BusinessMirror June 24, 2020 by BusinessMirror

Revised Asean currency swap takes effect

HE amended agreement on a stronger currency swap arrangement that aims to address balance-of-payments (BOP) and short-term liquidity difficulties among Association of Southeast Asian Nations (Asean) and its partner-economies in the region finally took effect on Tuesday. This, after 27 signatures needed for the amended Chiang Mai Initiative Multilateralization (CMIM) agreement were completed last week, according to a statement from the Department of Finance (DOF) on Tuesday. The International Finance Group (IFG) of the DOF said all finance ministers and central bank governors of the Asean and its “Plus 3” partners Korea, Japan and

WORKERS clean up modern jeepneys at a terminal in Uniwide in Parañaque City. Around 1,500 modern jeepneys and 3,600 public utility buses were allowed to travel in the second phase of the resumption of public transportation in the city. ROY DOMINGO

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China, along with the Hong Kong Monetary Authority, have signed the amended CMIM. Finance Secretary Carlos G. Dominguez III signed the amended CMIM in December last year, while the Minister of Finance, Planning and Industry of Myanmar signed the amended agreement on June 16. Among the key points in the amended CMIM are the flexibility on the supporting period for financing linked to International Monetary Fund (IMF) lending conditions which will be done by allowing multiple renewals to match the supporting period of the IMF-supported programs; and adjustments of other financing terms under CMIM, such as

the disbursement date to secure consistency with the IMF-supported program in the case of cofinancing agreements. The amended accord also strengthened the CMIM’s coordination with the IMF by establishing a set of operational guidelines, aiming to create a shared view on economic and financial situations, financing needs and policy recommendation for cofinancing. The CMIM IMF-delinked portion has two facilities: a Precautionary Line (CMIM-PL)—a crisis-prevention facility that may be tapped for potential crisis or liquidity difficulties; and the Stability Facility (CMIM-SF), which is for crisis resolution. Under the See “Asean,” A2

BusinessMirror A broader look at today’s business

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5-MONTH BUDGET GAP UP 695 TIMES TO P562B www.businessmirror.com.ph

Wednesday, June 24, 2020 Vol. 15 No. 258

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WORKERS WHO LOST JOBS PERMANENTLY BREACH 90K MARK By Samuel P. Medenilla

HE number of permanently displaced workers for almost the first half of the year has breached the 90,000 mark— the highest number of retrenched individuals in the last two years. From January to June 21, 2020, the Department of Labor and Employment (DOLE) reported 3,189 firms nationwide have already displaced 90,215 workers. Of such displacement figures, 82,615 was a result of companies reducing their workforce, while the remaining 7,600 arose from the permanent closure of their establishments. The total annual labor displacement for 2019 and 2018 was 88,947 and 68,587, respectively.

Business disruptions

THE surge in the number of displaced workers this year comes after the country’s community quarantine already lasted for three months. On March 17, 2020, President Duterte placed the country under a state of national emergency and implemented enhanced community quarantine in Luzon to contain the spread of the novel coronavirus disease (Covid-19). “The monthly breakdown shows that the month of June tallied the highest number of reporting establishments [57-percent share or 1,809] displacing 36,086 workers,” DOLE’s Bureau of Local Employment (BLE) said in its latest displacement monitoring report. To note, permanent displacement figures from March to May were fairly low, averaging only at 6,000 per month.

A MAN walks the streets of Parañaque City, hoping to find anything of value and sell them to a junk shop. A record-high percentage of Filipinos are pessimistic about their quality of life, according to a Social Weather Stations survey released on Tuesday, as the coronavirus pandemic left millions jobless and businesses struggling to survive. NONIE REYES

By Bernadette D. Nicolas & Jovee Marie N. Dela Cruz

HE national government’s budget deficit for the first five months of the year ballooned to P562.2 billion, nearly 695 times as much as the previous year’s budget gap of only P809 million for the period.

Latest data from the Bureau of the Treasury (BTr) as of endMay showed that government disbursements continued to increase to P1.665 trillion, while revenues shrank to P1.102 trillion due to the Covid-19 pandemic. The release of the data prompted the chairman of the House Committee on Ways and Means to say the government should now consider borrowing to narrow the country’s budget gap amid the economic downturn caused by the

coronavirus pandemic. According to Albay Rep. Joey Sarte Salceda, Congress will help find ways to pay for what the country will borrow by approving several revenue measures. A budget deficit occurs when expenditures exceed revenues. Government expenditures for the period surged by 26.63 percent from last year’s P1.315 trillion. Broken down, primary spending—net of interest payments— Continued on A2

Changing trend

DURING that three-month period, the number of workers affected by flexible work arrangements (FWA) and temporary closures (TC) soared from 10,756 (March 16) to over 2 million (May). These figures of FWA- and TC-affected workers stagnated to 2.8 million by June, when companies started permanently displacing their workers instead. Most or 28,192 of the displaced workers for the first six months of the year were employed in administrative and support services activities; other services activities (10,635); and manufacturing (10,260). The regions severely affected by the mass labor displacement are Metro Manila (45,046), Calabarzon (17,805) and Central Luzon (8,107).

SC junks quo warranto suit vs ABS-CBN By Joel R. San Juan

HE Supreme Court on Tuesday junked the quo warranto petition filed by Solicitor General Jose Calida seeking the forfeiture of television giant ABSCBN Corp.’s legislative franchise and its subsidiary ABS-CBN Convergence Inc. SC spokesman Brian Keith Hosaka said the quo warranto petition was dismissed for being moot. Hosaka, however, said the de-

cision covered only ABS-CBN Corp. and the case is still pending insofar as its subsidiary is concerned. “I was able to confirm with Chief Justice Peralta that the Supreme Court dismissed today during the en banc meeting the quo warranto petition filed by the Solicitor General against ABS-CBN Corp. on the ground of mootness,” Hosaka told reporters in a text message. “The case against respondents ABS-CBN Convergence Inc. remains pending. Let us wait for

PESO EXCHANGE RATES n US 50.0690

the resolution of the Court on this matter, as for the reason of their action,” he added. ABS-CBN Corp.’s franchise expired on May 4 after the National Telecommunications Commission (NTC) decided not to issue a provisional authority so the television network can keep operating pending the approval of its application for the renewal of its franchise by Congress. ABS-CBN Corp. has been barred from continuing its television and broadcast operations by

virtue of a cease-and-desist order issued by the NTC on May 5. In its quo warranto petition, Calida accused the company of being engaged in broadcasting for a fee, which is beyond the scope of its legislative franchise. Calida added that the television network has been allowing foreign investors to take part in the ownership of a Philippine mass-media entity, in gross violation of the foreign interest restriction of mass media See “ABS-CBN,” A2

MOTOR vehicles pack Commonwealth Avenue in the Philcoa eastbound area on Tuesday as restrictions are eased for public transportation under the general community quarantine. NONOY LACZA

n JAPAN 0.4684 n UK 62.4511 n HK 6.4602 n CHINA 7.0841 n SINGAPORE 35.9614 n AUSTRALIA 34.5877 n EU 56.3927 n SAUDI ARABIA 13.3489

Source: BSP (June 23, 2020)

News BusinessMirror

A2 Wednesday, June 24, 2020

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Community quarantine remains in place nationwide, says IATF

By Samuel P. Medenilla

Duterte had said the country may no longer be able to afford a second wave of Covid-19 infections. Roque disclosed the government already spent around P500 billion for its responses of the first wave of Covid-19.

OMMUNITY quarantine measures will remain in place for the entire country even in areas with low or no existing cases of novel coronavirus disease (Covid-19). In an online press briefing on Tuesday, Presidential spokesperson Harry Roque said the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) decided to remove its “new normal” classification, wherein an area will no longer be placed under community quarantine. The decision was reflected in IATF Resolution 48, Series of 2020. Prior to the new IATF issuance, areas which are deemed low risk in terms of Covid-19 incidents will be placed under a “new normal” classification. But under IATF Resolution

48, low-risk areas will instead be placed under modified general community quarantine (MGCQ). The IATF adopted the precautionary measure by “recalibrating” its quarantine classifications amid concerns that a second wave of Covid-19 infections may be imminent as the government starts relaxing quarantine measures nationwide. Medical experts from the University of the Philippines (UP) have warned the number of Covid-19 cases here in the country will exceed 24,000 after the government downgraded the modified enhanced community quarantine in the National Capital Region (NCR), the epicenter

Review of protocols on travel pressed Continued from A4

He pointed out that “any government assistance that will be extended to businesses must always come with a commitment to retain their workers among their ranks.” In order to achieve this, Villanueva said, “our government must not hesitate to spend on our labor force. We must understand that at this point in time, investing in our workers will make or break our country’s economic recovery.” In a separate statement, Senator Go prodded the Duterte government to “review health and safety protocols for travel to provinces and protect areas, especially those with low to zero Covid-19 cases.” Even as community quarantine measures were relaxed in some areas, Go added, “we still need to enforce strict measures relating to travels to provinces to avoid spreading the disease.” He noted

that there are places in Mindanao with few Covid cases, adding that authorities must strive not to allow the virus to spread in such places. Go reiterated the suggestions from various officials and stakeholders that all flights, buses, vessels and fast craft ships traveling from one province to another should “strictly comply with health and safety protocols and must be required to secure clearance from authorities prior to travel.” At the same time, Covid-19 testing must be conducted on passengers prior to travel and the timespan between testing and actual departure must be limited to a shorter period as determined by health experts, to “ensure reliability of test results and avoid possible exposure of passengers to the virus after being tested negative already,” he said. Butch Fernandez

Localized lockdown

IN this May 4, 2020, file photo, a policeman guards Capulong Street in Tondo, Manila, to make sure residents stay home as the city government of Manila places District 1 under a 48-hour hard lockdown to arrest the spread of the deadly coronavirus. ROY DOMINGO

of Covid cases in the country. The UP experts said these cases will reach the 40,000 mark by the end of the month.

Precautionary measure

AS of Tuesday, the Department of Health (DOH) said there were already 30,682 confirmed Covid-19 cases in the country. “That is why we are now taking

precautions while we are still at the first wave [of Covid-19 infections]. We need to lower [Covid cases] during the first wave,” Roque said. He added, “That is why the new normal classification was removed.” The Palace official, however, stressed that the IATF may decide to bring back the “new normal” classification in future guidelines. He said no less than President

THE government, however, realizes that while community quarantines limit the spread of the infection, they could cause significant business disruptions. To reduce such business disruptions, the IATF issued guidelines for the implementation of localized lockdowns using a “zoning scheme.” As of June 31, 2020, Roque said local government units in six regions implemented 113 localized lockdowns. The Cordillera Administrative Region had the most number of localized lockdowns with 67. It was followed by Metro Manila and Central Visayas, with 19 lockdowns each. The other lockdowns are in Calabarzon (2), Eastern Visayas (1) and Northern Mindanao (5).

BSP CHIEF: DIGITAL TRANSACTIONS GOAL MAY BE MET EARLIER THAN EXPECTED By Tyrone Jasper C. Piad

HE Bangko Sentral ng Pilipinas (BSP) sees digital transactions rising to 50 percent before its target period amid the coronavirus pandemic. BSP Governor Benjamin E. Diokno said during a webinar hosted by the Union Bank of the Philippines that the mobility restriction due to pandemic-induced lockdowns prompted customers to shift to digital platforms. The Central Bank recently introduced a roadmap aimed at increasing digital retail transaction to 50 percent by 2023. This, as the BSP eyes to have 70 percent of the Filipino adult population be financially included. “I think with the pandemic, we can complete even before the end of my term,” he said. Diokno said that the goal could be achieved even as early as next

year given the situation favors BSP. The BSP chief stressed that financial technology (fintech) has truly helped in reviving economies that were spiraling due to the pandemic. “That is why in BSP, we recognize the role of technology and innovation in helping our banks and other financial institutions deliver financial services in the digital realm,” he said. This includes coming up with regulations that would help foster innovation while ensuring consumer protection at the same time, he said. For example, Diokno said that the BSP’s regulatory approach to fintech considers the policies that are fair and proportionate. “The BSP has long pursued to set up the appropriate regulatory environment in fostering continuing development in the financial services sector,” he said. In a webinar last month, Diokno underscored that fintech could help the micro, small and medium

enterprises (MSMEs) move forward to the forthcoming digital economy after the pandemic. He said fintech could ease the burden of MSMEs, one of the most vulnerable sectors during this crisis. Fintech, Diokno cited, can serve as digital tools for MSMEs shifting to e-commerce and underwriting platforms for the government’s direct lending programs. BSP Center for Learning and Inclusion Advocacy Managing Director Pia Roman-Tayag, meanwhile, said that fintech can enable platforms for MSMEs to reach bigger markets to ensure efficiency in the delivery of their products and services. The digital solutions provided by fintech could also help MSMEs in acquiring insights from online transaction data to streamline operations. MSMEs comprise 63 percent of the total employment and 99.5 percent of total enterprises in the Philippines.

ABS-CBN… Continued from A1

provided under Section 11, Article XVI of the Constitution. He also accused the network’s management of violating its franchise when it launched and operated a pay-per-view channel in ABSCBN TV Plus, the KBO Channel, without prior approval or permit from the National Telecommunications Commission. With regard to its subsidiary, ABS-CBN Convergence Inc. (formerly Multi-Media Telephony Inc.), the chief government counsel accused the company of resorting to a corporate layering scheme in order to transfer its franchise without the requisite congressional approval. “We want to put an end to what we discovered to be highly abusive practices of ABS-CBN benefitting a greedy few at the expense of millions of its loyal subscribers. These practices have gone unnoticed or were disregarded for years,” Calida earlier said in justifying the filing of the petition.

Asean… Continued from A1

amended CMIM, a legal basis for conditionality was introduced that applies to both facilities—unlike before when conditionality only covered the CMIM-PL. Other salient features of the amended CMIM: the reinforced program review and monitoring process; upgraded series of financing conditions to match the relevant IMF-supported program and easing of rules on confidentiality so that CMIM-related information could be provided for media coverage and to third parties. As a signatory to the CMIM, which came into effect in March 2010, the Philippines may be able to borrow up to $22.76 billion from the facility to help avert an impending or actual BOP crisis. In turn, the Philippines will also be able to provide liquidity assistance to another CMIM member if so needed. Under the CMIM, each member-state may swap its local currency with US dollars based on certain conditions when faced with short-term liquidity or BOP problems. The current size of the CMIM has since doubled to $240 billion and its IMF-delinked portion has since been raised to 30 percent, which means member-economies could draw up to 30 percent of their maximum borrowing amount, without being subjected to lending conditions set by the IMF. Bernadette D. Nicolas

5-month budget gap up 695 times to ₧562B Continued from A1

surged by 29.30 percent to P1.504 trillion as of end-May this year from P1.164 trillion in the same period in 2019. Interest payments for the fivemonth period also showed an uptick of 6.05 percent to P160.1 billion from P151 billion in 2019. On the other hand, revenues from January to May this year took a hit as it contracted by 16.09 percent from P1.314 trillion in 2019. The Bureau of Internal Revenue’s (BIR) tax take for the period slid by 25.84 percent to P673.7 billion from P908.5 billion a year ago. Meanwhile, collections by the

Bureau of Customs (BOC) as of end-May also dropped by 16.37 percent to P210.5 billion from P251.7 billion in 2019. The BTr, for its part, collected P171.9 billion, more than twice its revenues last year at P77 billion. Cumulative collection from other offices was also down by 40.47 percent to P39.4 billion from P66.3 billion last year. Excluding interest payments from expenditures, the government’s year-to-date primary deficit also increased to P402.1 billion, a reversal of 2019’s P150.2-billion primary surplus. For May alone, the government fiscal balance swung to a P202.1-billion budget deficit, a turnaround from the P2.6-billion budget surplus in the same month last year as government disbursements exceed revenues. Revenues for the month dropped by 52.25 percent year-on-year to P151.5 billion from P317.2 billion in May 2019 with both tax and nontax revenues declining by 45 percent and

88 percent, respectively. Collections by the BIR continued to drop in May, posting only P114.4 billion. This was a 44.13-percent decrease from May 2019’s P204.8 billion. Income from the BTr settled at only P2.4 billion, steeply declining by 93.30 percent from P35.7 billion in May 2019 because of the timing of remittances of dividends. These were remitted in May 2019 but received earlier this year due to the implementation of the Bayanihan to Heal As One Act. Revenue from other offices went down by 75.50 percent to P3.9 billion from the previous year’s level of P16 billion, which was still attributed to the nationwide lockdown due to the pandemic affecting the operations of various national government collecting agencies.

Expenditures climb

MEANWHILE, expenditures in May climbed by 12.38 percent to P353.6 billion, outperforming May 2019’s P314.7 billion. The acceleration was propelled by the releases for the second tranche of the Small Business

Wage Subsidy (SBWS) under the Social Security System in line with the implementation of Republic Act 11469 or the Bayanihan law. Primary spending was also up by 13.65 percent to P335.3 billion in May from P295 billion in the same month last year. Total interest payments for the month also slipped to P18.4 billion, declining by 6.69 percent year-on-year from P19.7 billion in May last year due to domestic debt that matured last year. Primary deficit for the month also amounted to P183.8 billion, coming from a P22.2-billion budget surplus in May 2019. The country’s budget deficit this year is also expected by the government’s economic team to widen to 8.4 percent of GDP or P1.613 trillion due to the drop in revenues and increase in disbursements. This is significantly wider than the country’s budget deficit of 3.4 percent of GDP or P660.2 billion in 2019. The Development Budget Coordination Committee is also expecting the country’s budget deficits to be at 6.6 percent of GDP or 1.429 trillion in 2021 and 5 percent

of GDP or P1.181 trillion in 2022.

Tax measures

IN pitching a resort to borrowing to narrow the deficit, Salceda said Congress can pass the tax measures that would boost the Philippines’ credit ratings and make loans cheaper. Salceda said the tax on digital economy is estimated to yield P29.1 billion, while the taxes on POGO, or the Philippine Offshore Gaming Operators, will give the government P45 billion annually. He said the proposed Motor Vehicle Road Users’ Tax will provide the government P205 billion in additional revenue in five years. “I would advise the government to…spend what we need now, whatever it takes for the country to survive Covid-19 and its impact on poverty and unemployment, and borrow if we must,” he said. “We should borrow now, otherwise, balance sheet problems, when neglected, tend to get worse over time,” said Salceda, an economist. “The deficit is added to our national debt. Now, you should consider two questions when you

discuss national debt. Do we absolutely need to borrow? And, can we pay for what we borrow? The first question is an obvious case. We need to borrow, as do many other countries in the world. Even countries with strong nontax sources like Singapore, with its own sovereign wealth fund, is borrowing immensely for Covid-19,” he noted. “The second consideration requires more commitment, although in the case of the Philippines, the situation is much easier than it would be in, say, an aging country like Japan,” Salceda added. He, meanwhile, said he is ready to sponsor all the revenue measures any time the leadership sets the date. “We will have to do tax policy and administration reforms like the revenue measures we are proposing—digital tax administration, POGO taxes, updated road users’ tax—to help narrow the gap,” he said. “We are undergoing technical working group discussions on digital taxation, and POGO taxes and road users’ tax are already approved by my committee,” he added.

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Trade dept updates WTO on progress of aluminum, GI sheets safeguard probe By Elijah Felice E. Rosales

@alyasjah

HE Philippines has informed the World Trade Organization (WTO) of its safeguard investigation on aluminum and GI sheets after the domestic industry decried injured operations on alleged import surge of the metal products. The Philippines informed the WTO on June 19 of its safeguard investigations against imported aluminum zinc (GL) sheets, coils and strips; prepainted GI and prepainted GL; and GI sheets, coils and strips. The petitions for safeguard were filed by local manufacturers Sonic Steel Industries Inc. (SSI) and Puyat Steel Corp. A safeguard investigation seeks to determine whether increased imports of a product are causing, or is threatening to cause, serious injury to domestic industry. During a safeguard investigation, importers and local manufacturers are summoned to present their evidence and views on whether to put a long-term safeguard on the subject product. In a report on preliminary investigation, the Department of Trade and Industry (DTI) disclosed SSI and Puyat Steel petitioned for a safeguard investigation after their operations are allegedly stifled by the jump in imports of steel products. According to the report, imports of GL sheets, coils and strips surged over 3,000 percent to 24,571 metric tons in 2015, from

just 770 MT in 2014. This went on to grow fourfold in 2016 to 98,386 MT in 2016, slightly increased by 7 percent to 105,224 MT in 2017 and rose by 20 percent to 125,933 MT in 2018. “In 2019 January to November, imports was recorded at 122,232 MT or equivalent to 97 percent of 2018 level. Thus, in absolute volume, there has been a recent, sharp, sudden and significant increase in imports over the POI [period of investigation],” the DTI report read. In a separate report, the DTI noted the increase in imports of prepainted GI and prepainted GL in 2016 and 2018. In 2016 imports of the products rose by 46 percent to 209,600 MT, from 143,735 MT in 2015, and it went up again in 2018 by 7 percent to 191,039 MT, from 178,749 MT in 2017. “Over the five year period of 2014 to 2018, volume of imports of prepainted GI and prepainted GL showed notable increases in 2016 and 2018,” the report read. As for GI sheets, coils and strips, imports of these products jumped six fold in 2015 to 115,910 MT, from just 18,500 MT in 2014. They further inflated in 2016 by over double to 284,346 MT; dipped by 16 percent in 2017 to 237,633 MT; but ballooned again by 25 percent in 2018 to 299,142 MT. The DTI said the rise in imports of GI sheets, coils and strips are recent, sharp, sudden and significant that it deserves to be looked at and studied if there is a need for state intervention.

‘Crush vaccine monopoly in PHL’

@BNicolasBM

HE Bureau of the Treasury raised P30 billion on Tuesday’s auction of five-year Treasury bonds (T-bonds) as strong demand for the tenor dragged the rates lower than the previous auction. The auction was oversubscribed by more than twice as much as the P30-billion offering, with total tenders reaching P80.581 billion. National Treasurer Rosalia V. de

Leon said robust demand for the tenor drove the decline in the rates, adding that security fetched a lower average rate of 3.182 percent, dropping 83.6 basis points from 4.018 percent previously. “Received strong offer at rates hovering around secondary level,” de Leon said in a message to reporters. “Rates lower given strong demand for this security.” The Treasury also decided not to open the tap facility window for an additional offering of the tenor.

Panel Chairman and Quezon Rep. Angelina Tan said breaking the monopoly, particularly in pneumococcal conjugate vaccines (PCVs) market, could enable the DOH to save on costs. Lawmakers earlier said Congress is closely monitoring the “biggest vaccine tender” to make sure that the DOH is correctly spending the P4.9 billion allotted for procurement of pneumococcal vaccines. They said savings can then be used to improve the country’s vaccination program, or even provide fiscal space for the government, to effectively implement the Universal Health Care law. “Both [pneumococcal conjugate] vaccines exist. If the health assessment proves that both PCV10 and PCV13 have the same effects, then we need to go through a procurement process that’s open and competitive so the government can save on costs,” said Tan. Tan and Rep. Adriano A. Ebcas of the Ako Padayon Pilipino Party-list also backed the position of the World Health Organization (WHO) on the comparability of the two PCVs

With the successful auction of P30-billion T-bonds on Tuesday, the Treasury for this week raised a total of P50 billion. On Monday, the Treasury fully awarded P20 billion in 91-day, 182day, 364-day Treasury bills despite higher rates across all tenors as investors await signals from the Bangko Sentral ng Pilipinas ahead of its June 25 policy meeting. For this month, the Treasury earlier programmed to borrow P170 billion from the local debt market.

