, by most accounts, a larger fan base among whites than people of color. NHL players have no sustained track record of speaking out on societal issues, perhaps part of the reticence that is generally found in hockey. There was no collective outrage after Akim Aliu, Devante Smith-Pelly and Wayne Simmonds joined the list of players who have publicly described their personal experience with racism in hockey. This time, the

Brian Boyle: I just don’t understand this pain. I’ve never had to live this pain. AP

culture of silence was nowhere to be found in a league that is over 95 percent white. Sidney Crosby, Connor McDavid and more than 100 other NHL players made statements denouncing racial inequality, acknowledging their privilege and pledging to learn and do better. Tyler Seguin protested in Dallas, Zdeno Chara in Boston, while Patrice Bergeron, Tom Wilson and others made donations. Jonathan Toews met with activists in Chicago. “We have to be as involved in this as black athletes,” Winnipeg captain Blake Wheeler said. “It can’t just be their fight.” It was the kind of response San Jose’s Evander Kane hoped for when he called on white athletes to make their voices heard. Some called it “a perfect storm”—athletes, like everyone else, were at home during the coronavirus pandemic and able to focus on the graphic nature of Floyd’s death in Minneapolis and the visceral reaction. “People, I think, are listening more,” said Kim Davis, the NHL’s executive vice president of social impact, growth initiatives and legislative affairs. Hired in 2017, she is the highest-ranked African American in the league’s hierarchy and reports directly to Commissioner Gary Bettman. “While these things have been happening for a long time, I think the Covid pandemic has brought to light for many the racial pandemic,” Davis said. “To be able to just be paused and to stop and witness for nine minutes, somebody’s knee on someone’s

neck and to watch the life be taken out of them...that’s your humanity [telling] you there’s something very wrong with that. “I think that’s why people are speaking out. I think that’s why players are speaking out,” Davis said. Seguin marched in Dallas along with retired goaltender Marty Turco and kneeled for eight minutes and 46 seconds, the time prosecutors say Floyd was pinned under the knee of a white police officer while his heart stopped. Seguin, a 28-year-old Canadian from outside Toronto, long believed matters of race were none of his business. “It’s unfortunate that it took something of this magnitude to get people’s eyes open or myself having the accountability to realize and look in the mirror and say, ‘I’ve got to be better,’” Seguin said. “Am I part of the stigma because I haven’t thought about this, or haven’t really fully realized it or understood the history of it?” Since Willie O’Ree broke the NHL’s color barrier in 1958, hockey has been dotted with examples of racism. Just in the last decade, Simmonds had a banana thrown at him and PK Subban and Joel Ward were subjected to racist social media posts after scoring playoff game-winning goals. Smith-Pelly was taunted in the penalty box. As recently as April, New York Rangers prospect K’Andre Miller had a video chat during the pandemic hacked by someone who posted a racial slur hundreds of times. Junior and youth hockey are filled with

similar stories, too, even amid determined and long-term efforts to diversify the sport. “There’s clearly a racism problem in our sport,” said Kane, a 28-year-old Canadian from Vancouver who is part of a new effort by black players to do something about it. “It’s been pushed aside and covered up ever since I’ve been playing hockey. And that is a major issue that we need to suppress in a major way. That’s where being able to create a more diverse game, that’s where it’s going to start.” Retired goaltender Ben Scrivens said he has “a healthy dose of cynicism” in seeing so many of his fellow white hockey players only now speaking out about racism. But he said it is nonetheless meaningful because players “can no longer claim ignorance” anymore. “The fact that they’re putting themselves out there is a start,” Scrivens said. “And it also opens the door for them to be held accountable going forward.” It seems like a lifetime ago, but it has only been six months since Aliu’s comments on racism in hockey rocked the league. Bill Peters—who Aliu said used racist language toward him earlier in their careers—resigned as coach of the Calgary Flames and the NHL formed councils to address the issues. The growth in the number of players talking about racism now in the NHL seems logical, at least to Aliu. “It’s a good step in the right direction, so I’m happy to see that,” he said, then paused. “But I feel like it’s long overdue.”