Mayor Abby says 85K Makati students to get learner’s package and free Internet load daily

AKATI Mayor Abby Binay has announced that over 85,000 students from preschool to senior high school in the city’s public schools will each receive a learner’s package and free daily five-hour Internet load for school year 2020 and 2021. The mayor said each learner’s package contains an on-the-go (OTG) flash drive, printed modules, and two washable face masks in a pouch. The mayor said the city government has come up with the additional benefits in consultation with the City Schools Division Office (DepEd Makati), as part of efforts to adapt to the challenges posed by the Covid-19 pandemic. “The city government has been actively involved in current efforts of the Department of Education to ensure that quality education continues to be accessible to the youth amidst the crisis. We are committed to making the blended learning approach work to the advantage of our students, through equipping them with the right tools,” Mayor Abby said. The mayor also appealed to parents to support the initiatives of the city, underscoring their indispensable role in the effective implementation of new teaching methods designed to adapt to the “new normal.” “We are counting on the parents to do their part by guiding their children in the daily learning activities. Even now, they can start imbuing the students with the proper mindset and discipline so that they will be ready and eager to learn when classes begin in the

new setup,” she said. The mayor noted that the learner’s package and Internet load will be given on top of the annual benefits received by the students, including free school uniforms, leather and rubber shoes, and school supplies. She added that the city will also provide free Internet load to public-school teachers of Makati for the conduct of online activities and sessions. T he OTG f lash dr ive contains digitized learning modules. Through OTG, students can study even without Internet connection. It has videos, illustrations, and interactive exercises developed by DepEd Makati. It can be used on a smartphone (android or iOS), tablet, laptop, desktop, as well as on a smart television. Teachers will upload all the lessons for the week in the OTG, and parents will claim it from the teacher, together with the printed version. On the other hand, printed modules are self-directed instructional modules for all subjects, or learning areas which students can answer. These contain important concepts aimed at helping students increase their knowledge and enhance their skills. If gadgets are unavailable, the student can simply make do with the printed modules. The student will answer all the exercises in the modules and submit them to their teachers through their parents. Meanwhile, students and parents can also take advantage of online modalities. These are digitized

By Jovee Marie N. dela Cruz

@joveemarie

HE chairman of the House Committee on Health asked the Department of Health (DOH) on Tuesday to shatter the existing monopoly in the vaccine market in the country and enable the government to save a sizable amount of money.

BTr raises P30B on auction of five-year Treasury bonds By Bernadette D. Nicolas

Editor: Vittorio V. Vitug • Wednesday, June 24, 2020 A3

lessons and other references available in the DepEd Makati Learning Resources Portal. In addition to online modalities, Google Classrooms, Facebook Messenger, and other online apps may also be used for Internet-based teaching and follow-up sessions. Students may also ask questions and clarify the lessons with their teachers through Google Meet. Parents will also receive journals containing guidelines on how they can assist their children in their studies. According to DepEd Makati, online enrollment of students for the incoming school year is ongoing, and parents may enroll their children until June 30, 2020. They shall fill out the application form in the SDO-Makati OnE App, or scan the QR code that will direct them to the said app. The submission of the student’s birth certificate is not required at this time. For assistance concerning OnE, parents can go to the Facebook page of the school concerned. Contact numbers of focal persons of the school are listed in the page. Every Monday, schools will release a master list confirming the receipt of applications for enrollment. In case Internet access is unavailable, parents may resort to physical enrollment by filling out the learning enrollment and survey form available in schools and barangay halls. They shall drop the duly filledout LESF at the designated drop box in the enrollment kiosk of the school concerned.

and cautioned on allowing a monopoly on PCVs to persist and overspend for this particular vaccine. Last year, WHO issued a statement reaffirming a position paper they released in 2017, saying that the two available PCVs— PCV10 and PCV13—are equally effective in preventing overall pneumococcal diseases in children. The position paper also states that there is at present insufficient evidence on the net impact of the two available PCVs on the overall disease burden. The new evidence released by WHO on the comparability and efficacy of the two PCVs were also supported by local medical experts. This prompted the DOH to seek the help of the Health Technology Assessment Council (HTAC) in reviewing the two vaccines. Last year, the DOH also suspended a call for bidding for PCVs after medical experts noted that the bidding favored a single manufacturer. Meanwhile, Ebcas filed a resolution which aims to ensure the continued and

safe implementation of the mandated National Immunization Program (NIP) for children despite the challenges posed by the Covid-19 pandemic. The resolution aims to encourage and support the DOH in its endeavor to contain the current outbreak and prevent future community outbreaks of vaccinepreventable diseases during the Covid-19 pandemic. It also aims to secure and ensure a stable supply of available vaccines through the continued conduct of open, fair, and competitive bidding, thereby preventing any “outbreak within an outbreak.” “An open, fair, competitive public procurement of NIP vaccines provide the Filipino people the broadest possible options for affordable, quality, and registered vaccines, allowing for potentia l sig nif icant sav ings to the gover nment while at the same time promoting strong public governance,” the resolution said. For her part, Health Undersecretary Dr. Maria Rosario Vergeire said the DOH has already asked the help of the HTAC to know “ if we were being cost-effective for spending this much for a specific vaccine.” She said HTAC review to open the tender for both vaccines may be beneficial in the allocation of the budget for other vaccines in the Expanded Program for Immunization (EPI). Meanwhile, Dr. Lulu Bravo of the Philippine Vaccine Association said in a recent forum, “what we always tell the people—listen to the experts. If you cannot believe WHO, who will you believe?”

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A4 Wednesday, June 24, 2020

Review of protocols on travel pressed S

EN. Joel Villanueva on Tuesday cited stumbling blocks to economic recovery that the Duterte administration needs to promptly deal with, even as Sen. Christopher Go pressed the Executive branch to review health and safety protocols for travel to provinces and protect areas “with low to zero” Covid-19 cases. “The path to economic recovery has two stumbling blocks at the moment: the continuing increase of Covid-19 cases, and the lack of a clear set of policies to help workers adapt to the new normal,” Villanueva said. He suggested that the Duterte administration “arrest the increase of Covid-19 cases to boost economic activity,” adding that “as long as the infection trend is upward, all our efforts to restart the economy will fail miserably.” Villanueva, chairman of the Senate Labor panel, asserted that workers must have access to retraining or upskilling to be employable in the new normal job market. “Aside from ramping up its labor matching efforts, the Department of Labor and Employment should also tap all available resources in our government to complement the needs of our workers in terms of access to knowledge and transfer of technology.” Continued on A2

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BOC to meet DA, farmers on grading of rice imports

By Bernadette D. Nicolas

@BNicolasBM

HE Bureau of Customs (BOC) wants to sit down with the Federation of Free Farmers (FFF) and Department of Agriculture (DA) to clarify the issue raised by the farmers’ group that a “significant” volume of imports did not indicate any rice grade. Without the rice grade on a “significant “ volume of imports, FFF explained that it would be impossible to determine the proper tariff classification and corresponding customs’ reference price. Customs Assistant Commissioner and spokesman Vincent Philip

Maronilla said they are hoping to have the meeting next week. “We are looking into this and we plan to invite FFF for a dialogue to clarify this matter, present the measures we have been implementing to guard against this practice and get their views

on how to move forward,” Maronilla told the BusinessMirror. Pressed on the BOC’s stand on FFF’s claim that there are imports lacking rice grade, Maronilla said: “As far as our ports are reporting it and based on the documents coming from partner agencies such as the DA, there seems to be a little disparity with the report of FFF.” Asked to elaborate further on the disparity, he said: “That’s what we want to find out also with our meeting with FFF we want to know their specific information and place them against the reports coming from our ports. If BOC needs to rectify some of its procedures based on our discussion with FFF, then that’s something [we] will positively consider.” The FFF also earlier urged BOC to review its rice import assessment system to prevent importers from misclassifying the tariff lines of their shipments to avoid higher reference prices. According to the FFF, the BOC uses over 10 different classification codes for the same type of rice imports, which, it pointed out, could be utilized by unscrupulous importers to evade higher customs’ reference prices. The customs’ reference price serves as a basis for the prevailing price of an imported good so it could determine if there are undervaluation or other traderelated issues. FFF also urged DA to tighten further its screening of rice imports and blacklist unscrupulous players that have undervalued their shipments since the rice industry was deregulated in March 2019. The farmers’ group has also

recommended that the BOC sit down with the DA and National Food Authority (NFA) and privatesector representatives to come up with an “accurate and realistic” classification and valuation system for rice imports. The FFF has also repeatedly raised the issue of undervaluation before the BOC and the DA following the enactment of the rice trade liberalization law in 2019, paving the way for the easier importation of rice. It recently claimed that undervaluation of rice imports continues, with at least P890 million in lost tariff revenues from over 766,000 metric tons of the staple imported from January to April. While BOC admitted that certain rice importers presented a transaction value below their reference prices, Maronilla recently said they have yet to determine whether there is an undervaluation or not. Responding to FFF’s earlier allegation, BOC said importers of rice falling below the global published reference prices have availed themselves of the Dispute Settlement Mechanism and the remedy of release under Tentative Assessment. BOC has already collected a total of P7.955 billion in rice tariffs from January to May this year. The figure was up by 0.48 percent from P7.917 billion in the same period last year. The BOC has a yearly target of P10 billion in rice tariff collection for remittance to the Rice Competitiveness Enhancement Fund (RCEF). The RCEF was created to help palay growers and rice farmers’ cooperatives transition to a new rice regime.

Pampi to buy local MDM of chicken T HE Philippine Association of Meat Processors Inc. (Pampi) said it will purchase all locally produced mechanically deboned meat (MDM) of chicken to help Filipino broiler raisers cope with current market situations. The group of local meat processors made the commitment after the Department of Agriculture (DA) said it will be investing in establishing a chicken meat processing facility capable of producing MDM. The DA earlier disclosed the plan as it noted it is “bent” on supporting the local poultry industry and to reduce the importation of MDM, a primary raw material used by processors to produce hot dogs and chicken nuggets, among others. “We will buy all the MDM that local producers can provide so that we don’t have to import it anymore, thus saving our precious foreign exchange,” Pampi President Felix Tiukinhoy Jr. said in a statement on Tuesday. The bulk or about 70 percent of the country’s annual chicken meat imports are MDM. The country’s chicken MDM imports from January to May rose by 45.2 percent to 108,428.904 MT, from 74,669.669 MT recorded in the same period a year ago. Tiukinhoy said Pampi is willing to work with local producers and suppliers to ensure that meat production will not be disrupted by “any vested groups.” Agriculture Secretary William D.

Dar earlier said they will consider “balancing the need of the meat processing sector that makes available more food products for Filipino consumers.” Dar added, “We continue to encourage not only the poultry industry stakeholders but also other key players in the food value chain to continuously elevate their game, as our role of ensuring adequate, accessible and affordable food for our countrymen was thrust into national limelight due to the Covid-19 pandemic.” He vowed to “institute policy reforms, continue to innovate, and build needed infrastr ucture and processing facilities to modernize not only the country’s poultry industry but also the entire agriculture and fishery sector, making it more productive, resilient and globallycompetitive.” The United Broiler Raisers Association (Ubra) earlier pointed out that “it is not true that MDM is not available locally,” citing a “major company” that has facilities to manufacture the said raw material. “A major company already has operating facilities to supply part of their requirements as the quality of the product will be assured,” Ubra said. “This is something that should be supported by the government to lessen dependence on imports and increase the utilization of local chicken as a source of processed protein,” Ubra added. Jasper Emmanuel Y. Arcalas

OF Covid cases rise; 180 bodies due this wk By Recto Mercene @rectomercene

& Samuel P. Medenilla

@sam_medenilla

HE Department of Foreign Affairs (DFA) said on Tuesday 23 new confirmed Covid-19 cases among Filipinos abroad were reported, with two new recoveries and two new deaths in the Middle East, to bring the total deaths among overseas Filipinos (OFs) in 53 countries to 508. This, as the Department of Labor and Employment (DOLE) said it is targeting to start the repatriation of the remains of 180 overseas Filipino workers (OFWs) in the Kingdom of Saudi Arabia (KSA) this week. Total recovery for OFs is 8,324, while those undergoing treatment is 2,759, out of 5,057 who have been discharged. Regional comparative data show that the total number of recorded Covid-19 cases in the Middle East comprise 73 percent of the total confirmed cases across the main geographic regions. Moreover, a large percentage of the recorded recoveries and deaths in Filipinos abroad were reported from the same region. As it celebrated its 122nd Founding Anniversary, the DFA, together with its Foreign Service Posts, said it remains unwavering and relentless in serving and assisting the Filipino people, especially during these challenging times. The DFA and the DOLE have borne the brunt of the frenzied repatriations of thousands of OFs since the pandemic began, sometimes being caught in the middle between workers desperate to return as they lose jobs and are exposed to Covid-19 risks abroad, and, on the other hand, local authorities who keep a tight lid on inbound flights so as to better manage the testing and quarantine challenge posed by returning Filipinos. On Tuesday, the DOLE’s International Labor Affairs Bureau (ILAB) Director Alice Visperas said DOLE and the Overseas Workers Welfare Administration (OWWA) are now negotiating for the chartered flights, which will retrieve the remains. “Hopefully, this week we could start the repatriation,” Visperas said in an SMS, citing reports of the Philippine Overseas Labor Office (POLO). This is in compliance with the instruction of the Saudi government for the remains to be repatriated within 72 hours. The DFA is appealing to have the deadline extended because of the difficulty of chartering flights to KSA due to its travel restrictions. The remains of the concerned OFWs, who died of natural causes, piled up in KSA after the Saudi government implemented a lockdown in the last three months to stop the spread of Covid-19 within its jurisdiction. This reduced the number of available flights to and from the Middle East country. Meanwhile, Visperas noted that 20 of the 107 other OFWs who died in KSA because of Covid-19 were already buried in the Kingdom. Malacañang earlier said the OFWs who perished from Covid-19 will be interred in KSA due to safety concerns. Visperas noted that all of the families of OFWs who died in KSA, were already informed about the fate of their loved ones.

Editor: Angel R. Calso

The World BusinessMirror

Surging US virus cases raise fear that progress is slipping

T. PETERSBURG—Alarming surges in coronavirus cases across the US South and West raised fears on Monday that the outbreak is spiraling out of control and that hard-won progress against the scourge is slipping away because of resistance among many Americans to wearing masks and keeping their distance from others. Confirming predictions that the easing of state lockdowns over the past month and a half would lead to a comeback by the virus, cases surpassed 100,000 in Florida, hospitalizations are rising dramatically in Houston and Georgia, and a startling 1 in 5 of those tested in Arizona are proving to be infected. Over the weekend, the virus seemed to be everywhere at once: Several campaign staff members who helped set up President Donald Trump’s rally in Tulsa, Oklahoma, tested positive, as did 23 Clemson University football players in South Carolina. At least 30 members of the Louisiana State University team were isolated after becoming infected or coming into contact with someone who was. Meatpacking plants were also hit with outbreaks. “It is snowballing. We will most certainly see more people die as a result of this spike,” said Dr. Marc Boom, CEO and president of Houston Methodist Hospital, noting that the number of Covid-19 hospital admissions has tripled since Memorial Day to more than 1,400 across eight hospital systems in the Houston metropolitan area. He warned that hospitals could be overwhelmed in three weeks, and he pleaded with people to cover their faces and practice social distancing. “It is possible to open up at a judicious pace and coexist with the virus, but it requires millions and millions of people to do the right thing,” Boom said. Texas is among a number of states—including Arizona, Alabama, Florida and South Carolina—whose governors have resisted statewide mask requirements, leaving the matter to local authorities. The number of new coronavirus cases across the country per day has reached more than 26,000, up from about 21,000 two weeks ago, according to an Associated Press analysis of data compiled by Johns Hopkins University. Over 120,000 deaths in the US have been blamed on the virus, the highest toll in the world.

In Georgia, the number of people hospitalized because of Covid-19 rose to 1,000, erasing a month’s worth of progress. Infections are at their highest level since the outbreak began, nearly two months after Georgia began lifting restrictions on businesses. Gov. Brian Kemp has required face coverings by waiters, barbers and others working face-to-face with customers but has largely let businesses decide whether customers must wear masks. In Orlando, 152 coronavirus cases were linked to one bar near the University of Central Florida campus, said Dr. Raul Pino, a state health officer in the tourism city. “A lot of transmission happened there,” Pino said. “People are very close. People are not wearing masks. People are drinking, shouting, dancing, sweating, kissing and hugging, all the things that happen in bars. And all those things that happen are not good for Covid-19.” Although he asked health officials to renew calls for people to wear masks and keep their distance, Gov. Ron DeSantis has not signaled he will retreat from reopening the state after three months of shutdowns that have damaged the economy. Texas Gov. Greg Abbott said reimposing lockdown orders would be a last resort and reemphasized, but stopped short of mandating, people wear masks to curtail sobering trends. Monday marked the 11th consecutive day Texas set a new high for Covid-19 hospitalizations. In Louisiana, however, Gov. John Bel Edwards extended restrictions on businesses because of a troubling uptick in cases, following the example set by Utah and Oregon last week. Louisiana has recorded more than 3,000 deaths. “There are a lot of people out there saying they are done with this virus. Well, the virus isn’t done with us,” Edwards said. Countries such as Brazil, India and Pakistan are also seeing surging cases. Dr. Michael Ryan, the World Health Organization’s emergencies chief, said the outbreak is “definitely accelerating” in the US and a number of other countries, dismissing the notion that the record-breaking daily levels of new cases simply reflect more testing. He noted that numerous countries have seen marked increases in hospital admissions and deaths. AP

U.S. FDA warns against Mexican sanitizer gel containing methanol

EXICO CITY—The US Food and Drug Administration has issued a warning about a Mexican-made hand sanitizer gel that it said is dangerous because it contains large amounts of poisonous methanol, or wood alcohol. The FDA said the methanol “can be toxic when absorbed through the skin or ingested,” and recommended consumers dispose of nine brands of gel sanitizers made by Eskbiochem SA de CV. The FDA said one of the brands contained 81 percent methanol and no ethyl alcohol, which is the drinkable kind. Late last week the FDA said it had contacted Eskbiochem “to recommend the company remove its hand sanitizer products from the market due to the risks associated with methanol poisoning,” but the firm hadn’t done so. The company did not immediately respond to an e-mail request for comment. The brands include All-Clean Hand Sanitizer, CleanCare No-

Germ Advanced Hand Sanitizer, The Good Gel Antibacterial Gel Hand Sanitizer, and CleanCare NoGerm Advanced Hand Sanitizer. “Although all persons using these products on their hands are at risk,” the FDA said young children who accidentally ingest it or adult who drink it as an ethyl alcohol substitute are also at risk. Methanol is a poisonous cousin of the ethyl alcohol in normal liquors and cannot be smelled or tasted in drinks. It causes organ and brain damage and can be fatal, and its symptoms include chest pain, nausea, hyperventilation, blindness and even coma. Met h a nol poi son i ng f rom adulterated liquor has cost more than a hundred lives in Mexico since the coronavirus pandemic began. As part of coronavirus lockdowns, many towns banned legitimate liquor sales, and many people also lost their jobs and apparently became unable to buy more professionally made liquors. AP

Wednesday, June 24, 2020

UN says pandemic appears to be peaking in several big countries

ENEVA—A record level of new daily Covid-19 cases worldwide could suggest the pandemic is peaking in some large countries, even as the coronavirus has become “well established” in some regions, the World Health Organization’s emergencies chief said on Monday. At a media briefing on Monday, Dr. Michael Ryan said “the numbers are quickly rising because the epidemic is developing in a number of populous countries at the same time,” even as it appears to be stabilizing and even reducing in parts of Western Europe.

In its latest Situation Report on Covid-19 late Sunday, WHO reported the largest single-day increase in coronavirus cases by its count—more than 183,000 new cases in a 24-hour period. That was underpinned by over 54,700 new cases in Brazil and more than

European Council President Charles Michel (right), and European Commission President Ursula von der Leyen participate in a media conference at the conclusion of an EU-China summit, in video conference format, at the European Council in Brussels on Monday, June 22, 2020. Top European Union officials held talks on Monday with Chinese President Xi Jinping and Premier Li Keqiang at a time of rising tensions between two major trading partners over the fallout from the coronavirus crisis and Beijing’s increasing control over Hong Kong. Yves Herman, Pool Photo via AP

EU urges China to move on trade, back off in HK

RUSSELS—Top European Union officials on Monday pressed China’s leaders to open the country’s markets further to European companies, show stronger leadership in reforming world trade’s governing body and step back from the brink in Hong Kong. With criticism mounting that the EU has been kowtowing to Beijing, European Council President Charles Michel and EU commission President Ursula von der Leyen attempted to strike a tougher tone than usual, after video talks with Chinese President Xi Jinping and Premier Li Keqiang. The 27-nation bloc is China’s biggest trading partner, but also an economic competitor, and as Beijing has become more assertive in recent years, the EU has struggled to balance its commercial interests with a country that it also sees as “a systemic rival.” “Progress is needed in many areas to re -balance this relationship, and we made clear that we need to resolve concrete problems,” Michel said, firing off a list of outstanding issues like market access, subsidies, regulator y issues, public procurement, the forced transfer of technologies and WTO reforms. No Chinese officials took part in the news conference. Von der Leyen said Brussels and Beijing hope soon to sign an agreement on geographical indicators that would protect national producers, but she lamented the general lack of progress, particularly on lifting market access barriers, since last year’s EU-China summit. “We continue to have an unbalanced trade and investment relationship,” she told reporters. “We need to follow up on these commitments urgently. And we also need to have more ambition on the Chinese side in order to conclude negotiations on an investment agreement.”

In a statement after the meeting, the Europeans expressed “grave concerns” at China’s decision to impose its security law on Hong Kong, saying that Beijing’s actions contravene its international commitments and “put pressure on the fundamental rights and freedoms of the population.” They also raised concerns about human rights abuses in Xinjiang and Tibet, as well as reports of people who disappeared after expressing their views on China’s handling of the coronavirus. The “continued arbitrary detention” of Swedish citizen Gui Minhai and two Canadian citizens—Michael Kovrig and Michael Spavor—was also highlighted. “For the European Union, human rights and fundamental freedoms are nonnegotiable,” von der Leyen said. She also raised concerns about a disinformation campaign by China linked to the coronavirus, and noted, without elaborating, that “we’ve seen cyber attacks on computing systems, on hospitals, and we know the origin of the cyber attacks. “ While Monday’s video summit did not produce concrete results—no joint statement was issued—the Europeans hope it will boost slow-moving talks on an investment agreement they have been working on at technical level, and build some common ground for tackling thorny political issues at a face-to-face meeting, hopefully late in the year. The meetings come at a time when China stands accused of trying to influence European officials and EU foreign policy chief Josep Borrell, who also took part in the meetings, has twice denied in recent months that the External Action Service—a kind of EU foreign office that he leads—has bowed to Beijing’s pressure to alter documents. Von der Leyen described the EU-China relationship as “not an easy one, but one we’re working on.” AP

36,600 in the United States. Some countries have attributed their increased caseload to more testing, including India—which counted more than 15,000 new cases over the 24-hour span—and the US. But Ryan dismissed that explanation. “We do not believe this is a testing phenomenon,” he said, noting that many countries have also noted marked increases in hospital admissions and deaths—neither of which can be explained by increased testing. “There definitely is a shift in that the virus is now very well established,” Ryan said. “The epidemic is now peaking or moving towards a peak in a number of large countries.” The situation was “definitely accelerating” in a number of countries, including in South Asia and the Americas, he said. He aired new concerns about rising case counts in the Americas, and cited a record jump of over 54,000 new daily cases in Brazil. There, nearly one in three people tested overall have turned up positive—suggesting that the case counts may be going unnoticed. Still, the overall pattern in Brazil was “relatively stable” in June, he said, adding that the 54,000 new cases in a 24-hour period “needs to be examined carefully” to determine the reason for the spike. Brazil still has “relatively low” testing per population, Ryan said,

and its rate of positive cases was 31 percent—far higher than the 5 percent rate generally found in countries that “are detecting all of their cases.” “Up to nearly one-third of all tests are positive, which does indicate that there is under-detection or under-reporting of cases overall,” he explained. As for Africa, Ryan cited a “mixed” situation but that numbers are “generally on the rise,” noting increased cases in South Africa, Benin, Burundi, Eritrea and Ethiopia—the home country of WHO Director-General Tedros Adhanom Ghebreyesus. Ryan said large cities appeared to be more affected. “Africa, at this point, is still avoiding the large proportion of deaths that have been associated with this disease in other continents,” he said, noting “caveats” such as that testing isn’t as frequent in Africa as elsewhere. Africa’s hospitals “do not appear in most countries to be overwhelmed,” he said, noting exceptions in places like highlypopulated Lagos, Nigeria. “There’s no room for complacency on the African continent,” Ryan said. “Will Africa be the next epicenter for this pandemic? I certainly hope not, because the health systems in Africa in general are weaker than in other parts of the world.” AP

A6 Wednesday, June 24, 2020 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

We must remain vigilant against ASF

ockdown measures implemented by the government to contain the spread of Covid-19 slowed the pace of life in areas placed under quarantine. The shutdown of malls—considered the favorite stomping ground of city residents—and the lack of public transportation encouraged people to stay in their homes. Life under lockdown meant no mass gatherings, visiting relatives, or crossing borders to party with friends. The Bureau of Animal Industry (BAI), an attached agency of the Department of Agriculture, said the lockdown of areas had benefited the hogs sector. Local hog raisers had grappled with African swine fever since it was first detected in a Rizal farm in July 2019 (See, “PHL report to OIE: ASF outbreaks started in July,” in the BusinessMirror September 12, 2019). The disease, which is fatal to hogs but is not harmful to humans, resulted in the culling of pigs and losses for raisers in ASF-infected areas. According to BAI data, 298,844 pigs were culled since the fatal hog disease was first detected. About 15 percent to 20 percent of the culled pigs were infected with ASF and the total death count translates to 3 percent of the country’s total pig population, pegged at 12 million heads. The devastation caused by the hog disease caused the retail price of pork to jump to as much as P285 per kilogram in Metro Manila. Hog farmers can breathe easy for now as the lockdown and the restrictions to mobility slowed the spread of ASF (See, “Lockdown slowed spread of fatal hog disease—BAI,” in the BusinessMirror, June 22, 2020). Cases declined by more than 60 percent to 20 per million pigs, from the pre-lockdown level of 60 per million pigs. The drastic reduction in the number of people and vehicles traveling helped the government prevent ASF outbreaks. ASF is a disease that has the potential to spread rapidly as the virus can survive in fomites or nonliving objects. The World Organization for Animal Health said transmission can occur via contaminated clothes, shoes and tires due to the high environmental resistance of the virus that causes ASF. Unfortunately, a vaccine that could fight this disease has not yet been developed. With the easing of lockdown restrictions, government and hog raisers must continue observing protocols aimed at preventing ASF outbreaks. The increase in people and vehicles traveling would mean more potential carriers of the ASF virus. Vigilance is a small price to pay for avoiding the damage that ASF could inflict not only on the local hog sector but also on the economy. The disease may not be fatal to humans but it has the potential to deal a serious blow to the economy if more areas are struck by ASF and hog production declines drastically. The Covid-19 pandemic will make it difficult for the Philippines to source its pork requirements from other countries that have also been struck by ASF and the coronavirus. Ultimately, consumers would have to pay more for pork, one of the consequences of negligence. Since 2005

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SSS Educational Assistance Loan Program: Giving students a powerful weapon to change the world Aurora C. Ignacio

All About Social Security

ith the Covid-19 pandemic taking over our daily lives as we stay at home to avoid the virus, schools all throughout the Philippines were forced to close their classrooms to prevent the spread of Covid-19 among our children and their teachers. This has affected their school-based learning routine, as students cannot go to school, listen to their teachers, and interact with their classmates. Despite this loss of opportunity for the students to learn and experience new things in school, we will still be welcoming a new School Year 2020-2021 starting August. Education officials have also recommended multiple learning delivery modalities, such as blended learning, distance learning, and homeschooling to minimize face-to-face learning. These various learning options will help reduce possible exposure and spread of Covid-19 among teachers and students.

To ease the burden of enrollment expenses, the Social Security System’s Educational Assistance Loan Program may come in handy. Launched in 2012, EALP aims to support the members’ beneficiaries in their educational expenses for them to be able to become more knowledgeable and skilled Filipino citizens who can greatly contribute to nation-building in the future. To qualify, the member-borrower must be below 60 years old, must

have an actual monthly basic salary or income of P25,000 or below, must have at least 36 posted monthly contributions (six of which should be posted within the last 12 months prior to the month of filing of EALP Application), and must be up-to-date in the payment of his salary/housing and other member loans amortization. Keep in mind that those whose accounts are overdue are not eligible for the program. The EALP beneficiaries may be the member-borrower, legal spouse of the member-borrower, child of the member-borrower (legitimate,

illegitimate, or legally adopted), and sibling of the unmarried memberborrower (including half brother/sister). However, full scholars with zero tuition/miscellaneous fees/assessment balance are exempted under the EALP. Take note that substitution of beneficiary is not allowed. Each member-borrower is only allowed one beneficiary. Another beneficiary will only be allowed upon full EALP payment of the current beneficiary and subject to the availability of funds. They should also be enrolled in any undergraduate course offered by universities and colleges recognized by the Commission on Higher Education, Technical Education and Skills Development Authority, Civil Aviation Authority of the Philippines, or institutions duly recognized by the Philippine government. The amount of loan that a member-borrower can apply for will depend on what course the beneficiary will take. For degree courses, maximum of P20,000 per program term or net tuition/miscellaneous fees/ assessment balance on cash basis, whichever is lower. For a four-year degree program or its equivalent, See “SSS,” A7

A GRADE-SCHOOLER’S VIEW:

What the world needs most right now By Catherine Arranza Samonte

his may sound insane, but what the world needs most right now is to stop for a while…to hit a pandemic pause, and allow the environment to take a break. As people all over the world take a collective pause, we can create a moment of solidarity that will allow us to reflect on our relationship with other people and with the planet. Before the pandemic, we all used to wake up to the same routines, focused on work and school every day, engrossed in making money and ensuring personal success. Nobody really paid attention to the world beyond our primary concerns due to the fact that we were all caught up in our own affairs. When the coronavirus pandemic started devastating rich and poor countries alike, our lives completely changed. Confined at home because of government-imposed lockdowns, we no longer had the freedom to go anywhere we please. The concept of “normal” that we used to know has been radically transformed. Now, we are limited to the four walls of our houses. People are getting bored and are finding new ways to keep themselves preoccupied. Thankfully, the virtual universe of the online world is just there to be discovered. With these newfound

discoveries come eye-opening realizations and new perceptions. Of course, this pause is essential in the efforts of the government to prevent the further spread of the virus. Although this is a very difficult time for everyone, it has given us the opportunity to catch our breath and reflect. Being stuck indoors was not that bad at all because it taught many of us the importance of family, relatives and friends. It fortified our self-discipline and made us realize, given all the good things that we have, that we have so much to be grateful for in life. Recent photos posted on social media showed the pandemic’s positive effect on our planet. We saw the beauty of the natural environment minus the smog, which is why we should start doing everything in our power to protect nature’s pristine beauty. The pandemic put our lives on

SAMONTE

pause, but the Earth is evidently healing. The skies are getting clearer with less carbon emissions because of the absence of vehicular traffic; in some countries, animals are taking the streets and reclaiming land that was once theirs. On the other hand, staying at home for a long time makes us spend more time online. Social media allowed us to connect with friends and exposed us to many issues and causes, which is like having front row access to the issues affecting communities. Thus, we became aware of the problems that people in different communities face during the pandemic. Despite this being an exceptionally distressing situation worldwide, we are enlightened by the new ideas

and thoughts from great thinkers that we encountered in the virtual world, which we would have never encountered if not for the lockdowns. These ideas teach us great things and made us realize the power we have to take action. We should not go back to our old ways, our indifferent attitude toward others. Instead, we should remember all the lessons we have learned throughout this journey during the pandemic, and use the lessons learned and our newfound knowledge for the betterment of society. The pandemic has given the world a chance to slow down, to allow people to realize that they can blaze a new trail and push the restart button for the common good. Isn’t that part of the unattainable dream people had just a few months ago? This opportunity that has been presented to us is a rare one, which is why we should not let it go to waste. And, contrary to what some people believe, this is not the end—it is a new beginning. This is the chance we have been waiting for to help change our world for the better. All we need to do is to embrace the chance and say, “We got this.” Catherine Arranza Samonte is an incoming Grade 11 student at De la Salle Zobel School.

Opinion BusinessMirror

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Regulatory sandbox for the insurance industry

Engaging the world’s biggest oil cartel Dr. Jesus Lim Arranza

MAKE SENSE

Atty. Dennis B. Funa

INSURANCE FORUM

he Insurance Commission will soon be issuing a framework for the adoption of regulatory sandbox in the Philippines. A regulatory sandbox is a framework set up by a regulator that allows FinTech start-ups and other innovators, such as insurance companies, to conduct live experiments in a controlled environment under a regulator’s supervision. It is a novel regulatory innovation. It is “designed to incubate innovation in the financial sector in a relaxed, but safeguarded regulatory environment.” The Asian Development Bank also defines regulatory sandbox as “a framework set up by a finance sector regulator to allow small-scale live testing of innovations by private firms in a controlled environment [operating under a special exemption, allowance, or other limited, time-bound exception] under the regulator’s supervision.” It “also provides a symbiotic environment for innovators to test new technologies and for regulators to understand their implications for the financial sector and consumer protection”. The advent of the regulatory sandbox is a recognition of the widespread innovation happening today in the financial sector, i.e. banks and insurance companies, which poses challenges to financial regulators, i.e. the Insurance Commission. Consequently, in August 2018 a fintech committee was also created under the Financial Sector Forum (FSF), which is composed of the BSP, Insurance Commission, Philippine Deposit Insurance Corp., and the Securities and Exchange Commission. Under this committee, the FSF committed to harmonize its regulatory responses to fintech innovations in the financial sector. As stated by the late BSP Governor Nestor Espenilla, “regulatory policies and standards must evolve alongside emerging technologies.” But since it is part of an experiment, regulation is calibrated. It is a successor to the flexible “test and learn” approach or methodology which has been adopted by the BSP as early as 2004. The “test and learn” exercise then was “to allow e-money product pilots in the market at a time when established reference models did not yet exist in other countries.” The test and learn

SSS. . .

continued from A6

the maximum number of times a member-borrower can avail himself of the EALP shall be eight semesters/12 trimesters/16 quarters, or a maximum of P160,000 full allocation. For a five-year degree program or its equivalent, the maximum number of times a member-borrower can avail himself of the EALP shall be 10 semesters/15 trimesters/20 quarters, or a maximum of P200,000 full allocation. For two-year vocational/ technical courses, maximum of P10,000 per semester/trimester or net tuition/miscellaneous fees/ assessment balance on cash basis, whichever is lower. For a semester program, the maximum number of availments shall be four semesters or a maximum of P40,000 full allocation. For a trimester program, the maximum number of availments shall be six trimesters or a maximum of P60,000 full allocation. The loan amount shall be funded on a 50:50 basis by the national government and SSS. Repayment shall start on the month following the consolidation of the EALP, which is after 18 months for semestral programs,15 months for trimestral, or 14 months and 15 days for quarterly programs from the month of last release. Repayment term is up to five years for degree courses and three years for vocational and technical courses. The repayment term shall be determined upon consolidation of the account in accordance with the preferred term of the member-borrower as per initial EALP application, scheduled term based on the principal loan, or

The Asian Development Bank also defines regulatory sandbox as “a framework set up by a finance sector regulator to allow small-scale live testing of innovations by private firms in a controlled environment [operating under a special exemption, allowance, or other limited, time-bound exception] under the regulator’s supervision.” approach is “learning by doing.” This test and learn approach is now referred to as the regulatory sandbox. An expert said: “In the emerging financial landscape, FinTech sandbox is intended to promote technological innovation by allowing FinTech companies to test new services and products in the financial, credit, and insurance sectors, under the supervision of the competent authorities for a limited period of time. In this structures and controlled environment, firms can better understand the opportunities and risks presented by innovations and their regulatory treatment through a testing phase.” The first regulatory sandbox was launched in the United Kingdom in 2015 under the regulatory supervision of the Financial Conduct Authority. adjusted term where the memberborrower must not be 65 years old or older at the end of the repayment term, whichever is shorter. If there is still unpaid balance, it shall be deducted from the future benefit of the member-borrower. The billing statement shall be issued on the month following the consolidation of the EALP to be sent through postal mail or electronic mail. Member-borrower shall fill out SS Form ML-1 (Member Loan Payment Return) upon payment with his/her name, SS number, and will have to mark “Educational” as Payment Type in the form. Payment may be through any of the SSS branches with a tellering facility or through any of the SSS accredited banks. Payments may also be through salary deduction of the member-borrower. The EALP beneficiary who is of legal age shall also be billed through his/her employer if the EALP account becomes past due for six months. As of March 2020, there are 88,848 EALP member-borrowers with 96,106 total beneficiaries who availed themselves of the program. Let us not take this pandemic as an obstacle to our children’s pursuit of education, especially now that we are all gearing toward a very challenging future. As what former South African President and political activist Nelson Mandela said, “Education is the most powerful weapon which you can use to change the world.” Aurora C. Ignacio is SSS president and chief executive officer. We welcome your questions and insights on the topics that we discuss. E-mail mediaaffairs@sss. gov.ph for topics that you might want us to discuss.

Wednesday, June 24, 2020 A7

N June 9, 2020, as the Filipino nation trembled in fear because of the continued rise in the number of confirmed cases of the deadly Covid-19, Filipinos got another beating when fuel products registered another round of big-time price hike. As an economics graduate, and given my experience in business planning and marketing, including my other involvements in policy decisions as chairman and director of business and industry organizations, I still have to understand the rationale behind the move to raise fuel prices amid low global demand for oil because of the Covid-19 pandemic. I find the timing of the oil price increase surprising, if not suspicious. Raising fuel prices in the midst a low global demand for oil contradicts the fundamental economic principle that when supply exceeds demand, prices fall, and when demand exceeds supply, prices tend to rise. Increasing

oil prices amid a depressed global demand for oil does not make sense at all to me. However, an earlier report I read in one of the newspapers that the Organization of Petroleum Exporting Countries will reduce its daily oil production output because of low oil prices in the global market confirmed my fear that, indeed, the world’s oil trade is controlled by a cartel. Remember that manipulating the supply and production of oil to create artificial shortage and to raise prices is the handiwork of a cartel. The doctrine of supply and demand is one of the most important concepts in macroeconomics. I am

afraid that the recent spike in oil prices could have been manipulated and not market driven, despite assurances from some sectors that this is influenced by oil prices in the global market. To me, this is part of the manipulative control of a cartel, which is even announced globally. What worries me is the deafening silence confronting the world’s controlled oil trade. For a small, economically struggling and imported oil-dependent nation like the Philippines, shouting out our pains and sufferings due to the manipulations made on oil prices may just be ignored by the world’s biggest oil cartel members. But how about the world economic powers like the United States of America, which is also an oil producing country and a frontrunner in consumer protection, and oil rich Russia, why are they so quiet about the erratic, if not orchestrated, movement of oil prices in the global market? If these powerful nations can impose economic sanctions to avoid a disturbance in the world’s economic landscape, why can’t they do that to oil rich cartel member nations? Unless they are also part of the cartel. The fact that the world seems

helpless under the manipulations of the world’s biggest oil cartel saddens me. As a consumer advocate in the Philippines, in my own small way, I filed an anti-cartel case against the Liquefied Petroleum Gas Marketers Association. The first anti-cartel case in the country to be given due course by the court where warrants of arrest were issued against the respondents. My biggest fear, though, is the fact that unless the world’s biggest oil cartel is tamed of its manipulative tendencies, it will continue to dominate the global oil trade. And with oil being the Philippines’s major energy source for its power, transportation and business industries, the lives of Filipinos and the rest of the world will virtually be at the mercy of the world’s biggest oil cartel. After all, power is the heart of the economy, as proclaimed by my cohost in the radio program “Dito sa Bayan ni Juan,” former Senate President Juan Ponce Enrile. Dr. Jesus Lim Arranza is the chairman of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

‘Competition law in the time of Covid and beyond’ Atty. Johannes Benjamin R. Bernabe

Competition Matters

uch is being said about the need to adjust laws and regulations to facilitate business operations and economic recovery during the community quarantine and the “new normal” that comes after. Initiatives abound in both houses of Congress seeking to grant loans, subsidies and other financial packages in favor of affected businesses. There are calls as well on government agencies and local governments to implement strictly the timelines and procedural guidelines under the Ease of Doing Business Act. Certain quarters likewise ask that the Philippine Competition Commission’s authority to review mergers and acquisitions be clipped for the time being. There is even a proposal to suspend the power of the PCC to charge and prosecute cartels and entities that abuse their market power during this pandemic and for at least a couple of years thereafter. If these restrictions on PCC’s mandate are adopted, consumers and ordinary Filipinos may very well end up bearing the burden. Mergers and acquisitions are indeed generally harmless to competition. Many times the increase in scale brought about by these transactions results in enhanced ability to efficiently deliver more goods and services to a wider band of consumers. From the PCC’s expe-

rience, however, there is bound to be at least one or two mergers every year that are likely to substantially lessen competition and consequently inflict harm on consumers. These are the transactions that the PCC has to have the power to prohibit or subject to conditions prior to being cleared. An example of these is Grab’s acquisition of Uber in April 2018, which resulted in price and service quality commitments being imposed by PCC to remedy or mitigate the harm to competition and consumers brought about by Uber’s subsequent exit from the market. The call for suspending PCC’s authority to review mergers and acquisitions is made in the belief that given the difficulties businesses have had to endure during this pandemic, many are unlikely to continue operating unless they consolidate or are acquired by larger companies. This is meant to complement the loans and subsidies that these failing firms are

intended to receive as “bailout” from the government. It should be noted however that the Philippine Competition Act anticipated these kinds of difficulties that firms may encounter and provided for a ‘failing firm defense’ when troubled firms merge. Section 21 of the PCA states that mergers or acquisitions which would otherwise be prohibited may be exempted from such prohibition by the Commission when a merging or acquired party is “faced with actual or imminent financial failure” and the transaction “represents the least anticompetitive arrangement among the known alternative uses for the failing entity’s assets.” Mention has also been made that apart from these failing firms, businesses should be allowed to consolidate so that they can achieve efficiencies necessary to tide them over the crisis we are facing. On this point, it is perhaps worth recalling that not all mergers are subject to review by the PCC; only the largest among these, i.e., those where either of the merging parties has assets or revenues in the Philippines in excess of P6 billion, and where generally, the value of the assets being acquired or the revenue generated by these assets in the Philippines exceed P2.4 billion, may be reviewed by the PCC. The most vulnerable and predominant business entities in the country, the micro, small and medium-sized enterprises (MSMEs) can consolidate all they want, and they will not likely qualify for review by the Commission. For large firms, the argument that they are ‘too big to fail’ and should thus be exempt from any review appears

A central pillar of the EU is under threat By Ferdinando Giugliano Bloomberg Opinion

he European Union prides itself on its tough antitrust regime. It is one of the pillars of the single market. But a recent court ruling, which overturned a Brussels decision to block a British telecoms merger, has put this at risk. At the same time, some of the EU’s most powerful states are pushing to create “European champions” in certain industries by combining companies to better compete with global rivals such as the Chinese. Plus the Covid-19 pandemic is encouraging a more relaxed attitude toward industrial consolidation because of the fear of companies going bust. Taken together, this confluence of events means Europe’s commitment to protecting competition is wavering. Unfortunately, there’s precious little evidence that mergers will boost efficiency, as their champions claim. Indeed, they may hurt consumers by raising prices and limiting choice. Back in May, the EU’s second-highest court overturned the European

Commission’s 2016 decision to block the takeover of O2, a British mobile operator owned by Spain’s Telefonica SA, by its domestic rival Three, which is owned by Hong Kong’s CK Hutchison Holdings Ltd. The General Court said Brussels hadn’t proven that the merger would damage competition and lead to an increase in prices. The Commission is appealing to the European Court of Justice. In the meantime, the ruling has prompted companies to dust off plans for mergers in telecoms and beyond. Were the ECJ to uphold the General Court’s judgement, it would be much harder for Brussels to make a case against many so-called horizontal mergers (where two companies offering similar services combine). The ruling comes at a bad moment for EU antitrust policy. The French and the German governments were already leaning on the Commission to water down its standards after Brussels blocked a combination between the rail businesses of France’s Alstom SA and Germany’s Siemens AG last year. They’ve since been joined by Poland and Italy. The EU has promised a

review of its competition regime, but this won’t happen until 2021. The coronavirus pandemic will add to calls for a softer approach on mergers, as a deep recession will put many companies under severe financial strain. EU governments have sought to cushion the Covid blow through furlough schemes and loan guarantees. However, these steps won’t be enough, especially in sectors already facing more profound challenges, such as retail and travel. Governments might then see mergers as a palatable alternative to job-destroying bankruptcies. There’s a danger here. As Thomas Philippon documented in his book, “The Great Reversal,” the EU has become more competitive than the US. Its antitrust regime isn’t perfect: For example, it has cleared too many horizontal mergers. However, the increase in markups (as measured by higher profit margins) after these deals has been generally less steep than in the US because the market has remained more open. A new wave of consolidation could reverse these gains. While supporters of European champions often claim

to be premised on a short-term perspective. While the mergers or acquisitions made by large firms may ensure production and continued employment for their workers now, if the transaction results in the unintended foreclosure or raising of barriers to entry or expansion of competitors in the industry, the avowed objectives of productivity and employment will be sacrificed for the industry as a whole. With the loss of competition, consumers will suffer from less choice. Not only that, but the merged and enlarged entity—facilitated through a relaxation of competition law and policy—will likely be entrenched in a position of market power that will almost certainly outlive the current crisis. Such market power, given the experience of other competition authorities around the world and the context of Philippine business realities, may lead to high prices, deterioration of quality of goods and services and lack of innovation in the medium to long term. Hence, while we may have solved some problems in the short run, we may be creating problems of a more permanent nature. Beware, the ones who will bear the brunt of these pitfalls will be you and I, the ordinary consumers. A lawyer by profession, Commissioner Johannes Benjamin R. Bernabe served as adviser to the Congress in the drafting of, and deliberations on the Philippine Competition Act. Prior to his appointment at the Philippine Competition Commission, he served as the Philippines’s lead trade negotiator at the World Trade Organization and was a senior fellow at the International Centre for Trade and Sustainable Development—both in Geneva, Switzerland.

that they’ll be better at dealing with foreign competition, notably from China, there’s no evidence to support this. A bigger company can enjoy economies of scale, but the lack of intra-European competition might also allow it to be less efficient and less innovative. Letting a company rescue a failing rival isn’t always the best course of action. In a recent paper, Massimo Motta, a professor of economics at Pompeu Fabra University in Barcelona, and two co-authors looked at the so-called “failing firm defense” in the context of the Covid-19 epidemic. They noted that there were often good reasons to be strict about mergers in declining industries. In such sectors, one can’t count on new rivals emerging to counter the merged firm’s market power. And it might be better to let a failing company restructure and downsize, in the hope that it will become competitive again. Finally, from the point of view of consumers and taxpayers, an orderly market exit may be better than a rescue. Technology will make certain companies obsolete. That has always been the case.