World Athletics sets guidelines for organizers during pandemic

Growing up in the northern city of Manchester, Marcus Rashford relied on breakfast clubs and free school meals. AP

WHITE HOCKEY PLAYERS SPEAK OUT ON RACISM

Man United’s Rashford wants kids’ food vouchers to continue

ANCHESTER, England—Manchester United striker Marcus Rashford has asked the government to continue providing free meals for vulnerable children during the school holidays. When schools were shut down in March as part of the coronavirus lockdown, a food voucher scheme was set up to guarantee meals to children who had been reliant on food being provided at schools. Vouchers worth £15 ($19) are available to spend each week in supermarkets. In a letter to members of the House of Commons, Rashford expressed concern about the scheme being due to end next month. “The government has taken a ‘whatever it takes’ approach to the economy—I’m asking you today to extend that same thinking to protecting all vulnerable children across England,” Rashford wrote. “I encourage you to hear their pleas and find your humanity. Please reconsider your decision to cancel the food voucher scheme over the summer holiday period and guarantee the extension. This is England in 2020, and this is an issue that needs urgent assistance.

mirror_sports@yahoo.com.ph | Tuesday, June 16, 2020

“Please, while the eyes of the nation are on you, make the U-turn and make protecting the lives of some of our most vulnerable a top priority.” Growing up in the northern city of Manchester, Rashford relied on breakfast clubs and free school meals. He does not want other children to miss out on opportunities if they do not have access to similar schemes. “As a black man from a low-income family in Wythenshawe, Manchester, I could have been just another statistic,” the England international wrote. “Instead, due to the selfless actions of my mum, my family, my neighbors, and my coaches, the only stats I’m associated with are goals, appearances and caps. “I would be doing myself, my family and my community an injustice if I didn’t stand here today with my voice and my platform and ask you for help.” British Prime Minister Boris Johnson has announced £63 million in a local welfare assistance fund to help “the most vulnerable families” but the opposition Labour Party said it only amounted to just over half the £115 million it would have cost to extend the school meal voucher scheme over the summer. AP

ORLD Athletics published guidelines through its health and science department for organizers to prevent coronavirus outbreaks during the pandemic in in-stadium outdoor events. It offers guidance for a number of stakeholders, including professional athletes, support staff, technical officials, the stadium work force, volunteers, medical staff and media. Organizers are advised to undertake a four-point risk assessment for all accredited attendants. If an individual scores two or higher, it is recommended that they should undergo a medical clearance protocol before the event. A number of pre-event recommendations have also been included, with welcome desks organized by the organizing committee at airports or railway stations set to provide each arrival with a welcome bag that includes singleuse masks, bottles of hand sanitizer, disinfectant wipes and a leaflet to explain the health and safety protocols for that particular event. Passengers must wear masks at all times when being transported to competition hotels, with organizers also encouraged to arrange and use a

medical encounter registry, recorded on an electronic system, to facilitate identification and further contact tracing of potentially infected individuals. At the stadium, spectators and accredited personnel should have two completely separate entrances. Accredited personnel should only be granted access to the competition venue if wearing a face mask and in possession of personal hand sanitizer. It is advised that face masks are worn by everyone in the stadium, with the exception of athletes when warming up or competing in their event. If possible, warm-up zones will be large, open-air areas within a short walking distance of the competition stadium, with access strictly controlled. During the competition, the number of people on the field of play should be kept to a minimum and officials who will be coming into close contact with athletes should wear protective glasses or a plastic face shield, in addition to their mask. Once athletes have crossed the finish line, they are asked to try and keep their distance from the public and officials. After competition, media mixed zones will be outside if possible and the number of

people in the area should be kept to a minimum. A screen is set to be placed between the athletes and the media, and cleaned after each interview and separate interview boxes should be used if there are multiple positions. Without screens, a safety dead zone of three meters should be adopted when journalists interview athletes, and masks should be used by both parties. Live award ceremonies are not recommended, but alternative digital solutions are encouraged. The guidelines also include specific instructions for each discipline. World Athletics claims the document is “dynamic” and will be updated as more evidence and scientific-based knowledge becomes available. Traditional athletics events have been called off due to the pandemic, with the governing body instead resorting to organizing a behind-closeddoors Diamond League event primarily in Oslo. Titled the Impossible Games, the contest was held last week and featured a 300-meter hurdles world record from Norway’s Karsten Warholm. Insidethegames