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Security Bank raises funds via fixed-rate bond offering

By Tyrone Jasper C. Piad

@TyronePiad

everal banks have been tapping the debt market amid the Covid-19 pandemic, including Security Bank Corp. which announced on Tuesday it had begun offering fixed P5-billion worth of fixed-rate bonds. In a disclosure to the local bourse, Security Bank said that the offering might still be upsized depending on the demand for the bonds. Offer period will last until July 15. Security Bank intends to list the bonds on the Philippine Dealing and

Exchange Corp. on July 24. Each bond carries a tenor of two years and a fixed rate of 3.125-percent per annum. Minimum denominations were set for P1,000,000 and increments of P100,000 thereafter. The listed bank did not disclose

the allocation of proceeds. Security Bank tapped Philippine Commercial Capital Inc. and SB Capital Investment Corp. as joint lead arrangers and selling agents for the issuance. The transaction will be issued from the bank's P100-billion bond and commercial paper program. It was initially established with an aggregate amount of P50 billion in December 2018 before the bank's board of directors approved to increase it. In December last year, the listed bank raised P2.31 billion from the issuance of long-term negotiable certificates of deposits. It was in line with Security Bank's initiative to diversify sources of funding and finance expansion plans. Security Bank saw its net earnings

grow by 21 percent to P2.9 billion in the first quarter despite increasing provisions for credit losses amid the pandemic. The bank set its allowance for bad loans at P5.7 billion in the first three months of the year, which already surpassed the 2019 full-year provision of P4.2 billion. As of end-March, Security Bank’s common equity tier 1 ratio and capital adequacy ratio stood at 16.5 percent and 17.6 percent, respectively. Total assets inched up 3 percent to P783 billion while shareholders' capital rose 7 percent to P119 billion in the first three months. Security Bank shares climbed by 3.75 percent, or P3.90, to finish at P108 each amid the 0.78-percent dip for the benchmark index on Tuesday.

‘Tall order for Ginebra to replicate 2019 feat’ By VG Cabuag @villygc

inebra San Miguel Inc., the liquor unit of conglomerate San Miguel Corp., said the Covid-19 pandemic will make it tough for the company to repeat its performance last year, when it posted a record income. “We are happy to report that we have broken records in 2019. However, 2020 presents a different challenge for all of us. The whole world was caught unprepared to deal with a crisis of this magnitude,” San Miguel President and COO Ramon S. Ang said.

“This pandemic will cast a long shadow, but we are optimistic as we continue to be grounded in our purpose of making lives better for the communities we serve. We’ve been through many more challenging times in the past and we believe we will come out of this crisis stronger, better. We will beat this pandemic together.” In March, Ginebra shifted its operations from liquor manufacturing to the production of 70 percent ethyl alcohol for donation. To date, it has donated 1.3 million liters of alcohol to frontliners in hospitals and local government units nationwide.

“Throughout the quarantine period, Ginebra was the first to repurpose its facilities, amid the liquor ban, to produce disinfectant alcohol and meet a pressing national need. These alcohol were donated for free to critical health facilities and local government units nationwide,” Ang said. Ginebra’s income rose 59 percent last year to P1.67 billion from the previous year's P1.05 billion. Consolidated revenues ended up 17 percent higher to P29.06 billion from the previous year’s P24.83 billion. Sales volume was also up 14 percent, its highest in nine years

due to wider distribution coverage. For the first quarter, however, its income fell 23 percent to P474.35 million from last year’s P615.92 million. Sales fell P7.45 billion, from last year's P8.26 billion. “The group, being engaged in the manufacture and sale of alcoholic beverages, has been affected by such proclamation [of lockdown in the country]. Given the restricted mobility and curtailed economic activities, the group’s revenue declined by 10 percent compared to same period last year,” the company said in a report.

BDO buys out Nomura stake in joint venture

DO Unibank Inc. is acquiring the entire stake of Nomura Holdings Inc. in their joint venture arrangement under BDO Nomura Securities Inc. In a statement on Tuesday, the Sy-led bank said that the transaction would enable it to consolidate the securities brokerage business into BDO Securities Corp. BDO Securities is currently being reorganized into a fullservice brokerage firm offering more products to include nonequity portfolios. Currently, BDO owns 51 percent of BDO Nomura, while the holding company holds the remaining 49 percent. Following the transaction, BDO will have full ownership. “The transaction is subject to further discussion and final

agreements, in addition to any required corporate and regulatory approvals,” BDO said. The joint venture was approved in January 2016. Operations of the firm began in October the same year. The Sy-led bank saw its first quarter earnings drop by 10.20 percent to P8.8 billion from P9.8 billion in the same period last year due to trading and foreign exchange losses. The bank's total capital base rose to P372.2 billion in the first quarter, booking capital adequacy ratio of P13.8 percent and common equity tier 1 of 12.7 percent. Amid potential losses due to the pandemic, BDO recently allocated P20 billion in provisions for bad loans, in addition to over P2 billion earmarked in the first quarter. Tyrone Jasper C. Piad

Wednesday, June 24, 2020

PSALM resets bidding for Malaya power plant

he Power Sector Assets and Liabilities Management Corp. (PSALM) has again moved the deadline of bid submission for the 650-megawatt (MW) Malaya Thermal Power Plant (MTPP) and its underlying land to end of next month. It also moved the dates of other bidding activities due to the lockdown. The new deadline for bid submission is on July 30 at 12 noon. The release of final Asset Purchase Agreement (APA) to qualified bidders, meanwhile, is on July 14, or not later than seven days prior to bid submission deadline. The issuance of notice of award is set on August 31 while the issuance of certificate of effectivity of the APA to the winning bidder is on September 23. PSALM will disclose the minimum bid

price to qualified bidders immediately after securing the board's decision on the matter. PSALM's Board is awaiting feedback from the Commission on Audit relative to the request of PSALM to allow a discounting mechanism that would lower the minimum bid price. This is PSALM’s third attempt to privatize the Malaya asset. PSALM has declared a failure of the second round of public bidding because there was only one bid. Pursuant to the bidding rules, PSALM then proceeded to go through the process of negotiated sale with the lone bidder, D.M. Wenceslao. However, D.M. Wenceslao’s bid offer was below the minimum bid price. Thus, PSALM was constrained to also declare a failure of the negotiated sale. Lenie Lectura

Companies BusinessMirror

Wednesday, June 24, 2020

PSE STOCK QUOTATIONS

June 23, 2020

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

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

46 102 72.4 21.1 7.77 38.15 8.69 17.86 21.1 47.8 17 108 54.05 0.7 17.3 2.53 1 0.285 0.57 160.2

47.1 102.7 72.5 21.3 7.78 38.2 9 19 21.15 48.95 17.6 109 54.35 0.73 17.5 2.65 1.06 0.3 0.59 166

45.65 99.5 72.3 21.35 7.85 38.65 9 18.18 21.15 48.05 17.6 104.1 58 0.71 17.5 2.5 0.99 0.29 0.57 161

47.1 102.9 72.95 21.4 7.89 38.65 9 19 21.25 48.05 17.6 110.9 58 0.71 17.5 2.59 1.07 0.3 0.59 161

45.65 99 70.8 21.1 7.5 37.95 8.64 18.18 21 47.9 17 103.6 54.05 0.7 17.2 2.5 0.99 0.285 0.56 160

47.1 102.7 72.5 21.3 7.78 38.2 8.66 19 21.1 47.9 17 108 54.05 0.7 17.3 2.53 1.06 0.3 0.58 160

4200 2293640 1165670 166500 6570700 3972800 13300 1600 109300 600 88000 3156580 16580 17000 6800 32000 58000 300000 99000 310

196840 232933106.5 84436759.5 3543300 51058278 151959720 115859 29372 2304510 28780 1500488 341107733 898286 11990 117770 80580 60110 87000 56130 49900

164750 22733361 -11842767.5 -1363750 -12572147 -25994595 37790.0001 -1350100 -14062132 -651999.5 -

INDUSTRIAL AC ENERGY 2.24 2.26 2.24 2.28 2.23 2.26 2960000 6668540 ALSONS CONS 1.25 1.27 1.3 1.32 1.25 1.27 875000 1105480 ABOITIZ POWER 27.9 28 28.4 28.4 27.6 28 332100 9268800 BASIC ENERGY 0.158 0.162 0.162 0.162 0.159 0.162 140000 22380 FIRST GEN 21.25 21.3 20.55 21.95 20.55 21.25 1155400 24548330 FIRST PHIL HLDG 57.9 59.1 59.4 59.4 57.3 59.1 7090 411828 MERALCO 276.6 276.8 278 278 270.6 276.8 233770 64246576 MANILA WATER 12.26 12.3 12.26 12.4 12.26 12.26 2408500 29640932 PETRON 3.15 3.16 3.11 3.2 3.11 3.15 1641000 5172060 PETROENERGY 2.81 2.96 2.75 2.98 2.75 2.96 10000 27990 PHX PETROLEUM 11.48 11.5 11.16 11.5 11.12 11.5 116100 1329764 PILIPINAS SHELL 18.28 18.3 18.7 18.76 18.02 18.3 398600 7,294,188( SPC POWER 7.98 8 8.04 8.04 7.98 8 96400 771281 13.02 14.96 14.96 14.96 14.96 14.96 700 10472 VIVANT AGRINURTURE 7.6 7.62 7.48 7.67 7.48 7.62 621600 4723015 AXELUM 2.62 2.63 2.73 2.73 2.59 2.63 1213000 3179940 CNTRL AZUCARERA 12.16 12.5 13.48 13.48 12.14 12.16 3900 48042 CENTURY FOOD 14.66 14.7 15 15 14.6 14.7 459000 6771160 DEL MONTE 4.3 4.36 4.3 4.3 4.3 4.3 3000 12900 DNL INDUS 4.97 5 5 5.12 4.97 4.97 1408000 7049690 EMPERADOR 8.01 8.04 7.95 8.05 7.95 8.01 53631600 430179448 SMC FOODANDBEV 68.15 68.4 68 68.85 68 68.15 58410 3995517.5 ALLIANCE SELECT 0.56 0.57 0.57 0.57 0.55 0.56 76000 42990 FRUITAS HLDG 1.27 1.28 1.29 1.29 1.26 1.27 6960000 8827990 31.55 31.6 31.6 31.7 31.5 31.6 85300 2697375 GINEBRA JOLLIBEE 144 145 149 149 144 144 1563290 229131871 MACAY HLDG 6.41 6.8 6.8 6.8 6.8 6.8 100 680 MAXS GROUP 5.9 5.91 5.9 5.91 5.83 5.9 1342800 7910070 MG HLDG 0.133 0.138 0.132 0.133 0.13 0.133 280000 36820 SHAKEYS PIZZA 6.12 6.14 6.07 6.22 6.07 6.12 455800 2796761 ROXAS AND CO 1.61 1.65 1.72 1.73 1.61 1.61 6081000 9978510 RFM CORP 4.32 4.4 4.4 4.4 4.31 4.31 28000 122930 SWIFT FOODS 0.106 0.108 0.106 0.106 0.106 0.106 1920000 203520 UNIV ROBINA 131.9 132 132.5 133 129 132 1239040 163307170 VITARICH 0.87 0.88 0.85 0.92 0.84 0.88 64551000 54861170 2.3 2.44 2.45 2.45 2.45 2.45 1000 2450 VICTORIAS CONCRETE B 57.45 62.7 59.95 60 59.5 60 1130 67585.5 CEMEX HLDG 1.09 1.1 1.11 1.11 1.08 1.1 11865000 13003550 DAVINCI CAPITAL 4.06 4.65 4.04 4.05 4.04 4.05 61000 246450 EAGLE CEMENT 10 10.08 10 10.02 9.95 10 713100 7131163 EEI CORP 5.17 5.18 5.02 5.19 5.02 5.17 843800 4338277 HOLCIM 6.29 6.3 6.52 6.54 6.18 6.3 8862700 55639487 MEGAWIDE 6.74 6.75 6.96 7 6.7 6.75 5138700 34921935 PHINMA 8.9 9 9 9 9 9 1000 9000 TKC METALS 0.73 0.75 0.73 0.77 0.73 0.75 80000 59950 VULCAN INDL 0.86 0.87 0.8 0.9 0.79 0.86 6091000 5160110 125.2 140 146.9 146.9 130 135 350 49619 CHEMPHIL CROWN ASIA 1.79 1.99 1.93 1.98 1.93 1.98 14000 27220 2.25 2.28 2.25 2.3 2.22 2.26 931000 2110440 EUROMED LMG CHEMICALS 4.5 4.59 4.5 4.59 4.5 4.59 2000 9090 3.6 3.66 3.6 3.66 3.6 3.66 5000 18240 MABUHAY VINYL PRYCE CORP 4.07 4.2 4.2 4.2 4.06 4.07 23000 93960 CONCEPCION 20.4 20.9 20.5 20.95 20.4 20.9 7700 160990 1.84 1.85 1.88 1.88 1.77 1.85 9447000 17211380 GREENERGY INTEGRATED MICR 5.59 5.69 5.51 5.7 5.51 5.59 183300 1034228 IONICS 1.1 1.11 1.12 1.12 1.08 1.1 512000 561030 SFA SEMICON 1.36 1.37 1.38 1.39 1.33 1.36 1700000 2300720 8.8 8.83 8.72 8.97 8.53 8.8 5941500 51954174 CIRTEK HLDG

375930 1260 -4245520 -2385555 -129217.5 -14835192 -1380478 180330 -526700 3,487,586.0001) -23215 74324 38030 -8498 861608 -3985210 -428979985 41749.5 11399.9999 96520 266660 35556226 -602861 19660 -565490 332920 -110000 -201400 -36801248 252600 -3243650 242400 13581 -411107 -888052 800 -6810 -342720 668169 170164

HOLDING & FRIMS ABACORE CAPITAL 0.49 0.495 0.49 0.495 0.485 0.49 4250000 2069000 -170800 9.21 9.5 8.9 9.8 8.88 9.7 124100 1167922 ASIABEST GROUP AYALA CORP 800 810 800 810 790.5 810 322970 257875165 -14313925 ABOITIZ EQUITY 48.1 48.15 49.5 49.5 47.8 48.15 1117000 53861665 -20801170 7 7.09 7 7.19 6.96 7 51945500 364778009 12297403 ALLIANCE GLOBAL AYALA LAND LOG 1.72 1.75 1.76 1.8 1.71 1.72 1800000 3134210 -1707450 ANSCOR 6.13 6.2 6.2 6.2 6.2 6.2 17500 108500 ANGLO PHIL HLDG 0.51 0.53 0.52 0.53 0.51 0.51 284000 148090 0.56 0.57 0.56 0.57 0.55 0.57 1149000 641520 ATN HLDG A ATN HLDG B 0.55 0.61 0.56 0.61 0.55 0.61 267000 149010 5.23 5.24 5.33 5.33 5.12 5.24 371000 1941390 880400 COSCO CAPITAL 4.31 4.32 4.35 4.5 4.28 4.32 15790000 68,456,310( 43,669,689.9996) DMCI HLDG FILINVEST DEV 8.15 8.16 8.11 8.28 8.08 8.16 141200 1152887 -680824 FORUM PACIFIC 0.185 0.195 0.195 0.195 0.195 0.195 10000 1950 483.8 484 470.4 489 465.2 484 526910 252604082 -82734408 GT CAPITAL HOUSE OF INV 3.36 3.4 3.39 3.4 3.39 3.4 26000 88370 -78200 60.5 60.7 61.55 61.8 60.5 60.5 2043120 124133073 -45235345 JG SUMMIT JOLLIVILLE HLDG 4.91 5.57 5.48 5.58 5.48 5.58 5000 27600 5.14 5.5 5.07 5.07 5.07 5.07 400 2028 KEPPEL HLDG A LODESTAR 0.66 0.67 0.62 0.69 0.61 0.67 13045000 8822020 LOPEZ HLDG 2.7 2.73 2.65 2.74 2.65 2.73 159000 430990 -13500 8.48 8.5 8.6 8.7 8.46 8.48 973700 8297673 -2677655 LT GROUP MABUHAY HLDG 0.465 0.49 0.495 0.495 0.465 0.475 130000 62600 1.71 2.99 1.48 1.48 1.48 1.48 1000 1480 MJC INVESTMENTS METRO PAC INV 3.82 3.87 3.78 3.87 3.75 3.82 70385000 267637110 -3376120 0.77 0.83 0.83 0.83 0.75 0.83 518000 394940 770 PRIME MEDIA SOLID GROUP 0.93 0.94 0.92 0.97 0.92 0.92 29000 26730 SYNERGY GRID 157 161 157 161 157 161 50 7930 -3220 SM INVESTMENTS 935 940 949 949 935 935 398130 372905450 -60805975 100.2 100.3 101.9 101.9 99.65 100.2 109690 11018783 -4190133.5 SAN MIGUEL CORP SOC RESOURCES 0.64 0.65 0.62 0.64 0.61 0.64 181000 111790 SEAFRONT RES 1.8 1.9 1.8 1.8 1.8 1.8 40000 72000 TOP FRONTIER 129.4 129.8 126.5 129.7 126.5 129.4 4560 587147 -551371 WELLEX INDUS 0.185 0.19 0.185 0.185 0.185 0.185 120000 22200 0.141 0.144 0.145 0.145 0.138 0.144 1450000 203110 32200 ZEUS HLDG PROPERTY ARTHALAND CORP 0.54 0.55 0.55 0.55 0.53 0.55 1018000 550790 8.52 8.94 8.52 8.52 8.52 8.52 100 852 ANCHOR LAND AYALA LAND 36.2 36.3 36.5 36.7 36.05 36.3 4588400 166398750 1.02 1.03 1.02 1.03 1.01 1.03 47000 47780 ARANETA PROP BELLE CORP 1.42 1.44 1.41 1.43 1.41 1.43 7000 9890 0.69 0.7 0.72 0.75 0.66 0.69 10537000 7364150 A BROWN CITYLAND DEVT 0.74 0.76 0.74 0.74 0.74 0.74 10000 7400 0.124 0.127 0.124 0.124 0.124 0.124 150000 18600 CROWN EQUITIES 6 6.38 6.2 6.2 6 6 8200 49220 CEBU HLDG 4.03 4.2 4.07 4.2 4.02 4.2 1487000 6150560 CEB LANDMASTERS 0.375 0.38 0.38 0.38 0.375 0.38 4430000 1678800 CENTURY PROP CYBER BAY 0.26 0.275 0.26 0.275 0.26 0.26 3900000 1021350 17.88 17.9 17.3 18 17.3 17.88 458600 8090510 DOUBLEDRAGON DM WENCESLAO 6.38 6.4 6.4 6.48 6.4 6.4 50100 321097 0.265 0.27 0.265 0.27 0.265 0.27 930000 247150 EMPIRE EAST 0.101 0.105 0.1 0.105 0.097 0.105 1170000 117400 EVER GOTESCO FILINVEST LAND 0.99 1.01 1 1.01 0.99 1 22822000 22829300 GLOBAL ESTATE 0.9 0.91 0.91 0.95 0.88 0.9 510000 466030 0.89 0.9 0.87 0.89 0.85 0.89 1550000 1349120 PHIL INFRADEV MEGAWORLD 3.15 3.17 3.2 3.2 3.15 3.15 36725000 116141600 0.158 0.16 0.155 0.161 0.154 0.16 24590000 3850500 MRC ALLIED 1.41 1.42 1.42 1.42 1.41 1.41 9000 12700 PRIMEX CORP ROBINSONS LAND 17.44 17.52 18.2 18.2 17.36 17.52 3005800 52647338 0.234 0.244 0.232 0.244 0.232 0.244 100000 23680 PHIL REALTY ROCKWELL 1.52 1.59 1.52 1.55 1.51 1.55 38000 57920 1.81 1.9 1.91 1.91 1.8 1.9 18000 33550 STA LUCIA LAND SM PRIME HLDG 31.7 31.85 31.95 31.95 31.6 31.7 4542800 144209085 3.73 3.79 3.75 3.81 3.7 3.8 19000 71250 VISTAMALLS SUNTRUST HOME 1.34 1.36 1.26 1.49 1.26 1.34 22779000 31221980 VISTA LAND 3.92 3.99 3.97 4.02 3.92 3.92 1186000 4696440

-81000 20092895 -129600 7400 -620 -415400 -458900 311482 -138450 -19251060 -27000 24640 -71245530 118400 -20715438 15200 -43768305 -526410