THE Impossible Games in Oslo is held in place of traditional Diamond League events cancelled by the pandemic.

Sports BusinessMirror

B8 Tuesday, June 16, 2020

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

BERGER KING AT COLONIAL DANIEL BERGER is a winner again after missing nearly five months at the end of 2018 because of a wrist injury. AP

By Doug Ferguson

The Associated Press

ORT WORTH, Texas—Daniel Berger dreamed of moments like this, a putt on the final hole with everything riding on it, and he pulled it off to perfection Sunday at Colonial. What he never imagined is how quiet it would be. No cheers when his 10-foot birdie on the final hole gave him a share of the lead. No groans when Collin Morikawa missed a 6-foot birdie putt for the win. And more silence on the first playoff hole that Berger won with a par. “It was a little different for sure, but in the end, I was holding the trophy,” Berger said. “And that’s all that matters to me.” The Professional Golfers’ Association (PGA) Tour made a healthy and muted return from the Covid-19 pandemic at the Charles Schwab Chal-

lenge, except for Morikawa and Xander Schauffele having reason to feel sick to their stomachs. One hole after a chance to win in regulation, Morikawa hit a superb pitch on the 17th hole in the playoff to three feet. Berger converted his simple up-and-down for par from behind the green, and Morikawa’s short par putt to extend the playoff hit the right side of the cup and spun out. “Just hit a better putt,” Morikawa said. “My mind can’t go much else than other what just happened on that hole.” Schauffele, whose moxie is easy to miss behind his California cool, made three straight clutch putts—for par, bogey and birdie—that kept him tied for the lead only to learn new meaning of “Horrible Horseshoe” at Colonial. His three-foot par putt on the 17th in regulation dipped in the hole on the right side and came out on the left. His 25-foot birdie putt on the 18th to force

a playoff was right on line and came up short. “If there are fans and everything with the ‘oohs’ and ‘aahs,’ I’d probably be a little more [ticked] off,” Schauffele said. “Maybe that’s a good thing for me right now. But it was definitely weird. It was sort of an internal battle, which it always is for me, but more so internal this week just with no fans.” Berger, whose birdie on the 18th gave him a fo ur-under 66, won for the third time on the PGA Tour, all three titles coming on this week in the calendar. The other two in 2016 and 2017 were at the Saint Jude Classic when it preceded the US Open. This felt different because Colonial was devoid of fans—just like the next four weeks will be on the PGA Tour—and because of the routine he followed. Berger went from the golf course to his rented house, his uncle serving as the chef. He had a saliva test in Florida and a nasal test when he arrived for

the new coronavirus, both negative. He was excited when he arrived—Berger has shot par or better every round since October 11—because golf was back to business. And he was thrilled when he left, a winner again after missing nearly five months at the end of 2018 because of a wrist injury. The victory moved him from outside the top 100 to No. 31 in the world. PGA Tour Commissioner Jay Monahan, on the first tee when golf returned Thursday, was back in Florida watching a final round unfold with eight players taking turns at the top, and a half-dozen still in the mix over the final hour. The scorecard this week included 487 tests for Covid-19 at Colonial, all returned negative. The leaders brought star power, Colonial brought heritage, and it was the first live PGA

Tour event since March 12 because of the pandemic. “This has been a phenomenal start to our return,” Monahan said. It almost was a tremendous return for Morikawa, who is so steady that he already has won and has made every cut as a pro dating to his graduation from Cal a year ago. No newcomer has had a streak that long since Tiger Woods. Morikawa took a share of the lead with a 50-foot putt on the 14th hole. It was the short ones that hurt. “We gave ourselves our chance, and that’s what you want at the end,” Morikawa said. “Yeah, it’s going to sting for a little bit but we’ll make it out and we’ll go on to next week.” Bryson DeChambeau (66), Justin Rose (66) and Jason Kokrak (64) all had birdie chances on the 18th. Berger was the only who who delivered, and this time the playoff worked out in his favor. Jordan Spieth, trying to end three years without a victory, left with a consolation prize of progress. He missed a two-foot par putt on the sixth hole—part of three bogeys in a four-hole stretch—but was still in the mix until a tee shot out of bounds on the 14th. Even then, he made a 35-foot putt to save bogey. He wound up with a 71 and tied for 10th. Rory McIlroy had seven straight tournaments no worse than fifth, a streak that came to a stunning halt. Starting the final round three shots behind, he was 5 over through seven holes and closed with a 74 to tie for 32nd. Monahan conceded his biggest concern going into the week, even with its testing and safety procedure, was positive tests popping up. “That’s something, candidly, that I lost a lot of sleep over in the weeks that preceded coming in,” he said. Next up is the RBC Heritage at Hilton Head on the South Carolina coast, and Monahan said the first week won’t be complete until then to see how players handled the interstate travel. Those on the charter were tested after the third round. Everyone else would be tested when they arrived at Hilton Head. “This is about a sustained return,” Monahan said. “But I think as we sit here late in the day Sunday, there’s no question that this has been an exceptional week.”

Abap RELIEVED OF PSC’S SUPPORT TO MARCIAL

HE Association of Boxing Alliances in the Philippines (Abap) expressed relief over the Philippine Sports Commission’s (PSC) commitment of continuing to provide Eumir Felix Marcial with his monthly allowance as the Tokyo Olympics-bound boxer looked hell bent on turning pro. “I am happy for Eumir. Now there is no more hindrance for his desire to turn professional,” Abap President Ricky Vargas said in a statement on Monday. “We wish him the best and if Eumir is willing and able when the Olympics come around, we will gladly welcome him to the lineup.” Marcial earned ticket to the postponed Tokyo Olympics at last March’s qualifier in Amman, Jordan, a feat Irish Magno also achieved. The 24-year-old pride of Zamboanga City owns a middleweight silver medal from last year’s world championships in Russia, thus cementing his claim to an allowance range of P40,000 a month from the PSC. “This is the happy compromise we were looking for and now that PSC Commissioner Ramon Fernandez and Deputy Executive Director Guillermo Iroy Jr. have reportedly come out with the assurance, we are relieved,” Abap SecretaryGeneral Ed Picson said. “We thank Comm. Mon and Atty. Iroy for stepping up to the plate for Eumir.” Vargas and Picson’s statements virtually validated Marcial’s wish to turn pro. He has

since expressed a strong desire to turn pro after lucrative offers were dangled before him by renowned promoters, including Senator Manny Pacquiao’s outfit. With the adoption of open boxing, pros are now allowed at the Olympics, world championships and continental and regional games, including the Southeast Asian Games. A perfect example was Rio 2016 veteran Charly Suarez, who rejoined the national team and won the lightweight gold in the Philippine 30th SEA Games last December. The Abap exercised its concern over Marcial and his potential for a gold medal at the Tokyo Olympics and advised him to make sure he is fit and ready for the Games that were moved to July 23 to August 8, 2021. Marcial, in a separate statement released on Monday, also thanked the PSC for committing its support to his Olympic campaign. “I profusely thank the leadership of the PSC for vowing to continue supporting me,” Marcial said. “This will do me—as well as the other athletes who have qualified for the Olympics—well in my training and preparation.”

NOVAK DJOKOVIC is pretty confident and comfortable with a big crowd watching him play.