SERVICES ABS CBN 15.06 15.1 15 15.2 15 15.1 295800 4457310 GMA NETWORK 4.91 4.92 4.95 4.95 4.86 4.91 235000 1152530 MANILA BULLETIN 0.37 0.38 0.37 0.375 0.37 0.37 150000 55550 13 13.9 13.04 13.06 13 13 5400 70416 MLA BRDCASTING GLOBE TELECOM 2110 2140 2132 2144 2072 2140 100675 212418240 PLDT 1236 1250 1249 1256 1225 1250 164895 205360820 APOLLO GLOBAL 0.049 0.051 0.051 0.053 0.049 0.049 24310000 1240470 DFNN INC 2.88 3 2.88 2.88 2.88 2.88 10000 28800 3.7 3.71 3.85 3.92 3.66 3.71 115174000 437351760 DITO CME HLDG IMPERIAL 1.27 1.36 1.4 1.41 1.3 1.3 61000 84840 ISLAND INFO 0.077 0.079 0.077 0.079 0.073 0.079 2440000 183540 NOW CORP 2.23 2.25 2.02 2.37 1.98 2.25 19616000 43224890 TRANSPACIFIC BR 0.183 0.187 0.183 0.187 0.181 0.183 2570000 467750 PHILWEB 2.27 2.31 2.3 2.33 2.24 2.27 1055000 2410170 2GO GROUP 10 10.18 10.34 10.34 9.9 10.18 199700 1995392 ASIAN TERMINALS 15.42 16.5 16.9 16.9 16.9 16.9 100 1690 CHELSEA 3.92 3.95 4.19 4.22 3.9 3.92 2727000 10932390 CEBU AIR 41.75 41.8 42 42.3 41.25 41.8 348400 14516885 INTL CONTAINER 100.1 100.5 100 101.9 98.2 100.5 1231080 123580593.5 LBC EXPRESS 13.12 13.5 13 13.5 13 13.5 2700 35332 LORENZO SHIPPNG 0.78 0.83 0.84 0.84 0.84 0.84 8000 6720 MACROASIA 6.12 6.15 6.27 6.38 6.1 6.12 4617500 28481870 METROALLIANCE A 2.48 2.5 2.69 2.71 2.46 2.5 2887000 7317590 METROALLIANCE B 2.31 2.5 2.5 2.5 2.5 2.5 2000 5000 PAL HLDG 6.6 6.7 6.75 6.75 6.55 6.6 26700 176965 HARBOR STAR 0.84 0.85 0.83 0.85 0.81 0.85 755000 618130 ACESITE HOTEL 1.25 1.33 1.34 1.34 1.33 1.33 11000 14720 BOULEVARD HLDG 0.025 0.026 0.025 0.026 0.025 0.026 28100000 704500 WATERFRONT 0.39 0.395 0.39 0.39 0.39 0.39 240000 93600 CENTRO ESCOLAR 6.3 6.36 6.36 6.36 6.36 6.36 2500 15900 FAR EASTERN U 775 847.5 750.5 801 750.5 770 30 23215 IPEOPLE 7.51 8.84 8.84 8.84 8.84 8.84 500 4420 STI HLDG 0.305 0.31 0.3 0.31 0.3 0.31 1350000 407300 BERJAYA 2.09 2.1 2.12 2.14 2.05 2.14 197000 413300 BLOOMBERRY 7.38 7.39 7.47 7.5 7.33 7.39 7081100 52566567 PACIFIC ONLINE 1.98 2.05 2 2.05 1.87 2.05 171000 338350 LEISURE AND RES 1.53 1.59 1.55 1.59 1.53 1.59 534000 822990 MANILA JOCKEY 2.7 2.79 2.7 2.71 2.7 2.71 6000 16210 3.01 3.09 2.92 3.49 2.92 3.09 3180000 9906680 PH RESORTS GRP PREMIUM LEISURE 0.335 0.34 0.33 0.35 0.325 0.34 6260000 2101400 ALLHOME 7.85 7.9 7.6 8.1 7.5 7.9 7527600 58593331 METRO RETAIL 1.64 1.65 1.68 1.68 1.63 1.64 3087000 5086120 PUREGOLD 44.75 45.15 45.2 45.5 44.75 44.75 2147900 96702100 ROBINSONS RTL 64.35 64.4 65.7 67 64 64.35 719260 46319186 PHIL SEVEN CORP 125.5 128.9 126.1 126.1 125.5 126 2520 317315 SSI GROUP 1.2 1.22 1.18 1.22 1.16 1.2 2477000 2949060 WILCON DEPOT 15.14 15.18 15.2 15.2 15.1 15.14 1559700 23607680 APC GROUP 0.33 0.335 0.32 0.335 0.32 0.335 650000 212400 EASYCALL 7.72 7.94 7.31 8.08 7.31 7.94 171400 1338226 GOLDEN BRIA 290 300 292 292 292 292 10 2920 0.209 0.211 0.215 0.215 0.205 0.211 4400000 921920 PRMIERE HORIZON SBS PHIL CORP 4.86 5.03 5.02 5.03 4.85 5.03 4200 20712

-72688820 -18027480 -104360 -3089570 1500 9020 20230 -4438405 -5129917.5 -1312 -191685 -4442883 159200 149490 26387285 -1660 -13577285 -36983536.5 -119719 -814290 -6420350 -39400 -0 -

MINING & OIL

ATOK 9.82 10.18 10.1 10.5 9.81 10.18 53500 539269 APEX MINING 1.2 1.21 1.15 1.21 1.14 1.2 28513000 33,572,850( 1,695,799.9997) ABRA MINING 0.0009 0.001 0.0009 0.001 0.0009 0.001 10000000 9600 ATLAS MINING 1.92 1.95 1.92 1.95 1.92 1.95 18000 34650 BENGUET B 1.14 1.3 1.14 1.14 1.14 1.14 1000 1140 1140 COAL ASIA HLDG 0.181 0.195 0.191 0.191 0.191 0.191 160000 30560 CENTURY PEAK 2.66 2.71 2.7 2.71 2.7 2.71 200000 540550 -130080 DIZON MINES 7.59 7.6 7.69 7.69 7.35 7.59 116900 887890 7400 FERRONICKEL 0.84 0.87 0.87 0.88 0.84 0.84 4921000 4209290 -1910660 GEOGRACE 0.233 0.234 0.229 0.239 0.22 0.233 12080000 2758750 LEPANTO A 0.083 0.084 0.079 0.084 0.079 0.084 2640000 215860 LEPANTO B 0.086 0.087 0.086 0.086 0.086 0.086 690000 59340 MANILA MINING A 0.0064 0.0065 0.0065 0.0065 0.0065 0.0065 1000000 6500 MANILA MINING B 0.0068 0.0083 0.008 0.008 0.007 0.007 38000000 285000 MARCVENTURES 0.57 0.58 0.55 0.6 0.55 0.58 1226000 704960 NIHAO 1.28 1.3 1.24 1.35 1.23 1.28 540000 703210 NICKEL ASIA 1.8 1.81 1.8 1.85 1.73 1.81 10078000 18024820 369710 OMICO CORP 0.36 0.38 0.38 0.38 0.38 0.38 100000 38000 ORNTL PENINSULA 0.5 0.53 0.52 0.52 0.5 0.52 304000 156750 PX MINING 2.29 2.33 2.3 2.35 2.29 2.3 833000 1915140 -478520 SEMIRARA MINING 12.98 13 13 13.36 12.9 13 485400 6306346 -1581480 UNITED PARAGON 0.0039 0.004 0.0038 0.0039 0.0038 0.0039 21000000 80500 ACE ENEXOR 6.7 6.73 6.58 6.78 6.48 6.7 301400 2002358 2417 ORNTL PETROL A 0.0082 0.0083 0.0083 0.0083 0.0082 0.0083 60000000 497400 PHILODRILL 0.0075 0.0077 0.0075 0.0077 0.0075 0.0077 37000000 283900 15400 PXP ENERGY 6.5 6.52 5.8 6.5 5.73 6.5 13168400 80927260 1973424 PREFFERED HOUSE PREF A 99 99.75 97.05 99 97.05 99 28290 2800570 -25740 AC PREF B1 502.5 518 502.5 502.5 502.5 502.5 60 30150 ALCO PREF B 100.5 101.5 101.5 101.5 101.5 101.5 150 15225 AC PREF B2R 502.5 503 503 503 503 503 210 105630 CPG PREF A 100 101 100.4 100.5 100.4 100.5 2260 227036 DD PREF 101.2 101.5 101.5 102 101.5 101.5 10020 1017035 FGEN PREF G 106.7 109.9 110 110 106.5 109.9 260 28424 MWIDE PREF 100.5 101.5 100.4 100.5 100.4 100.5 50600 5085240 PNX PREF 3B 102.2 106 102.1 102.1 102.1 102.1 30 3063 PNX PREF 4 1005 1019 1019 1019 1005 1005 60 60440 PCOR PREF 2B 1011 1035 1005 1035 1005 1035 15 15375 PCOR PREF 3A 1050 1059 1050 1051 1050 1050 2330 2446550 -10510 PCOR PREF 3B 1052 1069 1069 1069 1069 1069 40 42760 SMC PREF 2C 76.6 77 77 77 76.55 76.55 36150 2772222 SMC PREF 2F 76.5 77.5 77.5 77.5 77 77 18000 1388000 SMC PREF 2I 78 78.85 75.8 78 75.8 78 12500 973900 PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR 14.5 14.64 14.22 14.5 14.1 14.5 68000 976212 38788 WARRANTS LR WARRANT 0.71 0.74 0.7 0.71 0.7 0.71 85000 59730 SMALL & MEDIUM ENTERPRISES ITALPINAS 2.04 2.05 2.15 2.15 2.01 2.04 10823000 22500880 -459350 KEPWEALTH 6.36 6.54 6.88 6.88 6.3 6.35 78300 510704 MERRYMART 3.7 3.71 3.76 3.96 3.52 3.71 262121000 988111990 13348420 XURPAS 0.58 0.59 0.59 0.59 0.57 0.58 1202000 690400 590 EXHANGE TRADE FUNDS FIRST METRO ETF 95.1 97 96.95 96.95 95 95.1 8120 778129 104016

www.businessmirror.com.ph

Prime Infra starts building power generation portfolio

By Lenie Lectura

@llectura

azon-led Prime Metroline Infrastructure Holdings Corp. (Prime Infra) is investing P1.5 billion in the solar power company run by Leandro Leviste, the son of former Sen. Loren Legarda. Prime Infra said Monday that it recently signed an agreement with Solar Philippines Power Project Holdings Inc. (Solar Philippines) to invest P1.5 billion for 50 percent of Solar Philippines Tarlac Corp. (SPTC), the owner of the largest solar farm in the country.

“We are pleased to join forces with one of the leading solar power developers in the country. Renewables as a stand-alone power source or combined with other forms of power generation and storage are the future of power generation both in terms of reliability and cost,” said Prime Infra

Chairman Enrique K. Razon. This transaction is the first step toward Prime Infra building its power generation portfolio in the Philippines, adding to its strategic gas fired asset in Iraq operating since February 2020. The deal also involves the development of up to 800 megawatts (MW) of solar power projects to be undertaken by Prime Infra and Solar Philippines. The solar power projects will serve the Luzon and Visayas grids. “We believe that partnerships are key to be competitive in the power business. We are honored to partner with the most entrepreneurial infrastructure conglomerate in the Philippines and look forward to building value together for many years to come,” Solar Philippines President Leandro Leviste said.

Leviste said the deal also paves the way for the capacity expansion of the Concepcion Solar Farm, which has been operating since 2019, to up to 200MW. The Concepcion Solar Farm represents the largest greenfield power plant of any kind to begin construction and achieve commercial operations all during the term of this administration and supports the Department of Energy’s push to accelerate the adoption of renewable energy in the Philippines. This project does not avail of any feed-in-tariff subsidy and so reduces the generation costs of Filipino consumers. Prime Infra is Razon’s infrastructure arm with activities and businesses in the construction, water and power segments.

PNB mulls over hike in bad loan reserves By Tyrone Jasper C. Piad @TyronePiad

hilippine National Bank (PNB) said it will take cues from future economic conditions to determine if additional provisions for bad loans are warranted. “For the rest of the year, the need for additional provisioning will depend if there are continued significant changes in the economic scenarios,” PNB Chief Financial Officer Nelson C. Reyes said during a stockholders’ meeting on Tuesday. The Tan-led bank set its loan loss reserves at P3.4 billion in the first quarter, which is markedly higher than P346 million in the last year for the same period. Reyes stressed that the increase in loan loss buffer should not reflect the bank’s asset quality. Rather, he said it was the result of the bank’s evaluation on the macroeconomic fundamentals of the country following the pandemic and lockdowns. “In determining the loan loss provisions of the bank, it uses the expected credit loss methodology, which considers the effect of the macroeconomic factors to probabilities of defaults,” Reyes said. PNB President and CEO Jose Arnulfo Veloso, meanwhile, said the bank’s priority is to ensure

that asset quality is optimal to protect stakeholders and clients, noting that it has “adopted a deliberate lending stance” since March. “We have been supporting our valued customers as we structure loans as needed to ensure that borrowers get through the time of Covid [coronavirus disease],” he said. Veloso added that the bank has been working with “customers on programs intended to relieve financial pressure on their businesses while mitigating what we expect to be increasing credit risk within the loan portfolio.” Apart from this, Veloso said the bank has also been conducting portfolio review to assess the impact of the pandemic. As of the first quarter, its loans receivables grew by 10 percent year-on-year to P651 billion. Deposit liabilities, meanwhile, went up by 6 percent to P791 billion. PNB saw its first quarter net income drop by 29.7 percent year-on-year to P1.3 billion, from P1.9 billion due to higher allocation for loan loss reserves. Its total revenues, however, registered a 33-percent uptick on the back of robust growth in net interest income and trading gains. The listed bank’s shares rose 0.48 percent, or 10 centavos, to settle at P21.10 each amid the 0.78-percent decline for the benchmark index on Tuesday.

Govt asked to exempt emergency relief goods from shipping fees By Butch Fernandez @butchfBM

he government is being asked to waive shipping fees for cargos containing relief goods intended for calamity victims. Sen. Ramon Revilla confirmed over the weekend he has filed the enabling legislation, Senate Bill (SB) 1560, intended to “ensure adequate and immediate delivery of relief goods to calamitystricken areas.” Revilla’s SB 1560, once enacted into law, will lift shipping fees of transport service providers engaged in relief operations. To be known as the Relief Goods Free Transportation Act once passed into law, SB 1560 provides “free freight services of relief goods to areas declared in a state of calamity by the President or the local government unit [LGU] concerned.” In filing the enabling remedial legislation, Revilla observed that “more often than not, the transport of these goods, despite humanitarian reasons, entails a huge cost.” Citing the archipelagic nature of the country contributes to the difficulty in transporting relief goods, Revilla said the remedial legislation intends to facilitate relief assistance to communities heavily affected by disaster. Noting the role played by private individuals and companies and nongovernment organizations in relief operations, the senator acknowl-

edged that “often, the State is not alone in this endeavor.” Revilla added: “During these trying times, our citizens are the most affected. Thus, it is imperative to ensure that adequate relief assistance is given to individuals and communities heavily affected by the disaster.” The Revilla bill provides that the Office of the Civil Defense (OCD), in coordination with the Philippine Postal Corporation (PPC) and all freight companies, common carriers, private carriers, freight forwarders and other companies providing logistic services are mandated to transport relief goods and donated articles free of charge. Moreover, common carriers, freight forwarders and other similar entities are also mandated to deliver goods and services for free in areas where they operate, Revilla said, adding the bill further provides that “if the area is inaccessible, the relief goods shall be sent or delivered to the nearest LGU and consigned to the concerned local chief executive.” It further provides that certain shipping auxiliary cost, such as those for arrastre services, pilotage, and other port charges that are routinely passed on to customers, shall be borne by the concerned arrastre, pilotage, and port authorities. “Provided, however, that container van costs, turnaround time and volume of cargo entitled to the free freight charges shall be considered in order to minimize the loss of profits of the private sector,” the bill added.

mutual funds

June 23, 2020

NAV One Year Three Year Five Year Y-T-D per share Return* Return Stock Funds ALFM Growth Fund, Inc. -a 207.25 -22.38% -8.85% -5.22% -17.72% ATRAM Alpha Opportunity Fund, Inc. -a 1.0288 -37.1% -13.77% -6.43% -25.56% ATRAM Philippine Equity Opportunity Fund, Inc. -a 2.8156 -31.86% -13.26% -7.57% -23.45% Climbs Share Capital Equity Investment Fund Corp. -a 0.7202 -24.39% n.a. n.a. -19.72% First Metro Consumer Fund on MSCI Phils. IMI, Inc. -a 0.6823 -23% n.a. n.a. -19.66% First Metro Save and Learn Equity Fund,Inc. -a 4.4443 -19.52% -7.09% -4.77% -16.59% First Metro Save and Learn Philippine Index Fund, Inc. -a,4 0.7046 -20.74% -9.55% n.a. -17.46% MBG Equity Investment Fund, Inc. -a 80.1 -33.97% n.a. n.a. -22.48% PAMI Equity Index Fund, Inc. -a 41.822 -20.97% -7.03% -3.96% -18.45% Philam Strategic Growth Fund, Inc. -a 444.11 -19.4% -6.52% -4.46% -16.64% Philequity Alpha One Fund, Inc. -a,d,5 0.9152 n.a. n.a. n.a. -11.15% Philequity Dividend Yield Fund, Inc. -a 1.0499 -21.67% -6.93% -3.92% -18.42% Philequity Fund, Inc. -a 30.9646 -21.27% -6.39% -3.6% -18.29% Philequity MSCI Philippine Index Fund, Inc. -a 0.824 -22.34% n.a. n.a. -19.06% Philequity PSE Index Fund Inc. -a 4.2626 -20.6% -6.51% -3.26% -18.4% Philippine Stock Index Fund Corp. -a 713.1 -20.44% -6.49% -3.47% -18.23% Soldivo Strategic Growth Fund, Inc. -a 0.6518 -30.24% -10.23% -7.47% -23.44% Sun Life Prosperity Philippine Equity Fund, Inc. -a 3.2886 -25.01% -7.86% -4.75% -21.87% Sun Life Prosperity Philippine Stock Index Fund, Inc. -a 0.8189 -20.5% -6.63% -3.39% -18.18% United Fund, Inc. -a 3.0058 -20.56% -5.14% -2.64% -17.72% Exchange Traded Fund First Metro Phil. Equity Exchange Traded Fund, Inc. -a,c 95.7569 -20.21% -5.98% -2.63% -18.12% ATRAM AsiaPlus Equity Fund, Inc. -b $0.9559 -2.93% -0.87% -1.66% -7.05% Sun Life Prosperity World Voyager Fund, Inc. -a $1.3814 6.76% 6.01% n.a. 0.2% Balanced Funds Primarily invested in Peso securities ATRAM Dynamic Allocation Fund, Inc. -a 1.5675 -10.51% -4.15% -3.66% 0.3% ATRAM Philippine Balanced Fund, Inc. -a 2.0961 -10.12% -3.97% -1.81% -3.9% First Metro Save and Learn Balanced Fund Inc. -a 2.453 -8.27% -2.27% -3.04% -6.78% First Metro Save and Learn F.O.C.C.U.S. Dynamic Fund, Inc. -a,1 0.1895 n.a. n.a. n.a. -17.07% NCM Mutual Fund of the Phils., Inc. -a 1.8583 -4.54% -0.81% -0.46% -5.34% PAMI Horizon Fund, Inc. -a 3.5157 -6.8% -1.95% -1.64% -7.22% Philam Fund, Inc. -a 15.6925 -7.5% -2.18% -1.78% -7.48% -1.37% Solidaritas Fund, Inc. -a 1.9574 -9.43% -2.99% -7.92% Sun Life of Canada Prosperity Balanced Fund, Inc. -a 3.3497 -14.26% -3.93% -2.63% -13.31% Sun Life Prosperity Achiever Fund 2028, Inc. -a,d 0.9518 -7.11% n.a. n.a. -6.29% Sun Life Prosperity Achiever Fund 2038, Inc. -a,d 0.8679 -15.19% n.a. n.a. -12.9% Sun Life Prosperity Achiever Fund 2048, Inc. -a,d 0.8484 -16.83% n.a. n.a. -14.58% Sun Life Prosperity Dynamic Fund, Inc. -a 0.8237 -17.88% -5.02% -3.94% -15.5% Primarily invested in foreign currency securities Cocolife Dollar Fund Builder, Inc. -a $0.03846 2.56% 2.32% 1.65% 0.6% PAMI Asia Balanced Fund, Inc. -b $0.9813 0.09% 0.48% -0.15% -5.45% Sun Life Prosperity Dollar Advantage Fund, Inc. -a $3.8738 3.66% 4.22% 3.34% -0.95% Sun Life Prosperity Dollar Wellspring Fund, Inc. -a,3 $1.112 1.2% 2.06% n.a. -1.49% Bond Funds Primarily invested in Peso securities ALFM Peso Bond Fund, Inc. -a 365.08 4.37% 3.08% 2.5% 2.03% ATRAM Corporate Bond Fund, Inc. -a 1.9388 2.46% 0.87% -0.04% 1.93% Cocolife Fixed Income Fund, Inc. -a 3.1849 4.55% 5.08% 5.07% 2.2% Ekklesia Mutual Fund Inc. -a 2.2785 4.37% 2.63% 2.19% 2.4% First Metro Save and Learn Fixed Income Fund,Inc. -a 2.4291 5.17% 3.1% 1.79% 2.97% 3.62% Philam Bond Fund, Inc. -a 4.539 8.97% 2.27% 3.8% Philam Managed Income Fund, Inc. -a,6 1.2876 6.19% 3.85% 2.1% 2.46% Philequity Peso Bond Fund, Inc. -a 3.91 6.26% 3.91% 1.96% 3.22% Soldivo Bond Fund, Inc. -a 1.0225 8.74% 3.27% 1.59% 6.04% Sun Life of Canada Prosperity Bond Fund, Inc. -a 3.1565 6.92% 4.54% 2.85% 2.62% Sun Life Prosperity GS Fund, Inc. -a 1.7322 5.56% 3.85% 2.28% 1.83% Primarily invested in foreign currency securities ALFM Dollar Bond Fund, Inc. -a $473.39 3.33% 2.43% 2.69% 1.1% ALFM Euro Bond Fund, Inc. -a Є215.49 -0.8% 0.58% 0.98% -1.93% ATRAM Total Return Dollar Bond Fund, Inc. -b $1.2153 2.9% 2.74% 2.45% 0.67% First Metro Save and Learn Dollar Bond Fund, Inc. -a $0.0259 0.78% 1.32% 1.2% 0.39% PAMI Global Bond Fund, Inc -b $1.0689 -1.58% -0.35% -0.05% -2.4% Philam Dollar Bond Fund, Inc. -a $2.438 3.73% 2.99% 2.97% 1.42% Philequity Dollar Income Fund Inc. -a $0.060518 2.72% 1.91% 1.81% 0.34% Sun Life Prosperity Dollar Abundance Fund, Inc. -a $3.1719 2.83% 1.77% 2.33% -0.11% Money Market Funds Primarily invested in Peso securities ALFM Money Market Fund, Inc. -a 128.03 3.79% 3.18% 2.41% 1.79% First Metro Save and Learn Money Market Fund, Inc. -a 1.0406 2.6% n.a. n.a. 1.39% Sun Life Prosperity Money Market Fund, Inc. -a 1.2827 3.19% 3.03% 2.57% 1.43% Primarily invested in foreign currency securities Sun Life Prosperity Dollar Starter Fund, Inc. -a $1.0446 1.66% n.a. n.a. 0.71% 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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Entrepreneur

Virus prompts tailors to shift trade, sew PPEs for frontliners By Roderick L. Abad @rodrik_28

HE unprecedented coronavirus disease 2019 (Covid-19) pandemic has tested not only the resiliency of entrepreneurs, but also their creativity to cope up with the crisis. While many businesses have ceased their operations due to lockdowns, some have still managed to survive and thrive by shifting to other trades using their acquired skill sets. Case in point are the seamstresses in Ambulong, Batangas who, not only reinvented their livelihood, but also were able to help protect the frontliners. Before such international health emergency brought the entire world down to its knees, these tailors were producing eco-bags, school uniforms and rags. Then came the novel strain of pneumonia virus, Linda Marasigan and many others have been stuck in their homes in compliance to the community quarantine in Batangas. Nevertheless, the stoppage of her previous work in a private sewing company and the growing requirement for protection of workers at the frontlines did not deter her from doing her trade. While the sewing industry slowed down due to Covid-19, she thought of hitting two birds with one stone. This is by continuing what got her started in the trade and leverage on the call of the time to shield the frontliners from contracting the disease. Changing her line of work was not too difficult. Being a member of Maghanapbuhay sa Bahay (Magbuhay), Linda gathered her resources and got in touch with the Garments Production Center at the SIBBAP Multipurpose Cooperative. Due to their close work with Magbuhay since its establishment in 2012, she immediately became a part of the movement as garments supervisor, working closely and monitoring the center for more efficient operations. Because of this new partnership, Linda has been able to provide for her family while also protecting the frontliners. The skyrocketing demand and prices of medical-grade personal protective equipment (PPE) led the Magbuhay members like Linda to produce nonmedical grade ones for delivery people, volunteers, and others who are providing their own unique services to the public at the onset of the pandemic. “We began SIBBAP with just seven machines and some raw materials, thinking we can help teach some of the women of the community some technical sewing skills,” said Olivia Sorio, program manager of Pilipinas Shell Foundation Inc (PSFI). “Now, our 14 seamstresses have all been helping out the community to fight Covid-19. Linda is even elevating this program to provide protection for our many heroes on the field.” Magbuhay has come a long way since its inception as an initiative of the PSFI, under its Proteksyon Para sa Bayani movement, almost a decade ago. It started as a program that teaches technical sewing skills to the women of Batangas. This project seeks to assist individuals in far-flung areas by providing them enough protection against the pandemic. In the same manner, it aims to address the growing concern of people whose livelihoods have been threatened by mobility restrictions. “We all want to flatten the curve, but we don’t want the people to lose their livelihoods either. I think these small projects help our seamstresses to get back their daily wages while also giving our other frontliners a chance to continue with theirs,” said Sorio. Proteksyon Para sa Bayani has been tapping several Shell communities that have been part of the Magbuhay project. To date, more than 8,000 PPEs have been made and delivered. “This is just one of Shell’s multi-tiered program called Para sa Bayani,” said PSFI’s executive director Sebastian C. Quiniones. “Our main goal is to provide resources and help to our frontliners, because, at the end of the day, every help and every aid brings us close to replenishing the strength of our warriors and bringing us closer to winning the fight against the pandemic.”