Djokovic defends big crowd at family’s charity tour event

ASH BARTY: I understand the tournaments are eager to run but keeping everyone safe has to be the priority. AP

Barty joins players expressing concern over US Open timing

RISBANE, Australia—Ash Barty has joined the ranks of high-profile players concerned over the staging of the US Open while there’s still so much uncertainty around the coronavirus pandemic. The women’s No. 1 hasn’t had the chance yet to defend her French Open title because all elite tennis competition is shuttered. She’s already processed the fact there’ll be no Wimbledon in 2020 but is still awaiting clarity on the US Open, which is scheduled to begin August 31. Novak Djokovic and Rafael Nadal, winners of the last eight men’s major titles, have aired reservations about the potential restrictions on players, limits on player entourages and other changes being considered for the US Open. Women’s No. 2 Simona Halep reportedly is also uncertain about playing.

ELGRADE, Serbia—There was no social distancing and few among the thousands of fans wore face masks—and Novak Djokovic approved. The fans filled the makeshift stands on Friday at Djokovic’s Belgrade tennis club on the banks of the Danube River for the opening day of his charity tennis tour organized by him and his family. Other top players in attendance included Alexander Zverev, Dominic Thiem, Grigor Dimitrov and Jelena Jankovic. The Serbian government recently lifted lockdown restrictions in the coronavirus pandemic, only recommending people stay one meter apart. On Wednesday, there was a 20,000-strong crowd for a soccer cup semifinal in Belgrade.

“I have concerns too,” Barty said in an e-mail to The Associated Press. “I understand the tournaments are eager to run but keeping everyone safe has to be the priority.” A decision from the US Tennis Association’s (USTA) board about whether to hold the Grand Slam tournament in New York in August could be made as early as this week. The US has accounted for more than 115,000 of the almost 433,000 deaths globally from Covid-19, including more than 30,000 in the state of New York, according to date compiled by Johns Hopkins University. Djokovic last week told Serbia’s state broadcaster RTS that most players he’s talked to “were quite negative” about entering the US Open and that for him, “as things stand, most probably the season will continue on clay at the beginning of September.”

The French Open was postponed from a May start to late September because of the Covid-19 outbreak. Under usual circumstances, the US Open is the last of the four majors to be played in the season, when the tours go back to hard courts following the grass and clay-court swings. US Open tournament director Stacey Allaster has said organizers have been trying to figure out how to “engage fans virtually,” making it unlikely that fans—or at least large groups of fans—will be allowed to attend. Under proposals to get the tournament started, players would need to prove they had tested negative for Covid-19 before traveling on charter flights the USTA would organize from a handful of cities. There would likely be daily health questionnaires and temperature checks, along with occasional nasal, saliva or antibody testing. AP

At the tennis, Djokovic defended the freedoms of the crowd. “We have different circumstances and measures so it’s very difficult to think of international standards,” he said before the ceremonial opening of his Adria Tour. He said Serbia has “better numbers” compared to other countries regarding coronavirus infections. Serbia has registered more than 12,000 Covid-19 cases and 252 deaths, although the numbers have been rising again since the government lifted most of the lockdowns and restrictions last month. “You can also criticize us and say this is maybe dangerous but it’s not up to me to make the calls about what is right or wrong for

health,” Djokovic said. “We are doing what the Serbian government is telling us and hopefully we soon will get back on tour collectively. “Of course, lives have been lost and that’s horrible to see, in the region and worldwide. But life goes on, and we as athletes are looking forward to competing.” But this week, the top-ranked Djokovic said he was thinking of skipping the US Open—if it is played—because he described precautions put on players as “extreme” and not ”sustainable.” These included a 14-day quarantine for foreign players; a limit of one person per competitor at matches; limited ability to move around New York; and mandatory lodging near the tournament site in Queens. AP

Vincent Juico @VJuico Instagram vpjp_j, vince.juico@gmail.com

SPORTS WITHOUT BORDERS

Best and worst in sports brands THE death of George Floyd in the US has brought out the best and worst in sports brands with Nike becoming one of the first brands to come out with an ad in support of social justice and the fight against racism. According to a June 3 article posted in The Atlantic, Nike posted a text video in black and white tracked to somber piano music on its social-media accounts. “For once, don’t do it,” the minute-long video implores, invoking the brand’s famous “Just do it” slogan. In the next frame, the command gets only slightly more specific: “Don’t pretend there’s not a problem in America.” Eventually, the “problem” is named as racism. Black Americans and police brutality are never mentioned directly. Nike has also made its presence in the battle against the outbreak by producing its own line of face masks and customized sneakers for health-care workers. The same article continues, “This template that brands use to respond to a national crisis has become standard in recent years, as people experience collective trauma on the Internet in real time. Images of police violence, school shootings, or racist attacks appear on the same social-media platforms where companies sell mascaras or sneakers or delivery services, often side by side.” The article added: “Contemporary marketing theory implores brands to show up where people naturally congregate online and engage with the topics they care about. That means riding the wave of memes and random topics that sustain social-media chatter, posting in the same formats as everyone else, often acting more like a friend than a company—even in times of tragedy.” Unfortunately, we’ve also seen the worst of them when a piece on the CBS Nascar web site, “Nascar Cup Series stars Jimmie Johnson, Bubba Wallace [the only active African-American driver on the circuit], Ryan Blaney and Kyle Busch have all respectively severed ties with a racing helmet designer after the brand account lashed out online about Nascar’s decision to ban the confederate flag at racing events. What began as some tweets fired off among Nascar media people in defense of keeping the flag—or, as Jason Beam of Beam Designs puts it, in defense of preserving history, whatever that means—grew to calling Bubba Wallace’s Black Lives Matter car ‘garbage.’” Jason Beam of Beam Designs went into damage control mode when things were already out of control as evidenced by four of the best drivers in Nascar who happened to be his clients and endorsers, dropped him like a hot potato. “For what it’s worth, there was a brief period where it looked like that the account had understood the error of its ways, was at least trying to do some damage control. In one now-deleted tweet, the account posted “Thank You Nascar and Bubba Wallace, I fully support the removal of the confederate flag. will rise above the challenges of equality.” There was even a level of supposed understanding as to why Johnson and Blaney dropped the brand, for whatever that’s worth.” A little too late there for Jason Beam, who needs a crash course and a heavy dose of African-American history, culture and sensitivity training. When you think of CrossFit, you think of men and women who are fit, healthy and strong. Last week, then CrossFit CEO Greg Glassman showed why he is UnFit to be the leader of the brand, “CrossFit’s founder and CEO, Greg Glassman, announced his retirement Tuesday evening, following a multi-day firestorm over remarks he made that appeared to make light of the death of George Floyd.” These were his remarks, “Glassman was replying to a health research institute’s declaration on Twitter Saturday that ‘racism is a public health issue,’ when he tweeted “It’s ‘FLOYD-19.’” Another guy who went into damage control mode, “On Saturday I created a rift in the CrossFit community and unintentionally hurt many of its members,” Glassman, 63, said in a statement released by the company. “I cannot let my behavior stand in the way of HQ’s or affiliates’ missions. They are too important to jeopardize.” According to the same article, “Replacing Glassman as CEO is Dave Castro, who has served as the director of the CrossFit Games. “Our shared bond brings together millions of people with differing opinions, viewpoints, and experiences,” Castro said in a statement. “Friction is inevitable. Common ground, mutual respect, and fellowship must also be inevitable.” Castro’s statement is both positive and pragmatic. No sugarcoating and he tells it as it is. He now has the unenviable task of uniting the divided stakeholders under one CrossFit umbrella. Other sports brands that have stepped up are Puma, New Balance and Nike rival, Adidas. In times of crisis, tragedy and unrest, us sports fans not only expect our beloved sports brands to say something, but also do something to show society that it is a brand of charity, social consciousness and compassion.