BusinessMirror

Editor: Vittorio V. Vitug • Wednesday, June 24, 2020 B3

Kitchen City: Pandemic, lockdowns usher era of frozen food deliveries By Rizal Raoul S. Reyes

agement information system certified meats. They also always have safety officers on site who undergo rigorous food safety training.

@brownindio

Contributor

he economic maelstrom spawned by the novel coronavirus 2019 (Covid-19) has prompted entrepreneurs to be extra innovative to enable their business enterprises to survive and even thrive. Peejay Yambao, president and chief executive officer of Kitchen City, is one of the entrepreneurs who transformed his cafeteria concessionaire business into a family frozen meals platform in response to the Covid-19 pandemic. Together with his business partner Jun Abelardo, Yambao earlier looked for a platform to introduce a new business model to meet and serve the demand for food amid the disruption caused by the contagion. A round the f irst week of March, they observed and studied the behavior of cities in other countries placed under lockdowns. They noticed that only groceries, drugstores and food delivery were the only establishments allowed to operate. “So, we had to pivot our business to food delivery to remain relevant. We operate over 100 cafeterias and employ more than 1,000. Most of the cafeterias were closed for three months. We had to change business models to generate revenues so that we can keep employing our people,” Yambao says. Prior to the pandemic, Kitchen City has been delivering to their cafeterias in industrial sizes. Since most of their canteens are closed, Yambao used this methodology but made it consumer friendly family by packing and delivering food in buddy packs. The objective is to let people stay at home and order their food from home. Their gamble paid off as the shift

in business model yielded encouraging results to enable the business running and equally important to keep their employees. Furthermore, Yambao pointed out, the morale of the work force is at an all-time high. In fact they created a hashtag in the company #pamilyaKCako because they saw the passion and agility of management to keep them employed. “The great part about what we are doing really is we are impacting the lives of people, making it easier for them, and we are proud and delighted to do it as an organization,” Yambao told the BusinessMirror in an e-mail interview. On March 17, Kitchen City started packaging their well-loved commissary-made products into safe, delicious and convenient re-heatable dishes. From the start, Yambao was bullish because there was demand to be met. “We do not want people to go out, therefore we need to provide affordable, delicious and safe sustenance while people are under lockdown.” he says. “We decided to add ‘family frozen meals’ to the name since we are delivering direct to home and in a serving size that is good for the family,” Yambao adds. The entrepreneurs who started their cafeteria concessionaire business in 2011 soon found out that their products enjoyed a wide appeal. “We started with only 11 menus, now we have 60,” Abelardo said, “At first, we tried our concept of family

No third party deliveries

The commissary has an important role in the operations of Kitchen City. It ensures the quality and safety of the family frozen foods bound for delivery right at customers’ doorsteps.

frozen meals to family and found out that the concept appealed to a lot more people: seniors, condo dwellers, non-cooks, people who were working from home and people who just wanted convenience. After a month under lockdown, we realized that food safety was an integral part of people’s decision on where to buy their food, so we added our tagline, ‘Made Safe. Made Delicious.’” With their extensive menu offerings that have been enjoyed in canteens in Metro Manila and Calabarzon, Kitchen City’s 15 research and development chefs from all over the Philippines are currently preparing frozen versions of 60 choices from their signature dishes such as beef caldereta and other chef-prepared frozen food favorites, such as kare kare, roast beef, and salpicao. Filipino pork dishes sisig, dinuguan and paksiw are also available along with chicken dishes adobo and curry among others. Light and healthy options include fish fillet, salmon and tuna dishes coupled with veggie goodies like laing, gising-gising and tofu dishes. They have added desserts to their menu with the introduction of their best-selling frozen decadent cake.

The high-quality preparation goes with each packed frozen dish complemented with budget-friendly prices for families, with prices ranging from P250 to P550 for a family serving of four to five persons.

Made safe

With the knowledge that consumers were already facing so many uncertainties, Yambao says, they wanted to offer a variety of delicious meals that are guaranteed safe because each passed through their commissary’s stringent food preparation measures that have been trusted by their over 100 corporate concessionaire clients. The heart of the operations of Kitchen City is in its kitchen commissary situated at the Food Terminal Inc. complex in Taguig City at a 4,000 square meter lot broken down into a fixed asset warehouse, freezer storage, butchering area, cooking area, packing area and an administration office. Compliant to food safety protocols, hazard analysis critical control points and good manufacturing practice. Kitchen Family safety procedures start with their raw materials, where they only use network man-

TO further ensure that their frozen offerings are safe, they do their own deliveries. “We do not want to use third party providers because we wanted to control the entire experience for food safety standards,” says Abelardo. Because Kitchen City shifted to packed meals and frozen meals, three departments became bigger: packaging, stickering and warehousing because of the emergence of the delivery hubs and logistics via our own delivery fleet. “We had to bring our products closer so that the delivery team can be more agile. We opened 10 delivery hubs and are planning to open a few more. Because of this, delivery fees in Metro Manila have gone down to just P75. And depending on location, we can now do same day delivery,” Yambao says. Yambao is bullish that frozen family meals have a bright potential. “I think we destroyed the mentality that frozen meals do not taste as good as freshly cooked food. PostCovid, we hope that the value of convenience, safety and great taste will be fundamental reasons why people will continue patronizing our offerings.” Furthermore, the success lies in the fact it is managed by professional people who can make that difference. Lastly, Yambao said keeping in touch and listening to the market is an important factor to become a popular brand. “In short, since we never stop thinking about the ways to delight our customers, expect us to be better,” Yambao assures. Kitchen City currently delivers in Metro Manila, Rizal, some parts of Laguna and Cavite. They are also opening delivery hubs in Bulacan and other metropolitan cities for customers who want to enjoy high-quality and delicious Kitchen City servings.

Aboitiz-assisted co-ops boost earnings in the ‘new normal’

wo multipurpose cooperatives (MPCs) have been addressing and overcoming the economic impact of the current health crisis, even boosting their earnings, thanks to continuous training, financial, and business start-up support from the Aboitiz Foundation. “We, in the Aboitiz Foundation, are revisiting our social development programs to adjust to the needs of the times. Together with business units of Aboitiz Group and our partners, we commit to provide much-needed and long-term support to help cooperatives, especially those gravely affected economically by Covid-19, quickly recover, rehabilitate and eventually grow,” said Maribeth L. Marasigan, Aboitiz Foundation president and chief operating officer. The Covid-19 pandemic forced cooperatives nationwide to adjust, innovate, and scale up to keep up with the changing consumer behavior. Prior to the pandemic, the Aboitiz Foundation has already been helping partner-cooperatives improve their business operations by providing various organizational strengthening and skills training programs, technical assistance, small business starter kits, and even market and entrepreneurial support. These initiatives have empowered the foundation’s assisted cooperatives to navigate through Covid-19. For instance, Tabla MPC in Barangay Tabla in Liloan, Cebu received training sessions and technical as-

MPC (which the Foundation has been assisting since 2004) to include financial assistance and capability building and technical skills training programs to develop the members’ skills, enabling them to be productive members of their communities. “Malaki ang naitulong ng bakery business sa aming kooperatiba ngayong panahon ng pandemic. There is a tremendous increase of 117 percent in terms of bakery sales in March and April, compared to January and February. The bakery provides enough bread supply to our community and nearby barangays,” said Emma Golocan, general manager of Thanksgiving MPC. Aside from helping its cooperative members, Thanksgiving MPC also takes pride in being able to help other community residents and suppliers.

Cooperatives helping communities

A member of the Thanksgiving Multi-Purpose Cooperative bakes bread early in the morning amid increased order volume during the Covid-19 pandemic.

sistance on bread production, bakery management and organizational development. The Aboitiz Foundation, together with Aboitiz food unit Pilmico and other partners, helped the cooperative set up and manage its bakery business through a bakery starter kit donation, and obtain capital funds

through loans from partner microfinance institutions. Today, despite the pandemic, Tabla MPC sees an increase in bread and baked goods sales, being the sole bakery in their barangay and nearby communities. In Tuba, Benguet, Aboitiz Foundation expanded its support to the province through Thanksgiving

“With the high demand for supply and the increase of orders from store owners, we added part-time employees. Our coop bakery also supplies the needs of the consumers as to flour, baking powder, sugar, milk, and other bakery products, increasing the purchase of raw materials from various suppliers,” said Golocan. Also trained on cooperative governance, financial management, and marketing by the Aboitiz Foundation, Hedcor and Pilmico, Thanksgiving MPC leverages its gained knowledge in managing other businesses. “Despite the restrictions on the

purchase of supplies of goods, our cooperative grocery store still manages and incurs an increase of 50 percent on sales since the pandemic started. As to our money transfer business, there is an increase in transactions. Dumami ang nagpapadala at nag rereceive ng pera which means there is also an increase in the commission thus, make a higher income for the cooperative. “We are very grateful to the Aboitiz Foundation, Hedcor and Pilmico for choosing our cooperative to be one among your partners. The skills in dressmaking and bread and pastry production, and the starter kit donations help our coop’s products and services stay very much in demand in this time of pandemic,” Golocan shared. Moving forward, the Aboitiz Foundation, through its Enterprise Development program, will continuously focus on helping partnercooperatives and social enterprises become self-reliant and resilient. The foundation is finalizing its Cooperative Digital Transformation program, which aims to promote e-commerce and the use of modern knowledge transfer tools for the cooperatives. The Aboitiz Group continues to contribute to the country’s Covid-19 response efforts. To date, the Aboitiz Group has contributed P1.85 billion for its Covid-19 response efforts. This excludes various payments waived, reduced, extended, or restructured to help customers cope with the impact of Covid-19.

Show BusinessMirror

Wednesday, June 24, 2020

SECOND CHANCES

SO the veteran actor has admitted that he has a girlfriend, but he vehemently denied that he dated her while he and his ex-wife, a retired actress, were still together. Anyway, the girlfriend is someone who has an interesting history. She is not only a talented and intelligent woman but someone who stands up for her rights. In the recent past, she came out to say that she had been abused by her then-partner, a problematic musician from a legendary group. She even went as far as posting her pictures, which clearly show her black and blue, on social media. The musician has always had a reputation for being abusive. Even his own child has said so.

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Today’s Horoscope

CELEBRITIES BORN ON THIS DAY: Minka Kelly, 40; Mindy Kaling, 41; Sherry Stringfield, 53; Jeff Beck, 76.

EVERLY HILLS, California—Grunge became gold on Saturday as the guitar Kurt Cobain played on Nirvana’s 1993 MTV Unplugged performance months before his death sold for an eye-popping $6 million at auction. The 1959 Martin D-18E that Cobain played in the band’s rare acoustic performance and subsequent live album was sold to Australian Peter Freedman, owner of Røde Microphones, at the Music Icons event run by Julien’s Auctions in Beverly Hills, California. The bids opened at $1 million for the sale that ended up breaking several world records. Cobain used it to play tunes, including “About a Girl” and “All Apologies” at the November 18, 1993, show in New York that came less than five months before the singer and songwriter died at age 27. A day earlier at the same auction event, a custom guitar

played by Prince at the height of his stardom in the 1980s and 1990s sold for $563,500, a small sum compared with the Cobain guitar but well over the $100,000 to $200,000 it was expected to fetch. Prince played the blindingly blue guitar with the artist’s “love” symbol on its neck beginning on the 1984 Purple Rain Tour, as well as on the classic albums Lovesexy and Sign O’ The Times. He used it into the early 1990s. Archivists going through Prince’s possessions at his Paisley Park home and musical headquarters in Minnesota recently found the guitar that was thought to be lost during the four years since his death from an overdose at age 57. Also Friday, a macrame belt that Elvis Presley wore about 30 times on stage brought in nearly 10 times its expected price, with a final bid of $298,000, and an ivory gown worn by Madonna in her 1990 “Vogue” video sold for $179,200. AP

ENGAGED?

THEY’VE been working together for a number of years and they’ve been together for nearly the same time. Despite their substantial age gap, the actor and actress get along well. Even their respective families are OK. So it’s no surprise that they have been engaged since last year. Their love seems genuine and they’re very faithful to each other. The problem lies in their respective careers. The girl is still hot property but as a loveteam, they are no longer bankable. In fact, their recent projects have not been successful. People blame it on the guy looking older than the girl. Oh well, as long as they really love each other nothing else matters.

EXPOSED

THE actor is slowly being exposed by his coworkers. They are still scared because they know how powerful and influential he is, but they don’t mind talking about his character right now. They just do it in whispers. The actor is difficult to work with. He is temperamental and expects so much from others. For instance, he imposes call times that people who live far away and don’t have their own cars might find impossible to make. He also likes to berate coworkers in front of others just because he can. He is not even the gentleman that he wants people to believe he is. He isn’t even respectful of women.

By Eugenia Last

Happy Birthday: Look for interesting ways to use your skills. Making adjustments as you get used to the changes or new rules or regulations that affect you or the industry you work in will help you feel confident. You stand to prosper this year if you are flexible and show interest in learning new techniques and technology. The changes you make will pay off. Your numbers are 9, 16, 20, 24, 31, 37, 45.

ARIES (March 21-April 19): Reach out to someone you haven’t seen for some time and catch up. The information you share will lead to an opportunity to make a lucrative change. Put everything in place before you give up one thing for another. HHHHH

TAURUS (April 20-May 20): Check your motives before you say or do anything. Respond out of courtesy and with factual information, not out of fear or due to an emotional situation. Set the pace, and stick to what works best for you. HH

GEMINI (May 21-June 20): Consider what you know and what you can learn. Taking responsibility for the way you look and feel will lead to a healthier routine geared toward better eating habits, regular exercise and less excess. A romantic gesture seems promising. HHHH

ABUSIVE MAN

ANOTHER allegedly abusive man is this popular celebrity who’s been accused of molesting women not once, not twice but at least three times. No matter how women try to tell their sides of the story, the celebrity’s fans never believe them. They always take his side. This is because his network always uses its clout to cover up the messes he makes. Who knows if there are more victims? No one, right? They could just be scared to speak up due to the very real possibility of a backlash. The celebrity’s MO is reportedly usually drugging his victims so he can have his way with them. He also drugs them so they can barely remember what happened. This is why even he seems surprised when he is accused of rape. He and his network have sanitized the horror stories to the point they believe their own versions of the truth.

Cobain ‘MTV Unplugged’ guitar sells for sky-high $6 million

CANCER (June 21-July 22): Taking a different approach to an old idea will gain approval from those you live with or deal with daily. A change will turn out to be inspiring and prompt you to take on new challenges. HHH

LEO (July 23-Aug. 22): Keep your life simple, plans realistic and intentions honorable. The vibe or attitude you have will determine how others react to your requests. Getting involved in a physical pursuit will encourage you to take better care of yourself. HHH

A screenshot of PCOO Sec. Martin Andanar’s daily Public Briefing: Laging Handa. With him is Metro Manila Development Authority spokesman Assistant Sec. Celine Pialago, resource person during a recent program.

DWIZ hooks up with PCOO for Covid-19 fight AM radio station DWIZ 882 takes on a dynamic role in the current fight against the coronavirus disease 2019 (Covid-19), living up to its corporate slogan of “Balitang Sigurado, Tapat na Serbisyo, Sa Komentaryo Numero Uno!” Since the pandemic crisis hit in earnest in March, it has been providing not only the latest news and updates, but also public service and hands-on information dissemination on the latest national and local government efforts to overcome the crisis. DWIZ 882 airs daily the Public Briefing: Laging Handa program of Presidential Communications Operations Office (PCOO), which aims to provide daily news and updates to the public in line with the current situation of the country in its fight against Covid-19. D. Edgard A. Cabangon, chairman of DWIZ, owner and operator Aliw Broadcasting Corp. (ABC), initiated the live hookup with Laging Handa at the special request of PCOO Secretary Martin Andanar, the program’s host. Cohosting with Andanar is PCOO Undersecretary Rocky Ignacio. Ely Aligora, DWIZ executive vice president, said the station has extended full support for the daily public briefing on air for several months now. It has dedicated its 11 am to 12 noon IZ Balita Nationwide slot to the daily public briefings. To ensure the widest dissemination of the program, besides opening its line, it also makes it available via e-mail, Facebook and other social-media sites to fellow Filipinos in the country and abroad. The program is widely followed by overseas Filipino workers (OFWs) and other Filipinos abroad. Besides the DWIZ broadcast, the PCOO briefing is livestreamed in its Facebook page daily. In this interactive medium, listeners from all over the world send comments, messages and questions about the state of the government’s efforts against Covid-19. Besides unburdening the public’s worries, DWIZ performs its public service function by serving as a help desk which compiles and consolidates queries and concerns from

citizens that are then forwarded to concerned agencies, mainly the Department of Social Welfare and Development (DSWD) and Department of the Interior and Local Government (DILG). The news and news developments and programs, like Laging Handa are reported to listeners in crisp and crystalclear sound heard nationwide with DWIZ’s 50,000-watt transmitter. DWIZ is among a handful of Metro Manila AM stations broadcasting with this transmission power. From the start, Aliw Broadcasting Corp. (ABC) founder Ambassador Antonio L. Cabangon Chua envisioned providing the strongest transmission power possible for DWIZ to be able to service the broadest number of listeners possible. With its powerful transmission, DWIZ fully lives up to its other slogan of “Ang Himpilang Todong Lakas.” The late ambassador firmly believed in radio as the best information and communication medium to serve the people because of its reach to the most remote communities. “He was always for reaching out to the grassroots as a media owner,” said Johnny Dayang, a pioneer associate who helped the ambassador set up his media companies. Studies have concluded that stress and anxiety are common in the face of this pandemic. In line with this, DWIZ 882 continues to air programs that aim to uplift the spirit of the Filipinos in times of crisis. God-centered programs target the spiritual and emotional health of the public to bring hope and life to those who feel hopeless and helpless. In addition to this, Covid-19 case updates and frequentlyasked contact details of agencies related to the Covid-19 response are being flashed daily during DWIZ 882’s livestream, which can be viewed through its Facebook page and YouTube channel, this to maximize DWIZ 882’s platform in providing accessible information to the public. In the end, Aligora said, DWIZ 882 persists to expand and improve its service amid the pandemic to serve and stand with Filipinos.

VIRGO (Aug. 23-Sept. 22): A change will turn out to be in your best interest. Don’t fight the inevitable; expand your mind, take a step forward and try something new. A venture that requires you to use your attributes differently will spark your interest. HHH

LIBRA (Sept. 23-Oct. 22): Take action. If you take too long to decide what you are going to do next, you’ll get left behind. Put some effort into the way you present what you have to offer, and wow everyone with your smart, unique input. HHHH

SCORPIO (Oct. 23-Nov. 21): Clear your head, rebuild your strategy and make it known what you plan to do next. Change begins with you, and your happiness is in your hands. Express your desires, and forge into the future with vim and vigor. HH

SAGITTARIUS (Nov. 22-Dec. 21): Be honest about the way you feel. Address bothersome issues or people who try to take advantage of you. Free yourself from demanding situations. Pour your energy into self-improvement and boosting your ego. HHHHH

CAPRICORN (Dec. 22-Jan. 19): Change will excite you. Look at all your options, and consider what you want to do with the rest of your life. Someone unfamiliar to you will grab your interest. Explore prospects, and you’ll discover something that excites you. HHH

AQUARIUS (Jan. 20-Feb. 18): Self-discipline will help you reach a goal you set for yourself. Whether it’s getting in tiptop shape, pursuing something you want to do or making plans with someone you love, much can be accomplished if you are persistent and willing to work hard. HHH

PISCES (Feb. 19-March 20): Don’t let anger set in when you should be putting your effort into something worthwhile. Find a way to offer your services, and reach out in a way that is safe, realistic and needed in your community. HHH Birthday Baby: You are engaging, smart and productive. You are unpredictable and sensitive.

‘changing positions’ by tom pepper The Universal Crossword/Edited by David Steinberg

ACROSS 1 Insects known for their strength 5 Chasm 10 Hazard 14 “Good joke!” 15 Cliff’s edge 16 Dot on the ocean 17 Thor’s father 18 Porch, on Oahu 19 Drummer’s assignment 20 HR manager’s note to pull poet Cummings from the staff ... 22 ...and bring on singer Diddley instead? 24 Caboodle’s partner 25 Extremely, slangily 26 ...lay off actress Fey... 29 ...and hire parodist Yankovic instead? 33 Comedy bit 34 Congregation cries 36 Microscopic 37 Some light brews, for short 39 Polytheist, maybe 41 Word before “song” or “dive” 42 People riding the Tube

4 Horsepower booster 4 46 California red, briefly 47 ...fire actress Gasteyer permanently... 49 ...and select guitarist Paul instead? 51 “Omigosh!” 53 Pirate’s domain 54 ...ax actor Asner... 57 ...and pursue sportscaster Berman instead? 60 Work with soil or snow 61 Dolphins’ home 64 Intl. peacekeeping group 65 Ethiopian Verdi heroine 66 Natural hairdos 67 Quaint lodges 68 Like a hopeful outlook 69 Female nature deity 70 June 6, 1944 DOWN 1 Chips ___! 2 Zippo 3 “I wouldn’t!” 4 Became understood 5 Up to it 6 Half of a bikini 7 ___-yang symbol

8 Potions Master at Hogwarts 9 Resume list 10 Chest protectors? 11 “Now it makes sense” 12 Thick slice 13 High-fat diet 21 Jazz singer James 23 Landed on a perch 25 Psychological blocks 26 It’s a Wonderful Life director 27 Little rascal 28 Cool, or without ice 30 Country with an 85-letter Maori place name 31 Diarist Nin 32 Country singer Loretta 33 Bee Gees family name 35 Garment that sounds like an apology 38 Danger sign warning 40 SNL network 43 Scissors sound 45 “Let me get this straight...” 48 Tarzan, for one 50 November meteor 52 Provide moral guidance 54 Go a round, say

55 Advertising award 56 Fish sticks? 57 Genie’s gift 58 Sicilian volcano 59 Like annoying neighbors 62 Spot for a shot 63 Unruly hairdo

Solution to yesterday’s puzzle:

Image BusinessMirror

www.businessmirror.com.ph

Wednesday, June 24, 2020

Flattening the mental health curve is the next big coronavirus challenge BY JUNE G�UBER | University of Colorado Boulder THE mental health crisis triggered by Covid-19 is escalating rapidly. One example: When compared to a 2018 survey, US adults are now eight times more likely to meet the criteria for serious mental distress. One-third of Americans report clinically significant symptoms of anxiety or clinical depression, according to a late May 2020 release of Census Bureau data. While all population groups are affected, this crisis is especially difficult for students, particularly those pushed off college campuses and now facing economic uncertainty; adults with children at home, struggling to juggle work and home-schooling; and frontline health care workers, risking their lives to save others. We know the virus has a deadly impact on the human body. But its impact on our mental health may be deadly too. Some recent projections suggest that deaths stemming from mental health issues could rival deaths directly due to the virus itself. The latest study from the Well Being Trust, a nonprofit foundation, estimates that Covid-19 may lead to anywhere from 27,644 to 154,037 additional US deaths of despair, as mass unemployment, social isolation, depression and anxiety drive increases in suicides and drug overdoses. But there are ways to help flatten the rising mental health curve. Our experience as psychologists investigating the depression epidemic and the nature of positive emotions tells us we can. With a concerted effort, clinical psychology can meet this challenge. ■ REIMAGINING MENTAL HEALTH CARE. Our field has accumulated long lists of evidence-based approaches to treat and prevent anxiety, depression and suicide. But these existing tools are inadequate for the task at hand. Our shining examples of successful in-person psychotherapies—such as cognitive behavioral therapy for depression, or dialectical behavioral therapy for suicidal patients—were already underserving the population before the pandemic. Now, these therapies are largely not available to patients in person, due to physical distancing mandates and continuing anxieties about virus exposure in public places. A further complication: Physical distancing interferes with support networks of friends and family. These networks ordinarily allow people to cope with major shocks. Now they are, if not completely severed, surely diminished. What will help patients now? Clinical scientists and mental health practitioners must reimagine our care. This includes action on four interconnected fronts. First, the traditional model of how and where a person receives mental health care must change. Clinicians and policy-makers must deliver evidence-based care that clients can access remotely. Traditional “in-person” approaches—like individual or group face-to-face sessions with a mental health professional—will never be able to meet the current need. Telehealth therapy sessions can fill a small part of the remaining gap. Forms of nontraditional mental health care delivery must fill the rest. These alternatives do not require reinvention of the wheel; in fact, these resources are already readily accessible. Among available options: web-based courses on the science of happiness, open-source web-based tools and podcasts. ■ DEMOCRATIZING MENTAL HEALTH. Second, mental health care must be democratized. That means abandoning the notion that the only path to treatment is through a therapist or psychiatrist who dispenses wisdom or medications. Instead, we need other kinds of collaborative and community-based partnerships. For example, given the known benefits of social support as a buffer against mental distress, we should enhance peer-delivered or peer-supported interventions—like peer-led mental health support groups, where information is communicated between people of similar social status or with common mental health problems. Peer programs have great flexibility; after orientation and training, peer leaders are capable of helping individual clients or groups, in person, online or via the phone. ■ TAKING A PROACTIVE APPROACH. Third, clinical scientists must promote mental health at the population level, with initiatives that try to benefit everyone rather than focusing exclusively on those who seek treatment. Some of these promotion strategies already have clear-cut scientific support. In fact, the best-supported population interventions, such as exercise, sleep hygiene and spending time outdoors, lend themselves perfectly to the needs of the moment: stress-relieving, mental illness-blocking and cost-free. Finally, we must track mental health on the population level, just as intensely as Covid-19 is tracked and modeled. We must collect much more mental health outcome data than we do now. This data should include evaluations from mental health professionals as well as reports from everyday citizens who share their daily experiences in real time via remote-based survey platforms. Covid-19 has revealed the inadequacies of the old mental health order. A vaccine will not solve these problems. Changes to mental health paradigms are needed now. In fact, the revolution is overdue.

THE CONVERSATION

Dangers of micromanaging

WAS chatting with friends one time and one of them said that somebody I previously worked with already got promoted. I was surprised and asked them what the new position was and they said jokingly: “Micromanager.” And they all started talking about how this person annoys and irritates his team by repeatedly telling them how to do their work and asking for updates by the minute. We all know a micromanager—someone who wants things done in a certain way and takes it upon themselves to constantly look over your shoulder to see what you are doing, or they do the work themselves when you make a mistake. At the heart of every micromanager is the belief that relinquishing control will not get the results they want because they need to be on top of things all the time. And if their team is to succeed, they need to monitor every single facet of the workflow so they can prod people to their idea of the correct way to do things. However, do not get me wrong. Micromanagement is a valid management style depending on when you use it. You need to micromanage especially during onboarding, when a new team member needs to understand the processes and tools of the group. There is a lot of coddling and hand-holding during the first weeks but eventually, when the new team member has understood the key objectives and deliverables of the team, the leader has to gradually ease off and allow for the new member to discover

their role and how they can add value to the team. Otherwise, you perpetuate a mindset where people are not free to make decisions for themselves. When this happens, they will turn to you for every little problem they encounter in their work, which will result in a kind of learned helplessness. Your team will not be able to make decisions on their own for fear of reprimand or worse—they know that if they do not do their work, you will do it for them anyway. Your role as a leader is to provide the needed tools and training for your team to do their work. And if this means coaching and disciplining them, then so be it. But do not set yourself up as the clearinghouse for all decisions. If this happens, you become the bottleneck for all decisions in your team, resulting in work delays, lower productivity, and even the demotivation of your team. When you micromanage and take away your team’s autonomy, they will also begin to disengage and stop providing alternatives to work problems because whatever they bring to the group, they will think that it will always be your decision anyway. The team will not be able to adapt to new situations because they will constantly look to you on how to go about their work. This impacts their desire to better themselves because what would the point be of learning new ways of working when their manager will just tell them how to do it anyway. This could result in burnout on your part from doing all the work and making all the decisions for your team because you spend all your time hoarding all the work and responsibility. Your team might also get exasperated with the bureaucracy of having to get your approval for every single step of their work. They might even make it as an excuse to not do their work because they are waiting for your decision. You get lost in the details and end up fire-fighting rather than focusing on the bigger picture. As a leader, your role is to provide direction and guidance to your team where to go. You cannot possibly see where you are going when your head is buried in the specifics of your team’s work.

Micromanaging also propagates lack of accountability because your team can always hide behind your decisions without taking any risks themselves. While it is true that the buck stops with you, it does not mean that your team should not share accountability. As a leader, your role is to empower your team to do their work the best way they know how and provide a safe environment where they can discuss and implement new ways of working. And when they do make a mistake, your role as a leader is to understand why they failed and the lessons which can be gleaned from the experience so others will not commit the same mistakes. While you are accountable for your team, your team should be accountable to each other for what they contribute to the team’s success. A high turnover rate can also be attributed to incessant micromanaging. Most people do not like to be micromanaged because it takes away the fun in doing work. Your job is an extension of who you are as a person and your work is an expression of your abilities and talents. Your sense of fulfillment partly stems from knowing you have done your work well. However, when someone monitors your work constantly or tells you how to do your job all the time, work becomes tedious, boring and unfulfilling. I think the bottom-line issue why people micromanage is distrust. They do not trust their team to carry out the work as they should, because they either think everything rests on their shoulder or they think their team cannot do the work. But as a leader, we are not expected to do everything. We are, however, expected to get results by working with and through people to achieve organizational goals. Trust is an essential element in building a solid foundation to a highly productive team. We need to be able to articulate what needs to be done, let go and allow our team to do their work the best way they know how so they can surprise us with new ideas and new ways of working. Otherwise, we will end up in a constant to keep everything together. ■

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HOMEGROWN WELLNESS GIFTS from our fields and forests make wonderful wellness products. They can help create a healthy and relaxing retreat at home to de-stress and pamper your body, mind and spirit. And you can now enjoy these items from home with Kultura Filipino’s You Click We Deliver service and via the ShopSM app. More information is available at bit.ly/3aofztw. ■ Laurin 100 percent CocoMCT (Medium Chain Triglycerides) is a life-giving superfood supplement made of coconut oil that captures the nourishing power of nature and man’s capacity to harness it. It promotes Ketone production as immediate energy source, improves brain function and memory, increases fat-burning for weight loss, balances cholesterol level and protects your gut from bacteria and fungi. ■ CocoBody, on the other hand, creates natural, Earth-friendly handmade natural cosmetics from virgin coconut oil which soothe, moisturize, cleanse and heal from head to toe. It also has CocoBody Cocolicious Virgin Coconut Oil products that helps boost our immune system with its antiviral and antibacterial properties. ■ Bedrock Home and Body Essentials is a cottage industry that creates and produces

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B6 Wednesday, June 24, 2020

AVIA hosts first virtual conference focusing on relevant topics in this time of pandemic

HE Asia Video Industry Association (AVIA) will be hosting its first virtual conference, the OTT Virtual Summit, from June 29 to July 3. It will feature a line- up of speakers and thought leaders from across the video, advertising and tech industry and be attended by more delegates than ever before. As the definitive OTT conference in Asia, it will see conversations around 7 subject matters that are particularly relevant to the industry today including the Challenges and Opportunities of Going D2C, the Woes and Wins of Advertising during COVID times and what the Future of the Video Buy looks like, and the challenge of Connecting with Consumers during and post the pandemic that has hit us all. Headlining the keynote conversation this year is Yang Xianghua, President of Membership & Overseas Business Group from iQIYI, one of the largest online video sites in the world. “We are actively expanding in the international market to cooperate with more like-minded partners so as to make sustainable contributions to the development of a global online entertainment ecology, and provide an

outstanding entertainment experience to more customers,” said Yang Xianghua. He will be sharing more about iQIYI's roadmap for the next 2 years as part of their global growth plans and content transformation during his session. Other key speakers joining the OTT Virtual Summit this year include: o Simon Robinson, President of APAC, Discovery Asia Pacific & Chief Financial Officer, Discovery International o Nikko Acosta, Senior VP, Content Business and Product Management, Globe Telecom o Tony Zameczkowski, VP, Business Development, Netflix Asia o Helen Sou, Chief Business Officer - Asia, Viu o Emily Wee, CEO, TM Net o John Miskelly, APAC Investment Director, GroupM o Clément Schwebig, MD, Southeast Asia, Pacific and China, WarnerMedia Entertainment Networks, Southeast Asia, Pacific and China o Vinitra Chaudhuri, Director, Digital Engagements, Media and Connection Planning ASEAN, The Coca-Cola Company o Tarun Katial, CEO, ZEE5 India o Gourav Rakshit, COO, Viacom18 Digital Ventures o Matt Harty, SVP of Asia

Pacific, The Trade Desk o Jason Barnes, Chief Revenue Officer, APAC, PubMatic “While we regret the lack of physical interaction, it seems appropriate that the OTT Summit should itself be delivered to you over the top. These are indeed unprecedented times for the video industry, but I am excited at the opportunity of delivering a virtual event which will be available to more participants than ever and am looking forward to a week of stimulating conversations,” commented Louis Boswell. All sessions of the OTT Virtual Summit will be streamed online every day (except Wednesday) from 29 June to 3 July, 09:30 – 11:30am SGT. In addition, delegates will also be able to access a full event platform which will include meeting rooms, virtual networking opportunities, and an ondemand platform for delayed viewing. For full event and registration details, visit www.ottsummit.asia, The OTT Virtual Summit is generously supported by Gold Sponsor Brightcove; Official Pit-Stop Sponsor TV5MONDE and Silver Sponsors Broadcast Professional Pte Ltd, Conviva, Limelight, MediaKind, Netflix, PubMatic and Vuulr.

VST ECS, VMware launch demo lab to supercharge innovation across the Philippines' small businesses and start-up ecosystem

How two companies are transitioning to the 'new normal' with few hitches

O global disease outbreak since the Spanish Flu of 1918 has affected the world’s populace like the novel Coronavirus Disease (CoViD-19). Up to now, societies are coping with the ongoing pandemic, with countries around the world still struggling to flatten their case numbers while keeping their economies afloat—a volatile balancing act between humanity and economy. Unlike the immediate cessation of activities in the workplaces when the community quarantines were announced in mid-March, the resumption of business operations and the revival of workplaces haven’t been as swift for many companies. Painstaking adjustments have had to be made in order to ensure the health and safety of workers. Two companies that have made the most out of the adjustments have been Synchrony Global Services Philippines and Ingram Micro Philippines. Wasting no time securing hotel rooms. Before the CoViD-19 outbreak, business process outsourcing company Synchrony Global Services Philippines, a subsidiary of premier consumer financial services company Synchrony, the largest issuer of private label credit cards in the United States with over 50 million card members, employed 3,000 employees onsite in its Manila and Cebu offices. When the community quarantines were enforced, Synchrony’s senior management team wasted no time securing hotel rooms for its employees within walking distance from their sites, so that people could come to work. Financial stipends, transportation and daily meals were offered for employees. In order to be business as usual, 1,000 workat-home kits were deployed in Manila, while 500 were deployed in Cebu. These included computers, headsets, monitors, cables, and prepaid Internet router. Synchrony’s workplace has radically changed. According to CEO Michael Zolin, employees continue working from home, and would do so until at least September 7, 2020. “We launched Synchrony 360 early this month and we use this to help support our total well-being. It has many resources to help our employees navigate everyday life, whether through parenting, homeschooling, physical activity, virtual teams or building relationships. As for returning back to their offices, Zolin said the global business group is still working out the specifics. “We have in process a Return to Office steering committee to facilitate better the

eventual return of our employees to our sites. This is a global initiative being piloted in two of our US sites to finalize our social distancing and in-office protocols. We’re reconfiguring our physical workspace to spread out teams who must be in the office, going beyond social distancing guidance. We increased cleaning of our sites, deployed additional hand sanitizers throughout our spaces (including shuttle services), promoted proper handwashing techniques, and employed temperature scanning. We continue to be in compliance with local and government regulations for community categories and advisories of DOLE in returning to the office.” Continuity plan calls for 90% WFH. For Ingram Micro’s Manila Global Business Services Center, which represents Ingram Micro’s global cloud, mobility, technology lifecycle, supply chain and technology solutions businesses in the Philippines, the business continuity plan to keep its 2,400 employees working has been tempered by the priority to keep them safe from the deadly virus, resulting in 90% of its employees having been able to continue working from home. Now, with quarantine restrictions easing, Ingram Micro is taking deliberate steps to enter into the “new normal” with as little hitches as possible. Director for Human Resources Sam White envisions a “hybrid work arrangement”, where some will eventually work in the office, others will continue to work from home. “This arrangement will continue to impact the way they work, learn, connect with peers, manage teams, and deliver results.” This new work arrangement, White adds, would “decrease social interaction and proximities, and introduce interim changes such as temperature check, mandatory wearing of mask, sanitation, closing of meeting rooms and training rooms, visual markers for distancing, limiting occupancy in the bathroom, lobbies and other common areas. Physical meetings, trainings, events, and recruiting processes will continue to be done in a virtual set-up until we reach the period that it’s safe to do otherwise.” As what these two companies have shown, this key workplace success trait— trust—seems to be immune to even a deadly global pandemic. Synchrony and Ingram Micro were awarded last May 1 by Great Place To Work Philippines as among the five Best Workplaces in the Philippines in 2020. Visit www.greatplacetowork.com for more information.

NVProjects and charities benefit various sectors amid Covid-19 crisis

ST ECS teams up with VMware to launch Demo Lab for small businesses and start-ups, empowering them with an innovation framework to accelerate growth VST ECS, Phils. Inc (VST ECS), a leading ICT distributor in the Philippines today announced the launch of its VMware Demo Lab – a testbed platform where smallmedium enterprises, as well as start-ups, can collaborate and learn how they can harness cutting-edge digital technologies to strengthen business resiliency while accelerating their pace of innovation. With Filipinos spending a total of US$4.7 billion on online purchases and US$286 million on digital services alone, the Philippines mobile-first, app-driven digital economy is on the upswing and small-medium enterprises (SMEs) are stepping up their digital transformation efforts to adapt to this fast-growing sector. According to a recent study, eight out of 10 SMEs in the Philippines recognize the value of digital technology, but many have also cited challenges in adopting these new technologies due to the upfront cost of new tools and technology, and the perception that replacing old processes and systems would be too difficult.

Amidst this critical juncture, SMEs need to ensure operational stability as they recalibrate and adapt to the new business environment. To help SMEs overcome the digital adoption barriers and boost innovation, VST ECS has launched the demo lab as a platform and testbed for start-ups and small businesses to access digital tools, to spur innovation and experimentation. Through this platform, Filipino businesses will gain access to technologies that will help them improve productivity, speed up product time-to-market while reducing business costs, giving them the opportunity to build their long-term competitiveness. “Innovation and business continuity are core to the success of any organization in this current business environment. I would like to congratulate VST ECS on the launch of this Demo Lab – a powerful testbed that will help catalyze innovation for Filipino businesses at this very important moment in time as they pivot towards the future,” said Walter So, Country Manager, VMware Philippines. “VMware is honored to be able to provide the technology to power this Demo Lab and with this partnership, we hope local businesses will be able to achieve greater agility, resiliency and scalability, so they can continue to grow and contribute

towards the Philippines’ innovation economy.” To further support organizations with their business continuity needs, VMware is also extending the free trials of Workspace ONE and Horizon 7, which include deployment options for Horizon 7 onpremises and Horizon 7 on VMware Cloud on AWS for 90 days and up to 100 devices through July 31, 2020. With these tools available for free for an extended period of time, SMEs will be able to equip employees with seamless and better secure access to critical business applications and respond to shifting customer demands quickly and effectively. “VMware technology has long been the gold standard for enterprises around the world and we are excited to be able to offer this to SMEs and start-ups in the Philippines. With the launch of this Demo Lab, small businesses will now have access to incredible enterprise-grade innovations that will go a long way towards strengthening the Philippines’ innovation ecosystem. Together with VMware, we would like to call upon all entrepreneurs, innovators and business partners to collaborate with us on this journey as well.” Said Jimmy Go, President and CEO VST ECS Phils Inc.

S early as January 2020, 'Total International Entertainer' Nick Vera Perez, NVP for short, has been doing his share of charities in the Philippines. First, he summoned the local members of NVP1 Smile World Angel, his loyal fans and supporters, to distribute food supplies to at least 100 families badly affected by the Taal Volcano eruption. He called this project as NVProjecTAAL20. For NVProject: PPP (Pagkain Para sa Pamilya), at least 145 poorest of the poor families were assisted by NVP1WORLD Disaster Aide program. These beneficiaries were practically left with no food on their tables because of the lockdown. For NVProject Press2020, many, if not all members of the entertainment press, were sent two roasted chicken and a sack of rice each in support for their lost income and earning opportunities. These media friends have been supporting NVP through the years especially during his album launch in 2017. The last charity project is called NVProject: PPE. It's a 'balik-pasasalamat' by Nick and the NVP1Smile World to UST College of Nursing through the distribution Personal Protective Equipments (PPEs) to healthcare workers headed by College of Nursing Dean Rowena Chua along with Professors Ida Tionko, Rouenna Villarama and Trinidad Ignacio. These and more are indeed great help for his various beneficiaries in time of crisis and calamities. Nick was slated for his first Philippine concert via the I Am Ready Grand Concert at Luxent Hotel last May 23, 2020. But like all other events and activities, it was put on hold due to the strict implementation of

Nick Vera Perez

community quarantine brought about by the Covid-19 pandemic. The successful Filipino crooner is a registered and practicing nurse in America. Now Chicago-based and a popular performer in this side of the US, he intends to share his talent among his kababayans as well as his blessings. Originally from Zamboanga City and of Chinese descent, Nick found luck and fulfilled his dreams in the US. He finally produced his first album in 2017 entitled “I AM READY,” which was distributed by Warner Music Philippines. God-willing, Nick said, he intends to push through with his concert on better days ahead with US-based singers Stars Irelyn Arana (soft vocalist, kundiman) and Rock Star Diva Rozz Daniels, as guests among others. For updates on NVProjects, follow NVP through his social media accounts on Facebook, Instagram and Youtube.

BusinessMirror

Editor: Tet Andolong

Wednesday, June 24, 2020 B7

Rentalbee: The modern coliving experience Amor Maclang

‘T

first dibs in real estate

here is no house like the house of belonging.”–David Whyte.

Innovation has always been the main driving force for the human condition, especially in the face of adversity. It helps us solve problems through creativity, bringing about improvements that implement longterm positive changes as a whole. This is especially necessary now that more and more of the general population all throughout the world moves from the province to the city either due to school or for work. This causes a strain on real estate due to limited space available in the urban landscape that most often drives prices up and affects the quality of spaces to decrease. Add to this the emotional and mental toll that leaves those building their new lives in the city, and a macro-socioeconomic strain in the city that would leave its inhabitants reeling. This is especially apparent in the landscape of Metro Manila. For most Filipinos, living away from family is hard. Among our culture’s central focus is the sense of belongingness, a trait we share with our Asian counterparts. For us family is being surrounded by people we care for, a place we can call home. Long before coliving became a trend in the West, we have already long been practicing it with our nuclear families and our compounds that help us form a sense of community while at the same time allowing for an economical advantage for living space. It is this sense of connection and stability that nurtures students into early adulthood and creates a culture shock when a dreary approach to living solutions is introduced to them when they enter tertiary education.

This sudden loss of connection is perhaps the greatest challenge for gen Z college students, especially those coming from the provinces. Hard enough to adjust to a new school, with new peers, and towering schoolwork to do, they also have to deal with being homesick. Most students deal with it by joining school organizations that would help them expand their social life, while others go online and try to find meaningful connections there. At the root of it though, they are simply looking for a place in the city that they can also call home. Don’t we all? It’s important to maintain a positive balance between the physical and emotional aspect that will help transform and maintain the space into a home. It is in search of this balance that makes it sometimes seem like finding a dorm that will provide this is like looking for a needle in a haystack. It seemed that the concept of coliving was forgotten in the desire to fill in the supply of dormitories for students who make up a considerable amount of the population in the U-Belt area. In this almost gold rush, comfort and connection were put in the back-burner which, in turn, created a stifling environment unfit for students in need of a conducive environment for learning. The balance was overturned, and human connection with which these students grew up with, were suddenly gone from the picture. This is where Rentalbee comes in. Home is not just the place, it’s also the people who make it so. Rentalbee started in Manila, right at the heart of the U-Belt area. It came

Rentalbee had the goal of partnering with dormitories that will collaborate with them to implement changes that will transform a living space into an enticing property complete with a modern twist

Instead of churning out subpar living spaces that seem to sap the soul, quality is prioritized and the student’s comfort is given the appropriate regard

Rentalbee started in Manila, right at the heart of the U-Belt area. It came into being when the founders, Ryan and Patrick, were trying to rent a place, with close to no success at finding one.

This holistic approach has enabled amazing changes within the ecosystem of the student housing industry. Students now have communities even within their dormitories that enable them to build lasting connections, while properties are upgraded and updated to modern standards.

into being when the founders, Ryan and Patrick, were trying to rent a place, with close to no success at finding one. Although the U-Belt is rich in density with dorms for lease, not a lot is up to par with modern standards. It was either too expensive for a student’s pocket or too much of a bargain that safety becomes an issue. Sometimes it was the living space that became a point for concern, with some properties too claustrophobic to almost be considered habitable. Who knew to find a dorm in the area was going to be that hard? It was then that Rentalbee was born, with the goal of partnering with dormitories that will collaborate with them to implement changes that will transform a living space into an enticing property complete with a modern twist. By partnering with properties, Rentalbee can share and implement tech-enabled coliving and its standards, thereby modernizing dormitories and making it fit for the young market. This time around the coliving con-

Eton Properties gears up to embrace the new normal

S the country prepares to shift to the new normal, Lucio Tan-led Eton Properties Philippines lays the groundwork for stricter precautionary measures to ensure a safe environment in its various commercial, office and residential developments. Among the initiatives include regular sanitation and disinfection, social distancing guidelines, and enabling digital access for its customers.

For all Eton Properties developments, regular sanitation, face masks and thermal scanning will be the new way of life. Alcohol dispensers will be readily available in building entrances. At The Mini Suites, the company’s hospitality brand, the front desk, security, and housekeeping staff will all be required to wear personal protective equipment as the hotel remains operational in order to cater to long-staying guests, essential workers from neighboring establishments, and homebound overseas Filipino workers who were cleared by DOH as Covid-free. In commercial developments, tenants are urged to ensure that strict standard operating procedures are in place prior to reopening.

original capacity. In Eton Centris, Quezon City mall goers are required to be at least 2 meters apart from each other to prevent possible contracting of the virus from one another. Likewise, at the designated smoking area, 3-meter physical distancing will be observed. There will be limited entry and exit points at the mall to be able to regulate and monitor people coming in and out. A one-way foot traffic flow will be implemented. On top of these, airconditioning at Eton Centris will be kept to a minimum of 26 degrees Celsius compliant to government regulations to prevent people from congregating in the mall.

Strict physical distancing

Digital shift

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

errands delivered. The service is available in Eton Centris and Eton Cyberpod Corinthian in Quezon City, and Eton Tower Makati and Eton WestEnd Square in Makati City. Through the app, users can request the Kuya/Ate to buy meals, pay bills, and do grocery shopping for them all in one place. At the same time, using the service supports the livelihood of displaced contractual workers who are currently signed up with the MyKuya app. Eton Properties has also been encouraging its tenants and partners to do cashless transactions to help slow the spread of the virus.

Safety is top priority

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

an organic community is developed, successfully the coliving space into a place worthy of being called home. Partner properties who meet and subscribe to the Rentalbee coliving standards are listed on the Rentalbee web site (www.rentalbee.ph), allowing for the seamless use of technology for both the property owners and the student dormers. This ease of access increases profit for the property and saves the time of dormers by allowing them to interact with each other wherever, whenever. This holistic approach has enabled amazing changes within the ecosystem of the student housing industry. Students now have communities even within their dormitories that enable them to build lasting connections, while properties are upgraded and updated to modern standards. All of this work with the Rentalbee web site that connects everyone efficiently and effectively. Indeed, this approach to students has proved successful for the company. Rentalbee was the first run-

ner-up in the 5th Philippine Startup Challenge held in Iloilo City in 2019, attaining DICT funding from the competition. Rentalbee is also currently featured in CNN’s The Final Pitch, where they duke it out with other start-ups and acquire funding from industry giants. The path may not always be easy and effortless, but the fruits of labor have been of equal equivalence. Our community of students have found meaningful connections with each other that have lasted, and our properties trust us in helping them. Our goal now is to bring our tech-enabled coliving concept nationwide and help both properties and dormers have the Rentalbee experience. Watch the entrepreneurs like Rentalbee on The Final Pitch Season 5: Real Estate and Livable Cities Edition. Premieres Sundays 8:30 p.m. with replays Mondays 9:30 p.m. and Saturdays 5:30 p.m. on CNN Philippines. Check out TheFinalPitch.ph to watch previous episodes and seasons.

Holcim pushes building solutions for safer and faster construction By Roderick L. Abad

The new norm

In Eton malls and condos, elevators and escalators will be marked with floor signage to guide people where to stand. Elevators will only be allowed to ferry 50 percent of its

cept once again takes center stage, combining it with technology to provide easier access to both the property owners and student dormers. Instead of churning out subpar living spaces that seem to sap the soul, quality is prioritized and the student’s comfort is given the appropriate regard. The living space was no longer limited to just the four corners of the rented room but instead expanded throughout the whole property by applying the holistic understanding of the students’ needs and wants. Amenities are standardized, allowing for a prime environment where students’ needs are met. Examples of these are basic amenities like a furnished room, drinking water, a food hall and especially the Wi-fi. Most important, study areas are also included with these standards and are sometimes even combined with common areas, providing an avenue for the community that all students need. Creating an area for students to meet and get to know each other,

ESPITE construction delays due to the ensuing coronavirus disease 2019 (Covid-19) crisis, contractors can still catch up to deadlines while keeping their workers safe as building activity picks up again with the easing of lockdowns in Metro Manila and other parts of the country. All they need to do is just consider wider use of building solutions already available locally and look at how innovative materials and techniques are being used in other markets to meet completion targets albeit having limited labors in adherence to social distancing protocols, according to Holcim Philippines Senior Vice President (SVP) for Marketing and Innovation Ram Maganti. “Construction does not have to take backseat while the search for a permanent solution to Covid-19 is ongoing. We can adapt new technologies and ways of working to address labor shortages and restrictions to large numbers of workers at job sites. Such innovations are already available for wider use in the Philippines,” he said. Road building, for instance, can use one-day concrete rather than the regular one that takes 14 days to mix, place, cure

and attain the desired strength. The former allows roads to be built faster with considerably less labor as seen with Holcim Philippines’s SuperFastcrete (SFCrete), which has been successfully utilized in the past few years to repair sections of Edsa and C-5 in the Metro. Masons may use dry-mix mortar, a pre-packed mixture of cement, sand, and chemicals, for brick-laying and plastering in buildings and homes. With this, fewer workers are required to cut cement bags and mix materials on site. Holcim also offers such. Using more pre-cut and bent steel rebars that need less processing and easy to move and carry lightweight blocks can also help lessen manpower at construction sites. Holcim Philippines can also draw from the expertise of LafargeHolcim Group in building solutions to help partners in the local industry, the top executive said. He added that self-compacting concrete, one that distributes itself uniformly around a steel mesh without having to be vibrated, is another material that can be useful here, especially for foundations. Per Maganti, the firm is also ready and willing to share with partners its knowledge and expertise in keeping worksites

safe for people. The SVP for marketing and innovation noted that health and safety are a core value of their company which has a strong background of handling risks at its sites to keep its people and partners free from any danger. “The construction industry has a critical role to play in revitalizing the economy and building the needed structures to make us more resilient against Covid-19 and other health challenges. Adapting to our current reality by embracing innovative solutions can help us proceed in building these structures safely,” Maganti said. To help revitalize the economy, the national government has allowed more types of construction activities to proceed in areas under quarantine but contractors should obey strict health and safety guidelines for workers. Publicly listed Holcim Philippines is a member of the LafargeHolcim Group, the global leader in the building materials industry present in 80 countries with more than 75,000 employees. The cement-maker has manufacturing facilities in La Union, Bulacan, Batangas, Misamis Oriental and Davao, as well as aggregates dry mix business and technical support facilities for building solutions.

Sports BusinessMirror

B8 Wednesday, June 24, 2020

CamSur solon asks youth to strive for scholarships at sports academy By Jovee Marie Dela Cruz

LEADER of the House of Representatives on Tuesday urged young Filipinos to avail themselves of full or partial scholarships provided under the National Sports Academy (NAS) act. Deputy Speaker for Finance Luis Raymund Villafuerte said the NAS will offer full or partial scholarships to natural-born Filipinos in secondary education as mandated by Republic Act 11470. The law’s goal is to educate students who have shown early potential of excelling in sports for a sports-related career while undergoing quality secondary education. In support of grassroots sports development, President Duterte signed last June 9 into law a measure establishing a “premier training center” to develop the athletic skills of young Filipinos in a bid to mold them into world-class athletes. Villafuerte, one of the authors of the law, said the establishment of the NAS will maximize the use of the world-class sports complex at the New Clark City (NCC) in Capas, Tarlac, that hosted last year’s 30th Southeast Asian (SEA) Games. The NAS is mandated to offer a special curriculum for secondary education or high-school students with subjects pertaining to physical education (PE) and sports development. The NAS will be attached to the Department of Education (DepEd) and will coordinate closely with the Philippine Sports Commission (PSC) in the formulation and implementation of policies on subjects pertaining to sports. “The creation of a specialized educational institution designed to hone both the academic and athletic skills of students with exceptional talent in this field of endeavor will go a long way in transforming gifted young Filipinos into world-class athletes,” Villafuerte said. “The NCC sports complex boasts an Athletics Stadium, Aquatics Center, Athletes’ Village and a river park development, which can all be put to good once the NAS is operational,” he added. When he was Camarines Sur governor, Villafuerte established the CamSur Sports Academy, which integrated sports training in the curriculum of highschool students. The initiative resulted to sharpening the skills of CamSur student athletes who later on excelled in the Palarong Pambansa.

Nascar BEHIND BUBBA

Nascar drivers led by Kyle Busch, Corey LaJoie and Ryan Blaney join other drivers and crews as they push the car of Bubba Wallace to the front of the field prior to the start of the Nascar Cup Series race at the Talladega Superspeedway in Talladega Alabama, on Monday. In an extraordinary act of solidarity with Nascar’s only Black driver, dozens of drivers and crew members rally behind Wallace as FBI agents nearby try to find out who left a noose in his garage stall over the weekend. AP

National Collegiate Athletic Association Chairman Fr. Vic Calvo, OP, of Letran and his predecessor Peter Cayco of Arellano University say the league is not fixed on hosting only four sports next year.

NCAA PONDERS MORE SPORTS IN SEASON 96

stressed Calvo in the session presented by San Miguel Corp., Go For Gold, Amelie Hotel, Braska Restaurant and the Philippine Amusement and Gaming Corp. and powered by Smart. For the other sports, Calvo said the option is to stage less events like doing away with relays in swimming and athletics or excluding doubles in tennis and badminton. Calvo added that because the previous season was canceled, the NCAA decided against declaring a general champion. He said three schools are rightly clustered atop the standings, making it difficult to decide which team to declare as overall titlist. The NCAA, Calvo vowed, would help displaced individuals from each of the league’s 10 member-schools. He said a total of 5,175 student athletes, coaches and team and game officials were affected by the crisis. The league, he added, pinpointed 2,180 of them as priorities. “Upon our survey, there are 50 percent displaced players, coaches and officials. It includes referees, securities and table officials,” Calvo said. “Aside from the effort of the schools, we are doing something. We got their names and contact numbers. We will surely help them.” Calvo said the NCAA gave P500,000 worth of personal protective equipment (PPEs) to hospitals even to as far as Samar, Palawan and Zamboanga early in the lockdown. “The doctors were very happy, especially because we gave them high-quality PPEs,” he said. Calvo also bared the league’s need to address the schools’ athletic department staff who were not spared by the pandemic. “We know that the budget of every school depends on enrollment. Low enrollment means low income. And sports really got affected,” said Calvo, who noted that some colleges cut their sports funds by 60 percent to 85 percent. “The coaches are calling on me, asking for advice. I told them that we should keep the positivity and that we would overcome this,” he said. “I believe we can survive.”

HE National Collegiate Athletic Association (NCAA) would be flexible in playing more sports in Season 96 as the league intensified its relief effort for players, coaches and game officials who need help during the Covid-19 pandemic. NCAA Management Committee (ManCom) Chairman Fr. Vic Calvo, OP, of Letran said the league is considering adding more sports to its Season 96 program particularly disciplines that

involve less or no contact at all such as tennis, chess, badminton, table tennis and eSports. The NCAA earlier announced that it will only allow basketball, volleyball, athletics and swimming for the 2021 season expected to kick off in March. “We are not actually fixed at hosting only four sports. We are fluid, depending upon the [pandemic] situation,” Calvo told Tuesday’s Philippine Sportswriters Association (PSA) Forum

NOVAK, WHAT HAVE YOU DONE!

ELGRADE, Serbia—Novak Djokovic’s charity tennis exhibition series, combined with an overall softening of coronavirus restrictions in Serbia and Croatia, has been followed by an increase in the number of positive cases among professional athletes. Two tennis players ranked among the top 40 in the world and five players at Serbia’s biggest soccer club have tested positive for the virus after being involved in sporting events where fans packed into the stands and social distancing was not enforced. Djokovic, the top-ranked player in the world who previously said he was against taking a vaccine for the virus even if it became mandatory to travel, will now be tested as well, his media team said Monday. ”He is fine, he has no symptoms but nonetheless, he needs to do the test and then we will see what’s going on,” Djokovic’s media team said in a statement. Djokovic was the face behind the Adria Tour, a series of exhibition events that started in Belgrade and moved to Zadar, Croatia, this weekend. Grigor Dimitrov, a three-time Grand Slam semifinalist from Bulgaria, said Sunday he tested positive for the virus. Borna Coric played

Dimitrov on Saturday in Zadar and said Monday he has also tested positive for the virus. Croatian Prime Minister Andrej Plenkovic was among the spectators at the beach resort and will also be tested. “I am really sorry for any harm I might have caused,” said Coric, who urged anyone who had contact with him to be tested. That could be a lot of people. Coric, Djokovic and other players, including Marin Cilic, played basketball with a local team last week and posed together for photos. Djokovic was supposed to play in the series final on Sunday, but that event was canceled. Djokovic and Dimitrov also played in the Adria Tour’s opening exhibition a week earlier in Belgrade. Dominic Thiem and Alexander Zverev, who both played in the Serbian capital, said they would self-isolate despite negative tests. “I deeply apologize to anyone that I have potentially put at risk by playing this tour,” Zverev wrote on Twitter. The Association of Tennis Professionals

webcast where he guested along with former chairman Peter Cayco of Arellano University. Calvo said online chess and eSports, both immensely played during the lockdown, are tops on their list for inclusion in Season 96. He said Mobile Legend is a No. 1 candidate following the country’s success in the game in last year’s 30th Southeast Asian Games. “We made good in the SEA Games, so why not do this especially in this time of the pandemic,”

VIRUS cases emerge at Novak Djokovic’s charity tennis exhibition series. AP

(ATP) Tour said in a statement it wished for a complete recovery for the players “and members of their staff who tested positive,” adding it has urged strict adherence to social distancing and health and safety guidelines. Australian player Nick Kyrgios described the decision to go ahead with the exhibitions as “bone headed” in a Twitter post. “Speedy recovery fellas, but that’s what happens when you disregard all protocols. This is not a joke.” British men’s No. 1 Dan Evans told the BBC that staging the event was a “poor example to set.” “Put it this way, I don’t think you should be having a players’ party and then dancing all over each other,” Evans said. “He should feel some responsibility in his event and how it’s transpired.” In a separate incident, Serbian soccer club Red Star Belgrade said five of its players had tested positive for the virus. The Serbian champions said Marko Gobeljic,

MLB unilaterally eyes 60-game sked, shortest since 1878 EW YORK—Major League Baseball (MBL) plans to unilaterally issue a 60-game schedule for its shortest season since 1878 after the players’ association rejected a negotiated deal of the same length, putting the sport on track for a combative return to the field amid the coronavirus pandemic. Commissioner Rob Manfred and Union Head Tony Clark met last week and outlined plans that included expanding the playoffs from 10 teams to 16, widening use of the designated hitter to National League games and an experiment to start extra innings with a runner on second base. But the latest version of the deal proposed by MLB was rejected by the Major League Baseball Players Association’s executive board in a 33-5 vote on Monday. Those innovations now disappear. “Needless to say, we are disappointed by this

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

development,” MLB said in a statement. “The framework provided an opportunity for MLB and its players to work together to confront the difficulties and challenges presented by the pandemic. It gave our fans the chance to see an exciting new postseason format. And, it offered players significant benefits.” MLB’s control owners approved going unilaterally with the 60-game schedule in ballparks without fans if the final arrangements can be put in place, a person familiar with the decision told The Associated Press. The person spoke on condition of anonymity because no announcement had been made. MLB asked the union to respond by 5 p.m. EDT Tuesday as to whether players can report to training by July 1 and whether the players’ association will agree on the operating manual of health and safety protocols. The schedule would be the shortest since the National

League’s third season. Given the need for three days of virus testing and 21 days of workouts, opening day likely would be during the final week of July. MLB already has started to investigate charter flights that could bring players back from Latin America, another person told the AP, also on condition of anonymity because no announcements were made. The union announced its rejection, and the vote total was confirmed by a person familiar with that meeting who spoke to the AP on condition of anonymity because the balloting was not made public. The decision likely will provoke what figures to be lengthy and costly

litigation over the impact of the coronavirus on the sport, similar to the collusion cases that sent baseball spiraling to a spring training lockout in 1990 and a 7 1/2-month strike in 1994-95 that wiped out the World Series for the first time in nine decades. It also eliminates a $25 million postseason players’ pool, meaning players will not get paid anything above meal money during the playoffs and World Series, and the clubs’ offer to forgive $33 million in salary advanced to 769 players at the bottom of the salary scale with lower rates of pay while in the minors: $16,500, $30,000 or $60,000 for each of them. AP

KAI MURAL A mural of Kai Sotto is painted on the basketball court of the 7-foot-2 National

Basketball Association potential player’s hometown in Barangay Hugom Laiya in San Juan, Batangas. Rapper and court artist Mike Swift helps refurbished the hardcourt and with the Nippon Gang, paints the mural that shows a half-body image of Sotto.

Njegos Petrovic, Dusan Jovancic, Marko Konatar and Branko Jovicic are feeling fine and remain in isolation. Four of the players have displayed symptoms of Covid-19 while one has shown no symptoms, Red Star said. The five players did not attend the team’s last match on Saturday but where there when Red Star played Partizan Belgrade in the Serbian Cup semifinals this month in front of about 20,000 fans. There was no social distancing and few wore face masks. There has also been an increase in virus cases among soccer players in other countries, notably Russia. The virus outbreak at the tennis event in Zadar could hurt Croatia’s attempts to restart its lucrative tourist trade, which draws in visitors from around Europe but has slowed sharply during the pandemic. Tourism supplied a quarter of the Croatian government’s revenue last year. AP

Al Mendoza alsol47@yahoo.com

THAT’S ALL

Brown on Danding: He brought me home I GIVE way today to Ricardo Vidal Brown, the rookie of the year in the 1983 Philippine Basketball Association (PBA) and the PBA MVP in 1985. Turning 63 on May 22, Brown, the owner of nine PBA titles, was inducted into the Hall of Fame in 2009. A member of the San Miguel Beer 1989 PBA Grand Slam champion, the 6-foot-1 Brown and I had lunch with the recently-departed Eduardo “Danding” Cojuangco Jr. in 2013 in the company of lovebirds Popong and Tet Andolong and Ramon S. Ang at Danding’s San Miguel office in Mandaluyong City. Brown’s tribute to the man fondly called Boss Danding: “Without Boss Danding, there is no RB23. Mr. Cojuangco did more than provide me a chance to play basketball in the Philippines. He brought me home. “Painful as Hell to write this...It’s taken me hours to write this.... Many people will post their condolences on Facebook for our loss of a beloved renaissance man who lived well ahead of his time.... But my story will be a bit different regarding my relationship and experiences with this great man. “When Mr. Cojuangco [that’s how I called him] and I spoke on a personal level, it went well and above the sport of basketball. “We talked about being Filipino and how much it meant to me to be in my Mother’s homeland. Some of you who know me on a personal level know that I wear my Pinoy Pride on my sleeve...almost to a fault. The Boss admired this and he told me so the day we spoke alone in his UCPB office in Makati when I tearfully asked for his blessing to leave him and play in the PBA. I didn’t want to leave the Boss...But our team was not playing or even practicing for an entire year. We were in limbo because of political issues beyond our control and I was in the prime of my athletic life. I was dying to play competitive basketball again. Taking a few classes at La Salle and wearing the Green jersey in exhibition games were not enough. The PBA opportunity was a reality, but it all depended on the Boss. I would have done whatever he wanted me to do. Mr. Cojuangco gave me his blessing and I will always remember what he said to me: ‘Ricardo, I can’t guarantee anything and I know you want to play again. You have my blessing to leave us and go to the PBA if that’s what you want to do. I predict great things to come for you. I wish you the best and if, for some reason, things don’t work out, you will always have a place with me here.’ “I will remember that conversation verbatim for the rest of my life. “If you ask me to describe the Boss in three words, they would be Respect, Admiration and Loyalty.... Without Boss Danding, there is no RB23. I owe him so much because he damatically changed my life. “Thank you for everything you did for me, Boss. You know my heart was with you from Day One when I got off that plane with Nestor Mayoralgo and Doc Carrascoso and stepped on Philippine soil for the first time. “My loyalty to you was second to none. I told you that privately when we had lunch back in 2013 at your San Miguel office. I spoke softly to you so only you and I could hear [but I heard you, he-he] as I told you how special you are to me and I’ll be indebted to you forever. “May you now rest in peace, Boss Danding. God Bless you, Sir.” THAT’S IT Danding was also a reserved Air Force colonel and an ambassador-at-large. He placed a close third among seven candidates for president in the 1992 elections. Fidel V. Ramos was the winner and the late Miriam Defensor Santiago second. The other prominent losers were Ramon Mitra and Jovito Salonga (both deceased) and Imelda Marcos. Pundits then said that had Imelda not run, her votes would have been Danding’s—possibly making Cojuangco the victor.